STOCK MARKET NEWS: Netflix soars, JetBlue-Spirit deal done, Tesla earnings

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incoming update…Portable generator maker Generac plunges on revised forecastGenerac Holdings.$116.17

SymbolPriceChange%ChangeGNRC$119.58-28.16-19.06

Generac fell more than 20% in Wednesday trading. The portable generator maker is revising its full-year 2022 net sales growth guidance range to 22 to 24% compared to the previous growth guidance range of 36 to 40%. The forecast includes approximately 5 to 7% net impact from acquisitions and foreign currency.

Home standby order headwinds are expected to persist during the fourth quarter and through the first half of 2023 as distribution partners continue to increase installation capacity and work down their extended backlogs and elevated field inventories, the company said.

Preliminary net sales increased 15% to approximately $1.09 billion during the third quarter of 2022. The Wall Street estimate is $1.33 billion.

Preliminary net income is estimated at 83 cents compared to the estimate of $3.21.

The current year net income includes pre-tax charges totaling approximately $55 million, including approximately $37 million of clean energy product warranty-related matters and approximately $18 million of bad debt expense related to a clean energy product customer that has filed for bankruptcy. Posted by FOX Business Team ShareWinnebago falls as inventories riseWinnebago Industries Inc.$53.23

SymbolPriceChange%Change WGO$53.61-6.58-10.93

Winnebago Industries plunged more than 10% in Wednesday trading. The recreational vehicle maker expects uncertain market conditions to persist into fiscal 2023.

Net inventories rose 54% to $525.8 million.

Available cash fell 35% to $282.2 million.

The company reported fiscal fourth-quarter net income of $82.6 million.

The Eden Prairie, Minnesota-based company said it had profit of $2.61 per share. Earnings, adjusted for one-time gains and costs, came to $3.02 per share.

The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.99 per share.

The recreational vehicle maker posted revenue of $1.18 billion in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $1.2 billion.

For the year, the company reported profit of $390.6 million, or $11.84 per share. Revenue was reported as $4.96 billion.

The Associated Press contributed to this report.Posted by FOX Business Team ShareOil higher as US begins additional sale from Strategic Petroleum ReservePump jacks operate in Midland, Tex., February 11, 2019. (Reuters/Nick Oxford)

President Joe Biden is releasing another 15 million barrels of oil from the Strategic Petroleum Reserve, the White House said.

Additionally, the Administration intends to repurchase crude oil for the SPR when prices are at or below about $67-$72 per barrel, adding to global demand when prices are around that range. As part of its commitment to ensure replenishment of the SPR, the Department of Energy (DOE) is finalizing a rule that will allow it to enter fixed price contracts through a competitive bid process for product delivered at a future date.

Biden is calling on companies to immediately pass through lower energy costs to consumers.

The notice of sale went live at 10:00 a.m. Eastern time.

Oil was up 1% to $83.67 a barrel at 10:03 a.m.

The Department of Energy plans to release up to 3 million barrels of sour crude oil and up to 12 million barrels of sweet crude oil for a total of 15 million barrels, with deliveries from December 1 to December 31.Posted by FOX Business Team ShareBreaking News JetBlue and Spirit seal dealJetBlue, Spirit planes

SymbolPriceChange%ChangeSAVE$19.800.311.59JBLU$7.120.142.01

The deal between the two discount carriers is expected to close in the first half of 2024.

Ted Christie, President and CEO of Spirit Airlines, said, “This is an important step forward on our path to closing a combination that will create the most compelling national low-fare challenger to the dominant U.S. carriers. We look forward to continuing our ongoing discussions with regulators as we work toward completing the transaction and delivering value to Team Members, Guests and stockholders.”Posted by FOX Business Team ShareBreaking News Netflix shares climbNetflix Inc.$ 278.50

Netflix redeemed itself by posting strong subscriber growth sending the shares higher.

MARKETSNetflix subscriber growth expands 2.4 million after two quarters of declineNetflix on Tuesday reported adding subscribers in the third quarter after posting declines in membership in the first six months of the year.

Posted by FOX Business Team ShareBreaking News Stocks mixed after two-day rally, Netflix jumps on earningsTraders are taking a cautious tone following a two-day rally as they balance a fresh round of earnings against another big recession warning. Netflix shares soared on strong subscriber growth, while Abbott Labs sank after the baby formula shortage hurt results. In commodities, oil inched up to the $83 per barrel level. 

SymbolPriceChange%Change NFLX$275.7134.8514.47ABT$97.81-7.17-6.83Posted by FOX Business Team ShareHousing facing more headwindsSpdr Series Trust Spdr S P Homebuilders Etf.$56.35

Two housing metrics which track future demand came in mixed for September.

ECONOMYHousing starts tumble in September as rising mortgages cool demandRising interest rates are starting to cool the housing market, with new U.S. home construction plunging in September after unexpectedly rising the previous month.

Posted by FOX Business Team ShareCryptocurrency prices lower early Wednesday morningBitcoin, Ethereum and Dogecoin were all lower early Wednesday morning. (Getty Images)

Cryptocurrency prices for Bitcoin, Ethereum and Dogecoin were all turned lower early Wednesday.

At approximately 4:45 a.m. ET, Bitcoin was trading at nearly $19,195 (-0.85%), or lower by $163. 

For the week, Bitcoin was trading higher by nearly 1.6%. For the month, the cryptocurrency was lower by nearly 0.3%. 

Ethereum was trading at approximately $1,298 (-0.98%), or lower by more than $12.75. 

For the week, Ethereum was trading higher by more than 2.5%. For the month, however, it was trading lower by approximately 1.65%. 

Dogecoin was trading at $0.05931 (-1%), or lower by approximately $0.000598. 

 For the week, Dogecoin was lower by nearly 0.4%. For the month, the crypto was higher by more than 4.25%.Posted by FOX Business Team Share Diesel up by 2 cents overnight, gas drops by same amountDiesel prices climbed while gasoline prices fell overnight in the US. (gasprices.aaa.com)

The average price of a gallon of gasoline fell more than 2 cents to $3.854 early Wednesday morning, AAA reported. 

The nationwide price for a gallon of regular gasoline on Tuesday was $3.87. Mondays price was $3.888. 

A week ago, gasoline sold for $3.922 per gallon. A month ago, that same gallon of gasoline nationwide was $3.677 A year ago, gasoline sold for $3.34 nationwide.

Gas hit an all-time high of $5.016 on June 14, approximately 18 weeks ago.

Meanwhile, diesel’s price rose to $5.324 early Wednesday morning. On Tuesday, a gallon of diesel cost $5.304, a two-cent increase. On Monday, diesel cost $5.271 per gallon nationwide.

A week ago, diesel sold for $5.16 per gallon. A month ago, that same gallon of diesel nationwide sold for $4.95. A year ago, diesel was selling for $3.557 per gallon nationwide.Posted by FOX Business Team ShareBrazilian economic official warns of very rough times aheadBrazil’s economic minister predicted ‘very tough times ahead for the world economy.’

Brazils economy minister, Paulo Guedes, condemned state-driven centrally planned economies as a path to “misery,” explained how Brazil got on the “road to prosperity” through market economics, and he warned that much of the world will suffer in the coming years from “stagflation, high interest rates, inflation, [and] low growth.” 

In an exclusive interview with Fox News Digital, Guedes described Brazil as coming out of “the roadto misery” in the “last 30 to 40 years.”

Successive governments delivered “low growth” and “high corruption” under a “statist economy” that was “centrally planned.” By contrast, Guedes attributes Brazils current prosperity to “market economies.” This consists of decentralized decision-making and “opening the Brazilian economy.” Guedes said, ”

We are reducing taxes. We are stimulating the increase of private investments. We are privatizing. So, we are [on] the road to prosperity a classical recipe for growth,” he said.

Brazils economy has enjoyed solid growth as the country continues its recovery from the coronavirus pandemic in spite of the impact from Russias invasion of Ukraine. The Ministry of Economy in September revised growth projections from 2% to 2.7% due to “widespread expansion in various sectors,” with similar projections in 2023.

Private economists project that 2.39% growth this year and 0.5% next year remain more realistic targets, Reuters reported. 

Among Guedes areas of emphasis is privatization of state-run companies, which he said have been “stealing” from the Brazilian people. He described “private pirates and bureaucratic robbers and political creatures of the swamp” who permeated these companies resulting in “political power feeding economic power, and then buying back political support with corruption.” 

In recent years, Brazil has been rocked by corruption scandals reaching the highest levels of government. Then-President Dilma Rousseff was impeached in 2016 for her alleged mishandling of the federal budget. Critics said she used accounting tricks to hide ballooning deficits and bolster an embattled government.Posted by David Trulio, Peter Aitken ShareStocks mixed, whipsawing after good earnings reports, easing of UK marketsUS stocks were mixed early Wednesday morning as the markets whipsawed following Tuesday’s gains. (Getty Images).

Symbol PriceChange%ChangeI:DJI$30,523.80337.981.12SP500$3,719.9842.031.14I:COMP$10,772.4096.600.90

U.S. stock indexes were mixed early Wednesday morning as they whipsawed between gains and losses.

U.S. stock indexes rose on Tuesday, rallying for a second day as a combination of better-than-expected earnings and an easing of turmoil in U.K. markets lifted investors’ confidence. 

The S&P 500 climbed 42.03 points, or 1.1%, to 3719.98 while the Dow Jones Industrial Average rose 337.98 points, or 1.1%, to 30523.80 and the technology-heavy Nasdaq Composite moved ahead 96.60 points, or 0.9%, to 10772.40. 

The moves come a day after the major indexes soared. Big swings have become commonplace for U.S. stocks, with the S&P 500 closing up or down at least 2% in the three prior trading sessions.

Even with some runs higher, all three indexes remain in a bear market, entered into after a drop of 20% or more from a recent high. 

“When you’re in the throes of a bear market, to see meaningful moves higher for stocks, you need to also see a big move in the bond markets. You need yields to meaningfully fall,” said Michael Antonelli, managing director and market strategist at Baird.

That hasn’t happened. Instead, the yields on U.S. government bonds have been climbing higher, with the yield on the 10-year Treasury note settling above 4% for the first time since 2008 on Friday. 

On Tuesday, the yield on the 10-year Treasury note edged lower to 3.996% from 4.012%. Bond yields and prices move in opposite directions. Investors had been bracing for a difficult earnings season, with the threats of soaring inflation, rising interest rates and flagging growth weighing on consumer spending and corporate profits. 

But results thus far have proved better than expected, prompting a rally for U.S. stock markets after months of declines. 

Meanwhile, Asian stock markets were mixed Wednesday after Wall Street rose on strong corporate profit reports. 

Tokyo advanced while Shanghai and Hong Kong declined. The yen stayed near a two-decade low under 149 to the dollar. 

The Nikkei 225 in Tokyo gained 0.4% to 27,257.38, while the Shanghai Composite Index lost 0.7% to 3,060.20. The Hang Seng in Hong Kong lost 2% to 16,576.17. The Kospi in Seoul declined 0.6% to 2,237.44 and Sydney’s S&P-ASX 200 advanced 0.4% to 6,803.80. India’s Sensex opened up 0.7% at 59,357.90. New Zealand and Southeast Asian markets advanced.Posted by Associated Press Share Oil prices climb as investors seek other marketsInvestors are looking at other commodities as oil prices climbed overnight. (Getty Images)

SymbolPriceChange%ChangeUSO$68.73-1.38-1.97CVX$162.721.410.87XOM$100.800.180.18

Oil prices climbed on Wednesday , paring losses from the previous session, as investors jumped into riskier assets such as commodities amid gains in broader equity markets and on signs of renewed demand from top oil importer China. 

Brent crude futures for December settlement rose 22 cents, or 0.2%, to $90.25 a barrel by 0620 GMT. 

U.S. West Texas Intermediate crude for November delivery was at $83.50 a barrel, up 68 cents, or 0.8%. WTI’s front-month contract expires on Thursday and the more active December contract was at $82.66, up 59 cents, or 0.7%. In the previous session, Brent fell by 1.7% and WTI by 3.1% to their lowest in two weeks on reports of U.S. President Joe Biden’s plans to release more barrels from the Strategic Petroleum Reserve (SPR). 

Oil prices were also buoyed as risk sentiment was lifted by upbeat U.S. corporate earnings and rising equity markets. 

“The small rebound in oil prices is more likely due to more positive sentiment on the equity bourses and return of risk on trades (rather) than industry fundamentals,” said Suvro Sarkar, lead energy analyst at DBS Bank in Singapore. Prices were also supported on signs of resurgent Chinese demand.

Private mega refiner Zhejiang Petrochemical Corp (ZPC) won additional crude oil import quota for 2022 of 10 million tonnes and state-run ChemChina received a further quota of 4.28 million tonnes. That is equal to about 104 million barrels. 

The pending European Union ban on Russian crude and oil products and the output cut from the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia, a group known as OPEC+, of 2 million barrels per day also kept prices strong. 

The OPEC+ cut and EU embargo will squeeze supply in an already tight market. The EU’s sanctions on Russian crude and oil products will take effect in December and February, respectively. 

“With EU ban on Russian crude looming in early December, we would still be overall bullish than bearish on oil at current levels,” DBS’ Sarkar said. 

To plug the gap, President Biden will announce a plan later on Wednesday to sell off the remainder of his release from the SPR and detail a strategy to refill the stockpile when prices drop, a senior administration official said. 

U.S. crude oil stockpiles fell by about 1.3 million barrels for the week ended Oct. 14, according to market sources citing American Petroleum Institute figures on Tuesday.

Gasoline inventories declined by about 2.2 million barrels while distillate stockpiles dropped by 1.1 million, the sources said. U.S. crude inventories were expected to have increased for a second consecutive week, rising by 1.4 million barrels in the week to Oct. 14, an extended Reuters poll showed on Tuesday.Posted by Reuters Share

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