Gold plunges ₹ 244; silver tumbles ₹ 654

GSK improves profit outlook after Q3 beats expectations

Oct 27 (Reuters) – Britain’s GSK beat analysts’ expectations for third-quarter earnings on Wednesday and raised its outlook for annual profit ahead of a planned split next year.

The company now expects 2021 adjusted earnings per share to decline by between 2% and 4% at constant exchange rates, excluding any boost from its COVID-19 offerings. It previously expected profit to fall by mid-to-high single digit percentages.

Opinion | Facebook Is Bad. Fixing It Rashly Could Make It Much Worse.

By Farhad Manjoo

Opinion Columnist

Oil Extends Gains On Tight Supply

Oil prices extended gains to hit multi-year highs on Monday amid continuing expectations of supply tightening and signs of solid fuel demand in the United States and elsewhere in the world.

Benchmark Brent crude futures rose 42 cents, or half a percent, to $85.06 a barrel, while West Texas Intermediate Crude oil futures for December delivery were up 66 cents, or 0.8 percent, at $84.42 a barrel.

Oil prices were buoyed by expectations of supply tightness as the OPEC+ alliance sticks to an existing pact for a gradual increase in oil output, citing a fragile demand recovery.

Last week, a report from the U.S. Energy Information Administration (EIA) showed crude and fuel inventories tightened, with crude inventories at the Cushing storage hub falling to 31.2 million barrels, their lowest level since October 2018.

The momentum in oil prices was also underpinned by comments from Saudi Arabia urging caution in boosting supply.

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman told Bloomberg Television at the weekend that producers shouldn’t take the rise in prices for granted. That conservative stance was echoed by both Nigeria and Azerbaijan.

Market participants now look ahead to the next OPEC+ meeting scheduled for Nov. 4, where the alliance is expected to review production decisions for December.

Juniper Networks Q3 adjusted earnings Inline With Estimates

Juniper Networks (JNPR) reported earnings for third quarter that fell from last year.

The company’s profit came in at $88.9M, or $0.27 per share. This compares with $145.4 million, or $0.43 per share, in last year’s third quarter.

Excluding items, Juniper Networks reported adjusted earnings of $152.0 million or $0.46 per share for the period.

Analysts had expected the company to earn $0.46 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 4.4% to $1.19 billion from $1.14 billion last year.

Juniper Networks earnings at a glance:

-Earnings (Q3): $152.0 Mln. vs. $144.4 Mln. last year.
-EPS (Q3): $0.46 vs. $0.43 last year.
-Analysts Estimate: $0.46
-Revenue (Q3): $1.19 Bln vs. $1.14 Bln last year.

Next quarter EPS guidance: $0.48 – $0.58
Next quarter revenue guidance: $1,215 – $1,315 Mln

Movies: Denis Villeneuve's 'Dune'

New York (CNN Business)The Dune story continues.

Warner Bros. announced on Tuesday that “Dune: Part Two,” the sequel to this weekend’s No. 1 film, will hit theaters in two years. The movie is set to be released on October 20, 2023.
The first installment of “Dune,” a science-fiction epic starring Timothée Chalamet, notched an estimated $40.1 million at the North American box office this weekend — exceeding expectations of $30 million. It marks the biggest opening for Warner Bros. this year. (Warner Bros. and CNN are both owned by WarnerMedia.)

    'Dune' captures the book's epic scale while telling only half of the story
    “Dune” has made $220 million globally so far.

      The strong opening for “Dune” was even more impressive considering the film was also streaming on HBO Max — meaning audiences could have skipped theaters altogether and watched at home.

        Legendary Entertainment, which produced the film, tweeted the announcement on Twitter (TWTR) saying, “this is only the beginning.”
        “Thank you to those who have experienced @dunemovie so far, and those who are going in the days and weeks ahead,” it said. “We’re excited to continue the journey!”

        Berkshire Hathaway-backed Brazil's Nubank confidentially files for U.S. IPO

        Oct 27 (Reuters) – Brazilian digital lender Nubank, which is backed by Warren Buffett’s Berkshire Hathaway Inc, said on Wednesday it had confidentially filed for an initial public offering in the United States.

        Enphase Energy Gains On Growth In Q3 Revenue

        Enphase Energy, Inc. (ENPH) shares are gaining more than 24.58 percent after the company reported 11 percent increase in third-quarter revenues.

        Revenues registered a growth to $351.52 million from $178.50 million in the prior year.
        For the fourth quarter, the company expects revenue in a range of $390-$410 million.

        Currently, shares are at $210.00, up 21.07 percent from the previous close of $173.46 on a volume of 4,214,018. The shares have traded in a range $93.49-$229.04 on average volume during the last 52-week period.

        Gold plunges ₹ 244; silver tumbles ₹ 654

        Gold in the national capital on Wednesday plunged by ₹ 244 to ₹ 46,747 per 10 gram reflecting the decline in international precious metal prices, according to HDFC Securities.

        In the previous trade, the precious metal had settled at ₹ 46,991 per 10 gram.

        Silver dipped ₹ 654 to ₹ 63,489 per kilogram from ₹ 64,143 per kilogram in the previous trade.

        In the international market, gold was trading lower at $ 1,787 per ounce and silver declined marginally to $ 23.94 per ounce.

        "Gold prices traded weak with spot gold prices at COMEX trading 0.32 % down at $ 1,787 per ounce on Wednesday," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.