Ukraine’s Military Claims To Have Shot Down 13 ‘kamikaze’ Drones

General Dynamics Corp. Q3 Profit Advances, Beats estimates

General Dynamics Corp. (GD) released earnings for its third quarter that increased from last year and beat the Street estimates.

The company’s bottom line came in at $902 million, or $3.26 per share. This compares with $860 million, or $3.07 per share, in last year’s third quarter.

Analysts on average had expected the company to earn $3.15 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 4.3% to $9.975 billion from $9.568 billion last year.

General Dynamics Corp. earnings at a glance (GAAP) :

-Earnings (Q3): $902 Mln. vs. $860 Mln. last year.
-EPS (Q3): $3.26 vs. $3.07 last year.
-Analyst Estimate: $3.15
-Revenue (Q3): $9.975 Bln vs. $9.568 Bln last year.

Oil Prices Edge Higher In Choppy Trade

Oil prices edged higher in choppy trade on Wednesday, with a weaker dollar and lingering supply concerns offering some support.

Benchmark Brent crude futures rose 0.3 percent to $92.03 a barrel, while WTI crude futures were up 0.6 percent at $85.84.

The U.S. dollar edged lower as weak U.S. data released overnight fueled speculation of a less hawkish Fed.

Data on Tuesday showed U.S. consumer confidence ebbed in October and home prices fell sharply in August, adding to recent signs that the Fed’s aggressive tightening stance was starting to cool the world’s largest economy.

Supply concerns persist, with the head of the International Energy Agency (IEA), Faith Birol, saying that tightening markets for liquefied natural gas worldwide and supply cuts by major oil producers have put the world in the middle of “the first truly global energy crisis.”

JPMorgan CEO Jamie Dimon warned that geopolitical matters are more concerning than a recession right now.

Meanwhile, a rise in crude oil inventories reinforced fears that a slowdown in the world’s largest economy will hit demand.

Data from the American Petroleum Institute showed that U.S. crude inventories grew by 4.5 million barrels last week, more than expectations for a build of 200,000 barrels.

The official report from the Energy Information Administration is due later in the session.

Waste Management Inc Q3 Profit Increases, beats estimates

Waste Management Inc (WM) reported a profit for its third quarter that increased from last year and beat the Street estimates.

The company’s bottom line came in at $639 million, or $1.54 per share. This compares with $538M, or $1.28 per share, in last year’s third quarter.

Excluding items, Waste Management Inc reported adjusted earnings of $645 million or $1.56 per share for the period.

Analysts on average had expected the company to earn $1.51 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 8.8% to $5.08 billion from $4.67 billion last year.

Waste Management Inc earnings at a glance (GAAP) :

-Earnings (Q3): $639 Mln. vs. $538M. last year.
-EPS (Q3): $1.54 vs. $1.28 last year.
-Analyst Estimate: $1.51
-Revenue (Q3): $5.08 Bln vs. $4.67 Bln last year.

Gold Prices Climb On Weaker Dollar

Gold prices climbed on Wednesday as the dollar weakened, and yields extended their retreat amid hopes that a weakening U.S. economy will force the Federal Reserve to slow its aggressive pace of interest rate hikes.

Spot gold rose about 1 percent to $1,668.99 per ounce, while U.S. gold futures were up 0.9 percent at $1,673.15.

Data on Tuesday showed U.S. consumer confidence ebbed in October and home prices fell sharply in August, adding to recent signs that the Fed’s aggressive tightening stance was starting to cool the world’s largest economy.

Investors are pricing in a smaller rate hike in December after a 75-basis point hike in November.

A few Fed officials have softened their stance on tightening in recent days, prompting investors to reconsider the path of monetary policy.

Looking ahead, U.S. new home sales, wholesale inventories and advance goods trade balance for September will be published in the New York session.

Third-quarter U.S. GDP data, due later this week, is expected to offer more clues on the economic and rate outlook.

CME Group, Inc. Q3 Profit Decreases, but beats estimates

CME Group, Inc. (CME) revealed earnings for third quarter that decreased from last year but beat the Street estimates.

The company’s earnings totaled $671.1 million, or $1.87 per share. This compares with $926.5 million, or $2.58 per share, in last year’s third quarter.

Excluding items, CME Group, Inc. reported adjusted earnings of $710.0 million or $1.98 per share for the period.

Analysts on average had expected the company to earn $1.94 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 10.8% to $1.23 billion from $1.11 billion last year.

CME Group, Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $671.1 Mln. vs. $926.5 Mln. last year.
-EPS (Q3): $1.87 vs. $2.58 last year.
-Analyst Estimates: $1.94
-Revenue (Q3): $1.23 Bln vs. $1.11 Bln last year.

Ukraine’s Military Claims To Have Shot Down 13 ‘kamikaze’ Drones

Ukraine’s military claims to have shot down 13 “kamikaze” drones over the southern Mykolaiv region overnight.

“During the night of October 18-19, the enemy attacked the Mykolaiv region twice with ‘Shahed-136’ kamikaze drones,” the Ukrainian Armed Forces said a statement on Telegram Wednesday. “Eleven were shot down by the air defense of air command “South”, two more — by soldiers of the National Guard of Ukraine and the State Border Service of Ukraine,” it added.

Russian forces have been launching drones and missiles on civilian and energy infrastructure targets across Ukraine since October 7, killing dozens and leading to power and water shortages. Hundreds of towns and villages in the country are in blackout as a result.

1,162 settlements in the Dnipropetrovsk, Zhytomyr, Kirovohrad, Kharkiv, Donetsk, Zaporizhzhia, Luhansk, and Mykolaiv regions remain without power supply,” says Oleksandr Khorunzhyi, a spokesperson for the country’s State Emergency Service.

More than 70 people were killed and many others injured in the attacks, according to him.

Ukraine’s President Volodymyr Zelensky said that one third of the nation’s power stations were destroyed in Russian attacks. Power and water supply is partially disrupted in capital Kyiv after fresh strikes on Tuesday.

Zelensky said the drones are Iranian-made. Iran denied supplying Russia with the small aerial weapons, which are destroyed after hitting the target.