Sunday, 27 Sep 2020

Pangaea Logistics Solutions Ltd. Q2 adjusted earnings Beat Estimates

Watch the Exact Moment Joe Biden Asked Kamala Harris to Be His Vice President

This year’s presidential election is more important than ever due to *ahem* some people who may or may not be trying to sabotage the mail-in voting system, but there’s a silver lining on all the messed up things going on in politics rn: Joe Biden, the official democratic candidate, has finally chosen his running mate…and it’s none other than Kamala Harris!

Luckily for us, Joe filmed the moment when he asked Kamala to be his pick for vice president. Before cutting to the footage that shows Kamala saying yes to Joe’s proposition, Kamala gave a powerful speech about her personal background, the current state of politics, and why she wants Joe to win the election.

She said:

Big reminder: Don’t! Forget! To! Vote!

From: Cosmopolitan US

Crude Oil Prices Spike After Decline In Inventories

Oil prices rallied on Wednesday after industry data showed that U.S. inventories of crude fell more than analysts expected, raising hopes of a recovery in global oil demand.

Benchmark Brent crude rose 95 cents or 2.14 percent to $45.44 a barrel, after falling about 1 percent in the previous session. West Texas Intermediate crude futures were up $1.07 or 2.56 percent at $42.70, after having declined 0.8 percent on Tuesday.

The American Petroleum Institute reported late Tuesday that U.S. crude stocks fell by 4 million barrels last week, beating expectations of draw of 2.9 million barrels.

The API data also showed gasoline stockpiles declined by 1.3 million barrels, while distillate inventories fell by 2.9 million barrels.

Then earlier today, the Energy Information Administration said inventories fell 4.5 million barrels last week.

The real cost of the police, and why the NYPD's actual price tag is $10 billion a year

  • At $6 billion a year, the New York Police Department has the largest police budget in the nation.
  • But when police pension, fringe benefits, settlements, and debt payments are added in, police spending actually swells to over $10 billion a year. 
  • Most of that goes to uniformed officers' salaries, overtime, and pension.
  • As police budgets have risen, it hasn't led to less crime. Instead, controversial police programs like stop, question, and frisk, high-profile deaths of Black New Yorkers, and record-high settlement payouts have called the rising NYPD budget into question.
  • Following George Floyd's death and police-budget cuts in Minneapolis, protesters in New York Cty called for $1 billion worth of cuts to the 2021 NYPD budget. But only about $420 million was actually cut.
  • Visit Business Insider's homepage for more stories.

Following is a transcription of the video:

Fossil Q2 Loss Widens

Fossil Group Inc. (FOSL) Wednesday reported second-quarter net loss of $22.5 million or $0.44 per share, wider than last year’s loss of $7.3 million or $0.15 per share. The company’s shares jumped nearly 10% in extended trading session.

Worldwide net sales dropped 48% to $259.0 million from $501.4 million last year. The year-over-year decline primarily reflects COVID-19 related impacts on a global basis, including retail and wholesale closures, throughout much of the quarter.

“Our second quarter results were impacted by broad-based global store closures due to COVID-19 throughout much of the quarter,” stated Kosta Kartsotis, Chairman and CEO.

Moving ahead, the company currently anticipates that third quarter worldwide net sales will decline in the range of 35% to 45%.

FOSL closed Wednesday’s trading at $4.64, down $0.17 or 3.53% on the Nasdaq. The stock, however, gained $0.46 or 9.91% in the after-hours trading.

Gold Prices Stuck In Neutral On Wednesday

Gold prices cut steep early losses on Wednesday but still remained in the red after data showed Britain’s economy shrank by a fifth in the last quarter.

Spot gold was down 0.23 percent or $4.50 at $1,941.35 per ounce after hitting as low as $1,876.50 in early trade. U.S. gold futures were down 0.3 percent at $1,941.0

Spot gold had its steepest sell-off in more than seven years on Tuesday amid hopes about U.S. coronavirus stimulus and on news about Russia registering the first vaccine against the coronavirus.

The U.K economy contracted for the second straight time in the second quarter amid the coronavirus pandemic although there was some pickup in June after government relaxed restrictions on movement, data from the Office for National Statistics showed.

Gross domestic product contracted by 20.4 percent sequentially in the second quarter, following a 2.2 percent drop in the first quarter. Economists had forecast a quarterly fall of 20.5 percent.

The latest fall was the biggest contraction since the records began in 1955. On a yearly basis, GDP plunged 21.7 percent in the second quarter but smaller than the economists’ forecast of 22.4 percent.

The intraday rebound in gold prices were also helped by the dollar, whose recent uptick was stalled by a deadlock in Washington over a stimulus package.

Pangaea Logistics Solutions Ltd. Q2 adjusted earnings Beat Estimates

Pangaea Logistics Solutions Ltd. (PANL) reported a profit for second quarter that declined from last year.

The company’s bottom line came in at $3.01 million, or $0.07 per share. This compares with $4.03 million, or $0.09 per share, in last year’s second quarter.

Excluding items, Pangaea Logistics Solutions Ltd. reported adjusted earnings of $3.70 million or $0.09 per share for the period.

Analysts had expected the company to earn -$0.14 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 15.5% to $70.40 million from $83.29 million last year.

Pangaea Logistics Solutions Ltd. earnings at a glance:

-Earnings (Q2): $3.70 Mln. vs. $3.82 Mln. last year.
-EPS (Q2): $0.09 vs. $0.09 last year.
-Analysts Estimate: -$0.14
-Revenue (Q2): $70.40 Mln vs. $83.29 Mln last year.

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