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Elekta: Interim report, May-October 2021/22

STOCKHOLM, Nov. 25, 2021 /PRNewswire/ -- The increasing need for investments in cancer care and radiotherapy across the globe supported a gradual market recovery during the quarter. Our orders grew with double digits, and despite the continued global supply chain challenges we secured good revenue growth supported by a strong finish of the quarter. Our margins improved sequentially but were still impacted by higher logistics costs. Gustaf SalfordPresident and CEO Second quarter          Gross order intake amounted to SEK 4,045 M (3,627), corresponding to a 12 percent increase in constant currency            Net sales were SEK 3,697 M (3,534), corresponding to a 7 percent growth in constant currency           Gross margin amounted to 38.6 percent (40.9)          EBIT amounted to SEK 533 M (559), corresponding to an EBIT margin of 14.4 percent (15.8)            Earnings per share was SEK 1.00 (0.98) before/after dilution            Cash flow after continuous investments decreased by SEK 379 M to SEK -17 M (362) First six months          Gross order intake amounted to SEK 8,025 M (8,078), corresponding to a 3 percent growth in constant currency            Net sales were SEK 6,707 M (6,515), corresponding to a 7 percent increase in constant currency            Gross margin amounted to 37.9 (43.2) percent          EBIT amounted to SEK 734 M (893), corresponding to an EBIT margin of 10.9 percent (13.7)            Earnings per share was SEK 1.33 (1.55) before/after dilution            Cash flow after continuous investments decreased by SEK 749 M to SEK -360 M (389) Group summary Q2.....»»

Category: earningsSource: benzingaNov 25th, 2021

Futures Rebound Fizzles On Slowing iPhone Demand, Omicron Fears

Futures Rebound Fizzles On Slowing iPhone Demand, Omicron Fears U.S. index futures regained some ground alongside Asian markets while European stocks slumped to session lows in a delayed response to yesterday's late Omicron-driven US selloff, as markets remained volatile following the biggest two-day plunge in more than a year, spurred by concern about the omicron coronavirus variant and Federal Reserve tightening. Investors await data for unemployment claims, as well as earnings from companies including Dollar General and Kroger. Tech is the weakest sector, dropping in sympathy after Apple warned its suppliers of slowing iPhone demand. Nasdaq futures pared earlier gains of up to 0.8% to trade down 0.1% while S&P futures are only 0.2% higher after rising as much as 0.9%. While the knee-jerk reaction of stock investors may “continue to be to take profits before the end of the year,” there is “plenty of liquidity available to drive stock prices higher as dip-buyers enter the market,” Ed Yardeni wrote in a note. The U.S. economy grew at a modest to moderate pace through mid-November, while price hikes were widespread amid supply-chain disruptions and labor shortages, the Federal Reserve said in its Beige Book survey Tuesday. Cruise-ship operator Carnival jumped 3.8% in premarket trading, while Pfizer and Moderna fell as the World Health Organization said that existing vaccines will likely protect against severe cases of the variant. Boeing contracts gained 3.4% after a report that the flagship 737 Max aircraft has regained airworthiness approval in China. With lots of uncertainty surrounding the pandemic and Fed policy, the size of potential market swings is still considerable.  Here are some other notable premarket movers today: Apple (AAPL US) shares fell 1.8% in premarket trading after the iPhone maker was said to tell suppliers that demand for its flagship product has slowed. Wall Street analysts, however, remained bullish. U.S. stocks tied to former President Donald Trump rise in premarket trading following a report his media group is in talks to raise new financing. Digital World Acquisition (DWAC US) +24%, Phunware (PHUN US) +38%. Katapult (KPLT US) shares sink 14% in premarket after the financial technology firm said its gross originations over a two-month period were lower than 2020 levels. Vir (VIR US) shares jump 8.1% in premarket trading after its Covid-19 antibody treatment, co-developed with Glaxo, looked to be effective against the new omicron variant in early testing. Snowflake (SNOW US) is up 17% premarket following quarterly results that impressed analysts, though some raise questions over the data software company’s valuation. CrowdStrike (CRWD US) shares jumped 5.1% in premarket after it boosted its revenue forecast for the full year. Square’s (SQ US) shares are 0.4% higher premarket. Corporate name change to Block Inc. indicates “a symbolic rebirth,” according to Barclays as it shows a broader set of possibilities than those of a pure payments company. Okta’s (OKTA US) shares advanced in postmarket trading. 3Q results show the cybersecurity company is well- positioned to deliver growth, even if some analysts say its guidance looks conservative and that its growth was not as strong as in prior quarters. The Omicron variant also hurt risk appetite, making the safe-haven bonds more attractive to investors, pushing yields down - although yields picked up again in early European trading. Volatility in equity markets as measured by the Vix hit its highest since February on Wednesday, before easing on Thursday, but remained well above this year’s average and almost twice as high as a month ago. Investors are braced for volatility to continue through December, stirred by tightening central-bank policies to fight inflation just as the omicron variant complicates the outlook for the pandemic recovery. The recent market turmoil may offer investors a chance to position for a trend reversal in reopening and commodity trades, according to JPMorgan Chase & Co. "Investors will need to maintain their calm during a period of uncertainty until the scientific data give a clearer picture of which scenario we face," said Mark Haefele, chief investment officer at UBS Global Wealth Management in Zurich. “This, in turn, will help shape the reaction of central bankers." Also weighing on stock markets, and flattening the U.S. yield curve, were remarks by Federal Reserve Chair Jerome Powell, who said that he would consider a faster end to the Fed's bond-buying programme, which could open the door to earlier interest rate hikes. In his second day of testimony in Congress on Wednesday, Powell reiterated that the U.S. central bank needs to be ready to respond to the possibility that inflation does not recede in the second half of next year. read more "In this past what we’ve seen is central banks using COVID as an excuse to remain dovish, and what we're seeing is central banks turn hawkish despite rising concerns around COVID, so it is a bit of a shift in communication," said Mohammed Kazmi, portfolio manager at UBP.  That said, the market is now so oversold, this is where we usually see aggressive dip-buying. In Europe, tech companies were the worst performers after Apple warned its component suppliers of slowing demand for its iPhone 13, the news dragged index heavyweight ASML Holding NV more than 4%. Meanwhile, travel shares were among the worst performers as the omicron variant continued to pop upin countries around the world, including the U.S., Norway, Ireland and South Korea. The Euro Stoxx 50 dropped as much as 1.7% while the Stoxx 600 Index fell 1.5%, extending declines to trade at a session low, with all sectors in the red and led lower by technology and travel stocks. The Stoxx 600 Technology Index slumped as much as 3.9%, the most in two months. Vifor Pharma surged by a record 18% following a report that Australia’s CSL is in advanced talks to acquire Swiss drugmaker. Here are some of the biggest European movers today: Vifor Pharma shares rise as much as 18% on a report that Australia’s CSL is in advanced talks to acquire the Swiss-based drug maker and developer while working with BofA on a A$4 billion funding package. Argenx jumps as much as 9.5% after Kepler Cheuvreux upgrades the stock to buy, saying the biotech company is on the brink of launching its first commercial product. Duerr gains as much as 7.2%, most since Aug. 10, after Deutsche Bank upgrades to buy and sets aa Street-high PT of EU60 for the German engineering company, citing the digitalization of the industry. Daily Mail & General Trust rises as much as 3.9% after Rothermere Continuation raised its bid for all DMGT’s Class A shares by 5.9% to 270p a share in cash. Klarabo surges as much as 54% as shares start trading on Nasdaq Stockholm after the Swedish property company raised SEK750m in an IPO. Eurofins Scientific declines for a fourth session, falling as much as 3.2%, as Goldman Sachs downgrades the company to neutral from buy “following strong outperformance YTD.” Deliveroo drops as much as 6.4% after an offering of 17.6m shares by CEO Will Shu and CFO Adam Miller at a price of 278p a share, representing a 4.2% discount to the last close. M&S falls as much as 3.4% after UBS cut its rating to neutral from buy, citing limited upside to its new price target as well as “little room for meaningful upgrades.” Earlier in the session, Asian stocks erased an earlier loss to trade slightly up, as traders continued to assess the potential impact of the omicron virus strain and the Federal Reserve’s efforts to keep inflation in check.  The MSCI Asia Pacific Index rose 0.2% after falling 0.4% in the morning. South Korea led regional gains, helped by large-cap chipmakers, while Japan was among the worst performers after the government dropped a plan for a blanket halt to all new incoming flight reservations. Asia’s equity benchmark is still down about 4% so far this year after rebounding in the past two sessions from a one-year low reached earlier this week. Despite the region’s underperformance against the U.S. and Europe, cheap valuations and foreign-investor positioning have prompted brokerages including Credit Suisse Group AG and Nomura Securities Co. Ltd. to turn bullish on Asia’s prospects next year. “Equity markets continue to play omicron tennis and traders looking for short-term direction should just wait for the next virus headline and then act accordingly,” said Jeffrey Halley, a senior market analyst at Oanda Corp. “Volatility, and not market direction, will be the winner this week.” Chinese technology shares including Alibaba Group Holding slid after Beijing was said to be planning to close a loophole used by the sector to go public abroad, fueling concern over existing overseas listings. Japanese equities declined, following U.S. peers lower after the first American case of the omicron coronavirus variant was confirmed. Electronics makers and telecoms were the biggest drags on the Topix, which fell 0.5%. SoftBank Group and TDK were the largest contributors to a 0.7% loss in the Nikkei 225.  The S&P 500 posted its worst two-day selloff since October 2020 after the first U.S. case of the new strain was reported. Federal Reserve Chair Jerome Powell reiterated that officials should consider a quicker reduction of monetary stimulus amid elevated inflation. “Truth is, there’s probably a lot of people who are wanting to buy stocks at some point,” said Naoki Fujiwara, chief fund manager at Shinkin Asset Management. “But, with omicron still an unknown, people are responding sensitively to news development, and that’s keeping them from buying.” India’s benchmark equity index climbed for a second day, led by software exporters, on an improving economic outlook and as investors grabbed some beaten-down stocks after recent declines. The S&P BSE Sensex Index rose 1.4% to close at 58,461.29 in Mumbai, the biggest advance since Nov. 1. Its two-day gains increased to 2.5%, the most since Aug. 31. The NSE Nifty 50 Index also surged by a similar magnitude. All of the 19 sector sub-indexes compiled by BSE Ltd. were up, led by a gauge of utilities companies. “India underperformed the global markets in recent weeks. Investors are now going for value buying in stocks at lower levels,” said A. K. Prabhakar, head of research at IDBI Capital Market Services. The Sensex gained in three of the past four sessions after plunging 2.9% on Friday, the biggest drop since April. The rally, however, is in contrast to most global peers which are witnessing volatility on worries over the spread of the omicron variant. High frequency indicators in India, such as tax collection and manufacturing activities, have shown robust growth in recent months, while the country’s economy expanded 8.4% in the quarter ended in September, according to an official data release on Tuesday. Mortgage lender HDFC contributed the most to the Sensex’s gain, increasing 3.9%. Out of 30 shares in the index, 27 rose and three fell. In rates, trading has been relatively quiet as bunds and gilts bull steepen a touch with risk offered, while cash TSYs bear flatten, cheapening ~5bps across the curve.Treasuries retraced part of yesterday’s rally that sent the benchmark 30-year rate to the lowest since early January. A large buyer of 5-year U.S. Treasury options targets the yield dropping around 17bps. 5s10s, 5s30s spreads flattened by ~1bp and ~2bp to multimonth lows; 10-year yields around 1.43%, cheaper by more than 3bp on the day while bunds and gilt yields are richer by ~1bp. Front-end and belly of the curve underperform vs long-end, while bunds and gilts outperform Treasuries. With little economic data slated, speeches by several Fed officials are main focal points. Peripheral spreads tighten with 10y Spain outperforming after well received auctions, albeit with a small size on offer. U.S. economic data slate includes November Challenger job cuts (7:30am) and initial jobless claims (8:30am) In FX, the Bloomberg Dollar Spot Index fell to a day low in the European session and the greenback traded mixed versus its Group-of-10 peers as most crosses consolidated in recent ranges. Two-week implied volatility in the major currencies trades in the green Thursday as it now captures the next policy decisions by the world’s major central banks. Euro- dollar on the tenor rises by as much as 138 basis points to touch 8.22%, highest in a year; the relative premium, however, remains below parity as realized has risen to levels unseen since August 2020. The pound rose along with some other risk- sensitive currencies following the British currency’s three-day slump against the dollar. Long-end gilts underperformed, leading to some steepening of the curve. The yen fell for the first day in three while the Swiss franc fell a second day. The Hungarian forint rose to almost a three-week high after the central bank in Budapest raised the one-week deposit rate by 20 basis points to 3.10%. Economists in a Bloomberg survey were evenly split in predicting a 10 or 20 basis point increase. The Turkish lira resumed its slump after President Recep Tayyip Erdogan abruptly replaced his finance minister amid deepening rifts in the administration over aggressive interest-rate cuts that have undermined the currency and fueled inflation. Poland’s central bank Governor Adam Glapinski sent the zloty to a three-week high against the euro on Thursday with his changed rhetoric on inflation, which he no longer sees as transitory after prices surged at the fastest pace in more than two decades. Currency market volatility also rose, with euro-dollar one-month volatility gauges below Monday's one-year peak but still at elevate levels . "Liquidity in some areas of the market is still quite poor as people grapple with this news and as we head towards year-end, a lot of it is really liquidity driven, which is leading to some volatility," said UBP's Kazmi. "Even in the most liquid market of the U.S. treasury market we've seen some fairly large moves on very little newsflow at times." In commodities, crude futures extend Asia’s gains. WTI adds 2.2% near $67, Brent near $70.50 ahead of today’s OPEC+ meeting. Spot gold finds support near Tuesday’s, recovering somewhat to trade near $1,774/oz. Base metals are mixed: LME aluminum drops as much as 1.1%, nickel, zinc and tin hold in the green Looking at the day ahead now, and central bank speakers include the Fed’s Quarles, Bostic, Daly and Barkin, as well as the ECB’s Panetta. Data releases include the Euro Area unemployment rate and PPI inflation for October, while there’s also the weekly initial jobless claims. Lastly, the OPEC+ group will be meeting. Market Snapshot S&P 500 futures up 0.7% to 4,540.25 STOXX Europe 600 down 1.0% to 466.37 MXAP up 0.2% to 192.07 MXAPJ up 0.7% to 629.36 Nikkei down 0.7% to 27,753.37 Topix down 0.5% to 1,926.37 Hang Seng Index up 0.5% to 23,788.93 Shanghai Composite little changed at 3,573.84 Sensex up 1.3% to 58,436.52 Australia S&P/ASX 200 down 0.1% to 7,225.18 Kospi up 1.6% to 2,945.27 Brent Futures up 2.4% to $70.53/bbl Gold spot down 0.6% to $1,771.73 U.S. Dollar Index little changed at 96.03 German 10Y yield little changed at -0.35% Euro little changed at $1.1320 Top Overnight News from Bloomberg Federal Reserve Bank of Cleveland President Loretta Mester said she’s “very open” to scaling back the Fed’s asset purchases at a faster pace so it can raise interest rates a couple of times next year if needed A United Nations gauge of global food prices rose 1.2% last month, threatening to make it more expensive for households to put a meal on the table. It’s more evidence of inflation soaring in the world’s largest economies and may make it even harder for the poorest nations to import food, worsening a hunger crisis Germany is poised to clamp down on people who aren’t vaccinated against Covid-19 and drastically curtail social contacts to ease pressure on increasingly stretched hospitals Some investors buffeted by concerns about tighter monetary policy are turning their sights to China’s battered junk bonds, given they offer some of the biggest yield buffers anywhere in global credit markets Pfizer Inc. says data on how well its Covid-19 vaccine protects against the omicron variant should be available within two to three weeks, an executive said GlaxoSmithKline Plc said its Covid-19 antibody treatment looks to be effective against the new omicron variant in early testing A more detailed look at global markets courtesy of Newsquawk Asian equity markets traded tentatively following the declines on Wall St where all major indices extended on losses and selling was exacerbated on confirmation of the first Omicron case in the US, while the Asia-Pac region also contended with its own pandemic concerns. ASX 200 (-0.2%) was subdued amid heavy losses in the tech sector and with a surge of infections in Victoria state, although downside in the index was cushioned amid inline Retail Sales and Trade Balance, as well as M&A optimism after Woolworths made a non-binding indicative proposal for Australian Pharmaceutical Industries. Nikkei 225 (-0.7%) weakened after the government instructed airlines to halt inbound flight bookings for a month due to fears of the new variant and with auto names also pressured by declines in monthly sales amid the chip supply crunch. KOSPI (+1.6%) showed resilience amid expectations for lawmakers to pass a record budget today and recouped opening losses despite the record increase in daily infections and confirmation of its first Omicron cases, while the index also shrugged off the highest CPI reading in a decade which effectively supports the case for further rate increases by the BoK. Hang Seng (+0.6%) and Shanghai Comp. (-0.1%) were choppy following another liquidity drain by the PBoC and with tech pressured in Hong Kong as Alibaba shares extended on declines after recently slipping to a 4-year low in its US listing. Beijing regulatory tightening also provided a headwind as initial reports suggested China is to crack down on loopholes used by tech firms for foreign IPOs, although this was later refuted by China, and the CBIRC is planning stricter regulations on major shareholders of banks and insurance companies, as well as confirmed it will better regulate connected transactions of banks. Finally, 10yr JGBs were higher as prices tracked gains in global counterparts and amid the risk aversion in Japan, although prices are off intraday highs after hitting resistance during a brief incursion to the 152.00 level and despite the marginally improved metrics from 10yr JGB auction. Top Asian News Asia Stocks Swing as Investors Weigh Omicron Impact, Fed Views Apple Tells Suppliers IPhone Demand Slowing as Holidays Near Moody’s Cuts China Property Sales View on Financing Difficulties Faith in Singapore Leaders Hit by Record Covid Wave, Poll Shows Bourses across Europe have held onto losses seen at the cash open (Euro Stoxx 50 -1.4%; Stoxx -1.2%), as the region plays catchup to the downside seen on Wall Street – seemingly sparked by a concoction of hawkish Fed rhetoric and the discovery of the Omicron variant in the US. Nonetheless, US equity futures are firmer across the board but to varying degrees – with the cyclical RTY (+1.1%) and the NQ (+0.3%) the current laggard. European futures ahead of the cash open saw some mild fleeting impetus on reports GlaxoSmithKline's (-0.3%) COVID treatment Sotrovimab retains its activity against Omicron variant, and the UK MHRA simultaneously approved the use of Sotrovimab – but caveated that it is too early to know whether Omicron has any impact on effectiveness. Conversely, brief risk-off crept into the market following commentary from a South African Scientist who warned the country is seeing an exponential rise in new COVID cases with a predominance of Omicron variant across the country – with the variant causing the fastest ever community transmission - but expects fewer active cases and hospitalisations this wave. Back to Europe, Euro indices see broad-based losses whilst the downside in the FTSE 100 (-0.7%) is less severe amid support from its heavyweight Oil & Gas sector – the outperforming sector in the region. Delving deeper, sectors see no overarching theme nor bias – Food & Beverages, Autos and Banks are towards the top of the bunch, whilst Tech, Telecoms, and Travel &Leisure. Tech is predominantly weighed on by reports that Apple (-2% pre-market) reportedly told iPhone component suppliers that demand slowed down. As such ASML (-5.0%), STMicroelectronics (-4.4%) and Infineon (-3.6%) reside among the biggest losers in the Stoxx 600. Deliveroo (-5.3%) is softer following an offering of almost 18mln at a discount to yesterday's close. In terms of market commentary, Morgan Stanley believes that inflation will remain high over the next few months, in turn supporting commodities, financials and some cyclical sectors. The bank identifies beneficiaries including EDF (-1.5%), Engie (-1.2%), SSE (-0.2%), Legrand (-1.3%), Tesco (-0.5%), BT (-0.8%), Michelin (-1.6%) and Sika (-0.9%). Top European News Shell Kicks Off First Wave of Buybacks From Permian Sale Omicron Threatens to Prolong Pain in Bid to Vaccinate the World Apple, Suppliers Drop Premarket After Report Demand Slowed Valeo, Gestamp Gain After Barclays Raises to Overweight In FX, currency markets are still in a state of flux, or limbo bar a few exceptions, and the Greenback is gyrating against major peers awaiting the next major event that could provide clearer direction and a more decisive range break. Thursday’s agenda offers some scope on that front via US initial jobless claims and a host of Fed speakers, but in truth NFP tomorrow is probably more likely to be influential even though chair Powell has effectively given the green light to fast-track tapering from December. In the interim, the index continues to keep a relatively short leash around 96.000, and is holding within 96.138-95.895 confines so far today. JPY/CHF - Although risk considerations look supportive for the Yen, on paper, UST-JGB/Fed-BoJ differentials coupled with technical impulses are keeping Usd/Jpy buoyant on the 113.00 handle, with additional demand said to have come from Japanese exporters overnight. However, the headline pair may run into offers/resistance circa 113.50 and any breach could be capped by decent option expiry interest spanning 113.60-75 (1.5 bn). Similarly, the Franc has slipped back below 0.9200 on yield and Swiss/US Central Bank policy stances plus near term outlooks, and hardly helped by a slowdown in retail sales. GBP/CAD/NZD - All firmer vs their US counterpart, though again well within recent admittedly wide ranges, and the Pound perhaps more attuned to Eur/Gbp fluctuations as the cross retreats to retest 0.8500 and Cable rebounds to have another look at 1.3300 where a fairly big option expiry resides (850 mn). Indeed, Sterling has largely shrugged off the latest BoE Monthly Decision Maker Panel release that in truth did not deliver any clues on what is set to be another knife-edge MPC gathering in December. Elsewhere, the Loonie is straddling 1.2800 with eyes on WTI crude ahead of Canadian jobs data on Friday and the Kiwi is hovering above 0.6800 after weaker NZ Q3 terms of trade were offset to some extent by favourable Aud/Nzd headwinds. AUD/EUR - Both narrowly mixed against US Dollar, with the Aussie pivoting 0.7100 in wake of roughly in line trade and retail sales data overnight, but wary about the latest virus outbreak in the state of Victoria, while the Euro is sitting somewhat uncomfortably on the 1.1300 handle amidst softer EGB yields and heightened uncertainty about what the ECB might or might not do in December on the QE guidance front. In commodities, WTI and Brent front-month futures are firmer intraday as traders gear up for the JMMC and OPEC+ confabs at 12:00GMT and 13:00GMT, respectively. The jury is still split on what the final decision could be, but the case for OPEC+ to pause the planned monthly relaxation of output curbs by 400k BPD has been strengthening against the backdrop of Omicron coupled with the coordinated SPR releases (an updating Rolling Headline is available on the Newsquawk headline feed). As expected, OPEC sources have been testing the waters in the run-up, whilst yesterday's JTC/OPEC meetings largely surrounded the successor to the Secretary-General position. Oil market price action will likely be centred around OPEC+ today in the absence of any macro shocks. WTI Jan resides around USD 66.50/bbl (vs low USD 65.41/bbl) whilst Brent Feb briefly topped USD 70/bbl (vs low USD 68.73/bbl). Elsewhere, spot gold has eased further from the USD 1,800/oz after failing to sustain a break above the 50, 100 and 200 DMAs which have all converged to USD 1,791/oz today. LME copper is on the backfoot amid the cautious risk sentiment, with the red metal back under USD 9,500/t but off overnight lows. US Event Calendar 7:30am: Nov. Challenger Job Cuts -77.0% YoY, prior -71.7% 8:30am: Nov. Initial Jobless Claims, est. 240,000, prior 199,000; 8:30am: Nov. Continuing Claims, est. 2m, prior 2.05m 9:45am: Nov. Langer Consumer Comfort, prior 52.2 DB's Jim Reid concludes the overnight wrap With investors remaining on tenterhooks to find out some definitive information on the Omicron variant, yesterday saw markets continue to see-saw for a 4th day running. Following one of the biggest sell-offs of the year on Friday, we then had a partial bounceback on Monday, another bout of fears on Tuesday (not helped by the prospect of faster tapering), and yesterday saw another rally back before risk sentiment turned sharply later in the day as an initial case of the Omicron variant was discovered in the US. You can get some idea of this by the fact that Europe’s STOXX 600 (+1.71%) posted its best daily performance since May, whereas the S&P 500 moved from an intraday high where it had been up +1.88%, before shedding all those gains and more to close -1.18% lower. In fact, that decline means the S&P has now lost over -3% in the last two sessions, marking its worst 2-day performance in over a year, and this heightened volatility saw the VIX index close back above 30 for the first time since early February. In terms of developments about Omicron, we’re still in a waiting game for some concrete stats, but there was positive news early on from the World Health Organization’s chief scientist, who said that they think vaccines “will still protect against severe disease as they have against the other variants”. On the other hand, there was further negative news out of South Africa, as the country reported 8,561 infections over the previous day, with a positivity rate of 16.5%. That’s up from 4,373 cases the day before, and 2,273 the day before that, so all eyes will be on whether this trend continues, and also on what that means for hospitalisation and death rates over the days ahead. Against this backdrop, calls for fresh restrictions mounted across a range of countries, particularly on the travel side. In the US, it’s been reported already by the Washington Post that President Biden could today announce stricter testing requirements for arriving travellers. Meanwhile, France is moving to require non-EU arrivals to show a negative test before arrival, irrespective of their vaccination status. The EU Commission further said that member states should conduct daily reviews of essential travel restrictions, and Commission President von der Leyen also said that the EU should discuss the topic of mandatory vaccinations. There was also a Bloomberg report that German Chancellor Merkel would recommend mandatory vaccinations from February 2022, according to a Chancellery paper that they’d obtained. That came as Slovakia sought to incentivise vaccination uptake among older citizens, with the cabinet backing a €500 hospitality voucher for residents over 60 who’ve been vaccinated. As on Tuesday, the other main headlines yesterday were provided by Fed Chair Powell, who re-emphasised his more hawkish rhetoric around inflation before the House Financial Services Committee. Notably he said that “We’ve seen inflation be more persistent. We’ve seen the factors that are causing higher inflation to be more persistent”, though yields on 2yr Treasuries (-1.4bps) already had the shift in stance priced in. New York Fed President Williams echoed that view in an interview, noting it would be germane to discuss and decide whether it was appropriate to accelerate the pace of tapering at the December FOMC. 10yr yields (-4.1bps) continued their decline, predominantly driven by the turn in sentiment following the negative Omicron headlines. That latest round of curve flattening left the 2s10s slope at its flattest level since early January around the time of the Georgia Senate race that ushered in the prospect of much larger fiscal stimulus. In terms of markets elsewhere, strong data releases helped to support risk appetite earlier in yesterday’s session, with investors also looking forward to tomorrow’s US jobs report for November that will be an important one ahead of the Fed’s decision in less than a couple of weeks’ time. The ISM manufacturing release for November saw the headline number come in roughly as expected at 61.1 (vs. 61.2 expected), and also included a rise in both the new orders (61.5) and the employment (53.3) components relative to last month. Separately, the ADP’s report of private payrolls for November likewise came in around expectations, with a +534k gain (vs. +526k expected). Staying on the US, one thing to keep an eye out over the next 24 hours will be any news on a government shutdown, with funding currently set to run out by the weekend as it stands. The headlines yesterday weren’t promising for those hoping for an uneventful, tidy resolution, as Politico indicated that some Congressional Republicans would not agree to an expedited process to fund the government should certain vaccine mandates remain in place. An expedited process is necessary to avoid a government shutdown at the end of the week, so one to watch. After the incredibly divergent equity performances in the US and Europe, we’ve seen a much more mixed performance in Asia overnight, with the KOSPI (+1.09%), Hang Seng (+0.23%), and CSI (+0.23%) all advancing, whereas the Shanghai Composite (-0.05%) and the Nikkei (-0.60%) are trading lower. In terms of the latest on Omicron, authorities in South Korea confirmed five cases, which came as the country also reported that CPI in November rose to its fastest since December 2011, at +3.7% (vs +3.1% expected). Separately in China, 53 local Covid-19 cases were reported in Inner Mongolia, whilst Harbin province reported 3 local cases. Looking forward, futures are indicating a positive start in the US with those on the S&P 500 (+0.64%) pointing higher. Back in Europe, sovereign bonds lost ground yesterday, and yields on 10yr bunds (+0.5bps), OATs (+1.1bps) and BTPs (+4.2bps) continued to move higher. Interestingly, there was a continued widening in peripheral spreads, with the gap between both Italian and Spanish 10yr yields over bunds reaching their biggest level in over a year, at 135bps and 77bps, respectively. Another factor to keep an eye on in Europe is another round of increases in natural gas prices, with futures up +3.42% to their highest level since mid-October yesterday. Lastly on the data front, the main other story was the release of the manufacturing PMIs from around the world. We’d already had the flash readings from a number of the key economies, so they weren’t too surprising, but the Euro Area came in at 58.4 (vs. flash 58.6), Germany came in at 57.4 (vs. flash 57.6), and the UK came in at 58.1 (vs. flash 58.2). One country that saw a decent upward revision was France, with the final number at 55.9 (vs. flash 54.6), which marks an end to 5 successive monthly declines in the French manufacturing PMI. One other release were German retail sales for October, which unexpectedly fell -0.3% (vs. +0.9% expected). To the day ahead now, and central bank speakers include the Fed’s Quarles, Bostic, Daly and Barkin, as well as the ECB’s Panetta. Data releases include the Euro Area unemployment rate and PPI inflation for October, while there’s also the weekly initial jobless claims. Lastly, the OPEC+ group will be meeting. Tyler Durden Thu, 12/02/2021 - 07:57.....»»

Category: dealsSource: nytDec 2nd, 2021

Synopsys Posts Financial Results for Fourth Quarter and Fiscal Year 2021

MOUNTAIN VIEW, Calif., Dec. 1, 2021 /PRNewswire/ -- Synopsys, Inc. (Nasdaq: SNPS) today reported results for its fourth quarter and fiscal year 2021. Revenue for the fourth quarter of fiscal year 2021 was $1.152 billion, compared to $1.025 billion for the fourth quarter of fiscal year 2020. Revenue for fiscal year 2021 was $4.204 billion, an increase of 14.1 percent from $3.685 billion in fiscal year 2020. "Synopsys delivered another record fiscal year in 2021, substantially exceeding our original targets, with strength in all product groups and geographies. We are entering fiscal year 2022 with significant financial, technology and customer momentum," said Aart de Geus, chairman and co-CEO of Synopsys. "Over the past several years, we have delivered disruptive innovations that are enabling the new era of 'smart everything,' an era that brings with it many new market entrants and increased investments. As a result, we are seeing a growing number of substantially expanded customer commitments and collaborations. In addition to fiscal year 2022 expectations of strong double-digit revenue growth, continued operating margin expansion, EPS growth in the mid-teens range, and nearly $1.5 billion in operating cash flow, we are also raising our long-term financial objectives, with increased EDA and IP revenue growth expectations." GAAP Results On a generally accepted accounting principles (GAAP) basis, net income for the fourth quarter of fiscal year 2021 was $201.4 million, or $1.28 per share, compared to $197.5 million, or $1.26 per share, for the fourth quarter of fiscal year 2020. GAAP net income for fiscal year 2021 was $757.5 million, or $4.81 per share, compared to $664.3 million, or $4.27 per share, for fiscal year 2020.  Non-GAAP Results On a non-GAAP basis, net income for the fourth quarter of fiscal year 2021 was $285.8 million, or $1.82 per share, compared to non-GAAP net income of $247.7 million, or $1.58 per share, for the fourth quarter of fiscal year 2020. Non-GAAP net income for fiscal year 2021 was $1.077 billion, or $6.84 per share, compared to non-GAAP net income of $864.6 million, or $5.55 per share, for fiscal year 2020. For a reconciliation between GAAP and non-GAAP results, see "GAAP to Non-GAAP Reconciliation" in the accompanying tables below.  Business Segments Synopsys reports revenue and operating income in two segments: (1) Semiconductor & System Design, which includes EDA and IP products, system integration solutions and associated services, and (2) Software Integrity, which includes security and quality solutions for software development. Further information regarding these segments is provided at the end of this press release. Financial Targets Synopsys also provided its consolidated financial targets for the first quarter and full fiscal year 2022. These financial targets assume that there are no further changes to the current U.S. government "Entity List" restrictions. These targets constitute forward-looking statements and are based on current expectations. For a discussion of factors that could cause actual results to differ materially from these targets, see "Forward-Looking Statements" below.   First Quarter and Fiscal Year 2022 Financial Targets (in millions except per share amounts)  Range for Three Months  Range for Fiscal Year January 31, 2022 October 31, 2022 Low High Low High Revenue $            1,250 $            1,280 $            4,725 $            4,775 GAAP Expenses $               934 $               964 $            3,778 $            3,835 Non-GAAP Expenses $               802 $               812 $            3,225 $            3,255 Other Income (Expense) $                  (5) $                  (3) $                (11) $                  (7) Annual non-GAAP Tax Rate 18% 18% 18% 18% Outstanding Shares (fully diluted) 156 159 157 160 GAAP EPS $              1.75 $              1.92 $              5.39 $              5.65 Non-GAAP EPS $              2.35 $              2.40 $              7.73 $              7.80 Operating Cash Flow $            1,400 $            1,500 Earnings Call Open to Investors Synopsys will hold a conference call for financial analysts and investors today at 2:00 p.m. Pacific Time. A live webcast of the call will be available on Synopsys' corporate website at www.synopsys.com. A recording of the call will be available by calling +1-866-207-1041 (+1-402-970-0847 for international callers), access code 6504511, beginning at 5:45 p.m. Pacific Time today, until 11:59 p.m. Pacific Time on December 8, 2021. A webcast replay will also be available on the corporate website from approximately 5:30 p.m. Pacific Time today through the time Synopsys announces its results for the first quarter of fiscal year 2022 in February 2022.  Synopsys will post copies of the prepared remarks of Aart de Geus, chairman and co-chief executive officer, and Trac Pham, chief financial officer, on its website following today's call. In addition, Synopsys makes additional information available in a financial supplement and corporate overview presentation, also posted on the corporate website. Effectiveness of Information The targets included in this press release, the statements made during the earnings conference call and the information contained in the financial supplement and corporate overview presentation (available in the Investor Relations section of Synopsys' corporate website at www.synopsys.com) represent Synopsys' expectations and beliefs as of the date of this release only. Although this press release, copies of the prepared remarks of the co-chief executive officer and chief financial officer made during the call, the financial supplement, and the corporate overview presentation will remain available on Synopsys' website through the date of the first quarter of fiscal year 2022 earnings call in February 2022, their continued availability through such date does not mean that Synopsys is reaffirming or confirming their continued validity. Synopsys does not currently intend to report on its progress during the first quarter of fiscal year 2022 or comment to analysts or investors on, or otherwise update, the targets given in this release. Availability of Final Financial Statements Synopsys will include final financial statements for fiscal year 2021 in its annual report on Form 10-K to be filed by December 29, 2021. About Synopsys Synopsys, Inc. (NASDAQ:SNPS) is the Silicon to Software™ partner for innovative companies developing the electronic products and software applications we rely on every day. As an S&P 500 company, Synopsys has a long history of being a global leader in electronic design automation (EDA) and semiconductor IP and offers the industry's broadest portfolio of application security testing tools and services. Whether you're a system-on-chip (SoC) designer creating advanced semiconductors, or a software developer writing more secure, high-quality code, Synopsys has the solutions needed to deliver innovative products. Learn more at www.synopsys.com.       GAAP to Non-GAAP Reconciliation Synopsys continues to provide all information required in accordance with GAAP but believes evaluating its ongoing operating results may not be as useful if an investor is limited to reviewing only GAAP financial measures. Accordingly, Synopsys presents non-GAAP financial measures in reporting its financial results to provide investors with an additional tool to evaluate Synopsys' operating results in a manner that focuses on what Synopsys believes to be its core business operations and what Synopsys uses to evaluate its business operations and for internal planning and forecasting purposes. Synopsys' management does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Synopsys' management believes it is useful for itself and investors to review, as applicable, both GAAP information that includes: (i) the amortization of acquired intangible assets, (ii) the impact of stock compensation, (iii) acquisition-related costs, (iv) restructuring charges, (v) the effects of certain settlements, final judgments and loss contingencies related to legal proceedings, and (vi) the income tax effect of non-GAAP pre-tax adjustments; and the non-GAAP measures that exclude such information in order to assess the performance of Synopsys' business and for planning and forecasting in subsequent periods. Synopsys adopted a three-year normalized non-GAAP tax rate of 16% for fiscal year 2019 through 2021 in the calculation of its non-GAAP financial measures to provide better consistency across interim reporting periods by eliminating the effects of non-recurring and period-specific items, which can vary in size and frequency and not necessarily reflect our normal operations, and to align our tax rate more clearly with our expected geographic earnings mix. Synopsys re-evaluated this rate on an annual basis for any significant events that could have materially affected its projections, such as significant changes in its geographic earnings mix or significant tax law changes in major jurisdictions where it operates. Given the uncertainty surrounding corporate tax reform, Synopsys has elected to provide a projected annual non-GAAP tax rate for fiscal year 2022 rather than a three-year normalized non-GAAP tax rate in calculating its non-GAAP financial measures. Based on an evaluation of Synopsys' historical and projected mix of U.S. and international profit before tax, taking into account the impact of non-GAAP adjustments described above, as well as other factors such as its current tax structure, existing tax positions, and expected recurring tax incentives, its projected annual non-GAAP tax rate is 18% for fiscal 2022. Synopsys intends to re-evaluate the projected fiscal 2022 annual non-GAAP tax rate on an interim basis to determine the appropriateness of adopting a multi-year normalized non-GAAP tax rate. Whenever Synopsys uses a non-GAAP financial measure, it provides a reconciliation of the non-GAAP financial measure to the most closely applicable GAAP financial measure. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measure as detailed below, as well as Item 2.02 of the Current Report on Form 8-K filed on December 1, 2021 for additional information about the measures Synopsys uses to evaluate its core business operations. Reconciliation of Fourth Quarter and Fiscal Year 2021 Results The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP net income and earnings per share for the periods indicated below. GAAP to Non-GAAP Reconciliation of Fourth Quarter and Fiscal Year 2021 Results (1) (unaudited and in thousands, except per share amounts) Three Months Ended Twelve Months Ended October 31, October 31, 2021 2020 2021 2020 GAAP net income $            201,447 $            197,455 $            757,516 $            664,347 Adjustments: Amortization of intangible assets 21,943 21,004 82,380 91,281 Stock compensation 96,742 78,429 345,272 248,584 Acquisition-related costs 3,800 3,259 15,394 14,096 Restructuring charges 18,254 (387) 33,405 36,059 Legal matters - - (1,455) - Tax adjustments (56,430) (52,084) (155,727) (189,798) Non-GAAP net income $            285,756 $            247,676 $         1,076,785 $            864,569 Three Months Ended Twelve Months Ended October 31, October 31, 2021 2020 2021 2020 GAAP diluted net income per share $                   1.28 $                   1.26 $                   4.81 $                   4.27 Adjustments: Amortization of intangible assets 0.14 0.13 0.52 0.59 Stock compensation 0.62 0.50 2.19 1.60 Acquisition-related costs 0.02 0.02 0.10 0.08 Restructuring charges 0.12 - 0.21 0.23 Legal matters - - (0.01) - Tax adjustments (0.36) (0.33) (0.98) (1.22) Non-GAAP diluted net income per share $                   1.82 $                   1.58 $                   6.84 $                   5.55 Shares used in computing diluted net income per share amounts: 157,243 156,825 157,340 155,706 (1) Synopsys' fourth quarter of fiscal year 2021 and 2020 ended on October 30, 2021 and October 31, 2020, respectively. For presentation purposes, we refer to the closest calendarmonth end.   Reconciliation of 2022 Targets The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP targets for the periods indicated below. GAAP to Non-GAAP Reconciliation of First Quarter Fiscal Year 2022 Targets (1) (in thousands, except per share amounts)  Range for Three Months  January 31, 2022 Low High Target GAAP expenses $          934,000 $          964,000 Adjustments:       Amortization of intangible assets (22,000).....»»

Category: earningsSource: benzingaDec 1st, 2021

Futures Surge After Powell-Driven Rout Proves To Be "Transitory"

Futures Surge After Powell-Driven Rout Proves To Be "Transitory" Heading into yesterday's painful close to one of the ugliest months since March 2020, which saw a huge forced liquidation rebalance with more than $8 billion in Market on Close orders, we said that while we are seeing "forced selling dump into the close today" this would be followed by "forced Dec 1 buying frontrunning after the close." Forced selling dump into the close today. Forced Dec 1 buying frontrunning after the close — zerohedge (@zerohedge) November 30, 2021 And just as expected, despite yesterday's dramatic hawkish pivot by Powell, who said it was time to retire the word transitory in describing the inflation outlook (the same word the Fed used hundreds of times earlier in 2021 sparking relentless mockery from this website for being clueless as usual) while also saying the U.S. central bank would consider bringing forward plans for tapering its bond buying program at its next meeting in two weeks, the frontrunning of new monthly inflows is in full force with S&P futures rising over 1.2%, Nasdaq futures up 1.3%, and Dow futures up 0.9%, recovering almost all of Tuesday’s decline. The seemingly 'hawkish' comments served as a double whammy for markets, which were already nervous about the spread of the Omicron coronavirus variant and its potential to hinder a global economic recovery. "At this point, COVID does not appear to be the biggest long-term Street fear, although it could have the largest impact if the new (or next) variant turns out to be worse than expected," Howard Silverblatt, senior index analyst for S&P and Dow Jones indices, said in a note. "That honor goes to inflation, which continues to be fed by supply shortages, labor costs, worker shortages, as well as consumers, who have not pulled back." However, new month fund flows proved too powerful to sustain yesterday's month-end dump and with futures rising - and panic receding - safe havens were sold and the 10-year Treasury yield jumped almost 6bps, approaching 1.50%. The gap between yields on 5-year and 30-year Treasuries was around the narrowest since March last year. Crude oil and commodity-linked currencies rebounded. Gold remained just under $1,800 and bitcoin traded just over $57,000. There was more good news on the covid front with a WHO official saying some of the early indications are that most Omicron cases are mild with no severe cases. Separately Merck gained 3.8% in premarket trade after a panel of advisers to the U.S. Food and Drug Administration narrowly voted to recommend the agency authorize the drugmaker's antiviral pill to treat COVID-19. Travel and leisure stocks also rebounded, with cruiseliners Norwegian, Carnival, Royal Caribbean rising more than 2.5% each. Easing of covid fears also pushed airlines and travel stocks higher in premarket trading: Southwest +2.9%, Delta +2.5%, Spirit +2.3%, American +2.2%, United +1.9%, JetBlue +1.3%. Vaccine makers traded modestly lower in pre-market trading after soaring in recent days as Wall Street weighs the widening spread of the omicron variant. Merck & Co. bucked the trend after its Covid-19 pill narrowly gained a key recommendation from advisers to U.S. regulators. Moderna slips 2.1%, BioNTech dips 1.3% and Pfizer is down 0.2%. Elsewhere, Occidental Petroleum led gains among the energy stocks, up 3.2% as oil prices climbed over 4% ahead of OPEC's meeting. Shares of major Wall Street lenders also moved higher after steep falls on Tuesday. Here are some of the other biggest U.S. movers today: Salesforce (CRM US) drops 5.9% in premarket trading after results and guidance missed estimates, with analysts highlighting currency-related headwinds and plateauing growth at the MuleSoft integration software business. Hewlett Packard Enterprise (HPE US) falls 1.3% in premarket after the computer equipment maker’s quarterly results showed the impact of the global supply chain crunch. Analysts noted solid order trends. Merck (MRK US) shares rise 5.8% in premarket after the company’s Covid-19 pill narrowly wins backing from FDA advisers, which analysts say is a sign of progress despite lingering challenges. Chinese electric vehicle makers were higher in premarket, leading U.S. peers up, after Nio, Li and XPeng reported strong deliveries for November; Nio (NIO US) +4%, Li (LI US ) +6%, XPeng (XPEV US) +4.3%. Ardelyx (ARDX US) shares gain as much as 34% in premarket, extending the biotech’s bounce after announcing plans to launch its irritable bowel syndrome treatment Ibsrela in the second quarter. CTI BioPharma (CTIC US) shares sink 18% in premarket after the company said the FDA extended the review period for a new drug application for pacritinib. Allbirds (BIRD US) fell 7.5% postmarket after the low end of the shoe retailer’s 2021 revenue forecast missed the average analyst estimate. Zscaler (ZS US) posted “yet another impressive quarter,” according to BMO. Several analysts increased their price targets for the security software company. Shares rose 4.6% in postmarket. Ambarella (AMBA US) rose 14% in postmarket after forecasting revenue for the fourth quarter that beat the average analyst estimate. Emcore (EMKR US) fell 9% postmarket after the aerospace and communications supplier reported fiscal fourth-quarter Ebitda that missed the average analyst estimate. Box (BOX US) shares gained as much as 10% in postmarket trading after the cloud company raised its revenue forecast for the full year. Meanwhile, the omicron variant continues to spread around the globe, though symptoms so far appear to be relatively mild. The Biden administration plans to tighten rules on travel to the U.S., and Japan said it would bar foreign residents returning from 10 southern African nations. As Bloomberg notes, volatility is buffeting markets as investors scrutinize whether the pandemic recovery can weather diminishing monetary policy support and potential risks from the omicron virus variant. Global manufacturing activity stabilized last month, purchasing managers’ gauges showed Wednesday, and while central banks are scaling back ultra-loose settings, financial conditions remain favorable in key economies. “The reality is hotter inflation coupled with a strong economic backdrop could end the Fed’s bond buying program as early as the first quarter of next year,” Charlie Ripley, senior investment strategist at Allianz Investment Management, said in emailed comments. “With potential changes in policy on the horizon, market participants should expect additional market volatility in this uncharted territory.” Looking ahead, Powell is back on the Hill for day 2, and is due to testify before a House Financial Services Committee hybrid hearing at 10 a.m. ET. On the economic data front, November readings on U.S. private payrolls and manufacturing activity will be closely watched later in the day to gauge the health of the American economy. Investors are also awaiting the Fed's latest "Beige Book" due at 2:00 p.m. ET. On the economic data front, November readings on U.S. private payrolls and manufacturing activity will be closely watched later in the day to gauge the health of the American economy. European equities soared more than 1.2%, with travel stocks and carmakers leading broad-based gain in the Stoxx Europe 600 index, all but wiping out Tuesday’s decline that capped only the third monthly loss for the benchmark this year.  Travel, miners and autos are the strongest sectors. Here are some of the biggest European movers today: Proximus shares rise as much as 6.5% after the company said it’s started preliminary talks regarding a potential deal involving TeleSign, with a SPAC merger among options under consideration. Dr. Martens gains as much as 4.6% to the highest since Sept. 8 after being upgraded to overweight from equal- weight at Barclays, which says the stock’s de-rating is overdone. Husqvarna advances as much as 5.3% after the company upgraded financial targets ahead of its capital markets day, including raising the profit margin target to 13% from 10%. Wizz Air, Lufthansa and other travel shares were among the biggest gainers as the sector rebounded after Tuesday’s losses; at a conference Wizz Air’s CEO reiterated expansion plans. Wizz Air gains as much as 7.5%, Lufthansa as much as 6.8% Elis, Accor and other stocks in the French travel and hospitality sector also rise after the country’s government pledged to support an industry that’s starting to get hit by the latest Covid-19 wave. Pendragon climbs as much as 6.5% after the car dealer boosted its outlook after the company said a supply crunch in the new vehicle market wasn’t as bad as it had anticipated. UniCredit rises as much as 3.6%, outperforming the Stoxx 600 Banks Index, after Deutsche Bank added the stock to its “top picks” list alongside UBS, and Bank of Ireland, Erste, Lloyds and Societe Generale. Earlier in the session, Asian stocks also soared, snapping a three-day losing streak, led by energy and technology shares, as traders assessed the potential impact from the omicron coronavirus variant and U.S. Federal Reserve Chair Jerome Powell’s hawkish pivot. The MSCI Asia Pacific Index rose as much as 1.3% Wednesday. South Korea led regional gains after reporting strong export figures, which bolsters growth prospects despite record domestic Covid-19 cases. Hong Kong stocks also bounced back after falling Tuesday to their lowest level since September 2020. Asia’s stock benchmark rebounded from a one-year low, though sentiment remained clouded by lingering concerns on the omicron strain and Fed’s potentially faster tapering pace. Powell earlier hinted that the U.S. central bank will accelerate its asset purchases at its meeting later this month.  “A faster taper in the U.S. is still dependent on omicron not causing a big setback to the outlook in the next few weeks,” said Shane Oliver, head of investment strategy and chief economist at AMP Capital, adding that he expects the Fed’s policy rate “will still be low through next year, which should still enable good global growth which will benefit Asia.” Chinese equities edged up after the latest economic data showed manufacturing activity remained at relatively weak levels in November, missing economists’ expectations. Earlier, Chinese Vice Premier Liu He said he’s fully confident in the nation’s economic growth in 2022 Japanese stocks rose, overcoming early volatility as traders parsed hawkish comments from Federal Reserve Chair Jerome Powell. Electronics and auto makers were the biggest boosts to the Topix, which closed 0.4% higher after swinging between a gain of 0.9% and loss of 0.7% in the morning session. Daikin and Fanuc were the largest contributors to a 0.4% rise in the Nikkei 225, which similarly fluctuated. The Topix had dropped 4.8% over the previous three sessions due to concerns over the omicron virus variant. The benchmark fell 3.6% in November, its worst month since July 2020. “The market’s tolerance to risk is quite low at the moment, with people responding in a big way to the smallest bit of negative news,” said Tomo Kinoshita, a global market strategist at Invesco Asset Management in Tokyo. “But the decline in Japanese equities was far worse than those of other developed markets, so today’s market may find a bit of calm.” U.S. shares tumbled Tuesday after Powell said officials should weigh removing pandemic support at a faster pace and retired the word “transitory” to describe stubbornly high inflation In rates, bonds trade heavy, as yield curves bear-flatten. Treasuries extended declines with belly of the curve cheapening vs wings as traders continue to price in additional rate-hike premium over the next two years. Treasury yields were cheaper by up to 5bp across belly of the curve, cheapening 2s5s30s spread by ~5.5bp on the day; 10-year yields around 1.48%, cheaper by ~4bp, while gilts lag by additional 2bp in the sector. The short-end of the gilt curve markedly underperforms bunds and Treasuries with 2y yields rising ~11bps near 0.568%. Peripheral spreads widen with belly of the Italian curve lagging. The flattening Treasury yield curve “doesn’t suggest imminent doom for the equity market in and of itself,” Liz Ann Sonders, chief investment strategist at Charles Schwab & Co., said on Bloomberg Television. “Alarm bells go off in terms of recession” when the curve gets closer to inverting, she said. In FX, the Turkish lira had a wild session, offered in early London trade before fading. USD/TRY dropped sharply to lows of 12.4267 on reports of central bank FX intervention due to “unhealthy price formations” before, once again, fading TRY strength after comments from Erdogan. The rest of G-10 FX is choppy; commodity currencies retain Asia’s bid tone, havens are sold: the Bloomberg Dollar Spot Index inched lower, as the greenback traded mixed versus its Group-of-10 peers. The euro moved in a narrow range and Bund yields followed U.S. yields higher. The pound advanced as risk sentiment stabilized with focus still on news about the omicron variant. The U.K. 10-, 30-year curve flirted with inversion as gilts flattened, with money markets betting on 10bps of BOE tightening this month for the first time since Friday. The Australian and New Zealand dollars advanced as rising commodity prices fuel demand from exporters and leveraged funds. Better-than-expected growth data also aided the Aussie, with GDP expanding by 3.9% in the third quarter from a year earlier, beating the 3% estimated by economists. Austrian lawmakers extended a nationwide lockdown for a second 10-day period to suppress the latest wave of coronavirus infections before the Christmas holiday period.  The yen declined by the most among the Group-of-10 currencies as Powell’s comments renewed focus on yield differentials. 10-year yields rose ahead of Thursday’s debt auction In commodities, crude futures rally. WTI adds over 4% to trade on a $69-handle, Brent recovers near $72.40 after Goldman said overnight that oil had gotten extremely oversold. Spot gold fades a pop higher to trade near $1,785/oz. Base metals trade well with LME copper and nickel outperforming. Looking at the day ahead, once again we’ll have Fed Chair Powell and Treasury Secretary Yellen appearing, this time before the House Financial Services Committee. In addition to that, the Fed will be releasing their Beige Book, and BoE Governor Bailey is also speaking. On the data front, the main release will be the manufacturing PMIs from around the world, but there’s also the ADP’s report of private payrolls for November in the US, the ISM manufacturing reading in the US as well for November, and German retail sales for October. Market Snapshot S&P 500 futures up 1.2% to 4,620.75 STOXX Europe 600 up 1.0% to 467.58 MXAP up 0.9% to 191.52 MXAPJ up 1.1% to 626.09 Nikkei up 0.4% to 27,935.62 Topix up 0.4% to 1,936.74 Hang Seng Index up 0.8% to 23,658.92 Shanghai Composite up 0.4% to 3,576.89 Sensex up 1.0% to 57,656.51 Australia S&P/ASX 200 down 0.3% to 7,235.85 Kospi up 2.1% to 2,899.72 Brent Futures up 4.2% to $72.15/bbl Gold spot up 0.2% to $1,778.93 U.S. Dollar Index little changed at 95.98 German 10Y yield little changed at -0.31% Euro down 0.1% to $1.1326 Top Overnight News from Bloomberg U.S. Secretary of State Antony Blinken will meet Russian Foreign Minister Sergei Lavrov Thursday, the first direct contact between officials of the two countries in weeks as tensions grow amid western fears Russia may be planning to invade Ukraine Oil rebounded from a sharp drop on speculation that recent deep losses were excessive and OPEC+ may on Thursday decide to pause hikes in production, with the abrupt reversal fanning already- elevated volatility The EU is set to recommend that member states review essential travel restrictions on a daily basis in the wake of the omicron variant, according to a draft EU document seen by Bloomberg China is planning to ban companies from going public on foreign stock markets through variable interest entities, according to people familiar with the matter, closing a loophole long used by the country’s technology industry to raise capital from overseas investors Manufacturing activity in Asia outside China stabilized last month amid easing lockdown and border restrictions, setting the sector on course to face a possible new challenge from the omicron variant of the coronavirus Germany urgently needs stricter measures to check a surge in Covid-19 infections and protect hospitals from a “particularly dangerous situation,” according to the head of the country’s DIVI intensive-care medicine lobby. A more detailed breakdown of global markets courtesy of Newsquawk Asian equity markets traded mostly positive as regional bourses atoned for the prior day’s losses that were triggered by Omicron concerns, but with some of the momentum tempered by recent comments from Fed Chair Powell and mixed data releases including the miss on Chinese Caixin Manufacturing PMI. ASX 200 (-0.3%) was led lower by underperformance in consumer stocks and with utilities also pressured as reports noted that Shell and Telstra’s entrance in the domestic electricity market is set to ignite fierce competition and force existing players to overhaul their operations, although the losses in the index were cushioned following the latest GDP data which showed a narrower than feared quarterly contraction in Australia’s economy. Nikkei 225 (+0.4%) was on the mend after yesterday’s sell-off with the index helped by favourable currency flows and following a jump in company profits for Q3, while the KOSPI (+2.1%) was also boosted by strong trade data. Hang Seng (+0.8%) and Shanghai Comp. (+0.4%) were somewhat varied as a tech resurgence in Hong Kong overcompensated for the continued weakness in casinos stocks amid ongoing SunCity woes which closed all VIP gaming rooms in Macau after its Chairman's recent arrest, while the mood in the mainland was more reserved after a PBoC liquidity drain and disappointing Chinese Caixin Manufacturing PMI data which fell short of estimates and slipped back into contraction territory. Finally, 10yr JGBs were lower amid the gains in Japanese stocks and after the pullback in global fixed income peers in the aftermath of Fed Chair Powell’s hawkish comments, while a lack of BoJ purchases further contributed to the subdued demand for JGBs. Top Asian News Asia Stocks Bounce Back from One-Year Low Despite Looming Risks Gold Swings on Omicron’s Widening Spread, Inflation Worries Shell Sees Hedge Funds Moving to LNG, Supporting Higher Prices Abe Warns China Invading Taiwan Would Be ‘Economic Suicide’ Bourses in Europe are firmer across the board (Euro Stoxx 50 +1.6%; Stoxx 600 +1.1%) as the positive APAC sentiment reverberated into European markets. US equity futures are also on the front foot with the cyclical RTY (+2.0%) outpacing its peers: ES (+1.2%), NQ (+1.5%), YM (+0.8%). COVID remains a central theme for the time being as the Omicron variant is observed for any effects of concern – which thus far have not been reported. Analysts at UBS expect market focus to shift away from the variant and more towards growth and earnings. The analysts expect Omicron to fuse into the ongoing Delta outbreak that economies have already been tackling. Under this scenario, the desk expects some of the more cyclical markets and sectors to outperform. The desk also flags two tails risks, including an evasive variant and central bank tightening – particularly after Fed chair Powell’s commentary yesterday. Meanwhile, BofA looks for an over-10% fall in European stocks next year. Sticking with macro updates, the OECD, in their latest economic outlook, cut US, China, Eurozone growth forecasts for 2021 and 2022, with Omicron cited as a factor. Back to trade, broad-based gains are seen across European cash markets. Sectors hold a clear cyclical bias which consists of Travel & Leisure, Basic Resources, Autos, Retail and Oil & Gas as the top performers – with the former bolstered by the seemingly low appetite for coordination on restrictions and measures at an EU level – Deutsche Lufthansa (+6%) and IAG (+5.1%) now reside at the top of the Stoxx 600. The other side of the spectrum sees the defensive sectors – with Healthcare, Household Goods, Food & Beverages as the straddlers. In terms of induvial movers, German-listed Adler Group (+22%) following a divestment, whilst Blue Prism (+1.7%) is firmer after SS&C raised its offer for the Co. Top European News Wizz Says Travelers Are Booking at Shorter and Shorter Notice Turkey Central Bank Intervenes in FX Markets to Stabilize Lira Gold Swings on Omicron’s Widening Spread, Inflation Worries Former ABG Sundal Collier Partner Starts Advisory Firm In FX, the Dollar remains mixed against majors, but well off highs prompted by Fed chair Powell ditching transitory from the list of adjectives used to describe inflation and flagging that a faster pace of tapering will be on the agenda at December’s FOMC. However, the index is keeping tabs on the 96.000 handle and has retrenched into a tighter 95.774-96.138 range, for the time being, as trade remains very choppy and volatility elevated awaiting clearer medical data and analysis on Omicron to gauge its impact compared to the Delta strain and earlier COVID-19 variants. In the interim, US macro fundamentals might have some bearing, but the bar is high before NFP on Friday unless ADP or ISM really deviate from consensus or outside the forecast range. Instead, Fed chair Powell part II may be more pivotal if he opts to manage hawkish market expectations, while the Beige Book prepared for next month’s policy meeting could also add some additional insight. NZD/AUD/CAD/GBP - Broad risk sentiment continues to swing from side to side, and currently back in favour of the high beta, commodity and cyclical types, so the Kiwi has bounced firmly from worst levels on Tuesday ahead of NZ terms of trade, the Aussie has pared a chunk of its declines with some assistance from a smaller than anticipated GDP contraction and the Loonie is licking wounds alongside WTI in advance of Canadian building permits and Markit’s manufacturing PMI. Similarly, Sterling has regained some poise irrespective of relatively dovish remarks from BoE’s Mann and a slender downward revision to the final UK manufacturing PMI. Nzd/Usd is firmly back above 0.6800, Aud/Usd close to 0.7150 again, Usd/Cad straddling 1.2750 and Cable hovering on the 1.3300 handle compared to circa 0.6772, 0.7063, 1.2837 and 1.3195 respectively at various fairly adjacent stages yesterday. JPY/EUR/CHF - All undermined by the aforementioned latest upturn in risk appetite or less angst about coronavirus contagion, albeit to varying degrees, as the Yen retreats to retest support sub-113.50, Euro treads water above 1.1300 and Franc straddles 0.9200 after firmer than forecast Swiss CPI data vs a dip in the manufacturing PMI. In commodities, WTI and Brent front month futures are recovering following yesterday’s COVID and Powell-induced declines in the run-up to the OPEC meetings later today. The complex has also been underpinned by the reduced prospects of coordinated EU-wide restrictions, as per the abandonment of the COVID video conference between EU leaders. However, OPEC+ will take centre stage over the next couple of days, with a deluge of source reports likely as OPEC tests the waters. The case for OPEC+ to pause the planned monthly relaxation of output curbs by 400k BPD has been strengthening. There have been major supply and demand developments since the prior meeting. The recent emergence of the Omicron COVID variant and coordinated release of oil reserves have shifted the balance of expectations relative to earlier in the month (full Newsquawk preview available in the Research Suite). In terms of the schedule, the OPEC meeting is slated for 13:00GMT/08:00EST followed by the JTC meeting at 15:00GMT/10:00EST, whilst tomorrow sees the JMMC meeting at 12:00GMT/07:00EST; OPEC+ meeting at 13:00GMT/08:00EST. WTI Jan has reclaimed a USD 69/bbl handle (vs USD 66.20/bbl low) while Brent Feb hovers around USD 72.50/bbl (vs low USD 69.38/bbl) at the time of writing. Elsewhere, spot gold and silver trade with modest gains and largely in tandem with the Buck. Spot gold failed to sustain gains above the cluster of DMAs under USD 1,800/oz (100 DMA at USD 1,792/oz, 200 DMA at USD 1,791/oz, and 50 DMA at USD 1,790/oz) – trader should be aware of the potential for a technical Golden Cross (50 DMA > 200 DMA). Turning to base metals, copper is supported by the overall risk appetite, with the LME contract back above USD 9,500/t. Overnight, Chinese coking coal and coke futures rose over 5% apiece, with traders citing disrupted supply from Mongolia amid the COVID outbreak in the region. US Event Calendar 7am: Nov. MBA Mortgage Applications, prior 1.8% 8:15am: Nov. ADP Employment Change, est. 525,000, prior 571,000 9:45am: Nov. Markit US Manufacturing PMI, est. 59.1, prior 59.1 10am: Oct. Construction Spending MoM, est. 0.4%, prior -0.5% 10am: Nov. ISM Manufacturing, est. 61.2, prior 60.8 2pm: U.S. Federal Reserve Releases Beige Book Nov. Wards Total Vehicle Sales, est. 13.4m, prior 13m Central Banks 10am: Powell, Yellen Testify Before House Panel on CARES Act Relief DB's Jim Reid concludes the overnight wrap If you’re under 10 and reading this there’s a spoiler alert today in this first para so please skip beyond and onto the second. Yes my heart broke a little last night as my little 6-year old Maisie said to me at bedtime that “Santa isn’t real is he Daddy?”. I lied (I think it’s a lie) and said yes he was. I made up an elaborate story about how when we renovated our 100 year old house we deliberately kept the chimney purely to let Santa come down it once a year. Otherwise why would we have kept it? She then asked what about her friend who lives in a flat? I tried to bluff my way through it but maybe my answer sounded a bit like my answers as to what will happen with Omicron. I’ll test both out on clients later to see which is more convincing. Before we get to the latest on the virus, given it’s the start of the month, we’ll shortly be publishing our November performance review looking at how different assets fared over the month just gone and YTD. It arrived late on but Omicron was obviously the dominant story and led to some of the biggest swings of the year so far. It meant that oil (which is still the top performer on a YTD basis) was the worst performer in our monthly sample, with WTI and Brent seeing their worst monthly performances since the initial wave of market turmoil over Covid back in March 2020. And at the other end, sovereign bonds outperformed in November as Omicron’s emergence saw investors push back the likelihood of imminent rate hikes from central banks. So what was shaping up to be a good month for risk and a bad one for bonds flipped around in injury time. Watch out for the report soon from Henry. Back to yesterday now, and frankly the main takeaway was that markets were desperate for any piece of news they could get their hands on about the Omicron variant, particularly given the lack of proper hard data at the moment. The morning started with a sharp selloff as we discussed at the top yesterday, as some of the more optimistic noises from Monday were outweighed by that FT interview, whereby Moderna’s chief executive had said that the existing vaccines wouldn’t be as effective against the new variant. Then we had some further negative news from Regeneron, who said that analysis and modelling of the Omicron mutations indicated that its antibody drug may not be as effective, but that they were doing further analysis to confirm this. However, we later got some comments from a University of Oxford spokesperson, who said that there wasn’t any evidence so far that vaccinations wouldn’t provide high levels of protection against severe disease, which coincided with a shift in sentiment early in the European afternoon as equities begun to pare back their losses. The CEO of BioNTech and the Israeli health minister expressed similar sentiments, noting that vaccines were still likely to protect against severe disease even among those infected by Omicron, joining other officials encouraging people to get vaccinated or get booster shots. Another reassuring sign came in an update from the EU’s ECDC yesterday, who said that all of the 44 confirmed cases where information was available on severity “were either asymptomatic or had mild symptoms.” After the close, the FDA endorsed Merck’s antiviral Covid pill. While it’s not clear how the pill interacts with Omicron, the proliferation of more Covid treatments is still good news as we head into another winter. The other big piece of news came from Fed Chair Powell’s testimony to the Senate Banking Committee, where the main headline was his tapering comment that “It is appropriate to consider wrapping up a few months sooner.” So that would indicate an acceleration in the pace, which would be consistent with the view from our US economists that we’ll see a doubling in the pace of reductions at the December meeting that’s only two weeks from today. The Fed Chair made a forceful case for a faster taper despite lingering Omicron uncertainties, noting inflation is likely to stay elevated, the labour market has improved without a commensurate increase in labour supply (those sidelined because of Covid are likely to stay there), spending has remained strong, and that tapering was a removal of accommodation (which the economy doesn’t need more of given the first three points). Powell took pains to stress the risk of higher inflation, going so far as to ‘retire’ the use of the term ‘transitory’ when describing the current inflation outlook. So team transitory have seemingly had the pitch taken away from them mid match. The Chair left an exit clause that this outlook would be informed by incoming inflation, employment, and Omicron data before the December FOMC meeting. A faster taper ostensibly opens the door to earlier rate hikes and Powell’s comment led to a sharp move higher in shorter-dated Treasury yields, with the 2yr yield up +8.1bps on the day, having actually been more than -4bps lower when Powell began speaking. They were as low as 0.44% then and got as high as 0.57% before closing at 0.56%. 2yr yields have taken another leg higher overnight, increasing +2.5bps to 0.592%. Long-end yields moved lower though and failed to back up the early day moves even after Powell, leading to a major flattening in the yield curve on the back of those remarks, with the 2s10s down -13.7bps to 87.3bps, which is its flattest level since early January. Overnight 10yr yields are back up +3bps but the curve is only a touch steeper. My 2 cents on the yield curve are that the 2s10s continues to be my favourite US recession indicator. It’s worked over more cycles through history than any other. No recession since the early 1950s has occurred without the 2s10s inverting. But it takes on average 12-18 months from inversion to recession. The shortest was the covid recession at around 7 months which clearly doesn’t count but I think we were very late cycle in early 2020 and the probability of recession in the not too distant future was quite high but we will never know.The shortest outside of that was around 9 months. So with the curve still at c.+90bps we are moving in a more worrying direction but I would still say 2023-24 is the very earliest a recession is likely to occur (outside of a unexpected shock) and we’ll need a rapid flattening in 22 to encourage that. History also suggests markets tend to ignore the YC until it’s too late. So I wouldn’t base my market views in 22 on the yield curve and recession signal yet. However its something to look at as the Fed seemingly embarks on a tightening cycle in the months ahead. Onto markets and those remarks from Powell (along with the additional earlier pessimism about Omicron) proved incredibly unhelpful for equities yesterday, with the S&P 500 (-1.90%) giving up the previous day’s gains to close at its lowest level in over a month. It’s hard to overstate how broad-based this decline was, as just 7 companies in the entire S&P moved higher yesterday, which is the lowest number of the entire year so far and the lowest since June 11th, 2020, when 1 company ended in the green. Over in Europe it was much the same story, although they were relatively less affected by Powell’s remarks, and the STOXX 600 (-0.92%) moved lower on the day as well. Overnight in Asia, stocks are trading higher though with the KOSPI (+2.02%), Hang Seng (+1.40%), the Nikkei (+0.37%), Shanghai Composite (+0.11%) and CSI (+0.09%) all in the green. Australia’s Q3 GDP contracted (-1.9% qoq) less than -2.7% consensus while India’s Q3 GDP grew at a firm +8.4% year-on-year beating the +8.3% consensus. In China the Caixin Manufacturing PMI for November came in at 49.9 against a 50.6 consensus. Futures markets are indicating a positive start to markets in US & Europe with the S&P 500 (+0.73%) and DAX (+0.44%) trading higher again. Back in Europe, there was a significant inflation story amidst the other headlines above, since Euro Area inflation rose to its highest level since the creation of the single currency, with the flash estimate for November up to +4.9% (vs. +4.5% expected). That exceeded every economist’s estimate on Bloomberg, and core inflation also surpassed expectations at +2.6% (vs. +2.3% expected), again surpassing the all-time high since the single currency began. That’s only going to add to the pressure on the ECB, and yesterday saw Germany’s incoming Chancellor Scholz say that “we have to do something” if inflation doesn’t ease. European sovereign bonds rallied in spite of the inflation reading, with those on 10yr bunds (-3.1bps), OATs (-3.5bps) and BTPs (-0.9bps) all moving lower. Peripheral spreads widened once again though, and the gap between Italian and German 10yr yields closed at its highest level in just over a year. Meanwhile governments continued to move towards further action as the Omicron variant spreads, and Greece said that vaccinations would be mandatory for everyone over 60 soon, with those refusing having to pay a monthly €100 fine. Separately in Germany, incoming Chancellor Scholz said that there would be a parliamentary vote on the question of compulsory vaccinations, saying to the Bild newspaper in an interview that “My recommendation is that we don’t do this as a government, because it’s an issue of conscience”. In terms of other data yesterday, German unemployment fell by -34k in November (vs. -25k expected). Separately, the November CPI readings from France at +3.4% (vs. +3.2% expected) and Italy at +4.0% (vs. +3.3% expected) surprised to the upside as well. In the US, however, the Conference Board’s consumer confidence measure in November fell to its lowest since February at 109.5 (vs. 110.9 expected), and the MNI Chicago PMI for November fell to 61.8 9vs. 67.0 expected). To the day ahead now, and once again we’ll have Fed Chair Powell and Treasury Secretary Yellen appearing, this time before the House Financial Services Committee. In addition to that, the Fed will be releasing their Beige Book, and BoE Governor Bailey is also speaking. On the data front, the main release will be the manufacturing PMIs from around the world, but there’s also the ADP’s report of private payrolls for November in the US, the ISM manufacturing reading in the US as well for November, and German retail sales for October. Tyler Durden Wed, 12/01/2021 - 07:47.....»»

Category: blogSource: zerohedgeDec 1st, 2021

BIGG Digital Assets Inc. Reports Financial Results For Third Quarter 2021

VANCOUVER, British Columbia, Nov. 29, 2021 (GLOBE NEWSWIRE) -- BIGG Digital Assets Inc. ("BIGG" or the "Company")(CSE:BIGG, OTCQX:BBKCF, WKN: A2PS9W)), owner of Netcoins (Netcoins.ca) ("Netcoins"), the online cryptocurrency brokerage that makes it easy for Canadians to buy, sell, and understand cryptocurrency, and Blockchain Intelligence Group (blockchaingroup.io) ("BIG"), a leading developer of blockchain technology search, risk-scoring and data analytics solutions, is pleased to report its fiscal Q3 2021 financial results for the three and nine months ended September 30, 2021. All figures are in Canadian Dollars (CAD) unless otherwise stated. Q3 2021 Highlights: Gross operating revenue of $2.625M (up 308% YoY), with $2.198M for Netcoins and $427k for Blockchain Intelligence Group ("BIG") Netcoins revenue for Q3 represents 462% Year over Year (YoY) growth and 1205% growth versus the same nine months in 2020 Customer accounts grew 15% in Q3, Funded accounts grew 13%, and new customer fiat deposits exceeded $90M in the quarter Gross trading margins were in excess of 1.3%, up from 1.2% in Q2 BIG revenues increased 70% YoY, and gross margins were at 85% BIGG recorded a $2.3M comprehensive income for Q3, versus a comprehensive loss of $425k in the year prior BIGG also reports a $6.8M unrealized gain on its digital currency inventory Further Highlights: As of November 29, 2021, BIGG's cash and crypto holdings equal roughly $73 million. The Company has no debt BIGG currently owns 500 Bitcoin, valued at approximately $37M Netcoins currently has customer Assets Under Custody of approximately $90M, up approximately 80% from $50M at June 30, 2021 Netcoins registered users now exceeds 100,000 Blockchain Intelligence Group's compliance suite (QLUE and BitRank) now supports 8 blockchains, including 300,000+ ERC-20 based tokens, and has risk scored 3.5 billion addresses across these chains Subsequent to Q3, Netcoins trading volumes and monthly revenue both rose over 30%, from September to October, with continued acceleration expected through Q4. Selected financial and operating information should be read in conjunction with BIGG's unaudited condensed interim financial statements and related Management's Discussion and Analysis for the three and nine-month periods ended September 30, 2021, available at.....»»

Category: earningsSource: benzingaNov 30th, 2021

Kainantu Resources Filing of Q3 2021 Results

VANCOUVER, BC, Nov. 29, 2021 /CNW/ - Kainantu Resources Ltd. (TSXV:KRL) (FSE: 6J0) ("KRL" or the "Company"), the Asia-Pacific focused gold mining company, is pleased to report the filing of its third interim results for the period ending September 30, 2021, a copy of which is available for review on the Company's website.  Key aspects to report over the period include: KRL South: continued progress during Q3:    At the East Avaninofi Prospect:  strong correlations of Au with Ag, Cu, Mo, and As; plus samples revealing elevated values of Bi, Te, and W (similar to the geochemistry of the nearby Bilimoia Mineral Field, renowned for its high-grade gold-copper intrusive style mineralization); high levels of Fe and S, as key indicators of high-grade Au potential; and increasing in intensity towards the N of the prospect, a NE trending Cu mineralization-controlling structure of at least 10m in width delineated At the Yaora Ridge Prospect activities returned an Au sample of 4.37 g/t Au from surface, while further work has shown: strongly anomalous Cu and associated pathfinder elements; and lithologies, alteration and mineralization similar to the East Avaninofi Prospect; with the two prospects appearing to be linked; Plans for delineation of drill targets in early 2022 remain on track; with excavation/contour benching at the East Avaninofi Prospect and Yaoro Ridge Prospect underway; and KRL North: analysis of initial mapping and sampling revealed: the strong likelihood of enhanced permeability extending from the mineral rich Bilimora Field (where successful high-grade miners already operate) into KRL North; and an interpreted ring feature circa 1.5km in diameter situated on the triple junction of KRL North's EL2558 and El2665 tenements; and K92 Mining's tenement (see figure 1 below inclusive of interpreted ring features at KRL North). KRL North and KRL South: an airborne geophysics survey programme is in the advanced planning stage to leverage off the positive results obtained from the successful exploration activities during 2021. May River Project: ongoing activities continue to further integrate the highly prospective Cu-Au project into KRL in coming months: KRL has given notice to Hardrock Limited to exercise its option to be granted 10% of that entity; the KRL Field Study has been completed (and is subject to a final peer review), validating the basis for investment.  Initial samples from the Field Study include: up to 2.07ppm (2.07gt) Au, ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaNov 29th, 2021

Merck (MRK) COVID Pill Less Effective in Final Study, Stock Down

Merck's (MRK) new data from a phase III study shows its COVID-19 antiviral pill is less effective than previously reported. Shares of Merck MRK were down around 4% on Monday after announcing final data from a phase III study on it and partner Ridgeback Biotherapeutics’ oral antiviral medicine, molnupiravir.Data from the final analysis of the MOVe-OUT study showed that the medicine reduced the risk of hospitalization or death by approximately 30% in non-hospitalized at-risk adult patients with mild or moderate COVID-19, which was less than 50% as previously reported, per interim data announced in October.Final data from all enrolled participants from the study showed that 6.8% of patients treated with molnupiravir were hospitalized or died versus 9.7% of placebo-treated patients. There was one death reported in patients treated with molnupiravir versus nine deaths in placebo-treated patients.Merck’s stock has declined 3.3% this year so far against an increase of 14.2% for the industry.Image Source: Zacks Investment Research Merck has already filed an application with the FDA seeking Emergency Use Authorization (EUA) for molnupiravir to treat mild-to-moderate COVID-19 in at-risk adults. The latest additional data has been shared with the FDA and will be presented at the FDA’s Antimicrobial Drugs Advisory Committee on Nov 30.Meanwhile, in Europe, the European Medicines Agency has begun a rolling review of Merck/ Ridgeback Biotherapeutics’ regulatory application for molnupiravir. Molnupiravir was authorized in the United Kingdom, its first authorization in the world, earlier this month for treating mild-to-moderate COVID-19 patients at risk of progressing to severe illness.Merck expects to produce 10 million courses of molnupiravir by the end of 2021 and believes the treatment’s global opportunity to be approximately $5 billion to $7 billion through 2022, including $0.5 billion to $1 billion expected to be realized in 2021.Pfizer PFE has also made an oral antiviral candidate, Paxlovid, for COVID-19. Earlier this month, Pfizer filed an application with the FDA seeking EUA for Paxlovid for the treatment of mild-to-moderate COVID-19 in patients at increased risk of hospitalizations or death.In clinical studies, Paxlovid reduced the risk of hospitalization or death by 89% compared to placebo in an interim analysis of phase II/III study. Pfizer has also begun rolling submissions in several countries, including the United Kingdom, Australia, New Zealand and South Korea.At present, mild-to-moderate COVID-19 patients are being treated with monoclonal antibodies from companies like Regeneron Pharmaceuticals REGN and Eli Lilly LLY. But these need to be administered in a hospital intravenously or by subcutaneous infusion.Lilly’s COVID-19 antibody cocktail, bamlanivimab plus etesevimab, was granted emergency approval by the FDA in February 2021 to treat mild-to-moderate COVID-19 in high-risk patients based on data from the BLAZE-1 study.In September, the FDA expanded the EUA for the cocktail antibody medicine to include the post-exposure prevention (prophylaxis) for COVID-19 indication.  Lilly’s cocktail medicine generated revenues of $217.1 million in the third quarter of 2021.Regeneron’s antibody cocktail, REGEN-COV comprises two monoclonal antibodies, casirivimab and imdevimab and has become a significant contributor to its top line in recent quarters. Regeneron’s antibody cocktail, REGEN-COV, generated total sales of $1.2 billion in the third quarter of 2021.If approved (emergency) by the FDA, Paxlovid and molnupiravir can be the first oral antiviral medicines prescribed as at-home treatments for mild-to-moderate COVID-19 to reduce the severity of the disease. It can help prevent hospitalization in patients with a mild-to-moderate form of the disease but at high risk of severe COVID-19.Merck currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Investor Alert: Legal Marijuana Looking for big gains? Now is the time to get in on a young industry primed to skyrocket from $13.5 billion in 2021 to an expected $70.6 billion by 2028. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could kick start an even greater bonanza for investors. Zacks Investment Research has recently closed pot stocks that have shot up as high as +147.0% You’re invited to immediately check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Regeneron Pharmaceuticals, Inc. (REGN): Free Stock Analysis Report Pfizer Inc. (PFE): Free Stock Analysis Report Merck & Co., Inc. (MRK): Free Stock Analysis Report Eli Lilly and Company (LLY): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacksNov 29th, 2021

C3.ai (AI) to Report Q2 Earnings: What"s in the Offing?

C3.ai's (AI) Q2 results are expected to reflect increased demand for the company's expanding AI product suite. C3.ai AI is set to report second-quarter fiscal 2022 results on Dec 1.For the quarter, C3.ai expects revenues between $56 million and $58 million. The Zacks Consensus Estimate for revenues currently stands at $56.8 million.For the quarter, the consensus mark for loss has remained steady at 32 cents per share over the past 30 days.Q1 at a GlanceC3.ai reported first-quarter fiscal 2022 adjusted loss of 23 cents per share, which beat the Zacks Consensus Estimate by 28.1%. The company had reported break-even earnings in the year-ago period. C3.ai, Inc. Price and EPS Surprise C3.ai, Inc. price-eps-surprise | C3.ai, Inc. Quote Revenues of $52.4 million beat the consensus mark by 2.68% and increased 29.5% year over year, driven by the rapid adoption of its model-driven AI architecture and services.C3.ai’s subscription revenues (88% of revenues) increased 29.2% year over year to $46.1 million.Let’s see how things have shaped up for C3.ai for the upcoming announcement.Factors to ConsiderC3.ai’s fiscal second-quarter results are expected to reflect strong demand for its Enterprise AI software, driven by accelerated digital modernization across major industries in response to changes in the economic environment.C3.ai is benefiting from an increasing adoption of its services, including C3 AI Suite, C3 AI Ex Machina and C3 AI CRM.Partnerships with the likes of Snowflake SNOW, Microsoft MSFT and Google is expected to have driven top-line growth in the to-be-reported quarter.C3.ai’s partnership with data cloud company Snowflake resulted in integrating the latter’s unique architecture that enables customers to run their data platforms seamlessly across multiple clouds and regions at scale with C3.ai’s robust enterprise AI development suite and its family of industry-specific enterprise AI applications.With Microsoft, C3.ai has closed business worth more than $200 million, and their joint team is working on a pipeline of projects worth more than $350 million. In partnership with Microsoft, this Zacks Rank #3 (Hold) company has won deals from the United States Missile Defense Agency, Cargill, Ball, Cummins and the United States Air Force Rapid Sustainment Office. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Q2 HighlightsDuring the to-be-reported quarter, C3.ai announced that Ball Corporation BLL has selected a couple of its solutions — C3 AI Energy Management and C3 AI Ex Machina — to help the latter achieve its sustainability targets.Ball aims to achieve 100% renewable electricity globally by 2030, with an interim target of 75% by 2025. This supplier of metal packaging also plans to achieve net zero carbon emission prior to 2050.C3.ai’s solutions will help Ball identify new opportunities that will boost energy efficiency in its operations. Ball aims to reduce absolute carbon emissions within its own operations by 55% by 2030, against a 2017 baseline. Investor Alert: Legal Marijuana Looking for big gains? Now is the time to get in on a young industry primed to skyrocket from $13.5 billion in 2021 to an expected $70.6 billion by 2028. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could kick start an even greater bonanza for investors. Zacks Investment Research has recently closed pot stocks that have shot up as high as +147.0% You’re invited to immediately check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Microsoft Corporation (MSFT): Free Stock Analysis Report Ball Corporation (BLL): Free Stock Analysis Report C3.ai, Inc. (AI): Free Stock Analysis Report Snowflake Inc. (SNOW): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksNov 29th, 2021

Blueberries Medical Reports 2021 Q3 Financial Results and Provides Corporate and Operations Update

TORONTO, Nov. 29, 2021 (GLOBE NEWSWIRE) -- Blueberries Medical Corp. (CSE:BBM) (OTC:BBRRF) (FRA: 1OA), the Canadian parent of Blueberries S.A.S. ("BBSAS"), the premier Latin American licensed cultivator and producer of medicinal cannabis and medicinal-grade cannabis extracts, (together the "Company" or "Blueberries"), is pleased to report its financial results for the quarter ended September 30, 2021. Today, Blueberries has filed its unaudited condensed interim consolidated financial statements and related management's discussion and analysis, both of which are available on Blueberries' profile at www.sedar.com. All amounts are expressed in Canadian dollars, unless otherwise noted. Blueberries Medical Corp. continues deploying the strategy of reducing administrative cost, capital and operational expenditures, as well as focusing on multiple revenue-generating activities. Additionally, individuals with proven track record in Cannabis / Pharma / Fine Ingredients industries have joined the management team to cover key roles in the organization, primarily in Sales, Quality, Finance, and I+D.       Financial Highlights Revenue increased by $134,279 (339%) to $173,886 vs. $39,607 in the nine months ended September 30, 2020. Gross margin increased to 63% to $109,126 vs. $15,321 in the nine months ended September 30, 2020. Operating expenses reduced by $1,932,072 (55%) vs. $3,488,977 in the nine months ended September 30, 2020. Completed a private placement with aggregate gross proceeds of $1,901,382 in September 2021 led by Terraflos Inc. Business Highlights Exported 150kg of premium CBD 5% Full Spectrum Oil to Futura Farms Peru, a leading licensed distributor serving the Peruvian market, representing a single largest sale to any customer worldwide since the commencement of operation in 2018. BBSAS obtained the registration of its agronomic operation area as a plant breeding unit and exporter of selected seeds from Colombian Agricultural Institute (ICA). Appointment of Guillermo Rodriguez as a new Chief Financial Officer. Appointment of Joaquin Barbera as a new independent member of the Board of Directors. New Colombian Regulation Blueberries, as a member of Board of Directors of Asociación Colombiana de Industrias de Cannabis (Colombian Association of Cannabis Industries), the largest association of cannabis licensed producers in Colombia, is closely monitoring of the progress of Colombian new regulatory framework ("Colombian regulatory") surrounding medical cannabis. The Company is keeping abreast of the Colombian regulatory to be well equipped and timely prepared to seize the additional revenues that the new Decree allows; as it, specifically, related to the possibility to export dry flower of THC and CBD strains for the medical market, more efficient access of medical cannabis through pharmacies, the manufacture of FMCGs using non photoactive cannabis derivatives, and the extend of the magistral formulations for veterinary use. The Company has identified opportunities such the ability to connect cannabis formulas with patients more easily, the delivery of raw materials and solutions for the FMCGs industry, and for veterinary products as immediate. Therefore, the Company has focused its efforts, time and resources in preparing high value-added formulations and non-psychoactive specialty ingredients for specific Food & Beverages applications and for veterinary uses. Additionally, the Company has approached national pharmacy chains for potential partnership in distributing its medical formulas across Colombia. Third Quarter 2021 Financial Review The Company's current strategic focus is centered in the optimization of the cash position, giving special attention to the continued reduction and control of expenses and to the generation of income through multiple commercial avenues and various product lines and B2B services. The management rigorously ensures that all activities are guided under the three fundamentals pillars of Operate with Excellence, Connect with Demand, and Differentiate. "We are a sales-oriented organization, but we believe that we have a strong and robust team to thrive in an exciting but complex industry", said Mr. Jose Forero, President of the Operations in Latin America. He continued saying that "In the third quarter, we accomplished strong efficiencies, not only in the farm, but also in our extraction facility, where we incremented the capacity by 28% with no capex investment. We successfully exported a 150kg shipment of premium CBD oil for medical formulas to Peru and received the register from the Colombian government to both improve our strains and export seeds and cuttings. These are solid examples on how our actions are always guided by the three fundamental pillars of the Company". Since February 2021, after the Company's CEO and Chairman, Facundo Garreton, joined of the Company, a new management team was put in place with a single objective, specifically, "Blueberries Medical Corp.'s short term strategy will be to minimize fixed structure costs and expenses, reducing capital and operational expenditures, while preserving working capital to optimize the resource and cost structure and full focus on revenue generating activities. For example, operating expenses were reduced from $1,053,831 incurred during the third quarter 2020 to current $682,665 in the third quarter of 2021, a reduction of 35%," added Guillermo Rodriguez, new CFO of the Company. The Company has started to expand its commercial revenues, extending our business model and to provide extraction services to other cannabis companies in Colombia and with the recently completed private placement closed in September 2021, the Company received an approximately $2 million in cash," continued Guillermo Rodriguez. The Company's completed a non-brokered private placement for aggregate gross proceeds of approximately $1.9 million dollars, strengthening our cash position from approximately $400,000 at the end of the third quarter to $1.8 million as of September 30, 2021. The Company also aggressively reduced its non-essential expenditures in an effort to conserve cash, resulting in significant reduction in payables and improved working capital. Together, with the anticipated increased revenue, the Company will focus its spending on CAPEX and EUGMP (European Union Good Manufacturing Practices) certifications. The Company signed a Framework Agreement with YVY Life Sciences of Uruguay("YVY") a couple of months ago. Under the Framework Agreement, Blueberries and YVY will structure collaborative plans, initially starting with mutual development of strains and genetics in Colombia, and subsequent registration of those cultivars both in Colombia and Uruguay. This will provide a fast-track opportunity to register Blueberries' proprietary genetics in Uruguay, thus allowing the partners to cultivate and export dry flower of Blueberries' strains from Uruguay. "We are thrilled with this strategic alliance. Our goal is to work closely with YVY, to replicate YVY's unique cultivation model with small producers in Colombia, producing high-quality and natural products while generating scalable social ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaNov 29th, 2021

Greenway Achieves Positive Adjusted EBITDA In First Reported Quarter of Revenue

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./ KINGSVILLE, ON, Nov. 26, 2021 /CNW/ - Greenway Greenhouse Cannabis Corporation (CSE:GWAY) ("Greenway" or the "Company"), a cultivator of high quality greenhouse cannabis for the Canadian market, is pleased to announce the release of its unaudited interim financial statements for the three and six month periods ending September 30, 2021 and to report positive adjusted EBITDA for the second quarter. The Company operates a 10,000 square foot licensed nursery and a 41,750 square foot licensed greenhouse, equipped with an additional 15,000 square feet of processing space. The licensed greenhouse is a retrofitted facility within a 1,800,000 square foot, high tech produce greenhouse. A copy of the unaudited interim financial statements for the three and six months ending September 30, 2021 prepared in accordance with International Financial Reporting Standards (IFRS) and the related Management's Discussion and Analysis are available under the Company's profile on www.sedar.com. All amounts expressed in this press release refer to Canadian dollars. The Company is pleased to report the following results for the three months ended September 30, 2021 and that it has achieved positive Adjusted EBITDA(1) for such period:  Three months ended September 30, 2021 Revenue $1,156,930 Gross Profit, before fair value adjustments $532,263   Net Income (Loss) $(1,268,104)   Adjusted EBITDA.....»»

Category: earningsSource: benzingaNov 26th, 2021

Vejii Holdings Ltd. Announces Q3 2021 Financial Results and Provides Q4 Guidance

VANCOUVER, BC, Nov. 26, 2021 /PRNewswire/ - Vejii Holdings Ltd. (CSE:VEJI) ("Vejii" or the "Company"), a North American online marketplace for plant-based and sustainable products, is pleased to announce the filing of its interim unaudited and consolidated financial statements for the three months ending on September 30th, 2021. All amounts are reported in Canadian dollars. The information provided within this release should be read in conjunction with Vejii's unaudited interim consolidated financial statements for the three months ended September 30th, 2021 and the accompanying management's discussion and analysis ("MD&A") for the three months ended September 30th, 2021, which are available on the Company's SEDAR profile at www.sedar.com. The Company reported revenue of $226,252 for the three months ended September 30th, 2021 and $783,236 for the nine months ended September 30, 2021. The Company is also pleased to report its Q4 guidance. With the acquisition of Veg Essentials LLC completed on October 28th, 2021, the Company expects fourth quarter consolidated revenues to be in the range of $1.1 million to $1.2 million. Key highlights for Q3 and further information are provide below. Q3 2021 Financial Highlights The Company reported a gross profit of $52,448 and a gross margin of 23% for the three months ended September 30th, 2021 and gross profit of $109,053 and gross margin of 14% for the nine-month period ended September 30th, 2021. The net loss reported was $2,308,682 for the quarter ending on September 30th, 2021, or $0.03 per common share and $7,159,773 and $0.10 for the 9 months ending September 30th, 2021. CEO Kory Zelickson stated: "We are particularly happy with our results this quarter, we were able to generate improved gross margin, lower cost of customer acquisition, and improved returns on ad spend right before going public in November of 2021. Now that we have dialled-in our processes and business model, we can more efficiently deploy capital in ramping up customer acquisition in a more sustainable manner. We believe partners are increasingly seeing the value we provide through our marketplace, with brands having the ability to either ship products direct to the consumer for orders received through Vejii, or leverage Vejii's established distribution network and take advantage of the fulfilled by Vejii service, where we handle pick, pack, and ship to the end customer via Vejii Express. With the increasing competition among CPG brands competing for ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaNov 26th, 2021

Vejii Holdings Ltd. Announces Q3 2021 Financial Results and Provides Q4 Guidance

VANCOUVER, BC, Nov. 26, 2021 /CNW/ - Vejii Holdings Ltd. (CSE:VEJI) ("Vejii" or the "Company"), a North American online marketplace for plant-based and sustainable products, is pleased to announce the filing of its interim unaudited and consolidated financial statements for the three months ending on September 30th, 2021. All amounts are reported in Canadian dollars. The information provided within this release should be read in conjunction with Vejii's unaudited interim consolidated financial statements for the three months ended September 30th, 2021 and the accompanying management's discussion and analysis ("MD&A") for the three months ended September 30th, 2021, which are available on the Company's SEDAR profile at www.sedar.com. The Company reported revenue of $226,252 for the three months ended September 30th, 2021 and $783,236 for the nine months ended September 30, 2021. The Company is also pleased to report its Q4 guidance. With the acquisition of Veg Essentials LLC completed on October 28th, 2021, the Company expects fourth quarter consolidated revenues to be in the range of $1.1 million to $1.2 million. Key highlights for Q3 and further information are provide below. Q3 2021 Financial Highlights The Company reported a gross profit of $52,448 and a gross margin of 23% for the three months ended September 30th, 2021 and gross profit of $109,053 and gross margin of 14% for the nine-month period ended September 30th, 2021. The net loss reported was $2,308,682 for the quarter ending on September 30th, 2021, or $0.03 per common share and $7,159,773 and $0.10 for the 9 months ending September 30th, 2021. CEO Kory Zelickson stated: "We are particularly happy with our results this quarter, we were able to generate improved gross margin, lower cost of customer acquisition, and improved returns on ad spend right before going public in November of 2021. Now that we have dialled-in our processes and business model, we can more efficiently deploy capital in ramping up customer acquisition in a more sustainable manner. We believe partners are increasingly seeing the value we provide through our marketplace, with brands having the ability to either ship products direct to the consumer for orders received through Vejii, or leverage Vejii's established distribution network and take advantage of the fulfilled by Vejii service, where we handle pick, pack, and ship to the end customer via Vejii Express. With the increasing competition among CPG brands competing for the same limited shelf space and the same large ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaNov 26th, 2021

Israel Warns Biden Over Striking Partial Nuclear Deal As Iran Talks To Resume Monday

Israel Warns Biden Over Striking Partial Nuclear Deal As Iran Talks To Resume Monday Nuclear deal talks between Western powers and Iran are hanging by a thread, and are set to resume on Nov.29, but both sides will have cards to play while seeking to gain leverage and concessions from the other, already after severe doubts have been expressed by Biden administration officials that a fully restored JCPOA is possible. There's been talk that the Biden White House could be content to settle on a partial deal which would involve partial sanctions relief if the Islamic Republic agrees to reverse parts of their nuclear development, particularly recent installation of advanced centrifuges and higher enriched uranium levels.  Via Reuters But as a report in Responsible Statecraft underscores if certain milestones are hit, they would be difficult or impossible to reverse, and critics especially in Tel Aviv allege it's all part of Tehran's efforts to obtain a nuke. "Iran has also produced 200 g of uranium metal (UM) from enriched uranium at 19.75 percent level," the report states.  "If the UM is made of uranium enriched at 90 percent, it can be used in making the core of a nuclear weapon," Responsible Statecraft writes. "But, if the enrichment level is lower, once converted to the UM, it would be very difficult, if not impossible, for Iran to convert it back to regular enriched uranium to increase its level of enrichment." Given this, Israel is now pressing the White House not to all an partial deal to unfold. According to The Wall Street Journal this week:  "Israel is very concerned that the U.S. is setting the stage for what they call a 'less for less' agreement," a senior Israeli official told The Wall Street Journal. "Such an agreement would be detrimental and would only benefit the Iranian regime…It would be an enormous gift to Iran’s new, radical and IRGC affiliated regime," the senior Israel official said, referring to Iran’s Islamic Revolutionary Guard Corps. It should be noted, however, that the Iranians themselves have consistently demanded full and up-front sanctions relief as a condition for restoring the 2015 JCPOA, thus for now it appears next weeks resumed Vienna talks will continue with a full deal in mind as the end goal. Further the WSJ notes that just such a partial deal had been a precursor to the 2015 deal struck under Obama: "In 2013, the U.S. struck an interim pact with Iran which provided Iran close to $700 million a month in sanctions relief in exchange for freezing production of 20% enriched uranium and shrinking down their stockpile of higher enriched nuclear fuel among other steps," the report says. But again, Israel thinks this will only embolden the Islamic Republic and other bad faith actors: "Such an agreement will convince the Iranian public and countries in the region that nuclear blackmail works," said the senior Israeli official, who said the U.S. was engaging with Iran despite its stalling tactics for the talks and an allied militia’s attack on a U.S. base in Syria. "It looks like the U.S. might be giving Iran a bargain deal." Prime Minister Naftali Bennett said in a speech days ago that "We hope the world does not blink, but if it does, we do not intend to" - in what appeared yet another veiled reference that military options, including covert sabotage attacks, are still on the table.  The constant refrain out of Israel's leaders has been that it reserves "the right" to act against Iran if it feels the Jewish state is threatened.  Tyler Durden Thu, 11/25/2021 - 18:45.....»»

Category: blogSource: zerohedgeNov 25th, 2021

Discovery Reports Q3 2021 Financial Results and Update

TORONTO, Nov. 25, 2021 (GLOBE NEWSWIRE) -- Discovery Silver Corp. (TSXV:DSV, OTCQX:DSVSF) ("Discovery" or the "Company") is pleased to announce its financial results for the three months ended September 30, 2021 ("Q3 2021"), and to provide a summary of key events for the quarter and subsequent to quarter-end. All amounts are presented in Canadian dollars ("C$") unless otherwise stated. Discovery's flagship project is our 100%-owned Cordero silver project ("Cordero" or the "Project") located in Chihuahua State, Mexico. We are aggressively advancing the Project through drilling (+120,000 meters in past two years), and metallurgical testing and engineering studies, with a focus on delineating a high-margin project with size and scaleability. HIGHLIGHTS: The Company's cash position as of the date of this release is approximately $73.1 million Subsequent to quarter end we released our first-ever Environmental, Social and Governance ("ESG") report and launched a brand-new Sustainability section on our website. These materials set out the Company's current practices and priorities going forward, including in the Company's Vision, Mission and Values that form the foundation on which we advance our flagship Cordero Project. We completed detailed and comprehensive metallurgical testing program for Cordero which delivered several significantly positive outcomes related to processing and process design. We released an updated Mineral Resource Estimate ("Resource") for Cordero which not only confirmed Cordero's status as one of the world's largest silver deposits and but also showed how advanced the Project has become with 87% of the Resource in the Measured and Indicated category. The release also outlined various subsets of the resource at higher cut-offs, clearly illustrating the high-margin potential of the Project. The Cordero Preliminary Economic Assessment ("PEA") remains on schedule for later this quarter. Our Phase 2 drilling is on-going with four drill rigs on site, focusing on reserve definition, resource expansion and high-grade vein delineation. SUMMARY OF Q3 2021 & SUBSEQUENT EVENTS: Financial & Corporate: Balance Sheet As at September 30, 2021, we had a cash and cash equivalents and short term investment balance of $72.6 million (approximately $73.1 million as of the date of this release). Inaugural ESG Report / Sustainability website launch Subsequent to quarter end we released our first Environmental, Social and Governance ("ESG") report and launched a brand-new Sustainability section of our website. Report highlights include: Over $1.7 million in goods and services purchased from local Mexican businesses; Over $1.3 million in salaries and benefits paid to local employees; Total workforce of 124 includes 58 employees (89% Mexican) and 66 contractors (98% Mexican); Total GHG emissions of 167 tonnes of CO2 equivalent; Total water withdrawal of 36,017 m3 and total water discharged of 36,007 m3; and Zero fatalities and only 5 first-aid incidents The full ESG Report is available for download at: www.discoverysilver.com/sustainability Projects: Metallurgical Test Work Our metallurgical test program tested samples of all of the four major rock types at Cordero. The samples were sourced from locations spatially throughout the entire deposit, including the Pozo de Plata and NE Extension zones in the North Corridor and from along the central and southwest parts of the South Corridor. Tests were completed at the Blue Coast Research Ltd. ("Blue Coast") laboratory located in Parksville, BC, Canada. Highlights from the test work include: Sulphide flotation test work Silver recoveries of 80-89%, lead recoveries of 83-91% and zinc recoveries of 81-90% from locked cycle tests. Higher recoveries were achieved at coarser grind sizes (~200 microns). Saleable concentrate grades confirmed and levels of penalty elements for concentrates were immaterial. Oxide & transition cyanidation test work Silver recoveries of 54-80% & gold recoveries of 61-75% at coarse crush / grind sizes from coarse bottle roll testing. Results indicate that a heap leach on the oxide & transition material at Cordero may be economic and follow-up column leach test work is currently underway. Further details on our metallurgical test results can be found in our news release dated September 7, 2021. Resource (Phase 1) drilling On August 25, 2021, the Company announced results from the final drill holes that were used to support the new resource estimate. The final drill holes were from multiple zones in both the North and South Corridors. Drilling in the South Corridor along the Josefina vein trend intercepted high-grade veins within broader zones of disseminated mineralization. Infill drilling within the central part of the South Corridor was also successful in confirming continuity of mineralization within the higher-grade bulk-tonnage domain. Highlight intercepts include: 217.3 m averaging 194 g/t AgEq from 39.3 m (75 g/t Ag, 0.45 g/t Au, 1.1% Pb and 1.0% Zn) in hole C21-481 including: 25.5 m averaging 404 g/t AgEq from 147.2 m (236 g/t Ag, 0.55 g/t Au, 1.2% Pb and 1.9% Zn) in hole C21-482 including: 56.8 m averaging 139 g/t AgEq from 358.7 m (40 g/t Ag, 0.05 g/t Au, 0.7% Pb and 1.7% Zn) in hole C21-442 52.5 m averaging 128 g/t AgEq from 214.8 m (42 g/t Ag, 0.08 g/t Au, 0.7% Pb and 1.3% Zn) and 54.9 m averaging 133 g/t AgEq from 392.8 m (39 g/t Ag, 0.06 g/t Au, 0.9% Pb and 1.3% Zn) in hole C21-493 Updated Mineral Resource Estimate Subsequent to quarter end we announced our updated Resource. The Resource is pit-constrained with an estimated waste-to-ore ratio of 1.1 and is supported by 224,000 m of drilling in 517 drill holes and reinterpreted structural and geological models of the deposit. 87% of the contained metal is in the Measured and Indicated category. The Resource will be used to support an updated PEA scheduled for completion later in Q4 2021. The size of the Resource positions Cordero as one of the largest silver projects globally. Highlights include: Sulphide Resource (assumed to be processed via mill/flotation) Measured & Indicated Resource of 837 Moz AgEq1 at an average grade of 48 g/t AgEq1 (541 Mt grading 20 g/t Ag, 0.06 g/t Au, 0.29% Pb and 0.51% Zn) Inferred Resource of 119 Moz AgEq1 at an average grade of 34 g/t AgEq1 (108 Mt grading 14 g/t Ag, 0.03 g/t Au, 0.19% Pb and 0.38% Zn) High-grade subset – at a $25/t NSR cut-off a Measured & Indicated Resource of 509 Moz AgEq1 at an average grade of 101 g/t AgEq1 (42 g/t Ag, 0.11 g/t Au, 0.64% Pb and 1.04% Zn) Oxide/Transition Resource (assumed to be processed by heap leaching) Measured & Indicated resource of 74 Moz AgEq1 at an average grade of 23 g/t AgEq1 (98 Mt grading 19 g/t Ag and 0.05 g/t Au) Inferred Resource of 22 Moz AgEq1 at an average grade of 20 g/t AgEq1 (35Mt grading 16 g/t Ag and 0.04 g/t Au) High-grade subset – at a $15/t NSR cut-off, a Measured & Indicated Resource of 26 Moz AgEq1 at an average grade of 60 g/t AgEq1 (52 g/t Ag and 0.09 g/t Au) Further details on our Resource can be found in our news release dated October 20, 2021. Supporting Technical Disclosure and underlying assumptions for the Resource can be found at the end of this release. Phase 2 drilling At the end of the quarter, we announced results from the first 13 holes from our Phase 2 drill program. The holes were predominantly focused on the South Corridor and in the Northeast Extension of the North Corridor and were targeting improved definition of high-grade zones within the bulk-tonnage domain and will be included in a prefeasibility study on the Project planned for 2022. Highlight intercepts include: 73.1 m averaging 241 g/t AgEq1 from 75.0 m (104 g/t Ag, 0.06 g/t Au, 0.8% Pb and 2.5% Zn) in hole C21-510 133.8 m averaging 103 g/t AgEq1 from 69.0 m (39 g/t Ag, 0.07 g/t Au, 0.8% Pb and 0.7% Zn) in hole C21-523 28.6 m averaging 300 g/t AgEq1 from 265.5 m (101 g/t Ag, 0.12 g/t Au, 1.6% Pb and 3.2% Zn) including 9.4 m averaging 759 g/t AgEq1 (257 g/t Ag, 0.26 g/t Au, 4.1% Pb & 8.1% Zn) in hole C21-519 38.0 m averaging 229 g/t AgEq1 from 687.0 m (54 g/t Ag, 0.07 g/t Au, 1.3% Pb and 2.9% Zn) in hole C21-517 Phase 2 drilling will continue through the remainder of the year and will be focused on three key areas: (1) upgrading inferred resources for inclusion in a prefeasibility study planned for 2022; (2) resource expansion of bulk-tonnage mineralization; and (3) testing of the width, grade and continuity of the extensive high-grade vein systems that transect the deposit. There are currently four drill rigs operating on site. For further details on the drill results noted above refer to our news releases dated August 25 and September 30, 2021. LOOKING AHEAD: We are looking forward to releasing our PEA, a landmark milestone for the Company, later this quarter. The overarching objective is to deliver a technically robust study that outlines one of the largest producing primary silver operations in the industry with manageable upfront development capex and operating costs in the bottom half of the industry cost curve. The study will incorporate staged expansions to reduce initial capex and an elevated cut-off grade strategy and effective use of stockpiling to accelerate the payback period. The study will be vetted by industry leading consultants and supported by our recently released Mineral Resource Estimate and three rounds of metallurgical testwork. Our drill planning for next year is currently being finalized. our ongoing Phase 2 drill program focused on reserve definition for an expected pre-feasibility study on the project for 2022. Alongside this infill drilling we will remain focused on potential resource expansion of bulk-tonnage mineralization as well as ongoing testing of the grade and continuity of the high-grade veins that transect the deposit. Our property wide mapping and sampling program also continues to progress well with targets expected to be finalized through the remainder of the year ahead of initial drill testing early next year. We are also eager to advance and expand our ESG efforts following the recent publication of our inaugural ESG report. During 2021, we have added key positions to our management team in Mexico in the areas of environment, community relations and human resources to help develop and implement our ESG strategy across the organization. We anticipate publishing our 2021 ESG Report in Q2 2022 and look forward to sharing our progress. SELECTED FINANCIAL DATA: The following selected financial data is summarized from the Company's condensed interim consolidated financial statements and related notes thereto (the "Financial Statements") for the three months ended September 30, 2021. A copy of the Financial Statements and MD&A is available at www.discoverysilver.com or on SEDAR at www.sedar.com. Net loss   Q3 2021     Q3 2020   (a)   Total $ (8,752,766)   $ (5,127,665)   (b)   basic and diluted per share $ (0.03)   $ (0.02)   Net loss & total comprehensive loss $ (8,739,307)   $ (4,914,927)   Total weighted average shares outstanding   325,155,725     282,624,020.....»»

Category: earningsSource: benzingaNov 25th, 2021

Pfizer (PFE) COVID Vaccine & Pill Drive Stock Up This Year

Pfizer's (PFE) stock is up 38.8% this year so far, riding high on the success of its two-shot vaccine for COVID-19. Pfizer’s PFE stock has risen 38.8% this year so far, outperforming an increase of 14.5% for the industry.Image Source: Zacks Investment ResearchThe increase is mainly related to Pfizer’s success with COVID-19 vaccine and medicines for treating the disease, which is expected to significantly boost its revenues in 2022 and thereafter. No company is as strongly placed in the COVID vaccines/treatment market as Pfizer right now.Here we discuss the reasons in detail.A Successful COVID-19 VaccinePfizer has been riding high on the success of its two-shot vaccine for COVID-19, Comirnaty, which it developed in partnership with Germany-based company, BioNTech BNTX. The vaccine was developed in record time and is now approved for emergency/temporary use in several countries and has become a key contributor to the top line.In the first nine months of 2021, the vaccine contributed $24.3 billion to Pfizer’s global sales. The pharma giant expects to record $36.0 billion in revenues from Comirnaty in 2021.Pfizer and BioNTech have already shipped 2 billion doses to 152 countries. They expect to manufacture in total up to 3 billion doses by the end of December 2021. Pfizer and BioNTech’s vaccine was approved for younger patients (5-17 years) while a booster vaccine dose was also approved in the United States in 2021.A COVID Anti-Viral Pill on Its WayPfizer has filed an application to the FDA seeking Emergency Use Authorization (EUA) for its promising oral antiviral candidate for COVID-19, Paxlovid, for the treatment of mild-to-moderate COVID-19 in patients at increased risk of hospitalizations or deathPfizer’s regulatory application was based on clinical data from an interim analysis of a phase II/III study, EPIC-HR study. Data from the study showed that Paxlovid (administered in combination with low dose ritonavir) reduced the risk of hospitalization or death by 89% in non-hospitalized adult patients with COVID-19 at high risk of progressing to severe illness compared to placebo within three days of symptom onset. Similar benefits were observed in patients treated within five days of symptom onset.At the recommendation of an independent Data Monitoring Committee, Pfizer stopped the study early due to the high efficacy observed in the interim analysis. Pfizer has begun rolling submissions in several countries including the United Kingdom, Australia, New Zealand and South Korea.If approved by the FDA, Paxlovid can be the first oral antiviral medicine, which can be prescribed as at-home treatments for mild-to-moderate COVID-19 to reduce the severity of the disease. It can help prevent hospitalization in patients with a mild-to-moderate form of the disease but at a high risk of severe COVID-19.Strong Pipeline and Collaboration DealsPfizer boasts a sustainable pipeline with multiple late-stage programs that can drive growth.Pfizer has committed a significant number of resources toward the development of treatments in the fields of oncology, internal medicine, rare diseases, immunology, inflammation, vaccines and hospital. In fact, its phase III success rate, on a five-year rolling average, has improved from 70% to 85%.In 2021, Pfizer’s Prevnar-20, a 20-valent pneumococcal conjugate vaccine, was approved in the United States in June. Prevnar-20 is under review in the EU.Regulatory applications for some of its pipeline candidates are under review including Cibinqo/abrocitinib, its JAK selective inhibitor for atomic dermatitis and somatrogon to treat children with growth hormone deficiency. FDA decisions for these applications are expected next year, which, if approved, could bring in more new products for the company.Key cancer drug, Bavencio (avelumab) is being evaluated for different types of cancer while being already approved for Merkel cell carcinoma and in combination with Inlyta for first-line treatment of advanced kidney cancer.Pfizer is also working on expanding the labels of approved products like Ibrance, Xeljanz, Xalkori and Eliquis.ConclusionOverall, the Consumer Healthcare (CHC) joint venture with Glaxo GSK and the merger of the Upjohn unit with Mylan (now Viatris [VTRS]) has made this Zacks #3 Ranked stock a smaller company with a diversified portfolio of innovative drugs and vaccines.Pfizer’s CHC segment, an over-the-counter (OTC) medicines business, was merged with Glaxo’s unit in July 2019 to form a new joint venture (JV).  Pfizer owns a 32% stake in the JV and Glaxo owns the remaining 68%.Pfizer completed the transaction to divest its Upjohn Business and combine it with Mylan N.V. to form Viatris in November last year. However, its Upjohn unit was a cash-rich business and its divestiture to Viatris has reduced the company’s cash flowNonetheless, Pfizer’s stock is expected to continue to do well, driven by strong growth of key brands like Ibrance, Inlyta and Eliquis, revenue contribution from its COVID-19 vaccine and potentially the COVID pill and regular positive pipeline and regulatory updates.Pfizer currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here Zacks’ Top Picks to Cash in on Artificial Intelligence This world-changing technology is projected to generate $100s of billions by 2025. From self-driving cars to consumer data analysis, people are relying on machines more than we ever have before. Now is the time to capitalize on the 4th Industrial Revolution. Zacks’ urgent special report reveals 6 AI picks investors need to know about today.See 6 Artificial Intelligence Stocks With Extreme Upside Potential>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report GlaxoSmithKline plc (GSK): Free Stock Analysis Report Pfizer Inc. (PFE): Free Stock Analysis Report BioNTech SE Sponsored ADR (BNTX): Free Stock Analysis Report Viatris Inc. (VTRS): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksNov 24th, 2021

FTSE 350 Look Ahead: easyJet, Future, Pennon, And More

Look ahead to FTSE 350 & other companies reporting from 29 November to 3 December  Q3 2021 hedge fund letters, conferences and more Any comments on recovery will be on our minds at easyJet plc (LON:EZJ) Future plc (LON:FUTR) looks to sell a compelling long-term story amid the disruption of major acquisitions Pennon Group plc (LON:PNN) […] Look ahead to FTSE 350 & other companies reporting from 29 November to 3 December  if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get Our Activist Investing Case Study! Get the entire 10-part series on our in-depth study on activist investing in PDF. Save it to your desktop, read it on your tablet, or print it out to read anywhere! Sign up below! (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2021 hedge fund letters, conferences and more Any comments on recovery will be on our minds at easyJet plc (LON:EZJ) Future plc (LON:FUTR) looks to sell a compelling long-term story amid the disruption of major acquisitions Pennon Group plc (LON:PNN) looks to deliver an uneventful set of numbers despite some structural disruption West End property owner Shaftesbury plc (LON:SHB) in the spotlight easyJet, Full Year Results, Tuesday 30 November Sophie Lund-Yates , Equity Analyst “We know a lot of the headline numbers for easyJet’s full year results. Management expect to report losses no greater than £1,175m, which is slightly better than the market was expecting. That comes as the group’s performance perked up in the fourth quarter. That’s a case of rising tides lift all ships though, as short haul carriers are faring better than long-haul, business-focussed peers. There are some easyJet specific things we’ll be looking out for. Most of these centre around the outlook statement – which is something we’ll be reading with great interest. The fourth quarter saw easyJet fly 58% of its total capacity, and we’d like some detailed ideas of when that’s going to climb back to normal levels. With new COVID variants on the rise, that might not be as soon as we’d hoped.” Future, Full Year Results, Tuesday 30 November Nicholas Hyett, Equity Analyst “Future’s been busy in the last 12 months. February saw the GoCompare acquisition complete while the group has subsequently bought Money Week and The Week owner Dennis for £300m. The work to integrate all these new businesses could make full year results a bit messy. Not only will there likely be restructuring costs but sifting genuine year-on-year growth from acquired businesses will be key to understanding how the core business is performing. Management have pointed to improving digital advertising momentum when guiding for “adjusted operating profit to be at the top end of expectations.” If that’s been sustained even as consumers return to a more normal pace of life that bodes well for the future.” Pennon, Half Year Results, Tuesday 30 November Steve Clayton, Manager of HL Select Funds “Pennon Group, owner of South West Water, Bournemouth Water and Bristol Water, reports interim results on Nov 30. With the group having set out their stall to the City in a Capital Markets Event only a few weeks ago, big surprises are unlikely. We expect to see the group reporting strong operational controls and an ongoing recovery from the impact of Covid upon client billings. With the balance sheet in a strong position following the Viridor disposal and earnings growth set to benefit from the Bristol Water acquisition, Pennon has set a dividend policy of CPIH+2% growth p.a., which should give it one of the most attractive rates of dividend growth amongst the UK’s utility companies.” Shaftesbury, Full Year Results, Tuesday 30 November Susannah Streeter, Senior investment and markets analyst “Shaftesbury is expected to show more signs of a gradual recovery but it’s still likely to be a long-drawn-out drama for the West End property owner. Although officer workers have flooded back to the capital, overseas tourism numbers are still depressed with visitor numbers to the UK still down by more than 80% on 2019 levels.  However there does seem to be a much greater appetite among domestic tourists and revellers, with signs of bookings at restaurants re-surging in popular areas like Covent Garden and Soho which may have encouraged more deals on vacant outlets to be done. Shaftesbury has had substantial flexibility built into its business model and the offer of shorter leases might have lured more business in.” 29-Nov Draper Esprit Half Year Results 30-Nov Countryside Properties Full Year Results Discoverie Half Year Results easyJet* Full Year Results Future* Full Year Results Greencore Full Year Results Pennon* Half Year Results Shaftesbury Full Year Results 01-Dec Liontrust Asset Management Half Year Results Redde Northgate Half Year Results 02-Dec AJ Bell Full Year Results Auction Technology Full Year Results 03-Dec No FTSE 350 Reporters *Events on which we will be updating investors About Hargreaves Lansdown Over 1.67 million clients trust us with £138.0 billion (as at 30 September 2021), making us the UK’s number one platform for private investors. More than 98% of client activity is done through our digital channels and over 600,000 access our mobile app each month. Updated on Nov 24, 2021, 1:20 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkNov 24th, 2021

Facebook made niche exceptions to its Taliban ban, internal documents show

"We've allowed some content about the provision of essential public services in Afghanistan," a Facebook spokesperson told The Intercept. Taliban fighters outside the Shaheed Rabbani Education University in Kabul on September 11, 2021.AAMIR QURESHI/AFP via Getty Images Facebook bans accounts maintained by the Taliban, which seized power in Afghanistan in August. Internal memos seen by The Intercept shows Facebook has made niche exceptions to this ban. Facebook confirmed it had made occasional exceptions, including for two posts about COVID-19. Facebook has made occasional exceptions to its ban on Taliban content since the group seized power in Afghanistan in August, internal documents reviewed by The Intercept reveal.The Taliban, which announced they had formed an interim government in Afghanistan in early September, are on Facebook's list of "Dangerous Individuals and Organizations," and a company spokesperson told Insider in August: "we remove accounts maintained by or on behalf of the Taliban and prohibit praise, support, and representation of them."The Intercept viewed internal Facebook memos that mentioned times when the company allowed branches of Afghanistan's government to post. One memo from the end of September detailed an exception for the Ministry of the Interior so that it could post about traffic regulations."We assess the public value of this content to outweigh the potential harm," the memo said, per The Intercept.In another memo from the same time period, Facebook allowed the Ministry of Health to publish two posts containing information about COVID-19.Facebook also appears to have created time-limited exceptions. One internal memo viewed by The Intercept said that for 12 days in August, government figures could acknowledge the Taliban as the "official gov of Afghanistan" without risking suspension from Facebook.From late August to early September, users were allowed to post Taliban public statements without having to "neutrally discuss, report on, or condemn" them, The Intercept reported, citing an internal memo.A Facebook spokesperson confirmed to The Intercept that the company had made some exceptions to its Taliban ban."We continue to review content and Pages against our policies and last month removed several Pages including those from the Ministry of Interior, Ministry of Finance and Ministry of Public Works. However, we've allowed some content about the provision of essential public services in Afghanistan, including, for example, two posts in August on the Afghan Health Page," the spokesperson said.Ashley Jackson, codirector of the Centre for the Study of Armed Groups, told The Intercept that Facebook's approach to deciding which Taliban content to allow seemed arbitrary. "The Islamic Emirate of Afghanistan have absolute power over the government. It makes little sense to pick and choose," she said.Jackson criticized the company in August when it shut down a Taliban-run WhatsApp hotline for reporting looting and lawlessness. "If the Taliban all of a sudden can't use WhatsApp, you're just isolating Afghans, making it harder for them to communicate in an already panicky situation," Jackson told The Financial Times at the time.Facebook is not the only social-media platform to ban the Taliban. YouTube said in August it had a longstanding policy of terminating accounts owned or operated by the Taliban. Twitter, however, allows Taliban figures to use its platform. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 24th, 2021

InDex Pharmaceuticals Holding AB (publ) interim report January - September 2021

STOCKHOLM, Nov. 24, 2021 /PRNewswire/ -- "We have now several clinics activated in the phase III study CONCLUDE and look forward to enrol the first patient in the near term", says Peter Zerhouni, CEO of InDex Pharmaceuticals. "It was quite dramatic in September when the FDA updated their safety warnings for JAK inhibitors as a class. It is a reminder that a product's safety profile is very important." Period July – September 2021 Net sales amounted to SEK 0.0 (0.0) million Operating loss amounted to SEK –28.2 (–7.7) million Result after tax amounted to SEK –28.2 (–7.7) million, corresponding to SEK –0.05 per share (–0.03) before and after dilution Cash flow from operating activities amounted to SEK –26.5 (–8.3) million Period January – September 2021 Net sales amounted to SEK 0.0 (0.0) million Operating loss amounted to SEK –80.2 (–47.3) million Result after tax amounted to SEK –80.2 (–47.3) million, corresponding to SEK –0.16 per share (–0.20) before and after dilution Cash flow from operating activities amounted to SEK –80.1 (–63.1) million Cash and cash equivalents at the end of the period amounted to SEK 463.1 (62.3) million Number of employees at the end of the period was 8 (7) Number of shares at the end of the period was 532,687,650 All comparative amounts in brackets refer to the outcome during the corresponding period 2020. Significant events during the quarter  InDex received first regulatory approval from the Swedish MPA to start the phase III study CONCLUDE with cobitolimod InDex received FDA clearance to start the phase III study CONCLUDE Significant events after the quarter InDex got new patent for cobitolimod granted in the US InDex got new patent for cobitolimod granted in Canada Other events InDex announced that the company will conduct a clinical pharmacokinetic study (PK study) with cobitolimod in Sweden InDex announced that two ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaNov 24th, 2021

Oncopeptides publishes Q3 2021 report

STOCKHOLM, Nov. 24, 2021 /PRNewswire/ -- Oncopeptides AB (publ) (Nasdaq Stockholm: ONCO), a global biotech company focused on the development of therapies for difficult-to-treat hematological diseases, has today published the report for the third quarter 2021. Financial overview July-September           Net sales amounted to SEK 54.3 M (0.0) Operating loss amounted to SEK 338.9 M (loss: 383.5)          Loss for the period was SEK 777.5 M (loss: 383.4)            Loss per share, before and after dilution, was SEK 10.33 (loss: 5.71)           Cash and cash equivalents amounted to SEK 671.3 M (1,251.6) on September 30  Financial overview January-September           Net sales amounted to SEK 140.0 M (0.0)           Operating loss amounted to SEK 1,031.1 M (loss: 1,079.7)           Loss for the period was SEK 1,036.3 M (loss: 1,081.7)            Loss per share, before and after dilution, was SEK 14.27 (loss: 17.87)            Cash and cash equivalents amounted to SEK 671.3 M (1,251.6) on September 30 Significant events July-September           Updated results from the phase 3 OCEAN study were announced on July 8: melflufen met the primary endpoint of superior PFS            FDA requested on July 8, a partial clinical hold of all clinical studies with melflufen, based on OS data in the ITT-population           FDA issued a safety alert to patients and healthcare professionals on July 28, regarding an increased risk of death associated with Pepaxto® in the OCEAN study            FDA announced an ODAC meeting on September 2, scheduled for October 28. The meeting was later cancelled           New data from OCEAN and PORT were presented at the IMW meeting on September 11 Significant events after the reporting period            Anders Martin-Löf, CFO, resigned from Oncopeptides on October 15            Pepaxto was withdrawn from the US market on October 22 and as such Oncopeptides will close commercial operations and refocus on R&D            Oncopeptides communicated focused clinical development efforts to increase cash runway on November 4            Annika Muskantor joined as interim CFO on November 8           Jakob Lindberg was appointed CEO of Oncopeptides. Marty J Duvall left the company on November 15 Financial overview of the Group                                     (SEK thousand)                                                                          2021 Jul-Sep                                                                          2020 Jul-Sep                                                                         2021 Jan-Sep                                                                         2020 Jan-Sep                                                                         ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaNov 24th, 2021

BlackRock – The Fed"s Wall Street Croupier

BlackRock – The Fed's Wall Street Croupier Authored by David Stockman, Central banks have not merely inflated the bejesus out of assets prices. They have also caused the very foundations of financial markets to metastasize, yielding an endless array of new products that have no real economic function except to facilitate new forms of pure wagering. Foremost among these are exchange traded funds (ETFs). If you are inclined to give the latter the benefit of the doubt, you might well ask why the world was so benighted as recently as 2003 that only $204 billion of these swell financial instruments existed – a figure which is just 2.6% of the $7.74 trillion currently outstanding. That is to say, if ETFs were the spawn of free markets and actually facilitated honest price discovery in primary and secondary capital markets, they would have been invented and institutionalized long ago; and upwards of 80% of outstandings would most certainly not have materialized just during the past eight years. Total Assets Of Outstanding ETFs, 2003-2020 Of course, what has also materialized during the span of time encompassed by the above chart is essentially free money from the central banks. Massive eruptions of it. Since 2003, their combined footings have risen from less than $4 trillion to more than $35 trillion, thereby water-logging the markets with excess liquidity and turning them into fecund incubators of new wagering devices. After all, if a real investment professional wanted exposure to the energy sector, for instance, he would undoubtedly investigate the relative merits and potential risks and rewards of all the significant players, including Exxon Mobil, Chevron Corp., Schlumberger, ConcoPhillips. Pioneer Natural Resources, Marathon, Williams Companies, Phillips 66, Kinder Morgan, Valero Energy, Occidental, Devon Energy, Hess, Halliburton, Baker Hughes, Diamondback Energy, APA Corp, ONEOK Inc., etc. But the last thing he would do is buy all of them, weighted by market cap or some other third-party scheme. Yet that’s what you get when you buy XLE, which is the Energy Select SPDR for the sector: It includes 40 energy companies ranging from the above referenced giant integrated producers like Exxon Mobil to refiners like Valero, to oilfield services companies like Halliburton, to small E&P companies like Newfield Exploration. The iShares equivalent is called IXC and it is even more diversified with 96 companies spread among an even greater diversity of sizes, specializations and geographies. Needless to say, no long-term investor would possibly believe that such a dog’s breakfast can be rationally analyzed or diligenced. After all, the whole point of competitive markets is to sort out the winners, losers and also-rans at the sector, industry and sub-industry level. So buying the entire industry amounts to embracing self-canceling financial noise and undoing all the hard work of Mr. Market at the operating performance level. That’s why exchange traded funds, at bottom, are a product of the financial casinos, not the free market. They offer traders and speculators the chance to “bet on black” for just hours, days or weeks at a time based on little more than headlines and momentum. Not surprisingly, the XLE has now completed a round trip to nowhere during the last 15 years as the oil bubble erupted, collapsed, re-erupted, collapsed and is now rising again – even as this ETF’s price is exactly equal to its September 2006 level. The argument that ETFs are a boon to homegamers who don’t have the time or skill to do the homework at the company level just doesn’t wash. In a world of honest money, they would put their savings in the bank to earn a solid rate of interest or would entrust their allocations to the equity markets to a professional with the skills and track record to pick winning stocks. By contrast, the very idea of “democratizing” the process of equity investment is a scam that has arisen from the financial casino. It’s a Wall Street invitation to naive homegamers to throw their money at a kaleidoscopic wall of ETFs from which asset gathers scalp a flow of fees off the top. Indeed, this fact alone tells you all you need to know: There are now more ETFs than actual single-company names traded on the stock markets! This is all by way of introducing the monster-of-the-ETF-midway, Blackrock (BLK). As of September it was by far the world’s largest asset manager with $9.6 trillion of AUM (assets under management). Accordingly, its asset base is larger than the GDP of every country in the world except the US and China. In this particular case we have some personal history – having been a founding partner at the Blackstone Group when Blackrock was formed in 1988 as a subsidiary. The next year we all crisscrossed the country trying to raise its first mutual fund based on a comparatively new class of fixed income securities called mortgage-backed bonds. As we recall, it was a hard sell and that original fund was only about $100 million. So Blackrock’s AUM has grown by a phenomenal 96,000X in the interim! Needless to say, its founder and current CEO, Larry Fink, is one of the great financial buccaneers of modern times. In addition to building the leading fund manager in what became the multi-trillion mortgage backed securities market, he also made several major acquisitions along the way, including two transformative deals around the time of the great financial crisis. These included its merger with Merrill Lynch’s asset management business in 2006, which greatly expanded its equities and institutional bond management operations and resulted in a combined AUM of $1 trillion; and then the purchase in 2009 of Barclay’s $1 trillion asset management business, including its iShares unit, the leading provider of the explosively growing exchange traded funds( ETFs). The latter especially caused Blackrock’s AUM to take off like a rocket, rising from $1 trillion in 2008 to the aforementioned $9.6 trillion at present. Indeed, the pink bars in the chart below are a wonder to behold: They indicate that Blackrock’s footings are equal to the AUM of the entire private equity and venture capital industries (blue bars) combined! Yet it wasn’t entrepreneurial genius or large-scale mergers alone which have accounted for Blackrock’s phenomenal growth. More than anything else it is the poster boy for the massive financial asset inflation of the last two decades, and especially the explosive growth of ETFs and other passive funds where it is the dominant player. As the central banks poured upwards of $30 trillion of fiat credit and liquidity into financial markets after the mid-1990s, asset gathers like BLK had a field day scooping up both fixed income and equity investments. Indeed, the upward march of the chart’s pink bars representing Blackrock’s AUM is virtually unprecedented in business history. Robin Wigglesworth on Twitter: Next week BlackRock will probably report that its assets under management have jumped to $10 trillion. That’s equal to the entire hedge fund, venture capital and private equity Needless to say, the upward march of the pink bars above did wonders for Blackrock’s financials, as well as the net worth of Larry Fink. Thus, in the LTM period ending in December 1999, BLK’s net income posted at a modest $59.4 million, which at a 18.5X PE multiple gave rise to a market cap of $1.1 billion. Back in the day, that was considered not bad for a 1988 startup. Fast forward to the September 2021 LTM period, however, and the numbers have taken on considerable girth. BlackRock’s LTM net income posted at $5.8 billion or 98X the 1999 figure, while the company’s PE multiple has expanded to 24X – thereby raising its market cap to $141 billion or by 128X the 1999 figure. Here’s the thing. Blackrock is huge in size, but extremely diminutive in value-added. On average it scraps about 30 basis points of management fees from its massive AUM – the overwhelming share of which is composed of ETFs and other passive and quasi-indexed funds. These thin margins are more than made up in volume, of course, but they are nevertheless thin because Blackrock essentially functions as a glorified croupier in today’s Wall Street casino. It spreads the cards and chips, and scoops up a tiny slice of the wagers. It goes without saying, of course, that honest capital and money markets would never employ a $9.6 trillion croupier. There wouldn’t be any demand for its services. Likewise, Wall Street’s current croupier wouldn’t have anything close to a $140 billion market cap, either. The financial sheeples who feed it fees would be collecting interest at their bank or modest returns from their equity fund managers, instead. The croupier holds poker cards in his hands at a table in a casino. To be sure, we don’t hold it against people like Larry Fink who have become billionaires in a world of rotten money. The central bankers who made this madness possible are the ones who should bear the everlasting rebuke. But like in the case of the left-wing billionaires of Silicon Valley, we do object mightily to the political abuse that these ill-gotten billions have enabled. In this case, Blackrock has been an active cheerleader for the utterly misbegotten policy of ESG (environmental, social, governance); and has been in the forefront of the Biden White House’s attempts to prod Big Business to enact climate-control measures and adopt other lefty shibboleths such as board diversity as part of their business models. Back on the campaign trail, Joe Biden made no secret of his support for more government intervention in the economy – the one thing he learned during his 49 years on the public teat. So now his Securities and Exchange Commission is no longer intent on merely the Nanny State job of protecting small investors from financial fraud. The SEC now wants to attack the global climate change hoax by imposing ESG standards on all public companies and mandate disclosure of their carbon footprint. As the indefatigable Charlie Gasparino of the New York Post recently noted, What’s different here is how big of a role people associated with Larry Fink’s BlackRock have taken in formulating national ESG policy, and how much the company stands to profit from it with barely a peep from that aforementioned gotcha crowd. His firm runs money for individuals, businesses and governments across the globe, also managing the Fed’s massive portfolio of debt off and on since the 2008 financial crisis. Fink is a billionaire, and his success enabled him to become a key player in the Democratic Party. And he hasn’t been bashful in deploying BlackRock’s clout to advance Democratic economic causes in ways that happen to support its bottom line. Last year, he famously wrote an open letter threatening to push for the removal of board members of companies BlackRock invests in if they refuse to toe the progressive line on climate change. More recently he has vowed to make ESG a centerpiece of BlackRock’s investing model. As Eleanor Terrett of Fox Business has reported, BlackRock now offers more than 150 mutual funds and exchange-traded funds (investment pools that trade like stocks) that adhere to ESG standards – more than any other firm on Wall Street. As it turns out, the Biden administration is stocked with former BlackRock people who are doing the same on a national regulatory level. Take Brian Deese, the current head of the National Economic Council. He was Fink’s global head of sustainable investing. Or take Deputy Treasury Secretary Wally Adeyemo. He was Fink’s former chief of staff and is one of the top advisers to Treasury Secretary Janet Yellen, who is a key player in the national ESG push. There you have it. The Fed has wrecked the foundations of free market prosperity by turning the money and capital markets into raging gambling venues. The latter, in turn, have conferred trillions of ill-gotten gains on the small share of households which own most of the financial assets, and especially on industry insiders and founders who were in the right place at the right time. Now the Wall Street croupier who rode the Fed’s serial bubbles to unimagined heights wants to finish the job by hobbling what’s left of main street prosperity with the disastrous remedies of the Climate Howlers and other woke nonsense now at large in the Imperial City. That is to say, there is a lot more that is rotten about today’s central banking than the money itself. The latter is now fueling a class of bubble-billionaires who apparently feel they can powder the pig by embracing left-wing progressivism at the very time that the future of economic liberty and capitalist prosperity hangs in the balance. So, yes, scorn the bubble-billionaires for their political apostasy, but the everlasting damnation must go to the central bankers who fostered today’s financial and political madness in the first place. *  *  * PEAK TRUMP, IMPENDING CRISES, ESSENTIAL INFO & ACTION Reprinted with permission from David Stockman’s Contra Corner. Tyler Durden Mon, 11/22/2021 - 17:00.....»»

Category: blogSource: zerohedgeNov 22nd, 2021

Gilead (GILD) Files BLA for Bulevirtide for Hepatitis Delta Virus

Gilead (GILD) submits a biologics license application to the FDA for bulevirtide for the treatment of chronic hepatitis delta virus infection in adults with compensated liver disease. Gilead Sciences, Inc. GILD announced that it has submitted a biologics license application (“BLA”) to the FDA for its first-in-class antiviral medicine, bulevirtide (2 mg injection), for the treatment of chronic hepatitis delta virus (“HDV”) infection in adult patients with compensated liver disease.The FDA has already granted Breakthrough Therapy and Orphan Drug designations to bulevirtide for the given indication.If approved, bulevirtide will become the first treatment for adult patients with chronic HDV infection with compensated liver disease in the United States.The BLA filing was based on data from completed and ongoing phase II studies as well as the ongoing phase III MYR301 study that supported the safety and efficacy of bulevirtide (2 mg) administered once daily following 24 weeks of treatment.Per the company, interim data from the phase III MYR301 study showed that the proportion of people with HDV infection achieving the combined virological and biochemical response was 36.7% in treatment with bulevirtide 2 mg, 28% in participants who received bulevirtide 10 mg and 0% in participants who have not received antiviral treatment following 24 weeks of therapy. Treatment with bulevirtide 2 mg led to a statistically significant response versus the no-treatment group after 24 weeks.Shares of Gilead have increased 17.9% so far this year against the industry’s decrease of 14.3%.Image Source: Zacks Investment ResearchWe remind investors that the European Commission has granted conditional marketing authorization to bulevirtide for treating adults suffering from chronic HDV infection with compensated liver disease in Europe. The medicine is marketed under the brand name Hepcludex.In the first nine months of 2021, Hepcludex generated sales worth $25 million while launch activities continued across Europe.Gilead is a dominant player in the HIV market. Its HIV therapy, Biktarvy, continues to drive growth despite the ongoing impact of the pandemic. However, the loss of exclusivity of Truvada and Atripla has affected the HIV franchise’s performance.Competition is stiff in the HIV market as well from the likes of GlaxoSmithKline GSK among others.GlaxoSmithKline reported an 8% growth in its HIV franchise in the third quarter, driven by its new HIV products Dovato, Juluca, Rukobia, and Cabenuva.To further strengthen its HIV franchise, Gilead has collaborated with a subsidiary of Merck MRK to develop and commercialize long-acting, investigational treatment combinations of Gilead’s lenacapavir and Merck’s islatravir in HIV.Gilead and Merck have recently initiated a phase II study evaluating an oral weekly combination of lenacapavir and islatravir in people who are living with HIV who are virologically suppressed on an antiretroviral therapy.Zacks Rank & Stock to ConsiderGilead currently carries a Zacks Rank #3 (Hold). A top-ranked stock in the biotech sector is Precision BioSciences, Inc. DTIL which has a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.Precision BioSciences’ loss per share estimates have narrowed 44.4% for 2021 and 20.1% for 2022, over the past 60 days. The stock has rallied 12.1% year to date.Earnings of Precision BioSciences have surpassed estimates in each of the trailing four quarters. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report GlaxoSmithKline plc (GSK): Free Stock Analysis Report Merck & Co., Inc. (MRK): Free Stock Analysis Report Gilead Sciences, Inc. (GILD): Free Stock Analysis Report Precision BioSciences, Inc. (DTIL): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacksNov 22nd, 2021