{"id":60127,"date":"2022-03-01T08:50:25","date_gmt":"2022-03-01T13:50:25","guid":{"rendered":"https:\/\/www.t3live.com\/blog\/?p=60127"},"modified":"2022-03-01T08:51:38","modified_gmt":"2022-03-01T13:51:38","slug":"coffee-with-greta-oil-hits-7-year-high","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2022\/03\/01\/coffee-with-greta-oil-hits-7-year-high\/","title":{"rendered":"Coffee With Greta: Oil Hits 7-Year High on Ukraine Crisis"},"content":{"rendered":"

Editor's Note:<\/strong> Coffee With Greta is a FREE morning update from our newest contributor Greta Wall. Want to get it by email every day? Click here<\/span><\/a><\/strong>.<\/p>\n

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DJIA Futures: <\/b>-174 (-0.5%)<\/span>\u00a0<\/b><\/p>\n

SPX Futures: <\/b>-20 (-0.5%)<\/span><\/p>\n

NASDAQ Futures: <\/b>-63 (-0.4%)<\/span><\/p>\n

Good morning friends!<\/span><\/p>\n

Futures are lower as the market gears up for a new month of trade and all eyes remain on Russia\u2019s attack on Ukraine.<\/span><\/p>\n

Let\u2019s get right to it!<\/span><\/p>\n

Oil Prices Hit 7-Year High<\/strong><\/h2>\n

U.S. crude prices surged to the highest level since July 2014 amid supply concerns as Russia continues its attack on Ukraine.\u00a0<\/span><\/p>\n

West Texas Intermediate crude futures jumped 5.7% to $101.17 per barrel.\u00a0<\/span><\/p>\n

At the same time, Brent crude futures rose 6.3% to $104.16 per barrel.<\/span><\/p>\n

Canada became the first country to ban Russian oil imports Monday.<\/span><\/p>\n

The International Energy Agency is meeting today to discuss \u201cthe impact of Russia\u2019s invasion of Ukraine on oil supply and how IEA members can play a role in stabilizing energy markets.\u201d<\/span><\/p>\n

Morgan Stanley hiked its oil price forecasts, expecting Brent to average $110 bbl in Q2.<\/span><\/p>\n

Russia Bears Down on Ukraine Capital<\/strong><\/h2>\n

Russia is continuing its assault on Ukraine with a massive convoy approaching the capital city of Kyiv.<\/span><\/p>\n

Satellite images showed a 40 mile long convoy of Russian military vehicles approaching the city Monday.<\/span><\/p>\n

Ukrainian and Russian officials held talks in Belarus Monday which ended with no resolution.<\/span><\/p>\n

The ruble is down again today after recovering some losses Monday.\u00a0<\/span><\/p>\n

The exchange rate is over 102 ruble to $1 USD.<\/span><\/p>\n

The Russian Central Bank kept the Moscow Stock Exchange closed again today.<\/span><\/p>\n

Russia-linked ETFs in the U.S. are continuing to plummet today.\u00a0<\/span><\/p>\n

The <\/span>VanEck Russia ETF <\/b>(RSX) is down 15.8% ahead of the open, with the <\/span>iShares MSCI Russia ETF <\/b>(ERUS) falling 11.2%.<\/span><\/p>\n

Russians Rush to Crypto<\/strong><\/h2>\n

Russians flooded the crypto market Monday as the ruble collapsed in response to new sanctions.<\/span><\/p>\n

Trading volume between the ruble and Bitcoin jumped to a nine-month high, pushing BTC\u2019s value above $41,000.\u00a0<\/span><\/p>\n

The global crypto market cap is up 12.3% over the past 24 hours to $2.04 trillion.<\/span><\/p>\n

Bitcoin is up 17% at $44,600 with Ethereum rising 13% to $2,900.\u00a0<\/span><\/p>\n

Crypto exchange Binance <\/span>confirmed<\/span><\/a> Monday it is blocking the accounts of any Russians targeted by sanctions.\u00a0<\/span><\/p>\n

Binance said it will not freeze the accounts of other Russian users.<\/span><\/p>\n

Target Rallies on Earnings<\/strong><\/h2>\n

Target <\/b>(TGT) shares are surging 12.5% ahead of the open after reporting strong fiscal Q4 earnings.\u00a0<\/span><\/p>\n

The retailer reported adjusted earnings of $3.19 per share on $31 billion in revenue. <\/span>
\n<\/span>
\n<\/span>Analysts had forecast adjusted EPS of $2.86 on $31.39 billion in revenue.\u00a0<\/span><\/p>\n

Overall sales were up 9% year-over-year last quarter.<\/span><\/p>\n

Target\u2019s online services expanded 45% in the full-year, after surging 235% the prior year.<\/span><\/p>\n

The company forecast revenue growth in the low to mid single-digits this year and earnings growth in the high single-digits.<\/span><\/p>\n

Domino\u2019s Slides on Weak Q4 Results<\/strong><\/h2>\n

Domino\u2019s Pizza <\/b>(DPZ) shares are sliding 6% in premarket trade after missing Q4 expectations<\/span><\/p>\n

The pizza chain reported earnings of $4.25 per share on $1.34 billion in revenue.\u00a0<\/span><\/p>\n

That was short of analysts\u2019 expectations for EPS of $4.28 on $1.38 billion in revenue.\u00a0<\/span><\/p>\n

Domino\u2019s also announced CEO Ritch Allison will retire.\u00a0<\/span><\/p>\n

He will be succeeded by COO Russell Weiner.\u00a0<\/span><\/p>\n

Zoom Warns of Growth Slowdown<\/strong><\/h2>\n

Zoom <\/b>(ZM) shares are down 2.2% ahead of the open after the company\u2019s 2022 revenue forecast disappointed.\u00a0<\/span><\/p>\n

Zoom reported adjusted Q4 earnings of $1.29 per share on $1.07 billion in revenue after the market closed Monday.\u00a0<\/span><\/p>\n

That beat analysts\u2019 expectations for adjusted EPS of $1.06 on $1.05 billion in revenue.<\/span><\/p>\n

But traders sold off the stock as revenue growth continues to slow.\u00a0<\/span><\/p>\n

Zoom\u2019s Q4 revenue was up 21% year-over-year, a slowdown from 35% in Q3.\u00a0<\/span><\/p>\n

The company forecast Q1 revenue between $1.07 billion and $1.075 billion, which would represent growth of just 12%.<\/span><\/p>\n

For the full year, Zoom expects revenue of $4.53 billion to $4.55 billion, lower than analysts\u2019 expectations for $4.71 billion.<\/span><\/p>\n

Zoom is the 4th largest holding in Cathie Wood\u2019s <\/span>Ark Innovation ETF <\/b>(ARKK) which is down 0.4% in premarket trade.\u00a0<\/span><\/p>\n

Lucid Slashes Production Forecast<\/strong><\/h2>\n

Lucid Group <\/b>(LCID) shares are tumbling 12.2% ahead of the open after the electric automaker slashed its 2022 production forecast.\u00a0<\/span><\/p>\n

The company now expects to produce between 12,000 and 14,000 vehicles this year, down from 20,000 previously.\u00a0<\/span><\/p>\n

The company cited supply chain constraints for the cut.\u00a0<\/span><\/p>\n

CEO Peter Rawlinson said, \u201cThis reflects the extraordinary supply chain and logistics challenges we\u2019ve encountered and our unrelenting focus on delivering the highest-quality products.\u201d<\/span><\/p>\n

Lucid said it has received over 25,000 customer reservations for its vehicles.\u00a0<\/span><\/p>\n

In Case You Missed It<\/span><\/h2>\n