Winnebago Posts Adj. Loss In Q3; Revenue Excl. Newmar Down 40.5%

Winnebago Industries, Inc. (WGO) reported a third quarter adjusted net loss per share of $0.26, excluding costs totaling $3.5 million, or $0.11 per share, after tax, driven by the non-cash portion of interest expense and restructuring charges. This is compared to adjusted profit per share of $1.14, previous year. On average, seven analysts polled by Thomson Reuters expected the company to report a loss per share of $0.44, for the quarter. Analysts’ estimates typically exclude special items. Consolidated adjusted EBITDA was $4.1 million, compared to $55.9 million last year, a decrease of 92.7%.

Third quarter revenues were $402.5 million, a decrease of 23.9% compared to $528.9 million, prior year. Revenues excluding Newmar were $314.5 million, a decrease of 40.5%. Analysts expected revenue of $346.1 million for the quarter.

Gold Hovers Near Eight-year High

Gold climbed to its highest level in nearly eight years on Wednesday, as worries over a surge in coronavirus infections and hopes of more stimulus measures boosted safe-haven demand for the precious metal.

Spot gold rose 0.6 percent to $1,778.20 per ounce, its highest level since October 2012. U.S. gold futures were up 0.7 percent at $1,794.30.

Tokyo reported a jump in infections to mark its highest daily tally since May 5 while Germany reported 712 new cases, fueling concerns about a second wave of coronavirus infections.

New cases of Covid-19 rose 25 percent in the United States in the week ended June 21 and the death toll in Latin America passed 100,000 on Tuesday, according to a Reuters analysis and tally.

Dr. Anthony Fauci, the top virus expert in the U.S.told Congress on Tuesday that the next two weeks would be critical in trying to keep the virus under control.

Meanwhile, there are reports that the European Union is mulling a ban on American travelers when it reopens its borders on July 1.

Hopes of more monetary stimulus by central banks also helped support gold’s safe-haven appeal.

U.S. Treasury Secretary Steven Mnuchin said the next stimulus bill will focus on getting people back to work quickly and he would consider a further delay of the deadline to file tax return.

Margarita Pracatan: Singer known for appearances on The Clive James Show dies aged 89

The singer Margarita Pracatan, best known for her appearances on The Clive James Show, has died at the age of 89.

Her daughter Maria Gorshin told Sky News her mother died on Tuesday.

The Cuban singer found success when she was booked to appear on the The Clive James Show in the 1990s.

She also appeared frequently on the the BBC Night Network and BBC Radio 2.

More recently she appeared in The Real Housewives Of New York City reality TV show in the US.

Sensex snaps 4-day winning run, plunges 561 points as financial stocks tank

The NSE Nifty fell 165.70 points.

Snapping its four-day rising streak, equity benchmark Sensex surrendered all early gains to plunge 561 points on Wednesday, tracking a selloff in financial stocks and weak cues from global markets.

The 30-share index settled 561.45 points, or 1.58%, lower at 34,868.98. It hit an intra-day high of 35,706.55 and a low of 34,794.93.

Similarly, the NSE Nifty fell 165.70 points, or 1.58%, to 10,305.30. During the day, it touched a peak of 10,553.15 and a low of 10,281.95.

IndusInd Bank was the top laggard in the Sensex pack, tanking over 7%, followed by ICICI Bank, PowerGrid, Axis Bank, SBI and Bharti Airtel.

On the other hand, Asian Paints, ITC, Nestle India and Reliance Industries were among the gainers.

According to traders, despite opening on a positive note, selloff in financial stocks dragged domestic equities into the negative territory.

Weak opening of European equities too weighed on investor sentiment, they said.

Stock exchanges in Paris, Frankfurt and London sank over 2% in early deals.

Bourses in Hong Kong and Tokyo settled in the red, while Shanghai and Seoul ended with gains.

International oil benchmark Brent crude futures fell 1.15% to USD 42.14 per barrel.

On the currency front, the rupee erased its initial gains and provisionally settled lower by 6 paise at 75.72 against the US dollar.

Brazil's payments company Cielo says operations with Whatsapp have been suspended: filing

SAO PAULO (Reuters) – Brazilian payments company Cielo SA said that the country’s central bank and antitrust watchdog have suspended its operation with Whatsapp, as announced by regulators earlier on Tuesday.

Cielo said it will keep shareholders informed on future updates regarding its partnership with Whatsapp.

Oil Extends Slide On Oversupply Worries

Oil prices fell on Wednesday to extend losses from the previous session after the American Petroleum Institute (API) reported another build in crude oil inventories, adding to worries about oversupply.

Benchmark Brent crude dropped 1.2 percent to $42.11 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 1.5 percent at $39.77 a barrel.

According to industry group API, U.S. crude inventories rose by a much bigger than expected 1.75 million barrels for the week ending June 19, well ahead of analysts’ expectations for a build of 300,000 barrels.

However, U.S. gasoline and distillate inventories fell, feeding optimism that fuel consumption is picking up amid easing of lockdown restrictions across the world.

The numbers from the Energy Information Institute are due later in the day, with analysts expecting a build of 299,000 barrels after an increase of 1.2 million the previous week.

Markets also remain concerned about rising coronavirus infection cases in the United States and elsewhere.

Tokyo reported a jump in infections to mark its highest daily tally since May 5 while Germany reported 712 new cases, fueling concerns about a second wave of coronavirus infections.

New cases of Covid-19 rose 25 percent in the United States in the week ended June 21 and the death toll in Latin America passed 100,000 on Tuesday, according to a Reuters analysis and tally.