Oil Prices Gain On Optimism Over China Demand Outlook

Nucor Sees Q3 EPS Below View; Stock Down In After-hours Trading

Nucor Corp. (NUE) expects third quarter earnings to be in the range of $4.10 to $4.20 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $4.65 per share for the third quarter. Analysts’ estimates typically exclude special items. Nucor reported net earnings of $6.50 per share in the third quarter of 2022.

NUE closed Thursday regular trading at $165.53 up $4.40 or 2.73%. But in the after-hours trading, the stock dropped $5.53 or 3.34%.

The company expect earnings for the steel mills segment to decline in the third quarter of 2023 as compared to the second quarter of 2023 primarily due to lower pricing, and to a lesser extent, volumes. The largest impact on earnings is expected to occur at sheet mills. The earnings of the steel products segment are expected to decrease in the third quarter of 2023 as compared to the second quarter of 2023 also due to lower realized prices and volumes.

Earnings for the raw materials segment are expected to decrease in the third quarter of 2023 as compared to the second quarter of 2023 due to margin compression at DRI facilities and scrap processing operations.

Nucor said it will release its earnings before the markets open on Tuesday, October 24, 2023.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Colorado high school football scoreboard: Week 4

Thursday night scores

Cherry Creek 42, Arvada West 0

Holyoke 43, Hershey 6

Holy Family 46, Mountain View 28

Fairview 49, Horizon 7

Montrose 42, Palisade 0

Cheyenne Mountain 62, Pueblo Centennial 0

Wheat Ridge 26, Sand Creek 8

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Pre-market Movers: GROM, DMS, RCLF, PLTN, SPRB…

The following are some of the stocks making big moves in Friday’s pre-market trading (as of 07.35 A.M. ET).

In the Green

Plutonian Acquisition Corp. (PLTN) is up over 15% at $12.28.
Spruce Biosciences, Inc. (SPRB) is up over 13% at $2.53.
Smith & Wesson Brands, Inc. (SWBI) is up over 12% at $11.80.
Faraday Future Intelligent Electric Inc. (FFIE) is up over 9% at $4.24.
Maui Land & Pineapple Company, Inc. (MLP) is up over 7% at $13.82.
LiveWire Group, Inc. (LVWR) is up over 7% at $11.18.
Smartsheet Inc. (SMAR) is up over 6% at $43.10.
Plus Therapeutics, Inc. (PSTV) is up over 5% at $3.13.

In the Red

Grom Social Enterprises, Inc. (GROM) is down over 34% at $2.65.
Digital Media Solutions, Inc. (DMS) is down over 27% at $3.58.
Rosecliff Acquisition Corp I (RCLF) is down over 17% at $11.93.
Altisource Portfolio Solutions S.A. (ASPS) is down over 12% at $3.52.
Hooker Furnishings Corporation (HOFT) is down over 11% at $19.00.
Hudson Pacific Properties, Inc. (HPP) is down over 11% at $6.56.
RH (RH) is down over 7% at $340.99.
Birks Group Inc. (BGI) is down over 7% at $3.34.
DigitalOcean Holdings, Inc. (DOCN) is down over 5% at $25.01.
Planet Labs PBC (PL) is down over 5% at $2.90.

Gold Inches Higher As ECB Signals End To Rate Hikes

Gold prices inched higher on Friday, as the dollar retreated after refreshing a six-month high on strong U.S. data released overnight.

Spot gold rose 0.4 percent to $1,918.38 per ounce, while U.S. gold futures were up 0.4 percent at $1,939.90.

The dollar index weakened on improved risk aversion on the back of improved China data and amid expectations that interest rates in the U.S. and Europe may have peaked.

Robust U.S. economic data failed to budge expectations that the Federal Reserve will leave its key interest rate unchanged next week.

On Thursday, the European Central Bank (ECB) piled on a 10th straight interest-rate increase but signaled a potential end to its rate-hike campaign aimed at curbing inflation.

Elsewhere, in the U.K., some recent speeches from MPC members have added fuel to the speculation that the Bank of England is starting to consider pausing interest rate hikes.

Earlier today, China reported industrial production and retail sales figures for August that topped forecasts.

Industrial production posted an annual increase of 4.5 percent, while analysts expected output to climb moderately by 3.9 percent after a 3.7 percent increase in July.

Likewise, growth in retail sales improved to 4.6 percent in August from 2.5 percent in the previous month. This was also better than economists’ forecast of 3.0 percent.

Another batch of U.S. economic data including reports on import and export prices, industrial production and consumer sentiment may sway markets in the New York session.

Iovance Biotherapeutics: FDA Extends PDUFA Date For Iovance BLA On Resource Constraints

Iovance Biotherapeutics, Inc. (IOVA) said the FDA, because of resource constraints, requires additional time to complete the Priority Review of the company’s Biologics License Application for lifileuce. The BLA is for the accelerated approval of lifileucel for patients with advanced melanoma. The FDA extended the new target action date for a decision under the PDUFA to February 24, 2024. The FDA agreed to work with Iovance to expedite the remaining review for a potentially earlier approval date.

The FDA accepted the BLA in May 2023 under Priority Review and previously granted a Regenerative Medicine Advanced Therapy designation in advanced melanoma. The company noted that the extension of the PDUFA date does not impact the Priority Review status or RMAT designation.

For More Such Health News, visit rttnews.com.

Oil Prices Gain On Optimism Over China Demand Outlook

Oil prices rose on Friday and were on track for a third consecutive week of gains on news that Chinese refiners broke refining rate records in August.

Benchmark Brent crude futures edged up 0.2 percent to $93.94 a barrel, while WTI crude futures were up 0.3 percent at $90.44.

Both benchmarks traded at their highest level since early-November 2022 on optimism about improved demand and consumption in China and expectations for a draw in global supply for the remainder of the year.

Total refinery throughput in China was a record 64.69 million metric tons last month, data from the National Bureau of Statistics showed, up 19.6 percent from the year-ago period and marking the fastest annual growth since March 2021.

Additionally, China’s aviation regulator said today that air passenger numbers in August nearly doubled from a year earlier, reaching a historical high of 63.96 million.

China announced a cut to banks’ reserve requirement ratio and the latest industrial output and retail sales growth figures for August topped forecasts, raising optimism that the country is on a path of recovery after months of feeble growth.