Three-Year Note Auction Attracts Strong Demand

The Treasury Department announced the results of this month’s auction of $45 billion worth of three-year notes on Tuesday, revealing the sale attracted strong demand.

The three-year note auction drew a high yield of 2.809 percent and a bid-to-cover ratio of 2.59.

Last month, the Treasury sold $46 billion worth of three-year notes, drawing a high yield of 2.738 percent and a bid-to-cover ratio of 2.48.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous three-year note auctions had an average bid-to-cover ratio of 2.43.

Looking ahead, the Treasury is due to announce the results of this month’s auctions of $36 billion worth of ten-year notes and $22 billion worth of thirty-year bonds on Wednesday and Thursday, respectively.

Tesla Recalls 130,000 Vehicles Due To CPU Overheating; To Fix The Issue Over Software Update

Luxury electric car maker Tesla Inc. (TSLA) is recalling nearly 130,000 vehicles due to overheating that may lead to malfunction in center display. As usual, the company will fix the issue through an over-the-air software update.

The company is recalling 129,960 units of certain 2021-2022 Model S, Model X, and 2022 Model 3 and Model Y vehicles. The infotainment central processing unit (CPU) may overheat during the preparation or process of fast-charging, causing the CPU to lag or restart.

A lagging or restarting CPU may prevent the center screen from displaying the rear-view camera image, gear selection, windshield visibility control settings, and warning lights, increasing the risk of a crash.

Tesla will perform an over-the-air (OTA) software update that will improve CPU temperature management, free of charge.

TSLA is currently trading at $809.63, up $22.52 or 2.86%, on the Nasdaq.

Gold Futures Settle Lower As Dollar Advances

Gold prices drifted lower on Tuesday as the dollar moved higher and hovered near two-decade highs amid prospects of steeper interest rate hikes by the Federal Reserve in the coming months.

The dollar index climbed to 103.98 despite staying a bit sluggish earlier in the day. The index was up nearly 0.25% at 103.90 a little while ago.

A drop in long-term bond yields helped limit gold’s decline.

Gold futures for June ended lower by $17.60 or about 0.9% at $1,841.00 an ounce.

Silver futures for July ended down by $0.396 at $21.424 an ounce, while Copper futures for July settled at $4.1545 per pound, down $0.0390 from the previous close.

Investor await Wednesday’s release of the U.S. inflation data that could affect the Federal Reserve’s monetary policy.

The Labor Department is due to release its report on consumer price inflation on Wednesday, with the annual rate of price growth expected to slow to 8.1% in April from 8.5% in March.

The latest snapshot of inflation could impact expectations regarding how aggressively the Federal Reserve plans to raise interest rates.

ScanSource Inc. Q3 Profit Increases, beats estimates

ScanSource Inc. (SCSC) announced a profit for its third quarter that increased from the same period last year and beat the Street estimates.

The company’s bottom line came in at $23.5 million, or $0.91 per share. This compares with $13.8 million, or $0.54 per share, in last year’s third quarter.

Excluding items, ScanSource Inc. reported adjusted earnings of $26.8 million or $1.04 per share for the period.

Analysts on average had expected the company to earn $0.67 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 15.9% to $846.0 million from $729.8 million last year.

ScanSource Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $23.5 Mln. vs. $13.8 Mln. last year.
-EPS (Q3): $0.91 vs. $0.54 last year.
-Analyst Estimate: $0.67
-Revenue (Q3): $846.0 Mln vs. $729.8 Mln last year.

Tiny Love Stories: ‘We Discovered Pleasure’

Modern Love in miniature, featuring reader-submitted stories of no more than 100 words.

Send any friend a story

As a subscriber, you have 10 gift articles to give each month. Anyone can read what you share.

Callaway Golf Co. Q1 Profit Decreases, but beats estimates

Callaway Golf Co. (ELY) announced earnings for first quarter that decreased from last year but beat the Street estimates.

The company’s earnings totaled $86.7 million, or $0.44 per share. This compares with $272.5 million, or $2.19 per share, in last year’s first quarter.

Excluding items, Callaway Golf Co. reported adjusted earnings of $70.9 million or $0.36 per share for the period.

Analysts on average had expected the company to earn $0.24 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 59.6% to $1.04 billion from $651.6 million last year.

Callaway Golf Co. earnings at a glance (GAAP) :

-Earnings (Q1): $86.7 Mln. vs. $272.5 Mln. last year.
-EPS (Q1): $0.44 vs. $2.19 last year.
-Analyst Estimates: $0.24
-Revenue (Q1): $1.04 Bln vs. $651.6 Mln last year.

One lucky player becomes UK's biggest lottery winner by scooping £184,000,000

One UK ticket holder has won the £184million EuroMillions jackpot, becoming the UK’s biggest ever national lottery winner, Camelot has said.

This is a breaking news story – more to follow.

Get in touch with our news team by emailing us at [email protected].

For more stories like this, check our news page.