Shell expands LNG portfolio with Singapore-based Pavilion Energy
23 minutes ago
Shell Plc’s (SHEL) American depositary receipts (ADRs) rose on Tuesday after the energy giant announced it had purchased Singapore-based liquefied natural gas (LNG) trader Pavilion Energy Pte. for an undisclosed amount.
Shell said it would buy all of Pavilion’s shares from Singapore’s state-owned investment company, Temasek.
Pavilion is involved in trading, shipping, natural gas supply and LNG marketing businesses in Asia and Europe. Shell said it had “subscribed a supply volume of approximately 6.5 million tonnes per annum (mtpa)”.
The transaction is expected to be completed in the first quarter of next year.
Shell’s ADRs are up almost 1% and are up about 6% so far this year.
–Bill McColl
Philip Morris plunges after suspending Zyn sales online
1 hour 6 minutes ago
Shares of Philip Morris International (PM) fell Tuesday morning after the Marlboro cigarette maker announced it had halted sales of Zyn nicotine pouches on its website as it complies with a subpoena regarding the sale of flavored nicotine products in Washington, DC.
“Our preliminary investigation indicates that there have been sales of flavored nicotine pouch products in Washington, primarily related to certain online sales platforms and independent retailers,” the company said in a statement Monday evening.
The company said sales on Zyn.com represent a small percentage of total Zyn sales. However, he adds, “significant liability is reasonably possible” if DC’s investigation leads to an unfavorable outcome.
Zyn nicotine pouches have been a boon for Philip Morris since 2022, when the company acquired brand owner Swedish Match.
Zyn’s sales grew nearly 80% in the first quarter of this year, far outpacing Philip Morris’ overall growth of about 10%. Other smoke-free oral products from Zyn and Philip Morris accounted for 74% of the category in the quarter.
Philip Morris shares were down nearly 1% Tuesday morning and have gained more than 7% so far this year.
–Colin Laidley
Lennar stock falls after home delivery forecast falls short of estimates
1 hour 6 minutes ago
Shares of Lennar ( LEN ) fell Monday after the homebuilder’s delivery forecast topped Wall Street’s expectations for quarterly results.
The Florida-based company, which builds residential homes nationwide, forecasts third-quarter housing deliveries between 20,500 and 21,000, with the midpoint of that projection being 20,750 below analyst consensus of 20,917 units. The closely watched measure indicates that demand for new housing remains subdued amid mortgage rates near their highest level in 20 years.
However, the homebuilder still had a strong final quarter. For the three months ending May 31, Lennar reported earnings of $3.45 per share, well above expectations of $3.33 per share. Revenue in the period of $8.77 billion increased 9% from a year earlier and exceeded the $8.48 billion expected by analysts.3
The company said new orders increased 19% during the quarter, while reporting a backlog of 17,873 units totaling $8.2 billion.
Lennar shares have consolidated within a trading range since early February, helping to establish respected areas of support and resistance. Most recently, the stock has fallen to the lower end of the range, with the price hovering just below the 50-day moving average, indicating apprehension among market participants ahead of the homebuilder’s quarterly results.
Amid expected post-earnings weakness, investors should keep an eye on the $150 level as this is an area where price could see buying interest from the trendline lower end of the trading range. However, it’s also worth pointing out that the stock’s two highs between April and May could signal a possible double top if shares fall below the trading range’s lower trend line, which also doubles as the trading range’s lower trend line. neck of the trend. Such a move could see the stock revisit lower support around $133, near the July 2023 high.
Lennar shares fell about 3% on Monday, representing a 2% gain for 2024.
–Tim Smith
La-Z-Boy Stock Jumps on Strong Earnings and Upbeat Outlook: Watch This Price Level
2 hours 9 minutes ago
Shares of furniture maker La-Z-Boy (LZB) jumped after the company allayed investors’ fears about slowing consumer spending and a sluggish housing market by announcing higher quarterly results and sales forecasts. to analysts’ expectations.
For the quarter ending April 27, the Monroe, Mich.-based company posted adjusted earnings of 95 cents per share, well above the consensus estimate of 70 cents per share. Revenue in the period fell 1% to $554 million, but easily beat expectations of $516.4 million.
As for guidance, La-Z-Boy said it expects net sales for the current quarter to be between $475 million and $495 million, with the $485 million midpoint of that forecast beating estimates of $476 million. millions of dollars.
La-Z-Boy shares have been trading in a wide ascending wedge since early last year, with the 200-day moving average hovering just above the pattern’s lower trendline to provide additional support during folds. Ahead of the company’s quarterly results, the stock formed a piercing trend near the wedge’s lower trendline on above-average volume, indicating a potential reversal to the upside. Indeed, stocks are positioned to open sharply higher Tuesday morning.
Looking ahead, investors should monitor the $41 level, an area on the chart where price could encounter selling pressure near the upper trendline of the ascending wedge. A volume-supported breakout above this key level could lead to an acceleration of the long-term uptrend.
Shares of La-Z-Boy jumped 18%, bringing their year-to-date gain to nearly 10%.
–Tim Smith
Mixed Stock Futures
3 hours 47 minutes ago
Dow futures were down 0.1% premarket Tuesday.
S&P futures were flat.
Nasdaq futures rose 0.2%.