Saturday, 28 Nov 2020

Amazon.com Q3 Results Beat Street Estimates

Bain Capital won't list Japanese chipmaker Kioxia in 2020, Jiji reports

TOKYO (Reuters) – Bain Capital said it would not list Japanese chipmaker Kioxia Holdings this year, Jiji news agency reported on Thursday, citing a Bain executive in Tokyo.

Kioxia, previously known as Toshiba Memory, had planned to list on the Tokyo Stock Exchange on Oct. 6, but the company said in September it would postpone what would have been Japan’s largest initial public offering (IPO) this year.

Yuji Sugimoto, a managing director at Bain Capital which is the largest shareholder of Kioxia, said it was difficult to make the listing happen this year, according to Jiji.

Why Has The Times Not Called Arizona?

Other outlets feel they’re sure, but we’re not certain enough about the votes that remain to be counted.

By Nate Cohn

Gold Edges Higher On Dollar Retreat

Gold edged higher on Thursday to hit a two-week high and the dollar retreated on renewed hopes for a new U.S. stimulus package.

Spot gold rose 0.4 percent to $1,911.32 per ounce, while U.S. gold futures were up 0.9 percent at $1,912.30.

Vote counting continues in the tense U.S. presidential race, though Joe Biden appears positioned to win enough battleground states to put himself in the White House after claiming key Midwestern states of Wisconsin and Michigan.

Markets expect Biden to pass a quick economic stimulus package, but it may not be as large as it would have been if Democrats took control of the White House and both chambers of Congress.

Biden’s plans on climate change, economic stimulus and the easing of sanctions on oil producer Iran could be thwarted by a Senate controlled by Republicans, even by a thin margin.

Trump Sues to Halt Philadelphia Count Without GOP Observers

President Donald Trump’s campaign sued to stop ballot counting by the Philadelphia County Board of Elections until Republican observers are present.

The campaign seeks an emergency injunction, claiming Thursday the board is “intentionally violating” state law by not allowing poll watchers from the Trump campaign and the Republican party to monitor the counting of mail-in and absentee ballots.

It’s unclear whether Trump’s lawsuit will succeed but it could delay the vote count in a key battleground state, where Democratic nominee Joe Biden hopes to overtake the president. Biden needs a win in either Pennsylvania, Georgia, Nevada or North Carolina to secure the White House, assuming other race calls hold up.

In the morning, a Pennsylvania state judge ruled that observers could stand as close as 6 feet (2 meters) away while election officials counted mail-in and absentee ballots. The city petitioned the state Supreme Court to allow it to appeal.

As of 5:48 p.m. local time, the Department of State’s supplemental dashboard showed more than 326,000 mail-in and absentee ballots still to be counted, including almost 85,000 from heavily Democratic Philadelphia. Trump led Biden by about 79,000 votes as of 6 p.m.

The case is Donald J. Trump for President Inc. v. Philadelphia County Board of Elections, 20-5533, U.S. District Court, Eastern District of Pennsylvania (Philadelphia).

Wabash National Q3 Profit Down

Wabash National Corp. (WNC) reported a third-quarter net income of $3.89 million or $0.07 per share, down from $25.46 million or $0.46 per share in the previous year.

Adjusted earnings per share was $0.09 down from $0.46 last year.

Net sales for the third-quarter were $351.58 million, down from $580.91 million in the previous year.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.07 per share and revenues of $346.84 million for the quarter. Analysts’ estimates typically exclude special items.

In Thursday regular trade, WNC was trading at $17.02, up $1.71 or 11.17%.

J Sainsbury Plc H1 Underlying Profit Before Tax Rises – Quick Facts

J Sainsbury plc (JSAIY.PK,SBRY.L) reported a loss before tax of 137 million pounds for the 28 weeks to 19 September 2020, compared to profit of 9 million pounds, last year. The loss for the period reflects 438 million pounds of one-off costs associated with Argos store closures and other strategic and market changes. Loss per share was 8.3 pence compared to a loss of 2.2 pence. Underlying profit before tax increased to 301 million pounds from 238 million pounds, last year. Underlying basic earnings per share increased to 10.1 pence from 7.9 pence.

For the first half, underlying group sales (including VAT) was 16.56 billion pounds compared to 16.86 billion pounds, prior year. Underlying Group sales (excluding VAT) was 14.93 billion pounds, down 1.1 percent from last year.

The Board has decided to pay a special dividend in lieu of a final dividend for the 2019/20 financial year. The dividend of 7.3 pence will be paid on 18 December 2020 to shareholders on the Register of Members at the close of business on 13 November 2020.

The Board has approved an interim dividend of 3.2 pence. This will also be paid on 18 December 2020 to shareholders on the Register of Members at the close of business on 13 November 2020.

Amazon.com Q3 Results Beat Street Estimates

Amazon.com Inc. (AMZN) Thursday reported a third-quarter profit that surged from a year ago, driven by revenue growth. The online retail giant’s earnings and revenues trumped Wall Street estimates.

Seattle, Washington-based Amazon’s third-quarter rose to $6.33 billion or $12.37 per share from $2.13 billion or $4.23 per share last year. On average, 40 analysts polled by Thomson Reuters expected earnings of $7.41 per share for the quarter.

Amazon’s sales for the quarter increased 37% to $96.15 billion from $69.98 billion last year. Analysts had a consensus revenue estimate of $92.70 billion for the quarter.

Sales from North America jumped 39 percent to $59.37 billion from $42.64 billion last year, while international sales rose 37 percent to $25.17 billion from $18.35 billion. Meanwhile, revenues of Amazon Web Services, Amazon’s cloud service division, jumped 29 percent to $11.60 billion from $8.99 billion.

Looking forward to the fourth quarter, the company expects sales of $112.0 billion to $121.0 billion. Analysts currently estimate revenues of $112.32 billion.

AMZN is currently trading at $3,211.01, up $48.23 or 1.52%, on the Nasdaq. The stock, however, slipped $36.01 or 1.12%, in the after-hours trade.

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