Tilray restructures company, lays off roughly 10% of workers

Canada-based weed producer Tilray Inc. TLRY, +5.16% said late Tuesday that it was restructuring the company, which included laying off roughly 10% of its staff. Tilray stock closed up 5.2% during the regular session Tuesday. A spokeswoman said the company has 1,443 employees. "By reducing headcount and cost, Tilray will be better positioned to achieve profitability and be one of the clear winners in the cannabis industry, which will drive value for our investor and employee shareholders," Chief Executive Brendan Kennedy said in a statement. Tilray stock has lost 78% of its value in the past year, as the S&P 500 index SPX, +1.50% gained 21%.

MDU Resources Bottom Line Climbs In Q4

MDU Resources (MDU) revealed a profit for its fourth quarter that advanced from last year.

The company’s earnings totaled $95.1 million, or $0.47 per share. This compares with $78.8 million, or $0.40 per share, in last year’s fourth quarter.

Analysts had expected the company to earn $0.39 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 14.0% to $1.38 billion from $1.21 billion last year.

MDU Resources earnings at a glance:

-Earnings (Q4): $95.1 Mln. vs. $78.8 Mln. last year.
-EPS (Q4): $0.47 vs. $0.40 last year.
-Analysts Estimate: $0.39
-Revenue (Q4): $1.38 Bln vs. $1.21 Bln last year.

Aon Buys Canada-based Cyber Security Firm Cytelligence

Aon plc (AON), Tuesday said it has acquired Canada-based cyber security firm Cytelligence Inc.

Cytelligence provides incident response advisory, digital forensic expertise, security consulting services and cyber security training for employees to help organizations respond to cyber security threats and strengthen their security position.

The acquisition will help Aon expand its current coverages within the cyber market.

“As the number of network intrusions, data breaches, ransomware attacks, and similar threats continues to increase in both frequency and severity, expertise in cyber incident response becomes critical to organizations and insurance companies,” said J Hogg, CEO of Aon’s Cyber Solutions. “The Cytelligence team are deep experts in cyber incident response, ransomware mitigation, and cyber security training for employees, which will help cement our position in both North America and globally as an industry leader.”

Cytelligence has offices in Toronto, Ottawa, New York, San Francisco and Miami. The firm employs professionals in cyber security and education, investigations, and forensic analytics. The firm was founded in June 2016.

Gilead stock slips as earnings, outlook miss Street view

Gilead Sciences Inc. GILD, +1.57% shares declined in the extended session Tuesday after the drug maker’s quarterly results and outlook fell short of Wall Street estimates. Gilead shares declined 1.6% after hours, following a 1.6% rise in the regular session to close at $67.40. The company reported fourth-quarter net income of $2.7 billion, or $2.12 a share, compared with $3 million, or break-even a share, in the year-ago period. Adjusted earnings were $1.30 a share, compared with $1.44 a share in the year-ago period. Revenue rose to $5.88 billion from $5.8 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $1.67 a share on revenue of $5.72 billion. Gilead expects adjusted earnings of $6.05 to $6.45 a share on revenue of $21.8 billion to $22.2 billion for 2020, while analysts had forecast earnings of $7.02 a share on revenue of $22.49 billion. Gilead’s board also hiked the company’s dividend by 8% to 68 cents a share, which is payable March 30 to shareholders of record as of March 13.

Oil Futures Retreat After Early Gains, Settle Lower Again

Crude oil futures failed to hold early gains and settled lower on Tuesday, weighed down by concerns over the outlook for energy demand amid the rapidly spreading coronavirus outbreak in China.

Traders were cautious with their moves ahead of weekly crude inventory reports from the American Petroleum Institute (API) and Energy Information Administration (EIA). While API is scheduled to release its report later today, the EIA’s data is due out Wednesday morning.

West Texas Intermediate Crude Oil futures ended down $0.50, or about 1%, at $49.61 a barrel, well off the day’s high of $51.55 a barrel. That was the lowest settlement since January 2019.

Brent Crude oil futures were down $0.44 at $54.01 a barrel around late afternoon.

On Monday, WTI crude oil futures for March ended down $1.45, or 2.8%, at $50.11 a barrel.

The surprise rate cut by the Chinese central bank on Monday and expectations of more stimulus measures sometime soon, and output reductions by OPEC and allies, limited oil’s downside today.

Death toll in mainland China from the coronavirus rose to 425. China said it would welcome assistance from the United States to fight the virus outbreak.

Saying that the crisis was “a major test of China’s system and capacity for governance,” China’s leader, Xi Jinping, has signaled a more assertive strategy for dealing with the virus outbreak.

Disney is investing big in streaming. Here's why

New York (CNN Business)Disney+ has 26.5 million subscribers, the company reported in its first fiscal quarter earnings report on Tuesday, exceeding analyst expectations.

Disney+, which launched on November 12, is the company’s first foray into the streaming world. The service, which includes Disney’s deep content vault and an affordable price of $6.99 per month, is a major endeavor for the company and a shift in focus for its business overall.
Analysts expected that the service would bring in 20 million to 25 million subscribers this quarter.

“We had a strong first quarter, highlighted by the launch of Disney+, which has exceeded even our greatest expectations,” Bob Iger, Disney’s CEO, said in a statement on Tuesday. “Thanks to our incredible collection of brands, outstanding content from our creative engines and state-of-the-art technology, we believe our direct-to-consumer services, including Disney+, ESPN+ and Hulu, position us well for continued growth in today’s dynamic media environment.”
Revenue at the company rose to $20.8 billion, a 36% increase compared to a year earlier. The number matched Wall Street’s expectations.

Disney (DIS) saw positive revenue across the board. The company’s movie studio had a strong quarter with $3.7 billion in revenue, which was up more than 100% over the year prior. The company’s streaming unit also saw revenue go up more than 100% from last year, bringing in $3.9 billion.
–This is a developing story and will be updated.