Gold Edges Higher As Dollar Dips

Gold prices were a tad higher on Thursday, as an equity sell-off deepened amid expectations that the tightening of monetary policy in the United States will be an extended process.

The dollar edged lower in early European trade and U.S. bond yields retreated, helping offer some respite for bullion in the short term.

Spot gold rose half a percent to $1,826.13 per ounce, while U.S. gold futures were up half a percent at $1,824.50.

Investors fretted over the impact of the prolonged Ukraine-Russia war, higher interest rates and China’s zero-COVID policy on global growth.

Downside risks to growth intensified after U.S. retail giants Target and Walmart missed earnings expectations by wide margins and issued back-to-back profit warnings.

Chicago Fed President Charles Evans said Wednesday that the Fed aims to reach a neutral rate — the rate at which the economy is stable — sooner rather than later, according to Bloomberg Television.

He expects the U.S. central bank to hike short-term interest rates by 50 basis points at the upcoming June meeting “and probably thereafter.”

According to a May survey from Bank of America Global Research, top economists and money managers worldwide say they see “below-trend growth and above-trend inflation” as the most likely outcome for the global economy over the next year.

Trading later in the day may be impacted by U.S. reports on initial jobless claims, existing home sales and leading economic indicators.

‘Digger’ Review: A Man Defends the Land Against Development

The Greek filmmaker Georgis Grigorakis takes an elemental theme and layers it with family conflict.

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By Beatrice Loayza

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‘A New Old Play’ Review: Even the Clown Show Must Go On

Qiu Jiongjiong’s absurdist epic of 20th century China is both a movie and a play, both tragedy and farce.

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By Austin Considine

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‘Emergency’ Review: Party Over

A celebratory evening takes a turn when college friends find a young woman passed out in their house.

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By Lisa Kennedy

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Advanced Drainage Systems Q4 Profit Up, But Misses Estimates – Update

(Adds Outlook)

Advanced Drainage Systems Inc. (WMS) reported a profit for its fourth quarter that increased from last year but missed the Street estimates.

The company’s bottom line came in at $39.721 million, or $0.54 per share. This compares with $16.181 million, or $0.23 per share, in last year’s fourth quarter.

Analysts on average had expected the company to earn $0.66 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 52.8% to $678.187 million from $443.809 million last year.

Outlook:

Looking ahead, for the fiscal 2023, the company expects its net sales to be in the range of $3.1 billion – $3.2 billion with adjusted EBITDA ranging from $800 to $820 million.

For the fiscal 2023, analysts, on average, expect the company to report revenues of $3.04 billion.

Advanced Drainage Systems also expects its capital expenditure to be in the range of
$150 million – $180 million.

Advanced Drainage Systems Inc. earnings at a glance (GAAP) :

-Earnings (Q4): $39.721 Mln. vs. $16.181 Mln. last year.
-EPS (Q4): $0.54 vs. $0.23 last year.
-Analyst Estimate: $0.66
-Revenue (Q4): $678.187 Mln vs. $443.809 Mln last year.

‘Cordelia’ Review: Going Underground

A traumatized young woman and a strange musician form an unsettling connection in this disquieting psychodrama.

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By Jeannette Catsoulis

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Children’s Place Q1 Results Miss Estimates

Specialty apparel retailer The Children’s Place, Inc. (PLCE) reported Thursday net income of $18.83 million or $1.43 per share for the first quarter, lower than $45.21 million or $3.01 per share in the prior-year quarter.

Excluding items, adjusted net income was $1.05 per share, compared to $3.25 per share last year.

On average, five analysts polled by Thomson Reuters expected the company to report earnings of $1.46 per share for the quarter. Analysts’ estimates typically exclude special items.

Net sales for the quarter declined 16.8 percent to $362.35 million from $435.48 million last year. Analysts expected revenue of $401.59 million for the quarter. Comparable retail sales decreased 16.9 percent for the quarter.

Looking ahead, the company said it is not providing earnings guidance, due to the uncertainty in the current environment.