Gold tanks ₹172; silver jumps ₹342

In the international market, gold was trading with gains at USD 1,797 per ounce and silver was flat at USD 22.53 per ounce.

Gold in the national capital on Tuesday dipped by ₹172 to ₹47,246 per 10 gram amid rupee appreciation, according to HDFC Securities.

In the previous trade, the precious metal settled at ₹47,418 per 10 gram.

Silver in contrast jumped ₹342 to ₹60,508 per kg from ₹60,166 per kg in the previous trade.

The rupee appreciated 17 paise to 75.73 against the US dollar in the opening session on Tuesday. It jumped 31 paise to close at 75.59 (provisional) against the US dollar.

In the international market, gold was trading with gains at USD 1,797 per ounce and silver was flat at USD 22.53 per ounce.

“Gold prices traded up with spot gold prices at COMEX trading 0.36 per cent up at USD 1,797 per ounce on Tuesday. Gold prices are still trading below USD 1,800 per ounce on lack of fresh triggers and FED hawkish stance,” HDFC Securities, Senior Analyst (Commodities), Tapan Patel said.

Pre-market Movers: ARDS, RELI, ALDX, QNRX, AQST…

The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 07.10 A.M. ET).

In the Green

Aridis Pharmaceuticals, Inc. (ARDS) is up over 85% at $4.70
Reliance Global Group, Inc. (RELI) is up over 65% at $5.04
Quoin Pharmaceuticals, Ltd. (QNRX) is up over 37% at $2.54
Society Pass Incorporated (SOPA) is up over 22% at $13.76
Biofrontera Inc. (BFRI) is up over 21% at $9.22
uCloudlink Group Inc. (UCL) is up over 13% at $3.02
CooTek (Cayman) Inc. (CTK) is up over 12% at $0.57
Micron Technology, Inc. (MU) is up over 7% at $88.31
China Xiangtai Food Co., Ltd. (PLIN) is up over 7% at $1.74
Cassava Sciences, Inc. (SAVA) is up over 6% at $39.28

In the Red

Aldeyra Therapeutics, Inc. (ALDX) is down over 38% at $4.42
Aquestive Therapeutics, Inc. (AQST) is down over 30% at $4.35
CytomX Therapeutics, Inc. (CTMX) is down over 22% at $5.01
DBV Technologies S.A. (DBVT) is down over 18% at $2.21
SeaChange International, Inc. (SEAC) is down over 15% at $1.78
Bridgeline Digital, Inc. (BLIN) is down over 12% at $2.35
Can-Fite BioPharma Ltd. (CANF) is down over 12% at $1.89
Mmtec, Inc. (MTC) is down over 8% at $0.80
Genfit SA (GNFT) is down over 6% at $5.26
Novavax, Inc. (NVAX) is down over 5% at $190.50
Adagio Therapeutics, Inc. (ADGI) is down over 5% at $9.46

Apogee Enterprises Q3 Profit Beats Estimates, Revenue Up 6.6%; Narrows Guidance

Apogee Enterprises, Inc. (APOG) reported third-quarter adjusted profit per share of $0.63 compared to $0.90, prior year. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.53, for the quarter. Analysts’ estimates typically exclude special items. Net profit was $11.06 million or $0.44 per share compared to $37.27 million or $1.42 per share.

Sales increased to $334.22 million from $313.58 million, a year ago. Analysts on average had estimated $314.62 million in revenue. Third-quarter revenue grew 6.6 percent led by growth in Architectural Services and Architectural Framing Systems.

The company narrowed its guidance for full-year adjusted earnings to a range of $2.25 to $2.40 per share, from the previous range of $2.20 to $2.40. The guidance excludes the impact of restructuring and impairment costs. Analysts polled by Thomson Reuters expect the company to report profit per share of $2.22. Analysts’ estimates typically exclude special items.

The company now expects full-year capital expenditures of approximately $25 million, down from the previous estimate of approximately $35 million, as it has slowed some investments while conducted strategic review.

Otis Worldwide To Tender Full Stake In Zardoya Otis In EUR 3.39 Bln Deal – Quick Facts

Otis Worldwide Corp. (OTIS) announced Monday that its wholly-owned subsidiary, Opal Spanish Holdings, S.A.U., has reached an agreement for Euro-Syns, S.A. to irrevocably tender its shares in the voluntary tender offer for Zardoya Otis, S.A. at an offer price of 7.14 euro (7.07 euro after adjusting for announced dividends).

The price of Opal’s tender will be subject to further adjustments for dividends and other distributions to be declared and paid by Zardoya Otis. The offer price pre-dividends represents a premium of 33% to the Company’s one-month volume weighted average price as of September 23, the date the offer was first announced, implying a total equity value for Zardoya Otis, including Otis existing interest, of 3.39 billion euros.

The transaction is structured as an all-cash voluntary tender offer with an intention to delist Zardoya Otis from the Madrid, Barcelona, Bilbao and Valencia Stock exchanges and is expected to close in the second quarter of 2022, subject to its approval by the Spanish Securities Exchange Commission.

Starting 2023, the transaction is expected to be up to mid-single digit percentage accretive to Otis’ adjusted earnings per share.

Given the timing of the close and the pace of the acquisition of shares, 2022 earnings per share accretion is expected to be in a range of 3 to 5 cents. Otis obtained permanent debt financing for the transaction on November 12, 2021.

Rite Aid Q3 Adj. Profit Declines; Revenue Up 1.8% – Quick Facts

Rite Aid Corporation (RAD) reported third quarter adjusted profit from continuing operations of $8.2 million or $0.15 per share, compared to $21.6 million or $0.40 per share, a year ago. Adjusted EBITDA from continuing operations was $154.8 million, up 12.7 percent from last year.

Net loss from continuing operations was $36.1 million, or $0.67 per share, compared to net income from continuing operations of $4.3 million, or $0.08 per share, prior year. The company said this due primarily to higher facility exit and impairment charges driven by the store closure decisions.

Revenues from continuing operations were $6.23 billion compared to $6.12 billion, last year. The company noted that the 1.8 percent increase in revenues was driven by growth at the Retail Pharmacy Segment, partially offset by a decline at the Pharmacy Services Segment.

Looking forward, the company expects to deliver a significant increase in its fourth quarter adjusted EBITDA from last year. As a result, it raised guidance for adjusted EBITDA for fiscal 2022.

For fiscal 2022, the company now expects: adjusted EBITDA to be between $500 million and $520 million; adjusted net loss per share to be between $0.49 and $0.04; and total revenues to be between $24.4 billion and $24.7 billion.