Tuesday, 1 Dec 2020

Snap Q3 Results Trump Wall Street View; Shares Up 20%

Child hit by car near Queenstown school

A child was taken to hospital after being hit by a car near a Queenstown Lakes school this morning.

A police spokeswoman said they were called to the scene, on Stalker Rd near Shotover Primary School, about 8am.

St John spokesman Gerard Campbell said the child was taken to Lakes District Hospital with moderate injuries.

Shotover Primary School principal Ben Witheford said the child was not a pupil at the school.

Pelosi, Mnuchin stimulus call provides ‘clarity,' 'common ground’ but no deal

Congress ‘can’t wait’ for Pelosi and White House to agree on stimulus deal: Sen. Chuck Grassley

Senator Chuck Grassley, R-IA, provides insight into the stimulus deal, Big Tech concerns and the upcoming presidential debate.

Discussions about a potential coronavirus stimulus package appeared to inch closer to a resolution Tuesday, but discussions are continuing between House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin.

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The pair spoke for about 45 minutes on Tuesday, where both sides acknowledged they are “serious” about finding common ground – although they remain at odds about a handful of select spending issues, according to a Pelosi spokesperson.

On those specific areas of disagreement, Pelosi, D-Calif., and Mnuchin have called for input from committee chairs to help resolve differences.

The pair will resume discussions on Wednesday.

$300B AVAILABLE FOR STIMULUS CHECKS, PPP LOANS, MNUCHIN SAYS AS RELIEF TALKS FALTER

As disagreements on a potential package run deeper than top-line spending amounts and include several disparate spending priorities.

Mnuchin has pointed specifically to funding for state and local governments, which has been a point of contention for months, as one main area of disagreement.

However, both parties acknowledged that they agree on many other items.

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WD-40 Q4 Profit Rises, Stock Up 10%

WD-40 Company (WDFC) reported fourth-quarter net income of $19.67 million or $1.42 per share, up from $8.58 million or $0.63 per share last year.

Net sales for the fourth quarter increased 5% to $111.6 million from $106.7 million last year.

Analysts polled by Thomson Reuters expected earnings of $1.13 per share on revenues of $98.8 million. Analysts’ estimates typically exclude special items.

CEO Garry Ridge said, “An unexpected developing trend we experienced in the fourth quarter was an increase in demand for products linked to renovation trends associated with the COVID-19 pandemic. It seems that the more time people spend isolated in their homes, the more time and money they spend making home improvements. We are calling this trend, ‘isolation renovation’ and in nearly all our direct markets we saw double-digit sales growth of WD-40 Multi-Use Product due to this phenomenon.”

WDFC closed Tuesday’s trading at $197.50, up $1.75 or 0.89%, on the Nasdaq. The stock further gained $20.51 or 10.38% in the after-hours trading.

Teradyne Q3 Profit Rises

Teradyne Inc. (TER) reported third-quarter net income of $222.7 million or $1.21 per share, up from $135.9 million or $0.75 per share last year.

Adjusted earnings for the third quarter increased to $1.18 per share from $0.77 per share last year. On average, 16 analysts polled by Thomson Reuters expected earnings of $1.12 per share for the quarter. Analysts’ estimates typically exclude special items.

Third-quarter revenues were $819.48 million, up from $582.04 million. Analysts had a consensus revenue estimate of $770.29 million.

Looking forward to the fourth quarter, the company expects revenues of $680 million to $740 million and adjusted earnings of $0.90 to $1.06 per share. Analysts currently estimate earnings of $0.50 per share on revenues of $543.07 million.

Cramer's lightning round: Do not sell TG Therapeutics

  • It's that time again! "Mad Money" host Jim Cramer rings the lightning round bell, which means he's giving his answers to callers' stock questions at rapid speed.

Livent: "This is a Philadelphia company that's a spinoff that I don't want you in. It's too speculative."

TG Therapeutics: "Do not sell [CEO] Mike Weiss."

Velodyne Lidar: "Lidar, no. It's a spinoff, no. … We're not going to be in those."

FireEye: "You're going to have to keep waiting. … I want you to [own] Palo Alto Networks."

Annaly Capital: "No. We've been against NLY from $15 down to $7, and we reiterate that we're against it."

Sinclair Broadcast: "It won't move."

Lithium Americas: "I'm against Lithium right now. I think it's too much in flux. If you're going to buy miner … I'm going to have to send you to GOLD, Barrick."

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Snap Q3 Results Trump Wall Street View; Shares Up 20%

Shares of Snap Inc. (SNAP) gained over 20% in after-hours trading on Tuesday after the company’s third-quarter earnings and revenues trumped Wall Street estimates.

Net loss for the quarter were $199.85 million or $0.14 per share, narrower than last year’s loss of $227.38 million or $0.16 per share.

Adjusted earnings for the quarter were $0.01 per share, compared to adjusted loss of $0.04 per share last year.

Third-quarter revenues rose to $678.67 million from $446.20 million last year.

Analysts polled by Thomson Reuters expected a loss of $0.05 per share on revenues of $549.99 million. Analysts’ estimates typically exclude special items.

Looking forward, the company said it is not providing any guidance for the fouth quarter due to “the uncertainties related to the ongoing COVID-19 pandemic and the rapidly shifting macro conditions.”

SNAP closed Tuesday’s trading at $28.45, down $0.21 or 0.73%, on the Nasdaq. The stock, however, gained $5.85 or 20.56%, in the after-hours trading.

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