Oil Prices Tumble On Growth Concerns

Oil prices fell nearly 2 percent on Tuesday on concerns that a long-drawn recession in advanced economies brought on by interest-rate hikes may weigh on global demand.

Benchmark Brent crude futures fell 1.9 percent to $75.25 a barrel, while WTI crude futures were down a little over 2 percent at $70.69.

Bullish impetus from OPEC+ production cuts faded against a weaker-than-expected demand picture.

The U.S. services sector barely growth in May and new orders for manufactured goods rose by slightly less than expected in April, rekindling concerns about inflation and a potential recession.

Interest-rate concerns returned to the fore after the Reserve Bank of Australia unexpectedly raised rates again by 25 basis points and kept the door open to further hikes, saying inflation still remained too high.

German factory orders data as well as Eurozone and British retail sales figures all disappointed – adding to cautious market mood.

Amid increasing macroeconomic headwinds, traders shifted focus toward high-profile central bank meetings due next week, including the Fed and the ECB.

Market participants believe that the U.S. Federal Reserve may skip an interest-rate hike at the end of a policy meeting next week.

Key inflation reports will be in the spotlight next week, as the data could impact whether the Fed resumes its rate hikes next month.

ECB President Christine Lagarde has already reaffirmed that it was too early to call a peak in core inflation despite “signs of moderation”.

Read Prince Harry’s Written Statement to the Court

Before Prince Harry took the stand to answer questions in his lawsuit against Mirror Group Newspapers on Tuesday, his legal team filed a written statement to the High Court in London that lays out his version of the facts of the case.

Read Harry’s statement.

Ciena Corp. Q2 Profit Increases, beats estimates

Ciena Corp. (CIEN) revealed a profit for its second quarter that increased from last year and beat the Street estimates.

The company’s earnings came in at $57.654 million, or $0.38 per share. This compares with $38.922 million, or $0.25 per share, in last year’s second quarter.

Excluding items, Ciena Corp. reported adjusted earnings of $110.393 million or $0.74 per share for the period.

Analysts on average had expected the company to earn $0.61 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 19.3% to $1.132 billion from $949.227 million last year.

Ciena Corp. earnings at a glance (GAAP) :

-Earnings (Q2): $57.654 Mln. vs. $38.922 Mln. last year.
-EPS (Q2): $0.38 vs. $0.25 last year.
-Analyst Estimate: $0.61
-Revenue (Q2): $1.132 Bln vs. $949.227 Mln last year.

Eurozone Retail Sales Stagnate In April

Euro area retail sales remained unchanged in April after falling in the previous two months, preliminary data from Eurostat showed Tuesday.

Retail sales was unchanged from March, when they fell 0.4 percent from the previous month, which was revised from a 1.2 percent decrease. Economists were looking for a 0.2 percent growth.

Sales of food, drinks and tobacco were lower for a third month in a row and logged a decline of 0.5 percent.

Meanwhile, sales of non-food products excluding automotive fuel grew 0.5 percent after a 0.9 percent decline in March.

Mail order and internet sales rose 2.7 percent following a 1.3 percent decline in the previous month.

Sales of automotive fuel in specialized stores fell 2.3 percent after gaining 1.1 percent in March.

On a year-on-year basis, retail sales decreased 2.6 percent in Eurozone after a revised 3.3 percent slump in March. Economists had forecast a 3.1 percent fall.

In the EU, retail sales edged up 0.1 percent on a monthly basis following a revised 0.5 percent decline in March.

Compared to the same month last year, EU retail sales shrunk 2.9 percent in April after a revised 3.7 percent decline in the previous month.

The biggest monthly increases in retail sales were registered in Croatia, Luxembourg and Sweden, while the worst declines were seen in Slovakia, Romania and Slovenia.

Pre-market Movers: FRZA, GTLB, GGE, CDRE, ZURA…

The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 07.50 A.M. ET).

In the Green

Forza X1, Inc. (FRZA) is up over 32% at $3.86.
GitLab Inc. (GTLB) is up over 28% at $45.54.
Green Giant Inc. (GGE) is up over 26% at $2.90.
Zura Bio Limited (ZURA) is up over 12% at $7.33.
THOR Industries, Inc. (THO) is up over 8% at $85.51.
HealthEquity, Inc. (HQY) is up over 5% at $62.32.
Ultragenyx Pharmaceutical Inc. (RARE) is up over 5% at $53.83.

In the Red

Cadre Holdings, Inc. (CDRE) is down over 14% at $18.60.
Lipocine Inc. (LPCN) is down over 10% at $4.00.
Blue Bird Corporation (BLBD) is down over 9% at $22.77.
Celestica Inc. (CLS) is down over 8% at $11.98.
TORM plc (TRMD) is down over 6% at $23.81.
Mobileye Global Inc. (MBLY) is down over 5% at $40.08.

G-III APPAREL GROUP LTD Q1 Profit Decreases, but beats estimates

G-III APPAREL GROUP LTD (GIII) revealed a profit for first quarter that decreased from the same period last year but beat the Street estimates.

The company’s bottom line totaled $3.236 million, or $0.07 per share. This compares with $30.634 million, or $0.62 per share, in last year’s first quarter.

Excluding items, G-III APPAREL GROUP LTD reported adjusted earnings of $6.033 million or $0.13 per share for the period.

Analysts on average had expected the company to earn -$0.1 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 11.9% to $606.589 million from $688.757 million last year.

G-III APPAREL GROUP LTD earnings at a glance (GAAP) :

-Earnings (Q1): $3.236 Mln. vs. $30.634 Mln. last year.
-EPS (Q1): $0.07 vs. $0.62 last year.
-Analyst Estimates: -$0.1
-Revenue (Q1): $606.589 Mln vs. $688.757 Mln last year.