Oil Prices Tumble Ahead Of OPEC Meeting

Toshiba Says Received 8 Proposals For Privatization And 2 Proposals For Business Alliance

Toshiba Corp. (TOSYY.PK,TOSBF.PK), which has been exploring strategic options, said Thursday that it has received 8 initial proposals for privatization, as well as 2 initial proposals for a strategic capital and business alliance with the company remaining listed from potential Partners. The proposals are not legally binding.

The Japanese conglomerate said, after evaluating the proposals, it will select the potential partners to be invited to the final process, as soon as practicable after the 183rd Annual General Meeting of shareholders scheduled to be held on June 28, 2022.

The company noted that on and after July 2022, it will provide such selected potential partners with an opportunity of due diligence, request them to submit legally binding proposals considering discussions on measures to enhance the company’s corporate value and the certainty of each transaction being actually implemented, and proceed with the in depth discussions with Potential Partners.

In its investors presentation, Toshiba said it expects operating income to be 600 billion yen and net sales of 5 trillion yen for fiscal year 2030. It reported operating income of 159 billion yen and net sales of 3.34 billion yen in fiscal year 2021.

Pre-market Movers: NTNX, WKME, SNOW, ISPC, NNVC…

The following are some of the stocks making big moves in Thursday’s pre-market trading (as of 07.30 A.M. ET).

In the Green

NanoViricides, Inc. (NNVC) is up over 11% at $2.22
iQIYI, Inc. (IQ) is up over 10% at $3.94
Williams-Sonoma, Inc. (WSM) is up over 8% at $124.77
Ardmore Shipping Corporation (ASC) is up over 8% at $8.45
Matson, Inc. (MATX) is up over 7% at $94.80
BlackRock Multi-Sector Income Trust (BIT) is up over 7% at $15.65
Permianville Royalty Trust (PVL) is up over 7% at $4.40
Lantheus Holdings, Inc. (LNTH) is up over 6% at $69.40
Amplify Energy Corp. (AMPY) is up over 6% at $9.03
Baidu, Inc. (BIDU) is up over 5% at $126.40
Splunk Inc. (SPLK) is up over 5% at $98.00

In The Red

Nutanix, Inc. (NTNX) is down over 36% at $13.70
WalkMe Ltd. (WKME) is down over 22% at $7.05
Snowflake Inc. (SNOW) is down over 13% at $114.50
iSpecimen Inc. (ISPC) is down over 13% at $2.52
SciSparc Ltd. (SPRC) is down over 11% at $2.10
Gaia, Inc. (GAIA) is down over 8% at $4.32
Vinco Ventures, Inc. (BBIG) is down over 8% at $2.57
Cango Inc. (CANG) is down over 7% at $2.65

Hormel Foods Corp Reports Advance In Q2 Profit, Beats estimates

Hormel Foods Corp (HRL) reported earnings for its second quarter that increased from the same period last year and beat the Street estimates.

The company’s bottom line totaled $261.62 million, or $0.48 per share. This compares with $227.90 million, or $0.42 per share, in last year’s second quarter.

Analysts on average had expected the company to earn $0.47 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 18.8% to $3.10 billion from $2.61 billion last year.

Hormel Foods Corp earnings at a glance (GAAP) :

-Earnings (Q2): $261.62 Mln. vs. $227.90 Mln. last year.
-EPS (Q2): $0.48 vs. $0.42 last year.
-Analyst Estimate: $0.47
-Revenue (Q2): $3.10 Bln vs. $2.61 Bln last year.

Full year EPS guidance: $1.87 – $1.97
Full year revenue guidance: $11.7 – $12.5 Bln

Gold Rises On Inflation Worries

Gold edged higher on Thursday as inflation and recession worries persist.

Spot gold rose 0.4 percent to $1,854.22 per ounce, while U.S. gold futures were up half a percent at $1,857.15.

Eurozone producer price inflation accelerated further to a new record high in April, data released by Eurostat showed today.

Producer prices advanced 37.2 percent on a yearly basis in April, faster than the 36.9 percent rise in March.

The 99.2 percent increase in energy prices and 25.1 percent rise in intermediate goods prices pushed producer price inflation to a new record.

Eurozone inflation accelerated to a new record of 8.1 percent in the year to May, data showed earlier this week.

Traders looked ahead to the European Central Bank’s meeting next week, when the central bank is likely to offer additional clues on the pace and scale of interest rate hikes to fight inflation.

The Bank of Canada on Wednesday raised its benchmark interest rate by half a percentage point – its third interest-rate increase this year in an effort to throttle skyrocketing inflation. The central bank also signaled that more hikes are on the way.

Growth worries linger, with JPMorgan Chase (JPM) CEO Jamie Dimon urging investors to brace for an economic hurricane.

Canada building permits for April, U.S. weekly jobless claims for the week ended May 28 and factory orders for April will be released in the New York session.

Oil Prices Tumble Ahead Of OPEC Meeting

Oil prices fell more than 2 percent on Thursday ahead of an OPEC+ meeting later in the day.

The Financial Times reported that Saudi Arabia was prepared to pump more oil to compensate for any Russian output loss because of the Western sanctions imposed on it.

Benchmark Brent crude futures fell 2.4 percent to $113.49 a barrel, while West Texas Intermediate crude oil futures were down 2.5 percent at $112.38.

Media reports quoted two OPEC+ sources as saying that Saudi Arabia and other OPEC members may consider boosting oil output to offset a drop in Russian production as a result of Western sanctions on Moscow over its invasion of Ukraine.

The compensation to fill the gap left by Russian oil, if agreed, could take some pressure off surging global inflation and pave the way for an ice-breaking visit to Riyadh by U.S. President Joe Biden.