Crude Oil Surges 3%; Delta Air Lines Posts Downbeat Earnings

Benzinga
2024/10/11

U.S. stocks traded mixed midway through trading, with the Nasdaq Composite gaining around 0.1% on Thursday.

The Dow traded down 0.17% to 42,437.66 while the NASDAQ rose 0.12% to 18,313.25. The S&P 500 also fell, dropping, 0.05% to 5,789.32.

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Leading and Lagging SectorsEnergy shares jumped by 0.6% on Thursday.

In trading on Thursday, industrials shares fell by 0.5%.

Top Headline

Delta Air Lines, Inc. (NYSE:DAL) reported downbeat third-quarter earnings on Thursday.

Delta reported third-quarter operating revenue growth of 1% year-over-year to $15.677 billion, beating the consensus of $14.674 billion. Adjusted operating revenue was $14.594 billion (almost flat YoY). Adjusted EPS was $1.50 (-26% YoY), missing the consensus of $1.52.

Equities Trading UP                       

  • BloomZ Inc. (NASDAQ:BLMZ) shares shot up 73% to $1.2350 after the company announced it was selected as the primary animation contractor for an upcoming project.
  • Shares of LSB Industries, Inc. (NYSE:LXU) got a boost, surging 12% to $9.31. UBS analyst Joshua Spector upgraded LSB Industries from Neutral to Buy and raised the price target from $9.5 to $11.
  • Symbotic Inc. (NASDAQ:SYM) shares were also up, gaining 12% to $26.10. Symbotic announced an agreement to implement multiple industry-leading warehouse automation systems for Walmex and strategic international expansion in Mexico.

Equities Trading DOWN

  • Gritstone bio, Inc. (NASDAQ:GRTS) shares dropped 64% to $0.0707 after the company announced it voluntarily filed for Chapter 11 restructuring.
  • Shares of Indivior PLC (NASDAQ:INDV) were down 19% to $7.66 after the company reported preliminary third-quarter revenue guidance and cut its FY24 net revenue guidance below estimates.
  • 10x Genomics, Inc. (NASDAQ:TXG) was down, falling 29% to $14.87 after the company guided third-quarter preliminary revenue of $151.7 million, down 1% year over year.

CommoditiesIn commodity news, oil traded up 3.1% to $75.48 while gold traded up 0.7% at $2,644.80.

Silver traded up 1.7% to $31.175 on Thursday, while copper rose 0.5% to $4.4230.

Euro zone

European shares were lower today. The eurozone's STOXX 600 slipped 0.36%, Germany's DAX slipped 0.47% and France's CAC 40 fell 0.48%. Spain's IBEX 35 Index fell 0.76%, while London's FTSE 100 fell 0.08%.

Retail sales in Germany rose 1.6% month-over-month in August compared to a 1.5% gain in July.

Asia Pacific Markets

Asian markets closed higher on Thursday, with Japan's Nikkei 225 gaining 0.26%, Hong Kong's Hang Seng Index jumping 2.98%, China's Shanghai Composite Index gaining 1.32% and India's BSE Sensex rising 0.18%.

Producer prices in Japan rose by 2.8% year-over-year in September compared to a 2.6% increase in the prior month.

Economics

  • U.S. initial jobless claims rose by 33,000 from the prior week to 258,000 in the week ending October 5th, compared to market estimates of 230,000.
  • The annual inflation rate in the U.S. eased for a sixth straight month to 2.4% in September from 2.5% in the previous month, but came in above market estimates of 2.3%.

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