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a2 Milk Co. Cuts Guidance on China Supply Issues; Shares Fall 13%

a2 Milk Co. (NZE:ATM, ASX:A2M) said its infant milk formula business in China is experiencing "temporary in-market product availability issues" that will likely impact the company's performance in fiscal 2026, resulting in a cut to guidance, according to a Monday filing with the New Zealand and Australian bourses.The issues primarily relate to shortfalls of China-label infant milk formula product at distributors and retailers for several reasons, including high demand for the company's imported products amid product recalls by international competitors, per the filing.At the same time, the Middle East conflict has had a direct impact on the availability and cost of air freight for product shipments to China, and inventory levels have been low through the fiscal year to date as a result of previous manufacturing challenges at Synlait's (NZE:SML, ASX:SM1) plant, where there remains "a significant backlog" of unfilled purchase orders, the company said.Additionally, new standards for related to enhanced cereulide testing are extending quality assurance release times, while higher inspection and sampling rates for the industry are extending clearance release times, per the filing.a2 Milk said these factors will have a material impact on China-label infant milk formula availability in the fiscal fourth quarter, mainly in April and May. The company now expects fiscal 2026 revenue growth in the low to mid double-digit range, compared with mid double-digits previously. Its earnings before interest, taxes, depreciation, and amortization percent margin is expected to be about 14% to roughly 15%, compared with 16% previously.The company also expects lower interest income for fiscal 2026 due to lower market rates and net transaction cash outflows.Its Kiwi shares were down 13% in recent Monday trading.

ASX:A2MASX:SM1NZE:ATMNZE:SML

Asia146d ago

Fonterra Co-operative Group Names Richard Allen as Next CEO; Shares Tumble 30%

Fonterra Co-operative Group (NZE:FCG) named Richard Allen as its next chief executive, effective May 1, succeeding Miles Hurrell, according to a Monday filing with the New Zealand bourse.Allen most recently served as president of global ingredients at Fonterra, per the filing.Hurrell will stay with the company in an advisory role until September to facilitate the transition.Fonterra's shares were down 30% in recent Monday trading.

NZE:FCG

Asia146d ago

Fonterra Co-operative Group Implements Over NZ$3 Billion Capital Return; Shares Dive 30%

Fonterra Co-operative Group's (NZE:FCG) roughly NZ$3.2 billion capital return to shareholders was implemented on April 10, according to a Monday filing with the New Zealand bourse.Payments to shareholders and unit holders will be processed on Tuesday, the company said.Fonterra's shares plummeted 30% in recent Monday trade.

NZE:FCG

Asia Markets146d ago

Tadawul Shares Start Week Lower Amid Failed US-Iran Negotiations

The Tadawul All Share Index closed Sunday trading 0.25% lower amid market jitters as the US and Iran walked away from their discussions in Pakistan without coming to an agreement.The Iranian delegation cited the US' lack of trust in its "forward-looking initiatives" and "excessive demands" as some of the reasons why the talks failed."We consider every mirror to be another method of authority diplomacy, alongside military struggle, for upholding the rights of the Iranian nation, and we will not for a moment cease our efforts to consolidate the achievements of the forty days of Iran's national defense," Iran's Parliament Speaker Mohammad Baqer Qalibaf said in an X post.Further to this, Pakistan's Foreign Minister Ishaq Dar noted that it is "imperative" that both sides hold up their two-week ceasefire deal, which started on April 8.Back at home, Ades Holding (SASE:2382) shares closed 1.21% in the green as it secured a one-year extension to its premium jackup rig drilling contract with Chevron Nigeria.Meanwhile, Al Kuzama Trading (SASE:9636) is poised to take a 25% stake in Unique Food Catering Co. from its owner, Bandar Khalid Abu Saman. The restaurant chain operator will purchase the stake for 35 million Saudi riyals. Shares surged 8.91% at closing.

^TASISASE:2382SASE:9636

Equities147d ago

Saudi Energy Facilities Ramp Up Production Post Iranian Strikes

Saudi Arabia resumed pumping through the East-West pipeline at full capacity of 7 million barrels per day and recovered 300,000 bpd of affected volumes from the Manifa field production, the kingdom's energy ministry said Sunday.The operations were impacted by Iranian strikes since the US and Israel's war against Iran broke out on Feb. 28.The Ministry of Energy said work is still in progress to restore full production capacity at the Khurais field.

^TASI

Equities147d ago

Advanced Petrochemical Co. Posts Lower Q1 Estimated Profit; Revenue Up

Advanced Petrochemical Co. (SASE:2330) said Sunday that its estimated attributable net profit for the first quarter declined, while revenue increased year over year.The estimated net profit attributable to shareholders of the issuer for the three months ended March 31 was 30 million Saudi riyals, compared with 72 million riyals earlier. EPS moved to 0.116 riyal from 0.277 riyal.The Tadawul-listed propylene and polypropylene products company's revenue was 1.08 billion riyals, compared with 614 million riyals a year ago.

SASE:2330

Equities147d ago

Ades Holding Lands One-year Extension for Drilling Services in Nigeria

Oil and gas drilling company Ades Holding (SASE:2382) said Sunday that Chevron Nigeria extended its offshore drilling services contract by a year, adding 178 million Saudi riyals to the group's backlog.The existing drilling contract for its premium jackup rig shelf drilling scepter in Nigeria is due to expire in July. The extended contract includes an unpriced option for an additional year.

SASE:2382

Oil & Energy148d ago

Crude Benchmarks Log Weekly Decline Amid 2-Week Ceasefire Deal

Global oil benchmarks posted a weekly decline on Friday after prices fell below the $100 per barrel mark earlier this week following the US-Iran ceasefire agreement.West Texas Intermediate closed Friday at $95.63/bbl, down from $111.54/bbl the previous week, while Brent futures settled at $94.36/bbl, down from $109.24/bbl a week earlier."Saudi Arabia said its production capacity has been reduced due to attacks on energy infrastructure, though futures remain on track for their biggest weekly loss since June, down more than 10% this week after the US and Iran announced a ceasefire," Saxo Bank analysts noted.The week began with prices over $110/bbl on Monday as the conflict involving the US, Israel, and Iran intensified.However, the trajectory broke sharply on Wednesday following President Trump's announcement of a two-week "bombing suspension" and ceasefire mediated by Pakistan.This triggered a historic relief crash, with WTI May futures and Brent June futures both shedding nearly 16-20% in a single session, briefly touching lows near $93-$94 as traders priced in a potential reopening of the Strait of Hormuz.However, the risk premium began to seep back into the market as optimism over the ceasefire faded as Tehran accused Washington of breaching the truce's 10-point framework on Thursday, citing continued US drone incursions and strikes in Lebanon.Meanwhile, US President Donald Trump warned Iran on Thursday amid reports that Tehran has started charging transit fees on tankers navigating the Strait of Hormuz, as shipping through the key waterway remains largely restricted despite the ceasefire deal.Despite the diplomatic breakthrough, shipowners remain paralyzed by war-risk insurance premiums, disrupted tanker rotations, and the lingering threat of Iranian transit fees in the Strait of Hormuz.Maritime data showed that only a handful of non-Iranian tankers had successfully transited the Strait of Hormuz since the ceasefire began, as global shipping giants like Hapag-Lloyd refused to resume routes until security is guaranteed.Even with the ceasefire holding, ANZ analysts expect only a partial recovery of 2-3 million barrels per day in the near term, with a credible risk that 1-2 mb/d of capacity may be permanently lost due to infrastructure damage.J.P. Morgan analysts said that "in the nearly six weeks since the conflict began, more than 60 energy infrastructure assets in the Gulf have been affected by drone and missile strikes, with roughly 50 sustaining different degrees of damage."Over 80% of countries are net oil importers, leaving the majority of global economies exposed to rising energy costs and supply disruptions during the shock, the International Monetary Fund said Thursday.The drop in supply has also disrupted refining operations, as facilities struggle to maintain minimum throughput levels amid reduced crude availability, the IMF added.On the supply side, US crude stockpiles rose by 3.1 mmbbls to 464.7 mmbbls in the week ended Apr. 3, the Energy Information Administration said in its weekly report on Wednesday.The number of oil rigs in the US held steady at 411 from last week, in the week ending Apr. 10, according to data from Baker Hughes (BKR) released Friday. The US had 472 oil rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, dropped by 10 to 680 from 690 the previous week.Money managers in the WTI crude futures and options markets maintained their net long positions in the week ended Apr. 7, according to the Commodity Futures Trading Commission's latest Commitments of Traders report released Friday.The data showed that money managers reported 223,091 long positions, up 8,334 from Mar. 31, while short positions were also up 1,213 to 85,253.

$BKR

Oil & Energy148d ago

US Natural Gas Posts Weekly Decline on Iran Ceasefire, Bearish Weather Forecasts

US natural gas futures settled lower over the week, amid the ceasefire between the US, Israel and Iran, along with bearish weather forecasts.The front-month contract price fell over the week to $2.65 per million British thermal units, from $$2.80/MMBtu on Apr. 2.The markets were off to a strong start this week but trended lower after Iran announced ceasefire negotiations, hinting at a quick resolution of hostilities in the Middle East.While the truce is temporary, set to last only for two weeks, and already showing its fragility, it did manage to calm the markets over the week.For the week ended Apr. 8, the May 2026 Nymex contract was down $0.09 at $2.72/MMBtu, compared with $2.81/MMBtu the prior week, the Energy Information Administration's Weekly Gas Storage Supplement said.Natural gas spot prices fell by $0.19 to $2.80/MMBtu during the week ended Apr. 8, according to the EIA, from $2.99/MMBtu last week. Price changes were mixed across most regional hubs, from a $0.56/MMBtu decrease at the Waha Hub to a $0.20 gain at the SoCal border.Prices across the Gulf Coast and Southeast regions were similarly mixed, with a $0.21 decline at the Florida Gas Zone 3 to $2.83/MMBtu and a $0.06 rise at the Houston Ship Channel to $2.44/MMBtu.Natural gas consumption in the Southeast electric power sector rose 3%, or 0.2 billion cubic feet per day, according to the EIA, citing LSEG data.The EIA reported a net injection of 50 Bcf into storage for the week ended Apr. 3, up from a net injection of 36 Bcf last week, and bringing total gas inventories to 1,911 Bcf.During the same week last year, the EIA reported a net injection of 53 Bcf, while the five-year average for this period was an injection of 13 Bcf. This week's figures were also above the 41 Bcf forecast, according to data compiled by Investing.com.The total gas inventories at 1,911 Bcf are now 89 Bcf, or 5% above the corresponding period a year ago, and 87 Bcf, which is again 5% higher than the five-year average for this period.Working gas in storage rose across all regions, except the Mountain, with South Central posting the largest gain of 32 Bcf, bringing its balances to 1.2% above its five-year average.Meanwhile, inventories across the East and Midwest have narrowed their working gas deficits to just 11% relative to their respective five-year averages.According to Pinebrook Energy Advisors, the EIA weekly report offered little new direction for the market. Demand is expected to continue its seasonal decline amid above-normal temperatures across most of the country, which is expected to hit cooling gas demand.A total of 37 liquefied natural gas carrying vessels left US ports during the week, down from 39 vessels last week. The total capacity of these vessels stood at 141 Bcf, down 8 Bcf from the prior week.Weather forecasts continued to turn bearish, with almost the entire country expected to see above-normal temperatures from Apr. 17 to Apr. 23, according to the National Weather Service.The number of gas rigs dropped by three from 130 the previous week to 127, in the week ending Apr. 10, according to data from Baker Hughes (BKR) released Friday. The US had 105 gas rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, dropped by 10 to 680 from 690 the previous week.In international markets, European TTF gas prices averaged $16.88/MMBtu for the week ended Apr. 8, $0.86/MMBtu lower compared to the previous week. The Japan-Korea Marker averaged $19.85/MMBtu, about $0.43/MMBtu lower than the prior week.

$BKR

Commodities148d ago

US Awards Contracts for 8.5 Million Barrels from SPR, DOE Says

The US Department of Energy on Friday said it had awarded contracts for an emergency exchange of 8.5 million barrels of crude from the Strategic Petroleum Reserve at the Bryan Mound site.The move marks the second phase of the DOE's execution of the 172-million-barrel release authorized as part of a broader coordinated release of 400 million barrels by International Energy Agency member countries aimed at stabilizing global oil markets.These awards follow DOE's recent Request for Proposal for this portion of the exchange, with deliveries beginning immediately, the DOE statement said, adding that it is aimed at addressing short-term supply disruptions.Under these awards, the DOE will move forward with an exchange of 8.5 million barrels of crude oil, which will be returned with additional premium barrels by next year.This action builds on the initial phase of the exchange, which awarded 45.2 million barrels from the Bayou Choctaw, Bryan Mound, and West Hackberry sites."Today's awards continue our work to move oil quickly to the market and help mitigate near-term supply disruptions," said Kyle Haustveit, Assistant Secretary of the DOE's Hydrocarbons and Geothermal Energy Office.He added that through this exchange structure, the DOE aimed to deliver critical barrels immediately, while returning even more to the SPR over time.

Insider Trading148d ago

Porch Group Insider Sold Shares Worth $449,314, According to a Recent SEC Filing

Matthew Neagle, Chief Operating Officer, on April 09, 2026, sold 62,827 shares in Porch Group (PRCH) for $449,314. Following the Form 4 filing with the SEC, Neagle has control over a total of 2,691,256 common shares of the company, with 2,691,256 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1784535/000183733626000013/xslF345X05/wk-form4_1775858007.xml

$PRCH

Oil & Energy148d ago

US Oil Update: Futures Settle Lower With Iran-US Talks in Focus

Crude oil futures settled lower in after-hours trading on Friday as the US and Iranian delegations arrived in Islamabad for talks seen as crucial to the success of the ceasefire and the reopening of the Strait of Hormuz.Front-month West Texas Intermediate crude futures dropped by 2.29% to $95.63 per barrel, while Brent futures were down 1.63% to $94.36/bbl.US and Iranian negotiating teams arrived in Pakistan on Friday for peace talks, though Tehran insisted on measures it said needed to be addressed first, casting doubt on the weekend meetings."Two of the measures mutually agreed upon between the parties have yet to be implemented: a ceasefire in Lebanon and the release of Iran's blocked assets prior to the commencement of negotiations," Iranian Parliament Speaker Mohammad Bagher Ghalibaf said in a post on X on Friday.President Trump dispatched Vice President JD Vance, along with special envoy Steve Witkoff and son-in-law Jared Kushner, to Pakistan to meet with Iranian officials, after announcing a two-week ceasefire agreement earlier on Tuesday.On Friday, Trump said the only reason Iranians are alive "is to negotiate", while noting that the only leverage Tehran holds is its ability to create short-term pressure by blocking the Strait."The Iranians don't seem to realize they have no cards, other than a short-term extortion of the World by using International Waterways," Trump said in a social media post. "The only reason they are alive today is to negotiate!"ING analysts said while Trump struck an optimistic tone on resolving the six-week conflict, he threatened Tehran over charging fees in the Hormuz.Trump has expressed frustration with Iran's continued blockade of nearly total closure of traffic via the Hormuz despite a ceasefire deal that included an agreement to open it.On Thursday, the US President said that Iran should stop charging tolls to vessels transiting the Hormuz Strait, as traffic through the strategic waterway remains largely constrained.Iran is considering a shift in how transit fees are levied on vessels transiting the strategic waterway, with a proposal to mandate payments in its national currency, according to media reports.The latest shipping data shows that vessel activity through the Hormuz has increased slightly since the ceasefire took effect on Apr.8, but flows remain well below normal levels. MarineTraffic said 14 vessels crossed the Strait on Apr. 8-9, including nine crossings on 9 April.Over 130 million barrels of crude and condensate remain stranded across about 80 laden tankers, largely VLCCs, with key exporters including Saudi Arabia, Iraq and the UAE unable to move cargoes, Kpler strategists said in a note on Friday.On the supply front, Saudi Arabia said on Thursday that Iranian attacks on its energy infrastructure reduced the country's oil production capacity and East-West Pipeline throughput by about 600,000 barrels per day and 700,000 b/d, respectively.

Insider Trading148d ago

Carvana Insider Sold Shares Worth $1,285,570, According to a Recent SEC Filing

Thomas Taira, President, Special Projects, on April 08, 2026, sold 3,770 shares in Carvana (CVNA) for $1,285,570. Following the Form 4 filing with the SEC, Taira has control over a total of 58,564 Class A common shares of the company, with 58,564 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1690820/000160788926000016/xslF345X05/wk-form4_1775857110.xml

$CVNA

Oil & Energy148d ago

India Reportedly Allows Iranian Oil Tankers to Dock Amid Supply Disruptions

India has reportedly allowed four Iranian oil tankers to dock, signaling a rare easing of restrictions for Iranian crude, according to multiple media reports.The shipping ministry granted permission for vessels carrying Iranian crude to berth at Sikka port following a request from Reliance Industries, according to reports.India, the world's third-largest oil importer, had halted Iranian crude purchases in 2019 under US pressure.The move follows a temporary US waiver issued last month permitting limited transactions involving Iranian oil at sea to help stabilize global prices.The exemption is set to expire on Apr. 19, creating urgency for importers seeking to secure alternative supplies during heightened geopolitical tensions.Iranian shipments are typically transported by vessels lacking standard insurance and certifications, requiring special government approval under Indian maritime regulations.The approved vessels include Aframax tanker Kaviz and very large crude carriers Lenore, Felicity, and Hedy, all of which are under US sanctions.Each supertanker can carry up to 2 million barrels of crude, offering significant potential volumes if the cargoes are processed.Tracking data showed some vessels positioned near Iran's Chabahar port in early April, while others recently loaded cargoes or exited the Gulf, the report said.Despite the approvals, it remains uncertain whether Reliance will refine the oil, as the company is assessing compliance with sanctions and domestic regulations.Separately, Indian Oil has already received Iranian crude via a sanctioned tanker, indicating limited resumption of flows under exceptional circumstances.India's Ministry of Ports, Shipping and Waterways and Reliance did not immediately respond to' request for comment.

Commodities148d ago

Outside Investors Add to Bullish Stance in Soybean Oil Futures, Options Markets, CFTC COT Says

Money managers remain bullish or net long in the soybean oil futures and options markets, according to the Commodities Futures Trading Commission's weekly Commitments of Traders Report.The weekly COT Report, as of the week ending Apr. 7, showed that money managers are net long, a bet that the market will go higher, in the California Low Carbon Fuel Standard market by 62,703 contracts. Producers, merchants, processors, and users are net short by 80,902 contracts, a bet that the market will go lower.The COT report showed that money managers are holding a net long position of 1,650 contracts in the D6 Renewable Identification Numbers Current Year futures and options markets, while producers, merchants, processors, and users are net long by 1,322 contracts.In the D4 Biodiesel RINS Current Year futures and options markets, money managers hold a net long position of 3,590, while producers, merchants, processors, and users are net short by 2,599 contracts.For ethanol, money managers are net long the futures and options markets by 7,317 contracts. The producers, merchants, processors, and users are net short ethanol by 7,967 contracts.Money managers are net long the soybean oil futures and options by 150,682 contracts, after adding 10,686 longs and cutting 4,187 short positions from a week ago. The producers, merchants, processors, and users are net short by 273,778 contracts.Outside investors are net long the solar alternative energy credit market by 2,370 contracts, while the producers, merchants, processors, and users are net short by 8,345 contracts.Money managers are net short the Malaysian palm oil futures by 579 contracts.

Research148d ago

Research Alert: CFRA Keeps Buy Rating On Shares Of Abbvie Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our target price to $255 from $275, 15.8x our 2026 EPS view. This is above ABBV's 10-year historical forward P/E average of 12.0x, justified by the company's improving long-term growth prospects. We lower our 2026 EPS forecast to $14.02 from $14.29 as we adjust our Q1 EPS estimate to $2.63 from $3.05. The company disclosed a new IPR&D and milestone expense of $744M last week related to collaborations, licensing agreements, and asset acquisitions, which will dilute Q1 EPS. We keep our 2026 EPS estimate at $16.13. The company is expected to report Q1 results before market open on April 29, when we expect to get more color on Q1 performance and expectations for the remainder of 2026.

$ABBV

Research148d ago

Research Alert: CFRA Upgrades View On Pnr Shares From Buy To Strong Buy

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Following a nearly 15% drop in shares YTD, we view shares as being attractively valued with a healthy margin of safety. We attribute the decline this year to ongoing weakness in residential markets (PNR's largest end-market exposure) and conservative guidance. PNR shares are trading below their historical multiple average and well below peers on a forward P/E (NTM) basis. We see headwinds as being more than priced in at this point, with upside in shares if residential markets enter even a modest recovery. Our upgrade is made in part due to indications that repair and remodeling investment is beginning to recover in U.S. markets, which bodes well for PNR's Pools business looking to Q1. Assuming residential markets remain roughly flat, we see new products and efficiency initiatives supporting PNR's earnings quality in 2026. We reiterate our 12-month target of $130, valuing shares at 22x (below peer average of ~24x) our 2027 EPS outlook of $5.92 (unchanged estimate; 2026 EPS of $5.40 is also unchanged).

$PNR

Commodities148d ago

US Natural Gas Update: Futures Ease on Mild Weather Outlook, Softer Demand

US natural gas futures edged lower in after-hours trading on Friday as forecasts for milder weather across much of the country weighed on heating demand expectations.The front-month Henry Hub contract and the continuous contract both slipped 0.64% to $2.653 per million British thermal units.Weather outlooks remained a key bearish driver. Forecaster Commodity Weather Group projected above-average temperatures across the eastern half of the US through Apr. 19, reducing late-season heating demand.Seasonal "shoulder period" conditions also pressured the physical market. The US Energy Information Administration said the Henry Hub spot price fell $0.19 to $2.80/MMBtu in the week ended Wednesday, down from $2.99/MMBtu the prior week, as broadly warmer temperatures kept consumption subdued.Demand indicators reflected the softer conditions. Lower-48 gas demand was estimated at 68.3 billion cubic feet per day on Friday, down 9.7% from a year earlier, according to Barchart, citing data from BNEF.On the supply side, production showed a modest day-over-day recovery to generally strong production levels. Output rose to 107.0 Bcf/d after falling earlier in the week from 108.6 Bcf/d to 106.6 Bcf/d, according to NRG Energy. Separate BNEF data cited by Barchart put Lower-48 dry gas production higher at 111.3 Bcf/d, up 3.9% year over year.LNG demand remained robust. Feedgas flows were near capacity at an estimated 18.9 Bcf/d, NRG said, reflecting a still-tight global supply-demand balance. However, export volumes eased slightly, with LNG vessels carrying 141 Bcf in the week ended Apr. 8 across 37 tankers, down 8 Bcf and 2 tankers from the previous week, according to EIA data.On Thursday, EIA reported a 50 Bcf net injection for the week ended Apr. 3, broadly in line with the 53 Bcf build in the same week last year but well above the five-year average injection of 12 Bcf. Total inventories stood 89 Bcf above year-ago levels and 87 Bcf higher than the five-year historical average.

Mining & Metals148d ago

TerraVest Industries Announcing Automatic Purchase Plan For Common Shares

$TVK.TO

Insider Trading148d ago

Airbnb Insider Sold Shares Worth $491,213, According to a Recent SEC Filing

Elinor Mertz, Chief Financial Officer, on April 08, 2026, sold 3,750 shares in Airbnb (ABNB) for $491,213. Following the Form 4 filing with the SEC, Mertz has control over a total of 394,359 Class A common shares of the company, with 394,359 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1559720/000119312526151415/xslF345X05/ownership.xml

$ABNB

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Oil & Energy148d ago

Crude Benchmarks Log Weekly Decline Amid 2-Week Ceasefire Deal

$BKR