Stock Markets

Oil heads for weekly gains on colder weather, Chinese policy support

Published

4 days ago

January 4, 2025

By Arathy Somasekhar

HOUSTON (Reuters) -Oil prices edged higher on Friday and were on track for weekly gains as cold weather in Europe and the U.S. as well as additional economic stimulus flagged by China helped push prices in the previous session to their highest in more than two months.

futures were up 69 cents, or 0.9%, at $76.62 a barrel by 12:49 p.m. ET (1749 GMT) after settling on Thursday at the highest level since Oct. 25. U.S. West Texas Intermediate crude gained $1.11, or 1.5%, to $74.24.

Brent was on track for a 3.3% weekly gain, while WTI was set for a 5% increase.

Signs of Chinese economic fragility heightened expectations of policy measures to boost growth in the world’s top oil importer.

“China just is unceasing at this point in terms of their announcements about trying to stoke economic activity, and the market’s taking note of that,” said John Kilduff, partner at Again Capital in New York.

Worries about Chinese demand were a factor in bearish demand assumptions last year, he added.

China announced a couple of new measures to boost growth this week with a surprise move to raise wages for government workers and the announcement of a sharp increase in funding from ultra-long treasury bonds.

The additional funding is to be used to spur business investment and consumer-boosting initiatives.

Oil is likely to have gained some price support from expected increased demand for after forecasts for colder weather in some regions.

“Oil demand is likely benefiting from cold temperatures across Europe and the U.S.,” said UBS analyst Giovanni Staunovo.

Also supporting prices, stockpiles dropped by 1.2 million barrels to 415.6 million barrels last week, EIA data showed.

Meanwhile U.S. gasoline and distillate inventories jumped as refineries ramped up output, though fuel demand hit a two-year low.

Holding back prices however, the dollar was on track for its best week in about two months, even as it dipped on Friday, on expectations that the U.S. economy will continue to outperform its peers globally this year and that U.S. interest rates will stay relatively higher.

Higher rates increase borrowing costs, which can cut economic growth and demand for oil.

Stock Markets

Isabella Bank CEO Jerome Schwind buys shares for $400

Published

16 hours ago

January 7, 2025

Jerome E. Schwind, President and CEO of Isabella Bank Corp (OTC:ISBA), recently purchased shares in the company. According to a filing with the Securities and Exchange Commission, Schwind acquired 16.2009 shares of common stock on January 2, 2025, at a price of $24.69 per share, amounting to a total transaction value of approximately $400. The purchase comes as the stock trades near its 52-week high of $26.23, with the company maintaining a solid 4.31% dividend yield and a modest P/E ratio of 13.6. InvestingPro analysis suggests the stock is slightly undervalued at current levels. This purchase increased Schwind’s direct ownership to 28,481.732 shares, which includes shares acquired through quarterly dividend reinvestment. The company has maintained dividend payments for 17 consecutive years, demonstrating strong shareholder commitment. InvestingPro subscribers can access 6 additional key insights about Isabella Bank Corp’s financial health and growth prospects.

In other recent news, Isabella Bank Corp has been in the spotlight due to a range of developments. Piper Sandler has raised the price target for the bank’s shares to $24.00 from $22.00, maintaining a Neutral rating. This decision came after a review of the bank’s third-quarter performance, which showed a 3% pre-provision net revenue (PPNR) upside, driven by net interest margin (NIM) expansion. The bank also experienced strong organic balance sheet growth.

Furthermore, Isabella Bank disclosed a potential loss of approximately $1.6 million due to negative balances in deposit accounts associated with a single customer. The total exposure to this customer, which includes loans and lines of credit secured by various assets, amounts to $4.0 million. The bank is currently assessing the potential credit losses.

In terms of earnings projections, Piper Sandler raised its earnings per share (EPS) estimates for the fourth quarter of 2024 and the full year 2025 to $0.49 and $2.40, respectively. The firm also established an EPS estimate of $2.70 for the year 2026. Lastly, Isabella Bank declared a third-quarter cash dividend of $0.28 per common share, reflecting its commitment to enhancing shareholder value.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Stock Markets

Isabella bank’s CFO William Schaefer buys shares worth $3,999

Published

16 hours ago

January 7, 2025

William M. Schaefer, the Chief Financial Officer of Isabella Bank Corp (OTC:ISBA), recently acquired additional shares of the company. According to a recent SEC filing, Schaefer purchased 162 shares of Isabella Bank common stock on January 2, 2025, at a price of $24.69 per share. The stock, currently trading near its 52-week high of $26.23, has shown impressive momentum with a 40% gain over the past six months. InvestingPro analysis suggests the stock is currently undervalued. This transaction amounted to a total value of $3,999. Following this acquisition, Schaefer’s direct ownership in the bank increased to 6,005 shares. It is noted that this includes shares acquired through quarterly dividend reinvestment. The bank maintains a notable 4.31% dividend yield and has consistently paid dividends for 17 consecutive years, according to InvestingPro data.

In other recent news, Isabella Bank Corp has been the subject of several significant developments. Piper Sandler has raised the price target for Isabella Bank shares to $24, maintaining a Neutral rating. This adjustment comes after an analysis of the bank’s third-quarter performance, which showed a 3% pre-provision net revenue (PPNR) upside driven by net interest margin (NIM) expansion. The firm also revised its earnings per share (EPS) estimates for the fourth quarter of 2024 and the full year 2025 to $0.49 and $2.40, respectively, based on higher net interest income (NII) assumptions.

On another note, Isabella Bank faces a potential loss of approximately $1.6 million due to negative balances in deposit accounts associated with a single customer, with the total exposure to this customer amounting to $4.0 million. The bank is currently assessing the potential credit losses. Despite this, Piper Sandler maintained a Neutral rating on the bank’s shares.

Additionally, the bank declared a third-quarter cash dividend of $0.28 per common share, reflecting its commitment to enhancing shareholder value. Piper Sandler highlighted the bank’s attractive 5.6% dividend yield, surpassing the peer average of 3.2%. These recent developments provide insights into the bank’s financial performance and future expectations as per analysts’ projections.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Stock Markets

CME Group Inc. Announces Fourth-Quarter and Year-End 2024 Earnings Release, Conference Call

Published

16 hours ago

January 7, 2025

CHICAGO, Jan. 6, 2025 /PRNewswire/ — CME Group Inc. (NASDAQ:) will announce earnings for the fourth quarter and full year of 2024 before the markets open on Wednesday, February 12, 2025. Written highlights for the quarter will be posted on the company’s website at 6:00 a.m. Central Time, the same time it provides its earnings press release. The company will also hold an investor conference call that day at 7:30 a.m. Central Time, at which time company executives will take analysts’ questions.

A live audio Webcast of the conference call will be available on the Investor Relations section of the company’s website. Following the conference call, an archived recording will be available at the same site. Those wishing to listen to the live conference via telephone should dial 877-918-3040 if calling from within the United States, or +1 312-470-7282 if calling from outside the United States, at least 10 minutes before the call begins. The participant passcode for both telephone numbers is 1944793.

As the world’s leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data “ empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing.

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The is a product of S&P Dow Jones Indices LLC (“S&P DJI”). “S&P ®”, “S&P 500 ®”, “SPY ®”, “SPX ®”, US 500 and The 500 are trademarks of Standard & Poor’s Financial Services LLC; Dow Jones ®, DJIA ® and are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.