Crude Oil Edges Higher; Colgate-Palmolive Posts Upbeat Earnings

U.S. stocks traded higher toward the end of trading, with the Nasdaq Composite gaining around 250 points on Friday.

The Dow traded up 0.42% to 35,432.07 while the NASDAQ rose 1.79% to 14,301.74. The S&P 500, also rose, gaining, 0.87% to 4,576.83.

Check This Out: Top 5 Industrials Stocks That Are Preparing To Pump In Q3

 

Leading and Lagging Sectors

  • Communication services shares climbed by 2.3% on Friday.
  • In trading on Friday, energy shares fell by 0.3%.

 

Top Headline

Colgate-Palmolive Company CL reported better-than-expected second-quarter earnings.

Colgate-Palmolive reported second-quarter FY23 sales growth of 7.5% year-on-year to $4.82 billion, beating the consensus of $4.67 billion. Non-GAAP EPS of $0.77 beat the analyst consensus of $0.75.

Colgate sees FY23 net sales growth of 5%-8% (prior view 3%-6%), including the benefit from acquisitions of pet food businesses and a low-single-digit negative impact from foreign exchange. CL now expects EPS growth to be at the high end of mid-single-digits (prior view: mid-single-digit EPS growth).

 

Equities Trading UP

  • Business First Bancshares, Inc. BFST shares shot up 24% to $21.10 following upbeat quarterly results
  • Shares of Reata Pharmaceuticals, Inc. RETA got a boost, shooting 52% to $165.30 after Biogen agreed to acquire the company.
  • Roku, Inc. ROKU shares were also up, gaining 25% to $85.54 after the company reported better-than-expected second-quarter results and issued strong third-quarter guidance.

 

Equities Trading DOWN

  • Tonix Pharmaceuticals Holding Corp. TNXP shares dropped 39% to $1.09. Tonix Pharmaceuticals priced public offering of 7 million common shares at $1 per share.
  • Shares of Sleep Number Corporation SNBR were down 30% to $26.88 after the company reported mixed second-quarter results.
  • Eos Energy Enterprises, Inc. EOSE was down, falling 14% to $2.29. Eos Energy Enterprises said it expects second-quarter revenue of $0.2 million.

Also Check This Out: SLB, Johnson & Johnson And 2 Other Stocks Insiders Are Selling

 

Commodities

In commodity news, oil traded up 0.5% to $80.50 while gold traded up 0.8% at $1,960.30.

Silver traded up 0.6% to $24.515 on Friday while copper rose 1.3% to $3.9265.

 

Euro zone

European shares were mixed today. The eurozone’s STOXX 600 fell 0.20%, London’s FTSE 100 rose 0.02% while Spain’s IBEX 35 Index slipped 0.10% The German DAX gained 0.39% French CAC 40 rose 0.15% and Italy’s FTSE MIB Index fell 0.33%.

The services confidence indicator in the Eurozone fell for a third straight month to a reading of 5.7 in July, while industry confidence indicator fell for a sixth consecutive month to -9.4 in July. The consumer confidence indicator in the Eurozone increased by 1 point to -15.1 in July, while economic sentiment indicator fell for a third month in a row to 94.5.

The Germany’s economy stalled in the second quarter, compared to market expectations for a 0.1% growth, while Spanish economy expanded by 0.4% on the quarter in the second quarter. The consumer price inflation in France slowed to 4.3% year-over-year in July from 4.5% in the prior month, while producer prices fell 1.1% month-over-month in June.

Industrial sales in Italy increased by 1.5% from the prior month in May, the most since Aug. 2022, while industrial producer prices declined by 5.5% year-over-year in June.

 

Asia Pacific Markets

Asian markets closed mixed on Friday, with Japan’s Nikkei 225 falling 0.40%, China’s Shanghai Composite Index gaining 1.84% and Hong Kong’s Hang Seng Index rising 1.41%. India’s S&P BSE Sensex, meanwhile, fell 0.2%.

The Bank of Japan maintained its key short-term interest rate at -0.1%. Australia's final demand producer price index rose by 0.5% quarter-over-quarter in the second quarter, while retail sales fell by 0.8% month-over-month in June.

 

Economics

  • Personal income in the U.S. increased by 0.3% from the prior month in June, while personal spending rose by 0.5%.
  • Compensation costs for civilian workers rose by 1.0% during the second quarter, versus a 1.2% growth in the prior three-month period.
  • The PCE price index rose 0.2% month-over-month in June versus a 0.1% increase in May. Core PCE prices rose by 0.2% month-over-month in June easing from a 0.3% increase in the earlier month. The annual rate, which is the Fed’s preferred gauge for inflation, increased by 4.1%.
  • The University of Michigan consumer sentiment was revised lower to 71.6 in July versus a preliminary reading of 72.6.

Now Read This: Intel Analysts Boost Their Forecasts Following Upbeat Q2 Results

 

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,505,310 cases with around 1,169,770 deaths. India confirmed a total of at least 44,995,430 cases and 531,910 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 692,178,100 cases of COVID-19 worldwide with more than 6,903,050 deaths.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsTrading IdeasMid Afternoon Market Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!