Oil Prices Rebound After Monday's Selloff

Oil prices traded higher on Tuesday, after having fallen over 3 percent on Monday amid demand concerns and signs that the Israel-Hamas war will remain contained.

Benchmark Brent crude futures rose 0.6 percent to $86.90 a barrel, while WTI crude futures were up 0.7 percent at $82.92.

A weaker dollar helped push prices higher as investors await cues from the Fed and BOE meetings this week.

The upside remained capped after data showed China’s manufacturing activity unexpectedly contracted in October.

Middle East events were also in focus, with Israeli Prime Minister Benjamin Netanyahu rejecting calls for a ceasefire in the war against Hamas.

“Calls for a ceasefire are calls for Israel to surrender to Hamas, to surrender to terrorism… this will not happen,” he said, vowing Israel would “fight until this battle is won”.

The World Bank warned in its latest Commodity Markets Outlook that the ongoing conflict in Middle East could push global commodity markets into unchartered waters.

Global Payments Inc. Q3 Profit Increases, beats estimates

Global Payments Inc. (GPN) released earnings for its third quarter that increased from the same period last year and beat the Street estimates.

The company’s bottom line totaled $361.83 million, or $1.39 per share. This compares with $290.45 million, or $1.05 per share, in last year’s third quarter.

Excluding items, Global Payments Inc. reported adjusted earnings of $718.63 million or $2.75 per share for the period.

Analysts on average had expected the company to earn $2.71 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 8.3% to $2.48 billion from $2.29 billion last year.

Global Payments Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $361.83 Mln. vs. $290.45 Mln. last year.
-EPS (Q3): $1.39 vs. $1.05 last year.
-Analyst Estimate: $2.71
-Revenue (Q3): $2.48 Bln vs. $2.29 Bln last year.

-Guidance:
Full year EPS guidance: $10.39 to $10.45

Gold Holds Steady On Dollar Weakness

Gold prices held steady on Tuesday and the dollar was slightly weak, with Middle East tensions and upcoming Fed and BOE meetings in focus.

Spot gold edged up 0.1 percent to $1,997.46 per ounce, while U.S. gold futures were little changed at $2,005.95.

The dollar dipped as China’s manufacturing data disappointed, and the Bank of Japan announced a tweak to its yield curve control policy.

Traders watched the latest developments in the Middle East after Israeli Prime Minister Benjamin Netanyahu rejecting calls for a ceasefire in the war against Hamas.

“Calls for a ceasefire are calls for Israel to surrender to Hamas, to surrender to terrorism… this will not happen,” he said, vowing Israel would “fight until this battle is won”.

Trading later in the day may be impacted by reaction to U.S. reports on home prices, consumer confidence and Chicago-area business activity.

The Federal Reserve’s highly anticipated monetary policy announcement is due on Wednesday and analysts expect the U.S. central bank to leave interest rates unchanged.

Following the Fed announcement, the monthly employment report is likely to move into the spotlight later in the week.

Neurocrine Biosciences Inc Q3 Profit Increases, beats estimates

Neurocrine Biosciences Inc (NBIX) announced earnings for its third quarter that increased from last year and beat the Street estimates.

The company’s bottom line totaled $83.1 million, or $0.82 per share. This compares with $68.5 million, or $0.69 per share, in last year’s third quarter.

Excluding items, Neurocrine Biosciences Inc reported adjusted earnings of $156.1 million or $1.54 per share for the period.

Analysts on average had expected the company to earn $0.98 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 28.6% to $498.8 million from $387.9 million last year.

Neurocrine Biosciences Inc earnings at a glance (GAAP) :

-Earnings (Q3): $83.1 Mln. vs. $68.5 Mln. last year.
-EPS (Q3): $0.82 vs. $0.69 last year.
-Analyst Estimate: $0.98
-Revenue (Q3): $498.8 Mln vs. $387.9 Mln last year.

Amgen Inc. Q3 Profit Decreases, but beats estimates

Amgen Inc. (AMGN) reported a profit for third quarter that decreased from last year but beat the Street estimates.

The company’s earnings came in at $1.73 billion, or $3.22 per share. This compares with $2.14 billion, or $3.98 per share, in last year’s third quarter.

Excluding items, Amgen Inc. reported adjusted earnings of $2.67 billion or $4.96 per share for the period.

Analysts on average had expected the company to earn $4.39 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 3.8% to $6.90 billion from $6.65 billion last year.

Amgen Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $1.73 Bln. vs. $2.14 Bln. last year.
-EPS (Q3): $3.22 vs. $3.98 last year.
-Analyst Estimates: $4.39
-Revenue (Q3): $6.90 Bln vs. $6.65 Bln last year.

-Guidance:
Full year EPS guidance: $18.20 – $18.80
Full year revenue guidance: $28.0 – $28.4 Bln

Repligen Q3 Results Top Estimates; Boosts FY23 Earnings Outlook

Life sciences company Repligen Corp. (RGEN) announced Tuesday third-quarter net income of $18.17 million or $0.32 per share, sharply down from $40.41 million or $0.71 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $0.23 per share, compared to $0.77 per share in the year-ago quarter.

Total revenues for the quarter decreased 30 percent to $141.19 billion from $200.74 billion in the same quarter last year.

On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $0.16 per share on revenues of $140.64 million for the quarter. Analysts’ estimates typically exclude special items.

Looking ahead to fiscal 2023, the company now projects earnings in a range of $1.26 to $1.32 per share and adjusted earnings in a range of $1.70 to $1.76 per share on revenues between $635 million and $645 million.

Previously, the company expected earnings in the range of $1.00 to $1.08 per share and adjusted earnings in the range of $1.72 to $1.80 per share on revenues between $635 million and $645 million.

The Street is looking for earnings of $1.74 per share on revenues of $645.78 million for the year.

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