Wednesday, 8 Feb 2023

BoJ Says Most Japan Regional Economies Show Signs Of Improvement

Pre-market Movers: ORMP, XPON, YTEN, KNOP, OPGN…

The following are some of the stocks making big moves in Thursday’s pre-market trading (as of 06.50 A.M. ET).

In the Green

Expion360 Inc. (xpon) is up over 53% at $2.42.
Yield10 Bioscience, Inc. (YTEN) is up over 42% at $3.00.
OpGen, Inc. (OPGN) is up over 21% at $2.80.
Bed Bath & Beyond Inc. (BBBY) is up over 18% at $4.13.
TC Biopharm (Holdings) Plc (TCBP) is up over 10% at $4.43.
LiveWire Group, Inc. (LVWR) is up over 9% at $5.90.
MercadoLibre, Inc. (MELI) is up over 6% at $1,002.10.
The Buckle, Inc. (BKE) is up over 6% at $49.60.
AvalonBay Communities, Inc. (AVB) is up over 5% at $179.86.
Mitsubishi UFJ Financial Group, Inc. (MUFG) is up over 5% at $7.20.
Standard Lithium Ltd. (SLI) is up over 5% at $4.27.

In the Red

Oramed Pharmaceuticals Inc. (ORMP) is down over 68% at $3.38.
KNOT Offshore Partners LP (KNOP) is down over 28% at $7.54.
Logitech International S.A. (LOGI) is down over 15% at $57.36.
Atlis Motor Vehicles, Inc. (AMV) is down over 15% at $8.52.
SenesTech, Inc. (SNES) is down over 15% at $3.64.
Biora Therapeutics, Inc. (BIOR) is down over 12% at $5.89.
Satixfy Communications Ltd. (SATX) is down over 5% at $6.72.

Infosys Ltd Q3 income increases in line with estimates

Infosys Ltd (INFY) released earnings for its third quarter that increased from last year in line with the Street estimates.

The company’s bottom line came in at $800 million, or $0.19 per share. This compares with $774 million, or $0.18 per share, in last year’s third quarter.

Analysts on average had expected the company to earn $0.19 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 9.6% to $4.66 billion from $4.25 billion last year.

Infosys Ltd earnings at a glance (GAAP) :

-Earnings (Q3): $800 Mln. vs. $774 Mln. last year.
-EPS (Q3): $0.19 vs. $0.18 last year.
-Analyst Estimate: $0.19
-Revenue (Q3): $4.66 Bln vs. $4.25 Bln last year.

Infosys Raises FY23 Revenue Growth Guidance

While announcing its third-quarter results, Infosys Ltd (INFY) said it raised its revenue growth guidance for fiscal year 2023, but it maintained annual operating margin outlook.

The company increased its fiscal year 2023 revenue growth guidance to 16.0%-16.5% from prior outlook of 15.0%-16.0%.

The company still expects annual operating margin in a range of 21%-22%.

The company said it has started share buyback program through open market route from December 7, 2022 and till date, has bought back 31.3 million shares worth 4,790 crore Indian Rupees (about $0.6 billion) or 51.5% of total authorization of 9,300 crore rupees at an average price of about 1,531 rupees per share.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

European Economic News Preview: ECB Bulletin Due

The economic bulletin from the European Central Bank is the only major data due on Thursday, headlining a light day for the European economic news.

At 2.00 am ET, Statistics Norway releases GDP data for November. The Mainland-Norway is forecast to grow 0.2 percent on month, after staying flat in October.

In the meantime, retail sales data for November is due from Turkey.

At 3.00 am ET, the Czech Statistical Office is slated to issue retail sales for November. Sales had decreased 1.8 percent on month in October.

At 4.00 am ET, the European Central Bank publishes economic bulletin.

At 5.00 am ET, Greece consumer price inflation data is due.

American Express To Buy B2B Payment Processing Co. Nipendo

American Express Co. (AXP), a financial services provider, said on Thursday that it has signed deal to buy Nipendo, an Israeli business-to-business or B2B payments process company.

Financial terms of the transaction have not been disclosed.

The transaction allows American Express to create an end-to-end B2B platform, to make business payments easy and more efficient as it is building a broader suite of B2B capabilities for both buyers and suppliers through new product development, M&A, and partnerships.

Nipendo’s platform allows businesses to easily connect, communicate, and automate Procure-to-Pay processes, including accounts payable and receivable.

The acquisition is expected to conclude within the quarter.

KNOT Offshore Slides 39%

KNOT Offshore Partners LP (KNOP) shares are falling more than 39 percent on Thursday morning trade after its board declared a quarterly cash distribution of $0.026 per common unit to be paid on February 9 to unitholders on record January 26.

Currently, shares are at $6.40, down 39.09 percent from the previous close of $10.50 on a volume of 2,345,809.

BoJ Says Most Japan Regional Economies Show Signs Of Improvement

Most of Japan’s regional economies showed signs of picking up despite being affected by high commodity prices, and employment and income situation has been improving in almost all regions, a quarterly report from the Bank of Japan showed on Thursday.

In the latest Regional Economic Assessment report, the BoJ upgraded the assessment of four regions and maintained its view on the remaining five regions compared to the assessment released in October.

Based on the opinion of all regional research divisions, the central bank said regions across the country had been picking up or had been picking up moderately, reflecting waning effects of supply-side constraints and the resumption of economic activity after disruptions caused by the pandemic related restrictions.

The BoJ raised its view on Hokuriku, Kanto-Koshinetsu, Kinki and Kyushu-Okinawa regions.

The assessment about Hokkaido, Tohoku, Tokai, Chugoku and Shikoku were retained. However, the BoJ was less upbeat about Tokai saying the economy has seen a pause in signs of a pick-up.

Regarding employment and income, most of the regions reported that their employment and income situation has been improving or improving moderately.

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