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Sensient Q3 Profit Beats Estimates; Reaffirms 2022 Guidance

Pre-market Movers: NTNX, IMRA, MPTI, EVTL, SOL…

The following are some of the stocks making big moves in Friday’s pre-market trading (as of 06.25 A.M. ET).

In the Green

Nutanix, Inc. (NTNX) is up over 16% at $24.72
IMARA Inc. (IMRA) is up over 16% at $3.00
Westlake Corporation (WLK) is up over 5% at $95.50
Zai Lab Limited (ZLAB) is up over 5% at $30.20

In the Red

M-tron Industries, Inc. (MPTI) is down over 14% at $11.06
Vertical Aerospace Ltd. (EVTL) is down over 9% at $9.10
ReneSola Ltd (SOL) is down over 7% at $4.16
Glatfelter Corporation (GLT) is down over 5% at $2.07

TJX Recalls 108K Baby Blankets

Department store chain TJX Companies Inc. is recalling 108,000 units of Mittal International Baby Blankets citing risks to children, the U.S. Consumer Product Safety Commission said.

According to the agency, the threads in the recalled woven baby blankets can come loose and detach posing choking, entrapment and strangulation hazards. However, the Framingham, Massachusetts-based company has not received any reports of incidents or injuries related to the recalled product to date.

The recall involves Mittal International chenille weave baby blankets sold with a “Made in India” hangtag with an elephant design. They were available in cream, blush, taupe, mint, gray, lavender, ivory, ochre, pale blue, sage and terracotta colors.

The blankets have fringe around the edges and measure about 32 inches by 40 inches.

The recalled blankets were sold at HomeGoods, T.J. Maxx and Marshalls stores nationwide from September 2021 through July 2022 for between $10 and $13.

Apart from the 108,000 units sold in the United States, about 3,550 units were sold in Canada.

Consumers are urged to return the blankets to any HomeGoods, Marshalls or T.J. Maxx store for their choice of a full refund or store credit.

Huntington Bancshares Inc. Announces Climb In Q3 Bottom Line, Beats estimates

Huntington Bancshares Inc. (HBAN) reported a profit for its third quarter that increased from the same period last year and beat the Street estimates.

The company’s earnings came in at $565 million, or $0.39 per share. This compares with $333 million, or $0.22 per share, in last year’s third quarter.

Analysts on average had expected the company to earn $0.38 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 12.4% to $1.91 billion from $1.70 billion last year.

Huntington Bancshares Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $565 Mln. vs. $333 Mln. last year.
-EPS (Q3): $0.39 vs. $0.22 last year.
-Analyst Estimate: $0.38
-Revenue (Q3): $1.91 Bln vs. $1.70 Bln last year.

American Express Co. Announces Advance In Q3 Profit, Beats estimates

American Express Co. (AXP) reported a profit for its third quarter that increased from the same period last year and beat the Street estimates.

The company’s bottom line came in at $1.88 billion, or $2.47 per share. This compares with $1.83 billion, or $2.27 per share, in last year’s third quarter.

Analysts on average had expected the company to earn $2.41 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 24.1% to $13.56 billion from $10.93 billion last year.

American Express Co. earnings at a glance (GAAP) :

-Earnings (Q3): $1.88 Bln. vs. $1.83 Bln. last year.
-EPS (Q3): $2.47 vs. $2.27 last year.
-Analyst Estimate: $2.41
-Revenue (Q3): $13.56 Bln vs. $10.93 Bln last year.

Oil Prices Slip In Choppy Trade

Oil prices fell in choppy trading on Friday as concerns around global economic growth offset the prospects of tight global supplies.

Benchmark Brent crude futures were down 0.1 percent at $92.30 a barrel, while WTI crude futures were down 0.1 percent at $84.40.

Recession fears flared up as yields climbed and Snapchat owner Snap Inc. blamed inflation for its slowest revenue growth since going public five years ago.

U.S. 10-year Treasury yields rose to a new 14-year high of 4.272 percent after Philadelphia Fed President Patrick Harker said that the central bank was not done yet with rate hikes.

Germany’s 10-year bond yields hit a fresh 11-year high amid expectations that the European Central Bank (ECB) will raise interest rates sharply again next week.

It is feared that higher than expected inflation and monetary tightening will slow down global growth.

On the positive side, prospects of tight global supplies helped to cap the downside in oil prices.

OPEC and its allies, including Russia, agreed to cut production by 2 million barrels per day in November, the most significant curb since the start of the pandemic.

A looming European Union ban on Russian crude has exacerbated concerns about tight supplies.

The EIA’s report on Wednesday showed that U.S. crude inventories unexpectedly fell by 1.7 million barrels last week.

China is looking to relax quarantine duration for visitors into the country, raising hopes for demand recovery in the world’s second largest economy.

Sensient Q3 Profit Beats Estimates; Reaffirms 2022 Guidance

Sensient Technologies Corp. (SXT) reported third quarter adjusted earnings per share of $0.85, flat with prior year. Analysts polled by Thomson Reuters expected the company to report profit per share of $0.82, for the quarter. Analysts’ estimates typically exclude special items.

Net earnings increased to $36.05 million from $33.91 million, last year. Reported earnings per share was $0.85 compared to $0.80.

Consolidated revenue was $361.1 million compared to $344.3 million, prior year. Analysts on average had estimated $364.28 million in revenue.

Sensient reconfirmed its expectation for 2022 GAAP earnings per share to grow at a high-teen growth rate. The company continues to expect 2022 adjusted EBITDA and earnings per share to grow at a high single- to double-digit rate in local currency. The company continues to expect 2022 revenue to grow at a high single-digit rate in local currency.

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