Gold Steadies As Yen Holds On To Gains
Gold prices steadied on Wednesday as the Japanese yen held onto big gains logged the previous day, when the Bank of Japan (BOJ) unexpectedly tweaked a key policy, allowing government bond yields more room to move.
Spot gold slipped 0.2 percent to $1,813.97 per ounce, while U.S. gold futures were down 0.10 percent at $1,823.65.
Investor sentiment remains clouded by worries that aggressive interest rate increases by the Federal Reserve could tip the U.S. economy into recession.
U.S. single-family homebuilding tumbled to a 2-1/2 year low in November and permits for future construction plunged, raising concerns of a slowdown in economic growth.
Trading later in the day may be impacted by reaction to reports on consumer confidence and existing home sales.
On Friday, the Commerce Department is due to release its report on personal income and spending, which includes a reading on inflation said to be preferred by the Fed.
Zynerba Pharma Now Projects Topline Results From RECONNECT In First Half Of 2024
Zynerba Pharmaceuticals, Inc. (ZYNE) said it is revising target for announcing topline results from the Phase 3 RECONNECT trial of Zygel in Fragile X syndrome. The company now expects topline results in the first half of 2024, rather than the second half of 2023. Zynerba Pharma has prioritized its corporate business plans to focus almost exclusively on completing RECONNECT and now expects the company has cash into mid-year 2024.
“Though we are still striving to report topline results by the end of 2023, when we look at the current and projected impact of the Tripledemic, we believe that the first half of 2024 is a more reasonable timeframe to have topline results from RECONNECT,” said Armando Anido, CEO of Zynerba.
Pre-market Movers: ATNF, ADCT, SLS, CSSE, LANV…
The following are some of the stocks making big moves in Wednesday’s pre-market trading (as of 06.25 A.M. ET).
In the Green
180 Life Sciences Corp. (ATNF) is up over 33% at $2.97
ADC Therapeutics SA (ADCT) is up over 29% at $4.13
SELLAS Life Sciences Group, Inc. (SLS) is up over 18% at $2.69
Chicken Soup for the Soul Entertainment, Inc. (CSSE) is up over 16% at $6.16
NIKE, Inc. (NKE) is up over 12% at $116.21
Caravelle International Group (CACO) is up over 11% at $2.36
Indonesia Energy Corporation Limited (INDO) is up over 7% at $5.39
Mitsubishi UFJ Financial Group, Inc. (MUFG) is up over 6% at $6.68
In the Red
Lanvin Group Holdings Limited (LANV) is down over 16% at $6.10
FiscalNote Holdings, Inc. (NOTE) is down over 9% at $5.70
Getty Images Holdings, Inc. (GETY) is down over 7% at $4.65
European Economics News Preview: UK Public Sector Finance Data Due
Public sector finances from the UK and consumer sentiment survey results from Germany are the top economic news due on Wednesday.
At 2.00 am ET, the Office for National Statistics releases UK public sector finances data for November. Excluding banks, the budget deficit is seen falling to GBP 13 billion from GBP 13.5 billion in October.
In the meantime, the market research group GfK publishes consumer sentiment survey results. The forward-looking consumer sentiment index is forecast to fall to -38 in January from -40.2 in December.
At 3.00 am ET, the National Institute of Economic Research is slated to issue Sweden economic tendency survey results.
At 4.00 am ET, retail sales figures are due from Poland. Sales are forecast to grow 0.3 percent annually in November, slower than the 0.7 percent rise in October.
At 6.00 am ET, the Confederation of British Industry publishes Distributive Trades survey results. The retail sales balance is forecast to fall to -23 percent in December from -19 percent in November.
Rite Aid Corp Cuts Outlook – Update
Looking ahead, for the fiscal 2023, Rite Aid (RAD) has lowered its expectations.
For the full-year, the pharmacy chain now expects net loss of $584 million to $551 million, versus previous guidance of $520.3 million to $477.3 million loss. Adjusted loss per share now projected to be in the range of $2.18 to $1.78, versus previous outlook of $1.52 to $0.97 per share loss. Three analysts, on average, polled by Thomson-Reuters estimate the firm to report adjusted loss per share of $1.78, for the year. Analysts’ estimates typically exclude one-time items.
For the fiscal 2023, the drug firm now anticipates revenues of $23.7 billion to $24 billion, compared with the previous outlook of $23.6 billion to $24 billion. Three analysts, on average, polled by Thomson-Reuters estimate the firm to report revenues of $23.73 billion, for the year.
Below are the Q3 earnings highlights for Rite Aid:
Earnings: -$67.144 million in Q3 vs. -$36.058 million in the same period last year.
EPS: -$1.23 in Q3 vs. -$0.67 in the same period last year.
Excluding items, Rite Aid Corp. reported adjusted earnings of -$7.930 million or -$0.14 per share for the period.
Revenue: $6.083 billion in Q3 vs. $6.228 billion in the same period last year.
Carnival Corporation & plc Q4 Loss Drops
Carnival Corporation & plc (CCL CUK) released Loss for fourth quarter that decreased from last year
The company’s bottom line totaled -$1.598 billion, or -$1.27 per share. This compares with -$2.620 billion, or -$2.31 per share, in last year’s fourth quarter.
Excluding items, Carnival Corporation & plc reported adjusted earnings of -$1.068 billion or -$0.85 per share for the period.
The company’s revenue for the quarter rose 198.3% to $3.839 billion from $1.287 billion last year.
Carnival Corporation & plc earnings at a glance (GAAP) :
-Earnings (Q4): -$1.598 Bln. vs. -$2.620 Bln. last year.
-EPS (Q4): -$1.27 vs. -$2.31 last year.
-Revenue (Q4): $3.839 Bln vs. $1.287 Bln last year.