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Blackberry Earnings steal the spotlight from Oil Rally

Blackberry has come out with much stronger than expected sales and earnings plus a new licensing deal, which could spark a rally in its shares today. Prior to this, Energy markets have been the most active overnight. Stocks have been consolidating yesterday's gains while the US Dollar slipped a bit.

Blackberry has reported non-GAAP EPS of $0.05, well above the breakeven street estimate. Non-GAAP sales were $249M, well above the $222M traders had been expecting. Software and services generated $196M in sales, above the $177M that had been expected. Looking forward, for the February 2018 fiscal year Blackberry  guided non-GAAP sales of $920-$950M above the $916M street estimate. The company also announced the signing of its first Blackberry Secure licensing agreement with Yangzhou New Telecom Science and technology for smartphone technology. The first product under this deal is due out in early 2018. 

Crude oil has gone into rally mode with WTI gaining 1.1% and Brent rallying 0.9%. Gasoline, on the other hand, is down another 0.9%. Energy traders appear to be responding to two developments.  First, growing tensions in the Middle East after the Kurdish region of Iraq, an oil producing area, voted 92% in favour of independence.  Iraq has threatened to shut down airports in the region and other countries have cancelled flights.  Traders also appear to be responding to yesterday's US DOE inventory report that showed a surprise decline in oil inventories and a surprise increase in gasoline inventories.  

Overnight Boston Fed President Rosengren called for gradual rate hikes. KC Fed President George, a known hawk on rates, speaks today. Outgoing Fed vice chair speaks today at a conference in London along with Bank of England Governor Carney.  

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