Stock Alert: SYNNEX Trading Up 12% On Upbeat Results

Shares of business process services company SYNNEX Corporation (SNX) are up more than 12% Friday morning driven by upbeat second-quarter results. The company also provided third-quarter outlook, better than analysts’ view.

Earnings of $1.83 per share, excluding items, was a positive surprise compared with the average estimate of analysts polled by Thomson Reuters of $2.12 loss per share.

Revenue of $5.533 billion also beat the consensus estimate at $5.13 billion.

For the third quarter, revenue is expected to be in the range of $5.5 billion to $5.9 billion. Earnings, on an adjusted basis, are expected to be $2.00 to $2.50. Analysts see earnings of $1.15 per share on revenue of $5.38 billion.

The SYNNEX board has approved a share buyback program of up to $400 million shares over a period of up to three years, effective July 1, replacing the previous three-year program.

SYNNEX stock is currently trading at $114.39. Its 52-week range is $52.06- $153.07.

Texas Governor Orders Taverns to Close in Response to Virus

Bars in Texas must close at noon local time under an order from Governor Greg Abbott after the Covid-19 positive-test rate surpassed 11%.

Under an executive order issued Friday, restaurants must limit occupancy to 50% effective June 29, and river-rafting businesses must close completely, according to a statement from the governor’s office. Abbott said the measures were intended to target activities linked to the surge in virus cases across the Lone Star state.

Stock Alert: Axsome Therapeutics Climbs 9% As Its AXS-05 Gets Breakthrough Therapy Designation

Shares of Axsome Therapeutics, Inc. (AXSM) are rising more than 9% Friday morning after the company announced that its drug candidate AXS-05, proposed for the treatment of Alzheimer’s disease agitation, got Breakthrough Therapy designation from the FDA.

This is the second Breakthrough Therapy designation granted to Axsome for AXS-05. currently, there is no approved treatment for Alzheimer’s disease agitation.

“This marks the second Breakthrough Therapy designation received by Axsome for AXS-05, the first being for the treatment of major depressive disorder, and highlights the potential of AXS-05 to address unmet medical needs in multiple difficult-to-treat CNS disorders,” said Herriot Tabuteau, MD, Chief Executive Officer of Axsome.

Axsome stock is currently trading at $83.72. It has traded in the range of $13.64- $109.94 in the past one year.

Stock Alert: SYNNEX Trading Up 12% On Upbeat Results

Shares of business process services company SYNNEX Corporation (SNX) are up more than 12% Friday morning driven by upbeat second-quarter results. The company also provided third-quarter outlook, better than analysts’ view.

Earnings of $1.83 per share, excluding items, was a positive surprise compared with the average estimate of analysts polled by Thomson Reuters of $2.12 loss per share.

Revenue of $5.533 billion also beat the consensus estimate at $5.13 billion.

For the third quarter, revenue is expected to be in the range of $5.5 billion to $5.9 billion. Earnings, on an adjusted basis, are expected to be $2.00 to $2.50. Analysts see earnings of $1.15 per share on revenue of $5.38 billion.

The SYNNEX board has approved a share buyback program of up to $400 million shares over a period of up to three years, effective July 1, replacing the previous three-year program.

SYNNEX stock is currently trading at $114.39. Its 52-week range is $52.06- $153.07.

Stock Alert: Axsome Therapeutics Climbs 9% As Its AXS-05 Gets Breakthrough Therapy Designation

Shares of Axsome Therapeutics, Inc. (AXSM) are rising more than 9% Friday morning after the company announced that its drug candidate AXS-05, proposed for the treatment of Alzheimer’s disease agitation, got Breakthrough Therapy designation from the FDA.

This is the second Breakthrough Therapy designation granted to Axsome for AXS-05. currently, there is no approved treatment for Alzheimer’s disease agitation.

“This marks the second Breakthrough Therapy designation received by Axsome for AXS-05, the first being for the treatment of major depressive disorder, and highlights the potential of AXS-05 to address unmet medical needs in multiple difficult-to-treat CNS disorders,” said Herriot Tabuteau, MD, Chief Executive Officer of Axsome.

Axsome stock is currently trading at $83.72. It has traded in the range of $13.64- $109.94 in the past one year.

Stock Alert: NIKE Drops 4% After Reporting Quarterly Loss

Shares of NIKE, Inc. (NKE) are falling more than 4% Friday morning after the company reported an unexpected loss in the fourth quarter as its sales were hurt by the pandemic.

Nike reported net loss of $790 million, or $0.51 per share, during the fourth quarter compared with net income of $989 million, or $0.62 per share, a year ago.

Total revenue was down 38% to $6.31 billion from $10.18 billion a year ago as the majority of NIKE-owned and partner stores in North America, EMEA, and APLA were closed due to the COVID-19 pandemic. However, the company’s digital sales increased 75% percent in the quarter.

NKE stock is currently trading at $96.92. It has traded in the range of $60- $105.62 in the past 52 weeks.

BBLS queue dismays small firms while directors taking dividends still seek support

Many desperate traders however looking to the Bounce Back Loan Scheme (BBLS) to rescue them say are caught up in long approvals queues with issuing banks.

“The help needs to be speeded up or it will be too late,” they tell us.

++ If you’ve been affected by this issue or feel you’ve been a victim of injustice, please contact consumer and small business champion Maisha Frost on [email protected] ++;