Tredegar Swings To Profit In Q3 – Quick Facts

Industrial manufacturer Tredegar Corp. (TG) reported Friday third-quarter net income from continuing operations of $6.23 million or $0.19 per share, compared to net loss from continuing operations of $16.98 million or $0.51 per share in the prior-year quarter.

Excluding items, adjusted net income from ongoing operations were $0.22 per share, compared to $0.39 per share in the year-ago quarter.

Total sales for the quarter grew to $209.91 million from $184.37 million in the same quarter last year.

Chicago Business Barometer Unexpectedly Increases In October

Chicago-area business activity unexpectedly grew at a faster rate in the month of October, according to a report released by MNI Indicators on Friday.

MNI Indicators said its Chicago business barometer climbed to 68.4 in October from 64.7 in September, with a reading above 50 indicating growth. The increase surprised economists, who had expected the business barometer to dip to 63.5.

The unexpected advance by the business barometer was partly due to a rebound by the new orders index, which climbed 3.1 points after hitting a six-month low in September.

However, MNI Indicators noted some businesses said raw material shortages and a low supply of critical components like semiconductors at suppliers was impacting opportunities.

The report also showed the employment index increased for the fourth straight month, rising 4.2 points to reach its highest level in just over three years.

The order backlogs index also jumped by 13.5 points, recovering more than half of the steep drop seen in the previous month.

With firms reporting worsening port congestion and ongoing logistical issues with trucking, rail, and even air cargo, the supplier deliveries also increased to 84.7.

Meanwhile, MNI Indicators said the production index was the only component to decrease in October, falling by 2.2 points to its lowest level since August 2020.

Pinnacle West Capital Corp. Q3 Profit beats estimates

Below are the earnings highlights for Pinnacle West Capital Corp. (PNW):

-Earnings: $339.80 million in Q3 vs. $346.37 million in the same period last year.
-EPS: $300 in Q3 vs. $3.07 in the same period last year.
-Analysts projected $2.78 per share
-Revenue: $1.31 billion in Q3 vs. $1.25 billion in the same period last year.

-Guidance:
Full year EPS guidance: $5.25 to $5.35

CANADA STOCKS-TSX hits record high on energy boost, upbeat earnings

Nov 5 (Reuters) – Canada’s main stock index scaled another record high at open on Friday, aided by strength in energy stocks and a slew of upbeat corporate earnings, putting the benchmark index on course for a weekly gain.

At 9:31 a.m. ET (1331 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 36.31 points, or 0.17%, at 21,378.44.

Biden vaccine mandate creating ‘recipe for more than failure’ at border: Rep. Roger Williams

Biden’s vaccine mandate creates ‘recipe for more than failure’: Rep. Williams

Rep. Roger Williams, R-Texas argues Biden’s vaccine mandate has economic and national security implications.

Rep. Roger Williams, R-Texas, said Biden's federal vaccine mandate is a "recipe for even more than failure" on "Mornings with Maria" Friday, warning it could create an economic disaster by forcing more workers to leave theirs jobs in an already existing labor shortage.

OSHA VACCINE MANDATE TO HIT LARGE EMPLOYERS JAN. 4, WITH HEFTY FINES FOR NONCOMPLIANCE

REP. ROGER WILLIAMS: You go down to the border now where the Border Patrol is overwhelmed, then you think about reducing them by half, it's pretty unbelievable… And it's a recipe for even more than failure.

It's a disaster, and you take it into the economy, I mean, small businesses are having to meet the same standard and they're not going to be able to do it, and many are not going to want to do it.

WATCH THE FULL INTERVIEW BELOW

Border Patrol could lose 59% of agents due to vaccine mandate

Rep. Roger Williams, R-Texas, says the Biden admin is developing a ‘horrible’ situation at the border.

European Economics Preview: Germany Industrial Output Data Due

Industrial production data from Germany and retail sales from euro area are due on Friday, headlining a light day for the European economic news.

At 3.00 am ET, Destatis is slated to issue Germany’s industrial production for September. Economists forecast output to grow 1 percent on month, reversing a 4 percent fall in August.

In the meantime, UK Halifax house price data is due.

At 3.45 am ET, the French statistical office Insee publishes industrial production and non-farm payrolls data. Industrial output is expected to remain flat month-on-month in September versus a 1 percent rise in August.

At 4.00 am ET, Spain’s INE releases September industrial production figures. Output is seen rising 1.5 percent annually after climbing 1.8 percent in August.

In the meantime, retail sales from the Czech Republic and Hungary are due. The Czech retail sales are forecast to climb 4.9 percent annually in September.

At 4.30 am ET, IHS Markit publishes Germany’s construction PMI data.

Half an hour later, September retail sales figures are due from Italy. Sales had increased 0.4 percent on month in August.

At 6.00 am ET, Eurostat releases euro area retail sales data for September. Sales are forecast to grow 0.3 percent month-on-month, the same rate as seen in August.