Wednesday, 31 May 2023

Crude Oil Moves Back To The Downside Amid Demand Worries

Fisker Stock Jumps 24% On Quarterly Results

Shares of Fisker Inc. (FSR) are gaining about 24% on Monday morning after the electric-vehicle maker reported fourth-quarter results.

FSR is currently trading at $7.04, up $1.36 or 23.94%, on the NYSE, on a volume of 8 million shares, above average volume of 6 million. The stock opened its trading at $6.05 after closing the previous trading day at $5.68. The stock has traded between $5.59 and $14.74 in the past 52-week period.

Revenues for the quarter rose to $306 thousand from $41 thousand last year. Net loss for the quarter was $170.1 million or $0.54 per share, compared to $138.4 million or $0.47 per share last year. Analysts polled by Thomson Reuters expected a loss of $0.42 per share last year.

Looking forward, the company maintains its 2023 production target of up to 42,400 units.

Pinnacle West Capital Corp. Q4 Earnings Summary

Below are the earnings highlights for Pinnacle West Capital Corp. (PNW):

Earnings: -$23.99 million in Q4 vs. $27.58 million in the same period last year.
EPS: -$0.21 in Q4 vs. $0.24 in the same period last year.
Analysts projected -$0.18 per share
Revenue: $1.01 billion in Q4 vs. $0.80 billion in the same period last year.

Union Pacific Shares Climb 10% After Announcing CEO Succession Plan

Union Pacific Corp. (UNP) shares are gaining more than 10 percent on Monday morning trade after the company announced its plans for the succession of its CEO Lance Fritz by this year. The company said it is seeking a CEO with a strong track record, within or adjacent industries.

The shares have been on an upsurge since February 22, reaching a one-month high.

Currently, shares are at $213.43, up 10.75 percent from the previous close of $192.72 on a volume of 3,447,727.

Seagen Up 11% On News Of Possible Acquisition Deal With Pfizer

Seagen Inc. (SGEN) shares are gaining more than 11 percent on Monday morning trade after reports said Pfizer is in discussion to acquire Seagen for about $30 billion.

Currently, shares are at $179.12, up 11 percent from the previous close of $161.37 on a volume of 2,626,478.

European Economic News Preview: Eurozone Economic Confidence Data Due

Economic sentiment survey results and monetary aggregates from the euro area are the top economic news due on Monday, headlining a light day for the European economic news.

At 2.00 am ET, Statistics Norway releases retail sales and household consumption data for January. Also, retail sales figures are due from Sweden.

At 4.00 am ET, the European Central Bank is scheduled to issue euro area monetary aggregates for January. M3 money supply is expected to grow 3.9 percent on a yearly basis, slower than the 4.1 percent increase in December.

In the meantime, business confidence survey data is due from Italy.

At 5.00 am ET, the European Commission publishes euro area economic sentiment survey results. The economic confidence index is seen rising to 101.0 in February from 99.9 in January.

ContraFect Stock Surges 80%

Shares of ContraFect Corporation (CFRX) are surging over 80% on Monday morning despite no stock-related statement from the company.

CFRX is currently trading at $5.60, up $2.50 or 80.61%, on the Nasdaq, on a volume of 18.4 million shares, above average volume of 160 thousand. The stock opened its trading at $6.20 after closing the previous trading at $3.10. The stock has traded between $3.02 and $363.20 in the past 52-week period.

ContraFect, a clinical-stage biotechnology company, discovers and develops therapeutic protein and antibody products for the treatment of life-threatening and drug-resistant infectious diseases in the United States. Its lead program includes Exebacase, a lysin, which is in Phase III clinical trials for the treatment of staphylococcus aureus bacteremia.

Lucira Health Spikes After FDA Authorizes COVID-19, Flu Molecular Test

Lucira Health, Inc. (LHDX) shares are surging on Monday morning trade after the company announced FDA authorization for its Lucira COVID-19 and flu molecular nucleic acid amplification at-home combination test.

The medical biotechnology company said Lucira is the first self-diagnose flu at home and results could be delivered in 30 minutes.

The company also said it regrets the Chapter 11 bankruptcy filing days before the FDA authorization and is seeking a strategic or financial partner for the resumption of manufacturing and development of additional home diagnostic products.

Currently, shares are at $0.60, up 334.85 percent from the previous close of 0.14 on a volume of 133,913,588.

Smith Micro Software Stock Tanks 40%

Shares of Smith Micro Software, Inc. (SMSI) are slipping over 40% on Monday morning after the company announced notice of termination from tier 1 carrier for the company’s family safety solution.

SMSI is currently trading at $1.4050, down $1.0950 or 43.8000%, on the Nasdaq, on a volume of 2.5 million, above average volume of 200 thousand. The stock opened its trading at $2.0300 after closing the previous trading day at $2.5000. The stock has traded between $1.4100 and $4.2500 in the 52-week period.

At the customer’s election, the company remains obligated to deliver service under the agreement for a transition period of up to 180 days beyond June 30, 2023. The Company is reviewing and expects to take appropriate action to reduce expenses associated with the affected customer agreement, and will reallocate certain resources to the Company’s multiple other Tier 1 U.S. carrier customers and to its customers outside of the U.S.

Crude Oil Moves Back To The Downside Amid Demand Worries

The price of crude oil moved to the downside during trading on Monday, giving back ground after moving sharply higher over the two previous sessions.

After jumping $0.93 or 1.2 percent to $76.32 a barrel last Friday, crude for April delivery slid $0.64 or 0.8 percent to $75.68 a barrel.

The pullback by the price of crude oil came as traders expressed continued concerns higher interest rates will tip the global economy into a recession.

With recent economic data suggesting the Federal Reserve will raise rates more than previously anticipated, worries about the outlook for global demand continue to weigh on oil prices.

Meanwhile, traders largely shrugged off news that Russia has halted exports of oil to Poland via the Druzhba pipeline

“Oil got an early boost after the halting of a Russian pipeline to Poland, but that was unable to help shake off demand worries,” said Edward Moya, senior market analyst at OANDA.

He added, “Oil seems like it will stay heavy as both tensions between the two largest economies and recession worries grow.”

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