U.S. Construction Spending Unexpectedly Drops 0.5% In September

Construction spending in the U.S. unexpectedly decreased in the month of September, according to a report released by the Commerce Department on Monday.

The report said construction spending fell by 0.5 percent to an annual rate of $1.574 trillion in September after inching up by 0.1 percent to a revised rate of $1.582 trillion in August.

The drop in construction spending came as a surprise to economists, who had expected spending to increase by 0.4 percent.

The unexpected decline in construction spending came as spending on private construction slid by 0.5 percent to an annual rate of $1.230 trillion.

Spending on residential construction spending fell by 0.4 percent to a rate of $773.5 billion, while spending on non-residential construction dropped by 0.6 percent to a rate of $456.4 billion.

The report showed spending on public construction also slumped by 0.7 percent to an annual rate of $343.7 billion.

Spending on highway construction dropped by 0.7 percent to a rate of $99.8 billion, offsetting a 0.9 percent increase in educational construction to a rate of $80.7 billion.

51job Says Buyer Consortium In Consultation With Chinese Regulators On Regulatory Changes

Chinese HR firm 51job, Inc. (JOBS) announced Monday that certain members of the buyer consortium that formed Garnet Faith Ltd. to acquire the Company pursuant to the previously announced agreement and plan of merger dated as of June 21, 2021, have been in consultation with Chinese regulators on recent regulatory changes in China that may be applicable on the proposed transaction.

The consultation process by these buyer consortium members is currently ongoing and a clear timeline to its completion cannot be provided at this time.

Acer’s Revenue Rises In October

Acer Inc. (ACID.L), a Taiwanese multinational hardware and electronics corporation, on Monday posted a rise in its consolidated revenue for October, with an increase in sales across all of the company’s segments.

The-New Taipei City headquartered firm reported a rise in its consolidated revenue by 9.8 percent, to NT$28.01 billion, or approximately $1.01 billion, for the month of October, compared to the same period, year ago.

Owing to a rise in demand, the hardware company’s revenue from the gaming line, desktop PCs, notebook PCs, and monitors grew by 20.2 percent, 54.5 percent, 4.8 percent, and 4.7 percent, respectively, for the 30-day period, compared to the same four-week period of 2020.

The company’s non-PC related businesses have summed up to 17.1 percent share of the total Acer Group revenues in October, the Group said in a statement.

Viasat Q2 Profit Surges, Tops Estimates – Quick Facts

Communications company Viasat Inc. (VSAT) reported Monday that net income attributable to common stockholders for the second quarter surged to $3.3 million or $0.04 per share from $2.0 million or $0.03 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $0.34 per share, compared to $0.31 per share in the year-ago quarter.

Total revenues for the quarter grew 27 percent to $701.4 million from $554.3 million in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.07 per share on revenues of $681.25 million for the quarter. Analysts’ estimates typically exclude special items.

Talis Biomedical Corp. Announces FDA Authorization Of Talis One COVID-19 Test System

Talis Biomedical Corporation (TLIS) said the FDA has granted Emergency Use Authorization for its Talis One COVID-19 Test System. It enables sample-to-answer molecular testing in less than 30 minutes. COVID-19 is the first infectious disease that the Talis One system is designed to detect.

Kim Popovits, interim CEO, said: “With the authorization of the Talis One COVID-19 Test System, we can now put testing in the hands of healthcare providers to help detect or rule out infection with confidence and prevent broader transmission while minimizing disruption to our daily lives.”

Shares of Talis Biomedical Corporation were up 7% in pre-market trade on Monday.

NAPCO Security Technologies Inc. Q1 Income Rises, Beats estimates

NAPCO Security Technologies Inc. (NSSC) announced earnings for its first quarter that rose from last year.

The company’s earnings came in at $7.75 million, or $0.42 per share. This compares with $2.32 million, or $0.13 per share, in last year’s first quarter.

Analysts had expected the company to earn $0.24 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 34.0% to $31.05 million from $23.17 million last year.

NAPCO Security Technologies Inc. earnings at a glance:

-Earnings (Q1): $7.75 Mln. vs. $2.32 Mln. last year.
-EPS (Q1): $0.42 vs. $0.13 last year.
-Analysts Estimate: $0.24
-Revenue (Q1): $31.05 Mln vs. $23.17 Mln last year.

Investor Group To Take Ownership Of McAfee; Shareholders To Receive $26.00/shr In Cash

McAfee Corp. (MCFE) has agreed to be acquired by an investor group for $26.00 per share in an all-cash deal valued at approximately $12 billion on an equity value basis, and over $14 billion on an enterprise value basis. The transaction is anticipated to close in the first half of 2022. Upon completion, McAfee common stock will no longer be listed on any public securities exchange.

The investor group is led by Advent International and Permira Advisers, Crosspoint Capital, CPP Investments, GIC, and a wholly owned unit of the Abu Dhabi Investment Authority.

Separately, McAfee said it delivered another strong quarter, with revenue growing 24% year-over-year. The company added 640 thousand net new direct-to-consumer subscribers, a year-over-year increase of 16%.

Third quarter adjusted EBITDA increased by 43% year-on-year to $234 million. Adjusted net income was $140 million or $0.31 per share, for the quarter. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.22, for the quarter. Analysts’ estimates typically exclude special items.

Loss from continuing operations was $30 million or $0.54 per share, for the quarter. Net revenue increased to $491 million from $395 million. Analysts on average had estimated $465.84 million in revenue.

McAfee has cancelled the earnings call previously scheduled for November 9, 2021.