European Economics Preview: German Consumer Confidence Data Due
Consumer confidence survey results from Germany and France are due on Tuesday, headlining a light day for the European economic news.
At 2.00 am ET, Germany’s market research group GfK is scheduled to issue consumer sentiment survey results. The forward-looking index is seen falling to -1.6 in October from -1.2 in September.
At 2.45 am ET, France’s Insee publishes consumer sentiment survey results for September. The index is seen at 100 versus 99 in August.
At 3.00 am ET, unemployment data is due from Hungary.
Half an hour later, Statistics Sweden releases retail sales and foreign trade data for August.
At 8.00 AM ET, European Central Bank President Christine Lagarde is set to speak at ECB Forum on Central Banking “Beyond the pandemic: the future of monetary policy.”
Otonomo Technologies Stock Jumps 25%
Shares of Otonomo Technologies Ltd. (OTMO) are currently jumping over 25% on Monday morning despite no stock-specific news to drive the shares.
OTMO is currently trading at $6.18, up $1.28 or 26.12%, on the Nasdaq, on a volume of 1.9 million shares, above average volume of 143 thousand shares. In the past one month period, the stock has dropped 20%.
Israel-based Otonomo Technologies provides an automotive data service platform and marketplace that enables car manufacturers, drivers, and service providers to be part of a connected ecosystem.
The company started trading on Nasdaq on August 17 following its August 13 merger with a SPAC called Software Acquisition Group II (SAII).
Comtech Telecommunications Q4 Revenues Miss Street; Shares Down 11%
Shares of Comtech Telecommunications Corp. (CMTL) are plunging over 11% in extended hours on Monday after the company’s fourth-quarter revenues fell short of expectations. The company also announced that President and COO Michael Porcelain will become Chief Executive Officer by year-end.
Fourth-quarter net income was $7.37 million or $0.28 per share, compared to $1.13 million or $0.04 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.24 per share.
Sales for the fourth quarter rose to $145.81 million from $149.67 million last year. Analysts had a consensus revenue estimate of $149.66 million.
Looking forward, Comtech expects fiscal 2022 sales to be in a range of $580.0 million to $600.0 million. Analysts currently estimate revenues of $600.17 million for the quarter.
Separately, Comtech also announced the appointment of Michael Porcelain, Comtech’s President and Chief Operating Officer, as Chief Executive Officer, taking over from Fred Kornberg after a short transition period. The change of leadership is expected to occur by the end of calendar 2021. Porcelain will also join Comtech’s Board of Directors and continue as President. Kornberg will serve as non-executive Chairman of the Board and is expected to take on a technology advisory role.
CMTL closed Monday’s trading at $25.38, down $0.78 or 2.98%, on the Nasdaq. The stock further dropped $2.90 or 11.43% in the after-hours trading.
AirPods On Sale For Back Friday
Tech giants Apple Inc (AAPL) have slashed the prices of its AirPods line-up for the Black Friday sale in big-box retailers. AirPods are some of Apple’s most sought-after gadgets and in an attempt to place them in every buyer;s shopping list on Black Friday on November 26, the company has decided to slash the prices to a range to entice the customers.
Amazon have shelved the AirPods ranging from $109 for AirPods to $489 for AirPods Max. The line-up has seen a similar price-cut on two occasions before in 2021.
AirPods with wired charging, usually priced at $159, is the most affordable of the bunch and just like Amazon, Walmart has also listed them at $109. AirPods Pro, the more sophisticated cousin of the AirPods is usually sold at $249 while the AirPods Max is sold at $549. The Max variant was on sale earlier this year at $455.
The sale will be on through Black Friday till Cuber security Monday.
Oil Futures Settle Sharply Higher As OPEC Decides To Stick With Its Output Plan
Crude oil prices rose sharply on Monday, riding on the decision of the Organization of the Petroleum Exporting Countries, Russia and their allies to stick to its current output policy amid rising demand for petroleum products across the world.
The group, known as OPEC+, has decided to raise output by 400,000 barrels per day, sticking to the decision arrived in July.
In July, the group agreed to increase monthly production by 400,000 barrels per day (bpd) until at least April 2022 and phase out existing reductions of 5.8 million barrels.
The markets are of the view that the level of production might not be sufficient to meet the now rising demand for energy.
West Texas Intermediate Crude oil futures for November settled with a gain of $1.74 or about 2.2% at $77.62 a barrel, the highest settlement since November 2014.
Brent crude futures climbed to $81.31 a barrel, gaining about 2.6%.
Duckhorn Portfolio Swings To Q4 Profit
Shares of Duckhorn Portfolio, Inc. (NAPA) gained 4% in extended trading on Monday after the company reported its fourth-quarter results, with the company swinging to a profit, driven by sales growth.
Net income for the quarter was $7.43 million or $0.06 per share, compared to net loss of $2.72 million or $0.03 per share last year.
Adjusted profit for the quarter were $9.2 million or $0.08 per share, up from $7.4 million or $0.07 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.01 per share for the quarter. Analysts’ estimates typically exclude one-time items.
Net sales increased 35.7% to $70.89 million from $52.23 million last year.
Increase in sales was primarily attributable to 40% volume growth, which compares to 15% volume growth in the prior year period.
Looking forward to 2022, the company expects to deliver adjusted earnings between $0.54 and $0.57 per share.