Saudi Oil Export Revenue Slumps to Lowest in Almost Four Years
Proceeds from the sale of crude oil and refined products declined to $16.5 billion, according to data released from the country's main statistics body. That's down about 21% year-on-year and 7% from the prior month.
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Yahoo
44 minutes ago
- Yahoo
Why Baidu Stock Wilted on Wednesday
Key Points The Chinese tech industry giant reported its second-quarter results that morning. It posted declines in both revenue and adjusted profitability. 10 stocks we like better than Baidu › Veteran Chinese tech giant Baidu (NASDAQ: BIDU) looked rather tired to equity investors on Wednesday. They didn't seem wowed by the company's latest earnings release and expressed this by collectively trading their American depositary shares (ADS) down by almost 3%. This was a steeper fall than the 0.2% endured by the bellwether S&P 500 index. Top- and bottom-line slides Baidu's second-quarter results, published well before market open that day, revealed that the company's revenue slumped by 4% year over year to 32.7 billion yuan ($4.55 billion). That was slightly below the consensus analyst estimate of 32.9 billion yuan ($4.58 billion). The decline and miss might have been more pronounced had it not been for the company's artificial intelligence (AI)-boosted offerings. Baidu quoted CEO Robin Li as saying that its AI Cloud business "continued to deliver robust and healthy revenue growth, supported by our strengthening full-stack AI capabilities and comprehensive end-to-end AI products and solutions." It didn't help push the bottom line higher, however, as non-GAAP (adjusted) net income fell by 35% to just under 4.8 billion yuan ($668 million). On a per-ADS basis, the company's profitability was 13.58 yuan ($1.89). On the bright side, this was a bit higher than the average analyst estimate of 13.33 yuan ($1.86) per ADS. Motoring into a better future? In its earnings release, Baidu pointed to AI as a potential engine of growth. On the subject of engines, it also clearly has high hopes for the robotaxis coming from its mobility unit, Apollo Go. It said that it is a leading company in robotaxi markets with both left- and right-hand drive regimes. Should you buy stock in Baidu right now? Before you buy stock in Baidu, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Baidu wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $654,781!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,076,588!* Now, it's worth noting Stock Advisor's total average return is 1,055% — a market-crushing outperformance compared to 183% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of August 18, 2025 Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Baidu. The Motley Fool has a disclosure policy. Why Baidu Stock Wilted on Wednesday was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
44 minutes ago
- Yahoo
Crude Prices Pressured by Signs of Progress in Ukrainian Peace Talks
September WTI crude oil (CLU25) today is down -0.62 (-0.98%), and September RBOB gasoline (RBU25) is down -0.0011 (-0.05%). Crude oil prices are under pressure today on signs of progress in Ukraine peace talks, which could pave the way for fewer restrictions on Russian crude exports. Losses in crude are limited due to today's weaker dollar. More News from Barchart Nat-Gas Prices Settle Lower on Forecasts for Cooler US Temps Crude Prices Gain on Doubts About an Early End to Russian-Ukrainian War Why Oneok's (OKE) Post-Earnings Meltdown May Spell Opportunity for Contrarian Options Traders Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now! Signs of progress in peace talks over the Ukraine war are weighing on crude prices. Ukrainian President Zelenskiy said late Monday that he came away with a commitment from President Trump to join security guarantees for any peace deal and reserve discussion on territorial swaps with Russia for later. Any resolution to the Russian-Ukrainian war could be bearish for crude prices, as an end to the war could mean allowing Russian crude to trade freely and could lead to an end to sanctions on Russian energy exports. Concern about higher OPEC production is weighing on crude prices after OPEC+ on August 2 endorsed an additional 547,000 bpd increase in its crude production for September 1. OPEC+ is boosting output to reverse the 2-year-long production cut, gradually restoring a total of 2.2 million bpd of production by September 2026. OPEC+ has 1.66 million bpd of supplies that are currently due to remain offline until late 2026. OPEC July crude production fell by -20,000 bpd to 28.31 million bpd. A decline in crude oil held worldwide on tankers is bullish for oil prices. Vortexa reported Monday that crude oil stored on tankers that have been stationary for at least seven days fell by -12% w/w to 82.49 million bbl in the week ended August 15. Last Wednesday's weekly EIA report showed that US crude oil inventories rose +3.04 million bbls to a 2-month high in the week ended August 8. The weekly EIA report showed that (1) US crude oil inventories as of August 8 were -5.1% below the seasonal 5-year average, (2) gasoline inventories were +0.25% above the seasonal 5-year average, and (3) distillate inventories were -15.45% below the 5-year seasonal average. US crude oil production in the week ending August 8 rose by +0.3% y/y to 13.327 million bpd, modestly below the record high of 13.631 million bpd posted in the week of 12/6/2024. Baker Hughes reported last Friday that the number of active US oil rigs in the week ending August 15 was unchanged at 411 rigs, just slightly above the 3.75-year low of 410 rigs from August 1. Over the past 2.5 years, the number of US oil rigs has fallen sharply from the 5.25-year high of 627 rigs reported in December 2022. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
an hour ago
- Bloomberg
Petrobras Chairman Quits as He Prepares to Join Oil Watchdog
Petrobras Chairman Pietro Mendes is stepping down from the crude producer following his approval by the Brazilian Senate to become a director at Brazil's oil and gas regulator, known as ANP. Mendes, who began his career at ANP, resigned effective immediately, according to a Petrobras filing Wednesday. He is also Brazil's oil and gas secretary at the Mines and Energy Ministry. His new appointment hasn't yet been published in the official gazette.
