Energy Stocks Slip, Airline Shares Rise with the Fall in Oil Prices

2 minutes ago

Shares of companies most affected by oil prices were among the biggest movers of the year. S&P 500 Crude oil futures fell on Monday after Israel’s retaliatory attack on Iran over the weekend did not affect Iran’s oil facilities.

Crude oil futures fell nearly 6% in late morning trading as Iran’s production remained intact. Iran accounts for 4 percent of world oil trade US Energy Information Administration (EIA). Israel’s targeted strike also eased concerns that conflicts in the Middle East would further impact supply.

Shares of drillers such as APA (APA), Diamond Ridge Energy (FANG) and Devon Energy (DVN) and oilfield service firms Halliburton (STATUS) and SLB (SLB).

SPDR S&P Oil and Gas Exploration and Production exchange-traded fund (ETF) It fell to its lowest level this month.

On the other hand, shares of Carnival Corp. are on the rise (CCL), Delta Airlines (BRANCH) and other cruise lines and airlines that may benefit from lower fuel costs.

–Bill McColl

Onsemi Beats Earnings Expectations, Gives Weak Guidance

1 hour 23 minutes ago

ON Semiconductor (OPEN) beat third-quarter profit and revenue estimates on Monday, but sales continued to decline and the chipmaker gave weak guidance.

The company, also known as Onsemi, reported corrections in the third quarter Earnings per share (EPS) While it was $0.99, revenue fell nearly 20% from the previous year to $1.76 billion. Both were slightly above consensus estimates from analysts surveyed by Visible Alpha.

Onsemi projects current quarter adjusted EPS to be in the range of $0.92 to $1.04 and revenue to be in the range of $1.71 billion to $1.81 billion. Analysts polled by Visible Alpha were looking for $1.00 and $1.78 billion, respectively.

ON Semiconductor shares are up 2.5% in recent trading, but are down nearly 13% in 2024.

–Bill McCoil

Boeing Started Share Sales That Could Reach 19 Billion Dollars

1 hour 56 minutes ago

Boing (Licence) launched a sale of nearly $19 billion worth of stock and escrow shares on Monday as it sought to shore up the troubled plane maker’s finances.

Boeing announced that it started selling 90 million shares of stock. If each share is valued at $155.01, which is Friday’s closing price, this figure will be $13.95 billion.

Boeing is also offering $5 billion in escrow shares and has said it plans to list them. New York Stock Exchange (NYSE) Under the symbol “BA.PRA”.

Aircraft manufacturer struggling with a problem paralyzing strike will give the underwriters of the deals a 30-day option to purchase an additional 13.5 million common shares and $750 million in escrow shares.

Boeing said the net proceeds will go toward “repayment of debt, additions to working capital, capital expenditures, and financing and investments” at its subsidiaries.

Boeing shares were down nearly 2% in early trading Monday.

–Nisha Gopalan

Futures Point to Higher Opening for Major Indices

3 hours 20 minutes ago

Futures tied to the Dow Jones Industrial Average rose 0.3%.

S&P 500 futures rose 0.4 percent.

Nasdaq 100 futures rose 0.6 percent.