Crude Oil Moves Higher; Newell Brands Issues Weak Outlook

Author: Avi Kapoor | February 09, 2024 03:38pm

U.S. stocks traded mostly higher toward the end of trading, with the Nasdaq Composite gaining over 1% on Friday.

The Dow traded down 0.09% to 38,691.21 while the NASDAQ rose 1.26% to 15,992.17. The S&P 500 also rose, gaining, 0.55% to 5,025.21.

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Leading and Lagging Sectors

 

Information technology shares rose by 1.4% on Friday.

In trading on Friday, energy shares fell by 1.2%.

 

Top Headline

 

Newell Brands Inc (NASDAQ:NWL) reported upbeat sales for its fourth quarter, but issued a weak forecast.

The company reported fourth-quarter revenues of $2.076 billion, beating the analyst consensus of $1.980 billion. Revenues fell 9.1% year over year. Normalized EPS of 22 cents topped the consensus of 17 cents.

The company sees FY24 sales decline of 8% to 5%. Newell Brands sees adjusted EPS of 52 cents to 62 cents versus estimates of 77 cents.

 

Equities Trading UP

 

Intelligent Bio Solutions Inc. (NASDAQ:INBS) shares shot up 254% to $10.19 following second-quarter results.

Shares of Masonite International Corporation (NYSE:DOOR) got a boost, surging 35% to $130.24 after Owens Corning announced it will acquire the company for $3.9 billion.

Cloudflare, Inc. (NYSE:NET) shares were also up, gaining 21% to $108.95 after the company reported better-than-expected fourth-quarter financial results and issued first-quarter guidance.

 

Equities Trading DOWN

 

The Children's Place, Inc. (NASDAQ:PLCE) shares dropped 40% to $11.84 after the company said it expects fourth-quarter net sales to be roughly $454 million to $456 million, versus its prior guidance of $460 million to $465 million, and below the estimate of $462.88 million.

Shares of Synlogic, Inc. (NASDAQ:SYBX) were down 49% to $1.75 after the company announced it will discontinue Synpheny-3, cease operations and reduce its workforce by more than 90%.

EMCORE Corporation (NASDAQ:EMKR) was down, falling 37% to $0.3943 after posting weak quarterly results.

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Commodities

 

In commodity news, oil traded up 0.8% to $76.83 while gold traded down 0.4% at $2,039.40.

Silver traded down 0.2% to $22.585 on Friday while copper fell 0.5% to $3.6830.

 

Euro zone

 

European shares closed mostly lower today. The eurozone’s STOXX 600 fell 0.3092%, London’s FTSE 100 fell 0.30% while Spain’s IBEX 35 Index fell 0.09% The German DAX fell 0.22% French CAC 40 fell 0.24% while Italy’s FTSE MIB Index gained 0.30%.

Industrial production in Italy increased by 1.1% month-over-month in December, while German consumer price inflation came in at 2.9% year-over-year in January.

 

Asia Pacific Markets

 

Asian markets closed mixed on Friday, with Japan’s Nikkei 225 gaining 0.09%, Hong Kong’s Hang Seng Index falling 0.83% and India’s S&P BSE Sensex gaining 0.20%.

 

Economics

 

The CPI in the U.S. rose 0.2% month-over-month in December, compared to a 0.3% rise initially reported, according to revised figures from the BLS.

The total number of active U.S. oil rigs came in unchanged at 499 rigs this week, Baker Hughes Inc reported.

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Posted In: DOOR EMKR INBS NET NWL PLCE SYBX