Sunday, 3 Jul 2022

U.S. Jobless Claims Edge Down Less Than Expected To 229,000

Adobe Systems Inc. Q2 Profit Increases, beats estimates

Adobe Systems Inc. (ADBE) released earnings for its second quarter that increased from the same period last year and beat the Street estimates.

The company’s earnings totaled $1.18 billion, or $2.49 per share. This compares with $1.12 billion, or $2.32 per share, in last year’s second quarter.

Excluding items, Adobe Systems Inc. reported adjusted earnings of $1.59 billion or $3.35 per share for the period.

Analysts on average had expected the company to earn $3.31 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 14.3% to $4.39 billion from $3.84 billion last year.

Adobe Systems Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $1.18 Bln. vs. $1.12 Bln. last year.
-EPS (Q2): $2.49 vs. $2.32 last year.
-Analyst Estimate: $3.31
-Revenue (Q2): $4.39 Bln vs. $3.84 Bln last year.

-Guidance:
Next quarter EPS guidance: $3.33
Next quarter revenue guidance: $4.43 Bln
Full year EPS guidance: $13.50
Full year revenue guidance: $17.65 Bln

European Economics Preview: Bank Of Russia Rate Decision Due

The monetary policy announcement from the Bank of Russia is due on Friday, headlining a light day for the European economic news.

At 2.00 am ET, Statistics Norway releases consumer and producer price data for May. Consumer price inflation is forecast to rise to 5.6 percent from 5.4 percent in April.

At 3.00 am ET, Spain’s INE is set to release revised consumer price data for May. According to flash estimate, consumer price inflation rose to 8.7 percent from 8.3 percent in April.

In the meantime, industrial output from Austria and consumer prices from the Czech Republic are due. The Czech consumer price inflation is expected to rise to 15.4 percent in May from 14.2 percent in April.

At 4.00 am ET, Italy’s Istat publishes industrial production for April. Economists forecast output to fall 0.2 percent on year, reversing March’s 3.0 percent increase.

Half an hour later, the Bank of England/Ipsos Inflation Attitudes Survey results are due.

At 5.00 am ET, the Hellenic Statistical Authority is set to issue Greece industrial production figures for April.

At 6.30 am ET, the Bank of Russia announces its monetary policy decision. The bank is expected to cut its key rate sharply to 10.00 percent from 14.00 percent.

Oil Futures Rebound After Early Weakness, Settle Sharply Higher

Oil futures settled higher on Thursday as prices rebounded as tight supply levels outweighed concerns about the outlook for energy demand.

Libyan oil output has reportedly collapsed to 100,000-150,000 barrels per day (bpd), a fraction of the 1.2 million bpd seen last year.

Meanwhile, the International Energy Agency said it expects demand to rise further in 2023, growing by more than 2% to a record 101.6 million bpd.

The dollar’s sharp drop also contributed to the rise in oil prices.

West Texas Intermediate Crude oil futures for July ended higher by $2.27 or about 2% at $117.58 a barrel.

WTI futures had ended about 3% down on Wednesday.

WTI crude futures dropped to a low of $112.31 a barrel earlier in the session amid concerns that high inflation and rising interest rates will tip the U.S. economy into recession.

Brent crude futures were up $1.52 or 1.28% at $120.03 a barrel a little while ago.

A sharp interest rate hike from the Federal Reserve has stirred worries about a recession sometime in the next year.

After announcing a 75-basis point rate hike on Wednesday and leaving the door open for another rate increase of that magnitude in July, Fed Chair Jerome Powell said the central bank cannot control all the factors driving inflation.

After the Fed’s rate hike move, the Swiss National Bank and the Bank of England have raised their interest rates to combat inflation.

Sienhua Group Recalls 580,000 Tower Heaters Due To Fire Risk

Sienhua Group has recalled about 580,000 WarmWave and Hunter Ceramic tower heaters due to fire and burn hazards.

According to Consumer Product Safety Commission’s statement, the ceramic tower heater’s cord and plug can overheat when in use, posing fire and burn hazards.

The recall involves WarmWave and Hunter 18 inch 1,500-Watt Oscillating Ceramic Tower Heaters, under license to Sienhua Group (North America). The heaters are black with an automatic shutoff and two heat settings. The model number HPQ15G-M can be found on the silver ETL label on the bottom of the heater. The heaters are 18 inches tall.

The company said it received eight customer reports of fire at the plug or cord and dozens of customer reports of the plug or cord overheating. There have been no reports of injury or death and one report of minor property damage.

Customers have been asked to immediately stop using the recalled heaters, unplug the unit, and follow the instructions online at www.homeproductservice.com/recall on how to properly sever the electrical cord to make the unit unusable. They can then contact the distributor, Sienhua Group (North America), to receive a prorated refund.

The products were sold at Home Depot stores nationwide and online at Amazon.com, eBay, and other websites from September 2013 through February 2022 for about $30 to $40.

U.S. Jobless Claims Edge Down Less Than Expected To 229,000

The Labor Department released a report on Thursday showing a modest decrease in first-time claims for U.S. unemployment benefits in the week ended June 11th.

The report showed initial jobless claims edged down to 229,000, a decrease of 3,000 from the previous week’s revised level of 232,000.

Economists had expected jobless claims to dip to 220,000 from the 229,000 originally reported for the previous week.

The upwardly revised figure for the previous week reflected the most initial jobless claims since the week ended January 15th.

Meanwhile, the Labor Department said the less volatile four-week moving average crept up to 218,500, an increase of 2,750 from the previous week’s revised average of 215,750.

The report also showed continuing claims, a reading on the number of people receiving ongoing unemployment benefits, inched up by 3,000 to 1.312 million in the week ended June 4th.

The four-week moving average of continuing claims still edged down by 750 to 1,317,500, hitting the lowest level since January 10, 1970

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