Wednesday, 8 Feb 2023

Arson suspected in Brighton fire that injures woman, police say

Gold Futures Settle Slightly Weak

Gold futures settled lower on Tuesday as the dollar firmed on bets the Federal Reserve will continue to hike rates longer than earlier thought.

Comments from a slew of Fed officials suggest the U.S. central bank will likely hike rates beyond 5% this year and hold them around those levels for longer duration in order to fight inflation.

The dollar index climbed to 103.49 in the European session, but pared some gains subsequently. It was last seen at 103.30, up nearly 0.3% from the previous close.

Gold futures for February ended lower by $1.30 at $1,876.50 an ounce.

Silver futures for March ended down $0.206 at $23.665 an ounce, while Copper futures for March settled at $4.0775 per pound, gaining $0.0510.

San Francisco Fed president Mary Daly said she expects interest rates to rise beyond 5% this year. Atlanta Fed president Raphael Bostic also said interest rates need to be raised above 5%.

Meanwhile, Fed Chair Powell emphasized the need for the central bank to be free of political influence while it tackles high inflation. Powell noted in a speech delivered to Sweden’s Riksbank today that stabilizing prices requires making tough decisions that can be unpopular politically.

Investors now look ahead to U.S. December inflation report due on Thursday for additional clues on the economic and interest the rate outlook.

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Oil Futures Settle Higher

Oil futures settled higher on Tuesday, gaining for a fourth straight session, amid expectations energy demand will pick up after China decided to reopen its economy.

U.S. government’s forecast that global petroleum consumption will hit a record next year, helped as well.

West Texas Intermediate Crude oil futures for February ended higher by $0.49 or about 0.7% at $75.12 a barrel.

Brent crude futures are up $0.52 or 0.66% at $80.21 a barrel.

The U.S. Energy Information Administration (EIA) says in its Short-Term Energy Outlook that it expects global consumption of liquid fuels will reach 102.2 million barrels per day next year.

Investors also looked aead to weekly oil inventory data from the American Petroleum Institute (API) and Energy Information Administraion (EIA).

The API’s report is due later today, while the EIA is scheduled to release its inventory data Wednesday morning.

Tandem Diabetes Care Reports Q4 Preliminary Sales

Tandem Diabetes Care Inc. (TNDM), on Tuesday reported preliminary sales for the fourth quarter and full-year 2022. It also issued worldwide sales outlook for full-year 2023.

For the fourth quarter, the company’s sales increased to approximately $221 million from $210 million. Adjusted sales increased to around $224 million.

For the full year 2022, the company sales increased to approximately $802 million from $703 million. Adjusted sales increased to approximately $805 million.

“A record number of Tandem customers renewed in the fourth quarter, which coupled with strong retention rates, is evidence of the high level of satisfaction people experience with our t:slim X2 with Control-IQ technology,” said John Sheridan, president and chief executive officer. “We remain focused on driving growth by bringing the benefits of our current and future technology to more people living with diabetes, and through our scaling renewal opportunities, as we work to deliver outstanding service to our 420,000 customers worldwide.”

For 2023, the company expects worldwide adjusted sales to be an increase of 11 to 12 percent over 2022.

The company is set to report its fourth quarter and full year 2022 financial results on February 22, 2023.

Axcelis Technologies Updates Q4 Outlook

Axcelis Technologies, Inc. (ACLS), Tuesday updated its financial guidance for the fourth quarter and the full year 2022.

The company now expects revenues for the fourth quarter to exceed $250 million, above prior guidance of about $232 million to 240 million, and to generate full year 2022 revenue above $900 million.

Earnings per share are forecasted to be greater than $1.45 for the fourth quarter, up from the previous guidance of around $1.00 to 1.10. The company expects earnings per share of greater than $5.00 for the full year 2022.

Analysts polled by Thomson Reuters currently estimate earnings of $1.05 per share and revenues of $234.49 million for the quarter.

Analysts estimate earnings of $4.80 per share and revenues of $884.03 million for the full year.

President and CEO Mary Puma commented, “Our performance in the fourth quarter was a result of strong execution by Axcelis employees delivering higher than expected system shipments and aftermarket revenue. Favorable FX also positively impacted our earnings per share in the quarter.” Puma continued, “We expect year over year growth in 2023 based on robust demand for the Purion product family, especially in the power device segment.”

Arson suspected in Brighton fire that injures woman, police say

A fire injured a woman in Brighton on Tuesday afternoon and the cause of the blaze is being investigated as arson.

The fire, near 18th Avenue and Egbert Street, was contained to one apartment, according to a 1:21 p.m. tweet by the Brighton Police Department.

One woman was taken to a hospital with injuries suffered in the fire and an arson investigation is underway, police said.

This developing story will be updated.

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