Saturday, 20 Apr 2024

VIZIO Stock Falls 11% On Lower Q2 Income, Misses Estimates

Nuvei Slips 35% As Q2 Earnings Miss Street, Lowers Outlook

Shares of Nuvei Corporation (NVEI) slips 35% on Wednesday after the company reported second-quarter revenues that beat Street estimates, while earnings fell short of expectations. The company also projected a third-quarter revenue outlook lower than the Street estimates and cuts its full-year revenue outlook.

NVEI is trading on the Nasdaq at $19.24, down 35.73% or $10.69 per share. It has traded between $18.54 and $43.81 in the past 52-week period.

The company reported a net income of $11.6 million or $0.07 per share for the quarter, a decrease from last year’s profit of $35.1 million or $0.23 per share.

On an adjusted basis, it reported an income of $56.4 million or $0.39 per share, compared to the income of $73.6 million or $0.51 per share the prior year. It missed the average estimate of analysts polled by Thomson Reuters of $0.45 per share.

Revenue increased to $307.0 million from $211.3 million the previous year. It beat the consensus estimate of $305.8 million.

The company expects third-quarter revenue in the range of $300 million – $308 million versus the estimated revenue of $316.85 million.

Full-year revenue was lowered to $1.225 billion – $1.264 billion from the prior guidance of 170 billion – $1.195 billion.

Crude Oil Jumps To Highest Levels Since November 2022

Extending the strong upward move seen during Tuesday’s session, the price of crude oil moved sharply higher during trading on Wednesday.

Crude for September delivery surged $1.48 or 1.8 percent to $84.40 a barrel after jumping $0.98 or 1.2 percent to $82.92 a barrel in the previous session.

The price of crude oil reached its highest levels since November 2022 as output cuts by Saudi Arabia and Russia continued to raise concerns about supply.

The advance also came following the release of a report from the Energy Information Administration showing decreases in gasoline and distillate fuel inventories.

The report said gasoline inventories slid by 2.7 million barrels in the week ended August 4th, while distillate fuel inventories fell by 1.7 million.

Meanwhile, traders shrugged off an increase in crude oil inventories, which climbed by 5.9 million barrels compared to economist estimates for a 0.6 million barrel uptick.

RumbleON Down 16% As Q2 Results Miss Street, Lowers Outlook

Shares of RumbleON, Inc. (RMBL) are down 16% on Wednesday after the company reported second-quarter earnings and revenues that missed Street estimates. The company also lowered its full-year powersports and transportation revenue outlook.

RMBL is trading on the Nasdaq at $8.59, down 16.84% or $1.74 per share. It has traded between $5.45 and $27.99 in the past 52-week period.

The company reported a net loss of $13.6 million for the quarter, compared to last year’s income of $14.0 million.

On an adjusted basis, it reported an income of $0.3 million or $0.02 per share, compared to the income of $18.9 million or $1.17 per share the prior year.

Analysts on average had expected the company to earn $0.22 per share, according to figures compiled by Thomson Reuters.

Revenue increased to $382.72 million from $412.18 million the previous year. It missed the consensus estimate of $408.14 million.

The company revises its full-year outlook and now sees total powersports and transportation revenue of 1.38 billion – $1.48 billion, lower than its prior view of $1.4 billion – $1.6 billion.

On the Hottest Days, Make This Cooling Cucumber Dinner

Crushed until craggy and tossed with shrimp, cucumbers soak up a sesame and avocado sauce in this easy, invigorating dish from Melissa Clark.


By Melissa Clark

Gold Moves Modestly Lower As Inflation Data Looms

The price of gold moved modestly lower during trading on Wednesday, extending the downward trend seen in recent sessions.

Gold for December delivery fell $9.30 or 0.5 percent to $1,950.60 an ounce, closing lower for the sixth time over the past seven sessions.

The continued weakness in gold prices came as traders looked ahead to the release of a key report on consumer price inflation on Thursday.

Economists expect the report to show consumer prices rose by 0.2 percent in July, matching the uptick seen in June. Core consumer prices, which exclude food and energy prices, are also expected to rise by 0.2 percent for the second straight month.

The annual rate of consumer price growth is expected to accelerate to 3.3 percent in July from 3.0 percent in June, while the annual rate of core consumer price growth is expected to hold at 4.8 percent.

Traders will be looking for the report to reinforce expectations that the Federal Reserve will leave interest rates unchanged next month.

CME Group’s FedWatch Tool is currently indicating an 86.5 percent chance the Fed will leave rates unchanged in September.

VIZIO Stock Falls 11% On Lower Q2 Income, Misses Estimates

Shares of VIZIO Holding Corp. (VZIO) are rising 11.50 percent on Wednesday after reporting a lower income in the second quarter and missing Street estimates.

VIZIO is currently trading at $6.44, down $0.84 or 11.50 percent. The stock opened its trading at $7.40 after closing Tuesday’s trading at $7.28. The stock has traded between $6.32 and $13.84 in the past 52-week period.

The company reported earnings of $1.9 million, or $0.01 per share for the second quarter, lower than $2.3 million, or $0.01 per share in the comparable quarter last year.

Excluding one-time items, the company reported earnings of $0.01 per share. The analyst estimates were $0.02 per share.

Revenue in the quarter was $394.4 million, compared with $408.9 million last year.

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