Seagate Technology Holdings Gains On Better Than Expected Q2 Results
Seagate Technology Holdings plc (STX) shares are trading more than 9 percent on Thursday morning trade after announcing better-than-expected results for the second quarter.
The company reported adjusted earnings of $34 million or $01.6 per share, while analysts were expected $0.10 per share.
Further, the company provided third-quarter earnings guidance in a range of $0.05-$0.45 per share and revenue outlook in a range of $1.85-$2.15 billion.
Currently, shares are at $68.36, up 9.82 percent from the previous close of $62.25 on a volume of 4,614,274.
Packaging Corp. Gains After Q4 EPS Beats Estimates
Packaging Corp. of America (PKG) shares are trading more than 4 percent on Thursday morning after reporting fourth-quarter earnings that beat estimates. Results for the full year increased from the prior year.
The company reported adjusted quarterly earnings of $215.1 million or $2.35 per share while analysts were looking for $2.23 per share.
The full-year earnings were $1.029 billion or $11.08 per share, up from $841.1 million or $8.87 per share last year.
Sales for the full year climbed to $8.478 billion from $7.730 billion in the previous month.
Currently, shares are at $135.85, up 5.18 percent from the previous close of $129.15 on a volume of 284,583.
Seven-Year Note Auction Attracts Above Average Demand
The Treasury Department announced the results of this month’s auction of $35 billion worth of seven-year notes on Thursday, revealing the sale attracted above average demand.
The seven-year note auction drew a high yield of 3.517 percent and a bid-to-cover ratio of 2.69.
Last month, the Treasury also sold $35 billion worth of seven-year notes, drawing a high yield of 3.921 percent and a bid-to-cover ratio of 2.45.
The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.
The ten previous seven-year note auctions had an average bid-to-cover ratio of 2.51.
Earlier this week, the Treasury revealed this month’s auctions of $42 billion worth of two-year notes and $43 billion worth of five-year notes also attracted well above average demand.
Gold Prices Give Back Ground Following Upbeat Economic Data
After closing higher for five consecutive sessions, the price of gold gave back ground over the course of the trading day on Thursday.
Gold for February delivery slid $12.60 or 0.7 percent to $1,930 an ounce after rising $7.20 or 0.3 percent to a nine-month closing high of $1,942.60 an ounce in the previous session.
The pullback by the price of gold came as some upbeat U.S. economic data reduced the precious metal’s safe-haven appeal.
An uptick by the value of the U.S. dollar also weighed on gold prices, with the U.S. dollar index inching up 0.22 points or 0.2 percent to 101.87.
Gold prices gave back ground following the release of a Commerce Department report showing U.S. economic activity surged by more than expected in the fourth quarter of 2022.
The report said real gross domestic product shot up by 2.9 percent in the fourth quarter after spiking by 3.2 percent in the third quarter. Economists had expected GDP to jump by 2.6 percent.
The stronger than expected GDP growth reflected increases in private inventory investment, consumer spending, government spending, and non-residential fixed investment.
Meanwhile, the positive contributions were partly offset by decreases in residential fixed investment and exports.
The Labor Department also released a report showing initial jobless claims unexpectedly dipped to a nine-month low in the week ended January 21st.
Separate Commerce Department reports also showed a spike in durable goods orders and a continued increase in new home sales.
Properly Tied Recalls Children's Lounge Pants
Properly Tied recalls about 1,960 children’s lounge pants due to violation of federal flammability standards and risk of burn.
According to the Consumer Product Safety Commission, the recalled children’s sleepwear fails to meet the federal flammability standards for children’s sleepwear, posing a risk of burn injuries to children.
The recall involves Properly Tied children’s lounge pants made of 100% cotton. The lounge pants were advertised as “LD Aspen Loungepant.” The lounge pants were available in sizes 2T through YXL and sold in the following print patterns: blaze, blue ridge, clay mountain and forest.
The company has asked customers to immediately take the recalled children’s sleepwear away from children, stop using them and contact Properly Tied for instructions on how to receive a pre-paid mailer to return the lounge pants for a full refund.
The products were sold at Sweet Threads, Britches and Bows, May May’s, The Carousel, Bundle of Joy, Dragonflies, Tugboat and the Bird, Lora Belle Baby, Peach Tree Kids, Hannah B’s and children’s product stores nationwide and online at www.properlytied.com from July 2020 through August 2022 for between $19 and $38.
Crude Oil Jumps On Optimism About Demand
The price of crude oil showed a strong move to the upside during trading on Thursday, adding to the uptick seen in the previous session.
After inching up $0.02 or less than a tenth of a percent to $80.15 a barrel on Wednesday, crude for March delivery jumped $0.86 or 1.1 percent to $81.01 a barrel.
Crude oil benefited from optimism about the outlook for demand following the release of some upbeat U.S. economic data, including a Commerce Department report showing stronger than expected economic growth in the fourth quarter of 2022.
The report said real gross domestic product shot up by 2.9 percent in the fourth quarter after spiking by 3.2 percent in the third quarter. Economists had expected GDP to jump by 2.6 percent.
The Labor Department also released a report showing initial jobless claims unexpectedly dipped to a nine-month low in the week ended January 21st.
Separate Commerce Department reports also showed a spike in durable goods orders and a continued increase in new home sales.
“Crude prices got an unexpected boost from a U.S. economy that doesn’t want to break,” said Edward Moya, senior market analyst at OANDA. “Another round of US data supported the argument that this economy still could get a soft landing, which is very positive for the short-term crude demand outlook.”
He added, “Improving news with China’s COVID situation and a resilient US economy should keep oil prices supported above the $80 region.”