Thursday, 3 Dec 2020

Cramer's lightning round: 'This is not the time to own the cloud stocks'

Mozambique Charges ex-Fin. Minister Over $2-Billion Debt Scandal

Mozambique’s former Finance Minister Manuel Chang has been charged for his involvement in the African nation’s $2-billion hidden debts scandal that has already seen three ex-Credit Suisse bankers pleading guilty to crimes in the U.S., according to Mozambique’s attorney general.

Chang, who has been in detention in neighboring South Africa since December 2018 on U.S. charges and an extradition request, is accused of crimes including corruption and abuse of office, the attorney general said in a statement on Monday.

A lawyer for Chang didn’t immediately respond to a call or a text message seeking comment. Chang has previously denied wrongdoing.

Schaeffler 9-month Adj. EBIT Drops

Schaeffler Group reported that its EBIT before special items for the first nine months of 2020 was 385 million euros down from 883 million euros in the prior year. EBIT for the latest-period was adversely affected by 798 million euros in special items.

Revenue for the latest-period was 8.97 billion euros, down from 10.84 billion euros in the previous year.

As a result of lower demand due to the coronavirus pandemic, revenue for the period decreased considerably at constant currency, falling by 15.4 percent.

Schaeffler Group said it expects its full-year revenue to decline by 11.5 percent to 13.0 percent at constant currency in 2020. In addition, the company expects to generate a full-year EBIT margin, before special items, of 4.5 to 5.5 percent in 2020.

The company also anticipates between 500 to 600 million euros in free cash flow before cash in- and outflows for M&A activities for 2020.

On March 24, the company had suspended its full-year guidance for 2020 and, due to the extraordinary uncertainty related to the coronavirus pandemic, had recently been anticipating results below prior year levels.

British videogame maker Codemasters agrees to Take-Two's 759 million pounds buyout offer

(Reuters) – UK-based videogame developer Codemasters Group Holdings has agreed to Take-Two Interactive Software Inc’s buyout offer of 485 pence per share, the U.S. videogame-maker said on Tuesday.

The cash-and-stock offer, announced last week, gives the Formula One games-maker an equity value of about 759 million pounds (about $1.00 billion). The deal is expected to close in the first quarter of 2021.

U.S. Democratic Representative Cunningham concedes South Carolina race to Republican Mace

FILE PHOTO: U.S. Rep. Joe Cunningham (D-SC) speaks during an interview for Reuters on Capitol Hill in Washington, U.S., February 26, 2019. Picture taken February 26, 2019. REUTERS/Yuri Gripas/File Photo

WASHINGTON (Reuters) – U.S. Democratic Representative Joe Cunningham on Tuesday conceded the contest in South Carolina’s first U.S. congressional district to his Republican challenger, Nancy Mace.

New York Pulls Country Club’s License Over ‘Superspreader’ Wedding

New York state suspended the liquor license of a Long Island country club after it hosted a “superspreader” wedding last month resulting in more than 30 coronavirus cases, Governor Andrew Cuomo announced Monday.

The North Fork Country Club in Suffolk County held a wedding on Oct. 17 with 113 guests, violating the state’s 50-person limit on non-essential gatherings, according to a county health department investigation. At least 34 individuals tested positive as a result of the event.

Almost 160 people were potentially exposed and required to quarantine, and area schools had to temporarily suspend in-person learning, according to a statement from Cuomo’s office.

“Hosting one of these events after all New York has been through is obnoxious and irresponsible – not to mention illegal,”Cuomo said in a news release.

The New York State Liquor Authority on Nov. 6 charged the country club with multiple counts of failure to comply with the state’s Covid-19 restrictions, and issued a summary suspension of the venue’s liquor license. The venue is prohibited from serving alcohol while the disciplinary violations are dealt with, according to the release.

Land Securities H1 Revenue Profit Declines – Quick Facts

Land Securities Group Plc (LAND.L) reported a loss before tax of 835 million pounds for the six months ended 30 September 2020 compared to a loss of 147 million pounds, prior year. Loss per share was 112.8 pence compared to a loss of 19.6 pence. First half revenue profit was 115 million pounds, down 48.9% from last year, as a result of the impact of Covid-19 across the portfolio. Adjusted earnings per share declined to 15.5 pence from 30.4 pence.

The Group will be paying a second quarterly dividend of 12.0 pence per share on 4 January 2021 to shareholders registered at the close of business on 27 November 2020. The Group intends to pay a third quarterly dividend at the end of March 2021.

Cramer's lightning round: 'This is not the time to own the cloud stocks'

  • It's that time again! "Mad Money" host Jim Cramer rings the lightning round bell, which means he's giving his answers to callers' stock questions at rapid speed.

CarGurus: "I'm going to put you in Lithia, LAD, because I think those fellas are real honest, and they're out there in Oregon doing a great job."

AMC: "I'm not recommending any entertainment plays right now because it's just too tricky an industry."

Workday: "Too soon. … This is not the time to own the cloud stocks. We want them to come in. We want all shorts to pressure. We want people to think it's all over, and then we will strike — but not yet."

Yeti: "We have loved Yeti since $18, but it is up another 14 points today. We need Yeti to cool off. It is a great stock and a great company … Can we please wait for a 10% decline?"

Vista Outdoor: "They are a very inexpensive company that I suggest that you buy as soon as the market opens tomorrow."

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