Germany hires banks for syndicated re-opening of 30-yr bond – lead managers

LONDON, June 9 (Reuters) – Germany hired banks on Tuesday for a reopening of a 30-year bond via syndication, according to three lead managers.

The country mandated BNP Paribas, Danske Bank, Deutsche Bank, Goldman Sachs and JPMorgan for the reopening of its August 2050 bond.

The sale is expected to be “launched and priced in the near future, subject to market conditions,” according to the mandate announcements seen by Reuters, a phrase borrowers usually use a day before a sale is launched. (Reporting by Yoruk Bahceli, Editing by Lawrence White)

Brown-Forman Corp. Reveals Drop In Q4 Bottom Line

Brown-Forman Corp. (BFB) released earnings for fourth quarter that dropped from last year.

The company’s bottom line came in at $128 million, or $0.27 per share. This compares with $159 million, or $0.33 per share, in last year’s fourth quarter.

Analysts had expected the company to earn $0.28 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 4.7% to $709 million from $744 million last year.

Brown-Forman Corp. earnings at a glance:

-Earnings (Q4): $128 Mln. vs. $159 Mln. last year.
-EPS (Q4): $0.27 vs. $0.33 last year.
-Analysts Estimate: $0.28
-Revenue (Q4): $709 Mln vs. $744 Mln last year.

Macy's says coronavirus losses lower than feared

Coronavirus leads Macy’s to drop from S&P 500

Amid coronavirus store closures, Macy’s market cap has decreased so much it will be removed from the S&P 500. FOX Business’ Lauren Simonetti with more.

The COVID-19 pandemic didn’t hit Macy’s as hard as initially feared, according to updated preliminary first-quarter results released Tuesday morning.

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The Cincinnati-based department store chain lost $652 million, or an adjusted $2.03 a share, in the three months through March as revenue fell 45 percent from a year ago to $3.02 billion. Macy’s last month estimated that it would lose between $905 million and $1.1 billion during the first three months of the year.

“The COVID-19 pandemic significantly impacted our first-quarter sales and earnings results, but I am proud of the way our team navigated this difficult period and maintained the business while our stores were closed,” CEO Jeff Gennette said in a statement. “Our strong digital business sales trend continued throughout May, and it is encouraging to see that as we reopen a store, the digital business in that geography continues to be strong.

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Krispy Kreme, Dunkin Donuts Offer Free Doughnuts

Doughnut companies Krispy Kreme Doughnut Corp. and Dunkin Donuts are offering free doughnuts to commemorate the upcoming National Doughnut Day on Friday, June 5.

In a statement, Krispy Kreme said it is extending National Doughnut Day to National Doughnut Week, with 5 free doughnut days to choose from. The consumers will get any doughnut of choice for free, no purchase necessary, from June 1 through June 5.

The guests can visit participating U.S. Krispy Kreme shops and drive-thrus on any of the five days and can pick their favorite doughnut variety till the supplies last. The selection includes the iconic Original Glazed Doughnut, Chocolate Iced with Sprinkles Doughnut and Krispy Kreme’s Original Filled Doughnut varieties.

In addition, Dunkin Donuts is celebrating National Donut Day by offering guests a free classic donut of their choice with the purchase of any beverage at participating restaurants nationwide on Friday, June 5.

To extend the holiday excitement through the weekend, Grubhub is offering a free half-dozen donuts on Dunkin’ orders of $10 or more on June 6 and June 7.

In a tweet, the company said, “This is an official message from the Donut Party. National Donut Day is Friday, June 5th & you can celebrate with a FREE donut with any beverage purchase! Which donut candidate will be getting your vote? Participation may vary. Limited time offer. While supplies last.”

Gold Rises Ahead Of Fed Meeting

Gold prices rose on Tuesday and the dollar steadied as investors awaited the U.S. Federal Reserve’s two-day monetary policy meeting, set to conclude on Wednesday.

Both spot gold and U.S. gold futures rose about 0.6 percent to $1,708.82 per ounce and $1,715.15, respectively.

Markets expect the Fed to be ultra-dovish despite a surprisingly strong employment report last Friday.

The U.S. central bank will have a tough balancing act to remain supportive as businesses reopen after months-long lockdowns.

The Federal Reserve has mulled a negative-rate policy since last October but doesn’t want to go in this direction.

Meanwhile, growth worries persist after the World Bank warned the global economy will shrink by 5.2 percent this year, representing the deepest recession since the Second World War.

Economic activity in advanced economies is anticipated to contract 7 percent in 2020 as domestic demand and supply, trade, and finance have been severely disrupted, the World Bank Group said in its latest Global Economic Prospects report.

The U.S. economy is projected to shrink by 6.1 percent this year, while the euro area is likely to see a 9.1-percent contraction.

Tiffany & Co. loses $65M as coronavirus shutters stores

Retail, hospitality jobs spike should ‘encourage’ US recovery: Monster CEO

Monster CEO Scott Gutz discusses the May jobs reports and the significance of sector spikes.

Tiffany & Co. swung to a first-quarter loss as temporary store closings due to the COVID-19 pandemic caused a “significant” sales drop.

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The New York-based jeweler lost $65 million, or 53 cents a share, as worldwide net revenue plunged 45 percent year-over-year to $556 million. Wall Street analysts surveyed by Refinitiv were expecting adjusted earnings of 3 cents a share on revenue of $700.8 million.

“The first quarter was very challenging with sales and earnings significantly impacted by COVID-19,” CEO Alessandro Bogliolo said in a statement. “I am confident Tiffany’s best days remain in front of us because there is evidence that the strategic decisions we took to focus on our mainland China domestic business, global e-commerce, and new product innovation are paying off — even against the backdrop of a global pandemic.”

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