Written by Gary
UPS soared 8.1% in premarket trading after reporting stellar results (SPY flat 0.00%). Stocks making the biggest moves in the premarket: UPS, Crocs, Eli Lilly, GE, Hasbro.
Here is the current market situation from CNN Money | |
 | European markets are mixed. The DAX is higher by 0.06%, while the CAC 40 is leading the FTSE 100 lower. They are down 0.43% and 0.07% respectively. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
 | The 5 Most Influential Oil Companies In The WorldIn a virtual climate summit with 41 world leaders, President Joe Biden on Thursday unveiled an ambitious 10-year Climate Plan that has proposed cutting U.S. greenhouse gas emissions by 50-52% by 2030. That represents a near-doubling of the U.S. commitment of a 26-28% cut under the Obama administration following the Paris Agreement of 2015. Biden, the convener of the summit, intended to use the meeting to coax emerging countries to become more aggressive with their emissions reduction goals. Or maybe he was trying to one-up a key figure at the meetingChina’s |
| Suriname Hopes To Become South-Americas Newest Oil ExporterAs Guyana prepares to become a major oil production nation the spotlight is firmly on the Guyana-Suriname Basin and the former British colonys neighbor Suriname. After decades of poor drilling results, ExxonMobils slew of large high quality oil discoveries in Guyanas offshore Stabroek Block has reignited interest in the Guyana-Suriname Basins oil potential. Suriname, which shares the basin estimated to hold up to 32.6 billion barrels of oil resources, is desperately seeking to replicate Guyanas success after the |
| Libyan Oil Production Surprise Puts Pressure On PricesGiven the ongoing imbalance between global oil supply and demand in the wake of the major waves of Covid-19 that hit the world last year, news that Libya is now targeting 1.45 million barrels per day of oil output by the end of this year, 1.6 million bpd within two years and 2.1 million bpd within three to four years will compound a negative price sentiment on oil pricing for many traders. Although the most bullish of forecasts principally from oil companies and state producers talking their own book look for demand to catch up |
| OPEC+ Concerned About Indias Oil DemandThe Joint Technical Committee of OPEC+ is concerned about the growing case numbers in India, Japan, and Brazil, Reuters sources said on Monday. The Joint Technical Committee, or JTC, is responsible for assessing oil market fundaments. It is also tasked with monitoring which member countries are complying with the production cut quotas and which are not. The JTC is not changing its oil demand outlook at this time, but the group is keeping an eye on surging coronavirus cases in some substantial oil importers. India, for onethe worlds |
| Renewable Energy Firm Could Be Chinas Biggest IPO In 2021The renewables unit of China Three Gorges Corporation has just received approval to list shares on the Shanghai stock exchange in what could become the biggest initial public offering (IPO) in China if it happens this year, according to Bloomberg data. Last week, the China Securities Regulatory Commission approved applications for IPOs from three companies, including the one from China Three Gorges Renewables (Group) Co., Ltd. The unit, part of the largest hydropower producer China Three Gorges Corporation, announced last year |
| Nordic Oil Firm Sells World First Certified Carbon Neutral OilSweden-based Lundin Energy said on Monday that it had sold the worlds first certified crude oil produced with net-zero emissions from an oilfield offshore Norway. Lundin Energy, which is active in many areas offshore Norway, Western Europes largest oil and gas producer, said that the crude oil was certified carbon-neutral across the full life, including exploration, development, and Scope 1 and 2 emissions from production. The oil, pumped at Lundin Energys Edvard Grieg field offshore Norway, was sold to Italian refiner Saras |
| Crocs shares soar as shoe maker raises 2021 sales outlook, sees growth of 40% to 50%Crocs shares shot up more than 8% Tuesday after the shoe maker upped its revenue outlook for the full year and reported record first-quarter sales. |
| Toyota truck subsidiary and EV start-up ink deal for electric trucksHino and REE expect to develop their first prototypes by next year. It is unclear when commercial vehicles from the partnership may be on public streets. |
| Being named a UNESCO World Heritage site is a big deal ” so is losing itUNESCO World Heritage sites are, in principle, on the list forever, but failure to comply with conservation protocols can result in being œdelisted.” |
| Millennials are leading a rural revitalization, Tractor Supply CEO says“We saw a 4 point sales penetration change last quarter with the millennial cohort,” said Hal Lawton, chief executive of the farming supplies retailer. |
| 5 things to know before the stock market opens TuesdayU.S. stock futures were flat after the Nasdaq closed at a record ahead of a tech earnings deluge. |
| Philippines is targeting foreign investment with Singapore style tax law, says finance secretaryThe Philippines’ new law will reduce corporate income tax and boost foreign investment into the country, finance secretary Carlos Dominguez said. |
| Producer Ben Silverman: Covid closures won’t kill theaters, as moviegoers like that communal experience“I initially felt, in the beginning of this, that we would literally kill off … the traditional theatrical business,” producer Ben Silverman told CNBC. |
| Jim Cramer throws cold water on talks about market peak, says economy starting a new cycleCNBC’s Jim Cramer on Monday advised that retail investors ignore talk of a potential market top with the economy in recovery mode. |
| $100 million New Jersey deli company kills consulting deal with firm run by chairman’s fatherHometown International owns a small New Jersey deli, but its market capitalization has topped $100 million for some odd reason. |
| Bezos’ Blue Origin protests NASA awarding astronaut lunar lander contract to Musk’s SpaceXJeff Bezos’ Blue Origin filed a GAO protest against NASA, challenging the award of a nearly $3 billion contract to Elon Musk’s SpaceX earlier this month. |
| Stocks making the biggest moves after the bell: Tesla, Snap, GameStop & moreThese are the stocks posting the largest moves after the bell on Monday, April 26. |
| Some members of the ‘Saturday Night Live’ cast are confused and annoyed to have Elon Musk host showThe popular late-night show has faced backlash on social media for giving the controversial business mogul such a large stage. |
| Royal Caribbean halts hiring in India, suspends Indian crew assignments as Covid cases surgeRoyal Caribbean Cruises is temporarily suspending all assignments for its staff from India and will halt hiring in the country. |
| Torrid Tuesday Earnings Summary: Here Are The Top Quarterly Report HighlightsTorrid Tuesday Earnings Summary: Here Are The Top Quarterly Report Highlights While we wait for the day’s main earning highlight, Q1 reports from Microsoft and Google both due after the close, it’s been a busy morning with some of the most prominent companies reporting earnings in the premarket. Below we summarize some of the biggest market movers: United Parcel Service (UPS): Adj. EPS 2.77 (exp. 1.72), Revenue 22.9bn (exp. 20.49bln). UPS soared 8.1% in premarket trading after reporting stellar results including adjusted earnings per share for the first quarter that beat the average analyst estimate. Details: Adjusted EPS $2.77 vs. $1.15 y/y, estimate $1.73 (range $1.55 to $1.99) Revenue $22.91 billion, +27% y/y, estimate $20.60 billion U.S. package revenue $14.01 billion, +22% y/y, estimate $12.86 billion International package revenue $4.61 billion, +36% y/y, estimate $4.09 billion Supply Chain & Freight revenue $4.29 billion, +34% y/y, estimate $3.81 billion International package average revenue per piece +12.3% vs. -1.80% y/y Outlook: Given continued economic uncertainty, the Company is not providing 2021 revenue or diluted earnings per share guidance; however, it is re-affirming its full-year capital allocation plans and sees Capex of $4BN . UPS has scheduled its 2021 Investor and Analyst Day for June 9, when it will share further financial details. * * * General Electric (GE) Adj EPS 0.03 (exp. 0.014), Revenue 17.12bln (exp. 17.52bln); reiterated outlook; sees FY industrial FCF 2.5-4.5bln (exp. 3.92bln) Ge … |
| “Unconfirmed Reports” Of Oil Tanker Attacked Off Saudi Coast“Unconfirmed Reports” Of Oil Tanker Attacked Off Saudi Coast Maritime intelligence firm Dryad Global received “unconfirmed reports” that an oil tanker, possibly named “NCC Dammam,” has been attacked off the Saudi Red Sea port of Yanbu.Â
Strategic Risk Consultancy MENA tweeted that “for three and a half hours the NCC DAMMAM has been showing the status of ‘Not Under Command’ on Marine Traffic.”
Refinitiv vessel-tracking data … |
| What’s The Real Story Of Tesla In China?What’s The Real Story Of Tesla In China? Authored by Bill Blain via MorningPorridge.com, œBeware the sleeping dragon, for when she stirs the earth shall shake.. What’s really going on for Tesla in China? Global supply chains remain fragile as the Chinese flex their muscles and national buying power. That may prove problematic for western firms, and especially Tesla. But also it raises questions about investment imperatives on China growth vs flatline in the West.
There is lots to be positive about this morning. The first headline to catch my eye was a prediction from Goldman Sachs raising their target to 7.8% UK growth in 2021 ” up from the 5% consensus. Great stuff! A colleague sent me the FT’s analysis of the Pandemic end-game: 5.2% people have been infected last week, but vaccines are clearly working and saving lives. And there are some spectacular company results hitting the screens. But across the globe supply chain ructions continue. Jaguar Land Rover has … |
| OPEC+ Monitoring Committee Meeting PreviewOPEC+ Monitoring Committee Meeting Preview Submitted by Newsquawk JMMC/OPEC+: Members are seen maintaining production quotas, but surprises cannot be dismissed; JMMC to meet today at 13:00BST/08:00EDT The JMMC will convene today at 13:00BST/08:00EDT in what was a last-minute change, and the OPEC+ confab is currently still set to go ahead on Wednesday. Market expectations are skewed towards the policymakers maintaining current output quotas which were set through to July at the prior meeting. The JTC has also left its oil demand growth forecast unchanged according to the latest sources. Other reports have put more emphasis on the œmonitoring aspect whilst playing down the likelihood of a tweak to the last set quotas through to July. That being said, it is worth noting that OPEC+ has surprised at most meetings this year thus far. THE CURRENT DEAL: The group agreed to ease output curbs by 350k BPD in each May and June followed by 450k BPD in July, whilst Saudi will return its 1mln voluntary cut by increments of 250k BPD, 350k BPD, and 400k BPD in the three months to July ” with a total of some 2.1mln BPD poised to return to the market from May-July. COVID: Since then, the COVID situation has worsened in some economies ” namely India, the third-largest importer of crude – with FGE consultancy estimating a demand impact of 500k BPD from India’s outbreak alone. On the flip side, the vaccination drive continues to be swift in some majors, with the US administering over 200mln shots within Biden’s first 100 days in office, whilst seasonal demand is also expected to solidify heading into th … |
| Heathrow loses bid to raise airport charges by 10%Regulator says a request to recover £2.6bn lost through Covid is ‘not in the interest of consumers’. |
| City of London to convert offices into homes in post-Covid revampThe City of London Corporation set out plans on Tuesday to create 1,500 new residential units by 2030. |
| Whitbread: Premier Inn owner braces for UK holiday boomWhitbread, which also owns Beefeater, expects a summer bounce as Covid restrictions ease on 17 May. |
| Value trap or trapped value? Bajaj Consumer gives analysts a hair-raising puzzleAnalysts say the current valuation for the stock is undemanding and it could be up for a rerating. |
| Nomura posts biggest quarterly loss in over a decade on $2.3 bln Archegos hitBefore Archegos failed to meet margin calls on heavily leveraged stock bets last month, Nomura had been on track for record annual profit, bolstered by a buoyant U.S. trading business. That was set to have been a hard-fought victory in its decade-long, stop-start efforts to successfully expand outside Japan. |
| Axis Bank Q4 results: Lender back in the black, beats Street estimates on profitThe bank’s net interest income in the quarter jumped 11 percent year-on-year to Rs 7,555 crore, which was largely in line with analysts’ estimates. |
| ETF Wrap: ETF Wrap: Let’s get away from it allETF Wrap is a briefing of what investors need to know about the exchange-traded fund sector, including exclusive commentary and interviews on the industry from MarketWatch |
| : People of color face multiple barriers to vaccine access ” including ‘skepticism of a system that has treated them poorly’‘The demand is there,’ said Nida Al-Ramahi, a Penn Medicine administrative fellow. |
| : 1 in 5 of these essential workers say they will ‘definitely not’ get the COVID vaccineRepublican workers in this group were far more likely than their Democratic counterparts to say they definitely wouldn’t get vaccinated. |
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