Tuesday, 22 Sep 2020

Cyclone Amphan: India and Bangladesh clean up after devastation

Stock Alert: ZTO Express Falls 11% As Earnings Tumble

Shares of are ZTO Express (Cayman) Inc. (ZTO) are losing more than 11 percent or $3.86 in Thursday’s morning trade at $30.42 after the company reported a 46 percent plunge in profit for the first quarter from last year. The stock has traded in a range of $17.12 to $35.64 in the past 52 weeks.

ZTO Express is a provider of express delivery and other value-added logistics services in the People’s Republic of China.

Wednesday, ZTO Express said its net income for the first quarter was RMB371.0 million, or $52.4 million, down 46 percent from RMB681.6 million in the year-ago period. Earnings per American depositary share decreased 45 percent to RMB0.48, or $0.07, from RMB0.87 in the prior-year quarter.

Adjusted earnings per American depositary share or ADS were RMB0.82, or $0.12, compared to RMB1.23 in the prior-year period. Revenues declined 14 percent to RMB3.92 billion, or $553.0 million, from RMB4.57 billion last year.

Looking ahead, ZTO Express said it is confident in delivering positive top and bottom-line growth for the entire year.

Morgan Stanley CEO: too early to consider restarting share buy backs

NEW YORK, May 21 (Reuters) – Morgan Stanley’s Chief Executive Officer James Gorman told shareholders at its annual meeting on Thursday that it is too early for him or the board of directors to consider reinstating bank’s share buy back program.

Shareholders at the meeting, which was held virtually due to the coronavirus pandemic, voted to back reelection of Gorman and the rest of the bank’s directors, and also to support the bank’s executive compensation plan, according to initial tallies of the votes. (Reporting By Elizabeth Dilts Marshall Editing by Chizu Nomiyama)

Stock Alert: Ross Stores Rises Ahead Of Earnings

Shares of apparel retailer Ross Stores, Inc. (ROST) are climbing more than 5% Thursday ahead of first-quarter earnings, scheduled to be reported today after market close.

Wednesday Ross Dress For Less stores reopened in some of the areas saw people flocking in front of them.

Analysts expect the company to report earnings of $0.06 per share on revenue of $2.12 billion for the quarter.

Ross stock was terribly hit by coronavirus pandemic and more than halved from February to mid-March to hit a new low of $56.30. It has recovered nearly 60% from those levels, trading currently at $95.64. The stock has recorded a 52-week high of $124.16 in February this year.

Trump says G-7 summit likely to take place 'primarily' at White House

WASHINGTON (AFP) – President Donald Trump on Thursday (May 21) confirmed plans for a possible in-person summit of Group of Seven (G-7) leaders, saying it would “primarily” take place at the White House.

“It looks like the G-7 will be on,” he told reporters.

Trump said it would be “primarily at the White House” and “there could be a piece of it at Camp David,” the presidential retreat in Maryland.

Senate confirms Trump nominee John Ratcliffe to be top US spy

WASHINGTON (REUTERS) – The US Senate backed Republican House of Representatives member John Ratcliffe on Thursday (May 21) as the next director of national intelligence, a victory for President Donald Trump the second time he tapped the conservative lawmaker for the top spot.

The Senate backed Ratcliffe’s nomination by 49 to 44, amid stiff opposition from Democrats.

Amazon pushes back ‘Prime Day’ sales event to September

Amazon is scheduling its annual Prime Day shopping event for September and allowing unlimited shipments of non-essential goods to warehouses, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

The latter move will allow the company to lay the groundwork for shipments of a wider variety of products, indicating it is now in a position to process orders more quickly in its warehouses and create room for more inventory, the report said.

Amazon declined to comment to a Reuters request for comment on the report.

Prime Day, a marketing event Amazon started in 2015 to drum up sales during the summer shopping lull, has previously occurred in July, though the company never publishes the date far in advance.

The decision to delay it means Amazon will have about 5 million extra devices it would have expected to sell sooner, items like its suite of voice-controlled Echo speakers that have been popular orders during the event. It also affects third-party merchants who have come to depend on Amazon’s platform for revenue.

Treasury Announces Details Of 2-Year, 5-Year & 7-Year Auctions

On Thursday, the Treasury Department announced the details of this month’s auctions of two-year, five-year and seven-year notes.

The Treasury revealed it plans to sell $44 billion worth of two-year notes, $45 billion worth of five-year notes and $38 billion worth of seven-year notes.

The results of the two-year note auction will be announced next Tuesday, the results of the five-year note auction will be announced next Wednesday and the results of the seven-year note auction will be announced next Thursday.

Last month, the Treasury sold $42 billion worth of two-year notes, $43 billion worth of five-year notes and $35 billion worth of seven-year notes. All three auctions attracted above average demand.

Cyclone Amphan: India and Bangladesh clean up after devastation

The cyclone tore through West Bengal and neighbouring Odisha state, uprooting trees, and destroying homes and vehicles.

Clean up operations have begun in India and Bangladesh after the most powerful cyclone to hit the Bay of Bengal in 20 years.

Cyclone Amphan killed at least 84 people and destroyed thousands of homes.

There are now concerns about the spread of coronavirus in emergency shelters where millions of people sought safety.

Al Jazeera’s Elizabeth Puranam reports from New Delhi, India.

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