Bose Recalls Nearly 1 Mln Bass Speakers Due To Fire Hazard

Bose has recalled nearly a million select bass modules due to fire hazards.

According to the Consumer Product Safety Commission, Bose has recalled Acoustimass, Lifestyle and Companion bass modules that were produced before April 2006 as the speaker’s electrical components can fail, posing a fire hazard.

The company said it has received 21 reports worldwide of the bass modules igniting or melting, including three incidents of fires resulting in property damage to carpeting, an entertainment cabinet and materials surrounding the bass box. No injuries have been reported.

The company has recalled about 884,000 in the U.S., about 98,000 in Canada and about 18,300 in Mexico.

The recall involves select bass modules manufactured before April 1, 2006, that were sold with select Acoustimass, Lifestyle and Companion home theater systems. The components are black or white. The complete list of the recalled bass modules can be found on the CPSC website.

The recalled speakers were sold at Bose stores, Best Buy, Circuit City, Sam’s Club, Sears and other electronics stores nationwide, and online at Bose.com from January 1994 through April 2007 for between $220 and $2,200.

The company has asked its customers to immediately stop using and unplug the recalled bass modules and contact Bose to arrange for a free repair of the bass module or a 40% discount on a replacement product.

Progress Software Corp Q2 Profit Decreases, but beats estimates

Progress Software Corp (PRGS) announced a profit for second quarter that decreased from the same period last year but beat the Street estimates.

The company’s bottom line came in at $12.09 million, or $0.27 per share. This compares with $29.11 million, or $0.66 per share, in last year’s second quarter.

Excluding items, Progress Software Corp reported adjusted earnings of $46.94 million or $1.06 per share for the period.

Analysts on average had expected the company to earn $0.90 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 19.8% to $178.25 million from $148.75 million last year.

Progress Software Corp earnings at a glance (GAAP) :

-Earnings (Q2): $12.09 Mln. vs. $29.11 Mln. last year.
-EPS (Q2): $0.27 vs. $0.66 last year.
-Analyst Estimates: $0.90
-Revenue (Q2): $178.25 Mln vs. $148.75 Mln last year.

-Guidance:
Next quarter EPS guidance: $0.27 – $0.31
Next quarter revenue guidance: $171 – $175 Mln
Full year EPS guidance: $4.24
Full year revenue guidance: $690 – $698 Mln

European Economic News Preview: UK Retail Sales Data Due

Retail sales from the UK and flash Purchasing Managers’ survey results from the UK as well as major euro area economies are due on Friday.

At 2.00 am ET, the Office for National Statistics publishes UK retail sales data. Sales are forecast to fall 0.2 percent on month in May, in contrast to the 0.5 percent increase in April.

At 3.00 am ET, Spain’s final GDP data is due. The initial estimate showed a quarterly economic growth of 0.5 percent for the first quarter.

At 3.15 am ET, S&P Global publishes France flash PMI survey results. Economists expect the index to fall to 51.0 in June from 51.2 in May.

At 3.30 am ET, Germany’s flash PMI survey data is due. Economists expect the composite index to drop to 53.5 from 53.9 in the previous month.

At 4.00 am ET, S&P Global releases euro area composite PMI data. The composite output index is forecast to ease to 52.5 from 52.8 a month ago.

Half an hour later, UK S&P/ CIPS Global flash composite survey data is due. Economists forecast the index to drop to 53.6 in June from 54.0 in the previous month.

Oil Futures Settle Modestly Higher

Crude oil prices climbed higher on Thursday, continuing to benefit from yesterday’s report showing a huge decline in crude oil stockpiles in the week ended June 23.

Concerns about rising interest rates and economic slowdown limited the uptick in oil prices.

Investors grew uneasy over the impact of higher interest rates on growth after global central bankers reaffirmed their resolve to fight inflation, warning rates may need to rise further.

West Texas Intermediate Crude oil futures for August ended higher by $0.30 or about 0.4% at $69.86 a barrel.

Brent crude futures gained $0.31 or about 0.4% to $74.34 a barrel.

Data released by the Energy Information Administration (EIA) on Wednesday showed U.S. crude inventories dropped by 9.603 million barrels last week, more than 5 times the expected drop.

Federal Reserve Chair Jerome Powell said on Thursday that the US central bank would deliver more interest rates hikes by the end of the year in its prolonged fight against high inflation.

“Inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go,” Powell said in a speech at the Banco de Espana conference on financial stability in Madrid, Spain.

Powell had said at the ECB forum in Sintra, Portugal on Wednesday that there was “more restriction coming” and successive rate rises were not off the table.

Mobiquity Tech Slides 27% On Pricing Of Public Offering

Shares of Mobiquity Technologies, Inc. (MOBQ) are sliding 27% on Thursday after the company announced the pricing of its public offering of 30 million shares of common stock at the price of $0.10 per share.

MOBQ is trading on the Nasdaq at $0.10, down 27.71% or $0.04 per share. It has traded between $0.04 and $2.47 in the past 52-week period.

The gross proceeds are expected to be approximately $3 million, before deducting fees and other offering expenses payable by the Company. The offering is expected to close on or about June 30, 2023.

The Company intends to allocate up to $1.43 million of the net proceeds to pay off the secured debt and use the remaining proceeds for working capital.