Thursday, 13 Jun 2024

CMC Markets Provides Tepid Outlook On Subdued Market Conditions

Marvell Technology Group Ltd. Q2 Earnings Summary

Below are the earnings highlights for Marvell Technology Group Ltd. (MRVL):

Earnings: -$207.5 million in Q2 vs. $4.3 million in the same period last year.
EPS: -$0.24 in Q2 vs. $0.01 in the same period last year.
Excluding items, Marvell Technology Group Ltd. reported adjusted earnings of $290.2 million or $0.33 per share for the period.

Analysts projected $0.32 per share
Revenue: $1.34 billion in Q2 vs. $1.52 billion in the same period last year.

Kimco Acquires Stonebridge At Potomac Town Center For $172.5 Mln

Kimco Realty Corporation (KIM) on Thursday stated that it has acquired Stonebridge at Potomac Town Center for $172.5 million.

The company said that this acquisition of Stonebridge which is a 96%-occupied, 504,000-square-foot, grocery-anchored lifestyle center in Woodbridge Virginia, grants a variety of growth prospects, like, the potential to develop three out-parcel retail buildings, increasing density through mixed-use development, and enhancing the existing merchandising mix through the recapture of below-market leases.

Ross Cooper, Kimco’s President and Chief Investment Officer said, “We’re excited to add Stonebridge at Potomac Town Center, a premiere grocery-anchored center situated in a high barrier-to-entry location with strong demographics, to our dynamic portfolio. This center boasts a robust growth profile that will complement and solidify Kimco’s position as the leading retail player in the suburban Washington D.C. market.”

DAX Extends Losses On China Growth Concerns

German stocks declined on Friday to extend losses from the previous session on China growth concerns and fears of further interest-rate hikes by the U.S. Federal Reserve.

China’s property giant Evergrande has filed for bankruptcy protection in the United States, underscoring the deepening turmoil in the country’s property sector.

The benchmark DAX was down 111 points, or 0.7 percent, at 15,565 after declining 0.7 percent in the previous session.

Sports apparel and footwear giant Adidas fell 1.3 percent after renewing a long-term license agreement with Coty Inc., a manufacturer of fragrance, color cosmetics, and skin and body care products.

SUSE soared 60 percent after the software solutions provider said it would quit the Frankfurt Stock Exchange and become a private company again.

Sandoz: FDA Okays Biosimilar Tyruko For Relapsing Forms Of Multiple Sclerosis

Sandoz said that the U.S. Food and Drug Administration approved its biosimilar Tyruko (natalizumab-sztn), developed by Polpharma Biologics. Tyruko is approved to treat all indications covered by the reference medicine and is the first and only FDA-approved biosimilar for relapsing forms of multiple sclerosis.

Multiple sclerosis or MS is a progressive chronic inflammatory and neurodegenerative disease of the central nervous system that can drastically affect daily life. Most people with MS experience periods of new symptoms or relapses that improve partially or completely, followed by periods of disease remission.

Tyruko is approved as a monotherapy to treat all indications covered by reference medicine Tysabri for relapsing forms of MS, including clinically isolated syndrome, relapsing-remitting MS and active secondary progressive disease, as well as Crohn’s disease in adults.

Sandoz reached into a global commercialization agreement for Tyruko with Polpharma Biologics in 2019. As per the agreement, Polpharma Biologics will maintain responsibility for development, manufacturing and supply of the active substance in Tyruko. Sandoz has the rights to commercialize and distribute it in all markets.

For More Such Health News, visit rttnews.com

Indonesia Central Bank Keeps Rate Unchanged

Indonesia’s central bank kept the key interest rate unchanged for the seventh straight session as inflation is expected to remain within the target in the near-term.

The Board of Governors of Bank Indonesia, led by Governor Perry Warjiyo, voted to hold the seven-day reverse repo rate at 5.75 percent.

The deposit facility rate was maintained at 5.00 percent and the lending facility rate at 6.50 percent.

The central bank hiked the benchmark rate by 225 basis points in the current tightening cycle that began in August 2022.

The decision was consistent with the monetary policy stance to ensure that inflation remains within the target range of 2-4 percent in the remaining period of 2023 and 1.5- 3.5 percent next year.

The economy is projected to grow in the range of 4.5-5.3 percent, unchanged from the previous outlook.

Indonesia’s economy is expected to struggle in the near-term due to weak global demand and high interest rates, Capital Economics’ economist Shivaan Tandon said.
With inflation set to remain within target and the economy weak, interest rate cuts will start from October, the economist added.

In the statement, the bank said the focus of monetary policy is directed at strengthening the stabilization of the currency exchange rate to mitigate the spillover impact of global financial market uncertainty.

The central bank had issued new set of instruments to attract foreign capital inflows and stabilize the currency exchange rate.

CMC Markets Provides Tepid Outlook On Subdued Market Conditions

CMC Markets plc (CMCX.L), provider of online retail and institutional platform technology, said on Wednesday, that it sees lower net revenue trends for the fiscal 2024, on continued subdued market conditions.

In its trading update, the firm expects operating income to be between 250 million pounds and 280 million pounds, should year-to-date market conditions continue for the rest of the year.

The company also expects trading and investing revenues to be 20 percent lower year-on year.

“August in particular has seen a more challenging environment with markedly lower monetisation of client trading activity due to a higher proportion of lower margin institutional volume,” CMC said in a statement.

The company is scheduled to release its half yearly results on November 16.

On Thursday, shares of CMC closed at 122 pence down 0.81% on the London Stock Exchange.

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