Thursday, 2 Feb 2023

House Passes Bill To Avert Rail Shutdown With Bipartisan Support

Kroger Again Boosts FY22 Outlook – Update

While reporting financial results for the third quarter on Thursday, supermarket chain Kroger Co. (KR) again raised its adjusted earnings and identical sales outlook for the full-year 2022.

For fiscal 2022, the company now projects adjusted earnings in a range of $4.05 to $4.15 per share on total identical sales growth, without fuel, of 5.1 to 5.3 percent.

Previously, the company expected adjusted earnings in the range of $3.95 to $4.05 per share on total identical sales growth, without fuel, of 4.0 to 4.5 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $4.08 per share on revenues of $148.11 billion for the year. Analysts’ estimates typically exclude special items.

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REX American Resources Corporation Profit Drops In Q3

REX American Resources Corporation (REX) announced earnings for third quarter that decreased from the same period last year

The company’s bottom line came in at $3.184 million, or $0.18 per share. This compares with $15.278 million, or $0.85 per share, in last year’s third quarter.

The company’s revenue for the quarter rose 8.5% to $220.277 million from $203.066 million last year.

REX American Resources Corporation earnings at a glance (GAAP) :

-Earnings (Q3): $3.184 Mln. vs. $15.278 Mln. last year.
-EPS (Q3): $0.18 vs. $0.85 last year.
-Revenue (Q3): $220.277 Mln vs. $203.066 Mln last year.

Blackstone Slips On Deal To Sell 49.9% Stake In MGM Grand, Mandalaya Bay

Blackstone Inc. (BX) shares are declining more than 7 percent on Thursday morning trade after Wall Street Journal reported that it has signed a deal with Vici Properties to sell 49.9 percent stake in MGM Grand Las Vegas and Mandalya Bay. The deal is valued at around $5.5 billion. Vici is the majority owner of the two hotels.

Currently, the shares of the New York-based asset management company are at $84.68, down 7.49 percent from the previous close of $91.53 on a volume of 2,555,065.

Moody’s To Buy SCRiesgo To Boost Its Presence In Latin America

Moody’s Corporation (MCO) said on Thursday that it has agreed to buy SCRiesgo, a group of local credit rating agencies focused on domestic financial markets in Central America and the Dominican Republic.

Financial terms of the deal are not known. The transaction, expected to be closed in the second quarter of 2023, will significantly expands its presence in Latin America, the rating agency said in a statement.

Martin Fernandez-Romero, Regional Head of Latin America for Moody’s Investors Service, said: “…SCRiesgo and its impressive team will deepen Moody’s analytical capabilities, help create further transparency in domestic markets, and extend our reach in Central America, the Dominican Republic, and beyond.”

Following the transaction, SCRiesgo will become an affiliate of Moody’s Local, Moody’s domestic credit ratings platform and the newly acquired agency will continue to issue domestic ratings with an independent analytical and rating committee process.

Based in Costa Rica and El Salvador, SCRiesgo provides domestic credit ratings to banks, financial institutions, investment funds, and others in Costa Rica, El Salvador, Nicaragua, Panama, Honduras, Guatemala, and the Dominican Republic.

Intellia Therapeutics Down 9% On On Pricing Public Offering

Shares of genome editing company Intellia Therapeutics, Inc. (NTLA) are down 9 percent on Thursday’s trading after the company announced the price of an underwritten public offering of 6,550,219 shares of its common stock at $45.80 per share. The gross proceeds from the offering, are expected to be approximately $300 million.

Currently at $46.39, the stock has traded between $37.08 and $130.33 during the past 52 weeks.

NEXT Plc To Buy Majority Stake In Joules For 34 Mln Pounds In Cash

NEXT Plc (NXT.L), a British clothing, footwear and home products retailer, said on Thursday that it has inked a deal with Tom Joule to acquire majority stake of Joules, a lifestyle brand, through a newly formed company for 34 million pounds in cash.

NEXT has already acquired the current Head Office of Joules for 7 million pounds in cash.

Post acquisition, NEXT will own 74 percent of the equity with the remaining 26 percent owned by Tom Joule, the founder of Joules.

Joules will go live on NEXT’s Total Platform in early 2024. Following the closing of the deal, Joules’ websites and online operations will be operated by NEXT through NEXT’s Total Platform.

“Total Platform will also provide warehousing and distribution services for Joules’ retail, franchise, wholesale and concession businesses, all of which will continue to be operated by Joules,” NEXT said in a statement.

NEXT intends to continue to operate around 100 of the current 124 Joules’ stores in the UK and Ireland. On December 1, 19 stores will be closed by the administrator.

Jonathon Brown, CEO of Joules will remain in his role in the post transaction.

House Passes Bill To Avert Rail Shutdown With Bipartisan Support

The House of Representatives has passed a bill to implement a tentative agreement aimed at averting a national rail shut down with bipartisan support.

With 79 Republican Representatives joining Democrats in voting in support, the resolution was approved by a 290-137 vote.

Another resolution, to increase the number of paid sick leave in the contract from one to seven days, was passed by 221 to 207 votes.

Both the bills will head to the Senate for vote.

The passage of the bills has eased concerns of a potential rail strike. The unions had given a December 9 deadline to reach an agreement.

President Joe Biden has called on the Senate to act urgently. “Without the certainty of a final vote to avoid a shutdown this week, railroads will begin to halt the movement of critical materials like chemicals to clean our drinking water as soon as this weekend,” he warned in a statement.

“Without action this week, disruptions to our auto supply chains, our ability to move food to tables, and our ability to remove hazardous waste from gasoline refineries will begin. The Senate must move quickly and send a bill to my desk for my signature immediately,” he added.

Biden thanked House Speaker Pelosi, House Democrats and Republicans for taking urgent action to prevent a rail shutdown.

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