FirstGroup Sees Annual Adj. Profit To Be Ahead Of Previous Expectations; Backs 2024 View

FirstGroup Plc (FGROY.PK,FGROF.PK,FGP.L), a British transport company, said on Friday that it expects full-year earnings to be ahead of its previous expectations, supported by higher passenger volumes and demand in the ongoing second-half.

However, the company’s expectations for 2024 remain unchanged.

Graham Sutherland, CEO of FirstGroup, said: “I am pleased by the Group’s progress in the second half of our 2023 financial year, which has been driven by increased passenger volumes and improved operational performance in bus and stronger than anticipated demand for our open access operations in rail…”

The Group now projects that its 2023 adjusted operating profit and adjusted profit will be ahead of its previous expectations.

Pre-market Movers: BFRG, VERU, ARDX, GMVD, RKDA…

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

In the Green

Bullfrog AI Holdings, Inc. (BFRG) is up over 46% at $4.01.
Ardelyx, Inc. (ARDX) is up over 19% at $3.44.
G Medical Innovations Holdings Ltd (GMVD) is up over 19% at $2.39.
C3.ai, Inc. (AI) is up over 16% at $24.78.
ContraFect Corporation (CFRX) is up over 16% at $3.48.
Heritage Insurance Holdings, Inc. (HRTG) is up over 12% at $3.07.
Eve Holding, Inc. (EVEX) is up over 11% at $6.78.
BigBear.ai Holdings, Inc. (BBAI) is up over 10% at $3.13.
Companhia Energética de Minas Gerais (CIG) is up over 10% at $2.13.
SES AI Corporation (SES) is up over 7% at $3.30.

In the Red

Veru Inc. (VERU) is down over 31% at $2.60.
Arcadia Biosciences, Inc. (RKDA) is down over 17% at $8.49.
Wag! Group Co. (PET) is down over 13% at $2.13.
Zscaler, Inc. (ZS) is down over 12% at $117.93.
ChargePoint Holdings, Inc. (CHPT) is down over 10% at $10.12.
OncoSec Medical Incorporated (ONCS) is down over 9% at $2.51.
Marvell Technology, Inc. (MRVL) is down over 8% at $42.28.
CareDx, Inc (CDNA) is down over 8% at $9.90.
NovaBay Pharmaceuticals, Inc. (NBY) is down over 8% at $2.01.
HPX Corp. (HPX) is down over 6% at $16.24.
Windtree Therapeutics, Inc. (WINT) is down over 6% at $5.65.

Gold Holds Steady In Cautious Trade Ahead Of US Jobs Data

Gold traded slightly higher on Friday but headed for a weekly loss on concerns about aggressive policy tightening by the U.S. Federal Reserve.

Spot gold edged up 0.1 percent to $1,833.04 per ounce, while U.S. gold futures were up 0.1 percent at $1,836.25.

The dollar held steady after overnight data showed the number of Americans applying for unemployment benefits last week jumped by the most in five months. However, layoffs remained historically low, indicating a tight labor market.

U.S. Treasury yields declined as investors await the U.S. monthly jobs report due out later in the day, which could significantly impact the outlook for interest rates.

Economists expect employment to jump by 203,000 jobs in February after an increase of 517,000 jobs in January. The unemployment rate is expected to hold at 3.4 percent.

Next week’s consumer price inflation report is another key trigger for markets.

During his testimony to Congress earlier this week, Fed Chair Jerome Powell has warned of higher and potentially faster rate hikes, saying the Fed was wrong in initially thinking inflation was “transitory” and was surprised by the strength of the labour market.

Oil Extends Losses On Demand Worries

Oil prices fell for a fourth day running on Friday and were set for steep weekly losses amid concerns that aggressive rate hikes by the Federal Reserve could slow growth and dent demand for fuel.

Benchmark Brent crude futures dropped 0.4 percent to $81.26 a barrel, while WTI crude futures were down half a percent at $75.32. The dollar held steady in European trade, helping cap the downside to some extent.

Both contracts were down more than 5 percent for the week, marking their worst drop since early February.

As rate worries mount, investors await the release of U.S. monthly jobs report later in the day, which could significantly impact the outlook for interest rates.

Economists expect employment to jump by 203,000 jobs in February after an increase of 517,000 jobs in January. The unemployment rate is expected to hold at 3.4 percent.

Next week’s consumer price inflation report is another key trigger for markets.

During his testimony to Congress earlier this week, Fed Chair Jerome Powell has warned of higher and potentially faster rate hikes, saying the Fed was wrong in initially thinking inflation was “transitory” and was surprised by the strength of the labour market.

JinkoSolar Holding Co., Ltd. Reports Climb In Q4 Bottom Line

JinkoSolar Holding Co., Ltd. (JKS) revealed earnings for its fourth quarter that increased from last year

The company’s bottom line totaled RMB709.67 million, or RMB5.83 per share. This compares with RMB239.47 million, or RMB4.16 per share, in last year’s fourth quarter.

The company’s revenue for the quarter rose 85.5% to RMB30.40 billion from RMB16.39 billion last year.

JinkoSolar Holding Co., Ltd. earnings at a glance (GAAP) :

-Earnings (Q4): RMB709.67 Mln. vs. RMB239.47 Mln. last year.
-EPS (Q4): RMB5.83 vs. RMB4.16 last year.
-Revenue (Q4): RMB30.40 Bln vs. RMB16.39 Bln last year.

ChipMOS Technologies February Revenues Down 31.5% Year-over-year

Semiconductor company ChipMOS Technologies Inc. (IMOS) reported Friday that revenue for the month of February declined 31.5 percent to NT$1.44 billion or $46.8 million from NT$2.10 billion or $68.3 million in the prior-year quarter. It also increased 8.1 percent sequentially from January.

The company said this represents the first month over month revenue increase since June 2022 as it continues to navigate macroeconomic weakness and work with customers on inventory adjustments.