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Markets
European gas futures jump as Chevron talks in Australia fail
The key European gas contract rose Friday after negotiations at a key Australian liquified natural gas supplier failed to produce an agreement. The Dutch TTF natural gas contract for October rose 6% to 34.83 euros, as a partial strike by Chevron workers in Australia began. The Gorgon and Wheatstone facilities accounted for 7% of global LNG supply last year, according to Bloomberg. The union representing workers say they will stop completely for two weeks starting Sept. 14.
Investing
Smartsheet’s stock rises on strong results, guidance
Smartsheet Inc.’s stock SMAR climbed more than 3% in extended trading Thursday after the company reported quarterly results and full-year revenue guidance that beat analyst estimates. Smartsheet reported a fiscal second-quarter net loss of $33.4 million, or 25 cents a share, compared with a net loss of $63.2 million, or 47 cents a share, in the year-ago quarter. Adjusted earnings were 16 cents a share. Revenue was $235.6 million, compared with $186.7 million a year ago. Analysts surveyed by FactSet had expected on average net earnings of 7 cents a share on revenue of $229.6 million. Smartsheet said it expects fiscal year revenue of between $950 million and $953 million, eclipsing analyst projections of $946 million. Shares of Smartsheet are up 2.5% this year, while the broader S&P 500 index SPX has risen 16%.
SEC investigating Ryan Cohen’s Bed Bath & Beyond trades: WSJ
The Securities and Exchange Commission is investigating billionaire and activist investor Ryan Cohen’s purchase and abrupt sale last year of shares of onetime home-goods retail chain and meme stock Bed Bath & Beyond, the Wall Street Journal reported on Thursday. The report comes after Cohen took a $120 million stake in the company last year, with hopes of shaking up business, tweeted “positively” about the retailer and days later offloaded the stake that August, the Journal said. The SEC is seeking information from Cohen about the trades and communications with higher-ups at the retailer, the Journal said, noting that an investigation might not lead to allegations of wrongdoing.
Economy & Politics
Biden again tests negative for COVID as he prepares to leave for G-20 summit
President Joe Biden on Thursday again tested negative for COVID-19, the White House said. Biden is preparing to depart Washington late Thursday afternoon for New Delhi, India, where he will meet Prime Minister Narendra Modi and attend a Group of 20 summit. The president has been tested more often since first lady Jill Biden tested positive for COVID on Monday.
