L Brands quarterly sales fall 37%

Expedia Inc. Q1 adjusted earnings Miss Estimates

Below are the earnings highlights for Expedia Inc. (EXPE):

-Earnings: -$1.30 billion in Q1 vs. -$0.10 billion in the same period last year.
-EPS: -$9.24 in Q1 vs. -$0.69 in the same period last year.
-Excluding items, Expedia Inc. reported adjusted earnings of -$258 million or -$1.83 per share for the period.
-Analysts projected -$1.04 per share
-Revenue: $2.21 billion in Q1 vs. $2.61 billion in the same period last year.

Crude Oil Futures Rise Sharply Again, Settle At 10-week High

Crude oil prices climbed up and settled at 10-week high on Wednesday after data showed a drop in crude stockpiles, and amid optimism about a pick up in energy demand thanks to reopening of businesses in several parts across the globe.

West Texas Intermediate Crude oil futures for July ended up $1.53, or about 4.8%, at $33.49 a barrel, the highest close since March 10.

Brent Crude futures moved up $1.10, or 3.2%, to $35.75 a barrel.

According to the data released by the Energy Information Administration (EIA) this morning, crude stockpiles in the U.S. fell by about 5 million barrels in the week ended May 15, as against expectations for an increase of about 1.8 million barrels.

A report released late Tuesday by the American Petroleum Institute said crude inventories in the U.S. decreased by 4.8 million barrels in the week to May 15.

The EIA report said gasoline inventories rose 2.8 million barrels last week, compared with a decline of 3.5 million barrels for the previous week.

Meanwhile, distillate stockpiles rose 3.8 million barrels last week, after seeing a 3.5 million barrels rise a week earlier.

L Brands Inc. Q1 adjusted earnings Miss Estimates

Below are the earnings highlights for L Brands Inc. (LB):

-Earnings: -$296.87 million in Q1 vs. $40.26 million in the same period last year.
-EPS: -$1.07 in Q1 vs. $0.14 in the same period last year.
-Excluding items, L Brands Inc. reported adjusted earnings of -$275.22 million or -$0.99 per share for the period.
-Analysts projected -$0.66 per share
-Revenue: $1.65 billion in Q1 vs. $2.63 billion in the same period last year.

Take-Two Interactive Software Inc Reports Advance In Q4 Earnings

Take-Two Interactive Software Inc (TTWO) reported earnings for its fourth quarter that advanced from the same period last year.

The company’s earnings totaled $122.72 million, or $1.07 per share. This compares with $56.83 million, or $0.50 per share, in last year’s fourth quarter.

The company’s revenue for the quarter rose 41.1% to $760.54 million from $539.01 million last year.

Take-Two Interactive Software Inc earnings at a glance:

-Earnings (Q4): $122.72 Mln. vs. $56.83 Mln. last year.
-EPS (Q4): $1.07 vs. $0.50 last year.
-Revenue (Q4): $760.54 Mln vs. $539.01 Mln last year.

-Guidance:
Next quarter EPS guidance: $0.90 to $1.00
Next quarter revenue guidance: $775 to $825 Mln

Gold Futures Settle Higher For 2nd Straight Day

Gold prices moved higher on Wednesday, extending gains from the previous session amid optimism about increased demand for the metal as several countries plan to reopen after a prolonged lockdown due to the coronavirus pandemic.

Although the Federal Reserve has ruled out the possibility of negative interest rates, the low interest rate of 0 to 0.25%, and the central bank’s pledge that it would come out with other options available in its toolkit to boost the economy appears to be prompting investors to seek the precious metal.

The dollar’s weakness supported the yellow metal. The dollar index, which dropped to 99.00 around mid morning, recovered to 99.25 subsequently, but faltered again and was last seen at 99.11, down 0.26% from previous close.

Gold futures for June ended up $6.50, or about 0.4%, at $1,752.10 an ounce.

Prices edged up further after the Fed released the minutes of its latest policy meeting.

A number of participants believed there was a substantial likelihood of additional waves of the coronavirus outbreak, which could lead to further economic disruptions.

At the same time, the minutes noted economic activity could recover more quickly if the pandemic subsided enough for households and businesses to become sufficiently confident to relax or modify social-distancing behaviors over the next several months.

Silver futures for July ended up $0.130, or 0.7%, at $18.031 an ounce, while copper futures for July moved up 1.7% to $2.4600 per pound.

Synopsys, Inc. Q2 adjusted earnings Beat Estimates

Synopsys, Inc. (SNPS) revealed earnings for second quarter that decreased from last year.

The company’s profit totaled $109.92 million, or $0.71 per share. This compares with $118.21 million, or $0.77 per share, in last year’s second quarter.

Excluding items, Synopsys, Inc. reported adjusted earnings of $188.27 million or $1.22 per share for the period.

Analysts had expected the company to earn $0.98 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 3.0% to $861.33 million from $836.24 million last year.

Synopsys, Inc. earnings at a glance:

-Earnings (Q2): $188.27 Mln. vs. $178.10 Mln. last year.
-EPS (Q2): $1.22 vs. $1.16 last year.
-Analysts Estimate: $0.98
-Revenue (Q2): $861.33 Mln vs. $836.24 Mln last year.

-Guidance:
Next quarter EPS guidance: $1.33 – $1.38
Next quarter revenue guidance: $875 – $905 Mln
Full year EPS guidance: $5.21 – $5.28
Full year revenue guidance: $3.60 – $3.65 Bln

L Brands quarterly sales fall 37%

May 20 (Reuters) – L Brands Inc reported a 37% slump in quarterly net sales on Wednesday, hit by weak demand for its Victoria’s Secret lingerie brand amid the COVID-19 pandemic.

Columbus, Ohio-based L Brands posted a net loss of $296.9 million, or $1.07 per share, in the first quarter ended May 2, compared with a profit of $40.3 million, or 14 cents per share, a year earlier.

Net sales decreased to $1.65 billion from $2.63 billion. (Reporting by Praveen Paramasivam in Bengaluru; Editing by Sriraj Kalluvila)