First Horizon Q3 Adj. EPS Tops Estimates, But Revenues Miss

First Horizon Corp. (FHN) reported Wednesday that its net income available to common shareholders for the third quarter plunged to $129 million or $0.23 per share from $257 million or $0.45 per share in the prior-year quarter.

Excluding notable items, adjusted net income of the quarter was $150 million, or $0.27 per share. On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $0.24 per share for the quarter. Analysts’ estimates typically exclude special items.

Total revenue for the quarter was $778 million compared to $875 million in the same quarter last year. Analysts expected revenues of $795.49 million for the quarter.

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Gold Prices Jump Amid Middle East Turmoil

Gold prices hit one-month high on Wednesday amid safe-haven demand after a huge explosion at a Gaza hospital derailed the diplomatic efforts led by the U.S. to mobilize support for “Israel’s right to defend itself”.

Spot gold jumped 1.1 percent to $1,944.54 per ounce, while U.S. gold futures were up 1.1 percent at $1,957.15.

Palestinian and Israeli officials have blamed on each other for the blast, further stoking tensions.

After news of the explosion broke late on Tuesday, Jordan cancelled the summit that King Abdullah had planned to host for U.S. President Joe Biden, Egyptian president Abdel Fattah al-Sisi and Palestinian Authority president Mahmoud Abbas.

The escalation of violence along Israel’s border with Lebanon has also raised concerns of a wider regional conflict that diplomats are trying to prevent.

The U.S. dollar was relatively stable in European trade despite encouraging retail sales and industrial production data released on Tuesday.

Traders now await speeches by several Fed policymakers, including Chair Powell on Thursday, for additional clues on interest rates.

JinkoSolar: Jiangxi Jinko 9-month Net Income, Excl. Items, To Rise 284.63% To 311.02% YoY

JinkoSolar Holding Co., Ltd. (JKS) reported that its majority-owned principal operating subsidiary Jinko Solar Co., Ltd. or Jiangxi Jinko published estimates of certain preliminary unaudited financial results for the nine months ended September 30, 2023. JinkoSolar owns approximately 58.62% equity interest in Jiangxi Jinko.

For the nine month period, the preliminary unaudited net income attributable to the shareholders of Jiangxi Jinko is estimated to be in the range from RMB 6.14 billion to RMB 6.54 billion, increasing by from 266.36% to 290.22% year over year. Preliminary unaudited net income attributable to the shareholders of Jiangxi Jinko excluding extraordinary gains and losses is estimated to be in the range from RMB 5.83 billion to RMB 6.23 billion, increasing by from 284.63% to 311.02% year over year.

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The Travelers Companies Inc. Q3 Profit Decreases, misses estimates

The Travelers Companies Inc. (TRV) released earnings for third quarter that decreased from last year and missed the Street estimates.

The company’s earnings totaled $404 million, or $1.74 per share. This compares with $454 million, or $1.89 per share, in last year’s third quarter.

Excluding items, The Travelers Companies Inc. reported adjusted earnings of $454 million or $1.95 per share for the period.

Analysts on average had expected the company to earn $2.99 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 14.4% to $10.64 billion from $9.30 billion last year.

The Travelers Companies Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $404 Mln. vs. $454 Mln. last year.
-EPS (Q3): $1.74 vs. $1.89 last year.
-Analyst Estimates: $2.99
-Revenue (Q3): $10.64 Bln vs. $9.30 Bln last year.

Nasdaq Inc. Q3 Profit Beats Estimates

Nasdaq Inc. (NDAQ) announced earnings for third quarter that beat the Street estimates.

The company’s bottom line totaled $294 million, or $0.60 per share. This compares with $294 million, or $0.59 per share, in last year’s third quarter.

Excluding items, Nasdaq Inc. reported adjusted earnings of $349 million or $0.71 per share for the period.

Analysts on average had expected the company to earn $0.68 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 7.1% to $1.45 billion from $1.56 billion last year.

Nasdaq Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $294 Mln. vs. $294 Mln. last year.
-EPS (Q3): $0.60 vs. $0.59 last year.
-Analyst Estimates: $0.68
-Revenue (Q3): $1.45 Bln vs. $1.56 Bln last year.

Oil Prices Jump As Supply Fears Mount

Oil prices jumped over 3 percent on Wednesday after a huge explosion at a Gaza hospital derailed the diplomatic efforts led by the U.S. to mobilize support for “Israel’s right to defend itself”.

Benchmark Brent crude futures jumped 3.2 percent to $92.75 a barrel on renewed supply fears, while WTI crude futures were up 3.3 percent at $88.28.

While the attack drew condemnation from Arab governments, Israel blamed a failed missile from militant group Palestinian Islamic Jihad for the blast, which killed about 500 people.

The escalation of violence along Israel’s border with Lebanon has also raised concerns of a wider regional conflict that diplomats are trying to prevent.

Oil prices were also buoyed by improved economic readings from China and industry data showing across the board draws in crude and product inventories.

Official data showed China’s GDP grew at a 4.9 percent annual pace in July-September, down from 6.3 percent in the previous quarter but above forecasts for a 4.4 percent increase.

Retail sales and industrial output figures for September also surprised on the upside, suggesting that Beijing’s stimulus measures to prop up banking and property sectors are gaining traction.

Meanwhile, the American Petroleum Institute reported that U.S. crude stocks fell by about 4.4 million barrels in the week ended Oct. 13, in another sign of tight supplies.

Gasoline inventories dropped by 1.6 million barrels, while distillate inventories fell by about 610,000 barrels.