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Market Wrap: pre-opening session |
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U.S. market futures are losing ground as oil prices climb.
On Wednesday, the S&P 500 dipped 5 points (-0.08%) to 6,775, and the Dow Jones declined 289 points (-0.61%) to 47,417.
Meanwhile, the Nasdaq 100 was nearly flat at 24,965.
On the stat front in the U.S. housing starts and building permits for January are expected to drop 2.4% and 1.5% month-on-month respectively. Separately trade deficit for January is estimated at 65 billion dollars. Also, the weekly initial jobless claims are expected at 217,000.
European indices trade slightly red, rebounding from their session lows.
Asian indexes were badly oriented on rising oil prices.
WTI crude oil prices rebounded to hit 95 dollars overnight as several ships have been targeted in the Strait of Hormuz. However, prices pullback from their session high, currently trading near 90 dollars.
Gold and silver both attempt to rebound after a red session yesterday.
Bitcoin trades slightly rise above 70,000 dollars.
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Occidental Petroleum (OXY), an energy exploration and production company, was upgraded to "overweight" from "underweight" at Wells Fargo. Piper Sandler also raised its rating on the stock, to "overweight" from "neutral".
UiPath (PATH), a designer and developer of robotic process automation software, drops as current quarter earnings guidance failed to impress investors.
Atlassian (TEAM), a software company, gains ground after announcing cutting 10% of its workforce.
Netskope (NTSK), a cybersecurity company, plunges as guidance disappointed investors.
Bumble (BMBL), a dating app, soars on strong quarterly financial figures. Also, current quarter adjusted Ebitda forecast beat estimates.
Fertilizers such as Mosaic (MOS) or CF Industries (CF) gain ground amid shipping disruptions in the Strait of Hormuz.
Morgan Stanley (MS), a banking group, loses ground as a regulatory filing showed the company limited redemptions from one of its private credit funds.
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Adobe (ADBE)
Wheaton Precious Metals (WPM)
Dollar General (DG)
Ulta Beauty (ULTA)
Lennar (LEN)
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Earning Release:
Wheaton Precious Metals Corp (WPM)
On Wednesday, the S&P/TSX Composite Index fell 0.45% to 33,120, and the S&P/TSX 60 Index dropped 0.40% to 1,917.
Empire Co (EMP/A), a conglomerate whose key businesses are food retailing and related real estate, unveiled quarterly adjusted EPS up 16.1% to 0.72 dollar, just above estimates. Sales rose 2.1% to 7.89 billion dollars, slightly below expectations.
NFI Group (NFI), a leading independent bus and coach manufacturer and a leader in electric mass mobility solutions, reported quarterly adjusted EPS up to 0.50 dollar, beating expectations, from 0.12 dollar a year earlier. Sales rose 22.5% to 1.025 billion dollars, yet missing estimates. The company expects 2026 sales between 3.9 and 4.2 billion dollars, below expectations.
Descartes Systems (DSG), a provider of software solutions for logistics-intensive businesses, posted quarterly adjusted Ebitda up 18% to 88.7 million dollars on sales up 15% to 192.8 million dollars. Both figures topped expectations.
Kinross Gold (K), a gold producer, was upgraded to "outperform" from "sector perform" at RBC.
Nutrien (NTR), a fertilizer company, was upgraded to "buy" from "hold" at Jefferies.
Aris Mining (ARIS), a mining company, unveiled quarterly adjusted Ebitda up to 168.0 million dollars from 131.1 million dollars a year ago.
Strathcona Resources (SCR), an energy company, reported quarterly operating income down 23% to 146 million dollars.
Bird Construction (BDT), a construction company, posted quarterly adjusted EPS down to 0.57 dollar, yet above estimates, from 0.67 dollar a year earlier.
Altius Minerals (ALS), a royalty company, was resumed "buy" at TD Cowen.
Franco-Nevada (FNV)'s, a gold-focused royalty and streaming company, target price was raised to 400 dollars from 380 dollars at National Bank of Canada.
HLS Therapeutics (HLS), a specialty pharmaceutical company, unveiled quarterly adjusted Ebitda up 3% to 5.71 million dollars.
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