Autoliv Gains On Higher Q3 Earnings

Autoliv, Inc. (ALV) shares are adding more than six percent on Friday morning trade after the company reported a surge in earnings for the third quarter on improved revenues.

The quarterly earnings were $1.57 per share, up 30 percent, from $1.21 per share last year. On an adjusted basis, earnings were $1.57 per share.

Net sales for the quarter increased 13 percent to $2.59 billion from $2.30 billion in the prior year.

Currently, shares are at $95.26, up 5.64 percent from the previous close of $90.17 on a volume of 885,693.

Virginia National Bankshares Q3 Profit Declines

Virginia National Bankshares Corp. (VABK) reported Friday that net income for the third quarter declined to $4.7 million or $0.86 per share from $5.8 million or $1.08 per share in the prior-year quarter.

Net interest income for the quarter decreased 22 percent to $11.1 million from $14.28 million in the year-ago quarter. Noninterest income was $2.64 million up 15 percent from $2.30 million last year.

Posco Holdings Continues To Decline

Shares of Posco Holdings Inc. (PKX) are declining more than 5 percent on Friday morning trade, continuing a decline for the last few days. There have been no corporate announcements today to influence the stock movement.

Currently, shares are at $84.02, down 5.70 percent from the previous close of $89.10 on a volume of 175,310.

Republic Bancorp Q3 Net Income Rises

Republic Bancorp, Inc. (RBCAA) reported third quarter net income and earnings per class A share of $21.6 million and $1.10 per share, representing increases of 8% and 9% over the third quarter of 2022.

Net income for the Core Bank was $13.2 million compared to $15.0 million, prior year. Core Bank net interest income was $50.0 million, an increase of 1% from the third quarter of 2022.

Republic Processing Group increased its net income for the third quarter of 2023 by 69%, over the third quarter of 2022.

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

CVS To Remove Some Cold, Cough Medicines With Phenylephrine

CVS Health is removing certain over-the-counter or OTC cold and cough products with phenylephrine as the only active ingredient from its Pharmacy stores, reports said.

The decision follows the U.S. Food and Drug Administration Advisory Committee’s position on oral phenylephrine or PE. Last month, a panel of FDA advisers refused to back the effectiveness of oral OTC medicines made with phenylephrine, a common ingredient in cold and cough medications.

Meanwhile, the drug regulator has not removed phenylephrine from its list of ingredients for OTC use.

The reports quoted CVS as saying, “We are aware of the FDA Advisory Committee’s position on oral phenylephrine (PE) and will follow direction from the FDA to ensure products we sell comply with all laws and regulations.”

Phenylephrine, found in popular brands like Sudafed PE, Vicks Sinex, and Benadryl Allergy Plus Congestion, has been a dominant oral decongestant in the U.S., generating roughly $1.8 billion in sales last year.

The U.S. pharmacy chain reportedly said it will continue to sell other oral cough and cold products to meet consumer needs.

China Keeps Lending Rates Unchanged As Expected

The People’s Bank of China left its benchmark rates unchanged on Friday, as widely expected, after the economic growth exceeded expectations leaving the economy back on the track to achieve the target.

The Chinese central bank maintained its one-year loan prime rate, or LPR, at 3.45 percent. Likewise, the five-year LPR, the benchmark for mortgage rates, was left unchanged at 4.20 percent.

The one-year LPR was last reduced by 10 basis points in August and the five-year LPR was cut by similar 10 basis points in June.

Although Beijing has influence over the LPR, the central bank fixes it monthly based on the submission of 18 banks. The LPR replaced the traditional benchmark lending rate in August 2019.

The decision was in line with expectations as the rate on medium-term lending facility, which acts as a guide to loan prime rates, was left unchanged at 2.5 percent despite raising the liquidity support early this week.

Data released earlier this week showed that the Chinese economy registered an annual growth of 4.9 percent in the third quarter. However, the growth rate weakened from the 6.3 percent logged in the second quarter, which was largely due to the low base of comparison.

Last week, the International Monetary Fund downgraded the China growth outlook citing the lower investment in the country amid the property sector crisis. The economy is projected to expand 5.0 percent this year and 4.2 percent next year.

MetroCity Bankshares Q3 Profit Declines

MetroCity Bankshares, Inc. (MCBS), holding company for Metro City Bank, reported Friday that net income for the third quarter declined to $11.43 million or $0.45 per share from $16.89 million or $0.66 per share in the prior-year quarter.

Net interest income declined to $24.15 million from $29.79 million a year ago, and noninterest income decreased 43.1 percent to $2.90 million from $5.10 million last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.50 per share on revenues of $29.20 million for the quarter. Analysts’ estimates typically exclude special items.

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

White Mountains Insurance To Buy Around 70% Stake In Bamboo

White Mountains Insurance Group, Ltd. (WTM) announced on Friday that it has inked a deal to acquire a 70 percent stake in Bamboo Ide8 Insurance Services, LLC.

WTM intends to invest around $285 million, which includes primary capital to support Bamboo’s growth.

Upon the completion of the transaction, expected in the first quarter of 2024, founder John Chu and the current Bamboo management will continue to lead the business.

Chris Delehanty, Head of M&A of White Mountains, said: “We are pleased to make this investment alongside John and the Bamboo management team. Bamboo is delivering a much-needed insurance alternative to homeowners in California. Bamboo has strong momentum, and we look forward to supporting its continued growth.”

Launched in 2018, Bamboo provides homeowners’ insurance for over 100,000 California policyholders, using its technology-enabled underwriting platform to select and manage risk.