- Scott Peters
- 08 Apr, 2022
- New York City
WD-40 second quarter sales rose 16% to $130 million and net income gained 13% to $19.5 million from a year ago period. Diluted earnings per share rose to $1.41 from $1.24 but gross margins declined to 50.4% from 55.4%. The lubricant maker is planning to pass on higher prices and increase gross margins in the longer term and revised annual EPS range higher to between $5.14 and 5.27.
- Scott Peters
- 08 Apr, 2022
- New York City
PriceSmart, the warehouse club operator said total sales in the fiscal second quarter increased 10.8% to $1.04 billion from a year ago and net income increased 11% to $31.5 million. Comparable store sales increased 10.3% from a year ago and the club operator opened 2 stores in 52 weeks totaling 49.
- Barry Adams
- 08 Apr, 2022
- New York City
WD-40 soared after the lubricant maker reported stronger earnings. PriceSmart advanced in active volume after the warehouse club chain said comparable store sales increased 10.3%. EPAM Systems said it has terminated its operations in Russia and plans to spend as much as $100 million in assisting Ukrainian employees in relocating. Kroger and Target gained on broker recommendations.
- Barry Adams
- 08 Apr, 2022
- New York City
U.S. indexes are inching higher after a volatile week as investors digest the change of inflation stance by the Federal Reserve. For the week so far, Nasdaq Composite is down 2.6% and S&P 500 has fallen 1%. Investors continue to pour money into commodities ETFs. 10-year U.S. Treasury bonds are yielding near 2.69%, a steady rise from 1.63% at the start of the year.
- Hossain Akhtar
- 07 Apr, 2022
- New York City
The U.S. Senate in a unanimous vote approved to drop the most favored nation status of Russia and Belarus and ban oil and coal imports. The measure was also approved by the House The import ban against alcohol, diamonds, and seafood adds up to about $1 billion. Natural resources including silver, palladium, rhodium, plywood, and semi-finished steel will face higher import taxes replacing tariffs.
- Barry Adams
- 07 Apr, 2022
- New York City
Judge Ketanji Brown Jackson was confirmed after a contentious battle by the U.S. Senate 53-47 vote as the Supreme Court Justice as the first black woman to serve on the bench. The 116th Justice Jackson will fill Stephen Breyer's seat at the end of this summer and diversify the bench but is unlikely to tilt the conservative ideology dominating the court.
- Barry Adams
- 07 Apr, 2022
- New York City
HP Inc surged 15% after Warren Buffett controlled Berkshire Hathaway disclosed 11% stake in the company. System1 extended its week-long advance after the release of fourth-quarter earnings and better than expected outlook. Sprinklr, the customer experience software developer, reported higher than expected revenues and next quarter and annual revenues.
- Boris Petrov
- 07 Apr, 2022
- New York City
Two leading Europe-based independent oil tankers companies agreed to merge in a fragmented industry. Frontline and Euronav have been in discussion for at least five months and shipping rates are only now perking up after hitting the low in the second-half of 2021. The $4.2 billion merger will create the largest oil tanker company with 69 VLCCs and 57 Suezmaxes and 20 Aframax tankers.
- Barry Adams
- 07 Apr, 2022
- New York City
Broad market indexes turned negative in early trading but small cap index edged up slightly higher as investors digested Fed officials' discussion about rate outlook and a plan to sell U.S. bonds. Crude oil edged higher to just below $97 and international oil hovered near $102 a barrel. Utilities and consumer products companies were in favor as investors looked for safe haven stocks.
- Scott Peters
- 07 Apr, 2022
- New York City
Berkshire Hathaway acquired about 11% stake or 121 million shares for $4.2 billion in HP Inc, according to regulatory filings. Warren Buffett has stepped up his investment activities after acquiring Alleghany Insurance for $11.6 billion last month. In recent years the famed investor has taken substantial investments in Apple and IBM after shunning tech companies for decades.
- Barry Adams
- 07 Apr, 2022
- New York City
Seasonally adjusted weekly initial claims of unemployment were 166,000 in the week ending April 2, the lowest since November 1968. The claims declined 5,000 from the previous week's claims of 171,000, revised down 31,000 The 4-week moving average was 170,000, down 8,000 from the previous week's revised average. The seasonally adjusted insured unemployment rate was 1.1% in the previous week.
- Barry Adams
- 06 Apr, 2022
- New York City
U.S. stock indexes in steady decline touched the lows just ahead of the release of the monetary policy meeting minutes. Indexes trimmed losses after the release of the Fed's plan to shrink a bloated portfolio of U.S. bonds but the Nasdaq Composite led the losers with more than 2% loss. Pre-earnings rally was on hold as the dollar advanced to a 11-month high and the U.S. 10-year yield rose to 2.6%.
- Brian Turner
- 06 Apr, 2022
- New York City
Fed officials are leaning towards a higher rate increases and have agreed on a plan to shrink holdings of $9 trillion of U.S. bonds. After years of denying rising inflation as transitory, Fed officials are ready to roll over $60 billion of U.S. treasury bonds and $35 billion of mortgage securities a month phased over three months beginning in May starting with the shortest term holdings.
- Barry Adams
- 06 Apr, 2022
- New York City
U.S. ramps up pressure on Russian banks and state enterprises by placing a full block on the U.S. dollar denominated transactions. Moreover, President Biden's administration also placed personal sanctions on two adult daughters of President Putin, Prime Minister Mishustin and former president Medvedev. Biden's executive order also ban all new investments in Russia by Americans.
- Scott Peters
- 06 Apr, 2022
- New York City
The Simply Good Foods said fiscal second quarter ending in December increased 28.7% to $296.7 million and net income in the quarter was $18.5 million compared to a loss of $26.2 million in a year ago period. Gross profit margin declined to 36.6% from 39.1%. Full fiscal year sales increase outlook was revised higher to a range of 13% to 15% from 12% to 14% estimated in three months ago.