Oil prices settle higher, off the session's highs as U.S. supplies drop, but output climbs

Oil prices settled with a gain Thursday, getting a boost as data revealed a hefty, weekly drop in U.S. crude supplies, but domestic output rose, feeding ongoing global supply concerns. August WTI crude rose 39 cents, or 0.9%, to settle $45.52 a barrel on the New York Mercantile Exchange, after tapping a high of $46.53. Prices sank 4.1% Wednesday on reports that Russia ruled out deeper production cuts and OPEC exports rose in June.

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Synnex shares fall as earnings outlook misses Street view

Synnex Corp. shares fell in the extended session Thursday after the business process services company’s earnings outlook fell short of Wall Street estimates. Synnex shares fell 8% after hours, following a 3.5% gain to close at $118.40 in the regular session. For the second fiscal quarter, Synnex estimates adjusted earnings of $2.25 to $2.35 a share on revenue of $4.58 billion to $4.78 billion. Analysts expect earnings of $2.41 a share on revenue of $4.75 billion. The company reported fiscal first-quarter net income of $24.4 million, or 61 cents a share, compared with $61.8 million, or $1.54 a share, in the year-ago period. Adjusted earnings were $2.14 a share. Revenue rose to $4.55 billion from $3.52 billion in the year-ago period. Analysts surveyed by FactSet had estimated $2.11 a share on revenue of $4.47 billion.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

From:: Stock Market News

Oil prices settle higher, off the session’s highs as U.S. supplies drop, but output climbs

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