Brazil currency reverses losses on central bank intervention

SAO PAULO/BRASILIA, Feb 13 (Reuters) – Brazil’s currency, the real, rebounded from a record low on Thursday after the central bank announced a new intervention, selling dollars in the futures market after the exchange rate slipped 8% this year.

The real weakened as far as 4.38 per U.S. dollar on Thursday before the central bank’s announcement, which swiftly erased its losses in the session. Earlier in the day, President Jair Bolsonaro said he thought the dollar was “a little high” against the local currency. (Reporting by Luana Maria Benedito and Jamie McGeever Editing by Brad Haynes)

Fortis Q4 Adj. Profit Rises

Fortis Inc. (FTS,FTS.TO) reported fourth-quarter adjusted basic earnings per share of C$0.62 compared to C$0.56, a year ago. On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of C$0.60, for the quarter. Analysts’ estimates typically exclude special items. Adjusted net earnings to equity shareholders increased year-on-year to C$277 million from C$241 million.

The company said the increase in fourth-quarter adjusted earnings was driven by capital investment at the regulated utilities and lower operating and income tax expenses, partially offset by the 2019 impact of ITC’s reduced base ROE and lower rainfall in Belize, and a higher weighted average number of common shares outstanding.

NY Fed accepts $48.85 bln overnight repo bids

BOSTON, Feb 13 (Reuters) – The New York Federal Reserve said it accepted $48.85 billion in overnight bids from primary dealers in a repurchase agreement (repo) operation, a move intended to keep the federal funds rate within its target range. (Reporting by Ross Kerber)

EARNINGS SUMMARY: Details of IPG Photonics Corporation Q4 Earnings Report

Below are the earnings highlights for IPG Photonics Corporation (IPGP):

-Earnings: -$4.5 million in Q4 vs. $75.6 million in the same period last year.
-EPS: -$0.08 in Q4 vs. $1.40 in the same period last year.
-Analysts projected $0.80 per share
-Revenue: $306.6 million in Q4 vs. $330.1 million in the same period last year.

-Guidance:
Next quarter EPS guidance: $0.00 to $0.30
Next quarter revenue guidance: $220 – $250 Mln

Subscriptions and nonprofits: Hopeful signs for local news

New York (CNN Business)In another sign of the growing financial crisis in print journalism, McClatchy (MNI), the owner or 30 US newspapers, has filed for bankruptcy protection.

The company, whose newspapers include the Miami Herald, The Kansas City Star, The Sacramento Bee, The Charlotte Observer, The News & Observer in Raleigh, North Carolina, and the Fort Worth Star-Telegram in Texas, says it plans to stay in business and emerge from bankruptcy in the next few months.

EIA data show weekly U.S. natural-gas supplies down 115 billion cubic feet

The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas fell by 115 billion cubic feet for the week ended Feb. 7. That compared with a decline of 108 billion cubic feet forecast by analysts polled by S&P Global Platts. Total stocks now stand at 2.494 trillion cubic feet, up 601 billion cubic feet from a year ago, and 215 billion cubic feet above the five-year average, the government said. March natural gas NGH20, +0.70% was up 1.1 cents, or 0.6%, at $1.855 per million British thermal units. It was trading at $1.857 shortly before the data.

Hope Hicks to return to Trump White House

WASHINGTON (AP) — Hope Hicks, one of President Donald Trump’s most trusted and longest-serving aides, is returning to the White House.

Hicks will be serving as counselor to the president, working with presidential son-in-law and senior adviser Jared Kushner, according to a person familiar with the situation who spoke on condition of anonymity because the announcement had not yet been made public.

She left the White House in 2018 and had been working at the Fox Corporation as executive vice president and chief communications officer.

Hicks did not immediately respond to a request for comment.

Power Corp., Power Financial Announce Completion Of Reorganization

Power Corporation of Canada (POW.TO) and Power Financial Corp. (PWF.TO) announced the successful completion of the reorganization deal. The aggregate value of the consideration delivered to Power Financial Corp. minority shareholders pursuant to the reorganization is approximately C$8.7 billion. Power Financial common shares are anticipated to be delisted from the TSX as soon as practicable.

The companies also announced the determination of the final offer price for the pre-emptive right. Power Corp. has determined the final offer price for the offer to be C$34.27 per Power Corp. participating preferred share.

Aurora stock slides premarket as it reports Q2 earnings but does not detail losses

Aurora Cannabis Inc. shares ACB, +1.71%ACB, +3.13% fell 4% in premarket trade Thursday, after the Canadian cannabis company posted its fiscal second-quarter earnings, but declined to offer any details of its net losses. The company was expected to reveal a loss of about C$1 billion ($750 million) thanks to goodwill and asset-impairment charges that it disclosed last week. On Thursday, the company said it had net cannabis revenue excluding provisions of C$63.2 million, in line with guidance of C$62 million to C$66 million for the quarter, net of excise taxes. The guidance was part of a major overhaul of operations that included the departure of former CEO Terry Booth, cost and job cuts and the asset impairment charges. The company said average net selling prices for cannabis, including provisions, fell to C$5.54 per gram from C$5.68 in the prior quarter. Aurora produced 30,691 kilograms of cannabis in the quarter, compared to 41,436 kilograms in the prior quarter. Looking ahead, "Aurora reiterates its outlook for fiscal third quarter that cannabis revenue will be impacted by previously mentioned industry headwinds, and as such will likely show modest to no growth relative to fiscal Q2’s cannabis revenue, excluding provisions, of approximately $65 million," the company said. Shares have fallen 80% in the last 12 months, while the ETFMG Alternative Harvest ETF MJ, +0.64% has fallen 55% and the S&P 500 SPX, -0.40% has gained 23%.