The company's S-1 lays the groundwork for what is widely expected to be one of the largest initial public offerings of the year, second only to Uber's IPO in May. It's also...Technologyread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
Trump's tweet comes a day after Apple put out a press release describing the money it spends on U.S.-based suppliers and vendors.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
President Donald Trump held a call on Wednesday with the CEOs of three major U.S. banks, according to people with knowledge of the situation.Marketsread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
Scientists say the smoke plumes, filled with megatons of tiny, harmful particles, could travel to other areas of the world and cause serious respiratory problems for people.Weather & Natural Disastersread more
Some Weight Watchers loyalists applaud Kurbo by WW. But nutritionists worry Kurbo promotes an unhealthy relationship with food during an especially impressionable time.Health and Scienceread more
Benefits from what President Trump called "the biggest reform of all time" to the tax code have dwindled to a faint breeze just 20 months after its enactment, writes John...Politicsread more
Epstein, 66, was found in his cell in Manhattan federal lockup Saturday morning and transferred to a nearby hospital, where he was subsequently pronounced dead.Politicsread more
Air travelers faced delays at U.S. airports on Friday afternoon after a computer issue snarled processing of international arrivals.Airlinesread more
profit beat@ (Adds CEO and analyst comments, estimates, details on lubricants and specialty products unit, share movement)
May 2 (Reuters) - Dismal performance at HollyFrontier Corp's lubricants and specialty products unit outweighed the company's quarterly revenue and profit beat on Thursday, sending its shares down over 5 percent.
The unit that sells greases, waxes and white oils posted a surprise loss of $9.1 million in the first quarter, compared with Morgan Stanley's income estimate of $12 million. This is also against a $32.9 million income from the unit a year earlier.
The company said there was a weak demand for base oils, used for manufacturing products like lubricating greases and motor oils, in several of its markets in January and February due to oversupply.
Chief Executive Officer George Damiris said he expects the company's high-quality group 3 base oils and those oils in group 2 to get better margins over the next few years, while acknowledging their current weakness.
"The base oil market remains cyclically very weak. And particularly, we're seeing conditions in the group 3 markets that we haven't arguably ever seen before," Damiris said on a post earnings call with analysts.
HollyFrontier was among the biggest percentage decliners on the broader S&P Energy Index, which fell nearly 1.6 percent on plunging crude prices. Shares of the company fell 3.3 percent to $46.17 in mid-day trading.
The company beat analysts' estimates for revenue and profit, as refining margins did not fall as much as feared due to higher prices of Canadian crude and planned and unplanned maintenance at two of its larger refineries.
HollyFrontier joined bigger rivals Valero Energy and Phillips 66 in beating profit estimates at a time when analysts had largely expected poor performance from refiners due to higher prices of Canadian crude.
Its refinery gross margins marginally fell to $12.74 per barrel in the quarter, beating Morgan Stanley's $11.21 per barrel estimate.
"Given the strong refining performance and weaker lubes performance, we believe investors will likely question if growing lubes business is the right strategy in the current market environment," Credit Suisse analyst Manav Gupta said in a note.
Net income attributable to the company's shareholders fell 6 percent to $253.1 million in the quarter ended March 31. 1/8http://bit.ly/2Y0V28C 3/8
Excluding items, the Dallas-based company posted a profit of 54 cents per share, beating the average analyst estimate of 43 cents per share, according to IBES data from Refinitiv.
Sales and other revenue of $3.90 billion beat analysts' estimates of $3.31 billion.
(Reporting by Nishara Karuvalli Pathikkal and Shanti S Nair in Bengaluru; Editing by James Emmanuel)