Sherritt International Corp T.S

Alternate Symbol(s): SHERF

Metals & Mining Industrial Metals & Minerals

Sherritt International Corporation is a Canada-based company engaged in the mining and refining of nickel and cobalt metals essential for the adoption of electric vehicles through hydrometallurgical processes. The Company is engaged in the production of high purity nickel and cobalt metals from lateritic ore. Its technologies group creates solutions for oil and mining companies around the world to improve environmental performance. The Company offers a range of products including Nickel, Cobalt, Fertilizers and Other Products. The Nickel products category includes standard grade, steel grade, and nickel powders. The Cobalt products category includes cobalt briquettes and cobalt powders. The Company’s Fertilizers product category includes anhydrous ammonia, granular ammonium sulfate, crystalline ammonium sulfate-super salt, and crystalline ammonium sulfate-standard grade. The Other products category includes sulfuric acid, zinc sulfide, and copper sulfide.

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Post by CommonCents123on Sep 07, 2023 9:08am

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Post# 35623692

B4 THE OPEN..AND MORNING CNBC SQUAWK-LOOKS LIKE A DOWNER DAY

We'll see how our beloved Sherritt performs today after the downer day yesterday...

1. Slow September

Stocks fell Wednesday amid worries that the Federal Reserve might not be done hiking interest rates. The Dow Jones Industrial Average dropped nearly 200 points or 0.57% on Wednesday, while the S&P 500 lost 0.7% and the Nasdaq Composite shed 1.06%. On the other hand, treasury yields jumped and the yield on the 2-year Treasury note traded above the 5% level. The rate hike concerns came as recent readings on both the services and manufacturing sectors of the U.S. economy indicate prices are moving in the wrong direction. Follow live market updates.

2. Airline warning
Major airlines warned that jet fuel prices have spiked, adding to expenses during the busy summer travel season. Prices have risen about 30% since early July. That raises questions about how carriers were able to pass the costs along to customers, considering that fares have fallen from last year. The forecasts come as Southwest Airlines narrowed its unit revenue outlook for the current quarter and Alaska Airlines said higher fuel prices will eat into its pretax margin this quarter. United Airlines maintained its revenue forecast but said it expects fuel prices of as much as $3.05 for the quarter, which is higher than its July estimate of no more than $2.80 a gallon.

3. Roku layoffs

Roku said Wednesday that it will lay off 10% of its workforce, or about 360 people, in an effort to cut costs. The streaming software company also said it will consolidate office space, slow the pace of new hiring, and reduce outside service expenses to save money after a period of investment. Roku said in a regulatory filin g that the moves aim to bring down its year-over-year operating expense growth rate. This is the company’s third round of layoffs over the past year. Roku’s stock rose 10% in early trading on Wednesday but pared back some of those gains to end the day almost 3% higher.

4. Covid spike

Covid hospitalizations are increasing for the first time this year across much of the United States. New hospitalizations have risen about 16% in the U.S. over the past week, according to data from the Centers for Disease Control and Prevention, part of an upward trend that started in late July. Before the summer surge, hospitalizations and deaths had declined week after week since January. The increase comes just as students are returning to school and Americans wait for updated booster shots to arrive at pharmacies this fall. Pfizer, Moderna and Novavax’s updated shots are expected to be ready later this month, but they were designed months ago to target a variant, XBB.1.5, that is no longer dominant.