Eastman Chemical Issues Update On Kingsport Incident; Reaffirms Full-Year Adj. EPS Guidance

Eastman Chemical Company (EMN) said, on January 31, 2022, the company had an operational incident at its Kingsport site as a result of a steam line failure. All manufacturing operations at the site were safely shut down following the incident. The primary impacted area is specialty copolyesters. The company is bringing forward a normal four-week spring maintenance shutdown from late March to now occur during the current repair process.

Eastman expects first-quarter earnings per share to be between $2.05 and $2.25. For full-year 2022, the company reaffirmed its expectation for adjusted EPS to be between $9.50 and $10.

Loews Q4 Profit Declines – Quick Facts

Loews Corp. (L) on Monday reported fourth-quarter net income of $343 million or $1.37 per share, down from $397 million or $1.45 per share in the prior-year quarter.

Net income decreased primarily due to lower net investment gains, lower results from the Life & Group business driven by unfavorable morbidity, and higher net catastrophe losses, all of which were partially offset by higher Property & Casualty non-catastrophe underwriting results.

Revenues for the quarter decreased to $3.66 billion from $3.71 billion in the same quarter last year.

Peloton Interactive Stock Jumps 25% On Takeover Reports

Shares of Peloton Interactive, Inc. (PTON) jumped over 25% on Monday morning on reports that tech giant Amazon.com Inc. (AMZN) is among a number of suitors interested in acquiring the treadmill maker.

PTON is currently trading at $31.13, up $6.53 or 26.54%, on the Nasdaq. Peloton’s stock had closed Friday’s trading at $24.60, nearly 85% off from their 52-week high of $155.52.

Wall Street Journal reported that several suitors including Amazon are interested in acquiring Peloton Interactive. Amazon has been speaking to advisers about a potential deal, the report says.

Pre-market Movers: ANGH, PTON, STAB, CBIO, SAVE…

The following are some of the stocks making big moves in Monday’s pre-market trading (as of 07.05 A.M. ET).

In the Green

Anghami Inc. Ordinary Shares (ANGH) is up over 67% at $20.26
Peloton Interactive, Inc. (PTON) is up over 24% at $30.52
Catalyst Biosciences, Inc. (CBIO) is up over 13% at $0.63
Spirit Airlines, Inc. (SAVE) is up over 12% at $24.40
IceCure Medical Ltd (ICCM) is up over 12% at $3.12
LightPath Technologies, Inc. (LPTH) is up over 8% at $2.67
Nile Limited (NILE.BO) is up over 5% at $633.95

In the Red

Statera Biopharma, Inc. (STAB) is down over 23% at $1.00
Offerpad Solutions Inc. (OPAD) is down over 8% at $3.32
Indonesia Energy Corporation Limited (INDO) is down over 6% at $4.70

Shock rise in unemployed older men

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Half of them have been unemployed for at least a year, according to a study by Rest Less, which offers advice for older people. Its report said almost 200,000 men over the age of 50 were out of work in the three months to last November.

Jobless men in the age group are significantly more likely to be in long-term unemployment, said Rest Less.

Stuart Lewis, founder of Rest Less, said: “Our analysis shines a light on the many individuals who have so much to contribute to the workplace, but who are being left behind by the recovery.

“The fact that half of all unemployed men aged over 50 have been unemployed for more than 12 months is shocking and a timely wakeup call to Government and industry that we need to do more to ensure that our post-pandemic jobs plan supports people of all ages.”

T-Mobile To Fire Unvaccinated Employees After April

Telecommunication company, T-Mobile US Inc. (TMUS) has recently handed out a memo to the employees which will see the unvaccinated employees losing their jobs in the company after April 2.

The company published the memo as an internal blog named The T-MO Report on Friday which was shared to all the employees by the HR team. The blog also cited the supreme court which also rendered the “regular testing” method for unvaccinated people, useless. The memo said, “Employees who have not yet taken action to receive their first dose and upload proof by February 21 will be placed on unpaid leave. Affected employees who do not become fully vaccinated … by April 2 will be separated from T-Mobile.”

“We understand that this is a deeply personal decision for some employees but we believe that taking this step will put us in the best position to protect our T-Mobile community,” the company added.

However, the rules do not apply to the technicians and in-store retail employees. On Saturday, the company said, “we are requiring office workers (with a limited exception for certain roles, locations and legally mandated accommodations and exemptions) to be fully vaccinated by April 2.” The company presently allows only vaccinated employees in the office who can be identified with the help of their badges which are called Magents Pass

The government has moved away from its stern vaccine mandates and has already suggested that companies with more than 100 employees do not need to get their workers vaccinated if they can test their employees.

Chicago Business Barometer Unexpectedly Indicates Faster Growth In January

Chicago-area business activity unexpectedly grew at a faster rate in the month of January, according to a report released by MNI Indicators on Monday.

MNI Indicators said its Chicago business barometer rose to 65.2 in January from an upwardly revised 64.3 in December, with a reading above 50 indicating growth.

The increase surprised economists, who had expected the Chicago business barometer to drop to 61.7 from the 63.1 originally reported for the previous month.

The unexpected uptick by the Chicago business barometer was partly due to a notable rebound by the employment index, which jumped to 49.1 in January from 44.5 in December.

On the other hand, the report showed slowdowns in the pace of growth in both production and new orders.

The prices paid index also dropped to an eight-month low, falling just below the high 12-month average of 89.1.

MNI Indicators noted this month’s survey included a question asking firms whether they are seeing any easing in the supply chain blockages, with 59.5 percent saying “no” and 37.8 percent saying “yes” and “somewhat.”