Tuesday, 1 Dec 2020

CANADA STOCKS-TSX opens lower on energy weakness as surging virus cases weigh

Coinbase CEO Brian Armstrong is one of tech's most polarizing figures. Here's what it's like to work for him.

Business Insider spoke with 11 Coinbase insiders who had direct dealings with CEO and cofounder Brian Armstrong to determine what it's like to work at Coinbase and for him.

Sources described an intense executive. They also detail awkward social interactions and miscalculations on how his communications would be received.

As Coinbase reportedly prepares for an IPO, Armstrong put himself in the spotlight for declaring his company would be "apolitical." Around 5% of his company subsequently resigned, including some leaders.

This, and incidents that preceded it, led the tech industry to wonder: Is Armstrong a savvy leader or an insensitive one?

You can read the full story here: "As Coinbase mulls a public offering, those who worked with its controversial CEO Brian Armstrong detail his communication quirks that led to an employee exodus."

Community Bank System Q3 Profit Tops Estimates – Quick Facts

Community Bank System, Inc. (CBU) reported third quarter operating earnings per share of $0.85, up $0.01 from a year ago. On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.69, for the quarter. Analysts’ estimates typically exclude special items.

Third quarter total revenues were $152.6 million, an increase of 2.9% from last year. Analysts expected revenue of $149.98 million, for the quarter. Net interest income was $93.0 million, up 1.9%. The company recorded $59.7 million in noninterest revenues, an increase of 4.5%.

HCA Healthcare, Inc. Q3 adjusted earnings Miss Estimates

HCA Healthcare, Inc. (HCA) revealed earnings for its third quarter that advanced from the same period last year.

The company’s profit came in at $668 million, or $1.95 per share. This compares with $612 million, or $1.76 per share, in last year’s third quarter.

Excluding items, HCA Healthcare, Inc. reported adjusted earnings of $658 million or $1.92 per share for the period.

Analysts had expected the company to earn $2.32 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 4.9% to $13.31 billion from $12.69 billion last year.

HCA Healthcare, Inc. earnings at a glance:

-Earnings (Q3): $658 Mln. vs. $774 Mln. last year.
-EPS (Q3): $1.92 vs. $2.23 last year.
-Analysts Estimate: $2.32
-Revenue (Q3): $13.31 Bln vs. $12.69 Bln last year.

U.S. Vice President Pence tests negative for coronavirus: office

FILE PHOTO: U.S. Vice President Mike Pence speaks at a rally in Kinston, North Carolina, U.S., October 25, 2020. REUTERS/Jonathan Drake

WASHINGTON (Reuters) – U.S. Vice President Mike Pence tested negative for coronavirus on Monday, his office said, after multiple senior aides tested positive for COVID-19 over the weekend.

“This morning, Vice President Pence and the Second Lady tested negative for COVID-19,” Pence’s office said in a statement.

FDA Delays Decision On Spectrum’s Neutropenia Drug Due To COVID-19 Related Travel Restrictions

The FDA has decided to delay its decision on Spectrum Pharmaceuticals’ (SPPI) Rolontis, which was due on October 24, as the regulatory agency has been unable to conduct inspection of the drug substance manufacturing facility due to COVID-19 related travel curbs.

It should be noted that this is not a Complete Response Letter for Rolontis.

Rolontis is proposed for the treatment of chemotherapy induced neutropenia, a common and potentially hazardous complication of chemotherapy. Amgen’s Neupogen and Neulasta are popular branded drugs to treat neutropenia, for which a couple of biosimilars have also been approved.

The global neutropenia treatment market, valued at $12.6 billion in 2019, is expected to reach $19 billion by 2027, according to a report by ResearchAndMarkets.com.

Spectrum Pharma noted that it will continue to work with the FDA in order to identify a strategy for preparing the necessary inspection.

In pre-market trading Monday, SPPI is down 1.47% at $3.35.

Ansys To Buy Analytical Graphics – Quick Facts

Ansys (ANSS) has agreed to acquire Analytical Graphics, Inc., a provider of mission-driven simulation, modeling, testing and analysis software for aerospace, defense and intelligence applications. The purchase price for the acquisition is $700 million, of which 67% of the consideration will be paid in cash and 33% will be paid through the issuance of Ansys common stock.

“Ansys’ acquisition of AGI will help drive our strategy of making simulation pervasive from the smallest component now through a customer’s entire mission. It will also expand the use of simulation in the key aerospace sector, where the stakes can be at their highest levels,” said Ajei Gopal, CEO of Ansys.

Ansys expects the deal will add $75 million to $85 million of non-GAAP revenue to its 2021 results and will be modestly accretive to non-GAAP earnings per share.

Blackrock downgrades U.S. Treasuries ahead of election

FILE PHOTO: U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. REUTERS/Rick Wilking

BOSTON (Reuters) – Top asset manager BlackRock Inc BLK.N on Monday downgraded U.S. Treasuries and upgraded their inflation-linked peers ahead of the U.S. election.

CANADA STOCKS-TSX opens lower on energy weakness as surging virus cases weigh

Oct 26 (Reuters) – Energy stocks dragged Canada’s main stock index at open on Monday, as oil prices slumped on a surge in coronavirus cases in the U.S. and Europe threatening fuel demand, while Libya’s fast growing output also weighed on prices.

* At 9:30 a.m. ET (13:30 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 107.4 points, or 0.66%, at 16,196.68.

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