Wednesday, 23 Sep 2020

European Economics Preview: Germany’s Industrial Output Data Due

ANI Pharmaceuticals, Inc. Q2 adjusted earnings Beat Estimates

ANI Pharmaceuticals, Inc. (ANIP) revealed earnings for its second quarter that climbed from last year.

The company’s earnings came in at $6.59 million, or $0.53 per share. This compares with $2.78 million, or $0.23 per share, in last year’s second quarter.

Excluding items, ANI Pharmaceuticals, Inc. reported adjusted earnings of $17.28 million or $1.44 per share for the period.

Analysts had expected the company to earn $1.28 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 15.0% to $54.36 million from $47.27 million last year.

ANI Pharmaceuticals, Inc. earnings at a glance:

-Earnings (Q2): $17.28 Mln. vs. $13.374 Mln. last year.
-EPS (Q2): $1.44 vs. $1.13 last year.
-Analysts Estimate: $1.28
-Revenue (Q2): $54.36 Mln vs. $47.27 Mln last year.

-Guidance:
Full year EPS guidance: $5.57 to $6.21
Full year revenue guidance: $220 to $226 Mln

Chile reports July trade deficit of $29 mln due to weakness in key export copper

SANTIAGO, Aug 7 (Reuters) – Chile registered a trade deficit of $29 million in July, amid persistent weakness in the value of copper shipments, the country’s main export, the central bank said on Wednesday.

It was the first negative trade balance to be reported since October 2018. Copper exports totaled $2.639 billion in July, the bank said.

Total exports reached $5.770 billion for a year-on-year decrease of 4.6%, while imports rose 0.5% to $5.799 billion.

Seaspan Corporation Q2 Profit Drops

Seaspan Corporation (SSW) released earnings for second quarter that dropped from the same period last year.

The company’s bottom line came in at $21.79 million, or $0.10 per share. This compares with $49.18 million, or $0.34 per share, in last year’s second quarter.

Analysts had expected the company to earn $0.14 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 2.2% to $275.42 million from $281.66 million last year.

Seaspan Corporation earnings at a glance:

-Earnings (Q2): $21.79 Mln. vs. $49.18 Mln. last year.
-EPS (Q2): $0.10 vs. $0.34 last year.
-Analysts Estimate: $0.14
-Revenue (Q2): $275.42 Mln vs. $281.66 Mln last year.

-Guidance:
Full year revenue guidance: $1115 – $1120 Mln

Pakistan says will downgrade diplomatic relations with India over Kashmir

Pakistan said on Wednesday it will"downgrade" diplomatic relations and suspend bilateral trade with arch-rival India after New Delhi stripped its portion of the contested Kashmir region of special status.

Neighbours China and Pakistan, which both claim parts of the region, have voiced fierce opposition to India's move dropping a constitutional provision that had allowed the country's only Muslim-majority state to make its own laws.

A spokesman for India's foreign ministry did not immediately respond to a request for comment.

Tristar Products Recalls Magnetic Trivets For Ingestion Hazard

Tristar Products has recalled about 350,000 magnetic trivets due to potential risk of ingestion.

Tristar Products said magnets can detach from the trivets, posing an ingestion hazard to children. When two or more magnets are swallowed, they can link together inside the intestines and clamp onto body tissues, causing intestinal obstructions, perforations, sepsis and death. Internal injury from magnets can pose serious lifelong health effects.

The company said it received one report of magnets detaching from a trivet and being swallowed by a child. The child suffered intestinal perforations and blockage, requiring surgery.

The recall magnetic trivets sold with Copper Chef 10-Piece Cerami-Tech Nonstick Cookware Sets and sold separately. The trivets attach to the bottom of hot metal cookware, allowing it to be placed on tables. The trivets have four magnets encased in silicone and come in copper, burgundy, blue, and black colors.

Consumers have been asked to stop using the trivets and place them out of the reach of children.

The recalled products were sold at QVC from October 2017 through October of 2018 for between $75 and $120 when sold as part of the cookware set and $10 when sold separately.

Gold Extends Gains To 4th Straight Session On Trade Worries

Gold prices moved higher Wednesday morning, extending recent gains, amid persisting concerns over U.S.-China trade war.

Lower index futures that suggest a sharp fall in stock prices early on Wednesday appear to be contributing substantially to the yellow metal’s rise.

A subdued dollar amid a call from U.S. President Donald Trump for further rate cuts by the Federal Reserve is also seen supporting the safe haven asset.

Meanwhile, the 10-year Treasury yield slid to its lowest level since 2016. The benchmark 10-year Treasury yield traded at 1.63% after having stayed above 2% last week.

Gold futures for December were up $22.30, or 1.5%, at $1,506.40 an ounce.

Gold futures for December ended up $7.70, or 0.5%, at $1,484.20 an ounce on Tuesday, after gaining about 1.3% a session earlier.

Silver futures for September were gaining $0.485, or 2.95%, at $16.930 an ounce, while Copper futures were down $0.0030, or 0.12%, at $2.5545 per pound.

European Economics Preview: Germany’s Industrial Output Data Due

Industrial production from Germany and house prices from the UK are due on Wednesday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is slated to issue Germany’s industrial output for June. Economists forecast production to fall 0.5 percent on month, reversing a 0.3 percent rise in May.

At 2.45 am ET, France’s foreign trade data is due for June.

At 3.00 am ET, retail sales from the Czech Republic and industrial production from Hungary are due. The Czech retail sales are expected to rise 1.3 percent annually in June, slower than the 2.3 percent rise in May.

In the meantime, wholesale price figures are due from Austria.

At 3.30 am ET, UK Halifax house price data is due. House prices are expected to rise 4.4 percent in three months to July compared to an increase of 5.7 percent in three months to June.

Related Posts