Inflation surges 8.5% in March, hitting a new 40-year high

Givaudan Q1 Like-for-like Sales Increase 4.6%

Givaudan AG (GVDBF.PK), a Swiss maker of flavors, fragrances, and cosmetic ingredients, on Tuesday posted a rise in like-for-like sales for the first quarter, amidst continued strong volume rise in Fine Fragrances, as well as continued double-digit growth in Active Beauty.

For the first quarter, the company reported sales of CHF 1.78 billion, a 4.6 percent increase compared with CHF 1.67 billion, reported for the same period last year.

The company’s Fragrance and Beauty arm recorded its sales at CHF 810 million , up from CHF 788 million last year, whereas the sales of Taste and Wellbeing registered at CHF 970 million, versus CHF 886 million.

On a business unit basis, Fine Fragrance sales reported an increase by 17.4 percent on a like-for-like basis, whereas Active Beauty increased by 8.2 percent on a like-for-like basis.

Looking ahead, for the fiscal 2025, the company expects to achieve an organic sales growth of 4 percent to 5 percent on a like-for-like basis.

Pre-market Movers: NUTX, SST, BRCC, PATI, ATER…

The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 07.55 A.M. ET).

In the Green

System1, Inc. (SST) is up over 20% at $19.90
Patriot Transportation Holding, Inc. (PATI) is up over 15% at $9.22
Aterian, Inc. (ATER) is up over 15% at $3.94
Sunlands Technology Group (STG) is up over 13% at $5.30
Bellicum Pharmaceuticals, Inc. (BLCM) is up over 12% at $2.27
Arcus Biosciences, Inc. (RCUS) is up over 11% at $38.74
Lilium N.V. (LILM) is up over 9% at $5.30
OneWater Marine Inc. (ONEW) is up over 8% at $37.30
Puxin Limited (NEW) is up over 7% at $2.24

In the Red

Nutex Health Inc. Common Stock (NUTX) is down over 23% at $30.50
BRC Inc. (BRCC) is down over 15% at $24.02
GlucoTrack, Inc. (GCTK) is down over 10% at $2.85
Red Cat Holdings, Inc. (RCAT) is down over 7% at $2.19
Xponential Fitness, Inc. (XPOF) is down over 6% at $22.02
180 Life Sciences Corp. (ATNF) is down over 6% at $2.35
Vertex Energy, Inc. (VTNR) is down over 5% at $8.22
Companhia Energética de Minas Gerais (CIG) is down over 5% at $3.14 Q1 Total Revenue Up 8% – Quick Facts Group PLC (MONY.L) reported that its first-quarter total revenue increased 8 percent year-on-year to 92.3 million pounds from 85.5 million pounds. Travel insurance continued to recover with revenue close to 2019 levels. Money grew strongly, led by recovery in borrowing. Travel recorded its best quarter in two years given strengthening demand as Covid restrictions were lifted.

Peter Duffy, CEO of Moneysupermarket Group, said: “We are pleased with the strong recovery in Money and Travel, and continue to execute well against our strategy. With cost-of-living increases adding pressure to consumer budgets, our distinctive brands remain well positioned to help households save money in a broad range of areas.”

Looking forward, the Board continues to expect full-year EBITDA to increase to around 2020 levels, with profit weighted to the second half.

Oil Prices Rebound After OPEC Warning

Oil prices rebounded on Tuesday as doubts emerged about the prospects of a revived Iran nuclear deal in the near term.

Benchmark Brent crude futures jumped 3.5 percent to $101.91 per barrel, while U.S. crude futures were up 3.2 percent at $97.34.

Both contracts dropped around 4 percent on Monday, after recording last week their second consecutive losing week.

“We really don’t know if we’ll get a deal or not, because the United States hasn’t shown the necessary will to reach an agreement,” Iranian foreign ministry spokesman Saeed Khatibzadeh said on Monday.

“What remains are the decisions of Washington,” he added.

The Organization of Petroleum Exporting Countries has warned that it would be impossible to replace 7 million barrels per day (bpd) of Russian oil and other liquids exports lost in the event of sanctions or voluntary actions.

Meanwhile, fears of demand downturn in China eased somewhat after Shanghai eased a draconian two-week lockdown to allow some residents out of their homes.

Stephen Colbert Laughs Off Trump’s Shilling for Dr. Oz

“Come on, he’s a con man. And so is Dr. Oz,” Colbert joked of the former president.

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By Trish Bendix

Inflation surges 8.5% in March, hitting a new 40-year high

Inflation will peak this quarter: Crossmark Global Investments CIO

Crossmark Global Investments CIO Bob Doll argues a main reason is because some of the ‘supply shortage problems’ are starting to be solved and notes that even if inflation starts to go down, it will still be at ‘unacceptable levels.’

Inflation accelerated in March to a new four-decade high as the Russian war in Ukraine fueled rapid price gains for oil and gas that wiped out the benefits of rising wages for most Americans.

The consumer price index rose 8.5% in March from a year ago, according to a new Labor Department report released Tuesday, marking the fastest increase since January 1982, when inflation hit 8.4%. The CPI – which measures a bevy of goods ranging from gasoline and health care to groceries and rents – jumped 1.2% in the one-month period from January. 

Economists expected the index to show that prices surged 8.4% in March from the previous year and 1.2% on a monthly basis.

This is a developing story. Please check back for updates.