Saudi-led coalition intercepted Houthi drone launched toward residential area

RIYADH (Reuters) – Saudi Arabia’s air defenses intercepted a drone launched toward a residential area in the Khamis Mushait by Yemen’s Iran-aligned Houthis on Tuesday, the spokesman for the Saudi-led coalition said.

The Houthis’ Al Masirah TV said earlier that the group had attacked military positions and aircraft hangars at two nearby airports in southwestern Saudi Arabia.

There were no details about casualties or damage.

Micron Technology Q3 adjusted earnings Beat Estimates

Micron Technology (MU) released a profit for third quarter that decreased from the same period last year.

The company’s bottom line came in at $840 million, or $0.74 per share. This compares with $3823 million, or $3.10 per share, in last year’s third quarter.

Excluding items, Micron Technology reported adjusted earnings of $1198 million or $1.05 per share for the period.

Analysts had expected the company to earn $0.83 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 38.6% to $4.79 billion from $7.80 billion last year.

Micron Technology earnings at a glance:

-Earnings (Q3): $1198 Mln. vs. $3898 Mln. last year.
-EPS (Q3): $1.05 vs. $3.15 last year.
-Analysts Estimate: $0.83
-Revenue (Q3): $4.79 Bln vs. $7.80 Bln last year.

MSCI upgrades Kuwait equities to its main emerging markets index

June 25 (Reuters) – MSCI Inc upgraded Kuwaiti equities to its main emerging markets index on Tuesday, which could trigger $2.8 billion of inflows from passive funds.

MSCI also said it will consult on the potential reclassification of the MSCI Iceland Index to Frontier Markets status. (Reporting by Jennifer Ablan; editing by Jonathan Oatis)

Synnex tops Wall Street quarterly views

Synnex Corp. SNX, -0.43% on Tuesday said revenue rose in its latest quarter, a gain aided by its acquisition of call-center operator Convergys Corp last year.

The company distributes a wide range of technology products, including servers, security equipment and software. Its Concentrix unit operates contact centers for various clients.

Synnex said that sales increased to $5.72 billion in the quarter that ended May 31, up 17% compared with the same period last year. Last year, the company bought Convergys, adding revenue to its Concentrix business.

Analysts expected $5.52 billion in sales, according to FactSet.

The company reported a profit of $114.5 million, or $2.23 a share, compared with $93.7 million, or $2.34 a share, a year earlier.

After excluding acquisition costs and make other adjustments, Synnex reported a profit of $2.86 a share, more than the $2.71 a share analysts polled by FactSet were targeting.

Fremont, Calif.-based Synnex expects revenue of $5.55 billion to $5.85 billion in its fiscal third quarter and adjusted net income of $2.80 to $2.92 a share.

Write to Micah Maidenberg at [email protected]

FedEx Corporation Q4 adjusted earnings Beat Estimates

Below are the earnings highlights for FedEx Corporation (FDX):

-Earnings: -$1.97 billion in Q4 vs. $1.13 billion in the same period last year.
-EPS: -$7.56 in Q4 vs. $4.15 in the same period last year.
-Excluding items, FedEx Corporation reported adjusted earnings of $1.32 billion or $5.01 per share for the period.
-Analysts projected $4.93 per share
-Revenue: $17.8 billion in Q4 vs. $17.3 billion in the same period last year.

Yemen's Houthis attack military positions at Saudi Abha and Jizan airports: TV

CAIRO (Reuters) – Yemen’s Iran-aligned Houthi group attacked military positions and aircraft hangars at Saudi Arabia’s Abha and Jizan airports, the group’s Al Masirah TV said on Tuesday, citing a military spokesman.

There was no immediate confirmation from Saudi authorities.

The Houthis, who ousted the Saudi-backed internationally recognized government from power in the Yemeni capital Sanaa in late 2014, have stepped up missile and drone attacks on Saudi cities this month.

GM to put $4.2B toward US assembly plants ahead of new vehicle lines: report

General Motors reports 1Q revenue miss

FBN’s Ashley Webster breaks down General Motors’ first-quarter results.

General Motors is reportedly gearing up for the rollout of its next generation of vehicles by putting billions of dollars toward multiple U.S.-based assembly plants.

Continue Reading Below

Upwards of $4.2 billion will be going toward GM facilities in Fort Wayne, Indiana, Flint, Michigan and Arlington, Texas, the company said Tuesday.

The facilities will reportedly undergo a series of updates, including a boost in capacity, in an effort to prepare for new pickups and SUVs.

The Arlington facility will have $1.4 billion of the investment put toward it and work is anticipated to be finished in 2020, officials said.

New investments are also being made in plants in Ohio ahead of the release of 2021 models of pickups and SUVs, GM said.

Advertisement

CLICK HERE FOR THE FOX BUSINESS APP

Earlier this month, GM announced that it was putting $150 million into its production facility in Flint, Michigan, in an effort to ramp up manufacturing of its all-new Chevrolet Silverado and GMC Sierra heavy-duty pickup trucks.

The Associated Press contributed to this report.

Fed's Barkin sees risk the U.S. could talk itself into a recession; no sign of it yet

OTTAWA, June 25 (Reuters) – Richmond Federal Reserve President Thomas Barkin on Tuesday said there was a risk the United States could talk itself into a recession but added he saw no sign of this happening yet.

Barkin made his comments during an event at the University of Ottawa. He is not currently a voter on the Fed’s interest rate-setting panel. (Reporting by David Ljunggren; editing by Jonathan Oatis)