Thursday, 23 Sep 2021

Ocugen Shares Jump 20%

China Exports & Imports Log Sharp Growth

China’s exports and imports logged sharp growth in August despite COVID-related port closures, official data showed on Tuesday.

Data released by the General Administration of Customs revealed that exports advanced 25.6 percent year-on-year in August, bigger than the economists’ forecast of 17.1 percent and July’s 19.3 percent increase.

Reflecting low of comparison, imports increased 33.1 percent annually after rising 28.1 percent in July. Economists had forecast an annual increase of 26.8 percent.

As a result, the trade balance showed a surplus of $58.34 billion, which was above the expected level of $51.05 billion. In July, the surplus totaled $56.6 billion.

The trade surplus with the US rose to $37.68 billion in August from $35.4 billion in July.

With trade volumes still well above their pre-virus trend, they will drop back over the coming quarters, Sheana Yue and Julian Evans-Pritchard, economists at Capital Economics, said.

Outside a few narrow product categories where demand is being temporarily buoyed by the pandemic, foreign demand for Chinese exports is already coming off the boil, the economists noted.

Semiconductor related sectors such as autos are once again under the spotlight and could provide China with a comparative advantage in production, Iris Pang, an ING economist said.

Asana Hits 52-Week High

Shares of work management company Asana Inc. (ASAN) reached a 52-week high of $107.10 Monday morning, and are currently trading at $104.38, up $6.77 or 6.94%, with trading volume rising over 930K versus an average volume of 2.30 million shares.

The company last reported its Q2 results on September 1, 2021. The company’s Q2 net loss was $68.4 million or $0.40 per share versus a loss of $41.1 million or $0.54 per share last year.

Excluding items, loss amounted to $39.8 million or $0.23 per share versus a loss of $26.3 million or $0.34 per share a year ago, while analysts expected a loss of $0.26 per share for the period.

Quarterly revenues climbed 72% to $89.5 million from $52.0 million last year, while analysts estimated revenues of $82.2 million for the three-month period.

For fiscal 2022, the company raised its revenue outlook to $357 million – $359 million, a 57%-58% growth from last year.

Separately, the company also announced the appointment of Anne Raimondi as Chief Operating Officer.

NAPCO Security Technologies Inc. Q4 Earnings Summary

Below are the earnings highlights for NAPCO Security Technologies Inc. (NSSC):

-Earnings: $5.03 million in Q4 vs. -$1.90 million in the same period last year.
-EPS: $0.27 in Q4 vs. -$0.10 in the same period last year.
-Revenue: $35.43 million in Q4 vs. $23.01 million in the same period last year.

Genworth Financial : Enact Expects To Price IPO Of 13.31 Mln Shares In $19.00 – $20.00/shr Range

Enact Holdings Inc., a provider of private mortgage insurance through its insurance subsidiaries, said Monday that it has commenced an initial public offering of about 13.31 million shares of common stock. The initial public offering price is expected to be between $19.00 and $20.00 per share.

All of the shares are being offered by the selling stockholder, Genworth Holdings, Inc. or GHI, a wholly owned subsidiary of Genworth Financial Inc. (GNW). Net proceeds from the offering will go to Genworth Holdings.

Genworth Holdings expects to grant the underwriters a 30-day option to purchase up to an additional about 2.00 million shares of Enact’s common stock at the initial public offering price, less the underwriting discount.

The shares are expected to trade on the Nasdaq Global Select Market under the ticker symbol “ACT.”

In addition to the shares being sold in the initial public offering, certain investment funds managed by Bayview Asset Management, LLC have agreed to purchase shares of Enact’s common stock from GHI in a concurrent private sale at a price per share equal to the initial public offering price less the underwriting discount per share.

Bayview has agreed to purchase 14.66 million shares of Enact’s common stock if the initial public offering price is less than or equal to $22.00 per share; or (ii) 4 million shares of common stock if the initial public offering price is greater than $22.00 per share but less than or equal to $24.00.

Retail inflation dips to 5.3% in August

The Reserve Bank had kept the key interest rate unchanged in its monetary policy review in August

Retail inflation fell marginally to 5.3% in August mainly due to easing food prices, official data showed on Monday.

The retail inflation based on the Consumer Price Index (CPI) was 5.59% in July and 6.69% in August 2020.

As per the data released by the National Statistical Office (NSO), inflation in the food basket was 3.11% in August compared to 3.96% in the preceding month.

The Reserve Bank had kept the key interest rate unchanged in its monetary policy review in August. It focuses mainly on the CPI while deciding its bi-monthly monetary policy.

The RBI has projected the CPI inflation at 5.7% during 2021-22 — 5.9% in the second quarter, 5.3% in third, and 5.8% in the fourth quarter of the fiscal, with risks broadly balanced. CPI inflation for Q1 2022-23 is projected at 5.1%.

After offseason buildup, Jaguars, Urban Meyer open with meltdown – The Denver Post

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Ocugen Shares Jump 20%

Shares of Ocugen, Inc. (OCGN) gained nearly 20% on Monday despite no-stock related news to drive the shares.

OCGN is currently trading at $8.56, up $1.41 or 19.72%, on the Nasdaq, on a volume of 54 million shares, far above average volume of 18 million shares. The stock has traded between $0.25 and $18.77 in the 52-week period. The stock has surged over 360% in that period.

Ocugen, a clinical-stage biopharmaceutical company, focuses on the developing gene therapies to cure blindness diseases. The company’s pipeline product includes OCU400, a novel gene therapy product candidate restoring retinal integrity and function across a range of genetically diverse inherited retinal diseases, such as retinitis pigmentosa and leber congenital amaurosis; OCU410, gene therapy candidate for the treatment of dry age-related macular degeneration (AMD); and OCU200, a novel fusion protein that is in preclinical development stage for the treatment of diabetic macular edema, diabetic retinopathy, and wet AMD.

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