Month: June 2020

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Trading Ideas

Oil Set for Sixth Weekly Gain as OPEC+ Nears Cut Extension Deal

June 5, 2020 admin Comments Off on Oil Set for Sixth Weekly Gain as OPEC+ Nears Cut Extension Deal

(Bloomberg) — Oil was headed for a sixth weekly gain after OPEC+ reached a tentative agreement to extend record production cuts until the end of July.Futures in New York edged higher toward $38 a barrel on Friday and are up around 6% this week. After almost a week of wrangling, Saudi Arabia and Russia clinched a deal with Iraq, according to a delegate. The pair were pushing Baghdad to stop shirking its share of cuts and to compensate for past non-compliance. OPEC+ will meet Saturday at 4 p.m. Vienna time, delegates said.In another potentially bullish driver for oil prices, analysts …read more […]

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Trading Ideas

Slack Plunges 15% Post-Print Despite Multi-Year Amazon Deal

June 5, 2020 admin Comments Off on Slack Plunges 15% Post-Print Despite Multi-Year Amazon Deal

Shares in Slack Technologies (WORK) plunged 15% in Thursday’s after-hours trading after the company reported a solid F1Q21 but withdrew full year billings guidance. Slack also revealed an exciting new strategic collaboration with Amazon (AMZN)- but that wasn’t enough to send shares higher.Revenue, billings, margin, and FCF were ahead of consensus with Q1 Non-GAAP EPS of -$0.02 beating Street expectations by $0.04. Similarly GAAP EPS of -$0.13 beat by $0.04 and revenue of $201.7M delivered strong year-over-year growth of 50%, while topping expectations by $13.58M.Meanwhile calculated billings came in at $206M vs consensus of $189.2M, and representing 38% year-over-year growth.F2Q …read more […]

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Business News

Japan’s first-quarter GDP decline likely smaller than initial estimates on firmer capex: Reuters poll

June 5, 2020 admin Comments Off on Japan’s first-quarter GDP decline likely smaller than initial estimates on firmer capex: Reuters poll

Japan’s first quarter economic contraction was likely smaller than initially estimated, a Reuters poll showed, thanks to stronger business spending although the country is still expected to slide deeper into recession this year.

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Trading Ideas

OPEC+ Set to Extend Cuts After Breakthrough With Iraq

June 5, 2020 admin Comments Off on OPEC+ Set to Extend Cuts After Breakthrough With Iraq

(Bloomberg) — OPEC+ is set to extend production cuts to prop up the oil market after a breakthrough in high-stakes negotiations, and the cartel could meet as soon as this weekend to sign off on the deal.After almost a week of wrangling, OPEC+ leaders Russia and Saudi Arabia clinched a tentative deal with holdout member Iraq, according to a delegate. The pair were pushing Iraq to stop shirking its share of cuts and even to compensate for failure to comply with cuts in the past.The agreement — though still to be ratified — means OPEC+ will extend its record production …read more […]