Two-Year Note Auction Attracts Average Demand

The Treasury Department kicked off this week’s series of announcements of the results of its long-term securities auctions on Tuesday, revealing this month’s sale of $48 billion worth of two-year notes attracted average demand.

The two-year note auction drew a high yield of 5.085 percent and a bid-to-cover ratio of 2.73.

Last month, the Treasury sold $45 billion worth of two-year notes, drawing a high yield of 5.024 percent and a bid-to-cover ratio of 2.94.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous two-year note auctions had an average bid-to-cover ratio of 2.75.

The Treasury is due to announce the results of this month’s auctions of $49 billion worth of five-year notes and $37 billion worth of seven-year notes on Wednesday and Thursday, respectively.

Costco Wholesale Corporation Reveals Rise In Q4 Income, Beats estimates

Costco Wholesale Corporation (COST) announced earnings for its fourth quarter that increased from the same period last year and beat the Street estimates.

The company’s earnings came in at $2.16 billion, or $4.86 per share. This compares with $1.87 billion, or $4.20 per share, in last year’s fourth quarter.

Analysts on average had expected the company to earn $4.79 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 9.5% to $78.94 billion from $72.09 billion last year.

Costco Wholesale Corporation earnings at a glance (GAAP) :

-Earnings (Q4): $2.16 Bln. vs. $1.87 Bln. last year.
-EPS (Q4): $4.86 vs. $4.20 last year.
-Analyst Estimate: $4.79
-Revenue (Q4): $78.94 Bln vs. $72.09 Bln last year.

MILLERKNOLL, INC. Q1 Profit Decreases, but beats estimates

MILLERKNOLL, INC. (MLKN) revealed earnings for first quarter that decreased from last year but beat the Street estimates.

The company’s earnings totaled $16.7 million, or $0.22 per share. This compares with $25.8 million, or $0.34 per share, in last year’s first quarter.

Excluding items, MILLERKNOLL, INC. reported adjusted earnings of $0.37 per share for the period.

Analysts on average had expected the company to earn $0.21 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 15.0% to $917.70 million from $1.08 billion last year.

MILLERKNOLL, INC. earnings at a glance (GAAP) :

-Earnings (Q1): $16.7 Mln. vs. $25.8 Mln. last year.
-EPS (Q1): $0.22 vs. $0.34 last year.
-Analyst Estimates: $0.21
-Revenue (Q1): $917.70 Mln vs. $1.08 Bln last year.

-Guidance:
Next quarter EPS guidance: $0.52 – $0.58
Next quarter revenue guidance: $950mln – $990mln
Full year EPS guidance: $1.85 – $2.15

Progress Software Corp Q3 Profit Decreases, but beats estimates

Progress Software Corp (PRGS) released earnings for third quarter that decreased from the same period last year but beat the Street estimates.

The company’s earnings came in at $19.10 million, or $0.42 per share. This compares with $21.80 million, or $0.50 per share, in last year’s third quarter.

Excluding items, Progress Software Corp reported adjusted earnings of $48.75 million or $1.08 per share for the period.

Analysts on average had expected the company to earn $1.00 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 15.7% to $174.99 million from $151.22 million last year.

Progress Software Corp earnings at a glance (GAAP) :

-Earnings (Q3): $19.10 Mln. vs. $21.80 Mln. last year.
-EPS (Q3): $0.42 vs. $0.50 last year.
-Analyst Estimates: $1.00
-Revenue (Q3): $174.99 Mln vs. $151.22 Mln last year.

-Guidance:
Next quarter EPS guidance: $0.87 – $0.93
Next quarter revenue guidance: $171 – $177 Mln
Full year EPS guidance: $4.20 – $4.26
Full year revenue guidance: $692 – $698 Mln

Crude Oil Rebounds Amid Ongoing Supply Concerns

After ending the previous session modestly lower, the price of crude oil moved back to the upside during trading on Tuesday.

Crude for November delivery climbed $0.71 or 0.8 percent to $90.39 a barrel after slipping $0.35 or 0.4 percent to $89.68 a barrel.

The rebound by the price of crude oil came as ongoing concerns about tight supplies overshadowed worries about the global economic outlook.

While Russia lifted restrictions on higher-sulphur gasoil and fuel used for bunkering for some vessels on Monday, the ban on exports of high-quality diesel and gasoline remains in place.

Russia and Saudi Arabia’s recent decision to extend production cuts until the end of the year also continued to support oil prices.

Meanwhile, traders shrugged off some disappointing economic data as well as warnings the Federal Reserve may raise interest higher than currently anticipated.

JPMorgan Chase (JPM) CEO Jamie Dimon warned in an interview with The Times of India that rates could go as high as 7 percent.

Minneapolis Federal Reserve President Neel Kashkari also wrote in an essay posted on Tuesday that there is a 40 percent chance the Federal Reserve will have to push rates “meaningfully higher” to combat stubborn services inflation.

Genasys To Acquire Evertel Technologies From Word Systems Operations For About $5.8 Mln

Genasys Inc. (GNSS) said it has agreed to acquire Evertel Technologies, from Word Systems Operations for about $5.8 million, comprised of approximately 75 percent stock and 25 percent cash.

Genasys expects the cash consideration to be financed through cash on hand.

The transaction is expected to close the first week of October.

Evertel is a secure & compliant mission-critical collaboration platform for the public safety market that brings the right people, information, and tools together in one space. The company’s intuitive platform helps agencies of all sizes—small towns, big cities, and everything in between—to work together more effectively to protect their communities and save lives.