Crude Oil Prices Pull Back Sharply
The price of crude oil showed a substantial move to the downside during trading on Tuesday, giving back ground following the spike seen in the previous session.
After soaring $3.95 to $97.01 a barrel on Monday, the price of crude oil for October delivery plunged $5.37 to $91.64 a barrel.
While signs of OPEC+ production cuts contributed to the surge in the previous session, the pullback came amid indications Iraqi oil production will not be impacted by recent turmoil in the country.
“Oil prices declined as the global growth outlook continues to deteriorate and as geopolitical risks have yet to lead to any disruptions for crude exports,” said Edward Moya, senior market analysts and OANDA. “To start the trading week, it seemed energy traders were anticipating some disruptions from either Iraq or Libya and so far that doesn’t seem to be the case. “
“The oil market is still tight, so this downward move should not last much longer,” he added. “If WTI crude easily breaks below the $90 level, bearish momentum could make this interesting and make a run for the August lows.”
The sharp pullback by the price of crude oil also came amid concerns higher interest rates will lead to a global economic slowdown, reducing energy demand.
Russian news reports say former Soviet President Mikhail Gorbachev has died – The Denver Post
MOSCOW (AP) — Russian news reports say former Soviet President Mikhail Gorbachev has died.
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FTC Sues Data Broker Kochava For Selling Geolocation Data
The U.S. Federal Trade Commission has filed a lawsuit against data broker Kochava Inc. for selling geolocation data from “hundreds of millions of mobile devices.”
According to FTC, the geolocation data can be used to trace the movements of individuals including those to and from sensitive locations. Specifically, the FTC said the data could reveal people’s visits to places like reproductive health clinics, domestic violence or homeless shelters, addiction recovery centers and places of worship.
The FTC alleges that by selling data tracking people, Kochava is enabling others to identify individuals and exposing them to threats of stigma, stalking, discrimination, job loss, and even physical violence.
The suit seeks to halt Kochava’s sale of sensitive geolocation data and require the company delete the data it has already collected.
“Where consumers seek out health care, receive counseling, or celebrate their faith is private information that shouldn’t be sold to the highest bidder,” said Samuel Levine, Director of the FTC’s Bureau of Consumer Protection. “The FTC is taking Kochava to court to protect people’s privacy and halt the sale of their sensitive geolocation information.”
Idaho-based Kochava purchases vast troves of location information derived from hundreds of millions of mobile devices. The information is packaged into customized data feeds that match unique mobile device identification numbers with timestamped latitude and longitude locations.
HP Inc. Q3 Profit Inline With Estimates
HP Inc. (HPQ) revealed a profit for third quarter in line with the Street estimates.
The company’s bottom line totaled $1.1 billion, or $1.08 per share. This compares with $1.1 billion, or $0.92 per share, in last year’s third quarter.
Excluding items, HP Inc. reported adjusted earnings of $1.1 billion or $1.04 per share for the period.
Analysts on average had expected the company to earn $1.04 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter fell 3.9% to $14.7 billion from $15.3 billion last year.
HP Inc. earnings at a glance (GAAP) :
-Earnings (Q3): $1.1 Bln. vs. $1.1 Bln. last year.
-EPS (Q3): $1.08 vs. $0.92 last year.
-Analyst Estimates: $1.04
-Revenue (Q3): $14.7 Bln vs. $15.3 Bln last year.
Next quarter EPS guidance: $0.79 to $0.89
Full year EPS guidance: $4.02 to $4.12
Treasuries Close Little Changed Following Lackluster Session
After showing a notable move to the downside in the previous session, treasuries showed a lack of direction over the course of the trading day on Tuesday.
Bond prices spent the day bouncing back and forth across the unchanged lined before closing roughly flat. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, ended the day unchanged at 3.110 percent.
The volatility in the bond market came as traders expressed some uncertainty about the outlook for treasuries due to the Federal Reserve’s plans to continue raising interest rates.
On the U.S. economic front, the Conference Board released a report this morning showing consumer confidence rebounded by more than expected in the month of August.
The Conference Board said its consumer confidence index jumped to 103.2 in August from a downwardly revised 95.3 in July.
Economists had expected the consumer confidence index to climb to 97.4 from the 95.7 originally reported for the previous month.
A separate report from the Labor Department showed the number of job openings was little changed at 11.2 million on the last business day of July
A report on private sector employment may attract attention on Wednesday, as traders look ahead to the Labor Department’s more closely watched monthly jobs report on Friday.