In today’s briefing:
- [ETP 2024/33] Oil Lost Gains to Demand Concerns and Unexpected Build in US Inventories
- Henry Schein Inc.: A Tale Of Expansion into Owned Brands and Portfolio Diversification! – Major Drivers
- The Walt Disney Company: Enhanced Streaming Services Strategy
- Wynn Resorts: Enhanced Market Recovery in Macau & Expansion In New Markets! – Major Drivers
[ETP 2024/33] Oil Lost Gains to Demand Concerns and Unexpected Build in US Inventories
- For the week ending 09/Aug, US crude inventories increased by 1.4 mb for the first time in seven weeks, contrary to analyst expectations of a 1.9 mb drawdown.
- US natural gas inventories fell by 6 Bcf, its first decline since 04/Apr. However, storage levels are up 6.8% YoY and 13% above the 5-year seasonal average.
- Wells Fargo, UBS, and BMO Capital reduced their target prices on Occidental. BMO Capital lowered its targets on Chevron and Halliburton but raised its target on Exxon Mobil.
Henry Schein Inc.: A Tale Of Expansion into Owned Brands and Portfolio Diversification! – Major Drivers
- In the second quarter of 2024, Henry Schein delivered a solid financial performance, underscoring its resilience amid challenging market conditions.
- The company reported robust operating cash flow and an increase in gross margin, reflecting the benefit of strategic initiatives focusing on high-growth, high-margin products and services, as well as recent acquisitions.
- However, the recovery from a cyber incident last year has been progressing slower than initially anticipated, impacting sales momentum.
The Walt Disney Company: Enhanced Streaming Services Strategy
- The Walt Disney Company reported its third-quarter financial results for 2024, reflecting a mixed performance across its diverse business segments.
- The company reported a revenue growth of 2% during the quarter, indicating resilience in its theme parks segment despite slight moderation in demand.
- Attendance at the domestic parks remained flat, with a slight increase in per capita spending, contributing to a steady revenue outlook for the fourth quarter.
Wynn Resorts: Enhanced Market Recovery in Macau & Expansion In New Markets! – Major Drivers
- Wynn Resorts provided a detailed overview of its second quarter 2024 earnings, illustrating mixed financial and operational performance across its various geographies.
- The company’s earnings call highlighted record earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR), capital expenditures, and strategic developments, particularly with Wynn Las Vegas, Boston, Macau, and ongoing projects in the UAE.
- Starting with the positives, Wynn Resorts reported a record quarterly EBITDAR of $572 million, marking the company’s strongest second quarter in its history.
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