Saturday, 19 Sep 2020

Stock Alert: The AZEK Co. Shares Up 5% On Upbeat Q3

Real estate trust NetSTREIT prices U.S. IPO below range

Aug 13 (Reuters) – NetSTREIT Corp said on Thursday it had raised $225 million in its U.S. initial public offering after the real estate company sold fewer-than-expected shares at a price below its target range.

The company, a commercial real estate investment trust, priced its IPO of 12.5 million shares at $18 per share. NetSTREIT had initially planned to sell up to 15.5 million shares at $19-$21 per share.

The commercial real estate business has taken a hit globally due to the COVID-19 pandemic, as most tenants have been unable to pay rent. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shounak Dasgupta)

Stock Alert: Youdao Declines 8% As Quarterly Results Miss View

Shares of Youdao, Inc. (DAO), are falling more than 9% Thursday morning after the company’s earnings fell short of analysts’ view.

The company reported adjusted loss of $0.32 per ADS, that missed the average estimate of analysts polled by Thomson Reuters at $0.26 loss per share.

Net revenues for the quarter grew 93.1% year-over-year to $88.2 million but missed the consensus estimate of $90.51 million.

Youdao stock is currently trading at $37.15. It has been trading in the range og $12.01- $47.70 in the past 52 weeks.

How the eviction crisis could compound voter suppression come November

Over 20 million Americans could be evicted by the end of September due to the current economic crisis, with 30 to 40 million facing eviction by December. Somewhere in the middle, one of the most highly anticipated presidential elections in recent history will take place. 

That eviction crisis could make it harder for people to vote ― and, in turn, harder to hold politicians accountable for failing them in the midst of a pandemic that has now killed over 150,000 Americans. 

Protests Erupt Against Ivory Coast President’s Third-Term Bid

Protests against Ivory Coast President Alassane Ouattara’s decision to seek a third term left at least five people dead and scores injured.

Tensions run high in the world’s top cocoa producer since Ouattara’s preferred successor and ruling party candidate Amadou Gon Coulibaly unexpectedly died of heart problems last month. His death prompted 78-year-old Ouattara to announce on Aug. 6 he’ll run instead because of “the challenges we face to maintain peace.”

While Ouattara has argued that a new constitution adopted in 2016 has turned back the clock, opposition leader Henri Konan Bedie says the third-term bid is illegal.

Three people were killed in Daoukro, the hometown of Bedie, as his supporters clashed with those of Ouattara on Wednesday, according to a note from the country’s security forces. Two others died in the town of Bonoua, while protesters in the commercial capital, Abidjan, burned tires and blocked roads on Thursday.

The demonstrations are illegal as the organizers didn’t ask permission from authorities, said Minister of Territorial Administration Sidiki Diakite.

Stock Alert: Ping Identity Holding Down 7% On Weak Q2 Results, Outlook

Shares of Ping Identity Holding Corp. (PING) are losing more than 7 percent or $2.50 in Thursday’s morning trade at $31.02 after the cyber-security company reported a loss for the second quarter and forecast third-quarter revenue below analysts’ expectations.

Wednesday, Ping Holding reported second-quarter net loss of $2.92 million or $0.04 per share, compared to net income of $1.76 million or $0.03 per share in the year-ago period. Revenue for the quarter declined to $58.98 million from $62.46 million last year.

The company projected third-quarter revenue of $54.0 million to $57.0 million, but did not provide a full-year outlook due to uncertainties related to the COVID-19 pandemic. On average, analysts polled by Thomson Reuters expect the company to report revenues of $59.56 million for the quarter. Analysts’ estimates typically exclude special items.

Ping Identity Holding has traded in a range of $12.02 to $37.80 in the past 52 weeks.

Stock Alert: The AZEK Co. Shares Up 5% On Upbeat Q3

Shares of The AZEK Co. Inc. (AZEK) are currently trading at $35.89, up $1.89 or 5.55% in the regular session Thursday morning. The company reported better-than-expected Q3 results.

The company’s net loss was $52.1 million or $0.44 per share compared to a profit of $1.5 million or $0.01 per share last year, largely reflecting the expenses related to the extinguishment of debt and an increase in selling, general and administrative expenses due to recognition of additional stock-based compensation expense as a result of IPO.

Adjusted net income was $15.8 million or $0.13 per share compared to $24.2 million or $0.22 per share in the prior year period.

Net sales for the third quarter of fiscal 2020 increased 1.1% to $223.7 million from $221.3 million for the third quarter of fiscal 2019. The increase was primarily attributable to higher sales growth in our Residential segment.

Analysts polled by Thomson Reuters expected earnings of $0.10 per share on revenue of $209.8 million for the quarter. Analysts’ estimate typically exclude certain special items.

AZEK expects Q4 net sales growth in the range of 12% – 17% year-over-year following 13% growth in the comparable period last year and Adjusted EBITDA growth in the range of 14% – 19% year-over-year following 16% growth in the comparable period last year.

Stock Alert: The AZEK Co. Shares Up 5% On Upbeat Q3

Shares of The AZEK Co. Inc. (AZEK) are currently trading at $35.89, up $1.89 or 5.55% in the regular session Thursday morning. The company reported better-than-expected Q3 results.

The company’s net loss was $52.1 million or $0.44 per share compared to a profit of $1.5 million or $0.01 per share last year, largely reflecting the expenses related to the extinguishment of debt and an increase in selling, general and administrative expenses due to recognition of additional stock-based compensation expense as a result of IPO.

Adjusted net income was $15.8 million or $0.13 per share compared to $24.2 million or $0.22 per share in the prior year period.

Net sales for the third quarter of fiscal 2020 increased 1.1% to $223.7 million from $221.3 million for the third quarter of fiscal 2019. The increase was primarily attributable to higher sales growth in our Residential segment.

Analysts polled by Thomson Reuters expected earnings of $0.10 per share on revenue of $209.8 million for the quarter. Analysts’ estimate typically exclude certain special items.

AZEK expects Q4 net sales growth in the range of 12% – 17% year-over-year following 13% growth in the comparable period last year and Adjusted EBITDA growth in the range of 14% – 19% year-over-year following 16% growth in the comparable period last year.

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