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: Vitamin e-commerce platform iHerb files confidentially for IPO #FinanceUSA #StockMarketNEWS iHerb Holdings Inc., an e-commerce platform for vitamins, minerals and supplements, said Thursday it has
@stockMarketNEWS 6 Days ago
Vitamin e-commerce platform iHerb files confidentially for IPO #FinanceUSA #StockMarketNEWS
iHerb Holdings Inc., an e-commerce platform for vitamins, minerals and supplements, said Thursday it has filed confidentially for an initial public offering. The number of shares and price range have not yet been determined. The Pasadena, Calif.-based company expects to pursue a deal once the Securities and Exchange Committee has completed its review process.
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: Zenvia IPO prices at a share, low end of proposed range #FinanceUSA #StockMarketNEWS Zenvia Inc. , a Brazilian customer experience communications platform, said its initial public offering priced
@stockMarketNEWS 6 Days ago
Zenvia IPO prices at a share, low end of proposed range #FinanceUSA #StockMarketNEWS
Zenvia Inc. , a Brazilian customer experience communications platform, said its initial public offering priced at a share, the low end of a to price range. The company offered 11.5 million shares to raise 9.5 million. Concurrent with the offering, Twilio Inc. has agreed to buy 3..8 million Class A shares to be issued by Zenvia in a private placement. Goldman Sachs and Morgan Stanley led a syndicate of six banks underwriting the deal.
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: Dow swings to profit, revenue beats expectations as prices rise #FinanceUSA #StockMarketNEWS Shares of Dow Inc. edged up 0.5% in premarket trading Thursday, after the chemicals company swung to a
@stockMarketNEWS 6 Days ago
Dow swings to profit, revenue beats expectations as prices rise #FinanceUSA #StockMarketNEWS
Shares of Dow Inc. edged up 0.5% in premarket trading Thursday, after the chemicals company swung to a second-quarter profit and reported revenue that rose above expectations, boosted by sharp local price increases amid stronger demand. Net income was .93 billion, or .51 a share, after a loss of 7 million, or 31 cents a share, in the year-ago period. Excluding nonrecurring items, operating earnings per share was .72, beating the FactSet consensus of .47. Sales jumped 66.2% to .89 billion, above the FactSet consensus of .13 billion, as all three business segments topped sales expectations. Local price increased 70% in packaging and specialty plastics, rose 53% in industrial intermediates and infrastructure and grew 16% in performance materials and coatings. "Our second quarter results reflected strong demand in all our value chains and regions as we achieved substantial growth in sales and earnings both sequentially and year-over-year," said Chief Executive Jim Fitterling. "Looking ahead, we expect earnings momentum from additional improvements in consumer spending, international travel and industrial production." The stock has gained 7.6% year to date through Wednesday, while the Dow Jones Industrial Average has advanced 13.7%.
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: Gap launches new rewards program covering Old Navy, Gap, Banana Republic and Athleta #FinanceUSA #StockMarketNEWS Gap Inc. launched a new rewards program on Thursday that offers consumers rewards
@stockMarketNEWS 6 Days ago
Gap launches new rewards program covering Old Navy, Gap, Banana Republic and Athleta #FinanceUSA #StockMarketNEWS
Gap Inc. launched a new rewards program on Thursday that offers consumers rewards on all four brands, namely Old Navy, Gap, Banana Republic and Athleta for in-store and online purchases. The program combines the previous loyalty programs under Navyist Rewards, Gap Good Rewards, Banana Republic Rewards, and Athleta Rewards. "Our goal is to turn our customers into lifelong loyalists by reimagining our Rewards program and creating unique, personalized experiences that will make it easier to shop, earn and redeem rewards across our family of brands," said John Strain, Chief Customer, Digital and Technology Officer at Gap Inc. Gap has more than 19 million new customers that signed up for a rebooted loyalty program launched in fall of 2020. The company now has more than 37 million cardmembers and rewards members combined, who will be automatically moved to the new program. Gap shares were down 0.6% premarket, but have gained 46% in the year to date, while the S&P 500 has gained 16%.
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: Dow erases ground lost in Monday rout as stocks end higher #FinanceUSA #StockMarketNEWS Stocks finished higher Wednesday, logging back-to-back gains as investors continued to buy the dip following
@stockMarketNEWS 6 Days ago
Dow erases ground lost in Monday rout as stocks end higher #FinanceUSA #StockMarketNEWS
Stocks finished higher Wednesday, logging back-to-back gains as investors continued to buy the dip following a sharp Monday selloff. The Dow Jones Industrial Average rose around 286 points, or 0.8%, to finish near 34,798, according to preliminary figures, with the blue-chip gauge joining other major indexes, which had turned positive for the week on Tuesday. The S&P 500 rose around 36 points, or 0.8%, to end near 4,359, while the Nasdaq Composite advanced around 133 points, or 0.9%, to finish near 14,632.
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: Netgear's stock drops 12% on sales, earnings miss #FinanceUSA #StockMarketNEWS Shares of Netgear Inc. plunged 12% in extended trading Wednesday after the computer-networking company reported fiscal
@stockMarketNEWS 6 Days ago
Netgear's stock drops 12% on sales, earnings miss #FinanceUSA #StockMarketNEWS
Shares of Netgear Inc. plunged 12% in extended trading Wednesday after the computer-networking company reported fiscal second-quarter results. Netgear reported net income of .8 million, or 57 cents a share, compared with net income of .96 million, or 72 cents a share, in the year-ago quarter. Revenue declined 3% to 8.8 million from 7.9 million a year ago. Analysts surveyed by FactSet had expected net income of 71 cents a share on revenue of 5 million. Netgear's shares are down 9% so far in 2021. The broader S&P 500 index has gained 16% this year.
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: Boston Beer stock slips ahead of earnings after MKM analyst warns revenue could miss on seltzer weakness #FinanceUSA #StockMarketNEWS Shares of Boston Beer Co. eased 0.2% in afternoon trading Wednesday,
@stockMarketNEWS 6 Days ago
Boston Beer stock slips ahead of earnings after MKM analyst warns revenue could miss on seltzer weakness #FinanceUSA #StockMarketNEWS
Shares of Boston Beer Co. eased 0.2% in afternoon trading Wednesday, a day before the beer brewer was scheduled to report second-quarter results. MKM Partners analyst Bill Kirk cut his price target on the stock to 4 from ,204, while reiterating his neutral rating, ahead of the earnings report. "With a slowing seltzer category and underwhelming on-premise contribution, we believe that Boston Beer's 2Q is at risk for a topline miss and that forward guidance needs to be cut," Kirk wrote in a note to clients. Boston Beer is slated to report earnings after Thursday's closing bell. The FactSet consensus for second-quarter earnings per share is .60 and for revenue is 7.6 million. For full-year 2021, the company said it expects adjusted EPS of between .00 and .00, while the FactSet revenue consensus is .50 billion. The stock has tumbled 25.5% over the past three months, while the S&P 500 has tacked on 4.3%.
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: Treasury to run out of cash to pay bills in October or November absent debt-limit hike, CBO says #FinanceUSA #StockMarketNEWS The Treasury Department will probably run out of cash and be unable to
@stockMarketNEWS 6 Days ago
Treasury to run out of cash to pay bills in October or November absent debt-limit hike, CBO says #FinanceUSA #StockMarketNEWS
The Treasury Department will probably run out of cash and be unable to make usual payments in October or November absent an increase in the U.S. debt limit, the Congressional Budget Office predicted Wednesday. The borrowing limit is suspended through July 31, and Treasury Secretary Janet Yellen has previously warned that so-called extraordinary measures her department uses to keep paying obligations may not last long past the end of July. Senate Republican Leader Mitch McConnell has suggested Democrats would need to raise the limit on their own, something Senate Majority Leader Chuck Schumer called "shameless, cynical and totally political." The White House on Tuesday said President Joe Biden expects Congress to raise the limit.
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: Oil futures settle sharply higher amid tight supplies at the U.S. storage hub #FinanceUSA #StockMarketNEWS Oil futures rallied Wednesday, with U.S. prices recouping much of their recent losses to
@stockMarketNEWS 6 Days ago
Oil futures settle sharply higher amid tight supplies at the U.S. storage hub #FinanceUSA #StockMarketNEWS
Oil futures rallied Wednesday, with U.S. prices recouping much of their recent losses to finish back above the -a-barrel mark. Prices have rebounded after suffering a steep drop on Monday of more than 7%, the biggest daily decline of the year as the spread of the delta variant of the coronavirus threatened the outlook for oil demand. The Energy Information Administration on Wednesday reported an unexpected weekly rise in U.S. crude supplies, but also revealed that stocks at the Cushing, Okla., storage hub fell to their lowest since January 2020. West Texas Intermediate oil for September delivery climbed by .10, or 4.6%, to settle at .30 a barrel on the New York Mercantile Exchange.
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: J&J to stop selling opioids for 10 years and will pay billion as part of settlement #FinanceUSA #StockMarketNEWS Shares of Johnson & Johnson were up 0.3% in trading on Wednesday after a dozen
@stockMarketNEWS 6 Days ago
J&J to stop selling opioids for 10 years and will pay billion as part of settlement #FinanceUSA #StockMarketNEWS
Shares of Johnson & Johnson were up 0.3% in trading on Wednesday after a dozen or so state attorneys general announced an opioid settlement that requires J&J to pay billion over nine years, including .7 billion in payments over the first three years. The company is also required to stop selling opioids for 10 years, and it cannot fund or provide grants to organizations that promote opioids or lobby on opioids during that time period. The agreement resolves around 4,000 opioid-related lawsuits in both federal and state courts. As part of the deal, which has been in the works for several years, AmerisourceBergen Corp. , Cardinal Health Inc. , and McKesson Corp. will pay billion. J&J's stock is up 7.4% so far this year, while the broader S&P 500 has gained 15.2%.
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: Gold prices settle at a nearly 2-week low #FinanceUSA #StockMarketNEWS Gold prices declined Wednesday to post their lowest settlement in almost two weeks. Prices have been "affected by a combination
@stockMarketNEWS 6 Days ago
Gold prices settle at a nearly 2-week low #FinanceUSA #StockMarketNEWS
Gold prices declined Wednesday to post their lowest settlement in almost two weeks. Prices have been "affected by a combination of U.S. dollar index and bond yields," said Chintan Karnani, director of research at Insignia Consultants, adding that bond traders expect some surprises from the European Central Bank meeting Thursday. For now, gold traders are booking profit between ,825 and ,835, he said. August gold fell , or 0.4%, to settle at ,803.40 an ounce. That was the lowest most-active contract finish since July 8, FactSet data show.
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: Domino's Pizza earnings beat expectations, announces billion share repurchase program #FinanceUSA #StockMarketNEWS Domino's Pizza Inc. stock rose 2.1% in Thursday premarket trading after the pizza
@stockMarketNEWS 6 Days ago
Domino's Pizza earnings beat expectations, announces billion share repurchase program #FinanceUSA #StockMarketNEWS
Domino's Pizza Inc. stock rose 2.1% in Thursday premarket trading after the pizza delivery company reported second-quarter earnings and revenue that beat expectations. Net income totaled 6.6 million, or .06 per share, after net income of 8.7 million, or .99 per share, last year. Adjusted EPS of .12 beat the FactSet consensus for .87. Revenue totaled .032 billion, up from 0.0 million last year and also ahead of the FactSet consensus for 4.0 million. U.S. same-store sales grew 3.5%, beating the FactSet consensus for a 1.4% decline. And international same-store sales growth of 13.9% was ahead of the FactSet consensus for 8.7% growth. Domino's has authorized a new billion share repurchase program. On July 20, the company declared a quarterly dividend 94 cents to be paid on September 30 to shareholders of record as of September 15. Domino's stock has rallied 22.7% for the year to date while the S&P 500 index is up 16% for the period.
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: Abbott Labs stock gains after profit more than doubles, sales rise above expectations #FinanceUSA #StockMarketNEWS Shares of Abbott Laboratories edged up 0.2% in premarket trading Thursday, after
@stockMarketNEWS 6 Days ago
Abbott Labs stock gains after profit more than doubles, sales rise above expectations #FinanceUSA #StockMarketNEWS
Shares of Abbott Laboratories edged up 0.2% in premarket trading Thursday, after the medical devices, diagnostics and nutrition company reported second-quarter profit and sales that rose above expectations, with beats in all of its major business segments. Net income more than doubled, to .19 billion, or .17 a share, from 7 million, or 57 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of .17 topped the FactSet consensus of .02. Sales grew 39.5% to .22 billion, above the FactSet consensus of .69 billion, with strongest growth in diagnostics sales (62.8%) and medical devices (51.3%). For 2021, the company expects adjusted EPS of .30 to .50, compared with the FactSet consensus of .36. "We're achieving very strong growth across our portfolio," said Chief Executive Robert Ford. "Perhaps most impressively, excluding COVID testing-related sales, our sales grew more than 11 percent on an organic basis compared to pre-pandemic levels in the second quarter of 2019, which demonstrates the fundamental strength of our performance." The stock has gained 8.7% year to date through Wednesday, while the S&P 500 has advanced 16.0%.
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: Kaltura stock opens with a 15% gain, valuing company at more than .4 billion #FinanceUSA #StockMarketNEWS Kaltura Inc. received a warm welcome on Wall Street Wednesday, as the New York-based real-time,
@stockMarketNEWS 6 Days ago
Kaltura stock opens with a 15% gain, valuing company at more than .4 billion #FinanceUSA #StockMarketNEWS
Kaltura Inc. received a warm welcome on Wall Street Wednesday, as the New York-based real-time, on-demand video products provider's stock opened 15% above its initial public offering price. The IPO priced at a share, in the middle of the expected range of between and a share, as the company raised 0.0 million. The stock's first trade on the Nasdaq was at .50 at 12:42 p.m. Eastern for 1.3 million shares. At that price, the company was valued at .43 billion. The company went public on day of relatively strong investor interest in IPOs, as the Renaissance IPO ETF rose 1.7% in afternoon trading while the S&P 500 tacked on 0.6%.
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: Seres shares fall 55% after the company says its colitis drug failed in mid-stage clinical trial #FinanceUSA #StockMarketNEWS Shares of Seres Therapeutics Inc. tumbled 55.4% in premarket trading on
@stockMarketNEWS 6 Days ago
Seres shares fall 55% after the company says its colitis drug failed in mid-stage clinical trial #FinanceUSA #StockMarketNEWS
Shares of Seres Therapeutics Inc. tumbled 55.4% in premarket trading on Thursday after the company said a mid-stage study testing its experimental ulcerative colitis drug failed. As a result, Seres closed the open-label and maintenance part of the trial. Seres' stock is down 15.0% so far this year, while the S&P 500 has gained 15.1%.
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: Uber's stock drops after .25 billion cash-and-stock deal to buy Transplace from TPG #FinanceUSA #StockMarketNEWS Uber Technologies Inc. subsidiary Uber Freight announced Thursday a deal to buy
@stockMarketNEWS 6 Days ago
Uber's stock drops after .25 billion cash-and-stock deal to buy Transplace from TPG #FinanceUSA #StockMarketNEWS
Uber Technologies Inc. subsidiary Uber Freight announced Thursday a deal to buy logistics technology company Transplace for about .25 billion in cash and stock from TPG Capital. Under terms of the deal, the purchase price includes 0 million worth of Uber stock and the rest in cash. Uber's stock slipped 0.6% in premarket trading. "This is a significant step forward, not just for Uber Freight but for the entire logistics ecosystem," said Lior Ron, head of Uber Freight. "This is an opportunity to bring together complementary best-in-class technology solutions and operational excellence from two premier companies to create an industry-first shipper-to-carrier platform that will transform shippers' entire supply chains, delivering operational resilience and reducing costs at a time when it matters most." Uber's stock has declined 6.8% year to date through Wednesday, while the S&P 500 has advanced 16.0%.
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: Macy's names CVS vet as Bluemercury CEO #FinanceUSA #StockMarketNEWS Macy's Inc. has named Maly Bernstein chief executive of the Bluemercury chain of beauty shops, effective September 13. Bernstein
@stockMarketNEWS 6 Days ago
Macy's names CVS vet as Bluemercury CEO #FinanceUSA #StockMarketNEWS
Macy's Inc. has named Maly Bernstein chief executive of the Bluemercury chain of beauty shops, effective September 13. Bernstein will be based out of the Bluemercury headquarters in Bethesda, Md. and report to Tony Spring, chief executive of Bloomingdale's. Bernstein was most recently vice president of e-commerce at CVS Health Corp. and has executive experience in the beauty and personal care space. Bernstein succeeds Marla Beck, who has moved on to pursue other opportunities. Macy's stock has rallied 56.3% for the year to date while the S&P 500 index has gained 16% for the period.
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: Zevia's downsized IPO prices at a share, midpoint of range #FinanceUSA #StockMarketNEWS Zevia PBC, a beverage company that makes zero-calorie and zero-sugar beverages with "clean" ingredients,
@stockMarketNEWS 6 Days ago
Zevia's downsized IPO prices at a share, midpoint of range #FinanceUSA #StockMarketNEWS
Zevia PBC, a beverage company that makes zero-calorie and zero-sugar beverages with "clean" ingredients, said Thursday its initial public offering priced at a share, the midpoint of its to price range. The company reduced the size of the deal to 10.7 million shares from a previous plan to offer 14.3 million, raising 9.8 million to fund working capital and other general corporate purposes. Goldman Sachs & Co. LLC, BofA Securities and Morgan Stanley were the lead underwriters in a syndicate of six banks. The Encino, Calif.-based company's shares will start trading on the New York Stock Exchange later Thursday, under the ticker "ZVIA." Zevia eked out a profit of ,000 in the first quarter of 2021, after a loss of .6 million in the year-earlier period, but the company acknowledges it is effectively not yet profitable. "We have a history of losses, and we may be unable to achieve profitability," it says in its IPO documents. The Renaissance IPO ETF has fallen 1.4% in the year to date, while the S&P 500 has gained 16%.
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: Gambling.com IPO's expected pricing slashed, cutting potential valuation by more than 0 million #FinanceUSA #StockMarketNEWS Gambling.com Ltd. disclosed Thursday that the expected pricing of its
@stockMarketNEWS 6 Days ago
Gambling.com IPO's expected pricing slashed, cutting potential valuation by more than 0 million #FinanceUSA #StockMarketNEWS
Gambling.com Ltd. disclosed Thursday that the expected pricing of its initial public offering has been slashed, lowering the valuation for the U.K.-based provider of digital marketing services for the online gambling industry to up to 4.3 million from up to 9.5 million. The company is still offering 5.25 million shares in the IPO, but selling shareholders are no longer offering 2.25 million shares, as previously disclosed, as the expected pricing was cut to between and a share from between and a share. The company is now looking to raise up to .25 million, down from up to .25 million. Jefferies, Stifel and Truist Securities are the underwriters. The stock is expected to list on the Nasdaq under the ticker symbol "GAMB." The company recorded net income of .5 million on revenue of .5 million for the three months ended March 31, compared with net income of .7 million on revenue of .1 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has slipped 1.4% year to date while the S&P 500 has rallied 16.0%.
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: Didi shares slide 3.3% premarket on report Chinese government mulling serious penalties for U.S. IPO #FinanceUSA #StockMarketNEWS Shares of Chinese ride-sharing company Didi Global Inc. fell 3.3%
@stockMarketNEWS 6 Days ago
Didi shares slide 3.3% premarket on report Chinese government mulling serious penalties for U.S. IPO #FinanceUSA #StockMarketNEWS
Shares of Chinese ride-sharing company Didi Global Inc. fell 3.3% in premarket trade Thursday, after Bloomberg reported that Chinese regulators are considering serious penalties for the company after its U.S. initial public offering in June, citing people familiar with the matter. Didi raised .4 billion in the deal, which came despite pushback from China's cyberspace administration. The decision to push ahead with the deal is being viewed as a challenge to Beijing's authority, the people told Bloomberg. Officials from that agency, the Ministry of Public Security, the Ministry of State Security, the Ministry of Natural Resources, along with tax, transport and antitrust regulators, have launched an investigation at the company's offices. The penalties under consideration include a fine, suspension of some operations or the introduction of a state-owned investor. But the company may also be forced to delist its U.S. shares, although it is unclear how that might happen. The Chinese government started a crackdown on its big tech giants last year, forcing Alibaba Founder Jack Ma's Ant Group Co. to pull what would have been the world's biggest-ever IPO.
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: Crocs shares jump after record revenue #FinanceUSA #StockMarketNEWS Crocs Inc. stock jumped 3.8% in Thursday premarket trading after the shoe company reported record second-quarter revenue. Net income
@stockMarketNEWS 6 Days ago
Crocs shares jump after record revenue #FinanceUSA #StockMarketNEWS
Crocs Inc. stock jumped 3.8% in Thursday premarket trading after the shoe company reported record second-quarter revenue. Net income totaled 9.0 million, or .93 per share, up from .6 million, or 83 cents per share last year. Adjusted EPS of .23 blew past the FactSet consensus for .59. Revenue was 0.8 million, nearly double the 1.5 million last year and also ahead of the FactSet consensus for 7.0 million. For the third quarter, Crocs is guiding for revenue growth between 60% and 70%. The FactSet consensus is for 0.2 million, implying a 41.1% rise. And for the full year, Crocs is forecasting revenue growth between 60% and 65%. The FactSet consensus is for .051 billion, suggesting an increase of 47.9%. Crocs is also making a commitment to net zero emissions by 2030 by moving to sustainable ingredients in its products, reducing packaging and taking other measures. Crocs stock has skyrocketed 91.5% for the year to date while the S&P 500 index is up 16% for the period.
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: American Airlines adjusted loss narrows more than expected, as revenue jumps more than 4-fold #FinanceUSA #StockMarketNEWS American Airlines Group Inc. reported Thursday an adjusted loss that narrowed
@stockMarketNEWS 6 Days ago
American Airlines adjusted loss narrows more than expected, as revenue jumps more than 4-fold #FinanceUSA #StockMarketNEWS
American Airlines Group Inc. reported Thursday an adjusted loss that narrowed more than expected, revenue that more than quadrupled to beat forecasts and daily cash burn turned positive as the post-COVID-19 recovery continues. The stock slipped 0.4% in premarket trading, after soaring 12.8% over the past two days. On a net basis, the air carrier swung to income of million, or 3 cents a share, from a loss of .07 billion, or .82 a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss narrowed to .69 from .82, beating the FactSet loss consensus of .03. Total revenue climbed 361% to .48 billion, above the FactSet consensus of .32 billion. Load factor improved to 77.0% from 42.3%, matching expectations, as traffic jumped to 42.02 billion revenue passenger miles from 7.23 billion RPM and capacity grew to 54.56 billion available seat miles from 17.08 billion ASM. The company took in an average of million in cash per day, and ended the second quarter with a record .3 billion of total available liquidity. The stock has run up 35.7% year to date through Wednesday, while the U.S. Global Jets ETF has gained 4.4% and the S&P 500 has advanced 16.0%.
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: Union Pacific stock jumps after record earnings that rose above expectations #FinanceUSA #StockMarketNEWS Shares of Union Pacific Corp. jumped 2.2% in premarket trading Thursday, after the railroad
@stockMarketNEWS 6 Days ago
Union Pacific stock jumps after record earnings that rose above expectations #FinanceUSA #StockMarketNEWS
Shares of Union Pacific Corp. jumped 2.2% in premarket trading Thursday, after the railroad operator reported record results for the second-quarter, as profit and revenue rose above expectations in the face of continued supply chain disruptions, particularly in the intermodal business. Net income grew to .80 billion, or .72 a share, from .13 billion, or .67 a share, in the year-ago period. The FactSet consensus for earnings per share was .55. Revenue rose 30% to .50 billion, beating the FactSet consensus of .36 billion. Bulk revenue rose 19% to .65 billion, topping the FactSet consensus of .63 billion, while industrial revenue increased 24% to .86 billion to beat expectations of .82 billion. Total revenue carloads increases 22% to 2.1 million. "The Union Pacific team leveraged volume growth, core pricing gains, and productivity to produce record quarterly results," said Chief Executive Lance Fritz. "As we move into the second half of 2021, we will continue working with our customers and the broader supply chain to increase fluidity and efficiently handle the strong demand for freight transportation." The stock has tacked on 4.3% year to date, while the Dow Jones Transportation Average has climbed 17.5% and the Dow Jones Industrial Average has gained 13.7%.
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: Pfizer to pay at least billion to develop, commercialize Arvinas' investigational breast-cancer therapy #FinanceUSA #StockMarketNEWS Shares of Arvinas Inc. were up 6.0% in premarket trading on
@stockMarketNEWS 6 Days ago
Pfizer to pay at least billion to develop, commercialize Arvinas' investigational breast-cancer therapy #FinanceUSA #StockMarketNEWS
Shares of Arvinas Inc. were up 6.0% in premarket trading on Thursday after the company announced a billion-dollar deal with Pfizer Inc. to develop and commercialize its experimental breast-cancer treatment. Pfizer will make a 0 million upfront payment to Arvinas, in addition to a 0 million equity investment. Separately, there are up to .4 billion in potential milestone payments. The therapy, ARV-471, is expected to move into Phase 3 clinical trials sometime next year. Arvinas' stock is down 8.7% for the year, while the S&P 500 is up 15.1%.
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: Southwest Airlines swings to Q2 profit thanks to PSP program as revenue tops estimates #FinanceUSA #StockMarketNEWS Southwest Airlines Co. said Thursday it had net income of 8 million, or 57 cents
@stockMarketNEWS 6 Days ago
Southwest Airlines swings to Q2 profit thanks to PSP program as revenue tops estimates #FinanceUSA #StockMarketNEWS
Southwest Airlines Co. said Thursday it had net income of 8 million, or 57 cents a share, in the second quarter, after a loss of 5 million, or .63 a share, in the year-earlier period, when travel stalled during the global pandemic. The profit was driven by a 4 million offset of salaries and other benefits related to the receipt of proceeds from the Payroll Support Program, a federal relief program for airlines. Excluding that offset, the company had an adjusted loss of 35 cents a share, wider than the 23 cents loss consensus estimate of FactSet analysts. Revenue rose to .008 billion from .008 billion, topping the .939 billion FactSet consensus. "Second quarter 2021 marked an important milestone in the pandemic recovery as leisure travel demand surged," Chief Executive Gary C. Kelly said in a statement. The company generated net income in June, to mark its first monthly profit without the benefit of temporary salary and benefit relief since the start of the pandemic, he said. The rapid ramp-up in travel demand has proved a challenge and the company is now focused on bring back workers and improving operations. Jet fuel prices are also significantly higher and expected to remain so in the third quarter. "To support the return of flight activity, we expect to recall the vast majority of our Employees early from voluntary time-off by the end of third quarter 2021, which is expected to reduce our prior forecasted savings from voluntary leave programs beyond second quarter 2021," said Kelly. The company's load factor stood at 82.9% in the second quarter, while available seat miles were up 86.8%. The company is expecting capacity to rise 49% in the third quarter as travel demand continues to improve. Shares were down 1% premarket, but have gained 14% in the year to date, while the U.S. Global JETS ETF has gained 4% and the S&P 500 has gained 16%.
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: Biogen's beats on earnings, says it's also brought in million in sales of Alzheimer's drug #FinanceUSA #StockMarketNEWS Shares of Biogen gained 1.6% in premarket trading on Thursday after the
@stockMarketNEWS 6 Days ago
Biogen's beats on earnings, says it's also brought in million in sales of Alzheimer's drug #FinanceUSA #StockMarketNEWS
Shares of Biogen gained 1.6% in premarket trading on Thursday after the company beat expectations for the second quarter and disclosed that it's already sold million of its new, controversial Alzheimer's disease drug. Biogen had earnings of 8.5 million, or .99 per share, in the second quarter of 2021, compared to .5 billion, or .59 per share, in the same quarter a year ago. Adjusted EPS were .68, against a FactSet consensus of .55. Revenue was .7 billion for the quarter, down from .7 billion in the second quarter of 2020. The FactSet consensus was .6 billion. Biogen cited a 24% decline of revenue in its multiple sclerosis portfolio for the quarter; Tecfidera sales, for example, tumbled to 8.5 million for the quarter, compared with .19 billion in the same quarter a year ago. Biogen said its recently approved Alzheimer's drug Aduhelm brought in million in revenue during the quarter even as questions persist about the regulatory process that led to approval. The company updated its guidance for the year, now saying it expects revenue of .65 billion to .85 billion, instead of .45 billion to .75 billion. Biogen's stock is up 31.9% so far this year, while the broader S&P 500 is up 15.1%.
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: ECB tweaks forward guidance in line with new, symmetric inflation target #FinanceUSA #StockMarketNEWS The European Central Bank, as expected, left interest rates and its program of asset purchases
@stockMarketNEWS 6 Days ago
ECB tweaks forward guidance in line with new, symmetric inflation target #FinanceUSA #StockMarketNEWS
The European Central Bank, as expected, left interest rates and its program of asset purchases unchanged Thursday, while tweaking its forward guidance on policy to put it in line with its newly adopted inflation target. The ECB earlier this month completed a strategic review, adopting a symmetric 2% inflation target in place of its previous aim of keeping inflation near but just below 2%. In a statement following its policy meeting, the Governing Council said it expects "key ECB interest rates to remain at their present or lower levels until it sees inflation reaching two per cent well ahead of the end of its projection horizon and durably for the rest of the projection horizon, and it judges that realized progress in underlying inflation is sufficiently advanced to be consistent with inflation stabilizing at 2% over the medium term." The ECB said this "may also imply a transitory period in which inflation is moderately above target."
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: Absci to go public as IPO prices in middle of expected range, valuing company at more than .4 billion #FinanceUSA #StockMarketNEWS Absci Corp. is headed for its public debut Thursday, after the
@stockMarketNEWS 6 Days ago
Absci to go public as IPO prices in middle of expected range, valuing company at more than .4 billion #FinanceUSA #StockMarketNEWS
Absci Corp. is headed for its public debut Thursday, after the Washington-based provider of an artificial intelligence-powered drug creation platform said overnight that its IPO priced at a share, in the middle of the expected range. The company sold 12.5 million shares in the IPO to raise 0 million, and the IPO pricing valued the company at about .45 billion. The stock is expected to begin trading later Thursday on the Nasdaq under the ticker symbol "ABSI." The company is going public at a time that the Renaissance IPO ETF has gained 1.0% over the past three months while the S&P 500 has tacked on 5.4%.
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: Quest Diagnostics adjusted profit more than doubles, beat expectations #FinanceUSA #StockMarketNEWS Quest Diagnostics Inc. reported Thursday second-quarter adjusted profit that more than doubled to
@stockMarketNEWS 6 Days ago
Quest Diagnostics adjusted profit more than doubles, beat expectations #FinanceUSA #StockMarketNEWS
Quest Diagnostics Inc. reported Thursday second-quarter adjusted profit that more than doubled to beat expectations, as revenue also topped forecasts, as the recovery in the lab results and diagnostics company cited a faster-than-expected recovery in its base business. Net income rose to 1 million, or .96 a share, from 5 million, or .36 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share grew to .18 from .42, beating the FactSet consensus of .87. Revenue increased 39.5% to .55 billion, above the FactSet consensus of .39 billion, as diagnostics information services revenue rose 40.2% to .47 billion. For 2021, the company expects revenue of .54 billion to .79 billion, compared with expectations of .45 billion, and expects adjusted EPS of .65 to .35 vs. expectations of .13. "his was the first quarter since 2019 that organic base testing revenues grew in the quarter, driven by contributions from new hospital lab management contracts as well as people returning to the healthcare system," said Chief Executive Steve Rusckowski. The stock, which was still inactive in premarket trading, has rallied 13.9% year to date while the S&P 500 has gained 16.0%.
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: Coronavirus tally: Global cases of COVID-19 top 192 million as Biden says children under 12 may soon be approved for shots #FinanceUSA #StockMarketNEWS The global tally for the coronavirus-borne illness
@stockMarketNEWS 6 Days ago
Coronavirus tally: Global cases of COVID-19 top 192 million as Biden says children under 12 may soon be approved for shots #FinanceUSA #StockMarketNEWS
The global tally for the coronavirus-borne illness climbed above 192 million on Thursday, while the death toll climbed above 4.1 million, according to data aggregated by Johns Hopkins University. The U.S. leads the world with a total of 34.2 million cases and in deaths with 609,862 as the highly infectious delta variant continues to spread fast, especially in states with low vaccination rates. President Joe Biden expressed frustration Wednesday over the slowing COVID-19 vaccination rate in the U.S. and pleaded that it's "gigantically important" for Americans to step up and get inoculated against the virus as it surges once again, the AP reported. Biden also said he expects that children under 12 will be approved for shots in the coming months.
India is second by cases at 31.3 million and third by deaths at 418,987, according to its official numbers, which are expected to be undercounted.
Brazil is second in deaths at 545,604 but is third in cases at 19.5 million. Mexico has fourth-highest death toll at 237,207 but has recorded just 2.7 million cases, according to its official numbers. In Europe, Russia continues to pull ahead of the U.K. by deaths at 149,012, while the U.K. has 129,182, making Russia the country with the fifth-highest death toll in the world and highest in Europe. The U.K. fully reopened its economy on Monday against the advice of healthcare experts, who are concerned at the continued rapid spread of cases there that is forcing many to isolate and quarantine.
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