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☆ Wall St eyes higher open with earnings in full swing, Salesforce rises
▼ + stars: | 2023-01-23 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The tech-focused Nasdaq (.IXIC) index was the only major Wall Street benchmark that ended the previous week higher. Analysts now expect year-over-year fourth-quarter earnings from S&P 500 companies to decline 2.9%, according to IBES Refinitiv data, compared with a 1.6% decline at the beginning of the year. Among other stocks, Baker Hughes Co (BKR.O) slid 1.4% on missing fourth-quarter profit estimates, hit by component shortages and supply chain disruptions. Western Digital Corp (WDC.O) rose 4.0% on a report that the memory chip maker could merge with Japan's Kioxia Holdings. Reporting by Shreyashi Sanyal and Johann M Cherian in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Baker Hughes misses profit estimate amid shortages, inflation
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

Jan 23 (Reuters) - Baker Hughes Co (BKR.O) missed a fourth-quarter profit estimate on Monday as the oilfield services firm navigated challenges including component shortages, supply chain inflation and disruptions caused by Russia's invasion of Ukraine. Many oilfield firms have also been facing workforce shortages, inflation and supply chain constraints. Baker Hughes restructured its business last year into two segments, one focused on oilfield equipment and services and another on industrial and energy technology. Total company revenues of $5.9 billion also missed Wall Street estimates of $6.1 billion, according to Refinitiv data. Still, analysts were upbeat on the firm's adjusted EBITDA of $947 million, which beat forecasts of around $925 million.

☆ Oilfield firm Baker Hughes misses fourth-quarter Wall St. profit estimate
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

Jan 23 (Reuters) - Baker Hughes Co (BKR.O) missed fourth-quarter profit estimates on Monday as the oilfield services firm navigated challenges including component shortages, supply chain inflation and disruption caused by Russia's invasion on Ukraine. The oilfield sector last year was impacted by workforce shortages, inflation and supply chain constraints. "In 2023, the global economy is expected to experience some challenges under the weight of inflationary pressures and tightening monetary conditions," Chief Executive Officer Lorenzo Simonelli said. Adjusted net income stood at $381 million or 38 cents per share, for the three months ended Dec. 31, compared with average analyst estimates of 40 cents per share, according to Refinitiv data. Reporting by Arunima Kumar in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Did the economy end 2022 with a bang or a whimper?
▼ + stars: | 2023-01-22 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +7 min

But the United States economy still seems to be chugging along just fine after experiencing a hiccup in the first half of 2022. Despite worries about weaker consumer spending during the holidays, economists are forecasting solid growth for the fourth quarter. Yearning for earningsMore blue chip companies will report fourth quarter results (and perhaps give guidance about the first quarter of 2023 and beyond) this week. But according to FactSet senior earnings analyst John Butters, earnings for the tech sector are expected to fall nearly 10% in the fourth quarter compared to the fourth quarter of 2021. Verizon (VZ), Johnson & Johnson (JNJ), Travelers (TRV), 3M (MMM), Boeing (BA), Dow (DOW), Visa (V), Chevron (CVX) and American Express (AXP).

☆ Get ready for a deluge of data next week that will shape the Fed's next moves
▼ + stars: | 2023-01-21 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

Within the portfolio, we'll get the latest earnings from Danaher (DHR), Halliburton (HAL), and Johnson & Johnson (JNJ) on Tuesday before the opening bell. While the results will be important as always, we are most interested in the earnings call with analysts and investors. Housing Starts fell 1.4% in December to a seasonally adjusted annual rate of 1.38 million, slightly above the 1.36 million expected. Building permits dropped 1.6% in December to a seasonally adjusted annual rate of 1.33 million, below expectations of 1.37 million. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Oil rises on demand optimism as China borders reopen
▼ + stars: | 2023-01-09 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +3 min

Companies Baker Hughes Co FollowSINGAPORE, Jan 9 (Reuters) - Oil prices climbed on Monday as the borders reopened in China, the world's top crude importer, boosting the outlook for fuel demand growth and offsetting global recession concerns. Brent crude futures were up $1.49, or 1.9%, at $80.06 a barrel as of 0745 GMT, while U.S. West Texas Intermediate crude rose $1.43, or 1.9%, to $75.20. Those concerns are reflected in the market structure for the benchmark oil futures. ,"Oil prices have likely ticked up on increased confidence on China's reopening, but fears of recession in the wider global market remains. This uncertainty will likely lead to swings in oil prices in the near-term," said Serena Huang, Vortexa's head of APAC analysis.

Companies Baker Hughes Co FollowSINGAPORE, Jan 9 (Reuters) - Oil prices climbed on Monday as the borders reopened in China, the world's top crude importer, boosting the outlook for fuel demand growth and offsetting global recession concerns. Brent crude futures rose 90 cents, or 1.2%, to $79.47 a barrel at 0520 GMT, while U.S. West Texas Intermediate crude was up 90 cents, or 1.2%, at $74.67. Despite the gains in oil on Monday, concerns remain that the massive flow of Chinese travellers may cause another surge in COVID infections. Those concerns are reflected in the market structure for the benchmark oil futures. Energy futures for crude oil, refined products and natural gas have plummeted in the New Year as traders have reconsidered near-term worries over cold weather and fears of supply shortages and dumped contracts.

☆ Oil nudges higher after China opens borders, lifts fuel demand outlook
▼ + stars: | 2023-01-09 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

Companies Baker Hughes Co FollowSINGAPORE, Jan 9 (Reuters) - Oil prices edged up on Monday, a day after travellers streamed into China following a reopening of borders that lifted the fuel demand outlook and partly offset concerns of global recession. Brent crude futures had risen 53 cents, or 0.7%, to $79.10 a barrel by 0114 GMT while U.S. West Texas Intermediate crude was at $74.23 a barrel, up 46 cents, or 0.6%. Both Brent and WTI tumbled more than 8% last week, their biggest weekly dives at the start of a year since 2016. China, the world's second-biggest oil consumer, opened its borders on Saturday for the first time in three years, buoying the outlook for its demand for transportation fuels. Energy futures for crude oil, refined products and natural gas have plummeted in the New Year as traders have reconsidered near-term worries over cold weather and fears of supply shortages and dumped contracts.

☆ Goldman stays bullish on energy for 2023—sees several stocks jumping more than 40%
▼ + stars: | 2023-01-06 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

It should be another good year for energy stocks, according to Goldman Sachs. XLE 1Y mountain Energy Select Sector SPDR Fund's strong performance Goldman's bottom-up price targets imply 13% market cap weighted total return to the energy stocks it covers. The firm's buy-rated stocks have an implied 26% average total return. Of the stocks Goldman rates a buy, several have upside north of 40% to the firm's price targets. The stocks with the highest total return are Antero Resources and Cheniere Energy , both at 48%, according to Goldman Sachs.

☆ Baker Hughes to provide equipment for Petronas carbon capture project
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: 1 min

Jan 3 (Reuters) - Oilfield services firm Baker Hughes Co (BKR.O) said on Tuesday it has won a contract to provide carbon dioxide compression equipment to Petronas' (PETR.UL) Kasawari offshore carbon capture project. The project is expected to be the world's largest offshore carbon capture and sequestration facility, the companies said. Baker Hughes will provide turbocompression equipment to transport CO2 emitted from flaring at the Kasawari gas development and reinject it into a depleted offshore field through a subsea pipeline. The contract will be booked in Baker Hughes' fourth quarter results, according to the company. Reporting by Ruhi SoniOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks making the biggest moves premarket: Tesla, Nutanix, Meta and more
▼ + stars: | 2022-12-23 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines before the bell:Tesla (TSLA) – Tesla CEO Elon Musk said he would refrain from selling any more Tesla stock for 18 to 24 months. Tesla gained 1.2% in the premarket. Nutanix (NTNX) – Nutanix tumbled 16.6% in the premarket following a report that Hewlett Packard Enterprise (HPE) has ended talks to acquire the cloud computing company. Meta Platforms (META) – Meta and users of its Facebook platform settled a privacy class action lawsuit, with Meta agreeing to pay $725 million. Oilfield services stocks – Halliburton (HAL) gained 1.4% in the premarket, with Schlumberger (SLB) up 1.3% and Baker Hughes (BKR) rising 1%.

☆ Activision acquisition would be good for Microsoft and the overall stock market
▼ + stars: | 2022-12-02 | by ( Zev Fima | ) www.cnbc.com time to read: +12 min

That implies that the other 35% of the market is made up of firms with equal to or less than about a 2% market share. For simplicity's sake, let's say an additional 17 firms have a 2% market share each to bring us to 100% of the market. That means the HHI, calculated by the market share number squared and then added together for all 27 companies, would be under 650. If the Microsoft-Activision Blizzard deal goes through, and you combine the market share concentration of the two companies, the HII would be just over 700. The other issue is how one measures the gaming market.

☆ Putin signs decree allowing acquisition of Baker Hughes Russian assets
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: 1 min

Nov 4 (Reuters) - Russian President Vladimir Putin has signed a decree allowing Russian company Nefteservisnie Tekhnologii to acquire U.S. oilfield services provider Baker Hughes' (BKR.O) Russian assets, a Russian government document published on Thursday showed. Baker Hughes announced in March that it was suspending new investments in Russia after Western countries imposed unprecedented sanctions when Moscow ordered tens of thousands of troops into Ukraine on Feb. 24. In August, Baker Hughes announced it had sold its oilfield services business in Russia to the local management team. Reporting by Reuters, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Goldman-backed project44 valued at $2.7 bln in latest funding round
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

Nov 3 (Reuters) - U.S.-based supply chain management technology company project44 said on Thursday it was valued at $2.7 billion after its latest funding round that also saw participation from existing investor Goldman Sachs Asset Management. The $80 million funding round was led by investment firms Generation Investment Management and A.P. Moller Holding, while buyout firm TPG (TPG.O), venture capital firm Emergence Capital and others also participated. Project44 said the funds will be used to measure and reduce emissions across its global supply chain. The COVID-19 pandemic set off a crisis in global supply chains, which has also worsened inflation and put pressure on central banks to tame price hikes.

☆ Halliburton profit tops Wall Street's estimates as oil activity booms
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +3 min

In North America, Miller said demand for services is "stronger than I have ever seen at this point in the year." Halliburton said revenue from North America jumped 9% from the second quarter to reach $2.6 billion. Shares of Halliburton were up 0.78% in pre-market trading at$34.85, after jumping 2% earlier in the morning. "Halliburton continues to benefit from momentum in activity/exposure to pressure pumping in North America, along with higher contribution from international operations," wrote analysts for investment banking firm Jefferies in a note. Market leader Schlumberger (SLB.N) reported its strongest quarterly profit since 2015, while Baker Hughes Co (BKR.O) posted an adjusted third-quarter profit that topped Wall Street estimates.

☆ Halliburton profit rises as higher oil prices spark drilling demand
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

Oct 25 (Reuters) - Halliburton Co (HAL.N) posted a rise in profit for the third quarter on Tuesday, wrapping up an upbeat earnings season from the world's top oilfield services providers on strong demand fueled by higher oil prices. Market leader Schlumberger (SLB.N) reported its strongest quarterly profit since 2015, while Baker Hughes Co (BKR.O) posted an adjusted third-quarter profit that topped Wall Street estimates. Halliburton said its revenue from North America jumped 9% from the second quarter to reach $2.6 billion. Its international revenue rose 3% sequentially to $2.7 billion. Register now for FREE unlimited access to Reuters.com RegisterReporting by Shariq Khan; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

"Looking forward, we see activity increasing around the world - from the smallest to the largest countries and producers," Halliburton Chief Executive Jeff Miller said in a statement. In North America, he said demand for services is "stronger than I have ever seen at this point in the year." Halliburton said revenue from North America jumped 9% from the second quarter to $2.6 billion. "Halliburton continues to benefit from momentum in activity/exposure to pressure pumping in North America, along with higher contribution from international operations," wrote analysts for investment banking firm Jefferies in a note. Market leader Schlumberger (SLB.N) reported its strongest quarterly profit since 2015, while Baker Hughes Co (BKR.O) posted an adjusted third-quarter profit that topped Wall Street estimates.

Oil and gas producers are looking to increase production as crude prices stay near eight-year highs, boosting demand for Schlumberger's equipment, services and technology. Analysts had expected Schlumberger to report earnings of 55 cents per share, according to Refinitiv IBES. Shares jumped more than 2% in pre-market trading and Wall Street analysts said the results were positive. Wall Street had expected revenue of $7.1 billion for the quarter. Rival Baker Hughes Co (BKR.O) topped Wall Street expectations for third-quarter adjusted profit on Wednesday.

☆ Wall St ends red, Treasury yields climb on dour guidance and looming recession fears
▼ + stars: | 2022-10-20 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

All three major U.S. stock indexes lost ground, while the benchmark Treasury yield shot up to touch a new 14-year high. The pan-European STOXX 600 index (.STOXX) lost 0.53% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.89%. Emerging market stocks lost 1.62%. A sell-off in U.S. government bonds pushed the benchmark Treasury yield to its highest level since mid-2008 on expectations of continued aggressive interest rate hikes from the Federal Reserve. 1/2 Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 14, 2022.

Baker is the first oilfield services firm to report quarterly results, and its beat bodes well for rivals Schlumberger (SLB.N) and Halliburton (HAL.N), both of which report in coming days. On an adjusted basis, Baker Hughes posted a profit of $264 million, or 26 cents a share, up from $141 million a year earlier. The profit topped analysts' forecasts for around 24 cents per share, according to Refinitiv data. The company anticipates double-digit revenue growth in its international oilfield services business in 2023 and modest growth in its North America business, driven largely by public firms. Its oilfield business segments accounted for about 63% of its revenue during the quarter through September.

☆ Wall St oscillates, Treasury yields climb on cautious corporate guidance and recession worries
▼ + stars: | 2022-10-19 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 14, 2022. The three major U.S. stock indexes wavered between red and green out of the starting gate, while the benchmark Treasury yield shot up to touch a new 14-year high. Emerging market stocks lost 1.53%. A sell-off in U.S. government bonds pushed the benchmark Treasury yield to its highest level since mid-2008 on expectations of continued hawkish policy from the Federal Reserve. The dollar index rose 0.45%, with the euro down 0.64% to $0.9789.

☆ Baker Hughes taps Newmont's Nancy Buese as CFO
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: 1 min

Oct 19 (Reuters) - Oilfield services firm Baker Hughes Co (BKR.O) said on Wednesday Nancy Buese will take over as chief financial officer, effective Nov. 2, replacing Brian Worrell. Buese is currently gold miner Newmont Corp's (NEM.N) CFO and executive vice president. Baker Hughes also reported a higher-than-expected third quarter adjusted profit on Wednesday. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ruhi Soni in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Oilfield services provider Baker Hughes posts loss on charges
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

Oct 19 (Reuters) - Baker Hughes Co (BKR.O) posted a quarterly loss on Wednesday, compared with a profit a year ago, hit by $230 million in restructuring and impairment charges related to the oilfield services provider's latest reorganization. The company during the quarter said it would simplify its organizational structure into two business units from four. Net loss attributable to the company was $17 million, or 2 cents per share, for the three months ended Sept. 30, compared with a profit of $8 million, or 1 cent per share, a year earlier. On an adjusted basis the company posted a profit of $264 million, up from $141 million a year earlier. Register now for FREE unlimited access to Reuters.com RegisterReporting by Arunima Kumar in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Oilfield services provider Baker Hughes reports quarterly loss
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: 1 min

Oct 19 (Reuters) - Baker Hughes Co (BKR.O) reported a quarterly loss on Wednesday, compared with a profit a year ago, hit by charges related to the oilfield services provider's restructuring. Net loss attributable to the company was $17 million, or 2 cents per share, for the three months ended Sept. 30, compared with a profit of $8 million, or 1 cent per share, a year earlier. Register now for FREE unlimited access to Reuters.com RegisterReporting by Arunima Kumar in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ It’s been 35 years since the epic Black Monday crash. What have investors learned?
▼ + stars: | 2022-10-19 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +7 min

CNN Business spoke to Jon Hirtle, a broker at Goldman Sachs in 1987, to get his recollections about Black Monday. That’s led some Wall Street veterans to derisively refer to the NYSE as nothing more than a glorified TV studio. Goldman Sachs announced Tuesday that it is merging its trading and investment banking businesses into a single unit. CEO David Solomon said that the move is a “realignment” that will allow Goldman Sachs to better serve its customers. There are growing concerns on Wall Street (and Main Street) about an economic downturn.

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