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Oil futures extended gains Wednesday after the Energy Information Administration reported an unexpected drop in crude inventories. The agency said U.S. crude supplies in storage fell by 4.9 million barrels in the week ended April 1. Analysts surveyed by energy data firm Platts had forecast an inventory rise of 2.9 million barrels, while data released late Tuesday by the American Petroleum Institute, an industry trade group, reportedly showed a fall of 4.3 million barrels. May WTI oil futures on the New York Mercantile Exchange were up $1.13, or 3.1%, at $37.02 a barrel after trading near $36.20 ahead of the data.

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From:: Stock Market News

U.S. stocks opened slightly higher on Wednesday, as a rally in oil futures lifted energy stocks, boosting sentiment. Investors were waiting for minutes from the Federal Reserve’s most recent policy meeting, as well as for weekly U.S. government data on petroleum supplies. The S&P 500 gained 2 points, or 0.1% at 2,047. The Dow Jones Industrial Average opened up 10 points, or 0.1%, at 17,617. Meanwhile, the Nasdaq Composite was up by 10 points, or 0.2%, at 4,853 at the open.

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Verizon Communications Inc. said on Wednesday it will bolster its mobile-only streaming service go90 through an investment in AwesomenessTV. The investment, which gives Verizon a 24.5% equity stake in the company, will value the multi-platform media and entertainment company at about $650 million, according to a news release. AwesomenessTV is a talent management and digital content creator targeted toward the millennial generation and younger. AwesomenessTV began in 2012 as part of YouTube’s push for original content and was acquired by DreamWorks Animation , which still holds the controlling 51% interest, a year later for $33 million. The company then partnered with the Hearst Corp., which holds the remaining 24.5%. The new premium service from Verizon and AwesomenessTV will feature short-form content produced by top Hollywood talent and will initially be exclusive to Verizon platforms in the U.S., according to a release. The transaction is expected to close in the next 60 days. Verizon shares were up slightly in pre-market trade and are up nearly 16% in the year so far.

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Universal Truckload Services Inc. said on Wednesday it expects per-share earnings to range from 24 cents to 27 cents for the 2016 fiscal first quarter, compared with the 27 cents per share a year ago. That would be just below the 28 cents per share FactSet consensus. The logistics and transportation company said operating revenue for the quarter is expected to range from $258 million to $268 million, compared with the $263.6 million a year ago. The FactSet consensus on revenue is $267 million. Along with giving guidance the company said Chief Financial Officer and Treasurer David Crittenden has stepped down to pursue other business interests. Jude Beres, formerly Universal’s chief administrative officer, succeeded him, effective March 31. Universal will report first-quarter earnings at 10 a.m. Thursday, April 28.

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Monsanto Co. reported fiscal second-quarter earnings that fell to $1.06 billion, or $2.41 a share, from $1.43 billion, or $2.92 a share, in the same period a year ago. The FactSet consensus for earnings per share was $2.42. Sales declined to $4.53 billion from $5.2 billion, missing the FactSet consensus of $4.73 billion, as sales of corn seed and traits and soybean seed and traits fell below expectations. The seed company cuts its fiscal 2016 EPS outlook to a range of $3.72 to $4.48 from $4.12 to $4.79, because of a change in the expected timing for accounting and restructuring expenses. The company’s ongoing EPS outlook remained at $4.40 to $5.10, which surrounds the FactSet consensus of $4.68. The stock, which slipped 0.7% in premarket trade, has tumbled 13% year to date, while the S&P 500 has gained 0.1%.

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Twitter Inc.’s deal to stream NFL games is more hype than hope for a turnaround for the stock, said analyst Evan Wilson at Pacific Crest, who believes it is “very unlikely” that the deal can be profitable. The company announced Tuesday that it won exclusive streaming rights for 10 Thursday night NFL games during the course of the 2016 regular season. Wilson said the deal, which he said could have cost Twitter around a $100 million, is U.S. centric, and is unlikely to attract a lot of new users, especially female users, which is what Twitter is currently struggling with. He said it suggests Twitter is trading margin for the hope of user growth, so any benefit to the stock should be shorter-term in nature. “We think [the deal] aligns with the company’s focus on video–Vine, Periscope–but is another disappointing example of an Internet company trading margins to prevent user declines,” Wilson wrote in a note to clients on Wednesday. The stock rose 1.1% in premarket trade, after slipping 0.2% on Tuesday. It has tumbled 26% year to date, while the S&P 500 has gained 0.1%.

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Constellation Brands Inc. shares rose 2% in premarket trade Wednesday, after the company posted stronger-than-expected fiscal fourth-quarter earnings, raised its dividend, announced the acquisition of luxury wine brands and said it’s evaluating an initial public offering of part of its Canadian wine business. The alcoholic drinks distributor said it had net earnings of $243 million, or $1.19 a share, in the quarter, up 13% in the case of net profit, and up 12% in the case of EPS from the year-earlier period. Sales rose 14% to $1.543 billion. The FactSet consensus was for EPS of $1.14 and sales of $1.521 billion. The company said it now expects fiscal 2017 adjusted EPS to range from $6.05 to $6.35, compared with a current FactSet consensus of $6.94. The company raised its quarterly dividend by 29%, raising the Class A stock dividend to 40 cents and the Class B stock dividend to 36 cents. The company said it is buying The Prisoner Wine Co. portfolio of super-luxury brands for about $285 million, in a deal expected to boost earnings for fiscal 2017 by 3 cents to 5 cents. Shares have gained 6% in the year so far, while the S&P 500 has gained 0.1%.

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From:: Stock Market News