Oil edges lower as traders focus on U.S. gasoline demand (WTI 65.14). Initial jobless claims fall but over 16 million Americans remain jobless.
Here is the current market situation from CNN Money
European markets are mixed. The DAX is higher by 0.06%, while the CAC 40 is leading the FTSE 100 lower. They are down 0.43% and 0.07% respectively.
What Is Moving the Markets
Here are the headlines moving the markets.
Hedge Funds Bet On Higher Oil Prices Money managers intimate a growing confidence that oil prices have room to run higher this year, thanks to expectations of a robust economic rebound and rising global demand for crude. Last week, hedge funds added the most bullish positions in the oil complex in more than two and a half months, with the net long in crude oil futures jumping to the highest in six weeks. Rising mobility, the reopening of the economies, and the stimulus packages all point to strong economic growth and consequently, strong oil demand growth. The low-int
By Tom Howell Jr. - The Washington Times - Thursday, May 6, 2021
Papa John’s pizza beat Wall Street expectations for the first quarter Thursday even though it is starting to face increased competition from reopened restaurants.
The company, which did a brisk business while people were stuck at home due to COVID-19, pointed to smart strategy, a more inclusive corporate culture and one product in particular: Epic Stuffed Crust pizza.
“It has been a huge success for our system, bringing in a whole new wave of customers, exceeding our expectations and increasing our ticket average, because it’s a premium pizza,” CEO Rob Lynch told CNBC.
Pizza was a tried-and-true bet for many consumers who were seeking familiar and convenient foods for delivery in the early days of the health crisis. But thanks in part to menu innovations like Epic Stuffed Crust pizza, the company s sales are still growing. Papa John s also been working to improve its operations and has hired more than 30,000 workers over the last year.
Here s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
Adjusted Earnings per share: 90 cents vs. 56 cents estimated
Revenue: $511.7 million vs. $471 million estimated
For the quarter ended March 28, net income rose to $33.9 million, or 82 cents per share, from $8.4 million, or 15 cents per share, a year earlier.