Wednesday, 27 Oct 2021

Pre-market Movers: TRVI, NTRB, LQDA, CEI, AVDL…

CGG Sees Higher Q3 Segment Revenue

CGG (CGG.PA) a global geo-science technology provider, on Monday, in its trading update, said it expects its third-quarter segment revenue to be about $270 million, up 35 percent, compared to the same period last year.

For the geo-science segment, the Paris headquartered-firm projects a revenue to be flat at $77 million. Multi-client segment revenue is expected to be around $92 million, an increase of 26 percent, compared to the same period last fiscal.

For the third quarter, the equipment segment of the technology company projects a revenue surge of 102 percent to $101 million.

Sophie Zurquiyah, CEO,CGG, said: “We delivered robust third quarter performance, confirming the anticipated trends of gradual recovery in Geoscience, sustained demand for our Multi-client data located in the world’s most active basins, and a pick-up in Equipment deliveries in the second half of the year. Multi-client prefunding revenue for the quarter was around $59 million and after-sales increased to around $33 million this quarter.”

At Paris Stock Exchange, CGG had closed at 0.64 euros per share on Friday, a rise of 2.44 percent, compared to its previous close of 0.63 euros per share.

Growth in Italian bank loans to firms at lowest in 1-1/2 years

MILAN, Oct 11 (Reuters) – The pace of growth in Italian bank lending to businesses slowed further in August, falling to its lowest level since February 2020 after a credit surge fuelled by state guarantees, data showed on Monday.

A monthly Bank of Italy report on the balance sheets of domestic banks showed loans to non-financial companies grew by 1.2% year-on-year in August, down from a 1.8% rise in July.

Gold Subdued In Lackluster Trade

Gold prices were subdued on Monday as rising Treasury yields lifted the dollar to a near three-year peak against the Japanese yen.

Spot gold slipped 0.1 percent to $1,755.49 per ounce, while U.S. gold futures were down 0.1 percent at $1,755.15.

The dollar started the week on a positive footing and yields of the key U.S. 10-year benchmark note climbed past the 1.61 percent, as a soft U.S. jobs report did little to allay fears that the Federal Reserve will begin tapering its massive bond purchases as early as next month.

The focus this week will be on U.S. inflation and retail sales data, and minutes of the Federal Reserve’s last meeting which should confirm that a November tapering was discussed.

Elsewhere, there is speculation that the Bank of England may raise rates sooner than previously expected.

BoE policy maker Michael Saunders told The Telegraph on Saturday that inflationary surge “could become more persistent unless monetary policy responds.”

“I think it is appropriate that the markets have moved to pricing a significantly earlier path of tightening than they did previously,” Saunders said.

Saunders remarks came after a warning from Governor Andrew Bailey that inflation exceeding the BoE’s goal of 2 percent will be damaging the economy.

Fumio Kishida Takes Office As Japan’s New Prime Minister

With parliament election in sight, Fumio Kishida assumed office as Japan’s new Prime Minister on Monday.

64-year-old Kishida was elected the leader of the ruling Liberal Democratic Party (LDP) last week replacing Yoshihide Suga.

Suga resigned after more than a year in office during which his government’s popularity plummeted over its handling of the pandemic and the decision to host the Tokyo Olympics ignoring public protest.

Kishida was elected Prime Minister by both Houses of the Japanese parliament, which is known as Diet, Monday morning. At a ceremony held at the Imperial Palace later, Emperor Naruhito invested him with the title.

In a major reshuffle of the Cabinet, Kishida replaced Finance Minister Taro Aso, who held the post for nearly nine years, with Shunichi Suzuki.

Foreign Minister Toshimitsu Motegi and Defense Minister Nobuo Kishi were retained.

Addressing the media at the party headquarters in Tokyo, Kishida said, “I think it will be a new start in its true sense. I want to take on challenges with a strong will and firm resolve to face the future.”

The moderate-liberal politician had served as Foreign Minister from 2012 to 2017.

He is expected to call the polls to the more powerful lower chamber, the House of Representatives, by October 31, reports say.

Oil Prices Jump Amid Global Energy Crunch

Oil prices jumped about 2 percent on Monday as depleting stocks, discipline in the OPEC+ group of producers and the ongoing energy crunch provided solid price support ahead of winter.

Also, the news from last week that the Department of Energy is not planning to tap into strategic reserves for now is keeping the oil market tight and supporting prices.

Benchmark Brent crude futures climbed $1.59 cents, or 1.9 percent, to $83.98 a barrel while U.S. oil futures were $1.84 percent, or 2.3 percent, at $81.19.

As the energy crisis deepens, Russia’s Gazprom PJSC, Europe’s biggest supplier of the fuel, increased its 2021 price guidance for natural gas exports and reiterated that shoring up inventories at home was its top priority.

Coal and gas prices have been surging as more vaccinated populations are brought out of coronavirus lockdowns, supporting a revival of economic activity. An energy crisis is looming over India as coal supplies grow perilously low.

Some Indian states are experiencing electricity blackouts because of coal shortages, while in China the government has ordered miners to ramp up coal production as power prices surge.

Pre-market Movers: TRVI, NTRB, LQDA, CEI, AVDL…

The following are some of the stocks making big moves in Monday’s pre-market trading (as of 5.55 A.M. EDT).

In the Green

Trevi Therapeutics, Inc. (TRVI) is up over 30% at $1.56

Nutriband Inc. (NTRB) is up over 18% at $7.92

Liquidia Corporation (LQDA) is up over 12% at $3.07

Camber Energy, Inc. (CEI) is up over 11% at $1.90

Avadel Pharmaceuticals plc (AVDL) is up over 10% at $11.00

U.S. Well Services, Inc. (USWS) is up over 9% at $2.63

Soligenix, Inc. (SNGX) is up over 7% at $1.12

Yumanity Therapeutics, Inc. (YMTX) is up over 6% at $9.80

Regis Corporation (RGS) is up over 6% at $3.29

In the Red

Cellectis S.A. (CLLS) is down over 6% at $8.55

Valneva SE (VALN) is down over 5% at $27.71

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