Webster Financial Q1 Profit Down

Webster Financial Corp.(WBS), the holding company for Webster Bank, N.A. and its HSA Bank division, reported that its first-quarter earnings applicable to common shareholders declined to $36.0 million or $0.39 per share from $97.5 million or $1.06 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.55 per share for the quarter. Analysts’ estimates typically exclude special items.

Results in the latest-quarter reflect a provision for credit losses of $76.0 million under the Current Expected Credit Loss (CECL) accounting standard effective January 1, 2020 compared to a provision for credit losses of $8.6 million in prior year.

Net interest income was $230.8 million compared to $241.6 million in the previous year.

Total non-interest income was $73.4 million, compared to $68.6 million, an increase of $4.8 million.

Iran battles COVID-19: Thousands of volunteers disinfect cities

Battling the invisible enemy, thousands of Iranians are playing their part in keeping their country safe.

Iran reported 91 new deaths on Monday, just as the country said it is open for business.

Iranians are doing their bit to help the government in the battle against the spread of the new coronavirus.

And efforts to fight the pandemic have brought people together.

Al Jazeera’s Zein Basravi reports from Tehran, Iran.

Poland cancels bond tender planned for Apr 23

WARSAW, April 21 (Reuters) – Poland’s Finance Ministry cancelled bond tender planned for April 23, it said on Tuesday, without providing details.

In March the ministry said it planned to sell bonds worth 5-10 billion zloty ($1.20-2.39 billion) on Thursday’s auction. The finance ministry’s spokesman was not immediatelly avialable for comment.

Comcast’s NBCUniversal Sells Half Of Its Stake In Peleton For $178 Million

Comcast’s NBCUniversal has unloaded a chunk of Peleton Interactive shares worth $178 million as companies big and small scrutinize their portfolios to raise cash during a time of intense economic uncertainty.

The company said in an SEC filing it sold 5.2 million Peleton shares for $34.21 each. It still owns 5.14 million shares. The fitness company is in the rarefied group including Zoom and Netflix that have see share price gains during the current shelter-at home pandemic era. It’s posted strong gains from the start of the year, tradign at about $31 – well up from its 52-week low of $17.70.

Peloton, which sells pricey spinning bikes and treadmills that connect to the internet and have touch screens and subscriptions that let users join virtual fitness classes, went public last September in a rocky debut.

Paccar Inc. Announces Decline In Q1 Earnings

Paccar Inc. (PCAR) reported a profit for first quarter that decreased from last year.

The company’s bottom line came in at $359.4 million, or $1.03 per share. This compares with $629.0 million, or $1.81 per share, in last year’s first quarter.

Analysts had expected the company to earn $1.20 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 22.1% to $4.78 billion from $6.14 billion last year.

Paccar Inc. earnings at a glance:

-Earnings (Q1): $359.4 Mln. vs. $629.0 Mln. last year.
-EPS (Q1): $1.03 vs. $1.81 last year.
-Analysts Estimate: $1.20
-Revenue (Q1): $4.78 Bln vs. $6.14 Bln last year.

Stock Alert: Frontline Up More Than 4%

Shares of Frontline Ltd. (FRO) are rising on morning trade as the oil price plunged to an 18-year low. On a bullish trend, FRO is trading at $11.30, up 4.21 percent from its previous close of $10.82.

The world’s largest oil tanker shipping company’s stock gapped up at open and currently trading on nearly double the average volume. The shares have been picking up after a slump since March 30.

For the 52-week period, the shares have traded in a range of $6.09 – $13.33 on average volume of 3,405,966.

Stock Alert: Nordic American Tankers Rises 9%

Shares of Nordic American Tankers Limited (NAT) are climbing more than 9% Tuesday morning, maintaining Monday’s momentum, to touch a new high of $5.80.

Most of the tanker stocks are up today, when the oil price touched the bottom. A low price brings more sales and that in turn begets high demand for the shipping services.

NAT is currently trading at $5.26. Its 52-week low is at $1.66.

ATyr Pharma: FDA Accepts IND Application On Phase 2 Study For COVID-19; Stock Up

aTyr Pharma Inc. (LIFE) said Tuesday that the U.S. Food and Drug Administration has accepted its Investigational New Drug or IND application to evaluate its lead therapeutic candidate, ATYR1923, in a Phase 2 study in COVID-19 patients with severe respiratory complications.

In Tuesday pre-market trade, LIFE is trading at $4.02 up $0.93 or 30.10 percent.

The company believes there is strong scientific rationale for the development of ATYR1923 to treat COVID-19 patients

Many COVID-19 patients with severe disease experience serious, sometimes fatal, respiratory complications caused by an excessive inflammatory response in the lung, primarily driven by T-cells.

The inflammatory lung injury related to COVID-19 may be similar to that of interstitial lung diseases, or ILDs, for which ATYR1923 is currently being investigated.

The company noted that the phase 2 clinical trial will be a randomized, double blind, placebo-controlled study with ATYR1923 in 30 confirmed COVID-19 positive patients at up to 10 centers in the United States.