Monday, 6 Dec 2021

Philips lowers outlook as recall, parts shortages bite

Broncos Report Card: Just about an all-around “F” in loss to Las Vegas – The Denver Post

Offense — F

Defense — F

Special teams — B

Coaching — F

Goldman Sachs gets regulator nod for full ownership of China securities JV

  • Goldman Sachs said on Sunday it received an approval from China's securities regulator to take full control of its mainland securities business.

Goldman Sachs said on Sunday it received an approval from China's securities regulator to take full control of its mainland securities business.

The U.S. bank said it will buy the remainder of Goldman Sachs Gao Hua Securities Company (GSGH), and rename it as Goldman Sachs (China) Securities Company.

It also said the migration of its onshore business units to GSGH from Beijing Gao Hua Securities is underway. 

China's energy crunch is hitting factories hard

Hong Kong (CNN Business)China’s economy grew just 4.9% in the third quarter of 2021, the weakest rate of expansion in a year as the country contended with a major energy crunch, supply chain disruptions, and deepening debt woes in its outsized property sector.

The rate of growth from a year ago in the July-to-September period was much slower than the 7.9% year-on-year increase China registered in the second quarter. It’s also the weakest rate since the third quarter of 2020, when GDP also grew 4.9% year-on-year.
This is a developing story and will be updated.

    ‘Succession’ Recap, Season 3, Episode 1: Action Stations, Let’s Go

    In the Season 3 premiere, the Roys and their surrogates hustled to secure allies in the coming fight between father and son.

    By Noel Murray

    Pre-market Movers: TRVI, NTRB, LQDA, CEI, AVDL…

    The following are some of the stocks making big moves in Monday’s pre-market trading (as of 5.55 A.M. EDT).

    In the Green

    Trevi Therapeutics, Inc. (TRVI) is up over 30% at $1.56

    Nutriband Inc. (NTRB) is up over 18% at $7.92

    Liquidia Corporation (LQDA) is up over 12% at $3.07

    Camber Energy, Inc. (CEI) is up over 11% at $1.90

    Avadel Pharmaceuticals plc (AVDL) is up over 10% at $11.00

    U.S. Well Services, Inc. (USWS) is up over 9% at $2.63

    Soligenix, Inc. (SNGX) is up over 7% at $1.12

    Yumanity Therapeutics, Inc. (YMTX) is up over 6% at $9.80

    Regis Corporation (RGS) is up over 6% at $3.29

    In the Red

    Cellectis S.A. (CLLS) is down over 6% at $8.55

    Valneva SE (VALN) is down over 5% at $27.71

    Sensex rallies over 500 points to hit new peak; Nifty tops 18,500

    Infosys was the top gainer in the Sensex pack, rising over 2%

    Extending its record-setting streak, equity benchmark Sensex rallied over 500 points in opening trade on October 18 on account of widespread buying despite a weak trend in global markets.

    After touching an all-time high of 61,894.33 in opening deals, the 30-share Sensex was trading 511.54 points or 0.83% higher at 61,817.49.

    Similarly, the Nifty surged 157.40 points or 0.86% to 18,495.95. It touched a new intra-day record of 18,521.10 in initial deals.

    Infosys was the top gainer in the Sensex pack, rising over 2%, followed by Tata Steel, HDFC Bank, ICICI Bank, Titan and IndusInd Bank.

    On the other hand, Asian Paints, Bajaj Auto, Dr. Reddy’s and HCL Tech were trading with losses in early deals.

    In the previous session on October 14 the 30-share index settled 568.90 points or 0.94% higher at 61,305.95, and the Nifty surged 176.80 points or 0.97% to a new lifetime closing high of 18,338.55.

    Foreign institutional investors (FIIs) were net buyers in the capital market, as they purchased shares worth ₹1,681.60 crore, as per exchange data.

    Market remained shut on October 15 on account of Dasara.

    Elsewhere in Asia, bourses in Hong Kong, Shanghai and Tokyo were trading with losses in mid-session deals, while Seoul was positive.

    Meanwhile, international oil benchmark Brent crude rose 1.07%to $85.77 per barrel.

    Indonesia, Malaysia to start work on travel corridor

    JAKARTA (REUTERS) – Indonesia and Malaysia will start a travel corridor between the two nations and finalise maritime borders in accordance with international law, Indonesia’s foreign minister said on Monday (Oct 18) after a meeting with her Malaysian counterpart.

    Retno Marsudi also said South-east Asian countries would continue to offer Myanmar humanitarian help, despite the lack of cooperation by its ruling military in committing to a peace roadmap.

    This story is developing.

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    Philips lowers outlook as recall, parts shortages bite

    Dutch health technology company Philips lowered its outlook on Monday for sales and profit growth in 2021, as a massive recall of respiratory devices and a global shortage of electronic components hit its third-quarter earnings.

    Comparable sales in the July-September period fell 7.6% from last year as Philips started the recall of up to four million of its respiratory devices and ventilators, as parts might degrade and become toxic.

    Revenue was also lower due to global supply chain problems, as a shortage of electronic components and parts meant it took Philips longer than expected to turn orders into sales.

    "Supply chain volatility has intensified globally," Chief Executive Frans van Houten said. "We expect this headwind to continue in the fourth quarter."

    As a consequence, the Amsterdam-based company now expects "low single-digit" growth in comparable sales for this year, which is the lower end of its previous guidance, with only a "modest" improvement of its profit margin.

    Adjusted earnings before interest, taxes and amortization (EBITA) fell 25% in the third quarter to 512 million euros ($592.7 million), while analysts in a company-compiled poll on average had predicted a drop to 490 million euros.

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