Square buys $170 million worth of bitcoin
EARNINGS SUMMARY: Details of Arena Pharmaceutical Inc. Q4 Earnings Report
Below are the earnings highlights for Arena Pharmaceutical Inc. (ARNA):
-Earnings: -$122.16 million in Q4 vs. -$88.31 million in the same period last year.
-EPS: -$2.10 in Q4 vs. -$1.76 in the same period last year.
-Analysts projected -$1.85 per share
-Revenue: $0.04 million in Q4 vs. $3.00 million in the same period last year.
Oil Futures Settle Slightly Lower
Crude oil prices ended slightly lower on Tuesday, retreating after scoring a big gain in the previous session.
Traders were weighing the supply position amid reports shale oil producers in the southern United States could take at least a couple of weeks to restart the more than 2 million barrels per day of crude output that was shut down because of a deep freeze.
The oil market is also looking ahead to the upcoming meeting of the Organization of the Petroleum Exporting Countries and their allies.
West Texas Intermediate Crude oil futures for April ended down $0.03 at $61.67 a barrel, coming off the session’s high of $63.00 a barrel.
Goldman Sachs said in a report that oil consumption will get back to pre-virus levels by late July, while output from major producers is likely to remain “highly inelastic” to the rising prices.
Morgan Stanley expects Brent crude prices to climb to $70 per barrel in the third quarter on “signs of a much improved market,” including prospects of a pick-up in demand.
The weekly crude inventory data from the American Petroleum Institute (API) and Energy Information Administration (EIA) are due later today and tomorrow morning, respectively.
Payments firm Square buys $170 mln worth of bitcoins
Feb 23 (Reuters) – Payments firm Square Inc said on Tuesday it had purchased about 3,318 bitcoins for an aggregate price of $170 million. (squ.re/3bzMZYU)
Intuit Inc. Q2 adjusted earnings Miss Estimates
Intuit Inc. (INTU) reported earnings for second quarter that fell from last year.
The company’s profit came in at $20 million, or $0.07 per share. This compares with $240 million, or $0.91 per share, in last year’s second quarter.
Excluding items, Intuit Inc. reported adjusted earnings of $185 million or $0.68 per share for the period.
Analysts had expected the company to earn $0.91 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter fell 7.1% to $1.58 billion from $1.70 billion last year.
Intuit Inc. earnings at a glance:
-Earnings (Q2): $185 Mln. vs. $306 Mln. last year.
-EPS (Q2): $0.68 vs. $1.16 last year.
-Analysts Estimate: $0.91
-Revenue (Q2): $1.58 Bln vs. $1.70 Bln last year.
Next quarter EPS guidance: $6.75 – $6.85
Full year EPS guidance: $8.20 – $8.40
Full year revenue guidance: $8.810 – $8.995 Bln
Flowserve Corporation Q4 adjusted earnings of $0.53 per share
Flowserve Corporation (FLS) reported earnings for fourth quarter that fell from last year.
The company’s profit came in at $56.89 million, or $0.43 per share. This compares with $72.59 million, or $0.55 per share, in last year’s fourth quarter.
Excluding items, Flowserve Corporation reported adjusted earnings of $69.82 million or $0.53 per share for the period.
The company’s revenue for the quarter fell 7.8% to $985.31 million from $1068.18 million last year.
Flowserve Corporation earnings at a glance:
-Earnings (Q4): $69.82 Mln. vs. $84.83. last year.
-EPS (Q4): $0.53 vs. $0.64 last year.
-Revenue (Q4): $985.31 Mln vs. $1068.18 Mln last year.
Toll Brothers Q1 Profit Rises
Toll Brothers Inc. (TOL) Tuesday reported first-quarter profit of $96.5 million or $0.76 per share, up from $56.9 million or $0.41 per share last year.
Revenues for the quarter rose to $1.56 billion from $1.33 billion last year.
Analysts polled by Thomson Reuters expected earnings of $0.47 per share on revenues of $1.35 billion. Analysts’ estimates typically exclude special items.
Looking forward, Toll Brothers expects second-quarter deliveries of about 2,175 homes with an average price of between $785,000 and $805,000. The company said delivery guidance for the second quarter reflects the slower COVID-19 impacted sales environment of mid-March through May 2020.
For the full year 2021, Toll Brothers expect deliveries of between 10,000 and 10,400 homes with an average price of between $790,000 and $810,000.
Chemed Q4 Profit Rises
Chemed Corp. (CHE) Tuesday reported fourth-quarter net income of $113.8 million or $6.96 per share, up from $65.6 million or $3.96 per share last year.
Adjusted earnings for the quarter were $5.13 per share, up from $4.22 per share last year.
Revenues for the quarter rose to $533.3 million from $522.3 million last year.
Analysts polled by Thomson Reuters estimated earnings of $5.13 per share on revenues of $537.2 million. Analysts’ estimates typically exclude one-time items.
Looking forward to full year 2021, Chemed expects adjusted earnings of $17.00 to $17.50 per share. Analysts currently estimate earnings of $17.28 per share.
Square buys $170 million worth of bitcoin
- Square bought $170 million worth of bitcoin.
- The company said it purchased approximately 3,318 bitcoins, expanding on its October 2020 purchase of 4,709 bitcoins.
Square bought $170 million worth of bitcoin, the company revealed in its fiscal fourth-quarter financial report Tuesday.
The company said it purchased approximately 3,318 bitcoins, expanding on its October 2020 buy of 4,709. Square said it represents about 5% of the company's total assets as of the end of 2020.
Bitcoin traded around $48,000 after-the-bell Tuesday, up nearly 62% for the year.
"The investment is part of Square's ongoing commitment to bitcoin, and the company plans to assess its aggregate investment in bitcoin relative to its other investments on an ongoing basis," the company said in its earnings release. Its CEO, Jack Dorsey, as also been an advocate of the digital currency.
Companies are increasingly leaning into bitcoin as it becomes more mainstream. Tesla announced earlier this month it bought $1.5 billion worth of bitcoin for "more flexibility to further diversify and maximize returns on our cash."
Pouring into the digital coin comes with risks, due to its volatility. Tesla's share price is now directly linked to the price of bitcoin, according to Wedbush analyst Daniel Ives.
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