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Icahn prepares raising stake in oil refiner CVR, WSJ reports
Icahn Enterprises LP (IEP). strategies to raise its stake in U.S. oil refiner CVR Energy. by more than 20%, the Wall Street Journal reported on Thursday. The business, a managing shareholder of the oil refiner,. strategies to raise its stake in CVR to more than 81% by buying an. additional 15 million shares, the report stated, mentioning draft. declarations that billionaire activist financier Carl Icahn and his. firm plan to launch on Friday. The brand-new deal will benefit shareholders from squandering at. a premium, WSJ reported, quoting Icahn from the draft statement. To fund this and other deals, Icahn stated he is. cutting his firm's dividend payment for the 2nd time given that. short-seller Hindenburg Research began shorting IEP's bonds last. year, the report added. Icahn Enterprises and CVR did not right away respond to. Reuters' ask for comment. Carl Icahn owns about 66% of CVR, which runs the 115,000. barrel-per-day (bpd) Coffeyville refinery in Kansas and the. 75,000-bpd Wynnewood center in Oklahoma.
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Miners, gold stocks press Australian shares to over a 2-week high
Australian shares reached over a. twoweek high up on Friday, with mining and gold stocks leading. gains as financiers invited the Federal Reserve's 25 basis. points rate cut, while ANZ Group fell over weak yearly. profit. The S&P/ ASX 200 index advanced by 0.8% to 8,294.9. points by 2331 GMT. The criteria closed 0.3% higher on. Thursday. The Federal Reserve cut the rate of interest by 25 basis points. as policymakers took note of a job market that has typically. reduced, while inflation continues to approach the U.S. central bank's 2% target. In Sydney, shares of ANZ Group fell as much as 1.5%. to A$ 31.25, after the lending institution posted 9% drop in annual earnings. Among sub-indexes, mining stocks advanced by 2.1%, on. track for their finest session because Oct. 14, on the back of. upbeat iron ore futures rates. Heavy-weight miners BHP Group, Rio Tinto. and Fortescue acquired in between 1.4% and 2.2%. Gold stocks were up as much as 3.6%, snapping out of. a three-day losing streak, as gold costs steadied over night. As of 2339 GMT, gold fell 0.08% to $2,705.90. Gold miners Northern Star Resources and Advancement. Mining gained 17% and 5%, respectively. Innovation stocks rose as much as 1.5% to their. highest level considering that mid-October, tracking over night gains from. their Wall Street peers. However, ASX-listed shares of payments firm Block. fell as much as 7.5% and was amongst the top laggards on the. criteria after its third-quarter earnings fell listed below Wall Street. expectations. Shares of varied miner Mineral Resources fell. as much as 2.5% to A$ 37.50, after it was placed on watchlist by. its shareholder HESTA, mentioning dissatisfaction with the company's. insufficient reaction to governance issues involving billionaire. creator Chris Ellison. New Zealand's benchmark S&P/ NZX 50 index traded 1.2%. higher at 12,729.82 points, eyeing its best session considering that early. October.
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Petrobras posts 22% boost in quarterly earnings, reveals $3 billion in dividends
Brazilian staterun oil firm Petrobras on Thursday reported an increase of around 22% in its thirdquarter net revenue, and revealed $3. billion in dividends. The business posted a net profit of 32.6 billion reais ($ 5.7. billion) for the quarter ended in September. Adjusted profits before interest, taxes, depreciation and. amortization (EBITDA) landed at 63.7 billion reais, marking a. 3.8% decrease year on year but matching experts' expectations. pooled by LSEG. Its net profits from sales increased by 3.8% to 129.6. billion reais, topping the expectation of 125 billion reais. In a different filing, Petrobras stated its board had authorized. administering 17.12 billion reais ($ 3 billion) in dividends, or. 1.3282 genuine per share. The company in the third quarter invested about $4.5 billion,. around 31% more than in the same period of 2023, it said, the majority of. of it on exploration and production. This shows our dedication to providing our. projects and executing our Strategic Plan diligently, stated. Chief Financial Officer Fernando Melgarejo in the revenues. report. In August, Petrobras lowered its organized investments for this year to in between $13.5. billion and $14.5 billion, from $18.5 billion formerly. So far. the company has invested around $10.9 billion in 2024. Last month the firm said its oil production in Brazil in the 3rd quarter was down 8.2% on a. year-on-year basis, to 2.13 million barrels per day.
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Ahead of Rio Tinto buyout, Arcadium's earnings dips on moving lithium prices
Arcadium, the lithium producer that has consented to sell itself to Rio Tinto, published an 82% drop in quarterly earnings on Thursday that missed Wall Street's expectations due to sliding prices of the electric vehicle battery metal. Much of the lithium industry is competing with a supply glut brought on in part by a softening of aggressive EV adoption rates and oversupply from China. Yet that market imbalance is predicted to end later on this years, making Arcadium's portfolio of leading lithium projects across the globe a prime target for Rio, which is paying $6.7 billion for the company. Rio CEO Jakob Stausholm initially approached Arcadium about a. prospective deal in June and the mining giant's board proposed. $ 5.25 per share, an offer that Arcadium's board declined,. according to a recent regulative filing. Negotiations continued and Arcadium ultimately accepted. supply Rio with sensitive service details, according to. the filings. Reuters was very first to report the two sides remained in. settlements in early October, and five days later on both sides. consented to a sweetened deal of $5.85 per share in money. We are delighted that this deal will provide us the. opportunity to speed up and expand our technique, Arcadium CEO. Paul Graves said in a declaration on Thursday. Arcadium published third-quarter net income of $16.1 million,. or 1 cent per share, compared to $87.4 million, or 17 cents per. share, in the year-ago quarter. Experts had actually expected revenues. of 4 cents per share, according to IBES information from LSEG. Shares of the Philadelphia-based company were the same in. after-hours trading. They fell about 1% on Thursday to close at. $ 5.38. Offered the Rio buyout, slated to close next year, Arcadium. does not prepare to hold a conference call to discuss the outcomes.
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GRAINS-Soybeans climb near one-month high as vegoils shoot greater
Chicago Board of Trade soybean futures leapt to their greatest level in about a month on Thursday on spillover strength from rallying grease markets, traders stated. Corn futures also closed higher and exceeded a one-month peak. Rising costs for CBOT soyoil and Malaysian palm oil supported soybeans and overshadowed concerns over when U.S. farmers might feel impacts from increased trade tensions with China, following Donald Trump's re-election as U.S. president. Soyoil skyrocketed to a four-month high up on strong need, while palm oil increased after getting on Wednesday to the highest level in more than two years. Palm oil has been going crazy on the advantage, said Tomm Pfitzenmaier, expert for Summit Commodity Brokerage in Iowa. CBOT soybeans finished up 22-1/2 at $10.26-1/ 4 per bushel and reached the greatest level given that Oct. 8 in the most-active agreement. Technical purchasing accelerated gains, brokers said. In soyoil, December futures advanced 1.98 cents to 48.32 cents per pound. Weekly U.S. soyoil export sales for 2024-25 were 114,300 metric heaps, the U.S. Department of Farming stated, squashing experts' quotes for zero to 50,000 loads. Expectations that Trump might enforce tariffs on U.S. imports of used cooking oil likewise supported domestic need projections for soyoil, traders said. On Wednesday, soybean futures recovered after sinking on issues that U.S. soy exports to China will suffer due to Trump's promises to slap tariffs on Chinese goods. A tariff battle with Beijing may not affect U.S. soybean export sales till next summer, though, and importers might boost purchasing before Trump takes office in January, traders stated. There's a lot of undertones and possibilities here that could be very much various than just 'Trump's chosen. We're. going directly into a trade war,' said Jim Gerlach, president. of A/C Trading. CBOT wheat fell 1-3/4 cents to $5.71-1/ 2 per bushel. Corn futures rose 1-1/4 cents to $4.27-1/ 2 per bushel and. reached the greatest given that Oct. 3. Strong need from importers and domestic purchasers underpinned. corn, stated traders, who will examine month-to-month USDA crop information on. Friday.
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MP Materials posts smaller-than-expected loss on greater output, sales
U.S. uncommon earths miner and processor MP Products Corp. on Thursday reported a smallerthanexpected loss in the third quarter,. assisted by greater production and sales volumes of the tactical products. MP procedures rock it draws out from its Mountain Pass mine in California into. uncommon earths concentrate that is delivered to China for refining. The business offered 9,729 metric lots of that concentrate throughout the quarter,. 6% higher than the year-ago period. The growth in sales was driven by greater production volumes, reflecting. greater mineral healings and operational performances, the business stated. Nevertheless, understood prices of rare earth concentrates decreased 23% in the. quarter due to continuous soft prices environment for uncommon earth items. MP Products produced 478 tons of neodymium and praseodymium (NdPr)-- the. 2 most in-demand unusual earths-- during the quarter, with 404 tons offered. Sales. almost tripled sequentially. Despite continued weak market pricing, increased NdPr sales volumes drove a. go back to year-over-year profits growth, stated CEO Jim Litinsky, who is likewise the. largest shareholder of the business with an 11.2% stake. Cost of sales increased over 150% in the quarter, but were partly offset by a. decrease of an inventory reserve of $2.7 million tape-recorded in the quarter. Omitting one-time items, MP published a loss of 12 cents per share, compared. with analysts' expectations of a loss of 13 cents per share, according to information. compiled by LSEG.
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Beast Drink misses out on quarterly results on weaker need
Monster Beverage missed out on Wall Street estimates for thirdquarter sales and earnings on Thursday, as costconscious customers cut down investing in its higherpriced drinks. Shares of the business were down about 3% after the bell. Consumers, especially from low to middle-income groups, have been suppressing their yearnings for branded non-alcoholic beverages and choosing less expensive options. This has actually injured sales of business like Monster Beverage, Keurig Dr Pepper and PepsiCo, while Coca-Cola had the ability to draw in customers with tight budgets in the United States. For the third-quarter, the company published net sales of $1.88. billion, compared with analysts' average quote of $1.91. billion, according to information compiled by LSEG. On an adjusted basis, it published revenue of 40 cents per. share, compared to price quotes of 43 cents per share. Hurricanes Helene and Milton impacted sales at retail in. particular states in September and October, nevertheless we can not. determine the impact on our business, said CEO Hilton. Schlosberg. Nevertheless, gain from taking 5% cost walkings during the. quarter ended Sept. 30, coupled with lower input expenses assisted. the company's margins. Monster's quarterly gross profit as a percentage of sales. was 53.2%, compared to 53.0% a year back.
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Chile's Copec beats third-quarter expectations on forestry arm
Chilean commercial corporation Empresas Copec published a betterthanexpected thirdquarter net earnings on Thursday, backed by more powerful outcomes from its forestry arm. Copec's net profit landed at $404.3 million, above the $ 346.59 million predicted by experts surveyed by LSEG and reversing a net loss of $30.96 million in the exact same period last year. Incomes stood at $7.12 billion for the quarter, also beating the LSEG quote of $6.95 billion and somewhat above the $7.09 billion reported in 2015. Copec's forestry arm Arauco benefited as pulp volumes rose 21% and rates rose 13%. Production likewise rose from a year-ago quarter that was struck by an arranged shutdown, Copec stated in its earnings report, noting the Valdivia plant was halted from April to August last year. Arauco accounts for the bulk of Copec's profits, though the company also runs a large fuel-distribution business, holds stakes in mining and runs a fleet of fishing ships and factories. Copec's core profits, or profits before interest, taxes, depreciation, and amortization
US judge narrows investor claim against Rio Tinto over Mongolian mine
A U.S. judge on Thursday dismissed some claims in a claim accusing Rio Tinto and its previous CEO JeanSebastien Jacques of defrauding investors by hiding problems developing the $5.3 billion Oyu Tolgoi copper and cash cow in Mongolia.
U.S. District Judge Lewis Liman in Manhattan addressed recently included claims that Rio Tinto intentionally concealed how it would miss out on a due date for draw bell blasting, a key milestone, while Jacques hid delays and associated expense overruns.
In a 40-page decision, Liman dismissed the claim against Rio Tinto due to the fact that it was Blue-green Hill Resources, which owned 66%. of the mine with Mongolia owning the rest, that said the draw. bell schedule was on track.
Liman stated Rio Tinto was not responsible for that statement even. though an affiliate of the Anglo-Australian mining giant was. Blue-green Hill's majority owner.
The judge also dismissed claims that Jacques planned to. defraud shareholders in declarations about the mine start in. October 2018, since those declarations suggested he thought Rio. Tinto's schedule announced that month was accurate.
Claims against Jacques based upon earlier statements made it through,. since shareholders adequately alleged that he knew delays. existed when the class duration started, Liman stated.
Led by funds advised by Pentwater Capital Management, the. suit seeks damages on behalf of investors of. Montreal-based Turquoise from July 17, 2018 to July 31, 2019.
Pentwater's lawyers did not right away react to demands. for comment. Attorneys for Rio Tinto and Jacques did not. right away respond to similar demands.
Jacques led Rio Tinto for four years before stepping down in. March 2021, following pressure from investors seeking. accountability for the company's destruction of two culturally. significant Aboriginal rock shelters in May 2020.
Rio Tinto did not break any laws when working around the. Juukan Canyon sites in Western Australia. The sites revealed. evidence of human habitation going back 46,000 years.
The case is In re Turquoise Hill Resources Ltd Securities. Lawsuits, U.S. District Court, Southern District of New York,. No. 20-08585.
(source: Reuters)