Record H1 Profit Before Tax Falls; Stock Down

Record plc (REC.L), an asset management company, on Thursday reported lower profit before tax and revenue for the first half of fiscal 2024.

Following the news, the stock was losing around 7 percent in London to trade at 65.80 pence.

Additionally, the company declared an Interim dividend of 2.15 pence per share, higher than 2.05 pence last year, payable on December 22 to shareholders at record on December 1.

Further, the company said that it has appointed Jan Witte as CEO Elect with effect from January 1, 2024 as incumbent CEO Leslie Hill will retire at the end of fiscal 2024.

Half yearly profit before tax decreased 16 percent to 6.3 million pounds from 7.5 million pounds of last year.

After tax, earnings declined to 4.7 million pounds or 2.44 pence per share, from 6.2 million pounds or 3.16 pence per share of the prior year.

Revenue slid to 21.5 million pounds from 22.1 million pounds of prior year period.

Assets under management as on September 30 were $84.5 billion, higher than $80.8 billion of last year.

Total net outflows were $1 billion compared with net inflows of $8.6 billion over a year ago.

Currently, Record shares are trading at 65.80 pence, down 6.53% on the London Stock Exchange.

Oil Heads For Weekly Loss On Demand Concerns

Oil prices rose on Friday but headed for a fourth weekly loss after sinking into a bear market on signs of oversupply, rising stockpiles and concerns over waning demand in the U.S. and China.

Benchmark Brent crude futures climbed 0.7 percent to $77.95 a barrel, while WTI crude futures were up 0.8 percent at $73.50.

Crude prices slumped almost $4 a barrel to four-month lows on Thursday on growing concerns about oversupply and weakening demand following weak data from the U.S., Europe and Asia.

Oil’s decline this week was also triggered by data showing a big increase in U.S. crude stockpiles and production sustaining at record levels.

A report from the U.S. Energy Information Administration (EIA) showed crude stockpiles in the U.S. increased by 17.5 million barrels in the last two weeks.

Crude stocks rose by 3.6 million barrels last week to 421.9 million barrels, twice the expected increase.

Meanwhile, data from China’s National Bureau of Statistics showed crude refining throughput in the country dropped 2.8 percent in October.

Analysts say that there are clearly concerns around demand going into next year, particularly around China.

Pre-market Movers: SGD, MURA, OPTX, CHPT, ATGL…

The following are some of the stocks making big moves in Friday’s pre-market trading (as of 05.49 A.M. ET).

In the Green

Safe and Green Development Corporation (SGD) is up over 117% at $6.58.
Mural Oncology plc (MURA) is up over 109% at $7.95.
Syntec Optics Holdings, Inc. (OPTX) is up over 51% at $7.82.
The Gap, Inc. (GPS) is up over 17% at $16.01.
Coherus BioSciences, Inc. (CHRS) is up over 12% at $1.93.
Fortress Biotech, Inc. (FBIO) is up over 11% at $1.60.
Collective Audience, Inc. (CAUD) is up over 10% at $1.94.
Innoviz Technologies Ltd. (INVZ) is up over 7% at $1.98.
Ross Stores, Inc. (ROST) is up over 6% at $128.01.
American Lithium Corp. (AMLI) is up over 6% at $1.24.
American Well Corporation (AMWL) is up over 5% at $1.44.

In the Red

ChargePoint Holdings, Inc. (CHPT) is down over 24% at $2.36.
Alpha Technology Group Limited (ATGL) is down over 18% at $24.33.
HNR Acquisition Corp (HNRA) is down over 10% at $2.68.
PaxMedica, Inc. (PXMD) is down over 10% at $1.80.
ABVC BioPharma, Inc. (ABVC) is down over 10% at $1.43.
Safety Shot, Inc. (SHOT) is down over 9% at $2.63.
Applied Materials, Inc. (AMAT) is down over 7% at $143.70.
WaveDancer, Inc. (WAVD) is down over 6% at $2.60.
reAlpha Tech Corp. (AIRE) is down over 5% at $11.46.

Gold Set For Weekly Gain On Dovish Fed Bets

Gold prices rose on Friday and were set to log their first weekly gain in three amid bets that the U.S. Federal Reserve is done hiking interest rates and may announce two rate cuts next year to support growth.

Spot gold rose half a percent to $1,990.097 per ounce, while U.S. gold futures were up 0.3 percent at $1,994.05.

The dollar edged higher in early European trade but was set for a weekly loss as markets price in the possibility of a Fed rate cut in the first half of 2024.

The 10-year U.S. Treasury yield hovered near two-month lows after a string of weak economic data underscored the world’s largest economy is slowing down.

A measure of U.S. jobless claims rose to a three-month high last week, retail sales fell for the first time in seven months in October and industrial production fell more than expected in the month, adding to expectations for Fed rate cuts.

Federal Reserve Governor Lisa Cook said Thursday that inflation can keep declining without a sharp spike in unemployment but warned that a “soft landing” for the U.S. economy “is not assured.”

Separately, Cleveland Fed President Loretta Mester said it will take time for inflation to fully return to the central bank’s 2 percent target.

Buckle Inc. Q3 Profit Falls

Buckle Inc. (BKE) released earnings for third quarter that decreased from last year

The company’s bottom line came in at $51.762 million, or $1.04 per share. This compares with $61.386 million, or $1.24 per share, in last year’s third quarter.

The company’s revenue for the quarter fell 8.7% to $303.457 million from $332.341 million last year.

Buckle Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $51.762 Mln. vs. $61.386 Mln. last year.
-EPS (Q3): $1.04 vs. $1.24 last year.
-Revenue (Q3): $303.457 Mln vs. $332.341 Mln last year.