Ingersoll Rand Completes Seepex Acquisition

Ingersoll Rand Inc. (IR), a provider of mission-critical flow creation and industrial solutions on Wednesday said it completed the acquisition of Seepex GmbH (Seepex). The all-cash acquisition, valued at 431.5 million euros, was announced on June 21.

Seepex is a Germany based manufacturer of progressive cavity pumps, that primarily serves water, wastewater, food and beverage, and chemical end markets.

Seepex which has facilities in North America, Europe and Asia Pacific, approximately 800 employees and annual revenue of approximately 160 million euros will join the Precision and Science Technologies segment of Ingersoll Rand. Ingersoll Rand Execution Excellence (IRX) served as the catalyst to complete the transaction ahead of commitment.

Ingersoll Rand closed Tuesday’s trading at $53.02, down $0.23 or 0.43 percent from previous close.

Five9 Shares Slip 15% As Zoom Video User Growth Slows

Shares of Five9, Inc. (FIVN) are slipping nearly 15% on Tuesday morning after Zoom Video Communications, Inc. (ZM) reported its second-quarter results, with user growth slowing down compared to pandemic era. Zoom also issued an outlook for the third quarter that is expected to miss current estimates.

FIVN is currently trading at $158.11, down $26.72 or 14.46%, on the Nasdaq, on a volume of 4.2 million shares, above average volume of 1.3 million shares. For the 52 week period, the stock has traded between $107.98 and $211.68. Five9 shares have gained over 25% in that time frame.

In July, Zoom Video agreed to buy Five9, a provider of the intelligent cloud contact center, in an all-stock transaction valued at about $14.7 billion.

Zoom’s user growth has slowed down compared to the sharp rise recorded during the pandemic. In second quarter of 2021, the number of customers with 10 or more employees soared 458% to 370,200 from 66,300 a year ago. However, the growth slowed in the second quarter of 2022 to 36%, with the company reporting 504,900 customers with more than 10 employees.

The communications technology company expects third-quarter revenues of $1.015 billion to $1.020 billion and adjusted earnings of $1.07 to $1.08 per share. Wall Street analysts were looking for earnings of $1.09 per share on revenue of $1.01 billion.

Chicago Business Barometer Drops More Than Expected In August

MNI Indicators released a report on Tuesday showing a significant slowdown in the pace of growth in Chicago-area business activity.

The report showed MNI Indicators’ Chicago business barometer slumped to 66.8 in August from 73.4 in July, although a reading above 50 still indicates growth. Economists had expected the index to drop to 68.0.

The slowdown in the pace of growth came as firms said the available supply of raw materials and workers isn’t sufficient to keep up with new orders.

The order backlogs index surged up 11.6 points to 81.6, the highest reading since 1951, as firms reported a shortage of materials, freight inconsistencies, and insufficient staff.

Meanwhile, the report said the production index tumbled by 7.8 points to 61.0, while the new orders index slid 4.4 points to 67.8.

The prices paid index increased 2.3 points to 93.9, hitting the highest level since 1979, as companies continued to report higher costs for production materials.

Channel 4’s ‘creepy’ Naked Attraction adverts to be removed from London buses

“Creepy” adverts for Channel 4 show Naked Attraction are to be removed from London buses.

The decision by Transport for London (TfL) follows criticism on social media about the campaign, which includes a sign pointing towards the top front seat and the words “loves being naked”.

An arrow on one of the other posters points towards a seat in the middle and reads “hates naked attraction”, while a third poster indicating the back seat says “loves naked attraction”.

HOWM Cocina & Cocktails Opens in Chelsea

A gastropub with a fine-dining consultant, a Korean barbecue restaurant featuring beef ribs and more restaurant news.

By Florence Fabricant

Zoom Drops On Slower User Growth, Q3 View

Zoom Video Communications, Inc. (ZM) shares are sliding more than 16 percent on Tuesday morning trade after the company provided a slower user growth for the second quarter. The outlook for the third quarter also comes in below the Street estimates.

The communications technology company expects third-quarter revenues of $1.015 billion to $1.020 billion and adjusted earnings of $1.07 to $1.08 per share. Wall Street analysts were looking for earnings of $1.09 per share on revenue of $1.01 billion.

For fiscal 2022, the company expects revenue of $4.005 billion- $4.015 billion and adjusted earnings of $4.75 to $4.79 per share. This is higher than its earlier outlook for revenue of $3.97 billion to $3.99 billion and adjusted earnings of $4.56 to $4.61 per share.

Analysts currently estimate earnings of $4.67 per share on revenues of $4.01 billion. Currently, shares are at $291.51, down 16.11 percent from the previous close of $347.50 on a volume of 11,564,095. For the 52-week period, the shares have traded in a range of $273.20-$588.84 on a volume of 3,209,606.

Petropavlovsk H1 Underlying EBITDA Declines; 2021 Production Outlook On Track

Petropavlovsk PLC (POG.L) said, in the first half of the year, own-mine production continued the downward trend that started in 2020. First-half revenue and EBITDA tracked the reduction in output. However, the Group now expects higher production in the second half, supported by the recent launch of the Pioneer flotation plant. As a result, Petropavlovsk maintained its production guidance for the full year.

For the six months ended 30 June 2021, profit before tax increased to $69.1 million from $16.5 million, prior year. Profit per share was $0.01 compared to a loss of $0.01. Underlying EBITDA was $114.3 million, down 41% in line with the reduction in sale volumes, as higher gold prices were offset by an increase in total cash costs during the period.

Group revenue during the period was $351.9 million, 33% lower than $522.7 million, a year ago, as the impact of lower sales was partially offset by higher gold prices and increased revenue from service divisions. Revenue from hard rock mines was $335.8 million, 34% lower than $512.3 million, last year.

First half period gold production totalled 195.0koz, a decrease of 39% from 320.6koz last year. Gold sales were 187.1 koz, down 40% from 312.4 koz, last year, which is consistent with the decrease in total gold production.

The company affirmed its 2021 full-year production guidance of 430 – 470koz of gold, comprising own gold production of 370 – 390koz and gold production from 3rd-party concentrate of 60 – 80koz.