Arthur J. Gallagher Acquires CRES Insurance Services – Quick Facts

Arthur J. Gallagher & Co. (AJG) announced the acquisition of CRES Insurance Services, LLC. The Las Vegas, Nevada-based CRES designs, markets and services errors & omissions insurance and risk management services to real estate firms and professionals across the United States, particularly in the Southwest. The CRES team will operate under the direction of Kevin Garvin, head of Gallagher’s North American Affinity operations.

“CRES’s specialized expertise and product offerings to real estate agents complement and expand our strengths in that market,” said Patrick Gallagher, Jr., Chairman, President and CEO.

Stock Alert: Thor At New High On Earnings, Outlook

Shares of recreational vehicles maker Thor Industries, Inc. (THO) are climbing more than 7% Monday morning to touch a new high of $110.99 after the company reported better-than-expected third-quarter earnings. The stock is currently at $107.44.

The company’s third-quarter earnings of $0.43 per share beat the average estimate of analysts polled by Thomson Reuters for a loss of $0.26 per share.

Net sales for the quarter, were down at $1.68 billion, from $2.51 billion last year, while meeting the consensus estimates.

“Many of our dealers are reporting a significant improvement in sales from April to May and are excited about the sales potential for June and beyond. Because of this improved outlook and the relaxation of many stay-at-home restrictions, we began to restart production in the first week of May in North America,” said Bob Martin, President and CEO of Thor Industries.

Stock Alert: Digital Ally Ascends 41% On Increased Product Demand

Shares of Digital Ally, Inc. (DGLY) are climbing more than 41% Monday morning to touch a new high of $4.15. This follows video recording products and other critical safety products for law enforcement personnel announcing the launch of a body camera subscription program as a response to high demand for video evidence technology for police and other first responder personnel. The stock is currently trading lower at $3.60.

Digital Ally stock has grown more than 4-fold during the mass protests in the U.S. on George Floyd’s custody death, as the demand for the company’s products grew.

Today, the company also priced its previously announced share offering of nearly $2.33 million stock at $2.15 per share.

“Current events are bringing widespread attention to the importance of body cameras,” said Stan Ross, CEO of Digital Ally, adding, “And while body cameras and in-car video systems have become more common in the last decade since the Ferguson unrest, there are still hundreds, if not thousands, of departments that don’t have this critical technology.”

Who’s who in the Jeffrey Epstein scandal

Democrats In Congress Unveil Police Reform Legislation

House and Senate Democrats unveiled police reform legislation that bans the use of chokeholds and no-knock warrants in drug cases.

The bill, called the Justice In Policing Act, also would create a registry on the use of force by police officers, and establish an independent process for state attorneys general to investigate misconduct, according to an initial summary of the legislation obtained by NBC News.

“Today, this movement of national anguish is being transformed into a movement of national action,” House Speaker Nancy Pelosi told reporters at a press conference.

Earlier, Pelosi, Senate Minority Leader Chuck Schumer and other Democrats kneeled in silence for 8 minutes, 46 seconds at Emancipation Hall at the Capitol. That is the length of time that Minneapolis police officer Derek Chauvin had his knee pressed against George Floyd’s neck after he was apprehended on Memorial Day. An autopsy showed that he died during the chokehold.

Rep. Karen Bass (D-CA), the chairwoman of the Congressional Black Caucus, said that “a profession where you have the power to kill should be a profession that requires highly trained officers who are accountable to the public.”

The bill has more than 200 co-sponsors in the House, and Schumer called on Senate Majority Leader Mitch McConnell (R-KY) to put it up for a vote before July.

Pelosi called the legislation a “first step” in addressing racial justice measures, in the wake of protests across the country following the death of Floyd.

Stock Alert: Gap Rises 5%

Shares of The Gap, Inc. (GPS) are climbing more than 5% Monday morning, continuing with the last week’s momentum. The stock is currently trading at $12.99, nearly 30% up in the last 5 trading sessions. It has traded in the range of $5.26- $19.86 in the last 52 weeks.

On June 4, when the apparel brand announced first-quarter results, online sales had increased 13% year-over-year, with over 100% year-over-year online sales growth in the month of May.

Beginning May first week, the company has started to reopen its closed stores and expects to majority of them in June.

“While we are pleased that store traffic and productivity is exceeding expectations, particularly at Old Navy and Athleta, we continue to plan conservatively as significant uncertainty remains ahead,” said Katrina O’Connell, EVP and CFO Gap Inc, while reporting firs-quarter results.

Home loans get cheaper as SBI cuts lending rates

The lending rate reduction comes after Reserve Bank of India (RBI) cut the repo rate by 40 bps in May.

Country’s largest lender State Bank of India (SBI) has reduced the marginal cost of fund based lending rate (MCLR) by 25 bps across all tenors.

The one year MCLR will fall to 7% from 7.25% with effect from June 10, 2020. “This is the thirteenth consecutive reduction in bank’s MCLR,” the SBI said.

The lending rate reduction comes after Reserve Bank of India (RBI) cut the repo rate by 40 bps in May. SBI has reduced its deposit rate twice in May which also helped to reduce the lending rate.

Following the repo rate cut, the lending rates of SBI which are linked to the repo rate, are reduced by 40 bps.

The external benchmark linked lending rate (EBR) will now become 6.65% from July 1, as compared to 7.05% now.

Time after time: The Hindu Editorial on RBI repo rate cut

The Repo Linked Lending rate (RLLR) was reduced to 6.25% from 6.65% from June 1 .

“Consequently, EMIs on eligible home loan accounts linked to MCLR will get cheaper by approximately ₹421 and those linked to EBR/RLLR will get cheaper by around ₹660, for a 30-year loan of ₹25 lakh,” SBI said.