Tata Consultancy Services Limited Q2 sales increase

Tata Consultancy Services Limited (532540) revealed a profit for second quarter of $1.298 billion

The company’s bottom line came in at $1.298 billion, or $0.35 per share. This compares with $1.301 billion, or $0.35 per share, in last year’s second quarter.

The company’s revenue for the quarter rose 8.6% to $6.877 billion from $6.333 billion last year.

Tata Consultancy Services Limited earnings at a glance (GAAP) :

-Earnings (Q2): $1.298 Bln. vs. $1.301 Bln. last year.
-EPS (Q2): $0.35 vs. $0.35 last year.
-Revenue (Q2): $6.877 Bln vs. $6.333 Bln last year.

U.S. Construction Spending Decreases More Than Expected In August

A report released by the Commerce Department on Monday showed construction spending in the U.S. decreased by more than expected in the month of August.

The Commerce Department said construction spending fell by 0.7 percent to an annual rate of $1.781 trillion in August after sliding by 0.6 percent to a revised rate of $1.794 trillion in July.

Economists had expected construction spending to dip by 0.3 percent compared to the 0.4 percent drop originally reported for the previous month.

The bigger than expected decrease in total construction spending came as spending on private construction decline by 0.6 percent to an annual rate of $1.426 trillion.

Spending on residential construction slid by 0.9 percent to an annual rate of $912.9 billion, while spending on non-residential construction edged down by 0.1 percent to an annual rate of $513.1 billion.

Spending on public construction also fell by 0.8 percent to an annual rate of $355.3 billion, reflecting decreases in spending on both educational and highway construction.

Deutsche Post Preliminary Q3 EBIT Rises; To Raise FY22 Outlook

Deutsche Post DHL Group (DPSGY.PK) said in a preliminary report on Monday that it has recorded a rise in earnings before interest and tax or EBIT for the third-quarter.

In addition, the German firm said it will raise its EBIT outlook for the fiscal 2022.

For the third quarter, the company’s EBIT has reached around 2.040 billion euros, higher than 1.771 billion euros of previous year’s third quarter.

Thus, Group’s EBIT for the first nine months has touched around 6.5 billion euros, compared with 5.765 billion euros registered for the same period of 2021.

For the fiscal 2022, the company currently projects EBIT of 8 billion euros, which will be revised up when third-quarter results are published on November 8.

PPG Now Sees Q3 Earnings Below Prior View; Stock Down In Pre-market

PPG Industries, Inc. (PPG), a supplier of paints, coatings, and specialty materials, on Monday revised down its earnings forecast for the third quarter, amidst a softening demand in Europe and China.

The company now expects its third-quarter adjusted earnings per share to decline by 5 percent to 7 percent below the low end of the previous guidance of $1.75 to $2.00. Earlier to this, PPG had forecast its third-quarter EPS to be in the range of $1.60 to $1.85.

Analysts, on average, polled by Thomson Reuters project the company to post income per share of $1.83 for the quarter.

The paint supplier also said it expects the softer demand conditions to prevail in the fourth quarter.

PPG is trading down by 4.69 percent at $109.01 per share in pre-market on the New York Stock Exchange.

ACM Research Slides 22%

ACM Research, Inc. (ACMR) shares are falling more than 22 percent on Monday morning trade in tandem with global chipmakers, touching an year-to-date low.

The semiconductor shares have been on a decline in response to U.S. restrictions on chips for artificial intelligence and supercomputing to Chinese companies. Equipment maker ACMR has been sliding since October 6.

Currently, ACMR is at $9.59, down 22.03 percent from the previous close of $12.30 on a volume of 807,453.

ScPharmaceuticals Stock Slips 16%

Shares of scPharmaceuticals Inc. (SCPH) are slipping over 16% on Monday morning. The company announces that the U.S. Food and Drug Administration has approved Furoscix.

SCPH is currently trading at $4.1800, down $0.8000 or 16.06%, on the Nasdaq. The stock opened its trading at $4.6600 after closing Friday’s trading at $4.9800. The stock has traded between $3.4800 and $6.8600 in the after-hours trading.

scPharmaceuticals said the FDA approved Furoscix. Furoscix is a subcutaneous formulation of the approved diuretic furosemide delivered via a wearable, pre-programmed on-body drug delivery system, namely West Pharmaceutical Services Inc.’s SmartDoseGen II 10ml platform technology.

Furoscix is not indicated for emergency situations or in patients with acute pulmonary edema.

This was the company’s third attempt to secure U.S. regulatory approval for Furoscix. The FDA had denied approval to Furoscix twice – in June 2018 and in December 2020.

I-70 closed near Kansas border due to vehicle fire

An early morning fire involving a tractor-trailer has closed Interstate 70 westbound coming into Colorado from Kansas.

The fire happened just east of Burlington, the Colorado Department of Transportation reported first about 5 a.m., and has closed the interstate for about 11 miles from the Rose Avenue exit in Burlington to the Kansas border.

The Colorado DOT advised drivers to use Old U.S. 24 as an alternate route and expect delays in the area.

No time frame on the interstate reopening has been announced.

Merck & Co. Gains On Sotatercept’s Positive Result In Phase 3 Trial

Merck & Co., Inc. (MRK) shares are gaining more than 4 percent on Monday morning trade after the company said Acceleron Pharma’s phase 3 study of Sotatercept met its goal in pulmonary arterial hypertension disorder. Merck has acquired Acceleron last year.

Merck said the late-stage trial met its primary efficacy, demonstrating a statistically significant and clinically meaningful improvement in 6-minute walk distance.

Further, Merck has been named to Fortune’s 2022 Change the World list for expanding global access to the human papillomavirus vaccines.

Currently, shares are at $90.58, up 3.40 percent from the previous close of $87.60 on a volume of 6,018,056.