Oil Prices Rally On OPEC Output Cut Talk
Oil prices climbed on Tuesday as attention shifted back to tight supply.
Benchmark Brent crude futures rallied 1.5 percent to $97.91 a barrel, while WTI crude futures were up 1.8 percent at $92 a barrel.
Supply concerns returned to the fore after Saudi Arabia warned that OPEC could cut output to correct the recent oil price fall.
Saudi Arabia’s Oil Minister Prince Abdulaziz bin Salman said late Monday that the Organization of the Petroleum Exporting Countries stands ready to reduce production as future prices don’t reflect the underlying fundamentals of supply and demand.
“The paper and physical markets have become increasingly more disconnected,” he said in response to written questions from Bloomberg News.
“Witnessing this recent harmful volatility disturb the basic functions of the market and undermine the stability of oil markets will only strengthen our resolve,” he said.
Meanwhile, a proposed deal to restore limits on Iran’s nuclear activities is supported by most of the countries involved but the Americans are yet to give their verdict, the European Union’s top diplomat said.
Josep Borrell said in an interview with Spanish broadcaster TVE that he expects a response from he United States during this week.
How Sharon Horgan Shaped a Monstrous Brother-in-Law
John Paul, the compelling villain of Horgan’s new show “Bad Sisters,” was inspired by the TV tradition of “dangerous sexy men,” priests and a former president.
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By Brian Ng
Synlogic Announces FDA’s Fast Track Designation For SYNB1353
Synlogic, Inc. (SYBX) announced the FDA has granted Fast Track designation to SYNB1353 for the potential treatment of homocystinuria. SYNB1353, an orally-administered drug candidate designed to consume methionine in order to lower homocysteine levels, is currently being evaluated in a phase 1 study in healthy volunteers. Synlogic expects to share results from the phase 1 study by the end of 2022.
Homocystinuria is an inherited disorder characterized by high levels of homocysteine and risks including thromboembolism, lens dislocation, skeletal abnormalities, developmental delay, and intellectual disability.
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DigitalOcean To Acquire Cloudways For $350 Mln – Quick Facts
DigitalOcean Holdings, Inc. (DOCN) has agreed to acquire Cloudways, a managed cloud hosting and software as a service (SaaS) provider for SMBs. DigitalOcean and Cloudways have been close partners since 2014. Cloudways relies on DigitalOcean infrastructure to power approximately 50% of its customers.
DigitalOcean said Cloudways will be accretive to the company’s revenue growth rate and will not impact the fiscal 2022 operating profit margin and cash flow margin outlook. Cloudways is expected to generate more than $52 million in revenue in fiscal 2022.
Dole Q2 Adj. EPS Tops Estimates, But Revenues Miss; Slashes FY22 Outlook
Fresh produce supplier Dole plc (DOLE) reported Tuesday that net income attributable to Dole for the second quarter surged to $41.3 million or $0.43 per share from $29.2 million or $0.52 per share in the prior-year quarter. Excluding items, adjusted income was $0.44 per share, compared to $0.74 per share in the year-ago quarter.
Revenue for the quarter nearly doubled to $2.36 billion from $1.21 billion in the same quarter last year. On a pro-forma basis, revenue decreased by 4.2 percent. On a like-for-like basis, revenue increased 3.2 percent.
On average, 5 analysts polled by Thomson Reuters expected the company to report earnings of $0.38 per share on revenues of $2.5 billion for the quarter. Analysts’ estimates typically exclude special items.
Looking ahead to fiscal 2022, due to a slower than anticipated return to full operating profitability in its Fresh Vegetables segment and the translation impact from the strengthening US Dollar, the company said it is now targeting Adjusted EBITDA in the range of $330.0 million to $350.0 million for the full year, a reduction of approximately 5.5% from prior guidance.
The company is also targeting revenue in the range of $9.1 billion to $9.4 billion, down from the prior guidance between $9.4 billion and $9.7 billion. The Street is looking for revenues of $9.49 billion for the year.
On Tuesday, the Board of Directors of Dole plc declared a cash dividend for the second quarter of 2022 of $0.08 per share, payable on October 7, 2022 to shareholders of record on September 16, 2022.
Macy’s Cuts FY22 Guidance
While reporting second-quarter results on Tuesday, Macy’s, Inc. (M) lowered its outlook for the remainder of the year to incorporate the risk in the continued deterioration of consumer discretionary spending in some of the categories and the level of inventory within the industry, as well as risks associated with a more pronounced macro downturn.
For fiscal 2022, the company now expects adjusted earnings per share in a range of $4.00 – $4.20, revised from prior guidance range of $4.53 – $4.95. Net sales are now expected in a range of $24.34 billion to $24.58 billion, revised from prior guidance range of $24.46 billion to $24.70 billion. Adjusted EBITDA margin is projected to be approximately 10.5% for the fiscal year.
Second quarter adjusted earnings per share was $1.00 compared to $1.29, a year ago. Analysts on average had expected the company to earn $0.85 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items. Adjusted EBITDA margin was 11.0%, for the quarter.
Earnings per share was $0.99 compared to $1.08, last year. Net income declined to $275 million from $345 million.
Net sales declined to $5.60 billion from $5.65 billion, last year. Analysts on average had estimated $5.49 billion in revenue. Comparable sales were down 1.5% on an owned basis and down 1.6% on an owned-plus-licensed basis.
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