Perma-Pipe International Holdings, Inc. Q1 Loss Increases

Perma-Pipe International Holdings, Inc. (PPIH) released Loss for its first quarter that increased from the same period last year

The company’s earnings came in at -$1.123 million, or -$0.14 per share. This compares with -$0.885 million, or -$0.11 per share, in last year’s first quarter.

The company’s revenue for the quarter fell 5.0% to $29.657 million from $31.222 million last year.

Perma-Pipe International Holdings, Inc. earnings at a glance (GAAP) :

-Earnings (Q1): -$1.123 Mln. vs. -$0.885 Mln. last year.
-EPS (Q1): -$0.14 vs. -$0.11 last year.
-Revenue (Q1): $29.657 Mln vs. $31.222 Mln last year.

European Economic News Preview: UK GDP Data Due

Monthly GDP data from the UK and industrial output from the euro area are due on Wednesday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases UK monthly GDP, industrial output and foreign trade data. Gross domestic product is forecast to grow 0.2 percent on a monthly basis in April, reversing a 0.3 percent fall in March.

The UK visible trade deficit is expected to widen to GBP 16.5 billion in April from GBP 16.36 billion in March.

In the meantime, Destatis is scheduled to publish Germany’s wholesale prices for May. Wholesale prices are forecast to fall 3.3 percent annually, sharper than the 0.5 percent decrease in April.

Also, Statistics Sweden issues consumer price data for May. Economists forecast inflation to slow to 9.4 percent from 10.5 percent in April.

At 5.00 am ET, Eurozone industrial production data is due. Economists expect output to grow 1.0 percent on month in April, in contrast to the 4.1 percent fall in March.

Rockslide blocks Colorado 7 west of Lyons, closing road

A rockslide has spread across Colorado 7 west of Lyons, forcing a closure Wednesday morning.

Large rocks covered the highway, blocking lanes. Colorado Department of Transportation crews were deployed to clear the road.

CDOT officials on the agency’s website said the highway was closed shortly after 8 a.m. due to the slide between Old St. Vrain Road and Spruce Drive, north of Allenspark, advising drivers to “expect delays.”

No injuries were reported. No estimates were provided on how long the highway will be closed.

Get more Colorado news by signing up for our Mile High Roundup email newsletter.

2seventy Bio Down 8% As Trial Paused After Patient Death

Shares of immuno-oncology cell therapy company 2seventy Bio, Inc. (TSVT) are down 8% on Wednesday after the company announced that the phase 1 trial of the PLAT-08 in acute myeloid leukemia has been paused due to the death of the patient.

TSVT is trading on the Nasdaq at $10.77, down 8.81% or $1.04 per share. It has traded between $8.25 and $18.88 in the past 52-week period.

In accordance with the clinical study protocol for Grade 5 (fatal) serious adverse event (SAE), the phase I PLAT-08 Trial of SC-DARIC33 in acute myeloid leukemia was paused by the Seattle Children’s Hospital, which was the company’s partner and the regulatory sponsor of the study.

The SAE occurred in the first patient treated at the second dose level in the Phase 1 trial. The root cause of this SAE and its potential relationship to the study drug is currently under investigation.

European Economic News Preview: Eurozone GDP Data Due

Revised quarterly national accounts data from the euro area is due on Thursday, headlining a light day for the European economic news.

At 1.30 am ET, France non-farm payroll data is due for the first quarter.

At 2.30 am ET, the Hungarian Statistical Office publishes consumer prices and flash foreign trade data. Inflation is forecast to slow to 22.3 percent in May from 24.8 percent in April.

At 5.00 am ET, Eurostat releases euro area quarterly GDP data for the first quarter. The initial estimates showed that the currency-bloc of 20 nations grew only 0.1 percent after stabilizing in the fourth quarter.

At 6.00 am ET, consumer price data is due from Ireland. Consumer prices had increased 7.2 percent in April.

Lumentum Up 7% On Upsized $525 Mln Senior Notes Offering

Shares of Lumentum Holdings Inc. (LITE) are up 7% on Wednesday morning trade after the company announced the upsizing and pricing of $525 million aggregate principal amount of convertible senior notes due 2029.

LITE is trading on the Nasdaq at $57.33, up 7.19% or $3.84 per share. It has traded between $42.00 and $96.46 in the past 52-week period.

The aggregate principal amount of the offering was increased from the previously announced offering size of $500 million.

Lumentum has granted the initial purchasers of the notes a 13-day option to purchase up to an additional $78.75 million aggregate principal amount of the notes.

The sale of the notes to the initial purchasers is expected to settle on June 16, 2023. The notes will bear interest at a rate of 1.50% per year and will mature on December 15, 2029.

Correction: Aurora Cannabis Reports Narrower Loss In Q3

Aurora Cannabis Inc. (ACB) on Wednesday reported a narrower loss for the third quarter, which can be credited to the impact of the Bevo acquisition, as it coincides with the beginning of its historically productive time of the year.

The company reported loss from continuing operations of C$87.23 million compared with loss from continuing operations of C$1.012 billion last year.

The revenue was C$64 million in the third quarter compared to C$50.4 million in 2022. The company noted that the Bevo acquisition contributed C$10.7 million in revenue.

Looking ahead to the first quarter, the company expects cannabis net revenue similar to the third quarter.

In the regular trading session on Tuesday, the stock closed at $0.58, up $0.02 or 4.77%.