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☆ Disney earnings: Company plans to slash costs by $2 billion more
▼ + stars: | 2023-11-08 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

The company announced it would slash expenses by another $2 billion, adding to the $5.5 billion reduction it had previously announced, which included thousands of job cuts. Meanwhile, the company continues to lose money in its Disney+ streaming business, but it managed to significantly reduce its losses in that division. The company reported revenue of $21.2 billion, coming in slightly below expectations of $21.3 billion, according to estimates from analysts surveyed by Refinitiv. The company said it was “aggressively managing its cost base,” planning to slash $2 billion more in costs than previously reported. “We are bullish about the future of our streaming business,” Iger said.

Persons: Los Angeles CNN — Disney, Bob Iger, Angus Mordant, Ron DeSantis, “, ’, Kevin Lansberry, Lansberry, ”, “ We’re, Iger, ” Iger Organizations: Los Angeles CNN, Disney, Times, Bloomberg, Getty, Republican, Gov, Walt Disney World, ESPN, ABC, Disney Channel, Geographic, “, ABC Network, CNBC Locations: New York, Central Florida, Disney’s, Canada, Hulu

☆ Drugstore closures could make pharmacy deserts even worse
▼ + stars: | 2023-11-06 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +8 min

Pharmacy closures have been a problem for years. “You had a routine: You would go to a pharmacy that was geographically accessible — ideally affordable — was probably preferred for your health insurance plan. Thompson, who himself lives close to a pharmacy in the South Side, said there is now more pressure on remaining locations. But chain closures aren’t likely to lead to more business for independents, which face challenges apart from competition from national chains. Recently, pharmacy workers have been staging walkouts over working conditions they say put patients at risk.

Persons: drugstores, Jenny Guadamuz, ”, “, Guadamuz, Melvin Thompson, Thompson, We’re, Angus Mordant, Omolola Adepoju, University of Houston’s Tilman J, Douglas Hoey, PBMs, Hoey, JC Scott, ” Hoey Organizations: New, New York CNN, CVS, Walgreens, Aid, UC Berkeley School of Public Health, Health Policy, Management, Endelo Institute, Bloomberg, Getty, National Community Pharmacists Association, USC, University of, Fertitta Family College of Medicine, Rite, Walmart, Target, Pharmacy, Pharmaceutical Care Management Association Locations: New York, Chicago, United States

The wave of sales has reversed much of the 398 million barrels purchased between the end of June and the middle of September. WTI SQUEEZE ENDSIn the seven days ending on October 31, selling was led by crude (-78 million barrels), especially NYMEX and ICE WTI (-62 million barrels), with a smaller contribution from Brent (-16 million). The remaining position (153 million barrels) was the lowest for 16 weeks since July 11 (128 million barrels). Crude inventories around the NYMEX delivery point at Cushing in Oklahoma depleted to just 22 million barrels at the end of September from 43 million barrels at the end of June. But most of the sales have come in European gas oil (-49 million barrels) rather than U.S. diesel (-6 million) reflecting the poor outlook for the European economy.

Persons: Angus Mordant, Cushing, John Kemp Organizations: REUTERS, U.S, ICE, diesel, Funds, U.S . Commodity Futures Trading Commission, Thomson, Reuters Locations: Loving County , Texas, U.S, North America, Europe, China, Iran, Israel, Cushing, Oklahoma, WTI, NYMEX

☆ Stocks End October With Gains, Post Monthly Losses
▼ + stars: | 2023-11-01 | by ( Ryan Dezember | ) www.wsj.com time to read: 1 min

Caterpillar shares fell after the heavy-equipment maker reported quarterly earnings. Photo: Angus Mordant/Bloomberg NewsA busy day for corporate earnings reports ended with major stock indexes higher, though not enough to prevent them from a third-straight monthly decline. The S&P 500 climbed 0.6% on Tuesday, to end October 2.2% lower. Every industry segment in the benchmark index rose, with real-estate companies, banks and utilities leading the way. Arista Networks paced the index, gaining 14% after the networking equipment company beat quarterly sales and profit expectations.

Persons: Angus Mordant Organizations: Caterpillar, Bloomberg, Arista Networks

☆ Oil dips after U.S. stockpiles climb, Middle East tensions in focus
▼ + stars: | 2023-10-26 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +2 min

A sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, U.S. November 22, 2019. Investors were also digesting a rise in U.S. crude inventories, indicative of weak demand. Macroeconomic concerns continued to weigh on the outlook for oil demand, as euro zone business activity data took a surprise downturn this month. The dollar index was also up slightly on Thursday, which helps pressure oil prices. A stronger dollar dampens oil demand as it makes the commodity more expensive for those holding other currencies.

Persons: Angus Mordant, Brent, Tina Teng, Jeslyn Lerh, Gerry Doyle, Edwina Gibbs Organizations: REUTERS, U.S, West Texas, Wall Street Journal, Hamas, CMC, Investors, Energy Information Administration, Citi, Thomson Locations: Mentone, Loving County , Texas, U.S, Israel, SINGAPORE, Gaza

Ted Pick, who leads Morgan Stanley’s investment-banking and trading operations, will succeed James Gorman as chief executive. Photo Illustration: Morgan Stanley, Angus Mordant/Bloomberg NewsMorgan Stanley said Wednesday that it named Ted Pick as its next chief executive to succeed longtime CEO James Gorman , ushering in a new era for the Wall Street powerhouse. Pick, who leads Morgan Stanley ’s investment-banking and trading operations, was one of three finalists selected as possible successors for Gorman, who said in May that he would step down from the CEO role he has held since 2010.

Persons: Ted Pick, Morgan Stanley’s, James Gorman, Morgan Stanley, Angus Mordant, Bloomberg News Morgan Stanley, Morgan Stanley ’, Gorman Organizations: Bloomberg News, Wall Street

☆ Why so many drug stores are closing
▼ + stars: | 2023-10-16 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

Now, they are closing thousands of stores, leaving gaps in communities for medicines and essentials. It comes amid walkouts by Walgreens pharmacists and technicians around the country and at CVS stores in Kansas City over low pay and understaffed stores. Drug store strugglesRite Aid’s bankruptcy reflects long-term struggles in the retail pharmacy industry. Walgreens and other drug stores have closed thousands of stores in recent years. But this strategy requires fewer brick-and-mortar retail stores.

Persons: Angus Mordant, Justin Sullivan, drugstores, ”, David Silverman, ” Silverman, Drugstores Organizations: New, New York CNN, Rite Aid, Bloomberg, Getty Images Rite, Walgreens, CVS, Walmart, Fitch, Aetna, Pharmacy, McKinsey . Rite, American Medical Association Locations: New York, Kansas City, drugstores

[1/2] The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. The acquisition would be Exxon's biggest since its $81 billion deal for Mobil in 1998 and would expand its footprint in one of the most lucrative regions of the U.S. oil patch. Pioneer, which had a market value as of Thursday of $50 billion, is the third-largest producer of oil in the Permian basin after Chevron Corp (CVX.N) and ConocoPhillips (COP.N). Exxon produced about 620,000 boed in the Permian basin in the second quarter, a record for the company. Chevron Corp (CVX.N), for example, agreed in May to acquire shale producer PDC Energy Inc in a stock-and-debt transaction worth $7.6 billion.

Persons: Angus Mordant, Bill Smead, Exxon, Scott Sheffield, Richard Dealy, David French, Anirban Sen, Sabrina Valle, Greg Roumeliotis, Lincoln, Kim Coghill Organizations: REUTERS, Exxon Mobil, Natural Resources, Mobil, Chevron Corp, ConocoPhillips, Exxon, Pioneer, Street Journal, Smead Capital Management, Energy Inc, DoublePoint Energy, Parsley Energy, Thomson Locations: Loving County , Texas, U.S, Texas, New Mexico, Ukraine, dealmaking, Dallas, New York, Houston

[1/2] The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. The acquisition would be Exxon's biggest since its $81 billion deal for Mobil in 1998 and would expand its footprint in one of the most lucrative regions of the U.S. oil patch. Pioneer, which had a market value as of Thursday of $50 billion, is the third-largest producer of oil in the Permian basin after Chevron Corp (CVX.N) and ConocoPhillips (COP.N). If the negotiations conclude successfully, an agreement between Exxon and Pioneer could be reached in the coming days, the three sources said, asking not to be identified because the matter is confidential. Exxon produced about 620,000 boed in the Permian basin in the second quarter, a record for the company.

REUTERS/Angus Mordant/File Photo Acquire Licensing RightsNEW YORK, Sept 19 (Reuters) - A federal judge on Tuesday said DoorDash (DASH.N), Grubhub (TKWY.AS) and Uber Eats (UBER.N) can sue New York City over a law capping how much they can charge restaurants for delivering meals. "Good news from New York City," CEO of Grubhub's parent company Just Eat Takeaway, Jitse Groen, wrote on X, formerly known as Twitter. Woods said the plaintiffs adequately alleged that the law unconstitutionally interfered with their ability to collect higher commissions under their contracts with restaurants. The plaintiffs have said commission caps would necessitate higher delivery fees, resulting in higher prices for consumers and less revenue for restaurants. The case is DoorDash Inc et al v City of New York, U.S. District Court, District of New York, No 21-07564.

Persons: Angus Mordant, DoorDash, Gregory Woods, Nicholas Paolucci, Grubhub, Jitse Groen, Woods, Jonathan Stempel, Diana Mandiá, Mark Potter, Timothy Gardner Organizations: REUTERS, New, Constitution, New York, City Council, Council, Twitter, Thomson Locations: Manhattan , New York, U.S, New York City, Manhattan, New York, Amsterdam, San Francisco, City of New York, Gdansk

A flare burns off excess gas from a gas plant in the Permian Basin in Loving County, Texas, U.S., November 25, 2019. Experience suggests drilling rates turn down about 4-5 months after futures prices and production rates turn down about 12 months after prices. Like oil, gas production has continued to increase in a lagged response to very high prices during the second and third quarters of 2022. Gas production growth is set to slow sharply in the second half of 2023 and into the first half of 2024 which should erode excess inventories during the winter of 2023/24. Related columns:- U.S. oil and gas production set to turn down later in 2023 (July 5, 2023)- U.S. oil and gas output still rising in response to high prices last year (June 1, 2023)- U.S. oil and gas output growth set to slow sharply (May 3, 2023)- U.S. oil drilling falls in response to lower prices (February 27, 2023)John Kemp is a Reuters market analyst.

Persons: Angus Mordant, John Kemp, David Evans Organizations: REUTERS, Angus Mordant LONDON, “ Petroleum, U.S . Energy Information Administration, OPEC ⁺, Traders, Thomson, Reuters Locations: Loving County , Texas, U.S, Gulf, Mexico, Ukraine, Saudi Arabia, OPEC, Saudi

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File PhotoAug 1 (Reuters) - Shale producers Pioneer Natural Resources Co (PXD.N) and Devon Energy Corp (DVN.N) on Tuesday tightened budgets and warned of lower drilling and completions activity in coming months after a drop in oil and gas prices slashed their second-quarter profits. U.S. shale producers have been forced to reduce the number of rigs in operation and delay well completions as profits have fallen from bumper 2022 levels after crude prices eased from multi-year highs. Pioneer, a top producer in the Permian shale basin, cut its 2023 budget, including for drilling and completions, by $125 million to a range of $4.375 billion to $4.575 billion. Devon, which operates in Permian's Delaware basin, forecast capital spending of about $900 million in the third quarter, less than in the second quarter, after one temporary fracking crew was dropped from the basin.

Persons: Angus Mordant, Devon, Pioneer's, Arunima Kumar, Maju Samuel, Richard Chang Organizations: REUTERS, Natural Resources, Devon Energy Corp, Thomson Locations: Loving County , Texas, U.S, Permian's Midland, Devon, Permian's Delaware, Bengaluru, Arathy, Houston

☆ Oil slips as debt talks pause, Fed warns of high inflation
▼ + stars: | 2023-05-19 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Brent and U.S. crude nonetheless notched their first weekly gains in a month, with the both benchmarks rising about 2%. "It doesn't look they are going to get the debt deal done today... the chance of a 25 basis point (rate) increase in the June meeting is rising by the day... Following reports of the paused debt ceiling negotiations and Powell's comments, U.S. stocks, Treasury yields and the dollar all moved lower. Chinese refiners maintained high runs to meet recovering domestic fuel demand and build stockpiles ahead of the summer travel season.

☆ Oil edges lower as debt talks pause, Fed warns of high inflation
▼ + stars: | 2023-05-19 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. The less active U.S. crude contract for May , due to expire on Monday, eased 46 cents, or 0.6%, to $71.4. "It doesn't look they are going to get the debt deal done today.., the chances of a 25 basis point (rate hike) increase in the June meeting is rising by the day... Following reports of the debt ceiling negotiations and Powell's comments, U.S. stocks, Treasury yields and the dollar all moved lower. Chinese refiners maintained high runs to meet recovering domestic fuel demand and build stockpiles ahead of the summer travel season.

☆ Oil rebounds on fading risk of US debt default
▼ + stars: | 2023-05-19 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +2 min

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant//File PhotoMay 19 (Reuters) - Oil prices rebounded on Friday from losses of more than 1% the previous day as investors turned cautiously optimistic over the fading risk of a U.S. debt default. Sentiment remains mixed as investors juggle optimism over avoidance of a U.S. debt default with inflation data that could portend more interest rate hikes from global central banks. China's oil refinery throughput in April rose 18.9% from a year earlier to the second-highest level on record, data showed earlier this week. Chinese refiners maintained high runs to meet recovering domestic fuel demand and build stockpiles ahead of the summer travel season.

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant//File PhotoMay 19 (Reuters) - Oil prices fell slightly in early Asian trade on Friday as optimism that a U.S. debt default will be avoided weighed against sticky inflation data that could portend more interest rate hikes from global central banks. A stronger dollar can weigh on oil demand by making the fuel more expensive for holders of other currencies. Also weighing on markets is persistently high inflation data and hawkish comments from global central banks. Japan's core consumer prices rose 3.4% in April from a year earlier, government data showed on Friday.

☆ Coterra Energy's earnings beat, free cash flow keep us investors in the oil-and-gas play
▼ + stars: | 2023-05-04 | by ( Zev Fima | ) www.cnbc.com time to read: +4 min

Oil-and-gas producer Coterra Energy (CTRA) on Thursday delivered a top-and -bottom-line beat for the first quarter, while reiterating its commitment to return at least half of its free cash flow to shareholders like us. Free cash flow is a particularly important metric for Coterra because the company's management remains committed to returning at least 50% to shareholders through a base dividend and share repurchases. Capital allocation Coterra said it plans to return a total of $420 million to shareholders, representing about 76% of its free cash flow in the first quarter. Notably, Coterra lowered its full-year expectation for free cash flow by $300 million, largely due to a $400 million reduction in its forecast for operating cash flow. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Recession Can Wait—the GDP Report’s Bright Side
▼ + stars: | 2023-04-27 | by ( Justin Lahart | ) www.wsj.com time to read: 1 min

The GDP report showed that consumer spending grew at a 3.7% annual rate last quarter. Photo: Angus Mordant/Bloomberg NewsThe recession so many investors are expecting didn’t come in the first quarter. The Commerce Department on Thursday reported that real, or inflation-adjusted, gross domestic product grew at a 1.1% annual rate in the first quarter. That was lower than the fourth quarter’s 2.6% and below the 2% economists polled by The Wall Street Journal had forecast. Still, it counted as a solid report.

☆ GDP Report to Show Pace of U.S. Growth in First Quarter
▼ + stars: | 2023-04-27 | by ( Austen Hufford | ) www.wsj.com time to read: 1 min

Some consumers say they are reducing their spending because of rising prices. Photo: Angus Mordant/Bloomberg NewsA government report on U.S. economic output in the first quarter will shed light on how consumers and businesses are faring under high inflation, rising interest rates and the onset of banking problems. Consumer spending, the primary driver of growth, and hiring were surprisingly strong at the start of the year, but more recently slowed as the Federal Reserve continued raising interest rates to cool the economy and curb rapid price increases.

☆ GDP Report Shows Economic Growth Slowed in First Quarter
▼ + stars: | 2023-04-27 | by ( Austen Hufford | ) www.wsj.com time to read: 1 min

Some consumers say they are reducing their spending because of rising prices. Photo: Angus Mordant/Bloomberg NewsU.S. economic growth decelerated to a 1.1% annual rate in the first quarter as consumers faced high inflation, rising interest rates and the onset of banking problems. The rise in U.S. gross domestic product in the first three months of the year marked a slowdown from inflation- and seasonally adjusted 2.6% growth in the fourth quarter, the Commerce Department said Thursday.

☆ McDonald’s, PepsiCo, GM Flex Their Pricing Power
▼ + stars: | 2023-04-25 | by ( Heather Haddon | ) www.wsj.com time to read: 1 min

Photo: Angus Mordant/Bloomberg NewsShoppers looking for price breaks on basics may have to wait. Consumers remained willing to pay more for burgers, soda, diapers and other everyday items in the beginning of the year, lifting sales of companies including McDonald ’s Corp., PepsiCo Inc., and Kimberly-Clark Corp. even as some executives warn that shoppers may become more resistant to price increases.

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File PhotoSummarySummary Companies U.S. dollar, interest rate concerns pressure oilG7 coalition to keep Russian oil price cap at $60/bbl -sourceBaghdad, KRG take step toward resuming Iraq oil exportsChina's Q1 GDP data expected to support oil pricesSINGAPORE, April 17 (Reuters) - Oil prices turned lower on Monday as the U.S. dollar strengthened and as investors mulled over a possible May interest rate hike by the U.S. Federal Reserve, which could dampen economic recovery hopes. The U.S. dollar has been strengthening alongside interest rate hikes, making dollar-denominated oil more expensive for holders of other currencies. "The dollar is a little bit stronger, and that seems to be putting a little bit of pressure on oil here," Price Futures Group analyst Phil Flynn said. In Saudi Arabia, crude oil exports in February fell to 7.455 million bpd from 7.658 million bpd in January, official data showed on Monday.

☆ Oil falls 1% on recession fears, OPEC summer demand warning
▼ + stars: | 2023-04-13 | by ( Shariq Khan | ) www.reuters.com time to read: +3 min

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. However, minutes from the Fed's last policy meeting indicated that banking sector stress could tip the economy into recession, which would weaken U.S. oil demand. Also weighing on prices, the Organization of the Petroleum Exporting Countries (OPEC) flagged downside risks to summer oil demand in a monthly report on Thursday. Oil price declines were limited, however, as OPEC kept its forecast for global oil demand growth in 2023 unchanged. Signs of a demand recovery in China, the top importer of crude oil and products, provided more support for oil prices, Yawger said.

☆ Oil prices cool off multi-month highs on recession fears
▼ + stars: | 2023-04-13 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. However, minutes from the Fed's last policy meeting indicated that banking sector stress could tip the economy into recession, which would weaken U.S. oil demand. Oil price declines were limited, however, as OPEC kept its forecast for global oil demand growth in 2023 unchanged. Signs of a demand recovery in China, the top importer of crude oil and products, provided more support for oil prices, Yawger said. The executive director of the International Energy Agency expects the move to tighten supply in the second half of the year and push oil prices higher.

Administration officials believe the U.S., the world's largest oil consumer and global economy have entered a more predictable, less volatile phase. This year, gasoline prices have stabilized at lower levels, U.S. oil production is approaching record highs and the job market, while still strong, is cooling down along with inflation, administration officials say. Oil prices slipped on Thursday as the prospect of a possible recession in the US offset concerns of tight supply. Slowing economy or not, the OPEC move could still complicate Biden's efforts to tame nagging inflation and dampen gasoline prices at home, according to multiple interviews with U.S. officials and analysts. Discussions with refiners about expanding capacity or limiting fuel exports have dried up since last summer, oil executives told Reuters.

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