Monday, 6 Dec 2021

HSBC Q3 Profit More Than Doubles; Projects More Positive Revenue View; Plans $2 Bln Share Buyback

Why U.S. gasoline prices vary so much from state to state

As gas prices climb to seven-year highs in America, drivers in some states are hit much harder than those in others.

The average gas price in the U.S. was $3.378 per gallon as of Oct. 21, according to data from GasBuddy.

But that average conceals a pretty wide spread among the 50 states. Oklahoma has the lowest average gas price among states at $2.982 per gallon, GasBuddy data shows. Gas prices are at their highest in California, at an average of $4.531 per gallon.

One factor driving this price disparity is regional access to oil refineries. For example, gas prices in the Gulf Coast may be lower than in the West Coast because that region has access to more refineries.

The West Coast is also hindered by the Rocky Mountains acting as a barrier separating Western states from others. This limits the number of pipelines connecting the region to the rest of the country.

Policies and taxes also play a role. California's high prices are attributable in large part to higher taxes to the state's carbon management program and to its unique fuel blend requirements.

Pre-market Movers: RDBX, EQOS, CCNC, LIDR, BKKT…

The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 05.45 A.M. EDT).

In the Green

Redbox Entertainment Inc. (RDBX) is up over 112% at $25.30
Diginex Limited (EQOS) is up over 66% at $7.19
Code Chain New Continent Limited (CCNC) is up over 45% at $2.00
AEye, Inc. (LIDR) is up over 40% at $6.27
Bakkt Holdings, Inc. (BKKT) is up over 36% at $41.69
Ocugen, Inc. (OCGN) is up over 26% at $11.85
Ebang International Holdings Inc. (EBON) is up over 19% at $2.50
Oragenics, Inc. (OGEN) is up over 19% at $0.75
UP Fintech Holding Limited (TIGR) is up over 15% at $10.24
Meten Holding Group Ltd. (METX) is up over 15% at $0.44
Borqs Technologies, Inc. (BRQS) is up over 13% at $0.81
SeqLL Inc. (SQL) is up over 12% at $3.95
Powerbridge Technologies Co., Ltd. (PBTS) is up over 9% at $1.63
Mmtec, Inc. (MTC) is up over 6% at $1.66

In the Red

RISE Education Cayman Ltd (REDU) is down over 18% at $1.21
ShiftPixy, Inc. (PIXY) is down over 13% at $1.52
Greenpro Capital Corp. (GRNQ) is down over 10% at $1.32
Inpixon (INPX) is down over 9% at $0.91
Sonim Technologies, Inc. (SONM) is down over 8% at $2.20
Puxin Limited (NEW) is down over 8% at $0.51
Logitech International S.A. (LOGI) is down over 6% at $83.50
Grom Social Enterprises, Inc. (GROM) is down over 5% at $4.22

Oil Prices Dip Ahead Of Stocks Data

Oil prices dipped Tuesday but held near multi-year highs amid signs of a global supply shortage and strong demand in the United States, the world’s biggest consumer.

Brent crude futures for January delivery dipped 25 cents, or 0.3 percent, to $84.92 a barrel, while U.S. crude futures for December delivery were down 43 cents, or half a percent, at $83.33 per barrel.

Traders await the latest data on U.S. crude stockpiles from the American Petroleum Institute for clues to demand recovery as the world’s largest economy recovers from the damage caused by the Covid-19 pandemic.

The La Niña pattern has evolved in the Pacific Ocean, bringing colder, deep water up from the ocean’s depths. This usually means colder-than-normal temperatures in the northern hemisphere.

According to Goldman Sachs, Brent was likely to push above its year-end forecast of $90 a barrel. The bank estimated switching to oil from gas may add 1 million barrels per day (bpd) to oil demand.

Traders also await the outcome of talks between Iran and Western powers after the United States said efforts were at “crucial phase” to revive a 2015 nuclear agreement with Iran.

Softcat Annual Profit Climbs

Softcat Plc (SCT.L), a provider of IT infrastructure products and services, on Tuesday reported a rise in its pre-tax profit for the full year 2021, particularly driven by a rise in revenue from its hardware segment and positive market cues.

The Marlow-headquartered company posted a pre-tax profit of 118.96 million pounds for the fiscal year ended in July, compared to 93.61 million pounds, recorded for the last fiscal.

The company’s earnings per share increased to 48.2 pence, from 38.0 pence per share, recorded for the year ended on July 31, 2020.

It also generated an operating profit of 119.41 million pounds for the 12-month period, compared to 93.73 million pounds of last year.

The UK firm is expected to pay a final dividend dividend of 14.4 pence per share, on December 20, to shareholders of record on November 12.

The company has also proposed a special dividend payment of 20.5
pence per share. It will be paid on December 20 alongside the final ordinary dividend, Softcat said in a statement.

Owing to a firm demand for IT products and services, the British firm generated a revenue of 1.15 billion pounds for the fiscal 2021, against 1.07 billion pounds, reported, last fiscal.

The revenue from the hardware segment of the company rose by 25.8 percent to 556.5 million pounds for the 52-week period ended in July 2021.

HSBC Q3 Profit More Than Doubles; Projects More Positive Revenue View; Plans $2 Bln Share Buyback

Asia-focused lender HSBC Holdings Plc (HSBC,HSBA.L) reported Monday that its third-quarter profit attributable to ordinary shareholders surged to $3.54 billion from last year’s $1.36 billion.

Earnings per share were $0.18, more than double from prior year’s $0.07.

Profit before tax climbed 76 percent to $5.40 billion from last year’s $3.07 billion. Adjusted profit before tax was $6 billion, compared to $4.40 billion.

Revenue grew to $12.012 billion from last year’s $11.927 billion. Adjusted revenues dropped 1 percent to $12.201 billion.

Further, the company announced share buyback of $2 billion.

Looking ahead, the company projects more positive revenue outlook. The company expects growth in mortgages, trade and deposit balances, stabilisation of net interest income and strong fee growth.

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