Thursday, 17 Jun 2021

Stock Alert: DoubleVerify Holdings Shares Hit 52-Week High

JetBlue Airways Upgrades Q2 Revenue Outlook

JetBlue Airways Corp. (JBLU) said it now expects revenue for the second quarter of 2021 to decline between 30% and 33% year over year. This range compared to the company’s prior planning assumption of a revenue decline between 30% and 35% year over year.

JetBlue said it has experienced a continued improvement in bookings in recent weeks.

The company continues to expect flown capacity for the second quarter of 2021 to decrease approximately 15%, when compared to the second quarter of 2019. The company plans to continue to manage and align capacity with demand on a rolling basis.

JetBlue continues to believe demand and revenue recovery may be non-linear and may not be able to predict changes to revenue due to additional COVID-19 related disruptions or other factors.

The company now expects total operating expenses for the second quarter of 2021 to decrease about 7%. This compares to the company’s prior planning assumption of a decrease of about 8%.

Brown-Forman Guides FY22 Sales Growth Above Estimates – Quick Facts

While reporting financial results for the third quarter on Wednesday, Brown-Forman Corp. (BFA,BFB) said it anticipates mid-single digit growth in underlying net sales and operating income for the full-year 2022.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.70 per share on net sales growth of 1.6 percent to $3.42 billion for the year. Analysts’ estimates typically exclude special items.

“We remain confident in the collective strength of our markets and should benefit from the re-opening of the on-premise channel and increase in tourism. Additionally, our portfolio remains well positioned to capitalize on the continuing spirits premiumization trend,” said Jane Morrea, CFO.

On May 27, 2021, Brown-Forman declared a regular quarterly cash dividend of $0.1795 per share on the Class A and Class B common stock, payable on July 1, 2021 to stockholders of record on June 8, 2021.

PHOTOS: Colorado Avalanche vs. Vegas Golden Knights, Game 5, June 8, 2021 – The Denver Post

The Colorado Avalanche hosted the Vegas Golden Knights in Game 5 of their second-round series in the NHL playoffs on Tuesday, June 8, 2021 at Ball Arena in Denver.

Vegas won the game, 3-2, in overtime to take a 3-2 lead in the series.

FDA Approves Expanded Use Of Vertex Pharma’s Cystic Fibrosis Drug In Younger Patients

The FDA has approved the expanded use of Vertex Pharmaceuticals Inc.’s (VRTX) blockbuster cystic fibrosis drug Trikafta in children of age 6 through 11 years old with certain mutations.

Trikafta was approved by the FDA for the first time in October 2019 to treat cystic fibrosis in patients aged 12 and older who have at least one copy of the F508del mutation in the cystic fibrosis transmembrane conductance regulator (CFTR) gene.

The drug generated sales of $3.86 billion in full year 2020, and according to a recent report by ResearchAndMarkets.com, Trikafta could achieve sales of about $5 billion by 2026.

Trikafta, which is also marketed in the EU as Kaftrio, is a CFTR Modulator and is the first triple combination therapy containing elexacaftor, ivacaftor, and tezacaftor. (CFTR means cystic fibrosis transmembrane conductance regulator).

The other three CFTR Modulators approved for cystic fibrosis include Kalydeco (ivacaftor), Orkambi (lumacaftor/ivacaftor) and Symdeko (tezacaftor/ivacaftor), all from Vertex’ stable of drugs.

Royalty Pharma plc (RPRX) has the royalty rights to cystic fibrosis treatments developed by Vertex, which include Kalydeco, Orkambi, Symdeko/Symkevi and Trikafta/Kaftrio.

Royalty Pharma’s royalty receipts from Vertex’s cystic fibrosis franchise were $167 million in the first quarter of 2021, an increase of 68% compared to the same period of 2020.

VRTX closed Tuesday’s trading at $211.13, down 0.94%. RPRX closed the day’s trading at $46.44, down 0.04%.

Eastman Chemical To Sell Rubber Additives Business To One Rock Capital For $800 Mln – Quick Facts

Eastman Chemical Co. (EMN) announced Wednesday it has entered into a definitive agreement with an affiliate of One Rock Capital Partners, LLC to sell the rubber additives and other product lines and related assets and technology of the global tire additives business of its Additives & Functional Products segment.

The sale includes Crystex insoluble sulfur and Santoflex antidegradants, but does not include the Eastman Impera and other performance resins product lines of the tire additives business.

The total sale price of $800 million consists of $725 million cash at closing and an additional amount of up to $75 million to be paid based on performance of the rubber additives business post-closing through 2023.

The company expects the sale will be either neutral or accretive to adjusted earnings per share in 2022.

Eastman Chemical said the sale is part of its ongoing effort to improve the performance of its Additives & Functional Products segment and it is most beneficial to Eastman and the rubber additives business.

The sale, subject to regulatory approvals and satisfaction of other customary closing conditions, is expected to be completed in the second half of 2021.

Stock Alert: DoubleVerify Holdings Shares Hit 52-Week High

Shares of DoubleVerify Holdings Inc. (DV) reached a 52-week high of $39.24 Wednesday morning, and are currently trading at $37.51, up $2.43 or 6.93%, with trading volume rising over 372K versus an average volume of 699K shares.

On June 2, DoubleVerify announced the appointment of Mimi Wotring, SVP, Publisher Sales & Client Services. In this new role, Wotring would lead commercial go-to-market for DV’s publisher solutions, helping to expand adoption of DV’s technology and services globally. Wotring would report to Steven Woolway, EVP of Business Development.

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