Oil Prices Decline On China Demand Concerns

Oil prices declined on Tuesday, after rising sharply in the previous session on prospects of lower supplies in Canada, and several other parts of the globe.

Benchmark Brent crude futures fell 0.7 percent to $74.69 a barrel, while WTI crude futures were down 0.7 percent at $70.61.

Growth concerns returned to the fore after China’s industrial production and retail sales both missed expectations.

Industrial production posted an annual growth of 5.6 percent in April, faster than the 3.9 percent increase in March but weaker than economists’ forecast of 10.9 percent.

Retail sales growth accelerated sharply to 18.4 percent in April from 10.6 percent in March but sill missed expectations for a 21.0 percent increase.

The downside in oil prices was capped to some extent by a weaker dollar, wildfires in Canada and U.S. plans to refill its heavily depleted strategic reserves.

The U.S. Department of Energy said on Monday it would buy 3 million barrels of crude oil for the Strategic Petroleum Reserve for delivery in August and asked that offers be submitted by May 31.

18-wheeler truck crashes on I-70, blocking two eastbound lanes

An 18-wheeler truck crashed Tuesday morning, and two eastbound lanes of Interstate 70 near 32nd Avenue are blocked.

State transportation authorities said the lanes likely will be closed for several hours and advised drivers to expect delays.

The lanes were closed between Colorado Mills Parkway (Exit 263) and 32nd Avenue (Exit 264).

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Palatin Technologies Inc. Q3 Loss Narrows

Palatin Technologies Inc. (PTN) released Loss for third quarter that decreased from last year

The company’s earnings came in at -$7.15 million, or -$0.63 per share. This compares with -$7.63 million, or -$0.80 per share, in last year’s third quarter.

The company’s revenue for the quarter rose 445.5% to $1.20 million from $0.22 million last year.

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

-Earnings (Q3): -$7.15 Mln. vs. -$7.63 Mln. last year.
-EPS (Q3): -$0.63 vs. -$0.80 last year.
-Revenue (Q3): $1.20 Mln vs. $0.22 Mln last year.

Cummins' Business Unit Atmus Launches IPO For 4.124 Mln Shares

Atmus Filtration Technologies Inc., the filtration business unit of Cummins Inc. (CMI), announced on Tuesday that it has launched an initial public offering or IPO for its 4.124 million shares, which are currently owned by Cummins.

The underwriters will be granted a 30-day option to purchase up to an additional 2.11 million shares at the IPO price. The IPO price is currently expected to be in the range of $18 – $21 per share.

Atmus has applied to list its stock on the New York Stock Exchange under the symbol ‘ATMU.’

Upon completion of the IPO, Cummins is expected to hold around 83 percent of Atmus’ outstanding shares.

Latch, Inc. To Acquire Honest Day's Work

Latch, Inc. (LTCH) has entered into a definitive agreement to acquire 100% of the capital stock of Honest Day’s Work in exchange for approximately 29.0 million shares of Latch’s common stock, and $22.0 million aggregate principal amount of unsecured promissory notes. Honest Day’s Work is Ring founder Jamie Siminoff’s latest company dedicated to enabling residential service providers.

Jamie Siminoff created Ring, a whole-home security company that was acquired by Amazon in 2018. Siminoff recently started building Honest Day’s Work.

Jamie Siminoff is anticipated to become CEO of Latch later in 2023.

European Economic News Preview: UK Unemployment Data Due

Unemployment from the UK and economic sentiment from Germany are due on Tuesday, headlining a busy day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases UK labor market data for March. The jobless rate is seen unchanged at 3.8 percent. Average earnings including bonus is forecast to grow 5.8 percent in three months to March.

At 3.30 am ET, Statistics Netherlands publishes flash GDP data for the first quarter. The economy is expected to stagnate after rising 0.6 percent in the prior quarter.

At 4.00 am ET, Italy’s statistical office Istat releases final inflation figures for April. The flash estimate showed that consumer price inflation rose to 8.3 percent from 7.6 percent in March.

In the meantime, flash GDP data is due from Poland. GDP is forecast to expand 0.7 percent sequentially in the first quarter, reversing a 2.4 percent fall in the fourth quarter.

At 5.00 am ET, Germany’s ZEW economic sentiment survey results are due. The economic confidence index is seen falling to -5.3 in May from +4.1 in April.

Also, Eurostat is set to issue euro area revised GDP data for the first quarter. Economists expect the statistical office to confirm the 0.1 percent quarterly growth and 1.3 percent annual expansion.

Paysafe Limited Q1 Earnings Summary

Below are the earnings highlights for Paysafe Limited (PSFE):

Earnings: -$3.808 million in Q1 vs. -$1.171 billion in the same period last year.
EPS: -$0.06 in Q1 vs. -$19.41 in the same period last year.
Excluding items, Paysafe Limited reported adjusted earnings of $33.076 million or $0.54 per share for the period.

Analysts projected -$0.01 per share
Revenue: $387.849 million in Q1 vs. $367.668 million in the same period last year.

-Guidance:
Full year revenue guidance: $1.580Bln-$1.600Bln

Perrigo: FDA Approves Nicotine Coated Mint Lozenges

Perrigo Company plc (PRGO) has received final approval from the FDA for Nicotine Coated Mint Lozenges, 2 mg and 4 mg over-the-counter. Nicotine Coated Mint Lozenges, 2 mg and 4 mg help reduce withdrawal symptoms in consumers who are trying to quit smoking.

The product will be marketed under retailer’s store brand labels as a comparable offering to Nicorette Coated Ice Mint Lozenge. Perrigo expects the product to be available for consumers to purchase online and at shelf by early summer 2023.

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