Monday, 5 Dec 2022

TJX Companies Boosts FY23 Earnings Outlook – Update

Elon Musk Sells $3.95 Bln Worth Tesla Shares

Tesla Inc. founder and Chief Executive Officer Elon Musk has sold at least $3.95 billion worth of his stake in the electric vehicle maker after completing his $44 billion acquisition of Twitter Inc., U.S. regulatory filings showed.

In pre-market activity on Nasdaq, Tesla shares were gaining around 1.7 percent to trade at $194.50.

According to Tuesday’s filings with the Securities and Exchange Commission, Musk sold 19.5 million more shares of Tesla. In 2021, Musk had sold almost $22 billion worth of Tesla shares. Further, he sold over $8 billion worth of stock in April this year. In August, he had sold around $7 billion worth stake in Tesla, stating then that the move was to avoid an emergency sale of its stock in the event of a forceful Twitter deal.

Before the latest share sale, Musk reportedly owned about 25% of Tesla between stock and options.

It was on October 28 that Musk closed the Twitter deal following months of legal battle, with equity and debt financing from various sources, including equity investors.

Following the purchase, he dismissed the then CEO Parag Agrawal, as well as certain other key executives, and also cut about half of staff.

Musk is now “Chief Twit” and sole director at Twitter, which he reportedly said will be temporary roles.

Target Corp. Q3 Profit Decreases, misses estimates

Target Corp. (TGT) announced earnings for third quarter that decreased from the same period last year and missed the Street estimates.

The company’s bottom line came in at $712 million, or $1.54 per share. This compares with $1.49 billion, or $3.04 per share, in last year’s third quarter.

Excluding items, Target Corp. reported adjusted earnings of $1.54 per share for the period.

Analysts on average had expected the company to earn $2.13 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 3.4% to $26.52 billion from $25.65 billion last year.

Target Corp. earnings at a glance (GAAP) :

-Earnings (Q3): $712 Mln. vs. $1.49 Bln. last year.
-EPS (Q3): $1.54 vs. $3.04 last year.
-Analyst Estimates: $2.13
-Revenue (Q3): $26.52 Bln vs. $25.65 Bln last year.

Pre-market Movers: WVE, TTCF, AAP, CCL, CUK…

The following are some of the stocks making big moves in Wednesday’s pre-market trading (as of 06.50 A.M. ET).

In the Green

Wave Life Sciences Ltd. (WVE) is up over 15% at $3.67
AGBA Acquisition Limited (AGBA) is up over 9% at $5.48
Cementos Pacasmayo S.A.A. (CPAC) is up over 6% at $5.75
FS Credit Opportunities Corp. (FSCO) is up over 6% at $4.58

In the Red

Tattooed Chef, Inc. (TTCF) is down over 15% at $2.82
Advance Auto Parts, Inc. (AAP) is down over 14% at $157.00
Carnival Corporation & plc (CCL) is down over 13% at $9.70
Carnival Corporation & plc (CUK) is down over 12% at $8.77
Lulu’s Fashion Lounge Holdings, Inc. (LVLU) is down over 12% at $5.50
ShiftPixy, Inc. (PIXY) is down over 9% at $18.50
Ferroglobe PLC (GSM) is down over 9% at $5.44
Acrivon Therapeutics, Inc. Common Stock (ACRV) is down over 7% at $15.35
NovaBay Pharmaceuticals, Inc. (NBY) is down over 7% at $2.78
Ginkgo Bioworks Holdings, Inc. (DNA) is down over 7% at $2.48
Bakkt Holdings, Inc. (BKKT) is down over 6% at $2.03

ANI Pharma Announces FDA Approval Of Trimethoprim Tablets – Quick Facts

ANI Pharmaceuticals, Inc. (ANIP) announced it received FDA approval for the Abbreviated New Drug Application for Trimethoprim Tablets USP, 100 mg. These are the generic version of the Reference Listed Drug of the same established name, the company said.

ANI Pharma noted that the current annual U.S. market for Trimethoprim Tablets is approximately $16.8 million, according to IQVIA/IMS Health.

ANI Pharmaceuticals, Inc. is a diversified bio-pharmaceutical company. It develops, manufactures, and markets branded and generic prescription pharmaceutical products.

For More Such Health News, visit rttnews.com.

Trump Warns Ron DeSantis Not To Run For President, Threatens To Reveal Information

Former president Donald Trump has warned his potential rival Ron DeSantis not to run for the next U.S. presidential election.

Speaking to reporters traveling with him on his private plane, Trump said, “I think if he runs he could hurt himself very badly. I think the base would not like it – I don’t think it would be good for the party.”

The billionaire-turned politician threatened to reveal information about the Florida governor if he decides to run.

“If he did run, I will tell you things about him that won’t be very flattering. I know more about him than anybody other than perhaps his wife, who is really running his campaign.”

It comes a few days after Trump mocked DeSantis at a rally in Pennsylvania, calling him “Ron DeSanctimonious.”

DeSantis rose to national prominence after getting elected as Florida governor in 2019. He swept the Florida gubernatorial in the mid-term polls Tuesday, making inroads into heavily Latino, historically Democratic regions, thus staking claim for a potential 2024 presidential bid.

He won a landslide victory by nearly 20 points over his Democrat rival.

Trump, who is a Florida resident, told reporters that he voted for DeSantis.

Speculation is warming up that both Trump and DeSantis have an eye for 2024 Republican nomination. Trump on Monday promised to make “a big announcement” about running in U.S. presidential election at an event to be held at Mar-a-Lago on November 15.

TJX Companies Boosts FY23 Earnings Outlook – Update

While reporting financial results for the third quarter on Wednesday, off-price retailer TJX Companies, Inc. (TJX) trimmed its earnings outlook for the fourth quarter, while raising its earnings guidance for the full-year 2023.

For the fourth quarter, the company expects earnings in a range of $0.85 to $0.89 per share on U.S. comparable store sales of between flat and up 1 percent, compared to the prior forecast for earnings in the range of $0.92 to $0.96 per share on U.S. comparable store sales of between flat and down 1 percent.

On average, 21 analysts polled by Thomson Reuters expected the company to report earnings of $0.94 per share for the quarter. Analysts’ estimates typically exclude special items.

Looking ahead to fiscal 2023, the company now projects earnings in a range of $2.93 to $2.97 per share and adjusted earnings in range of $3.07 to $3.11 per share on comp sales decline of 1 to 2 percent.

Previously, the company expected earnings in the range of $2.87 to $2.95 per share and adjusted earnings in the range of $3.05 to $3.13 per share on comp sales decline of 2 to 3 percent.

The Street is looking for earnings of $3.10 per share for the year.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

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