SINGAPORE – Oil prices dropped for a second straight session on Monday as U.S. producers began restoring output after Hurricane Delta weakened, while a strike that had affected production in Norway came to an end.

Brent crude LCOc1 for December fell 55 cents, or 1.3%, to $42.30 a barrel by 0023 GMT and U.S. West Texas Intermediate CLc1 for November was at $40.08 a barrel, down 52 cents, or 1.3%.

Front-month prices for both contracts gained more than 9% last week, the biggest weekly rise for Brent since June, but fell on Friday after Norwegian oil firms struck a wage bargain with labour union officials, resolving a strike that threatened to cut the country’s oil and gas output by close to 25%.

HURRICANE DELTA ROILS OIL RIGS, SQUEEZES GASOLINE PRICES

“We had good support for both Brent and West Texas on the back of some supply concerns,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney.

“Given that the hurricane season in the U.S. has just started, there’s potential for that to keep prices firm.”

The Well-Safe Guardian plug and abandonment rig, operated by Well-Safe Solutions Ltd, stands in the Port of Cromarty Firth during sunrise in Cromarty, U.K., on Tuesday, June 23, 2020. Oil headed for a weekly decline — only the second since April —

In the United States, Hurricane Delta, which dealt the greatest blow to U.S. offshore Gulf of Mexico energy production in 15 years, was downgraded to a post-tropical cyclone by Sunday.

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Workers headed back to production platforms on Sunday while Total SA TOTF.PA continued restarting its 225,500 barrel-per-day Port Arthur, Texas, refinery on Sunday.

However, Colonial Pipeline, the largest oil products

The forward 4-quarter estimate for the S&P 500 returned to its familiar pattern of sequentially moving higher this week, printing $156.08 vs. $155.98 last week. A small increase – yes – but still sequential improvement

Here is a picture of what the spreadsheet looks like tracking the IBES data by Refinitiv:

What fascinates me is that since July 1, only two weeks of the last 16 have seen sequential declines in the forward estimate.

Geeky data “stuff” but numbers tell a story.

  • The forward 4-quarter estimate improved sequentially to $156.08 from last week’s $155.98.
  • The forward PE is 22x.
  • The S&P 500 forward earnings yield fell a little bit this week to 4.49% from 4.64% last week.
  • The “average” expected calendar 2020 and 2021 S&P 500 EPS growth fell to 3.5% this week, from a long string of 4% prints. Let’s see what the next few weeks hold.
  • The “expected” 2021 EPS of $166.22 is still above the 2019 actual EPS of $162.93.

S&P 500 Forward earnings curve:

This week, note the “4-week rate of change”. The sequential increases continued this week, which is always a plus.

Looking at Next 4 Quarters’ Earnings and Revenue Growth:

Showing the same data from various perspectives helps the reader see the y/y change in EPS and revenue growth for the S&P 500.

Sector data will follow tomorrow.

EPS growth for Q3 ’20, Q4 ’20 and Q1 ’21 continue to slowly improve.

Let’s see what this table looks like next week after 15 financials report and readers can see what consumer and commercial credit losses look like.

This blog will have more on the Financial sector over the weekend.

Summary/conclusion: This weekly overview on the S&P 500 numbers – both expected EPS and revenue growth – shows that the positive trends remain in place,

A month has gone by since the last earnings report for Zumiez (ZUMZ). Shares have added about 24.2% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Zumiez due for a pullback? Before we dive into how investors and analysts have reacted as of late, let’s take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

Zumiez Q2 Earnings Beat, Sales Rise Y/Y, Stock Up

Zumiez Inc. came out with second-quarter fiscal 2020 results, wherein both the top and the bottom lines not only beat the Zacks Consensus Estimate but also improved year over year driven by the gradual reopening of stores. Notably, this specialty retailer of apparel, footwear and accessories swung back to profit, following a loss in the preceding quarter.

Results in Detail

Zumiez posted quarterly earnings of $1.01 per share that comfortably surpassed the Zacks Consensus Estimate of 34 cents, and rose significantly from 36 cents reported in the year-ago period. Higher net sales and cost containment efforts undertaken to withstand the coronavirus crisis drove the bottom line.

To address challenges related to the pandemic, Zumiez suspended hiring, eliminated all planned bonuses for fiscal 2020, delayed most of the merit increases, curbed capital spend, extended payment terms for vendor invoices, and reduced inventory receipts by canceling or delaying orders. Management has also been minimizing operating costs, which comprise travel, marketing and other non-essential items, and reducing store labor to reflect restricted operating hours.

Net sales increased 9.6% year over year to $250.4 million and beat the Zacks Consensus Estimate of $234 million, in spite of stores being open fewer days than the year-ago period. During the quarter, stores were open for 73.4%

(Reuters) – U.S. stocks rose on Friday and the S&P 500 and Nasdaq registered their biggest weekly percentage gains since July as optimism over more federal fiscal aid grew.

Talks were expected to continue on a COVID-19 stimulus package, even though U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed on Friday to reach agreement.

Mnuchin floated a new proposal Friday afternoon, but an aide for Pelosi said it lacked a broad plan to contain the pandemic.

Recent trading on Wall Street has been dictated by headlines on fiscal aid, with the three main indexes tumbling on Tuesday after U.S. President Donald Trump called off negotiations. He has since indicated he was willing to resume discussions.

“The market’s reacting well to Trump’s sudden turnaround in terms of a support package,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York, New York. “A lot of this has been politics, but a lot of people believe the economy really needs some economic support here, so that’s a good thing.”

The S&P 500 technology shares rose 1.5%, and the sector gave the S&P 500 its biggest boost. The small-cap Russell 2000 index climbed 6.4% for the week, posting its biggest percentage gain since early June.

The Dow Jones Industrial Average rose 161.39 points, or 0.57%, to 28,586.9, the S&P 500 gained 30.31 points, or 0.88%, to 3,477.14 and the Nasdaq Composite added 158.96 points, or 1.39%, to 11,579.94.

For the week, the S&P 500 rose 3.8% and the Nasdaq climbed 4.6%, their biggest weekly percentage gains since July. The Dow added 3.3%, its biggest weekly gain since August.

Strategists say investors have also begun to digest the possibility of Democratic candidate Joe Biden winning the Nov. 3 presidential election after a fractious debate last month led to a

By Leika Kihara

TOKYO, Oct 8 (Reuters)Bank of Japan Governor Haruhiko Kuroda said on Thursday the economy was starting to pick up and was likely to continue recovering thanks in part to the boost from fiscal and monetary stimulus measures.

While consumer prices will fall for the time being due to the impact of slumping oil prices, they are likely to rebound thereafter as the pandemic’s fallout on the economy eases, he said.

“Once the impact of the coronavirus pandemic subsides globally, Japan’s economy is likely to continue improving further as overseas economies resume steady growth,” Kuroda said in a speech to a quarterly meeting of the BOJ’s branch managers.

The upbeat view reinforces market expectations the BOJ will hold off ramping up stimulus for now, and focus on pumping money into the economy with existing lending programmes.

Kuroda said while Japan’s banking system remains stable as a whole, corporate funding conditions remain tight.

“We’ll monitor the impact of COVID-19 and won’t hesitate taking additional easing measures as needed,” he said.

Japan suffered its biggest economic slump on record in the second quarter as the pandemic crippled demand. Analysts expect any rebound to remain modest as fears of a second huge wave of infections weigh on consumption.

The BOJ expanded stimulus in March and April by ramping up asset buying and creating a new lending facility to ease corporate funding strains. It has kept policy steady since then.

(Reporting by Leika Kihara Editing by Chang-Ran Kim and Ana Nicolaci da Costa)

((leika.kihara@thomsonreuters.com; +813-6441-1828; Reuters Messaging: leika.kihara.reuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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