In today’s briefing:
- FXI Rebalance Preview: One Change in December as Shorts Spike
- The Chemours Company: Its’ Strategic Portfolio Overhaul Maximizing Returns in High-Growth Markets! – Major Drivers
- Cleveland-Cliffs Inc.: Can The Stelco Acquisition Be A Game Changer? – Major Drivers
- Energy Transfer LP: Can Its Expansion of Infrastructure & Capacity Be A Potential Game Changer? – Major Drivers
- Permian Resources: These Are The 4 Biggest Challenges In Its Path In 2025 & Beyond! – Major Drivers
- Western Midstream Partners: Capital Allocation & Leverage Management As A Vital Factor Driving Growth! – Major Drivers
FXI Rebalance Preview: One Change in December as Shorts Spike
- With one trading day left in the review period, we expect one change with China Merchants Securities Co Ltd (H) (6099 HK) replacing Yankuang Energy Group (1171 HK) in December.
- Capping will result in selling for Meituan (3690 HK) and buying in Tencent (700 HK) and Alibaba Group Holding (9988 HK).
- Short interest has jumped on both stocks, but the increase is far higher in China Merchants Securities Co Ltd (H) (6099 HK) compared to Yankuang Energy Group (1171 HK).
The Chemours Company: Its’ Strategic Portfolio Overhaul Maximizing Returns in High-Growth Markets! – Major Drivers
- The Chemours Company’s third-quarter 2024 results present a mixed picture, reflecting both commendable strategic implementation and ongoing market challenges.
- The quarter witnessed a 1% increase in consolidated net sales to approximately $1.5 billion, driven by a 5% rise in volume, though partially offset by a 3% decline in pricing and a slight currency headwind.
- This reflects the company’s effective operational execution and successful navigation through previous disruptions, evidenced by year-over-year volume growth across all business segments.
Cleveland-Cliffs Inc.: Can The Stelco Acquisition Be A Game Changer? – Major Drivers
- Cleveland-Cliffs presented its third-quarter 2024 results during a challenging period of weaker steel demand and pricing, largely attributed to reduced automotive production and high interest rates affecting consumer decisions.
- The company’s acquisition of Stelco, a Canadian steelmaker, was a notable development during this period, promising operational agility and cost efficiency.Cleveland-Cliffs reported a quarterly adjusted EBITDA of $124 million on 3.8 million tons of shipments.
- This was a decline from previous performance levels, which the company attributed to reduced activity in the automotive industry.
Energy Transfer LP: Can Its Expansion of Infrastructure & Capacity Be A Potential Game Changer? – Major Drivers
- Energy Transfer’s third quarter of 2024 results reveal several positive developments alongside some challenges, reflecting a complex operating environment.
- Financially, Energy Transfer generated an adjusted EBITDA of $3.96 billion compared to $3.54 billion in the same quarter of the previous year, indicating growth driven by record volumes across its pipelines and strong performance in crude and NGL exports.
- Despite the improved EBITDA, distributable cash flow attributable to partners remained flat at $1.99 billion year-over-year.
Permian Resources: These Are The 4 Biggest Challenges In Its Path In 2025 & Beyond! – Major Drivers
- Permian Resources delivered a robust performance in the third quarter of 2024, characterized by significant production gains and operational efficiencies.
- The company increased its full-year oil production guidance for the third time this year, highlighting a rise in daily production by 11,000 barrels over the initial forecast set in February.
- A substantial part of this increase is attributed to the outperformance of its core operations, coupled with effective execution in mergers and acquisitions, notably the successful integration of the Barilla Draw acquisition.
Western Midstream Partners: Capital Allocation & Leverage Management As A Vital Factor Driving Growth! – Major Drivers
- Western Midstream Partners’ third quarter of 2024 report presents a mixed bag of operational achievements and financial challenges.
- Under the new leadership of Oscar Brown, the company continues to pursue its strategic goals while navigating through a complex market environment.
- On the operational front, Western Midstream Partners reported a commendable quarter characterized by strong customer service and maintaining over 98% operability despite increased plant turnaround activities.
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