Energy Market Update: Applied UV, Delta Air Lines, and Crude Oil Crude Oil and Stock Prices: What Investors Need to Know

By: Alex Freidmen

U.S. stocks traded mixed toward the end of trading, with the S&P 500 and NASDAQ Composite turning higher on Friday.

The Dow traded down 0.28% to 37,607.16 while the NASDAQ rose 0.06% to 14,978.45. The S&P 500 also rose, gaining, 0.11% to 4,785.71.

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Market Performance

Energy shares jumped by 1% on Friday.

In trading on Friday, consumer discretionary shares fell by 0.9%.

Delta Air Lines Inc’s Fourth Quarter Results

Delta Air Lines Inc DAL shares fell more than 8% on Friday following the release of its fourth-quarter results.

The company reported a fourth-quarter FY23 operating revenue growth of 5.9% year-over-year to $14.22 billion and adjusted operating revenue of $13.66 billion (+11.1% Y/Y), beating the consensus of $13.52 billion. Adjusted EPS was $1.28 above the consensus of $1.17.

Delta Air said it sees EPS of $6 – $7 for the current year, versus the $6.56 estimate. In December 2022, DAL said it was on track for its 2024 earnings target of over $7 per share.

Stock Movement

Applied UV, Inc. AUVI shares shot up 29% to $2.9470 after the company announced the launch of its Fighter Flex LED solution at the upcoming AHR Expo on Jan. 22.

Shares of Flexsteel Industries, Inc. FLXS got a boost, surging 26% to $22.74 after the company reported strong preliminary results for the second quarter. The company said it sees preliminary earnings of 57 cents per share, versus analysts’ estimates of 27 cents per share. The company sees revenue of $100.1 million versus expectations of $96.77 million. Flexsteel Industries also issued financial guidance for the remainder of fiscal year 2024 and fiscal year 2025.

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Wipro Limited WIT shares were also up, gaining 18% to $6.35 after the company reported third-quarter financial results, issued guidance and declared an interim dividend.

Market Declines

Genius Group Limited GNS shares dropped 47% to $0.27 after the company announced pricing of an $8.25 million public offering.

Shares of VCI Global Limited VCIG were down 28% to $1.1290 after the company announced pricing of a $2.75 million public offering.

Momentus Inc. MNTS was down, falling 18% to $1.0191 after the company announced it was notified by the Space Development Agency that it was not selected for funding for the Tranche 2 Tracking Layer and that there is substantial doubt about the company’s ability to continue as a going concern.

Commodity Update

In commodity news, oil traded up 1.2% to $72.85 while gold traded up 1.4% at $2,047.30.

Silver traded up 2.4% to $23.255 on Friday while copper fell 0.9% to $3.7435.

Global Markets Overview

European shares were higher today. The eurozone’s STOXX 600 rose 0.84%, London’s FTSE 100 rose 0.64% while Spain’s IBEX 35 Index rose 0.90%. The German DAX rose 0.95% French CAC 40 rose 1.05% while Italy’s FTSE MIB Index rose 0.73%.

Asian markets closed mixed on Friday, with Japan’s Nikkei 225 gaining 1.50%, Hong Kong’s Hang Seng Index falling 0.35% and China’s Shanghai Composite Index falling 0.16%. India’s S&P BSE Sensex, meanwhile, rose 1.16%.

Producer prices in the U.S. fell 0.1% month-over-month in December, compared to market estimates of a 0.1% rise.

The total number of active U.S. oil rigs climbed by 13 to 546 rigs this week, Baker Hughes Inc reported.