Starbucks Is All Ready For The Holiday Season

ZoomInfo Technologies Tanks 21% On Free-cash Flow Cut

Shares of software company ZoomInfo Technologies Inc. (ZI) are sliding 21 percent on Wednesday’s trading continuing their downward trend since the past few days. The stock was negatively impacted by news of the company lowering its forecast for adjusted unlevered free-cash flow for the full year. They now model $430 million to $435 million on the metric, whereas their prior outlook was for $438 million to $446 million.

Currently at $33.63, the stock has traded between $30.31 and $79.17 during the past 52 weeks.

European Economics Preview: ECB Monetary Policy Decision Due

The monetary policy announcement from the European Central Bank is the major event due on Thursday.

The central bank is widely expected to hike its benchmark rate by 75 basis points to combat rising inflation. The ECB is also likely to signal its stance on future rate path. The announcement is due at 8.15 am ET.

ECB Chief Christine Lagarde holds a press conference at 8.45 AM ET.

Other major economic reports are consumer confidence from and unemployment figures from Spain.

At 2.00 am ET, the market research group Gfk is scheduled to issue Germany’s consumer sentiment index. The forward-looking consumer confidence index is forecast to fall to -41.9 in November from -42.5 in October.

At 3.00 am ET, Spain’s unemployment data for the third quarter is due. The jobless rate is seen at 13.0 percent versus 12.48 percent in the second quarter.

At 4.00 am ET, Italy’s Istat is scheduled to issue business and consumer sentiment survey data. In the meantime, industrial turnover data is also due.

At 6.00 am ET, the Confederation of British Industry publishes Distributive Trades survey results.

AXA 9-Month Revenues Up 3%

AXA (AXAHY.PK) Wednesday reported nine-months revenues of 78.4 billion euros, up 3% from 76.0 billion euros last year.

Property & Casualty revenues inched up 6% to 40.7 billion euros, while health segment revenues also gained 14% to 13.1 billion euros. Life & Savings slipped 5% to 23.2 billion euros.

“AXA has delivered another strong performance in the first nine months of 2022 in a challenging environment,” said Alban de Mailly Nesle, Chief Financial Officer of AXA. “Our revenue mix continued to be of high quality, focused on growing technical lines while reducing our exposure in Nat Cat Reinsurance and traditional G/A Savings.”

“Health and P&C Commercial lines Insurance revenues have remained strong, increasing by 14% and 6%, respectively. In P&C Personal lines, the pricing environment is showing clear signs of improvement. Overall, we expect that the actions we have taken to counterbalance inflation impacts in P&C this year should keep our strong underlying technical profitability on track across the Group.”

Oil Futures Settle Higher As Crude, Gasoline Stockpiles Decline

Crude oil prices climbed higher on Wednesday after data showed declines in crude and gasoline stockpiles in the U.S. in the week ended October 28th.

Reports that China is likely to start easing Covid-19 curbs sometime in the near future, and reports saying Iran is likely preparing to attack Saudi Arabia contributed as well to the rise in crude oil prices.

West Texas Intermediate Crude oil futures for December ended higher by $1.63 or about 1.8% at $90.00 a barrel, the highest settlement since October 10.

Brent crude futures were up $1.40 or about 1.5% at $96.05 a barrel a little while ago.

Data released by the Energy Information Administration (EIA) this morning showed crude oil inventories in the U.S. fell by about 3.1 million barrels last week.

The EIA data also said gasoline inventories dropped by 1.257 million barrels last week, as against expectations for a draw of 1.358 million barrels. Meanwhile, distillate stockpiles rose by 0.427 million barrels last week, as against forecasts for a draw of 0.56 million barrels.

Data released by the American Petroleum Institute on Tuesday showed that U.S. crude oil stocks fell by about 6.5 million barrels for the week ended Oct. 28.

CoreCivic Inc Q3 Profit Increases, but misses estimates

CoreCivic Inc (CXW) released a profit for its third quarter that increased from last year but missed the Street estimates.

The company’s bottom line came in at $68.32 million, or $0.58 per share. This compares with $30.01 million, or $0.25 per share, in last year’s third quarter.

Excluding items, CoreCivic Inc reported adjusted earnings of $9.75 million or $0.08 per share for the period.

Analysts on average had expected the company to earn $0.45 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 1.5% to $464.21 million from $471.19 million last year.

CoreCivic Inc earnings at a glance (GAAP) :

-Earnings (Q3): $68.32 Mln. vs. $30.01 Mln. last year.
-EPS (Q3): $0.58 vs. $0.25 last year.
-Analyst Estimate: $0.45
-Revenue (Q3): $464.21 Mln vs. $471.19 Mln last year.

Full year EPS guidance: $0.47 – $0.50

APA Corporation Q3 Earnings Summary

Below are the earnings highlights for APA Corporation (APA):

Earnings: $422 million in Q3 vs. -$113 million in the same period last year.
EPS: $1.28 in Q3 vs. -$0.30 in the same period last year.
Excluding items, APA Corporation reported adjusted earnings of $651 million or $1.97 per share for the period.

Analysts projected $1.78 per share
Revenue: $2.87 billion in Q3 vs. $1.65 billion in the same period last year.

Starbucks Is All Ready For The Holiday Season

Starbucks is now in holiday mode with the return of its iconic red cups and special holiday menu.

The holiday menu will make a comeback to Starbucks on November 3 to celebrate the 25th anniversary of the red cups. Starting Thursday, November 3, Starbucks will celebrate the return of holiday beverages and festive foodz, as well as 25 years of the holiday cups.

The coffee chain first rolled out the cups, initially designed by Sandy Nelson in 1997, to signify the arrival of the holiday season. This year, the classic red and Starbucks green colors have accents of mint and sparkles as a nod to the Peppermint Mocha, which is celebrating its 20th anniversary.

Additional fan favorites back on the holiday menu include the Caramel Brulée Latte, Chestnut Praline Latte, Toasted White Chocolate Mocha, Irish Cream Cold Brew, and returning for the second year, the non-dairy Iced Sugar Cookie Almondmilk Latte.
The pastry case is also getting into the festive mode with a brand new Chocolate Pistachio Swirl and the return of Reindeer Cake Pops, Sugar Plum Cheese Danish, Cranberry Bliss Bars and Snowman Cookies.

Starbucks will also debut its annual limited-edition holiday merch lineup, which features an array of colorful cold cups, tumblers, mugs and more in a variety of holiday designs.