Paccar Inc. Bottom Line Advances In Q3, Beats estimates
MSCI Inc. Q3 Profit Increases, beats estimates
MSCI Inc. (MSCI) announced earnings for its third quarter that increased from last year and beat the Street estimates.
The company’s earnings totaled $216.59 million, or $2.68 per share. This compares with $169.88 million, or $2.03 per share, in last year’s third quarter.
Excluding items, MSCI Inc. reported adjusted earnings of $230.79 million or $2.85 per share for the period.
Analysts on average had expected the company to earn $2.71 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 8.4% to $560.64 million from $517.10 million last year.
MSCI Inc. earnings at a glance (GAAP) :
-Earnings (Q3): $216.59 Mln. vs. $169.88 Mln. last year.
-EPS (Q3): $2.68 vs. $2.03 last year.
-Analyst Estimate: $2.71
-Revenue (Q3): $560.64 Mln vs. $517.10 Mln last year.
Gold Dips As Dollar Gains Amid Yuan’s Plunge
Gold prices fell on Tuesday as a plunge in China’s yuan helped the dollar index find some footing.
Spot gold dropped half a percent to $1,641.13 per ounce, while U.S. gold futures were down 0.6 percent, at $1,644.35.
The dollar edged up as China’s yuan hit a 15-year low in response to Xi Jinping’s attempt to strengthen his grip on power in a major reshuffle of Communist Party leaders.
The yuan temporarily fell to roughly 7.36 per dollar in trade outside of mainland China in early trade today, the lowest figure on record, before recovering some of its losses.
In economic releases, U.S. consumer confidence index for October and FHFA’s house price index and S&P/Case-Shiller home price index for August will be out in the New York session.
Third quarter U.S. economic growth data, due later this week, is expected to shed more light on the potential damage of rising interest rates on the world’s largest economy.
The Coca-Cola Company Q3 Profit Increases, beats estimates
The Coca-Cola Company (KO) announced earnings for its third quarter that increased from the same period last year and beat the Street estimates.
The company’s earnings came in at $2.83 billion, or $0.65 per share. This compares with $2.47 billion, or $0.57 per share, in last year’s third quarter.
Excluding items, The Coca-Cola Company reported adjusted earnings of $3.01 billion or $0.69 per share for the period.
Analysts on average had expected the company to earn $0.64 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 10.2% to $11.06 billion from $10.04 billion last year.
The Coca-Cola Company earnings at a glance (GAAP) :
-Earnings (Q3): $2.83 Bln. vs. $2.47 Bln. last year.
-EPS (Q3): $0.65 vs. $0.57 last year.
-Analyst Estimate: $0.64
-Revenue (Q3): $11.06 Bln vs. $10.04 Bln last year.
Oil Prices Slide As Demand Worries Weigh
Oil prices fell more than 1 percent on Tuesday, reflecting lingering concerns about the outlook for global demand, particularly in China.
Benchmark Brent crude futures fell 1.2 percent to $90.12 a barrel, while WTI crude futures were down 1.4 percent at $83.40.
Concerns grew that demand may be waning in China due to economic pressures.
“China is experiencing a recession of sorts,” mostly tied to a softening property market, Tesla CEO Elon Musk said during last week’s earnings call.
Data released over the weekend showed demand from the world’s largest crude importer remained lackluster in September as a result of strict COVID-19 policy that has crimped business and trade.
Following Xi Jinping’s shocking move to tighten his grip on power at a major leadership reshuffle, it is now clear that the country won’t compromise on issues over Taiwan and the zero-COVID policy.
The world’s second-largest economy is projected to grow just 2 percent this year, significantly lower than the >6 percent it maintained over the past decade.
Adidas Plans To End Partnership With Kanye West: Report
German sports sneaker and apparel maker Adidas AG plans to end its partnership with Kanye West citing recent offensive behaviour from the American rapper, Bloomberg News reported citing people familiar with the matter. Following the news, Adidas shares were losing around 4 percent in the morning trading in Germany.
In recent weeks, the rapper, who now goes by the name Ye, made controversial statements, including anti-Semitic social media posts.
As per the report, Adidas is likely to announce the move as early as Tuesday.
On October 6, the company reportedly said it was reviewing its business partnership with the rapper due to his public criticizing of the company and its CEO Kasper Rørsted.
Adidas had announced its partnership with West in 2013. The rapper and the German company in 2016 announced an extension of the deal and the launch of a new Yeezy category.
In recent times, West accused the sportswear brand of not giving him enough control over the line. In June, West shared an image of Adidas’ recently released Adilette 22 slide sandals in Instagram, and accused the company of copying his Yeezy Designs.
Later, the rapper’s Twitter and Instagram accounts were restricted, and the social media platforms said they removed his posts that online users condemned as anti-Semitic.
West in September terminated his partnership with apparel retailer Gap Inc.
In Germany, adidas shares were trading at 100.18 euros, down 3.5 percent.
Paccar Inc. Bottom Line Advances In Q3, Beats estimates
Paccar Inc. (PCAR) revealed a profit for its third quarter that increased from the same period last year and beat the Street estimates.
The company’s bottom line totaled $769.4M, or $2.21 per share. This compares with $380.5 million, or $1.09 per share, in last year’s third quarter.
Analysts on average had expected the company to earn $1.99 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 41.1% to $6.69 billion from $4.74 billion last year.
Paccar Inc. earnings at a glance (GAAP) :
-Earnings (Q3): $769.4M. vs. $380.5 Mln. last year.
-EPS (Q3): $2.21 vs. $1.09 last year.
-Analyst Estimate: $1.99
-Revenue (Q3): $6.69 Bln vs. $4.74 Bln last year.
