Oil Holds Steady On Modest Dollar Strength

Pre-market Movers: BIOC, MVLA, COYA, PACW, OMH…

The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 07.05 A.M. ET).

In the Green

Movella Holdings Inc. (MVLA) is up over 18% at $2.28.
Coya Therapeutics, Inc. (COYA) is up over 16% at $5.58.
PacWest Bancorp (PACW) is up over 14% at $7.86.
Ohmyhome Limited (OMH) is up over 14% at $5.93.
Lifecore Biomedical, Inc. (LFCR) is up over 13% at $6.10.
Yelp Inc. (YELP) is up over 12% at $36.44.
Quanterix Corporation (QTRX) is up over 9% at $21.05.
OneConnect Financial Technology Co., Ltd. (OCFT) is up over 9% at $5.03.
Calliditas Therapeutics AB (publ) (CALT) is up over 7% at $19.84.
IonQ, Inc. (IONQ) is up over 7% at $11.65.
Bird Global, Inc. (BRDS) is up over 5% at $2.66.

In the Red

Biocept, Inc. (BIOC) is down over 25% at $3.69.
Hepion Pharmaceuticals, Inc. (HEPA) is down over 10% at $17.37.
Netcapital Inc. (NCPL) is down over 9% at $2.18.
Guardant Health, Inc. (GH) is down over 7% at $28.42.
Microbot Medical Inc. (MBOT) is down over 6% at $2.97.
Interactive Strength Inc. (TRNR) is down over 5% at $5.48.
Mallinckrodt plc (MNK) is down over 5% at $3.18.

AutoZone Inc. Q3 Income Advances, Beats estimates

AutoZone Inc. (AZO) revealed a profit for its third quarter that increased from last year and beat the Street estimates.

The company’s earnings came in at $647.72 million, or $34.12 per share. This compares with $592.57 million, or $29.03 per share, in last year’s third quarter.

Analysts on average had expected the company to earn $31.42 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 5.7% to $4.09 billion from $3.87 billion last year.

AutoZone Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $647.72 Mln. vs. $592.57 Mln. last year.
-EPS (Q3): $34.12 vs. $29.03 last year.
-Analyst Estimate: $31.42
-Revenue (Q3): $4.09 Bln vs. $3.87 Bln last year.

Vipshop Q1 Earnings Rise; Projects Revenue Growth In Q2

Vipshop Holdings Ltd. (VIPS), an online discount retailer, Tuesday, reported higher earnings for the first quarter, on higher gross merchandise value which increased by 14 percent. The company also expects the revenue to grow approximately by 10 to 15 percent in the second quarter.

The first-quarter profit surged 69.6 percent to RMB 1.9 billion or $270.7 million from RMB 1.1 billion or $172.8 million last year.

Adjusted net income increased 45.8 percent to RMB 2.1 billion or $301.3 million. Adjusted earnings per ADS were RMB 3.52 or $0.51 per share.

Total revenue increased 9.1 percent to RMB 27.5 billion or $859.8 million from RMB 25.2 billion or $4 billion last year, driven by the growth in active customers and their spending in discretionary categories.

Looking ahead to the second quarter, the company expects its total revenue in the range of RMB 27 billion to RMB 28.2 billion.

In premarket activity, shares of Vipshop were trading at $14.99 up 1.08% or $0.16 on the New York Stock Exchange.

Gold Declines As Dollar And Yields Rise On Hawkish Fed

Gold traded near its lowest level since early April on Tuesday as the dollar strengthened in the wake of hawkish comments from Federal Reserve officials.

Improved risk sentiment amid optimism about a U.S. debt ceiling deal also weighed on bullion prices.

Spot gold fell 0.7 percent to $1,958.20 per ounce, while U.S. gold futures were down 0.9 percent at $1,959.85.

The dollar traded firm while yields on one-month U.S. Treasury bills jumped to a record high after Federal Reserve Bank of St. Louis President James Bullard backed two more interest-rate increases in 2023 and his Minneapolis colleague Neel Kashkari cautioned against reading too much into a June pause.

Meanwhile, the resumption of U.S. debt ceiling negotiations spurred some hopes that the U.S. may avoid a catastrophic debt default.

U.S. President Joe Biden and top Republican Kevin McCarthy have called their latest talks on the debt ceiling productive, although the talks over the weekend remained inconclusive.

In economic releases, U.S. final building permits for April, PMI reports for May and new home sales data for April are slated for release in the New York session.

Traders also look ahead to the release of reports on personal income and spending along with the minutes of the Fed’s latest monetary policy meeting this week for additional clues on the economic and rate outlook.

Oil Holds Steady On Modest Dollar Strength

Oil prices held steady on Tuesday after settling higher in the previous session on hopes that U.S. lawmakers will reach a debt ceiling deal soon to avert a debt default.

Both Brent crude futures and WTI crude futures were marginally higher at $76 a barrel and $72.06 a barrel, respectively.

Concerns around China’s economic recovery and a firmer dollar in the wake of hawkish comments from Federal Reserve officials kept oil price gains in check.

There is no U.S. debt deal yet, though U.S. President Joe Biden and Republican House Speaker Kevin McCarthy called their latest round of negotiations on the debt ceiling “productive”.

Meanwhile, OPEC Secretary-General Haitham Al Ghais reportedly said on Monday that under-investing in the oil and gas sector could cause market volatility in the long term and imperil growth.

OPEC estimates that the world needs $12.1 trillion in investments to meet rising oil demand in the long term.

In economic releases, a survey showed earlier today that the Eurozone manufacturing sector contraction deepened in May to hit a 36-month low due to weak demand and a fall in selling prices.

Elsewhere, British manufacturing and services PMIs for May surprised to the downside.