Saturday, 2 Mar 2024

Dollar, Crude Dim Gold's Dazzle

Woman dies in overnight shooting in Denver’s Globeville neighborhood

A woman died Wednesday after an overnight shooting in Denver’s Globeville neighborhood.

The shooting, which the Denver Police Department reported on X at 3:14 a.m., happened near 45th Avenue and Washington Street.

The woman later died, police said.

The Denver Office of the Medical Examiner will release cause of death and identify the woman.

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Ezgo Stock Falls 77% On Announcing $10 Mln Investment Deal With Institutional Investors

Shares of EZGO Technologies Ltd. (EZGO) are falling 77.27 percent on Wednesday after it announced that it has entered into a definitive agreement with select institutional investors for the purchase and sale of 8,849,558 shares, along with corresponding warrants to purchase an additional 8,849,558 shares.

EZGO is currently trading at $0.40, down $1.36 or 77.27 percent. The stock opened its trading at $1.11 after closing Tuesday’s trading at $1.76. The stock has traded between $0.36 and $2.77 in the past 52-week period.

The transaction is structured at a combined purchase price of $1.13 per share and its associated warrant.

Under the terms of this agreement, each associated warrant is exercisable to acquire one share at a price of $1.13. These warrants come with a three-year term from the issuance date. The aggregate gross proceeds to EZGO Technologies from this strategic investment are expected to reach approximately $10 million.

The closing of this transaction is anticipated to take place on or around September 8 this year. Further details of the deal are not disclosed.

Express Stock Jumps 20% On Quarterly Results, Outlook

Shares of Express, Inc. (EXPR) jumped over 20% on Wednesday morning after the apparel retailer reported its second-quarter results and reaffirmed its outlook for the full-year 2023.

EXPR is currently trading at $9.86, up $1.66 or 20.24%, on the NYSE. The stock opened its trading at $9.17 after closing Tuesday’s trading at $8.20. The stock has traded between $8.15 and $42.80 in the past 52-week period.

Express reported second-quarter loss of $44.06 million or $11.79 per share, compared to net income of $7.04 million or $2.05 per share in the same period last year. Adjusted loss of the quarter was $33.81 million or $9.05 per share.

Revenues for the quarter dropped to $435.344 million from $464.919 million last year.

Looking forward to the next quarter, the company expects a loss per share of $5.50 to $7.50 and revenues of $460 million to $490 million.

For the full year 2023, the company continues to expect a loss of $30 to $34 per share and revenues of $1.9 billion to $2 billion.

Biden Approves Major Disaster Declaration For Tennessee

President Joe Biden has approved a Major Disaster Declaration for Tennessee and ordered Federal assistance to the State.

The declaration will supplement state, tribal, and local recovery efforts in the areas affected by severe storms and straight-line winds in the state from July 18 to July 21.

Public assistance federal funding is available to the state, tribal and eligible local governments and certain private nonprofit organizations on a cost-sharing basis for emergency work and the repair or replacement of facilities damaged by the severe storms and straight-line winds in Fayette, Henry, Shelby and Tipton counties.

Federal funding is also available on a cost-sharing basis for hazard mitigation measures statewide.

Yolanda J. Jackson has been named Federal Coordinating Officer for federal recovery operations in the affected areas.

Meanwhile, heavy rain and winds have returned to the state Tuesday.

Warnings of strong storms have been issued for Nashville and Middle Tennessee.

“Some of you woke up to rain this morning, while others did not. This will be the trend through most of the day, with scattered thunderstorms hanging around the area,” the National Weather Service said on Wednesday.

U.S. Factory Orders Show Significant Pullback In July

After reporting a sharp increase in new orders for U.S. manufactured goods, the Commerce Department released a report on Tuesday showing a significant pullback in factory orders in the month of July.

The Commerce Department said factory orders tumbled by 2.1 percent in July after surging by 2.3 percent in June. Economists had expected factory orders to plunge by 2.6 percent.

The sharp pullback in factory orders came as durable goods orders plummeted by 5.2 percent in July after soaring by 4.3 percent in June. Orders for transportation equipment led the way lower, diving by 14.3 percent.

Meanwhile, the report said orders for non-durable goods jumped by 1.1 percent in July after climbing by 0.4 percent in the previous month.

The Commerce Department also said shipments of manufactured goods rose by 0.5 percent in July after inching up by 0.2 percent in June.

Inventories of manufactured goods also crept up 0.1 percent in July following two consecutive monthly decreases.

With inventories and shipments both increasing, the inventories-to-shipments ratio was unchanged from the previous month at 1.48.

Dollar, Crude Dim Gold's Dazzle

Gold futures extended losses on Wednesday amidst the burden of a resurgent Dollar and crude oil supply jitters that threatened to trigger another spiral of fuel-fed inflation.

Fears of the Fed keeping interest rates higher for longer supported the Dollar, lifting the Dollar Index which measures the U.S. dollar’s strength against a basket of 6 currencies. The Index is currently at 104.76 versus the high of 104.91 touched on Tuesday, a level last seen in mid-March.

Bond yields remaining high also spotlighted the high opportunity cost of holding the non-interest yielding yellow metal. U.S. ten-year bond yield is currently at 4.25 percent, versus the recent peak of 4.37 percent touched a few weeks earlier, that was the highest since November 2007.

Gold Futures for December settlement declined 0.14 percent to trade at $1,949.95. The day’s trading range has been between $1,946.15 and $1,953.65.

Spot Gold shed 0.10 percent to trade at $1,924.26 per troy ounce. The day’s trading range has been between $1,921.19 and $1,928.50.

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