Comcast, ViacomCBS To Launch New Streaming Service In Select European Markets

Comcast Corporation (CMCSA) and ViacomCBS Inc. (VIAC, VIACA) have partnered to launch a new subscription video on demand (SVOD) service in more than 20 European territories. The companies promised their new streaming service, SkyShowtime, will combine the best of the US and Europe. It will bring movies, and original series from the NBCUniversal, Sky and ViacomCBS portfolio of brands, including titles from SHOWTIME, Nickelodeon, Paramount Pictures, Paramount+ Originals, Sky Studios, Universal Pictures, and Peacock.

The new subscription video on demand service, which is anticipated to launch in 2022, will be available in Albania, Andorra, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Denmark, Finland, Hungary, Kosovo, Montenegro, Netherlands, North Macedonia, Norway, Poland, Portugal, Romania, Serbia, Slovakia, Slovenia, Spain, and Sweden. Subscription price for the offering will be announced at a later date.

Raffaele Annecchino, CEO of ViacomCBS Networks International, said: “As a complement to our recently announced Paramount+ partnership with Sky in the UK, Italy, and Germany, SkyShowtime represents a huge opportunity to accelerate our market expansion.”

OSI Systems Guides Adj. EPS Above Estimates – Quick Facts

While reporting financial results for the fourth quarter on Wednesday, OSI Systems, Inc. (OSIS) initiated its adjusted earnings and revenue guidance for the full-year 2022.

For fiscal 2022, the company now projects adjusted earnings in a range of $5.72 to $6.00 per share on revenues between $1.19 billion and $1.225 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.59 per share on revenues of $1.21 billion for the year. Analysts’ estimates typically exclude special items.

“We enter fiscal 2022 with significant backlog and a robust pipeline of opportunities to enable us to continue the positive momentum,” said Deepak Chopra, Chairman and CEO.

OSI Systems Inc. Q4 adjusted earnings Beat Estimates

OSI Systems Inc. (OSIS) reported earnings for its fourth quarter that increased from last year.

The company’s profit came in at $25.89 million, or $1.40 per share. This compares with $13.97 million, or $0.76 per share, in last year’s fourth quarter.

Excluding items, OSI Systems Inc. reported adjusted earnings of $28.53 million or $1.54 per share for the period.

Analysts had expected the company to earn $1.48 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 19.9% to $332.20 million from $276.97 million last year.

OSI Systems Inc. earnings at a glance:

-Earnings (Q4): $28.53 Mln. vs. $22.45 Mln. last year.
-EPS (Q4): $1.54 vs. $1.22 last year.
-Analysts Estimate: $1.48
-Revenue (Q4): $332.20 Mln vs. $276.97 Mln last year.

Cree Stock Down 10% On Quarterly Results

Shares of Cree Inc. (CREE) slipped nearly 10% on Wednesday morning hurt largely by its fourth quarter results.

CREE is currently trading at $77.78, down $8.47 or 9.82%, on the Nasdaq, on a trading volume of 2.7 million shares, above average volume of 1.1 million shares. For the 52 week period, Cree’s shares have traded between $56.39 and $129.90. The stock has gained nearly 20% in that time frame.

Cree’s fourth-quarter loss widened to $147.6 million or $1.28 per share from $38.9 million or $0.36 per share last year. Adjusted loss were $26.9 million or $0.23 per share for the period. Analysts polled by Thomson Reuters expected a loss of $0.24 per share.

Revenues for the quarter gained to $145.8 million from $$108.4 million last year. Analysts had a consensus revenue estimate of $145.17 million for the quarter.

Looking forward to the third quarter, the company expects a loss of $0.21 to $0.25 per share and revenues of $144 million to $154 million.

COVID-19 Booster Shots to Be Available Next Month, Health Officials Announce

Announced by health officials and the Biden administration on Wednesday, Americans who are vaccinated against COVID-19 will be able to get a booster shot beginning in September.

Starting September 20, booster shots will be offered to individuals who were vaccinated in the early stages of the nationwide rollout, such as healthcare workers, nursing home residents and senior citizens. Americans who got the Pfizer and Moderna vaccines will be eligible to get a booster shot eight months after they received their second shot, health officials announced.

More research will be done on the Johnson & Johnson vaccine in the coming weeks. Since the rollout of that vaccine did not begin until March 2021, the booster shot would be launched later than the Pfizer and Moderna boosters.

The news of the booster shot comes as the delta variant of COVID-19 has increased cases around the country in a large spike, with some cases coming from people who are already fully vaccinated.

“The available data make very clear that protection against SARS-CoV-2 infection begins to decrease over time following the initial doses of vaccination, and in association with the dominance of the Delta variant, we are starting to see evidence of reduced protection against mild and moderate disease,” said a statement from health officials in the Biden administration.

More to come.

Housing starts unexpectedly fall in July

How are delta variant concerns impacting housing trends?

Macro Trends Advisors founding partner Mitch Roschelle on construction shortages in the suburbs and families moving out of cities due to the delta variant impacting schools.

U.S. homebuilding slowed last month as builders grappled with higher material costs and home prices. 

Housing starts fell 7% in July to a seasonally adjusted annualized rate of 1.534 million, the Commerce Department said Wednesday. Analysts surveyed by Refinitiv were expecting 1.6 million starts. The June reading was revised up to 1.65 million from 1.643 million. 

Permits for future construction rose 2.6% to a rate of 1.635 million after June’s reading was the lowest since October. Analysts had anticipated a reading of 1.61 million.

Builders have since the reopening of the economy struggled with supply chain disruptions that have resulted in materials shortages and higher costs.  

The cost of strand board, a common material used in homebuilding, for example, had soared by more than 500% this year before retreating. 

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Builders have had difficulty securing lumber at lower prices and the higher cost has added $36,000 to the price of building a new home, pricing some buyers out of the market.

A survey released Tuesday by the National Association of Home Builders showed confidence this month fell five points to 75, the lowest reading since July 2020.