Lennar Corp. Q2 Earnings Climb

Lennar Corp. (LEN.B) released a profit for its second quarter that advanced from last year.

The company’s profit totaled $517.41 million, or $1.65 per share. This compares with $421.47 million, or $1.30 per share, in last year’s second quarter.

Analysts had expected the company to earn $1.14 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 4.9% to $5.29 billion from $5.56 billion last year.

Lennar Corp. earnings at a glance:

-Earnings (Q2): $517.41 Mln. vs. $421.47 Mln. last year.
-EPS (Q2): $1.65 vs. $1.30 last year.
-Analysts Estimate: $1.14
-Revenue (Q2): $5.29 Bln vs. $5.56 Bln last year.

Trump Suggests Stopping COVID-19 Tests Would Result In Fewer Cases

President Donald Trump has made a lot of concerning statements about COVID-19, but he outdid himself on Monday.

During a roundtable on “Fighting for America’s Seniors,” the president suggested that not testing for the coronavirus could be one way of reducing reported cases.

“If we stop testing right now, we’d have very few cases, if any,” the president said.

It’s an argument the president has made before. To be clear: Not testing people for COVID-19 would reduce the number of new cases, but would have no effect on reducing the number of people who actually have the disease.

Vice President Mike Pence supported the president’s statement, which Trump may have meant as a PR tactic rather than literal scientific evidence. Trump has consistently been concerned about the PR aspect of rising coronavirus figures.

Still, Twitter users had a field day taking the president’s quotes to hilarious extremes.

24 Hour Fitness gym chain files for bankruptcy

Gym chain 24 Hour Fitness filed for Chapter 11 bankruptcy protection on Monday, a victim of the coronavirus lockdown that has shuttered thousands of health clubs across the country.

The news was not a huge surprise, as the San Ramon, Calif.-based company laid off a number of employees, including personal trainers, fitness instructors and sales staff, earlier this month.

The chain, owned by private equity firm AEA Investors and the Ontario Teachers’ Pension Plan, operates 445 gyms across the US, and has plans to permanently close 145 of its facilities, the Wall Street Journal reported.

Gold’s Gym, another well-known fitness chain, filed for Chapter 11 in May.

T-Mobile Working to Recover From Major Service Disruption

T-Mobile US Inc. is grappling with a major service outage affecting thousands of customers in several states and is working to fix the problem, according to network chief Neville Ray.

The company said it hopes to have the service restored soon. The problem comes a few months after T-Mobile acquired Sprint Corp. and became the second-largest U.S. wireless carrier by regular monthly subscribers.

“Our engineers are working to resolve a voice and data issue that has been affecting customers around the country,” Ray wrote in a tweet. “We’re sorry for the inconvenience and hope to have this fixed shortly.”

Because of T-Mobile’s network problems, callers with other service providers were having trouble connecting to T-Mobile customers, giving an impression that other carriers were also experiencing disruptions.

Representatives for AT&T Inc. and Verizon Communications Inc. said their networks were performing well.

MEDIA-Fortnite maker Epic Games nears funding at $17 bln value – Bloomberg News

June 15 (Reuters) – — Source link: bloom.bg/2CbW24b

— Note: Reuters has not verified this story and does not vouch for its accuracy

Brazilian retailer Via Varejo raises $864 mln in share offering, source says

SAO PAULO, June 15 (Reuters) – Brazilian retailer Via Varejo will raise 4.45 billion reais ($864 million) with the sale of 297 million shares, one source close to the company said on Monday.

The company priced its share offering at 15 reais per share, with a 4% discount over the closing price of 15.62 reais. High demand allowed Via Varejo to raise the number of shares sold by 35%, using overallotment provisions.

Via Varejo shares rose 6.7% on Monday.

NYSE to reopen trading floor to some market makers on Wednesday

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The New York Stock Exchange will allow a limited number of market makers to return to its trading floor on Wednesday, nearly three months after closing it due to the coronavirus pandemic.

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NYSE CLOSINGS ARE RARE, A HISTORIC LOOK BACK

More designated market makers, who oversee trading in the exchange's 2,200 listed companies, will be permitted to come back this week, adding to the 25 percent of participants who returned when the trading floor partially reopened on May 26.

During the latest phase of the reopening, verbal bids and offers will not be allowed, the exchange said on Monday.

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The trading floor will continue to operate with reduced headcount and additional safety precautions, it added.

Intercontinental-owned NYSE closed its floor in March and had moved to electronic trading for the first time in its 228-year history, after one of its employees and a trader tested positive for COVID-19.

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