Sunday, 25 Jul 2021

Charles Schwab Q2 Profit Misses View, But Revenues Top

Canyon Furniture Recalls Creekside Children’s Chests Of Drawers

Seffner, Florida-based Canyon Furniture is recalling Creekside Children’s Chests of Drawers sold exclusively at Rooms To Go citing tip-over and entrapment risks for children.

The U.S. Consumer Product Safety Commission stated that the recall involves about 1,200 units of Creekside Kids Five-Drawer Chests. They were sold in charcoal and chestnut colors.

The Creekside Chests measure about 43.5 inches tall, 31.5 inches wide and18 inches deep. The recalled chests were manufactured in Mexico between April 2020 and March 2021.

It holds “Canyon Furniture Co,” and SKU number 34595035 for charcoal or 34495045 for chestnut.

The affected products were sold at Rooms To Go stores nationwide and online at from April 2020 through March 2021 for about $430.

According to the agency, the recalled chests are unstable if they are not anchored to the wall. This could result in tip-over and entrapment hazards, causing death or serious injuries to children.

The chests do not comply with the performance requirements of the voluntary industry standard ASTM F2057-19.

However, the company did not receive any reports of injuries related to the recalled products.

Consumers are urged to contact Rooms To Go for a free repair, replacement, or a full refund.

In recent recalls, TJX in early May called back about 82,500 units of outdoor wooden folding chairs due to fall and injury risks.

Moderna being added to S&P 500

Moderna chairman on dangers of COVID delta variant

Noubar Afeyan discusses the potential of a coronavirus booster shot on ‘The Claman Countdown’

Moderna, one of the leading COVID-19 vaccine providers, is set to join the S&P 500, the broadest measure of the U.S. stock market. 

Shares jumped in morning trading adding to its annual gain of over 148%. 

The inclusion may require mutual fund investors that mirror the benchmark to buy the stock. 

Ticker Security Last Change Change %
MRNA MODERNA, INC. 259.68 +13.02 +5.28%

The biotech company, which has already delivered over 100 million COVID-19 vaccines, will replace Alexion Pharmaceuticals Inc., which is being acquired by AstraZeneca on July 21 according to S&P Dow Jones Indices. 

Ticker Security Last Change Change %
AZN ASTRAZENECA PLC 56.96 -2.84 -4.75%

Moderna is on track to deliver 1 billion COVID-19 vaccine doses this year and is aiming to increase that number by 2022 to up to 3 billion doses. 

Russian passenger plane goes missing in Siberia

MOSCOW (REUTERS) – A Russian passenger plane has gone missing outside the Siberian city of Tomsk, the Interfax news agency cited a source as saying on Friday (July 16).

It was not immediately clear how many people were on board with estimates ranging from 13-17.

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U.S. Wholesale Inventories Jump More Than Expected In May

Wholesale inventories in the U.S. increased by more than expected in the month of May, according to a report released by the Commerce Department on Friday.

The report said wholesale inventories surged up by 1.3 percent in May after jumping by an upwardly revised 1.1 percent in April.

Economists had expected wholesale inventories to jump by 1.1 percent compared to the 0.8 percent increase that had been reported for the previous month.

The bigger than expected increase in wholesale inventories came as inventories of durable goods and non-durable goods shot up by 1.2 percent and 1.5 percent, respectively.

Meanwhile, the Commerce Department said wholesales climbed by 0.8 percent in May after surging up by 1.1 percent in April.

A 1.7 percent spike in sales of durable goods more than offset a 0.1 percent dip in sales of non-durable goods.

With inventories rising by more than sales, the inventories/sales ratio for merchant wholesalers inched up to 1.23 in May from 1.22 in April.

Charles Schwab Q2 Profit Misses View, But Revenues Top

Bank and brokerage firm the Charles Schwab Corp. (SCHW) on Friday reported a profit for the second-quarter that climbed about 80 percent from last year. Quarterly total revenues grew about 85 percent. Adjusted earnings per share missed analysts’ expectations, while quarterly revenues topped their estimates.

Net income available to common stockholders for the second-quarter climbed about 80 percent to $1.12 billion from the prior year’s $621 million, with earnings per share improving to $0.59 from $0.48 prior year.

The company’s financial results include TD Ameritrade from closing on October 6, 2020 forward, as well as certain acquisition and integration-related costs and the amortization of acquired intangibles.

Adjusted net income available to common stockholders for the second-quarter was $1.34 billion or $0.70 per share compared to $692 million or $0.54 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.73 per share for the second-quarter. Analysts’ estimates typically exclude special items.

Total net revenues for the second-quarter grew about 85 percent to $4.53 billion from $2.45 billion in the prior year. Analysts expected revenues of $4.46 billion for the second-quarter.

In Friday regular trade, SCHW was trading at $69.01 down $1.54 or 2.19 percent.

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