Sunday, 27 Sep 2020

Cimarex Energy Co. Q2 adjusted earnings Miss Estimates

Large fire in closed market in Ajman, UAE, under control, say police

DUBAI (REUTERS) – A large fire which broke out on Wednesday evening (Aug 5) at a market in the emirate of Ajman in the United Arab Emirates caused no injuries or deaths and had been brought under control, the head of Ajman police said.

Parts of the market which had been closed for four months due to coronavirus precautions collapsed and were completely burned, Sheikh Sultan bin Abdullah al-Nuaimi said in a statement carried by state news agency WAM.

The site is being dampened down and an investigation will be launched, he said.

Starbucks Pumpkin Spice Products On Grocery Shelves

Starbucks Corp. (SBUX) has announced that its Pumpkin Spice Latte and Fall Blend products are now available on grocery store shelves.

The Pumpkin Spice Latte lineup includes creamer, K-Cup pods, ground coffee and more.

Returning fall products include Starbucks Pumpkin Spice Flavored Creamer, Pumpkin Spice Flavored Coffee – K-Cup pods and Roast & Ground, VIA Instant Pumpkin Spice Flavored Latte and Starbucks RTD Iced Espresso Classics Pumpkin Spice Flavored Latte.

The coffee retail giant has also launched new products including Starbucks Maple Pecan Flavored Coffee – K-Cup pods and Roast & Ground and decadent Starbucks Salted Caramel Mocha Flavored Creamer.

Customers can also enjoy new Teavana Tea Sachets available in Spiced Apple Cider and Lemon Ginger Bliss.

Rayonier Inc. Q2 adjusted earnings Beat Estimates

Rayonier Inc. (RYN) reported earnings for second quarter that fell from last year.

The company’s profit totaled $1.7 million, or $0.01 per share. This compares with $18.8 million, or $0.14 per share, in last year’s second quarter.

Excluding items, Rayonier Inc. reported adjusted earnings of $15.2 million or $0.11 per share for the period.

Analysts had expected the company to earn $0.04 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 5.8% to $195.6 million from $184.8 million last year.

Rayonier Inc. earnings at a glance:

-Earnings (Q2): $15.2 Mln. vs. $18.8 Mln. last year.
-EPS (Q2): $0.11 vs. $0.14 last year.
-Analysts Estimate: $0.04
-Revenue (Q2): $195.6 Mln vs. $184.8 Mln last year.

Here's what happened to the stock market on Wednesday

The Dow climbed 373.05 points, or 1.4%, to close at 27,201.52. The S&P 500 advanced 0.6% to 3327.77. The Nasdaq Composite rose 0.5% to 10,998.40. Positive news on the coronavirus front and strong earnings from Disney lifted the market on Wednesday.

J&J scores big coronavirus deal, Disney rallies

Johnson & Johnson rose 0.8% after announcing it struck a $1 billion deal with the U.S. government to manufacture 100 million doses of its coronavirus vaccine candidate if it proves successful. Disney shares popped 8.8% — their biggest one-day gain since March — on the back of a surprise quarterly profit.

ADP data disappoints

ADP reported Wednesday that private payrolls in the U.S. increased by just 167,000 in July. That's well below a Dow Jones estimate of 1 million and represents a tumble from the 4.314 million added in June.  The ADP report is seen as a preview to the government's monthly jobs report, which is forecast to show a gain of more than 1.2 million jobs. 

What happens next?

Weekly jobless claims data are set for release Thursday along with Uber earnings.

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Crude Oil Futures Rise After Inventory Data, Settle At 5-Month High

Crude oil prices moved higher on Wednesday, lifted by data showing a sharp drop in U.S. crude inventories in the week ended July 31.

Optimism about U.S. lawmakers agreeing on a coronavirus package and a weaker greenback also supported oil prices.

However, rising worries about the surge in coronavirus cases and the economic impact of the pandemic somewhat limited oil’s upside.

West Texas Intermediate Crude oil futures for September ended up $0.49 or about 1.2% at $42.19 a barrel, the highest settlement since March 6.

Brent crude futures moved up $0.70 or about 1.6% to $45.13 a barrel.

According to the data released by the Energy Information Administration (EIA) this morning, crude inventories in U.S. dropped by about 7.4 million barrels last week, almost 2.5 times the expected decline.

The EIA data also showed gasoline inventories rose by 419,000 barrels last week and distillate fules inventory saw an increase of 1.6 million barrels.

Late on Tuesday, the American Petroleum Institute released a report showing an inventory draw of 8.587 million barrels in the week ended July 31.

CenturyLink, Inc. Q2 adjusted earnings Beat Estimates

Below are the earnings highlights for CenturyLink, Inc. (CTL):

-Earnings: $377 million in Q2 vs. $371 million in the same period last year.
-EPS: $0.35 in Q2 vs. $0.35 in the same period last year.
-Excluding items, CenturyLink, Inc. reported adjusted earnings of $450 million or $0.42 per share for the period.
-Analysts projected $0.32 per share
-Revenue: $5.19 billion in Q2 vs. $5.38 billion in the same period last year.

Cimarex Energy Co. Q2 adjusted earnings Miss Estimates

Below are the earnings highlights for Cimarex Energy Co. (XEC):

-Earnings: -$925.15 million in Q2 vs. $109.31 million in the same period last year.
-EPS: -$9.28 in Q2 vs. $1.07 in the same period last year.
-Excluding items, Cimarex Energy Co. reported adjusted earnings of -$52.41 million or -$0.51 per share for the period.
-Analysts projected -$0.48 per share
-Revenue: $249.38 million in Q2 vs. $546.46 million in the same period last year.

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