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Baker Hughes Company Q4 Profit Decreases, misses estimates

Gold Subdued In Lackluster Trade

Gold prices were subdued on Monday despite the dollar starting the new week on a sluggish note.

Spot gold slipped 0.1 percent to $1,924.26 per ounce, while U.S. gold futures were down 0.2 percent at $1,925.15.

The U.S. dollar traded lower against its most major counterparts amid expectations of slower Fed rate hikes going forward.

Fed Governor Christopher Waller said on Friday that he supported a quarter percentage point rate hike at the February meeting as inflation and wages continued to moderate.

“Based on the data in hand at this moment, there appears to be little turbulence ahead, so I currently favor a 25-basis point increase at the (Federal Open Market Committee’s) next meeting,” Waller said.

Philadelphia Fed President Patrick Harker also said Friday he expects 25-basis point rate increases to be appropriate going forward.

Investors await U.S. GDP data and the PCE index due later this week for more clues on interest rate outlook.

ECB President Christine Lagarde is due to speak in Germany later today.

Synchrony Financial Q4 Income Retreats, but beats estimates

Synchrony Financial (SYF) released earnings for fourth quarter that decreased from last year but beat the Street estimates.

The company’s bottom line came in at $567 million, or $1.26 per share. This compares with $803 million, or $1.48 per share, in last year’s fourth quarter.

Analysts on average had expected the company to earn $1.12 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

Synchrony Financial earnings at a glance (GAAP) :

-Earnings (Q4): $567 Mln. vs. $803 Mln. last year.
-EPS (Q4): $1.26 vs. $1.48 last year.
-Analyst Estimates: $1.12

Bank Of Hawaii Q4 Earnings Fall, But Beat Estimates

Bank of Hawaii Corporation (BOH), a regional commercial lender, on Monday posted a decline in earnings for the fourth-quarter. However, the company’s earnings beat the Street view.

For the three-month period to December 31, the Honolulu-headquartered bank posted income of $59.338 million or $1.50 per share, compared with $61.868 million or $1.55 per share of a year ago.

Six analysts, on average, polled by Thomson-Reuters were estimating the firm to report earnings per share of $1.42, for the quarter.

Net interest income was at $140.738 million, versus $126.388 million of same period last year.

Non-interest income stood at $41.172 million, lesser than previous year’s $42.574 million.

Noninterest expense moved up to $102.703 million, higher than $101.678 million of previous year quarter.

The company also registered a $0.2 million provision for credit losses for the fourth quarter, compared with a net benefit of $9.7 million in the same quarter of 2021.

The Bank of Hawaii has declared a quarterly cash dividend of $0.70 per share, payable on March 14, to shareholders of record on February 28.

AstraZeneca Commencs Tender Offer To Buy CinCor Pharma

British drug major AstraZeneca Plc. (AZN.L,AZN) Monday said it is commencing a tender offer to buy all shares of CinCor Pharma, Inc. (CINC), a US-based clinical-stage biopharmaceutical company.

The acquisition is for $26 per share in cash at closing, plus a non-tradable contingent value right of $10 per share in cash payable upon a specified regulatory submission for a baxdrostat product.

It was on January 9 that AstraZeneca announced that it had entered into a definitive agreement to acquire CinCor. Following the successful closing of the tender offer, CinCor will become a subsidiary of AstraZeneca.

The tender offer will expire at one minute past 11:59 p.m. Eastern Time, on February 23, unless extended or earlier terminated.

The closing of the tender offer is subject to certain conditions, including the tender of shares representing at least one more than 50% of the total number of CinCor’s outstanding shares, receipt of applicable regulatory approvals, and other customary conditions.

The transaction is expected to close in the first quarter of 2023.

Pre-market Movers: PLRX, SFR, PIXY, ICD, COSM…

The following are some of the stocks making big moves in Monday’s pre-market trading (as of 07.00 A.M. ET).

In the Green

Pliant Therapeutics, Inc. (PLRX) is up over 80% at $40.58.
Appreciate Holdings, Inc. (SFR) is up over 30% at $2.15.
ShiftPixy, Inc. (PIXY) is up over 14% at $13.41.
Independence Contract Drilling, Inc. (ICD) is up over 14% at $5.95.
Genius Group Limited (GNS) is up over 11% at $3.62.
Pineapple Energy Inc. (PEGY) is up over 10% at $2.69.
Can-Fite BioPharma Ltd. (CANF) is up over 9% at $5.27.
Vir Biotechnology, Inc. (VIR) is up over 8% at $30.00.
Wayfair Inc. (W) is up over 7% at $50.39.
Ellomay Capital Ltd. (ELLO) is up over 7% at $17.87.
PagSeguro Digital Ltd. (PAGS) is up over 7% at $9.52.
Satixfy Communications Ltd. (SATX) is up over 6% at $8.49.

In the Red

Cosmos Health Inc. (COSM) is down over 11% at $4.73.
HTG Molecular Diagnostics, Inc. (HTGM) is down over 6% at $3.84.
Bed Bath & Beyond Inc. (BBBY) is down over 6% at $3.12.
RXO, Inc. (RXO) is down over 5% at $16.00.

Baker Hughes Company Q4 Profit Decreases, misses estimates

Baker Hughes Company (BKR) released earnings for fourth quarter that decreased from the same period last year and missed the Street estimates.

The company’s bottom line totaled $182 million, or $0.18 per share. This compares with $294 million, or $0.33 per share, in last year’s fourth quarter.

Excluding items, Baker Hughes Company reported adjusted earnings of $381 million or $0.38 per share for the period.

Analysts on average had expected the company to earn $0.40 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 7.7% to $5.91 billion from $5.49 billion last year.

Baker Hughes Company earnings at a glance (GAAP) :

-Earnings (Q4): $182 Mln. vs. $294 Mln. last year.
-EPS (Q4): $0.18 vs. $0.33 last year.
-Analyst Estimates: $0.40
-Revenue (Q4): $5.91 Bln vs. $5.49 Bln last year.