Tuesday, 1 Dec 2020

Hong Kong disqualifies four opposition lawmakers

WATCH: An inside look at what marijuana legalization's election sweep means for the future of the multi-billion dollar industry

After the results of last week's election, one thing is clear: Americans overwhelmingly support cannabis reform.

One-third of Americans will live in places where marijuana is legal for all adults over the age of 21, after four states — including New Jersey and Arizona — voted on November 3 to legalize the drug for recreational use, and Mississippi backed legalizing medical marijuana. It's a massive shift from a decade ago, when no state had a legal recreational marijuana market.

Business Insider reporters Jeremy Berke and Yeji Jesse Lee, in conversation with senior editor Zachary Tracer, broke down everything you need to know about the future of the cannabis industry following the election, from when you can buy marijuana legally in your state, to what this means for states like New York that have tried to pass legalization in the past, to how companies are preparing to dominate the rapidly expanding legal marijuana map.

Watch the full webinar here:

 

Continental Q3 Adj. EBIT Rises, Adj. Sales Down 6.4%; Issues New FY20 Outlook

Continental (CTTAY.PK) reported a third quarter net loss to shareholders of parent of 719.3 million euros compared to a loss of 2.00 billion euros, a year ago. Loss per share was 3.60 euros compared to a loss of 9.93 euros. Adjusted operating result (adjusted EBIT) increased to 832 million euros from 612 million euros, prior year. Adjusted EBIT margin was 8.1 percent compared to 5.6 percent.

Third quarter consolidated sales was 10.3 billion euros compared to 11.1 billion euros, a year ago. Before changes in the scope of consolidation and exchange-rate effects, sales were down 2.7 percent. Adjusted sales were 10.27 billion euros, down 6.4 percent.

For fiscal 2020, Continental currently expects consolidated sales of around 37.5 billion euros and an adjusted EBIT margin of around 3 percent. Sales in the Automotive business areas are anticipated to total around 22.0 billion euros and the adjusted EBIT margin is anticipated to be around negative 1.5%.

CEO Elmar Degenhart said: “From an operational standpoint, we did remarkably well in the third quarter. We are confident that, for the year as a whole, we will achieve a positive free cash flow before acquisitions and carve-out effects.”

The company noted that its free cash flow before acquisitions and before carve-out effects for fiscal 2020 is expected to be significantly lower than previous year.

Stock Alert: 1Life Healthcare Shares Up 5%

Shares of 1Life Healthcare Inc. (ONEM) are currently trading at $34.65, up $1.73 or 5.26%, with trading volume of 912K more versus an average volume of 1.71 million shares.

The company reported third-quarter net loss of $16.4 million or $0.13 per share compared to a loss of $15.3 million or $0.82 per share last year. Net revenue for the quarter increased to $101.7 million from $69.6 million generated in the prior year period. Analysts polled by Thomson Reuters expected a loss of $0.19 per share on revenue of $86.18 million for the quarter. Analysts’ estimate typically exclude certain special items.

Looking ahead, the company projects fourth-quarter total net revenue in the range of $104 million – $109 million, with Care margin in the range of $37 million – $42 million, and Ending Membership count of 530K – 540K. Nine Wall Street analysts have a consensus revenue estimate of $90.9 million for the quarter.

For the full year 2020, the company expects total net revenue in the range of $362 million – $367 million, and Care Margin in the range of $132 million – $137 million. Eleven Wall Street analysts look for revenues of $333.88 million for fiscal 2020.

Trump’s Like ‘Barricaded Subject’ In Hostage Situation: Ex-FBI Assistant Director

Frank Figliuzzi, the FBI’s former assistant director for counterintelligence, praised President-elect Joe Biden for how he’s handling President Donald Trump, who has refused to concede and is filing legal actions to overturn the 2020 election results. 

“We’re coming very close to having what the bureau calls a barricaded subject,” Figliuzzi said on MSNBC on Tuesday. “The barricaded subject is in the White House.”

Biden, he said, is “right on the money” with how negotiators handle a barricaded subject initially.

“We saw a very calm Joe Biden today,” Figliuzzi said of the president-elect shrugging off many of Trump’s antics.

“That is exactly what you do in the initial stages,” he explained, adding that this involves letting the subject vent. 

But eventually, he said, Biden will have to call the SWAT team.

That could be in the form of a legal challenge, or “it may be that U.S. marshals have to come take the president out,” he said. “As we say to a barricaded subject, we can do this the hard way or we can do this the easy way.”

Watch Figliuzzi’s full conversation with MSNBC’s Nicolle Wallace above.

Republican Michelle Steel Wins California’s 48th District

Incumbent Rep. Harley Rouda

Washington (AP) — Republican Michelle Steel wins election to U.S. House in California’s 48th Congressional District, beating incumbent Rep. Harley Rouda.

Hong Kong disqualifies four opposition lawmakers

Hong Kong's government disqualified four opposition legislators on Wednesday, minutes after the Chinese parliament passed a resolution allowing the city's executive to expel legislators without having to go through the courts.

Beijing's resolution says the Hong Kong government can disqualify lawmakers who endanger national security.

Hong Kong's 19 opposition lawmakers had earlier threatened a mass resignation should any of them be disqualified from the Legislative Council, the former British colony's mini-parliament.

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