China Biologic Products Inc. Q2 adjusted earnings Beat Estimates

China Biologic Products Inc. (CBPO) revealed earnings for its second quarter that increased from last year.

The company’s earnings came in at $41.65 million, or $1.06 per share. This compares with $28.64 million, or $0.83 per share, in last year’s second quarter.

Excluding items, China Biologic Products Inc. reported adjusted earnings of $56.69 million or $1.24 per share for the period.

Analysts had expected the company to earn $1.03 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 12.7% to $135.70 million from $120.38 million last year.

China Biologic Products Inc. earnings at a glance:

-Earnings (Q2): $56.69 Mln. vs. $49.17 Mln. last year.
-EPS (Q2): $1.24 vs. $1.17 last year.
-Analysts Estimate: $1.03
-Revenue (Q2): $135.70 Mln vs. $120.38 Mln last year.

Up to 30 Labour MPs prepared to vote for Brexit deal if PM secures fresh concessions: Telegraph

(Reuters) – Labour members of parliament are prepared to vote for a Brexit deal if British Prime Minister Boris Johnson secures fresh concessions from the European Union, the Telegraph reported on Monday.

Between 20 and 30 MPs are now ready to put their careers on the line to deliver Brexit should Johnson “get any sort of movement” from Brussels, the newspaper said, citing a senior backbencher.

A backchannel between Downing Street and opposition backbenchers is being coordinated by the Labour MP John Mann, the Telegraph said.

KLA Corp. stock slips after earnings beat amid tech selloff

KLA Corp. KLAC, -5.09% shares slipped in the extended session Monday after the semiconductor-equipment maker topped Wall Street earnings estimates for the quarter amid a big tech selloff. KLA shares declined 1.2% after hours, following a 5.1% drop in the regular session to close at $126.46. The company reported fiscal fourth-quarter net income of $217.8 million, or $1.35 a share, compared with $348.8 million, or $2.22 a share, in the year-ago period. Adjusted earnings were $1.78 a share. Revenue rose to $1.26 billion from $1.07 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $1.75 a share on revenue of $1.26 billion. On Monday, tech stocks hit their worst losing streak since President Donald Trump was elected and the Nasdaq Composite Index COMP, -3.47% fell 3.5% amid an escalating trade war with China.

US STOCKS SNAPSHOT-Wall St tumbles as yuan drop heightens U.S.-China trade war fears

NEW YORK, Aug 5 (Reuters) – Wall Street’s major indexes tumbled on Monday, with the benchmark S&P 500 dropping about 3%, as a fall in the yuan following U.S. President Donald Trump’s vow to impose additional tariffs on Chinese goods sparked fears of a further escalation of the U.S.-China trade war.

The Dow Jones Industrial Average fell 767.27 points, or 2.9%, to 25,717.74, the S&P 500 lost 87.31 points, or 2.98%, to 2,844.74, and the Nasdaq Composite dropped 278.03 points, or 3.47%, to 7,726.04. (Reporting by April Joyner Editing by Leslie Adler)

Dow sees worst drop of 2019 amid intensifying trade war between Trump, China

Stocks plunged on Monday amid renewed worries over President Donald Trump’s intensifying trade war with China, the world’s second-largest economy behind the U.S.

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Major U.S. indexes logged their biggest declines of the year with the Dow Industrial Average losing more than 760 points, or about 3%. It fell more than 950 points earlier in the session, marking its worse intraday drop of 2019.

The tumble came after China’s central bank allowed its currency, the yuan, to fall to its lowest level against the U.S. dollar in more than 10 years.

The growing trade fight between the two countries intensified early Monday morning when Trump accused China of manipulating its currency. His comments came just days after he threatened to levy tariffs on about $300 billion of Chinese goods, extending existing tariffs.

“China dropped the price of their currency to an almost a historic low. It’s called ‘currency manipulation,'” Trump tweeted. “Are you listening Federal Reserve? This is a major violation which will greatly weaken China over time!”

The Dow lost 767 points, about or 2.9%. The S&P 500 fell nearly 3% and the tech-heavy Nasdaq declined about 3.5%.

Oil Futures Settle Sharply Lower On Demand Growth Concerns

Crude oil prices fell sharply on Monday as concerns over energy demand rose amid escalating trade tensions between after U.S. proposed a 10% tariff on additional $300 billion worth of Chinese imports into the U.S.

After the U.S. said it would levy tariffs on more Chinese goods, China retaliated, saying it will initiate countermeasures to protect the country and its people.

West Texas Intermediate Crude oil futures for September ended down $0.97, or about 1.7%, at $54.69 a barrel.

Oil prices have been sliding down after U.S. President Donald Trump said last week he would impose 10% tariffs on another $300 billion worth of Chinese goods, effective September 1.

China has responded by vowing to retaliate. It said it would “take necessary counter measures to resolutely defend the core interests of the country and the fundamental interests of the people.”

The Chinese central bank today allowed the yuan to breach the watershed 7 per dollar mark, rising speculation that Beijing was allowing currency depreciation to counter Trump’s latest tariff threat.

Oil’s slide was probably halted by reports saying Iran seized a foreign oil tanker and its seven crew members in the Persian Gulf.