Warren uses 'econ 101' to grill Jerome Powell
New York (CNN)US oil prices rose sharply on Tuesday, climbing above $81 a barrel for the first time in two months.
Crude closed at $81.22 a barrel, up nearly 4% on the day. It’s the highest level for oil since November 11.
The latest gains unwind a good chunk of the relief experienced in energy markets in recent weeks.
Prices at the pump have also paused their recent retreat. The national average stands at $3.30 a gallon, up by a penny from a week ago, according to AAA.
Government forecasters revised higher their gas price forecast on Tuesday.
The US Energy Information Administration now projects gasoline prices will average $3.06 a gallon in 2022. That’s up from the EIA’s early December forecast of $2.88 a gallon.
Oil prices began tumbling in early November on rumors that the White House would intervene to cool off energy markets. President Joe Biden announced the largest-ever release of barrels from the Strategic Petroleum Reserve on November 23.
Crude kept sliding on fears about the Omicron coronavirus variant, sinking to $65.75 a barrel on December 1.
But oil closed on Tuesday about 24% above the recent lows.
Pre-market Movers: IMRN, PIK, NTP, FLUX, MCMJ…
The following are some of the stocks making big moves in Wednesday’s pre-market trading (as of 07.10 A.M. ET).
In the Green
Immuron Limited (IMRN) is up over 50% at $3.94
Kidpik Corp. (PIK) is up over 27% at $7.67
Merida Merger Corp. I (MCMJ) is up over 19% at $10.02
Mainz Biomed B.V. (MYNZ) is up over 11% at $15.71
Femasys Inc. (FEMY) is up over 9% at $3.50
FREYR Battery (FREY) is up over 8% at $10.64
In the Red
Nam Tai Property Inc. (NTP) is down over 25% at $8.56
Flux Power Holdings, Inc. (FLUX) is down over 25% at $3.06
Koninklijke Philips N.V. (PHG) is down over 15% at $32.90
Huadi International Group Co., Ltd. (HUDI) is down over 11% at $18.39
Biogen Inc. (BIIB) is down over 9% at $217.51
Aviat Networks, Inc. (AVNW) is down over 9% at $28.54
Save Foods, Inc. (SVFD) is down over 9% at $4.06
ICON Plc Projects FY22 Revenue Growth Of 43-46% – Quick Facts
ICON plc, (ICLR) said, for the full year 2022, revenue is expected to be in the
range of $7.77 – $8.05 billion, representing growth of 43 – 46% and adjusted
earnings per share in the range of $11.55 – $11.95, growth of 21 – 23%.
CEO Steve Cutler said, “ICON is well positioned to lead the market as the healthcare intelligence partner of choice in clinical development.We saw strong demand from customers that resulted in a trailing twelve month book to bill of 1.3x and total backlog of $18.6 billion at the end of the third quarter 2021.”
For 2021, the company reaffirmed its current guidance of revenue in the range of $5.43 – $5.53 billion and adjusted earnings per share in the range of $9.55 – $9.75.
Fatal collision shuts down stretch of Colfax in Aurora
A pedestrian is dead after a collision with a vehicle on Colfax Avenue near Geneva Street on Wednesday morning.
Colfax is shut down to traffic in both directions from Geneva to Havana streets as authorities investigate.
No details about the pedestrian have been released thus far.
Police have not said yet what type of car was involved or who was driving it.
U.S. Wholesale Inventories Jump More Than Expected In November
Wholesale inventories in the U.S. jumped by more than expected in the month of November, according to a report released by the Commerce Department on Monday.
The report said wholesale inventories surged up by 1.4 percent in November after spiking by 2.5 percent in October. Economists had expected inventories to increase by 1.2 percent.
The bigger than expected increase in wholesale inventories came as inventories of durable goods shot up by 2.1 percent, while inventories of non-durable goods rose by 0.3 percent.
The Commerce Department said wholesale sales also jumped by 1.3 percent in November after soaring by 2.5 percent in the previous month.
With inventories and sales both showing significant increases, the inventories/sales ratio for merchant wholesalers was unchanged at 1.22.
Domino’s Pizza To Scale Back On Promotional Offers
Domino’s Pizza Inc is planning to cut back on some of its promotional offers for 2022 across the United States amid soaring food costs due to higher levels of inflation.
Chief Executive Officer Ritch Allison at the virtual ICR Conference said the pizza chain expects unprecedented increases in food basket costs in the new year. The company projects an 8%-10% increase in its food costs over the last year, three to four times the inflation for a typical year.
According to the company, pizzas are turning more expensive as prices for meat, cheese and certain grains are increasing. Allison stated that food input costs as well as higher labor costs in the restaurant industry would impact the business.
Reuters reported that the company, in its $7.99 carryout offer, will cut the number of chicken wings to eight pieces from 10 pieces. Meanwhile, the offer is likely to be given to customers ordering online.
By adjusting national promotions, the company expects to maintain profit margins while trying to reduce costs.
In its third quarter, the company had experienced staffing issues with some locations shortening hours.
Desert Peak Minerals, Falcon Minerals Announce All-Stock Merger – Quick Facts
Desert Peak Minerals and Falcon Minerals Corporation (FLMN, FLMNW) have agreed to combine in an all-stock deal which values the combined enterprise at $1.9 billion. Upon completion, assuming no adjustments to the equity consideration for Desert Peak’s net debt, Desert Peak’s equityholders will own approximately 73% and existing Falcon shareholders will own approximately 27% of the combined company. Immediately prior to the closing of the deal, Falcon will execute a 1-for-4 reverse stock split.
The combined company will be managed by the Desert Peak team and led by Desert Peak’s current CEO, Christopher Conoscenti. Noam Lockshin, a Partner at Kimmeridge, Desert Peak’s and the combined company’s largest equityholder, will serve as Chairman of the Board.