Oil Futures Pare Early Gains, Settle Flat

Embecta Stock Slips 13% After Reporting Q4 Results

Shares of Embecta Corp. (EMBC) slipped nearly 13% on Tuesday morning after the diabetes management company posted a loss for the fourth quarter.

EMBC is currently trading at $28.34, down $4.14 or 12.75%, on the Nasdaq.

Embecta, which listed on the NASDAQ on April 1, 2022 after spinning-off from medical technology company Becton, Dickinson and Co. (BDX), reported fourth-quarter loss of $17.2 million or $0.30 per share, compared to profit of $97.1 million or $1.70 per share last year.

Revenues for the quarter decreased to $274.6 million from $300.8 million in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.66 per share on revenues of $261.01 million for the quarter. Analysts’ estimates typically exclude special items.

Looking ahead to fiscal 2023, the company now projects adjusted earnings in a range of $1.75 to $2.00 per share on revenues between $1.050 billion and $1.073 billion. Analysts currently expect earnings of $3.11 per share on revenues of 1.11 billion for the year.

Super Micro Up 8% Ahead Of Joining S&P MidCap 400

Shares of IT company Super Micro Computer, Inc. (SMCI) are climbing 8 percent on Tuesday’s trading on news of the company replacing Steel Dynamics (STLD) in the S&P MidCap 400 effective prior to the opening of trading on Thursday, December 22.

Currently at $85.50, the stock has traded between $34.11 and $95.22 during the past 52 weeks.

European Economics News Preview: UK Inflation Data Due

Consumer and producer prices from the UK and industrial production from the euro area are the top economic news due on Wednesday.

At 2.00 am ET, the Office for National Statistics publishes UK consumer and factory gate prices for November. Annual inflation is seen easing to 10.9 percent from a 41-year high of 11.1 percent in October. This is well above the central bank’s 2 percent target.

UK factory gate prices are forecast to climb 14.6 percent annually after rising 14.8 percent in October.

Statistics Sweden is also slated to release consumer prices data at 2.00 ET. Consumer prices are set to climb 11.5 percent annually in November, faster than the 10.9 percent rise in October.

Half an hour later, Swiss producer price figures are due for November. Prices had increased 4.9 percent annually in October.

At 3.00 am ET, Spain’s INE is scheduled to issue final consumer and harmonized prices for November. The flash estimate showed that consumer price inflation slowed to 6.8 percent from 7.3 percent in October. The INE is likely to confirm the flash estimate published on November 29.

At 4.30 am ET, the Office for National Statistics releases UK house price data.

At 5.00 am ET, euro area industrial production data is due from Eurostat. Economists forecast production to fall 1.5 percent on a monthly basis in October, reversing a 0.9 percent rise in September.

Restaurant Review: Lord’s Is a Meat Manor, With a Strong British Accent

The new restaurant from the team behind Dame goes full country pub, serving a hearty slate of nose-to-tail dishes.

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By Pete Wells

FedEx Corporation Q2 Profit Decreases, but beats estimates

FedEx Corporation (FDX) released a profit for second quarter that decreased from the same period last year but beat the Street estimates.

The company’s earnings came in at $788 million, or $3.07 per share. This compares with $1.04 billion, or $3.88 per share, in last year’s second quarter.

Excluding items, FedEx Corporation reported adjusted earnings of $815 million or $3.18 per share for the period.

Analysts on average had expected the company to earn $2.82 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 3.0% to $22.8 billion from $23.5 billion last year.

FedEx Corporation earnings at a glance (GAAP) :

-Earnings (Q2): $788 Mln. vs. $1.04 Bln. last year.
-EPS (Q2): $3.07 vs. $3.88 last year.
-Analyst Estimates: $2.82
-Revenue (Q2): $22.8 Bln vs. $23.5 Bln last year.

Full year EPS guidance: $13.00 to $14.00

Oil Futures Pare Early Gains, Settle Flat

Crude oil futures failed to hold early gains and settled flat on Tuesday as worries about outlook for energy demand dragged down prices from higher levels.

Crude oil prices climbed higher earlier in the session, extending gains from the previous session after the U.S. announced a plan to buy up to 3 million barrels of oil for the Strategic Petroleum Reserve.

The dollar’s weakness contributed as well to oil’s uptick. The dollar fell after the Bank of Japan said it would review its yield curve control policy and widened its target band for interest rates. Analysts are of the view that the move would allow long-term interest rates to rise more.

However, worries about the outlook for energy demand due to a surge in Covid-19 cases in China dragged down oil prices from the day’s highs.

West Texas Intermediate Crude oil futures settled flat at $75.19 a barrel.

Brent crude futures settled at $79.99 a barrel, up $0.19 or about 0.2%.

Oil prices were also weighed a bit by a worsening outlook for a major U.S. winter storm, which threatens to force Americans to curb their travel plans during the holiday season.

Reports that TC Energy Corp is planning to restart the Keystone pipeline weighed as well on the commodity.