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Oil Futures Recover After Early Weakness, Settle Notably Higher

Bob Baffert’s lawyer says Medina Spirit, Concert Tour will be allowed to enter Preakness

Kentucky Derby winner Medina Spirit and Concert Tour – both trained by Bob Baffert – will be allowed to run in Saturday’s Preakness at Pimlico Race Course in Baltimore, according to Baffert's lawyer.

Craig Robertson, Baffert’s lawyer, confirmed the agreement in an email.

In a letter to Alan Rifkin, an attorney for the Maryland Jockey Club, Robertson wrote Baffert consented to blood testing, monitoring and medical record reviews for Medina Spirit, Concert Tour and Beautiful Gift. The latter is entered in Friday’s Black-Eyed Susan Stakes at Pimlico.

Robertson wrote the three horses were tested upon arrival at Pimlico and would be tested later Tuesday, with blood samples handled by a lab chosen by the Maryland Jockey Club.

Athletics threatening to leave Oakland if city doesn’t approve new MLB stadium

Major League Baseball has given the Oakland Athletics the green light to explore moving the franchise in the event negotiations with the city for a new ballpark fall through.

The Athletics' current lease at what's now called RingCentral Coliseum runs through 2024, but MLB has been unhappy with the progress of negotiations between the team and the city to upgrade or replace it.

"The Oakland Coliseum site is not a viable option for the future vision of baseball," the league said in a statement. "We have instructed the Athletics to begin to explore other markets while they continue to pursue a waterfront ballpark in Oakland. The Athletics need a new ballpark to remain competitive, so it is now in our best interest to also consider other markets."

Palantir climbs 9% in volatile trading after mixed 1st-quarter earnings report

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  • Palantir snapped a 10-day losing streak after reporting mixed first-quarter earnings.
  • The company beat top-line revenue forecasts, but fell short of consensus profit estimates.
  • CFO David Glazer said Palantir accept bitcoin as payment, and has discussed adding it to the firm's balance sheet.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Palantir snapped a 10-day losing streak on Tuesday, climbing as much as 9%, after the company reported mixed first-quarter earnings.

The data-analytics company reported a loss of 7 cents a share, which was deeper than the consensus estimate of 3 cents. However, revenue of $341.2 million for the quarter exceeded Wall Street's $332.5 million forecast.

Heading into Tuesday, Palantir shares had plunged 23% over a 10-day period amid a broader tech sell-off.

But not all investors are straying from the stock. Cathie Wood's Ark Innovation ETF scooped up over 1 million shares of Palantir on Monday, while her Ark Next Generation Innovation ETF bought 294,177 shares, fund filings show.

Further, on the company's Tuesday earnings call, chief financial officer David Glazar said Palantir would consider putting bitcoin on its balance sheet, and he said they accept bitcoin as payment.

Markets Insider

Electronic Arts Inc Profit Drops In Q4

Electronic Arts Inc (EA) released earnings for fourth quarter that decreased from last year.

The company’s bottom line totaled $76 million, or $0.26 per share. This compares with $418 million, or $1.43 per share, in last year’s fourth quarter.

The company’s revenue for the quarter fell 2.9% to $1.35 billion from $1.39 billion last year.

Electronic Arts Inc earnings at a glance:

-Earnings (Q4): $76 Mln. vs. $418 Mln. last year.
-EPS (Q4): $0.26 vs. $1.43 last year.
-Revenue (Q4): $1.35 Bln vs. $1.39 Bln last year.

Pangaea Logistics Solutions Ltd. Q1 adjusted earnings Beat Estimates

Below are the earnings highlights for Pangaea Logistics Solutions Ltd. (PANL):

-Earnings: $5.85 million in Q1 vs. -$6.80 million in the same period last year.
-EPS: $0.13 in Q1 vs. -$0.16 in the same period last year.
-Excluding items, Pangaea Logistics Solutions Ltd. reported adjusted earnings of $3.83 million or $0.09 per share for the period.
-Analysts projected $0.07 per share
-Revenue: $124.97 million in Q1 vs. $95.88 million in the same period last year.

Oil Futures Recover After Early Weakness, Settle Notably Higher

Crude oil futures settled notably higher on Tuesday, recovering well after struggling earlier in the session amid concerns over inflation.

Reports that suggested Colonial Pipeline might re-open its key U.S. pipeline by the end of the week also weighed on oil prices earlier in the day.

According to reports, the operator of Colonial Pipeline said that one of its lines has been partially restored and that a phased approach has been executed to facilitate a return to service by the end of the week.

A report from the Organization of the Petroleum Exporting Countries (OPEC) that said demand will rise by 5.95 million barrels per day (bpd) or 6.6% this year supported oil prices.

West Texas Intermediate Crude oil futures for June ended up by $0.36 or about 0.6% at $65.28 a barrel.

OPEC’s forecast is unchanged from the previous month. The agency is optimistic about energy demand despite “significant uncertainties,” mainly around the pandemic.

In the report, OPEC cut its oil demand forecast for the second quarter by 300,000 bpd but raised its estimate for the third quarter by 150,000 bpd and by 290,000 bpd for the last three months of 2021.