Stocks making the biggest moves premarket: Boeing, Express, Spotify, Goldman Sachs & more

Express — The apparel retailer earned an adjusted 19 cents per share for its latest quarter, 3 cents a share above estimates. Spotify — Spotify filed a European Union complaint against Apple, saying Apple unfairly abused its dominance of its app store to favor Apple Music over Spotify. Chief Financial Officer Darren Karst and Chief Operating Officer Kermit Crawford are also leaving the drugstore chain. Goldman Sachs — Goldman is opening its special situations group to outside investors, accordin


Express — The apparel retailer earned an adjusted 19 cents per share for its latest quarter, 3 cents a share above estimates. Spotify — Spotify filed a European Union complaint against Apple, saying Apple unfairly abused its dominance of its app store to favor Apple Music over Spotify. Chief Financial Officer Darren Karst and Chief Operating Officer Kermit Crawford are also leaving the drugstore chain. Goldman Sachs — Goldman is opening its special situations group to outside investors, accordin
Stocks making the biggest moves premarket: Boeing, Express, Spotify, Goldman Sachs & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-13  Authors: peter schacknow, jeenah moon
Keywords: news, cnbc, companies, samsung, spotify, premarket, boeing, producer, sachs, moves, share, chief, officer, goldman, express, apple, unit, upgraded, making, biggest, stocks


Stocks making the biggest moves premarket: Boeing, Express, Spotify, Goldman Sachs & more

Check out the companies making headlines before the bell:

Boeing — Boeing remains on watch, as noted above, after falling more than 11 percent over the past two sessions. Some U.S. lawmakers are calling for the Federal Aviation Administration to ground the 737 Max jets after their involvement in two overseas air crashes, but the agency maintains that the jet is airworthy. Boeing has now released details of a software update for the jet, which has been in the works for several months and predates those crashes.

Aurora Cannabis — The cannabis producer has appointed Trian’s Nelson Peltz as a strategic adviser, to help explore potential partnerships that would advance Aurora’s market strategy. Peltz will be granted options for nearly 20 million shares, that would vest over a four-year period.

Express — The apparel retailer earned an adjusted 19 cents per share for its latest quarter, 3 cents a share above estimates. Revenue was below forecasts, however, and a 6 percent drop in comparable-store sales was below the consensus Refinitiv estimate of a 5.6 percent decline. Express called its performance “disappointing” and said it faces more short-term challenges.

Sanderson Farms — JPMorgan Chase upgraded the poultry producer to “neutral” from “underperform” pointing to recent outperformance by the stock, higher chicken prices, and the prospect of China opening its markets to U.S. poultry products.

Spotify — Spotify filed a European Union complaint against Apple, saying Apple unfairly abused its dominance of its app store to favor Apple Music over Spotify. Separately, the music streaming service announced an expansion of its partnership with Samsung, with Spotify being pre-installed on new Samsung devices and customers eligible for six months of Spotify Premium.

Kraft Heinz — Kraft Heinz is considering a sale of its Breakstone business, known for its cottage cheese and sour cream products, according to people familiar with the situation who spoke to CNBC. The unit is said to be worthy roughly $400 million.

Rite Aid — Chief Executive Officer John Standley will leave that job once a successor is appointed. Chief Financial Officer Darren Karst and Chief Operating Officer Kermit Crawford are also leaving the drugstore chain. Rite Aid also announced it was cutting about 400 corporate positions in a move that it says will save about $55 million per year.

Tesla — The Securities and Exchange Commission has received permission from a federal judge to respond to Tesla CEO Elon Musk’s defense of his tweet involving production levels. The SEC had asked that Musk be held in contempt of court for that tweet, which it claims violated terms of a settlement between the two parties.

Goldman Sachs — Goldman is opening its special situations group to outside investors, according to The Wall Street Journal. The profitable group has been investing Goldman’s own money in Asian property, troubled U.S. retailers, and other ventures.

Carnival — Carnival was upgraded to “buy” from “neutral” at Goldman Sachs, which cites upbeat growth figures for the cruise line operator.

CVS Health — CVS was rated “outperform” in new coverage at Bernstein, which said the current price doesn’t reflect the solid managed care organization business of its recently acquired Aetna unit and that threats to profit margins are already reflected.


Company: cnbc, Activity: cnbc, Date: 2019-03-13  Authors: peter schacknow, jeenah moon
Keywords: news, cnbc, companies, samsung, spotify, premarket, boeing, producer, sachs, moves, share, chief, officer, goldman, express, apple, unit, upgraded, making, biggest, stocks


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China’s inflation slows in January, potentially pushing officials to step in, says economist

CPI eased due to a decline in food prices, wrote Dong Yaxiu, a statistics bureau official, in an analysis of the data. Meanwhile, producer inflation rose just 0.1 percent from a year ago, compared to a 0.2 percent rise expected by economists polled by Reuters. China’s December Producer Price Index — which measures price increases before they reach the consumer — had risen 0.9 percent on-year. While CPI remains at a “comfortable level,” Evans-Pritchard said in a note on Friday that the weak produ


CPI eased due to a decline in food prices, wrote Dong Yaxiu, a statistics bureau official, in an analysis of the data. Meanwhile, producer inflation rose just 0.1 percent from a year ago, compared to a 0.2 percent rise expected by economists polled by Reuters. China’s December Producer Price Index — which measures price increases before they reach the consumer — had risen 0.9 percent on-year. While CPI remains at a “comfortable level,” Evans-Pritchard said in a note on Friday that the weak produ
China’s inflation slows in January, potentially pushing officials to step in, says economist Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: huileng tan, getty images
Keywords: news, cnbc, companies, producer, weak, officials, inflation, statistics, risen, senior, wrote, slows, prices, chinas, price, step, economist, cpi, pushing, potentially


China's inflation slows in January, potentially pushing officials to step in, says economist

China’s Consumer Price Index missed expectations in January coming in at 1.7 percent higher than a year ago, the National Bureau of Statistics said on Friday.

Economists polled by Reuters were expecting CPI to come in at 1.9 percent higher year-over-year. December CPI — a gauge of prices for goods and services — had risen 1.9 percent on-year.

CPI eased due to a decline in food prices, wrote Dong Yaxiu, a statistics bureau official, in an analysis of the data.

Meanwhile, producer inflation rose just 0.1 percent from a year ago, compared to a 0.2 percent rise expected by economists polled by Reuters. China’s December Producer Price Index — which measures price increases before they reach the consumer — had risen 0.9 percent on-year.

January marked the seventh straight month of slowing factory gate inflation, according to Reuters records.

The below-consensus inflation figures suggest that demand “remained sluggish” at the start of 2019, which may spur official action to support the economy, wrote Julian Evans-Pritchard, senior China economist at Capital Economics.

While CPI remains at a “comfortable level,” Evans-Pritchard said in a note on Friday that the weak producer price numbers are “a concern since these are highly correlated with profit growth in industry.”

He predicted Beijing will roll out measures, such as cutting benchmark lending rates, to ease financial pressure on industrial firms as factory gate inflation looks to deepen in the months ahead.

However, weak producer prices do not always feed through into the CPI due to the concentration of heavy industries in the PPI, said Sian Fenner, a senior economist at Oxford Economics. Weak oil prices recently weighed on PPI, she noted.

“We are still expecting the disparity between the two to continue,” she told CNBC.

The data comes amid a new round of U.S.-China talks in Beijing this week as the world’s two largest economies renewed efforts to reach a deal to defuse trade tensions.


Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: huileng tan, getty images
Keywords: news, cnbc, companies, producer, weak, officials, inflation, statistics, risen, senior, wrote, slows, prices, chinas, price, step, economist, cpi, pushing, potentially


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Trump blasted OPEC this past year. Hess CEO says the oil producer group deserves praise

President Donald Trump has blasted OPEC several times over the past year, but Hess CEO John Hess says the 14-nation producer group plays an important role in the oil market and deserves praise for stabilizing prices in recent years. OPEC forged an alliance with Russia and other oil producers in 2016 to end a punishing oil price downturn that bankrupted more than 100 U.S. drillers. The alliance, often called OPEC+, has capped production for much of the last two years in order to shrink a global c


President Donald Trump has blasted OPEC several times over the past year, but Hess CEO John Hess says the 14-nation producer group plays an important role in the oil market and deserves praise for stabilizing prices in recent years. OPEC forged an alliance with Russia and other oil producers in 2016 to end a punishing oil price downturn that bankrupted more than 100 U.S. drillers. The alliance, often called OPEC+, has capped production for much of the last two years in order to shrink a global c
Trump blasted OPEC this past year. Hess CEO says the oil producer group deserves praise Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-23  Authors: tom dichristopher, david orrell
Keywords: news, cnbc, companies, global, group, role, hess, ceo, past, opec, important, panel, stabilizing, industry, secretary, oil, producer, praise, deserves, trump


Trump blasted OPEC this past year. Hess CEO says the oil producer group deserves praise

President Donald Trump has blasted OPEC several times over the past year, but Hess CEO John Hess says the 14-nation producer group plays an important role in the oil market and deserves praise for stabilizing prices in recent years.

OPEC forged an alliance with Russia and other oil producers in 2016 to end a punishing oil price downturn that bankrupted more than 100 U.S. drillers. The alliance, often called OPEC+, has capped production for much of the last two years in order to shrink a global crude glut and put a floor under oil prices.

“The secretary general of OPEC as well as OPEC members play a very important role in stabilizing markets for oil, so those efforts are to be recognized,” Hess said during a panel at the World Economic Forum in Davos, Switzerland on Wednesday.

OPEC Secretary General Mohammed Barkindo, speaking at the same panel, said what OPEC+ has done is “commendable” and helped save U.S. producers.

“We have to continue to collaborate. It’s one industry. It’s a global industry, and I think our colleagues in the U.S. are on the same page with us and we will work together to exchange views,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-01-23  Authors: tom dichristopher, david orrell
Keywords: news, cnbc, companies, global, group, role, hess, ceo, past, opec, important, panel, stabilizing, industry, secretary, oil, producer, praise, deserves, trump


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US will ‘reinforce its leadership’ as the world’s top crude producer in 2019, IEA says

The level of crude output from the U.S. will once again be a major factor this year, the International Energy Agency (IEA) said its closely-watched report on Friday, with the energy giant on track to reaffirm its position as the world’s leading crude producer. The IEA report comes shortly after OPEC and non-OPEC producers officially implemented a fresh round of supply cuts. “While the other two giants voluntarily cut output, the U.S., already the biggest liquids supplier, will reinforce its lead


The level of crude output from the U.S. will once again be a major factor this year, the International Energy Agency (IEA) said its closely-watched report on Friday, with the energy giant on track to reaffirm its position as the world’s leading crude producer. The IEA report comes shortly after OPEC and non-OPEC producers officially implemented a fresh round of supply cuts. “While the other two giants voluntarily cut output, the U.S., already the biggest liquids supplier, will reinforce its lead
US will ‘reinforce its leadership’ as the world’s top crude producer in 2019, IEA says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: sam meredith, ken cedeno, corbis news, getty images
Keywords: news, cnbc, companies, output, opec, leadership, worlds, 2019, saudi, oil, producer, wti, crude, reinforce, start, report, iea


US will 'reinforce its leadership' as the world's top crude producer in 2019, IEA says

The level of crude output from the U.S. will once again be a major factor this year, the International Energy Agency (IEA) said its closely-watched report on Friday, with the energy giant on track to reaffirm its position as the world’s leading crude producer.

The IEA report comes shortly after OPEC and non-OPEC producers officially implemented a fresh round of supply cuts.

Alongside Russia and nine other nations, top oil exporter Saudi Arabia struck a deal with the rest of OPEC in December to keep 1.2 million barrels per day (b/d) off the market from the start of January.

“While the other two giants voluntarily cut output, the U.S., already the biggest liquids supplier, will reinforce its leadership as the world’s number one crude producer,” the Paris-based IEA said Friday.

“By the middle of the year, U.S. crude output will probably be more than the capacity of either Saudi Arabia or Russia.”

International benchmark Brent crude traded at around $61.69 Friday morning, up 0.8 percent, while U.S. West Texas Intermediate (WTI) stood at $52.56, almost 1 percent higher.

Brent crude has fallen almost 30 percent since climbing to a peak of $86.29 in early October last year, while WTI is down more than 31 percent over the same period.

The collapse in oil prices was exacerbated by concerns about oversupply, as well as a stock market slump amid worries over rising U.S. interest rates.

That prompted OPEC and non-OPEC producers to throttle back output at the start of 2019, in an effort to try to put a floor under falling oil prices.


Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: sam meredith, ken cedeno, corbis news, getty images
Keywords: news, cnbc, companies, output, opec, leadership, worlds, 2019, saudi, oil, producer, wti, crude, reinforce, start, report, iea


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Newmont Mining to buy Goldcorp in $10 billion deal to create world’s largest gold producer

Newmont Mining said on Monday that it would buy smaller rival Goldcorp in a deal valued at $10 billion, creating the world’s biggest gold producer by output. The gold mining industry has come under fire from investors in recent months for poor management of capital. This combined with falling gold reserves and higher extraction costs have prompted miners to look for cost efficiencies. In 2017, Newmont produced 5.3 million ounces of gold, while Goldcorp mined 2.6 million ounces. Newmont will offe


Newmont Mining said on Monday that it would buy smaller rival Goldcorp in a deal valued at $10 billion, creating the world’s biggest gold producer by output. The gold mining industry has come under fire from investors in recent months for poor management of capital. This combined with falling gold reserves and higher extraction costs have prompted miners to look for cost efficiencies. In 2017, Newmont produced 5.3 million ounces of gold, while Goldcorp mined 2.6 million ounces. Newmont will offe
Newmont Mining to buy Goldcorp in $10 billion deal to create world’s largest gold producer Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-14  Authors: dado galdieri, bloomberg, getty images
Keywords: news, cnbc, companies, combined, share, million, reserves, producer, deal, buy, resources, largest, goldcorp, mining, worlds, gold, newmont, create, shares


Newmont Mining to buy Goldcorp in $10 billion deal to create world's largest gold producer

Newmont Mining said on Monday that it would buy smaller rival Goldcorp in a deal valued at $10 billion, creating the world’s biggest gold producer by output.

The deal is the second high-profile merger in the mining industry since Barrick Gold agreed to buy Randgold Resources Ltd in September last year to cut costs.

The gold mining industry has come under fire from investors in recent months for poor management of capital. This combined with falling gold reserves and higher extraction costs have prompted miners to look for cost efficiencies.

“The strategic rationale for combining Goldcorp with Newmont is powerfully compelling on many levels,” Goldcorp Chief Executive Officer David Garofalo said in a statement.

The combined company is expected to produce 6 million to 7 million ounces of gold over the next 10 years. In 2017, Newmont produced 5.3 million ounces of gold, while Goldcorp mined 2.6 million ounces.

Newmont will offer 0.3280 of its share and $0.02 for each Goldcorp share. Based on Newmont’s Friday close, that translates to $11.46 per share, a premium of about 18 percent to Goldcorp’s Friday close on the New York Stock Exchange.

The combined company’s reserves and resources will represent the largest in the gold sector and will be located in favorable mining jurisdictions in the Americas, Australia, and Ghana, the companies said.

Goldcorp’s U.S.-listed shares were up 13 percent before the bell on Monday. Newmont Mining’s shares were down 2.6 percent.


Company: cnbc, Activity: cnbc, Date: 2019-01-14  Authors: dado galdieri, bloomberg, getty images
Keywords: news, cnbc, companies, combined, share, million, reserves, producer, deal, buy, resources, largest, goldcorp, mining, worlds, gold, newmont, create, shares


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Ashley Judd’s sexual harassment claim against Weinstein dismissed by US judge

A federal judge in Los Angeles on Wednesday dismissed actress Ashley Judd’s sexual harassment claim against movie producer Harvey Weinstein but said she could proceed with a defamation claim against him. Judd had accused Weinstein of defaming her in 1998 after she refused what she said were his sexual advances a year earlier. In her lawsuit, filed in April 2018, the “Double Jeopardy” actress accused Weinstein of smearing her reputation by discouraging director Peter Jackson from casting her in h


A federal judge in Los Angeles on Wednesday dismissed actress Ashley Judd’s sexual harassment claim against movie producer Harvey Weinstein but said she could proceed with a defamation claim against him. Judd had accused Weinstein of defaming her in 1998 after she refused what she said were his sexual advances a year earlier. In her lawsuit, filed in April 2018, the “Double Jeopardy” actress accused Weinstein of smearing her reputation by discouraging director Peter Jackson from casting her in h
Ashley Judd’s sexual harassment claim against Weinstein dismissed by US judge Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-10  Authors: jefferson siegel-pool, getty images
Keywords: news, cnbc, companies, producer, accused, sexual, relationship, refused, women, judge, judds, movie, ashley, claim, harassment, weinstein, dismissed, actress


Ashley Judd's sexual harassment claim against Weinstein dismissed by US judge

A federal judge in Los Angeles on Wednesday dismissed actress Ashley Judd’s sexual harassment claim against movie producer Harvey Weinstein but said she could proceed with a defamation claim against him.

Judd had accused Weinstein of defaming her in 1998 after she refused what she said were his sexual advances a year earlier.

In her lawsuit, filed in April 2018, the “Double Jeopardy” actress accused Weinstein of smearing her reputation by discouraging director Peter Jackson from casting her in his blockbuster movie franchise “The Lord of the Rings.”

Judd, one of the first women in October 2017 to publicly accuse Weinstein of sexual misconduct, had accused the Hollywood movie mogul of sexual harassment in violation of a California law barring such conduct by a person in a “business, service or professional relationship” with another.

In a footnote to his ruling, U.S. District Judge Philip Gutierrez said he was not determining whether Judd was sexually harassed by Weinstein “in the colloquial sense of the term.”

But Gutierrez said that Judd’s relationship as an actress with the film producer was not covered under the California statute she had sued under, nor under a 2019 amendment.

“We have said from the beginning that this claim was unjustified, and we are pleased that the court saw it as we did. We believe that we will ultimately prevail on her remaining claims,” Weinstein’s lawyer, Phyllis Kupferstein, said in a statement.

Judd’s representative did not immediately respond to a request for comment.

Weinstein is to stand trial in May in New York on five charges, including rape, involving two other women.

The disgraced Hollywood producer of movies like “Shakespeare in Love” has been accused of sexual misconduct by more than 70 women. He has denied the accusations, saying any sexual encounters were consensual.

Judd’s lawsuit had alleged Weinstein “cornered her in a hotel room in 1997 under the guise of discussing business.” When she refused his demands, he retaliated by making what she called “baseless smears” against her to “Lord of the Rings” director Jackson, and she lost a part in the movie.

Weinstein denied defaming Judd or interfering with her career.


Company: cnbc, Activity: cnbc, Date: 2019-01-10  Authors: jefferson siegel-pool, getty images
Keywords: news, cnbc, companies, producer, accused, sexual, relationship, refused, women, judge, judds, movie, ashley, claim, harassment, weinstein, dismissed, actress


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Green Growth to launch hostile bid for pot producer Aphria

U.S. cannabis retailer Green Growth said on Thursday it would make a hostile takeover bid for Aphria in an all-stock deal valuing the Canadian pot producer at C$2.8 billion ($2.06 billion). Green Growth would offer 1.5714 shares for each Aphria share, representing a premium of 45.5 percent over Aphria’s closing price on the Toronto Stock Exchange on December 24. The offer is based on a valuation of C$7 per Green Growth share. Green Growth then arranged a call with the Aphria board that included


U.S. cannabis retailer Green Growth said on Thursday it would make a hostile takeover bid for Aphria in an all-stock deal valuing the Canadian pot producer at C$2.8 billion ($2.06 billion). Green Growth would offer 1.5714 shares for each Aphria share, representing a premium of 45.5 percent over Aphria’s closing price on the Toronto Stock Exchange on December 24. The offer is based on a valuation of C$7 per Green Growth share. Green Growth then arranged a call with the Aphria board that included
Green Growth to launch hostile bid for pot producer Aphria Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-28
Keywords: news, cnbc, companies, offer, growth, company, launch, bid, sector, pot, green, producer, aphrias, aphria, cannabis, shares, hostile


Green Growth to launch hostile bid for pot producer Aphria

U.S. cannabis retailer Green Growth said on Thursday it would make a hostile takeover bid for Aphria in an all-stock deal valuing the Canadian pot producer at C$2.8 billion ($2.06 billion).

Several companies are looking to partner with or buy pot firms to explore opportunities in the Canadian cannabis sector after the country legalized recreational use of marijuana in October. Green Growth would offer 1.5714 shares for each Aphria share, representing a premium of 45.5 percent over Aphria’s closing price on the Toronto Stock Exchange on December 24. The offer is based on a valuation of C$7 per Green Growth share.

Aphria did not immediately respond to a request for comment.

Green Growth said its advisers reached out to Aphria last week after a meeting with the company and after having taken a tour of its facilities earlier this year.

Green Growth then arranged a call with the Aphria board that included a presentation laying out their offer, Green Growth CEO Peter Horvath told Reuters, adding that the company did not hear back from Aphria.

The rationale underlying the bid was recent market declines which also hit the cannabis sector. Among Green Growth’s strengths are a U.S. market footprint and experience, and its $54 million in trailing 12-month revenue already outstrips Aphria’s, Horvath said.

Green Growth said its retail strength and Aphria’s low-cost cultivation and near-term production capacity would create a strong combination.

Earlier this month, Marlboro cigarette maker Altria invested $1.8 billion in Cronos, representing by far the biggest investment by a major tobacco conglomerate in a cannabis company.

Green Growth said it had engaged Aphria’s board for a “friendly business combination” before launching the hostile bid and claimed it has the support of Aphria shareholders who hold about 10 percent of the outstanding shares.

The company disclosed that it has acquired a “meaningful toehold position” in Aphria but did not reveal the size of the stake.

U.S. listed shares of Aphria rose 23 percent after the bell. Canaccord Genuity is Green Growth’s financial adviser and Norton Rose Fulbright Canada its legal adviser. Kingsdale Advisors is its strategic shareholder and communications advisor and depositary.


Company: cnbc, Activity: cnbc, Date: 2018-12-28
Keywords: news, cnbc, companies, offer, growth, company, launch, bid, sector, pot, green, producer, aphrias, aphria, cannabis, shares, hostile


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Producer cuts are set to boost the oil market in 2019, data firm projects

An oversupply of oil will continue to pressure prices into the first quarter of 2019, but producer cuts will eventually boost crude price as the year progresses, according to Argus Media, an energy information provider. That is, supply and demand should rebalance by the second quarter of next year, said Azlin Ahmad, editor for crude oil at Argus. But prices are likely to pick up next year as supply cuts by the Organization of the Petroleum Exporting Countries. Prices will breach $80 a barrel in


An oversupply of oil will continue to pressure prices into the first quarter of 2019, but producer cuts will eventually boost crude price as the year progresses, according to Argus Media, an energy information provider. That is, supply and demand should rebalance by the second quarter of next year, said Azlin Ahmad, editor for crude oil at Argus. But prices are likely to pick up next year as supply cuts by the Organization of the Petroleum Exporting Countries. Prices will breach $80 a barrel in
Producer cuts are set to boost the oil market in 2019, data firm projects Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-24  Authors: huileng tan
Keywords: news, cnbc, companies, firm, market, supply, producer, barrels, second, prices, set, barrel, crude, cuts, 2019, oil, data, boost, projects, quarter


Producer cuts are set to boost the oil market in 2019, data firm projects

An oversupply of oil will continue to pressure prices into the first quarter of 2019, but producer cuts will eventually boost crude price as the year progresses, according to Argus Media, an energy information provider.

That is, supply and demand should rebalance by the second quarter of next year, said Azlin Ahmad, editor for crude oil at Argus.

Since climbing to four-year highs in early October, the price of crude futures have crashed by more than a third. The latest wave of heavy selling comes at a time when the energy market as well as the global economy is gripped by a flurry of bearish factors.

Brent oil futures, the international benchmark were trading around $53.60 per barrel on Monday, representing an almost 20 percent decline in 2018.

But prices are likely to pick up next year as supply cuts by the Organization of the Petroleum Exporting Countries. The cuts are scheduled to take effect in January.

OPEC and allied non-OPEC oil producers including Russia agreed at the start of December to curb output by 1.2 million barrels a day. That’s equivalent to more than 1 percent of global demand, in a bid to drain tanks and boost prices.

The 15-member organization said it would reduce its output by 800,000 barrels a day, while Russia and the allied non-OPEC producers will contribute a 400,000 barrels daily reduction.

Argus forecasts Brent crude to trade around $65 per barrel in the first quarter, rising to $68 in the second quarter and reaching the low $70s in the third quarter. Prices will breach $80 a barrel in the fourth quarter of 2019, Ahmad projected.

Average Brent oil prices will be below $70s in the whole of 2019, according to Argus’ forecast.

—CNBC’s Sam Meredith contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2018-12-24  Authors: huileng tan
Keywords: news, cnbc, companies, firm, market, supply, producer, barrels, second, prices, set, barrel, crude, cuts, 2019, oil, data, boost, projects, quarter


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Oil prices dip as stock markets slide, but trading tepid ahead of OPEC meeting

Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October. International Brent crude oil futures were down 7 cents, or 0.1 percent, at $61.49 per barrel. Traders said oil prices were being weighed down by weak global financial markets, which saw stock markets tumble on Thursday. Led by Saudi Arabia, OPEC


Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October. International Brent crude oil futures were down 7 cents, or 0.1 percent, at $61.49 per barrel. Traders said oil prices were being weighed down by weak global financial markets, which saw stock markets tumble on Thursday. Led by Saudi Arabia, OPEC
Oil prices dip as stock markets slide, but trading tepid ahead of OPEC meeting Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-06
Keywords: news, cnbc, companies, supply, prices, markets, million, oil, stock, production, dip, producer, meeting, tepid, slide, opec, crude, trading


Oil prices dip as stock markets slide, but trading tepid ahead of OPEC meeting

Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October.

U.S. West Texas Intermediate (WTI) crude futures were at $52.66 per barrel at 0140 GMT, down 23 cents, or 0.4 percent, from their last close.

International Brent crude oil futures were down 7 cents, or 0.1 percent, at $61.49 per barrel.

Traders said oil prices were being weighed down by weak global financial markets, which saw stock markets tumble on Thursday.

Since early October, crude oil has lost around 30 percent of its value amid surging supply and fears that an economic downturn will erode fuel demand.

The Organisation of the Petroleum Exporting Countries (OPEC) is meeting at its headquarters in Vienna, Austria, on Thursday to decide its production policy.

Led by Saudi Arabia, OPEC’s crude oil production has risen by 4.1 percent since mid-2018, to 33.31 million barrels per day (bpd).

Oil output from the world’s biggest producers – OPEC, Russia and the United States – has increased by a 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting almost 60 percent of global consumption.

The increase alone is equivalent to the output of major OPEC producer United Arab Emirates.

Russia, a major oil producer but not a member of OPEC, will meet with the producer cartel on Friday to discuss production levels, and it is widely expected that a supply cut will be agreed.

“Markets…believe the production cut deal will be in range of 1-1.3 million bpd,” ANZ bank said on Thursday.


Company: cnbc, Activity: cnbc, Date: 2018-12-06
Keywords: news, cnbc, companies, supply, prices, markets, million, oil, stock, production, dip, producer, meeting, tepid, slide, opec, crude, trading


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Marijuana producer Tilray says revenue surged more than 85 percent last quarter

“The biggest challenge is that there’s just so much demand, which is interesting to see,” he added. “It definitely takes six to 12 months for supply and demand to reach some sort of equilibrium.” The pressure is on for Tilray to offer shareholders a reason for optimism as well as justify its steep valuation. Based in Nanaimo, British Columbia, Tilray is the largest of the publicly traded Canadian cannabis companies by market capitalization. Total kilograms sold increased over two-fold to 1,613 k


“The biggest challenge is that there’s just so much demand, which is interesting to see,” he added. “It definitely takes six to 12 months for supply and demand to reach some sort of equilibrium.” The pressure is on for Tilray to offer shareholders a reason for optimism as well as justify its steep valuation. Based in Nanaimo, British Columbia, Tilray is the largest of the publicly traded Canadian cannabis companies by market capitalization. Total kilograms sold increased over two-fold to 1,613 k
Marijuana producer Tilray says revenue surged more than 85 percent last quarter Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: thomas franck
Keywords: news, cnbc, companies, company, surged, past, quarter, revenue, demand, tilray, 85, stock, months, kilograms, producer, theres, marijuana


Marijuana producer Tilray says revenue surged more than 85 percent last quarter

Tilray CEO: Our biggest challenge is that there’s so much demand for product 7 Hours Ago | 03:01

“All of that revenue for this quarter is medical and we look forward to next quarter, when we’ll start to see some Canadian adult-use revenue in that earnings report,” Kennedy said.

“The biggest challenge is that there’s just so much demand, which is interesting to see,” he added. “It definitely takes six to 12 months for supply and demand to reach some sort of equilibrium.”

The pressure is on for Tilray to offer shareholders a reason for optimism as well as justify its steep valuation.

Tilray’s stock has climbed more than 320 percent over the past three months, making it one of the most speculative names on the Street. Though it posted just $20 million in revenue last year (and is projected to generate just $140 million in 2019), the company has a market cap of about $10.5 billion.

The stock, which trades on the NASDAQ, is down 23 percent over the past month as investors cashed in for profits.

The stock pared some of its losses following those comments and was last down 2 percent in after hours trading.

Based in Nanaimo, British Columbia, Tilray is the largest of the publicly traded Canadian cannabis companies by market capitalization.

The company reported an adjusted loss for last quarter of 8 cents versus an expected 12 cents per share loss, according to the four analysts polled by Refinitiv. Total kilograms sold increased over two-fold to 1,613 kilograms from 684 kilograms in the prior year.

Tilray announced earlier in the third quarter that it had become the first and only company to receive regulatory approval in Canada and Germany to export medical cannabis flower for distribution to German patients.


Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: thomas franck
Keywords: news, cnbc, companies, company, surged, past, quarter, revenue, demand, tilray, 85, stock, months, kilograms, producer, theres, marijuana


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