Oil Surrenders Early Gains After IEA Report

Oil prices surrendered early gains to edge lower on Tuesday after the International Energy Agency (IEA) said that global oil markets won’t be as tight as expected this quarter.

Benchmark Brent crude futures traded 0.2 percent lower at $82.37 a barrel, giving up earlier gains. WTI crude futures were down 0.1 percent at $78.17.

Oil prices rose sharply on Monday to extend gains for a third successive session following bullish demand forecasts from OPEC and Goldman Sachs.

The IEA said in its latest monthly report that that it anticipates a supply shortfall during the fourth quarter. But it will be roughly 30 percent smaller than previously projected, at about 900,000 barrels a day.

“World oil demand continues to exceed expectations. Yet “world oil supply growth is also exceeding expectations” as “production growth in the U.S. and Brazil has been outperforming forecasts.”

A report from the OPEC said on Monday that demand in the U.S. and China is not lowering to the point of concern.

Palatin Technologies Inc. Q1 Loss decreases, but misses estimates

Palatin Technologies Inc. (PTN) announced Loss for first quarter that decreased from last year but beat the Street estimates.

The company’s bottom line totaled -$5.89 million, or -$0.48 per share. This compares with -$8.26 million, or -$0.86 per share, in last year’s first quarter.

Analysts on average had expected the company to earn -$0.41 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 142.5% to $2.11 million from $0.87 million last year.

Palatin Technologies Inc. earnings at a glance (GAAP) :

-Earnings (Q1): -$5.89 Mln. vs. -$8.26 Mln. last year.
-EPS (Q1): -$0.48 vs. -$0.86 last year.
-Analyst Estimates: -$0.41
-Revenue (Q1): $2.11 Mln vs. $0.87 Mln last year.

Pre-market Movers: AIRE, SKIN, INVO, BTAI, THRX…

The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 08.05 A.M. ET).

In the Green

reAlpha Tech Corp. (AIRE) is up over 85% at $10.90.
INVO Bioscience, Inc. (INVO) is up over 41% at $2.28.
Theseus Pharmaceuticals, Inc. (THRX) is up over 34% at $2.87.
Hanryu Holdings, Inc. (HRYU) is up over 19% at $1.16.
Digital Health Acquisition Corp. (DHAC) is up over 10% at $13.70.
American Coastal Insurance Corporation (ACIC) is up over 8% at $7.40.
Mobiv Acquisition Corp (MOBV) is up over 8% at $4.90.
Vuzix Corporation (VUZI) is up over 7% at $2.08.
Absci Corporation (ABSI) is up over 6% at $1.33.
BeyondSpring Inc. (BYSI) is up over 6% at $0.97.
PaxMedica, Inc. (PXMD) is up over 5% at $1.81.

In the Red

The Beauty Health Company (SKIN) is down over 48% at $2.01.
BioXcel Therapeutics, Inc. (BTAI) is down over 38% at $3.41.
Harrow, Inc. (HROW) is down over 24% at $9.65.
Fisker Inc. (FSR) is down over 18% at $3.35.
Beyond Air, Inc. (XAIR) is down over 18% at $1.65.
Hepion Pharmaceuticals, Inc. (HEPA) is down over 17% at $2.84.
Canadian Solar Inc. (CSIQ) is down over 14% at $18.00.
Sea Limited (SE) is down over 11% at $40.53.
On Holding AG (ONON) is down over 9% at $24.00.
Hut 8 Mining Corp. (HUT) is down over 7% at $1.87.
Runway Growth Finance Corp. (RWAY) is down over 6% at $12.34.

Emeren Group-Eiffel Investment JV Inks Deal To Sell 29 MWp Solar Portfolio In Spain To Rubis

Emeren Group Ltd (SOL) announced Tuesday the successful signing SPA of a 29 MWp solar PV portfolio in Spain to Rubis Photosol, one of France’s prominent photovoltaic electricity producers.

This transaction was facilitated through the European Solar Energy Development JV, a collaborative venture established between Emeren and Eiffel Investment Group, a renowned French asset manager and Finergreen, Emeren’s consultant partner who supported on the transaction.

The 29 MWp portfolio comprises three late-stage projects located in the Municipality of Algorfa, Alicante, Spain, in an advanced phase of obtaining the Administrative Authorisation for Construction.

These projects are expected to be operational during the second half of 2025 and equipped with PV solar trackers, projected to generate approximately 57,000 MWh of clean energy, capable of powering around 20,000 households.

The JV, inaugurated in early 2021, leverages Emeren Group’s extensive experience in solar PV development in Europe and the financial resources of Eiffel Investment Group, which play a pivotal role throughout the project lifecycle.

Syros Pharmaceuticals Q3 Loss misses estimates

Syros Pharmaceuticals (SYRS) revealed Loss for third quarter that beat the Street estimates.

The company’s earnings totaled -$40.143 million, or -$1.43 per share. This compares with -$30.253 million, or -$3.21 per share, in last year’s third quarter.

Analysts on average had expected the company to earn -$1.14 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 3.3% to $3.762 million from $3.891 million last year.

Syros Pharmaceuticals earnings at a glance (GAAP) :

-Earnings (Q3): -$40.143 Mln. vs. -$30.253 Mln. last year.
-EPS (Q3): -$1.43 vs. -$3.21 last year.
-Analyst Estimates: -$1.14
-Revenue (Q3): $3.762 Mln vs. $3.891 Mln last year.

IHS Holding Q3 Net Loss Widens, Revenues Down; Backs FY23 Outlook; Stock Down In Premarket

IHS Holding Limited (IHS), a shared telecommunications infrastructure provider in Africa, reported Tuesday that its third-quarter loss was $265.35 million, sharply wider than last year’s loss of $36.65 million.

Adjusted EBITDA was $232.0 million, compared to $274.4 million a year ago. Adjusted EBITDA margin was 49.7 percent, down from 52.6 percent last year.

During the third quarter, revenue was $467.02 million, a decrease of 10.4 percent from last year’s $521.3 million. Organic revenue growth was 30.6 percent

Looking ahead for fiscal 2023, the company continues to expect adjusted EBITDA of $1.13 billion to $1.15 billion and revenue of $2.08 billion to $2.11 billion.

Organic revenue growth would be approximately 34 percent, or 31 percent when excluding the $48.1 million non-recurring revenue in first quarter 2023.

In pre-market activity on the NYSE, the shares were trading at $5.40, down 3.05 percent.

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