Oil Futures Settle Moderately Lower
Crude oil prices drifted lower on Thursday, continuing to be weighed down by data showing an increase in U.S. crude inventories last week.
The dollar’s recovery and uncertainty about the outlook for energy demand due to concerns about a global recession hurt as well.
The dollar, which exhibited weakness in the Asian session, climbed to 101.91 around mid-morning before easing to 101.76, still holding well above the flat line, gaining about 0.55%.
West Texas Intermediate Crude oil futures for March ended lower by $0.53 or about 0.7% at $75.88 a barrel.
Brent crude futures were down $0.72 or 0.88% at $82.12 a barrel a little while ago.
Data from Energy Information Administration (EIA) showed on Wednesday that crude inventories in the U.S. rose by 4.1 million barrels last week, rising for a sixth straight week. Analysts had expected inventories to rise just 0.4 million barrels last week.
Gasoline inventories increased by 2.6 million barrels and distillate stockpiles rose by 2.3 million barrels in the week suggesting weak demand.
Investors were also disappointed by the OPEC+ decision to keep their output policy unchanged, although the decision came along expected lines.
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Cognizant Technology Solutions Corp. Q4 Profit Decreases, misses estimates
Cognizant Technology Solutions Corp. (CTSH) reported earnings for fourth quarter that decreased from last year and missed the Street estimates.
The company’s earnings totaled $521 million, or $1.02 per share. This compares with $576 million, or $1.10 per share, in last year’s fourth quarter.
Excluding items, Cognizant Technology Solutions Corp. reported adjusted earnings of $1.01 per share for the period.
Analysts on average had expected the company to earn $1.02 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 1.3% to $4.84 billion from $4.78 billion last year.
Cognizant Technology Solutions Corp. earnings at a glance (GAAP) :
-Earnings (Q4): $521 Mln. vs. $576 Mln. last year.
-EPS (Q4): $1.02 vs. $1.10 last year.
-Analyst Estimates: $1.02
-Revenue (Q4): $4.84 Bln vs. $4.78 Bln last year.
-Guidance:
Next quarter revenue guidance: $4.71 – $4.76 Bln
Standex International Corp Q2 Profit Increases, beats estimates
Standex International Corp (SXI) announced earnings for its second quarter that increased from the same period last year and beat the Street estimates.
The company’s earnings came in at $20.04 million, or $1.69 per share. This compares with $14.98 million, or $1.24 per share, in last year’s second quarter.
Excluding items, Standex International Corp reported adjusted earnings of $20.7 million or $1.74 per share for the period.
Analysts on average had expected the company to earn $1.66 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 1.1% to $187.8 million from $185.7 million last year.
Standex International Corp earnings at a glance (GAAP) :
-Earnings (Q2): $20.04 Mln. vs. $14.98 Mln. last year.
-EPS (Q2): $1.69 vs. $1.24 last year.
-Analyst Estimate: $1.66
-Revenue (Q2): $187.8 Mln vs. $185.7 Mln last year.
Amazon.com Inc. Reveals Retreat In Q4 Bottom Line, misses estimates
Amazon.com Inc. (AMZN) reported a profit for fourth quarter that decreased from the same period last year and missed the Street estimates.
The company’s earnings totaled $0.28 billion, or $0.03 per share. This compares with $14.32 billion, or $1.39 per share, in last year’s fourth quarter.
Analysts on average had expected the company to earn $0.17 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 8.6% to $149.20 billion from $137.41 billion last year.
Amazon.com Inc. earnings at a glance (GAAP) :
-Earnings (Q4): $0.28 Bln. vs. $14.32 Bln. last year.
-EPS (Q4): $0.03 vs. $1.39 last year.
-Analyst Estimates: $0.17
-Revenue (Q4): $149.20 Bln vs. $137.41 Bln last year.
-Guidance:
Next quarter revenue guidance: $121.0 – $126.0 Bln
Alphabet Inc. Bottom Line Declines In Q4, misses estimates
Alphabet Inc. (GOOGL) announced a profit for fourth quarter that decreased from last year and missed the Street estimates.
The company’s bottom line totaled $13.62 billion, or $1.05 per share. This compares with $20.64 billion, or $1.53 per share, in last year’s fourth quarter.
Analysts on average had expected the company to earn $1.18 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 1.0% to $76.05 billion from $75.33 billion last year.
Alphabet Inc. earnings at a glance (GAAP) :
-Earnings (Q4): $13.62 Bln. vs. $20.64 Bln. last year.
-EPS (Q4): $1.05 vs. $1.53 last year.
-Analyst Estimates: $1.18
-Revenue (Q4): $76.05 Bln vs. $75.33 Bln last year.