Portillo Shares Tank 10% On Lower Q3 Profit

Shares of restaurant chain Portillo’s Inc. (PTLO) are down 10 percent on Thursday’s trading as the company reported lower third-quarter earnings, which also came in below the Street expectations.

The company posted net income of $6.5 million or $0.01 per share in the third quarter, down 19.4 percent from $8.1 million or $0.05 per share in the same period last year.

Quarterly revenues rose 15 percent to $138.0 million from $119.7 million in the prior year.

On average, six analysts polled by Thomson Reuters expected the company to post earnings of $0.08 per share on revenues of $138.1 million for the third quarter.

Currently at $49.48, the stock has traded between $25.72 and $57.72 during the past 52 weeks.

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Gold Futures Settle Lower

Gold futures settled lower on Thursday, retreating after closing at a five-month high in the previous session.

A weaker dollar helped limit gold’s downside. The dollar index dropped to 95.52, declining more than 0.3%, after hitting a 16-month in the previous session. The yield on the 30-year Treasury bond edged lower as well, declining to 1.9713%.

Gold futures for December ended down by $8.80 or about 0.5% at $1,861.40 an ounce, off the session’s low of $1,856.60 an ounce.

Silver futures for December ended lower by $0.267 at $24.900 an ounce, while Copper futures for December settled at $4.3045 per pound, gaining $0.0385.

Data from the Labor Department showed initial jobless claims edged down to 268,000 in the week ended November 13th, a decrease of 1,000 from the previous week’s revised level of 269,000. Economists had expected jobless claims to dip to 260,000 from the 267,000 originally reported for the previous week.

With the slight decrease and the revision to the previous week’s number, jobless claims once again hit their lowest level since the week ended March 14, 2020.

A separate report released by the Federal Reserve Bank of Philadelphia showed a significant acceleration in the pace of growth in regional manufacturing activity in the month of November.

Sweetgreen Shares Hit The Stratospheres After Listing

Fast- casual Salad chain Sweetgreen(SG) saw the price of shares skyrocket n the first day of trading after the company got listed.

Sweetgreen got listed under the ticker SG. It filed for initial public offerings at $28 yesterday and sold 13 million shares in the process. During listing, the the company shares opened at $52 a share which means that the company is valued at $5.5 billion. The company raised $364 million from its IPO.

The company operates with a very specific set of buyers. To cut down on the queues, the company has already introduced its buyers to order online. Reports claim that the almost two third of the company’s revenue came from digital sales.

“We like to say we want to build the McDonald’s of our generation,” said co-founder and CEO Jonathan Neman told CNBC.

In the previous financial year, the 2006-born company incurred a $141.20 million loss but in this year, it has rebounded and managed to narrow the loss to $86.90 million. The chain already 140 restaurants under its banner in 13 states and the company wants to double the numbers in the next five years.

Currently the stock is trading at $52.45, up $52.45 or 2,971.83% since getting listed. The shares opened at $52.00 in the mornings.

Nuance Communications, Inc. Q4 Profit Climbs

Below are the earnings highlights for Nuance Communications, Inc. (NUAN):

-Earnings: -$11.72 million in Q4 vs. -$23.95 million in the same period last year.
-EPS: -$0.04 in Q4 vs. -$0.08 in the same period last year.
-Excluding items, Nuance Communications, Inc. reported adjusted earnings of $28.85 million or $0.09 per share for the period.
-Revenue: $333.07 million in Q4 vs. $307.74 million in the same period last year.

Beacon Roofing Supply Inc. Q4 Income Climbs

Beacon Roofing Supply Inc. (BECN) announced earnings for its fourth quarter that climbed from last year.

The company’s earnings came in at $98.8 million, or $1.22 per share. This compares with $65.9 million, or $0.83 per share, in last year’s fourth quarter.

The company’s revenue for the quarter rose 6.8% to $1.88 billion from $1.76 billion last year.

Beacon Roofing Supply Inc. earnings at a glance:

-Earnings (Q4): $98.8 Mln. vs. $65.9 Mln. last year.
-EPS (Q4): $1.22 vs. $0.83 last year.
-Revenue (Q4): $1.88 Bln vs. $1.76 Bln last year.

Oil Futures Recover After Early Weakness, Settle Notably Higher

Crude oil futures settled higher on Thursday, bouncing back strongly after early weakness, despite continued uncertainty about the outlook for energy demand amid a surge in coronavirus cases and fresh lockdown restrictions in several countries in Europe.

Oil prices had drifted lower and hit six-week lows earlier in the day, weighed down by reports that the United States has been reaching out to all major oil consumer nations to release their strategic petroleum reserves to temper rallying crude oil prices.

West Texas Intermediate Crude oil futures for December ended higher by $0.65 or about 0.8% at $79.01 a barrel.

Brent crude futures were up $0.88 or 1.1% at $81.16 a barrel.

The Biden administration is reportedly asking China, India and Japan to consider releasing crude stockpiles to help lower prices. China’s State Reserve Bureau was said to be working on a release of crude oil reserves.

Traders also reacted to the International Energy Agency and OPEC’s comments in recent weeks that more supply available in the next several months.