On August 24, 2016, Hewlett-Packard Enterprise (HPQ) announced its fiscal 3Q16 results. It reported revenue of $11.9 billion—a 4% fall year-over-year and a 1% decline YoY on a constant currency basis.
Yingli Solar (YGE) announced its 2Q16 earnings results before market hours on August 23, 2016. In this series, we’ll analyze the company’s 2Q16 results, compare the results with analyst expectations, and analyze any factors that caused deviation.
Crude oil started Friday, August 26, on a weaker note. It traded with volatility throughout the day amid a stronger dollar and reports stating that missiles attacked Saudi Arabia’s oil facilities.
WEC Energy Group’s (WEC) stock hit alarming levels when it entered oversold territory last week.
Precious metals fell for yet another day on August 25, 2016, after seeing two straight days of falls. Gold touched a four-week low of $1,321 on the day.
The 2Q16 performance of fertilizer companies wasn’t impressive. The current NPK market is in a state of excess capacity compared to demand.
According to data by the WGC, the total demand for gold in the first quarter of 2016 has been 1,285.3 tons—much higher than the 1,075.6 tons we saw in 1Q15.
On August 25, 2016, the S&P 500 slightly outperformed the S&P Consumer Staples and the S&P Consumer Discretionary.
On an overall basis, US total freight rail traffic in the week ended August 20, 2016, declined 6.4%.
The US crude oil export ban was lifted in December 2015. Earlier, most US crude oil exports went to Canada, apart from some licensed exports.
Manhattan-based Phillips-Van Heusen Corporation (PVH) reported its 2Q16 results after the market closed on August 24, 2016.
In July 2016, Southwest Airlines’ (LUV) capacity grew by 2.3% YoY, which was slower than in any other month in 2016.
Natural gas prices rose due to a lower rise in natural gas inventories and the hot summer. Higher prices are positive for natural gas producers’ earnings.
Golar LNG’s 1Q16 was not so good—for the second straight quarter, its revenues and EBITDA dropped. Its stock price has fallen by 14%.
Precious metals saw yet another day of losses on Wednesday, August 24, after seeing only marginal gains on Tuesday. There seems to be a downward trend playing on precious metals due to the fear of a sooner-than-expected interest rate hike.
Spectra Energy (SE) has risen by 51% so far in 2016. In comparison, the Energy Select Sector SPDR ETF (XLE) has risen by 16%.
American International Group (AIG) is expected to benefit from an interest rate hike in the upcoming quarter as economic indicators stabilize.
At 5:55 AM EST on August 26, the West Texas Intermediate crude oil futures contract for October delivery was trading at $47.17 per barrel—a drop of ~0.36%.
US crude oil October futures rose 1.5% on August 23, 2016, and XOP rose 1.7%, outperforming other energy ETFs.
As of August 25, CVR Refining (CVRR) has the highest implied volatility among integrated energy companies and refiners. It’s implied volatility is 65%.