Judge Formally Denies SAG-AFTRA Health Plan’s Motion To Dismiss Ed Asner Lawsuit
Inside Broadway’s Reopening: A Times Virtual Event
We visit the “Hadestown” company and a new playwright, share backstage performances, and answer your theater questions in the “Offstage” series finale.
By The New York Times
Chewy Shares Fall 9% On Quarterly Results
Shares of online pet food retailer Chewy Inc. (CHWY) are down 9 percent on Thursday’s trading as the company reported wider-than-expected loss in the second quarter. Sales were up 27 percent, but came in below Street expectations.
The company posted net loss of $16.7 million or $0.04 per share in the second quarter, lower than net loss of $32.8 million or $0.08 per share in the same period last year. On average, 15 analysts polled by Thomson Reuters expected the company to post net loss of $0.02 per share in the quarter. Analysts’ estimates, usually, exclude one-time items.
Net sales for the three-month period rose to $2.16 billion from $1.69 billion a year ago, while analysts were looking for revenues of $2.20 billion for the quarter.
Currently at $79.90, the stock has traded between $51.25 and $120.00 during the past 52 weeks.
Daqo New Energy Uptick Continues
Daqo New Energy Corp. (DQ) shares are gaining more than 11 percent on Thursday morning trading continuing a positive trend since August 19 after the company reported higher second-quarter profit and lifted its production guidance. There were no specific announcements from the company today to impact the stock movement.
Currently, shares are at $67.72, up 11.09 percent from the previous close of $60.96 on a volume of 1,360,501. For the 52-week period, the shares have traded in a range of $18.22-$130.33 on average volume of 2,851,161.
Smith & Wesson Slips 6%; Q1 Earnings Beat, But Sales Miss View
Shares of firearm manufacturer Smith & Wesson Brands, Inc. (SWBI) are trading down 6 percent on Thursday despite the company recording higher profit in its first quarter of 2022. While earnings came in above the Street view, the sales figures fell short of analysts’ estimates.
The company posted net income of $76.9 million or $1.57 per share in the first quarter, up from $43.3 million or $0.77 per share in the same period last year.
Excluding items, income was $77.1 million or $1.57 per share, compared to $46.8 million or $0.83 per share in the year-ago quarter.
On average, six analysts polled by Thomson Reuters expected the company to post earnings of $1.29 per share in the quarter. Analysts’ estimates, usually, exclude one-time items.
Quarterly sales rose 19.5 percent to $274.6 million from $229.8 million in the prior year period, while analysts were looking for sales of $278.6 million.
Currently at $23.52, the stock has traded between $14.50 and $39.61 during the past 52 weeks.
Asana Shares Rise 10% On Raised FY22 Revenue Outlook
Shares of work management company Asana, Inc. (ASAN) are up 10 percent on Thursday’s trading after the company lifted its full year 2022 revenue guidance and also named a new Chief Operating Officer. The company also reported higher revenues for the second quarter, while net loss widened from a year ago.
The company posted second-quarter net loss of $68.4 million or $0.40 per share, higher than net loss of $41.1 million or $0.54 per share in the same period last year.
Excluding items, loss came in at $39.8 million or $0.23 per share in the quarter, compared to $26.3 million or $0.34 per share a year ago, while analysts were looking for loss of $0.26 per share for the period.
Quarterly revenues climbed 72 percent to $89.5 million from $52.0 million last year, while analysts were expecting revenues of $82.2 million for the three-month period.
Looking ahead, the company raised its full-year 2022 revenue outlook to $357 million to $359 million, a 57-58 percent growth from last year.
Separately, the company also announced the appointment of Anne Raimondi as Chief Operating Officer. She will be taking over from Chris Farinacci, who retires at the end of the present financial year.
Currently at $83.68, the stock has traded between $20.57 and $88.20 during the past 52 weeks.
U.S. Factory Orders Show Continued Increase In July
After reporting sharp increases in new orders for U.S. manufactured goods over the two previous months, the Commerce Department released a report on Thursday showing factory orders saw some further upside in the month of July.
The report showed factory orders rose by 0.4 percent in July after jumping by 1.5 percent in June and spiking by 2.3 percent in May. Economists had expected factory orders to increase by 0.3 percent.
The continued increase in factory orders came as a 0.9 percent advance in orders for non-durable goods more than offset a 0.1 percent dip in orders for durable goods.
The Commerce Department also said shipments of manufactured goods shot up by 1.6 percent in July after surging by 1.9 percent in June.
Inventories of manufactured goods also rose by 0.5 percent in July after climbing by 1.0 percent in the previous month.
With shipments increasing by much more than inventories, the inventories-to-shipments ratio dropped to 1.46 in July from 1.48 in June.
Judge Formally Denies SAG-AFTRA Health Plan’s Motion To Dismiss Ed Asner Lawsuit
A federal judge formally has denied a motion by the SAG-AFTRA Health Plan and its trustees to dismiss a class action lawsuit brought against them by the late Ed Asner and nine other members of the union.
They claim that changes to the Plan’s eligibility requirements earlier this year “illegally discriminate based on age and violate the Age Discrimination and Employment Act of 1967” and are a breach of their fiduciary duty under the Employee Retirement Income Security Act.
U.S. District Court Judge Christina A. Snyder issued a tentative decision Monday to deny the Plan’s motion to dismiss, which she has now denied formally. The ruling was the last victory for Asner, who died on Sunday, in a case that bears his name: Edward Asner et al v. the SAG-AFTRA Health Plan et al.
Ed Asner: A Career In Photos – Photo Gallery
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In a statement, the Plan said, “We are confident that the courts will ultimately reject this meritless litigation.”
Hilary Swank Agrees To Settle Lawsuit Against SAG-AFTRA Health Plan
