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Marwest Apartment REIT Announces Q3 Results

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ WINNIPEG, MB, Nov. 24, 2021 /CNW/ - Marwest Apartment Real Estate Investment Trust ("Marwest Apartment REIT" or the "REIT") (TSXV:MAR) reported financial results for the third quarter ended September 30, 2021. The Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis ("MD&A") for Q3 2021 and the nine months ended September 30, 2021 are available on the REIT's website at www.marwestreit.com and at www.sedar.com. Q3 2021 Highlights Adjusted funds from operations ("AFFO") of $0.04 per unit for the nine months ended September 30, 2021 Generated net property operating income ("NOI") of $1,206,553 since the acquisition of 251 units (the "Qualifying Transaction") on April 30, 2021 NOI margin of 62.44% for the nine months ended September 30, 2021 Occupancy rate of 98.77% since the Qualifying Transaction Average monthly rent per suite to September 30, 2021 of $1,512 Mr. William Martens, Chief Executive Officer and Trustee commented "We are very pleased to have completed our first full quarter of operations with our initial portfolio.  Since Q3 we have completed the purchase of an additional 112 rental units with the closing of the Element acquisition on November 15, 2021." Operations Summary Portfolio Operational Information As at September 30, 2021 Number of properties 2 Number of suites 251 Average Occupancy Rate to date 98.77% Average rental rate to date $1,512 Financial Summary Period ended September 30, 2021 Property revenue $ 1,932,200 Net property operating income 1,206,553 Net income 4,855,259 FFO.....»»

Category: earningsSource: benzingaNov 24th, 2021

HIGHWOOD ASSET MANAGEMENT LTD. ANNOUNCES 2022 FIRST QUARTER FINANCIAL AND OPERATING RESULTS ALONG WITH OPERATIONAL UPDATE

/NOT FOR DISSEMINATION IN THE U.S. OR THROUGH U.S. NEWSWIRES/ CALGARY, AB, May 27, 2022 /CNW/ - Highwood Asset Management Ltd., ("Highwood" or the "Company") (TSXV:HAM) is pleased to announce financial and operating results for the three months ended March 31, 2022. The Company also announces that its unaudited financial statements and associated Management's Discussion and Analysis ("MD&A") for the period ended March 31, 2022, can be found at www.sedar.com and www.highwoodmgmt.com. Highlights Within the industrial metals and minerals business unit, the Company engaged the third-party resource evaluator to compile a 43-101 Lithium from Brine Resource Assessment specific to Drumheller, Alberta, which was effectively dated February 21, 2022. The initial inferred Lithium-Brine resource at Drumheller has been calculated within 3 separate resource domains, the combined total of which is estimated to contain 18.14 million metric tonnes lithium carbonate equivalent ("LCE"). Within the upstream oil & gas production & processing business unit, the Company delivered average production of 120 bbl/d of oil in the first quarter of 2021. Current net production from Highwood is approximately 110 bbl/d of oil, with one well in Deer Mountain currently shut in due to road bans. Highwood is working to bring this well back on production as soon as possible. During the first quarter of 2022, the Company sold a non-core property for gross proceeds of $107 thousand that had a cost basis of $nil. Corporately, net debt at March 31, 2022 was $1.67 million, subsequent to quarter-end, with cash flows form operations and dispositions the Company has reduced net debt and is in a working capital surplus position. Summary of Financial & Operating Results Three Months Ended March 31,  2022 2021 %  Financial (in thousands)  Oil and natural gas sales $      1,151 $    5,518 (78)  Transportation pipeline revenues 797 969 (18)  Total revenues, net of royalties(1) 1,618 4,175 (61)  Income (Loss) 456 (778) 159  Funds flow from operations(5) 875 726 11  Capital expenditures.....»»

Category: earningsSource: benzingaMay 27th, 2022

LINGO MEDIA REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2022

TORONTO, May 27, 2022 /CNW/ - Lingo Media Corporation (TSXV:LM) (OTC:LMDCF) (FSE: LIMA) ("Lingo Media" or the "Company"), an EdTech company that is 'Building a Multilingual World' through innovative online technology and solutions, announces its financial results for the first quarter ended March 31, 2022.  All figures are reported in Canadian Dollars and are in accordance with International Financial Reporting Standards unless otherwise noted. Operational Highlights Online English Language Learning: advanced the development of levels two and three of its new primary school solution initiated the design and development of gamification for the primary school solution developed Learning Tools Interoperability (LTI) - which is an education technology specification developed by the IMS Global Learning Consortium specifying a method for a learning management system ("LMS") to communicate with external systems, including ELL Technologies' LMS released new analytic reports to its clients added sales and customer success personnel for Latin America and Asia Print-Based English Language Learning: initiated the development of content and material for the next editions of PEP Primary English grade 3 and 4 textbooks Q1 2022 Financial Highlights First Quarter Ended March 31st   2022 2021 Revenue $       159,146 $       149,080 Operating and development expenses 411,399 392,605 Loss before amortization, share-based payments, depreciation, finance charges and taxes (307,758) (295,525) Amortization, share-based payments, and depreciation.....»»

Category: earningsSource: benzingaMay 27th, 2022

Coldwell Banker Realty New Homes Takes Home Six Awards at Shore Builders Association of Central New Jersey’s FAME Awards

Coldwell Banker Realty New Homes, a leading sales, leasing, and marketing organization in the homebuilding industry, announces it received six Fabulous Achievements in Marketing Excellence (FAME) Awards from the Shore Builders Association of Central New Jersey (SBACNJ). Coldwell Banker Realty New Homes took home five awards for its sales and marketing efforts and one... The post Coldwell Banker Realty New Homes Takes Home Six Awards at Shore Builders Association of Central New Jersey’s FAME Awards appeared first on Real Estate Weekly. Coldwell Banker Realty New Homes, a leading sales, leasing, and marketing organization in the homebuilding industry, announces it received six Fabulous Achievements in Marketing Excellence (FAME) Awards from the Shore Builders Association of Central New Jersey (SBACNJ). Coldwell Banker Realty New Homes took home five awards for its sales and marketing efforts and one award for its new division website at the event held on May 19 at Southgate Manor in Freehold, N.J. Coldwell Banker Realty New Homes received five awards for its marketing and sales strategy for 365 Ocean, a boutique collection of 57 luxury oceanfront condominiums in Long Branch, N.J. developed by Mark Built Homes. Given annually, the FAME Awards recognize excellence in sales and marketing by celebrating SBACNJ’s most creative and successful sales and marketing professionals and strategies as well as highlighting the Shore’s most impressive projects. For their work as the exclusive marketing and sales agent for 365 Ocean, Coldwell Banker Realty New Homes took home top honors in the Best MarketingStrategy category. Additionally, Sheryl Ritschel, Director of Coldwell Banker Realty New Homes was named the Marketing Director of the Year and Sales/ManagerPatrick “Ted” Hanley received the Salesperson of the Year award for their work in successfully selling out the project in just 28 months with sales price ranging from the $900s to over $2.7 million. Further highlighting its work in successfully marketing 365 Ocean, Coldwell Banker Realty New Homes’ also received awards in the Best Color Print Ad and Best Signage categories. 365 Ocean provides homeowners with breathtaking ocean views from every residence and resort-inspired amenities creating a new level in beachfront luxury living. With soaring ceilings, elegant oak flooring, custom porcelain bathroom floors, gourmet kitchen-grade appliances and high-end features, luxury living is at the forefront at the amenity-rich property. Homeowners enjoy a heated, resort-style infinity pool, a club room with a wet bar, lounge seating, a theatre television, an outdoor gas fire pit and panoramic views of the Atlantic Ocean.365 Ocean was also awarded Community of the Year by the New Jersey Builders Association’s Sales and Marketing Awards in 2021 and 2020. Rounding out their accolades from SBACNJ, Coldwell Banker Realty New Homes also won the Best Website category for their recently relaunched corporate website cbnewhomes.com further reinforcing their position as the industry leader in business intelligence and strategic positioning to aid residential real estate developers in reaching optimal sales price and velocity for their homes. “Our ability to drive results for our partners is what makes us stand out in a competitive residential real estate market,” said Dave Schoner, Vice President of Coldwell Banker Realty New Homes. “These accolades from the Shore Builders Association of Central New Jersey only further highlight our expertise in helping our partners find success and I’m thrilled for our team members to be recognized for their efforts and to continue our track record of proven success.” The post Coldwell Banker Realty New Homes Takes Home Six Awards at Shore Builders Association of Central New Jersey’s FAME Awards appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyMay 26th, 2022

SUPERIOR GOLD REPORTS SOLID FIRST QUARTER RESULTS

IMPROVED WORKING CAPITAL WHILE SUCCESSFULLY COMPLETING A 15-DAY MILL MAINTENANCE SHUTDOWN. FURTHER OPERATING GROWTH TARGETED FOR THE REMAINDER OF 2022 (In US Dollars unless otherwise stated)  TORONTO, May 25, 2022 /CNW/ - Superior Gold Inc. ("Superior Gold" or the "Company") (TSXV:SGI) (OTC:SUPGF) announces financial results for the first quarter of 2022 for the Company's 100%-owned Plutonic Gold Operations, located in Western Australia.   First Quarter Highlights Production of 16,747 ounces, a 5% decrease over the comparative quarter of 2021 due to the planned 15-day mill maintenance shutdown in the first quarter of 2022 Sold 15,823 ounces of gold at total cash costs1 of $1,558 per ounce sold, which was in line with management's expectations, an increase of $172 per ounce sold or 12% in comparison to the first quarter of 2021 All-in sustaining costs1 increased by $219 per ounce sold or 15% in comparison to the first quarter of 2021 to $1,729 per ounce sold, below the realized gold price1 of $1,910 per ounce, in line with management's expectations which included higher sustaining exploration and capital expenditures1 Increase in working capital1 of $0.8 million to $11.2 million despite the planned mill maintenance shutdown Solid cash and cash equivalents of $20 million Net income for the period was $0.01 per share and Adjusted net income1 was $0.01 per share 1 Refer to the Non-IFRS Performance Measures disclosure included in this MD&A for a description and calculation of these measures. Chris Jordaan, President, and CEO of Superior Gold stated: "Despite completing the planned and scheduled preventative maintenance mill shut down, we still delivered a strong quarter, maintaining a solid cash position of $20 million and improving our working capital to over $11 million. The increase in AISC per ounce was expected due to lower ounces sold in the first quarter, and we remain on track to deliver on our annual cost guidance. Production from underground exceeded our plan for the quarter, with stope grades in line with plan, and increases in tonnes and grade are expected for the remainder of the year as we develop into newly defined mineralized zones and enter the Main Pit Deeps. COVID-19 continues to challenge Western Australia as it opened its borders and saw an increase in cases. The health and safety of our employees is paramount, and we continue to employ in-transit and on-site controls to ensure cases on-site are minimized in an attempt to reduce the impact to the Company in the second quarter of 2022 and beyond. Looking ahead, we are continuing with our strategy, and we are targeting production and cash flow increases in the three subsequent quarters of 2022, confirming our annual production guidance as well as our annual cash cost and all-in sustaining cost guidance as shown later in this news release. The 15-day mill shutdown was a success and consistent with the Company's strategy to invest in the fixed plant for long-term reliable and sustainable operations, providing the opportunity to increase throughput to the mill to its installed capacity. This will be considered as the Company moves toward increased underground tonnage in the latter half of 2022 and through the addition of higher-grade open pit feed from the early entry into the Main Pit Deeps project. The Company also continues to benefit from block model improvements designed to better forecast the spatial positioning of the ore at Plutonic and the identification of larger more productive stopes to be developed and mined. In 2021, the Company delivered on the first goal of its growth strategy, namely a safe and sustainable operation with 77,321 ounces of gold delivered for the full year. In 2022 the Company remains on track to progress towards delivering the second goal of its growth strategy to deliver an operation of scale. The first phase of the second goal is to increase production to an annualized rate of approximately 100,000 ounces per annum in the second half of the year by increasing production from the underground mine and identifying and mining higher grade open-pit targets in the Main Pit Deeps project and other near-mill open pit targets. The investments we are making this year are designed to improve on the Company's strategy to fully optimize the underground operation and when combined with the addition of new sources of open-pit feed, are expected to positively contribute to the Company's overall profitability." Summary of Financial and Operational Results: Three monthsended March 31,2022 All amounts in $ millions except where noted Financial Revenue 30.2 Cost of sales 26.7 General and administrative.....»»

Category: earningsSource: benzingaMay 25th, 2022

Regeneron"s (REGN) Evkeeza Positive in Late-Stage Study

Regeneron (REGN) announces positive data on a phase III study on cholesterol treatment Evkeeza. Regeneron Pharmaceuticals, Inc. REGN has announced positive results from a phase III study on Evkeeza (evinacumab)The study was evaluating Evkeeza in children aged 5 to 11 with homozygous familial hypercholesterolemia (HoFH).During the 24-week treatment period, patients received Evkeeza 15 mg/kg every four weeks via IV alongside their lipid-lowering treatment regimen. The primary endpoint was a change in LDL-C at week 24. Secondary endpoints included the effect of Evkeeza on other lipid parameters, efficacy by mutation status, safety and tolerability, immunogenicity and pharmacokinetics (PK).Part A was a phase Ib study designed to assess the PK, safety and tolerability of Evkeeza. Patients who completed Part A or B were allowed to continue treatment in Part C, an ongoing phase III extension trial. Parts A, B and C were not designed to evaluate the effect of Evkeeza on cardiovascular events.The study met its primary endpoint. Results showed that children who added investigational Evkeeza to other lipid-lowering therapies reduced their low-density lipoprotein-cholesterol (LDL-C) by 48% at week 24 on average. Children already on other lipid-lowering therapies entered the trial with dangerously high LDL-C (264 mg/dL on average), and 79% saw their LDL-C reduced by at least half at 24 weeks.It is approved by the FDA (as evinacumab-dgnb) and the European Commission as an adjunct therapy for certain patients aged 12 years and older with HoFH.Please note that Regeneron is responsible for the development and distribution of Evkeeza in the United States. It has collaborated with Ultragenyx (RARE) to clinically develop, commercialize and distribute Evkeeza outside of the United States.Regeneron and Ultragenyx both collaborated for Evkeeza in January 2022.REGN’s shares have gained 7.6% in the year so far against the industry’s decline of 23.7%.Image Source: Zacks Investment ResearchRegeneron’s first-quarter results were strong with broad-based growth. Solid demand for Eylea and Dupixent maintained momentum for the company. Demand for lead ophthalmology drug Eylea (approved for neovascular age-related macular degeneration, diabetic macular edema and macular edema, among others) maintains momentum for the company on strong demand. Regeneron has a collaboration agreement with Bayer BAYRY for Eylea.Recent label expansions into additional indications have boosted sales and should maintain momentum for the drug despite lingering competition.  The company is working on expanding the drug’s label further, which should boost performance.Regeneron records net product sales of Eylea in the United States. Bayer records net product sales of Eylea outside the United States.However, sales from REGEN-COV took a hit due to the regulatory update.Growth in Eylea and Dupixent through further penetration in existing indications and a promising late-stage pipeline set the momentum for growth. The approval of Libtayo in the lucrative indication of NSCLC should further boost the drug's sales in the upcoming quarters.Regeneron currently carries a Zacks Rank #3 (Hold).  A couple of better-ranked stocks are Alkermes ALKS and Geron Corporation GERN. While Alkermes sports a Zacks Rank #1 (Strong Buy), Geron has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Loss estimates for ALKS for 2022 have narrowed to 3 cents from a loss of 14 cents in the past 60 days. Alkermes surpassed estimates in all of the trailing four quarters, the average surprise being 350.48%.Loss estimates for GERN for 2022 have narrowed by 6 cents in the past 60 days. Geron surpassed estimates in three of the trailing four quarters, the average surprise being 1.07%.  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 Regeneron Pharmaceuticals, Inc. (REGN): Free Stock Analysis Report Geron Corporation (GERN): Free Stock Analysis Report Alkermes plc (ALKS): Free Stock Analysis Report Bayer Aktiengesellschaft (BAYRY): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksMay 23rd, 2022

Buckle (BKE) Queued Up for Q1 Earnings: What"s in the Cards?

Buckle's (BKE) first-quarter fiscal 2022 sales results might show gains from its men's and women's divisions, and online business. The Buckle, Inc. BKE is likely to register an increase in the top line from the year-ago quarter’s reported figure when it announces first-quarter fiscal 2022 earnings on May 26, before market open. The Zacks Consensus Estimate for quarterly sales is pegged at $339 million, indicating growth of 13.3% from the year-ago period’s tally.BKE registered higher sales in all the three months of the quarter under review. The apparel, footwear and accessories retailer recorded net sales growth of 2.9% and 32.9%, respectively, for April, March and February. However, the metric decreased 10.4% in March.However, the bottom line is likely to fall from the prior-year reported figure. The Zacks Consensus Estimate for quarterly earnings is pegged at $1.10, suggesting a decline of about 5% from the year-ago period’s tally. The consensus mark has been stable in the past 30 days.This Kearney, NE-based player’s performance in the trailing four quarters shows that it has an earnings surprise of 45%, on average. In the last reported quarter, BKE delivered an earnings surprise of 14.2%.Key Factors to NoteStrength in Buckle’s men’s and women’s divisions coupled with gains from online business is most likely to have boosted sales in the fiscal first quarter. Apart from BKE’s men’s and women’s business, the Youth business continues to yield well on solid denims and knits. Categories like accessory, footwear, dresses, tops and private label business have been performing well for a while. BKE is focused on enhancing its omni-channel capabilities. It is also steadily expanding its assortment offerings to meet consumers’ altering preferences. Moreover, BKE’s store-expansion and remodeling efforts appear fruitful.These initiatives have been aiding Buckle’s comparable-store sales (comps) for a while now. The metric might have increased in all the three months of the quarter to be reported. Comps rose 2.8% and 33.3%, respectively, in April and February. However, the metric decreased 10.4% in March.While the aforementioned factors raise optimism about the quarterly performance, any deleverage in selling, general and administrative expenses is concerning. Also, the ongoing supply-chain headwinds and higher freight expenses remain deterrents. These headwinds might have weighed on the bottom-line performance in the quarter under review.What the Zacks Model UnveilsOur proven model does not conclusively predict an earnings beat for Buckle this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.Buckle, Inc. The Price and EPS Surprise Buckle, Inc. The price-eps-surprise | Buckle, Inc. The QuoteAlthough Buckle carries a Zacks Rank #3, its Earnings ESP of 0.00% in the combination makes surprise prediction difficult.Stocks With a Favorable CombinationHere are a few companies worth considering as our model shows that these have the right combination of elements to beat on earnings this season:Costco COST has an Earnings ESP of +1.90% and a Zacks Rank #3, currently. COST is likely to register an increase in the bottom line from the last fiscal year’s quarterly reading when it reports third-quarter fiscal 2022 results. The Zacks Consensus Estimate for quarterly earnings has increased a couple of cents to $3.04 per share in the past 30 days, indicating an improvement of 10.6% from the prior fiscal year’s quarterly tally. You can see the complete list of today’s Zacks #1 Rank stocks here.Costco’s top line is expected to rise from the last fiscal year’s quarterly reported figure. The Zacks Consensus Estimate for quarterly revenues is pegged at $51.8 billion, which suggests an increase of 14.3% from the figure reported in the prior fiscal year’s comparable period. COST delivered an earnings beat of 13.3%, on average, in the trailing four quarters.Casey's General Stores CASY currently has an Earnings ESP of +7.07% and a Zacks Rank of 3. CASY is anticipated to register a top-line increase from the last fiscal year’s quarterly reading when it reports fourth-quarter fiscal 2022 results. The Zacks Consensus Estimate for CASY’s revenues is pegged at $3,443 million, indicating a rise of 45% from the figure reported in the prior fiscal year’s quarter.The Zacks Consensus Estimate for Casey's General Stores’ quarterly earnings is pegged at $1.49 per share, suggesting an improvement of 33% from the last fiscal year’s quarterly reported number. CASY delivered an earnings beat of 21.6%, on average, in the trailing four quarters.lululemon athletica LULU currently has an Earnings ESP of +0.18% and a Zacks Rank of 3. LULU is likely to register an increase from the last fiscal year’s quarterly reading in the bottom line when it reports first-quarter fiscal 2022 results. The Zacks Consensus Estimate for quarterly earnings has moved 0.7% north to $1.43 per share, suggesting 23% growth from the earlier fiscal year’s quarterly reported number.lululemon athletica’s top line is expected to rise from the prior fiscal year’s quarterly reported number. The Zacks Consensus Estimate for quarterly revenues is pegged at $1.55 billion, which suggests a rise of 26% from the figure reported in the prior fiscal year’s quarter. LULU delivered an earnings beat of 20.9%, on average, in the trailing four quarters.Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. 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 Costco Wholesale Corporation (COST): Free Stock Analysis Report lululemon athletica inc. (LULU): Free Stock Analysis Report Buckle, Inc. The (BKE): Free Stock Analysis Report Casey's General Stores, Inc. (CASY): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacksMay 23rd, 2022

Futures Jump After Biden Says Trump"s China Tariffs Under Consideration

Futures Jump After Biden Says Trump's China Tariffs Under Consideration US stock futures advanced for a second day after staging a furious rally late on Friday having slumped into a bear market just hours earlier, after President Joe Biden said China tariffs imposed by the Trump administration were under consideration, although concerns about hawkish central banks and record Covid cases in Beijing continued to weigh on the sentiment.  Contracts on the S&P 500 were up 1% by 7:15 a.m. in New York, trimming earlier gains of as much as 1.4% following remarks from Christine Lagarde that the European Central Bank is likely to start raising interest rates in July and exit sub-zero territory by the end of September which sent the euro sharply higher and hit the USD. Meanwhile, Beijing and Tianjin continue to ramp up Covid restrictions as cases climbed. Nasdaq futures also jumped, rising 1.1%. Europe rose 0.6% while Asian stocks closed mostly in the green, with Nikkei +1% and Hang Seng -1.2%. The dollar and Treasuries retreated, while bitcoin jumped to $30,500 as the crypto rout appears over. Traders interpreted Biden’s comments that he’ll discuss the US tariffs on Chinese imports with Treasury Secretary Janet Yellen when he returns from his Asia trip as a signal there could be a reversal of some Trump-imposed measures, sparking a risk-on rally.  “Today’s appetite for risk has been sparked by the US President’s announcement that trade tariffs imposed on China by the previous Trump administration will be discussed,” said Pierre Veyret, a technical analyst at ActivTrades. “Investors see this as a possible de-escalation of the trade war between the two economic superpowers, and this has revived trading optimism towards riskier assets.” Among the notable movers in premarket trading, VMware surged 19% after Bloomberg News reported that Broadcom is in talks to acquire cloud-computing company; Broadcom fell 3.5% in premarket trading. Here are some other notable premarket movers: Software stocks, such as Oracle (ORCL US), Splunk (SPLK US), ServiceNow (NOW US), Check Point Software Technologies (CHKP US), are in focus after the report on Broadcom and VMware setting up for a blockbuster tech deal. Antiviral and vaccine stocks rise in US premarket trading amid spreading cases of the monkeypox virus. SIGA Technologies (SIGA US) jumps 39%; Emergent BioSolutions (EBS US) rises 15%, Chimerix (CMRX US) gains 15%, Inovio Pharmaceuticals (INO US) +13% Dow (DOW US) shares fall as much as 1.3% premarket after Piper Sandler downgraded the chemicals maker to neutral from overweight, along with peer LyondellBasell (LYB US), amid industry concerns. TG Therapeutics (TGTX US) shares are down 3.3% premarket after falling 11% on Friday, when BofA started coverage on the biotech company with an underperform rating and $5 price target. Upwork (UPWK US) could be in focus as RBC Capital Markets analyst Brad Erickson initiates coverage of the stock with a sector perform recommendation, saying some near-term negatives for the online recruitment services firm are well discounted. US stocks have been roiled in the past two months by concerns the Fed's tightening will push the economy into a recession. A late-session rebound lifted the market from the session’s lows on Friday, though the S&P 500 still capped a seventh straight week of losses - the longest since 2001 - and briefly dipped into bear market territory, while the Dow dropped for 8 consecutive weeks, the longest stretch since 1923! “As we have seen time and time again recently, any attempted rallies appear to be short-lived with the backdrop of macroeconomic uncertainty, and any bullish breakouts have failed to endure with overall market sentiment biased toward the bears,” said Victoria Scholar, head of investment at Interactive Investor. The string of weekly losses has seen the S&P 500’s forward price-to-earnings ratio drop to 16.4, near the lowest since April 2020. This is below the average level of 17.04 times seen over the past decade, making the case for bargain hunters to step in. Separately, Biden said the US military would intervene to defend Taiwan in any attack from China, comments that appeared to break from the longstanding US policy of “strategic ambiguity” before they were walked back by White House officials. Meanwhile, his administration announced that a dozen Indo-Pacific countries will join the US in a sweeping economic initiative designed to counter China’s influence in the region. Minutes of the most recent Fed rate-setting meeting will give markets insight this week into the central bank’s tightening path. St. Louis Fed President James Bullard said the Fed should front-load an aggressive series of rate hikes to push rates to 3.5% at year’s end, which if successful would push down inflation and could lead to easing in 2023 or 2024 In Europe, the Stoxx 50 rose 0.3%. The FTSE 100 outperformed, adding 0.9%, FTSE MIB lags, dropping 1.1%. Energy, miners and travel are the strongest performing sectors. European energy shares vie with the basic resources sector to be the best-performing group in the Stoxx Europe 600 benchmark on Monday as oil stocks rise with crude prices, while Siemens Gamesa rallies after Siemens Energy made a takeover offer. Shell rises 1.7%, BP +2.4%, TotalEnergies +2.1%. Elsewgere, the Stoxx Europe Basic Resources sub-index rallies to the highest level since May 5 to lead gains in the wider regional benchmark on Monday as metals rise amid better demand outlook. Aluminum, copper and iron ore extended rebound after China cut borrowing rates last week, dollar weakened and as investors weighed outlook for lockdown relief in Shanghai. The euro rose to its highest level in four weeks and most of the region’s bonds fell after European Central Bank President Christine Lagarde said the ECB is likely to start raising interest rates in July and exit sub-zero territory by the end of September. Here are the most notable European movers: Siemens Gamesa shares gain as much as 6.7% after Siemens Energy made an offer to acquire the shares in the wind-turbine maker it does not own. Kingfisher shares advance as much as 4.9% after the B&Q owner reported 1Q sales that beat estimates and announced plans for a further GBP300m share buyback. Deutsche EuroShop shares jump as much as 44% after Oaktree and CURA offered to acquire the German retail property company in a deal valuing it at around EU1.39b. Moonpig Group gains as much as 14% as Jefferies analysts say its plan to buy Smartbox Group UK is a good use of the online greeting card company’s strong cash generation. Kainos Group shares jump as much as 25%, as Canaccord Genuity raises the stock’s rating to buy from hold following FY results, saying cost-inflation headwinds are priced in. Intertek shares fall as much as 5.3%, with Stifel cutting its rating on the company to hold from buy, saying none of the key elements of its positive thesis are still intact. Leoni shares drop as much as 7.3% after the wiring systems manufacturer said it was in advanced talks on further financing. Earlier in the session, Asian stocks were mixed as traders assessed Chinese authorities’ efforts to support the economy amid ongoing concerns over its Covid situation. The MSCI Asia Pacific Index was up 0.4%, supported by healthcare and industrials, after paring an early gain of as much as 0.7%. Japanese stocks outperformed and US index futures advanced.  Chinese shares slid after Beijing reported a record number of coronavirus cases, reviving concerns about lockdowns. Covid concerns offset any positive impact from last Friday’s greater-than-expected reduction in a key interest rate for long-term loans in an effort to counter weak demand. Investors may be turning more upbeat on Asian stocks, with the regional benchmark beating global peers last week by the most in more the two years, snapping a streak of six weekly losses. Still, the region faces the same worries about inflation and rising US interest rates that have been rattling markets around the world this year. “The energy crisis in the EU and policy tightening in the US, combined with China’s economic soft patch” are potential headwinds for Asian equities and may lead to “weak external demand for more export-oriented economies like Taiwan and Korea,” Soo Hai Lim, head of Asia ex-China equities at Barings, wrote in a note. Japanese equities climbed as US President Joe Biden’s comments during his visit to the country lifted market sentiment. Biden said a recession in the US isn’t inevitable, and reaffirmed close ties between the two countries. He also said China tariffs imposed by the Trump administration were under consideration, helping to lift regional stocks.  The Topix Index rose 0.9% to 1,894.57 as of market close, while the Nikkei advanced 1% to 27,001.52. Tokio Marine Holdings contributed the most to the Topix Index, increasing 7.6%. Out of 2,171 shares in the index, 1,681 rose and 415 fell, while 75 were unchanged. Defense stocks also got a boost after Prime Minister Fumio Kishida said President Biden supports Japan’s plan for an increase in its defense budget Stocks in India mostly declined after the central bank chief said the Reserve Bank is taking coordinated action with the country’s government to tackle inflation and a few interest rate hikes will be in store in coming months. His comments came soon after the government unveiled measures that will cost the exchequer $26 billion and will probably force the government to issue more debt to bridge the yawning budget deficit. The S&P BSE Sensex ended flat at 54,288.61 in Mumbai after giving up an advance of as much as 1.1%. The NSE Nifty 50 Index dropped 0.3%, its third decline in four sessions. Gauges of mid-sized and small stocks also plunged 0.3% and 0.6%, respectively. Out of the 30 stocks in the Sensex index, 20 advanced while 10 ended lower, with Tata Steel being the biggest drag. Eleven of 19 sector sub-indexes compiled by BSE Ltd. declined, led by metal stocks. Steel stocks plunged after the new rules imposed tariffs on export of some products. Auto and capital stocks were the best performers.  Investors remain wary of the policy decisions the central bank could take in the near-term to tackle in rising inflation, according to Arafat Saiyed, an analyst with Reliance Securities. “Changes in oil prices and amendments to import and export duties might play a role in assessing the market’s trajectory.” In rates, Treasuries dropped as investors debate the Federal Reserve’s tightening path amid mounting worries about an economic slowdown. US bonds were cheaper by 3bp-5bp across the curve with belly leading declines, underperforming vs front- and long-end, following weakness in bunds. 10-year yield around 2.83%, higher by ~5bp on day, and keeping pace with most European bond markets; belly-led losses cheapen 2s5s30s fly by ~1.5bp on the day. US IG credit issuance slate empty so far; $20b-$25b is expected this week, concentrated on Monday and Tuesday. European fixed income faded an initial push higher after Lagarde’s comments while money markets up rate-hike bets. Bund futures briefly trade above 154 before reversing, cash curve bear-flattens with the belly cheapening ~6bps. Peripheral spreads tighten to Germany, 10y Bund/BTP spreads holds above 200bps. In FX, the Bloomberg Dollar Spot Index fell as the greenback traded weaker against all of its Group-of-10 peers. The euro jumped to a session high of $1.0635 and bunds reversed an advance after ECB President Christine Lagarde said the central bank is likely to start raising interest rates in July and exit sub-zero territory by the end of September. The EUR was also bolstered by Germany IFO business confidence index rising to 93.0 in May vs estimate 91.4. The Aussie and kiwi were among the pest G-10 performers as they benefitted from Biden’s comments about the tariffs on China. Aussie was also supported after the Labor Party won the weekend election and is increasingly hopeful of gaining enough seats to form a majority government.  The pound advanced against the dollar, touching the highest level since May 5, amid broad-based greenback weakness. While asking prices rose to a new record for the fourth-straight month, there are signs the housing market is slowing, according to Rightmove. Yen steadied after gains last week as traders sought clues on the global economy. Japanese government bonds were mostly higher. The purchasing power of the yen fell to a fresh half-century low last month. In commodities, WTI rose 1.1% to trade just below $112. Most base metals are in the green; LME aluminum rises 1.4%, outperforming peers. LME nickel lags, dropping 4.2%. Spot gold climbs roughly $18 to trade around $1,865/oz Looking at today's calendar, at 830am we get the April Chicago Fed Nat Activity Index (est. 0.50, prior 0.44). CB speakers include the Fed's Bostic, ECB's Holzmann, Nagel and Villeroy and BoE's Bailey. Market Snapshot S&P 500 futures up 0.6% to 3,922.50 STOXX Europe 600 up 0.6% to 433.69 MXAP up 0.4% to 165.23 MXAPJ little changed at 539.33 Nikkei up 1.0% to 27,001.52 Topix up 0.9% to 1,894.57 Hang Seng Index down 1.2% to 20,470.06 Shanghai Composite little changed at 3,146.86 Sensex up 0.4% to 54,556.08 Australia S&P/ASX 200 little changed at 7,148.89 Kospi up 0.3% to 2,647.38 German 10Y yield little changed at 0.97% Euro up 0.5% to $1.0622 Brent Futures up 0.9% to $113.61/bbl Gold spot up 0.7% to $1,859.91 U.S. Dollar Index down 0.63% to 102.50 Top Overnight News from Bloomberg President Joe Biden said the US military would intervene to defend Taiwan in any attack from China, some of his strongest language yet seeking to deter Beijing from an invasion The Biden administration announced that a dozen Indo-Pacific countries will join the US in a sweeping economic initiative designed to counter China’s influence in the region, even as questions remain about its effectiveness The US Treasury Department is expected to tighten sanctions this week on Russia, threatening about $1 billion owed to bondholders for the rest of this year and putting the country once again on the edge of default The ECB is poised to get the power to oversee so-called transition plans by 2025, in which lenders map out their path to a carbon-neutral future. Yet several national officials who sit on the ECB’s supervisory board are skeptical that climate risks merit new rules to address them, and some are wary that the initiative exceeds the central bank’s mandate Russia is considering a plan to ease a key control on capital flows which has helped drive the ruble to the highest levels in four years as the rally is now threatening to hurt budget revenues and exporters Natural gas prices in Europe fell as much as 5.6% to the lowest level since the start of the war in Ukraine, as storage levels across the continent rise to near-normal levels As the biggest selloff in decades shook the world’s bond markets this year, some extraordinarily long-dated debt went into free fall, tumbling even more than Wall Street’s usual models predicted. To Jessica James, a managing director with Commerzbank AG in London, it wasn’t a surprise. In fact, it was validation A more detailed look at global markets courtesy of Newsquawk APAC stocks were mixed as momentum waned due to China's COVID woes and record Beijing infections. ASX 200 was just about kept afloat before ebbing lower after initial strength in mining names and the smooth change of government in Australia. Nikkei 225 advanced at the open with Tokyo said to be planning to revive its travel subsidy plan for residents. Hang Seng and Shanghai Comp were pressured by ongoing COVID concerns after Beijing extended its halt of dining in services and in-person classes for the whole city, as well as reporting a fresh record of daily COVID infections, while Shanghai restored its cross-district public transport on Sunday but ordered supermarkets and shops in the central Jingan district to shut and for residents to stay home until at least Tuesday Top Asian News Beijing reported 83 new symptomatic cases and 16 new asymptomatic cases for May 22nd with the city's total new cases at a new record, according to Bloomberg. It was also reported that thousands of Beijing residents were relocated to quarantine hotels due to a handful of infections, according to the BBC. Beijing is mulling easing its hotel quarantine requirement to one week in a hotel and one week at home from a previous hotel requirement of ten days and one week at home for international travellers, according to SCMP. Shanghai reported 570 new asymptomatic cases, 52 asymptomatic cases, 3 new COVID-related deaths and zero cases outside of quarantine, according to Reuters. Shanghai’s central district of Jingan will require all supermarkets and shops to close, while residents will be required to stay at home and conduct mass testing from May 22nd-24th, according to Reuters. China NHC Official says the COVID situation, overall, is showing a steady declining trend. Japanese PM Kishida said it is very disappointing that China is unilaterally developing areas in the East China Sea when borders are not yet set which Japan cannot accept, while it has lodged a complaint against China through diplomatic channels, according to Reuters. Japanese PM Kishida told US President Biden that they must achieve a free and open Indo-Pacific together, while President Biden said the US is fully committed to Japan's defence and that the IPEF will increase cooperation with other nations and deliver benefits to people in the region, according to Reuters. US-South Korea joint statement noted they agreed to discuss widening the scope and scale of joint military exercises and the US reiterated its commitment to defending South Korea with nuclear, conventional and missile defence, as well as reaffirmed its commitment to deploy strategic military assets in a timely and coordinated manner as necessary. The sides also condemned North Korea’s missile tests as a grave threat and agreed to relaunch a high-level extended deterrence strategy and consultation group at the earliest date, while they noted the path to dialogue with North Korea remains open and called for a resumption of negotiations, according to Reuters. US President Biden said the US-South Korea alliance has never been stronger and more vibrant. President Biden added they are ready to strengthen the joint defence posture to counter North Korea and are ready to work toward the complete denuclearisation of North Korea, while he offered vaccines to North Korea and said he would meet with North Korean leader Kim if he is serious, according to Reuters. South Korean President Yoon said North Korea is advancing nuclear capabilities and that US President Biden shares grave concerns regarding North Korea’s nuclear capabilities, while Yoon said they discussed the timing of possible deployment of fighter jets and bombers, according to Reuters. European bourses are mixed/modestly-firmer, Euro Stoxx 50 +0.3%, as the initial upside momentum waned amid fresh China COVID updates and hawkish ECB commentary. Note, the FTSE MIB is the noted underperformer this morning, -1.0%, amid multiple large-cap names trading ex-divided. Stateside, futures are firmer but similarly off best levels, ES +0.5%, with recent/familiar themes very much in focus ahead of a thin US-specific docket. XPeng (XPEV) Q1 2022 (USD): EPS -0.32 (exp. -0.30), Revenue 1.176bln (exp. 1.16bln); Vehicle Deliveries 34.56k, +159% YY. -2.8% in pre-market JPMorgan (JPM) has reaffirmed its adjusted expenses guidance; credit outlook remains positive; sees FY22 NII USD 56bln (prev. USD 53bln) Top European News EU’s infectious-disease agency is to recommend member states prepare strategies for possible vaccination programmes to counter increasing monkeypox cases, according to FT. It was also reported that Austria confirmed its first case of monkeypox and that Switzerland also confirmed its first case of monkeypox in the canton of Bern, according to Reuters. EU policymakers are reportedly renewing efforts to push for real-time databases of stock and bond trading information as they believe that a 'consolidated tape' will make EU exchanges more attractive for investors, according to FT. EU Commission has proposed maintaining EU borrowing limits suspension next year amid the war in Ukraine; expects to reinstate limits in 2024; Germany supports the suspension. Fixed Income Bunds and Eurozone peers underperform as ECB President Lagarde signals end of negative rates by September. 10 year German bond nearer 153.00 having topped 154.00, Gilts around 1/4 point below par after trading flat at best and T-note shy of 120-00 within 120-03+/119-21+ range. EU NG issuance covered 1.38 times and Austria announces leads for 2049 Green syndication. In FX Euro joins Kiwi at the top of G10 ranks as President Lagarde chimes with end of NIRP by Q3 guidance, EUR/USD sets fresh May peak near 1.0690. Bulk of NZIER shadow board believe RBNZ will deliver another 50bp hike on Wednesday, NZD/USD hovers comfortably above 0.6450 in the run up to NZ Q1 retail sales. DXY in danger of losing 102.000+ status as Euro revival boosts other index components. Aussie up with price of iron ore and extended Yuan recovery gains with change of PM and Government regime taken in stride; AUD/USD probes 0.7100, USD/CNH not far from Fib support sub-6.6500, USD/CNY a tad lower. Sterling eyes 1.2600 awaiting BoE Governor Bailey at a PM panel discussion, Loonie and Nokkie glean traction via firm WTI and Brent, USD/CAD under 1.2800, EUR/NOK beneath 10.3000. Lira languishing after CBRT survey showing higher end 2022 forecasts for Turkish CPI, current account deficit and USD/TRY circa 17.5690 vs just shy of 16.0000 at present. Commodities WTI and Brent are firmer and in-proximity to session highs amid USD action offsetting the earlier drift with risk sentiment/China's mixed COVID stance. Currently, the benchmarks are just off highs of USD 111.96/bbl and USD 114.34/bbl respectively, vs lows of 109.50 and 111.97 respectively. Saudi Arabia signalled it will stand by Russia as a member of OPEC+ amid mounting pressure from sanctions, according to FT. Iraq’s government aims to set up a new oil company in the Kurdistan region and expects to enter service contracts with local oil firms, according to Reuters. Iran’s Oil Minister agreed to revive the pipeline laying project to pump Iranian gas to Oman which was stalled for nearly two decades, according to IRNA. Qatari Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani said Iran’s leadership has matters under review regarding “the Iranian nuclear file” and said that pumping additional quantities of Iranian oil to the market will help stabilise crude prices and lower inflation, according to Al Jazeera TV. India cut its excise duty on petrol by INR 8/litre and diesel by INR 6/litre which will result in a revenue loss of about INR 1tln for the government, while Indian Finance Minister Sitharaman announced subsidies on cooking gas cylinders, as well as cuts to custom duties on raw materials and intermediaries for plastic products, according to Reuters. Indian oil minister says oil remaining at USD 110/bbl could lead to bigger threats than inflation, via CNBC TV18. Central Banks ECB's Lagarde says based on the current outlook, we are likely to be in a position to exit negative interest rates by the end of the third quarter; against the backdrop of the evidence I presented above, I expect net purchases under the APP to end very early in the third quarter. This would allow us a rate lift-off at our meeting in July, in line with our forward guidance. The next stage of normalisation would need to be guided by the evolution of the medium-term inflation outlook. If we see inflation stabilising at 2% over the medium term, a progressive further normalisation of interest rates towards the neutral rate will be appropriate. ECB President Lagarde indicated that July is likely for a rate increase as she noted that they will follow the path of stopping net asset purchases and then hike interest rates sometime after that which could be a few weeks, according to Bloomberg. Bundesbank Monthly Report: German GDP is likely to increase modestly in Q2 from current standpoint. Click here for more detail. RBI Governor Das says, broadly, they want to increase rates in the next few meetings, at least at the next one; cannot give a number on inflation at present, the next MPC may be the time to do so. CBRT Survey (May), end-2022 Forecasts: CPI 57.92% (prev. 46.44%), GDP Growth 3.3% (prev. 3.2%), USD/TRY 17.5682 (prev. 16.8481), Current Account Balance USD -34.34bln (prev. USD -27.5bln). US Event Calendar 08:30: April Chicago Fed Nat Activity Index, est. 0.50, prior 0.44 12:00: Fed’s Bostic Discusses the Economic Outlook 19:30: Fed’s George Gives Speech at Agricultural Symposium DB's Jim Reid concludes the overnight wrap After a stressful couple of hours in front of the football yesterday afternoon, there's not too much the market can throw at me this week to raise the heart rate any higher than it was for the brief moments that I thought Liverpool were going to win the Premier League from a very unlikely set of final day circumstances. However it is the hope that kills you and at least we have the Champions League final on Saturday to look forward to now. There will be a lot of market water to flow under the bridge before that. This all follows a fascinating end to last week with the S&P 500 in bear market territory as Europe went home for the weekend after the index had fallen -20.6% from its peak going into the last couple of hours of another brutal week. However a sharp late rally sent the index from c.-2.3% on the day to close +0.01%. There was no catalyst but traders clearly didn’t want to go home for the weekend as lightly positioned as they were. Regardless, this was the first time we’ve seen seven successive weekly declines in the index since the fallout from the dotcom bubble bursting in 2001. Watch out for my CoTD on this later. If you’re not on my daily CoTD and want to be, please send an email to jim-reid.thematicresearch@db.com to get added. For what it's worth the Dow saw the first successive 8 weekly decline since 1923 which really brings home the state of the current sell-off. After having a high conviction recession call all year for 2023, I can't say I have high conviction in the near-term. I don't expect that we will fall into recession imminently in the US or Europe and if that's the case then markets are likely to eventually stabilise and rally back. However if we do see a H2 2022 recession then this sell-off will likely end up at the more severe end of the historical recessionary sell-offs given the very high starting valuations (see Binky Chadha's excellent strategy piece here for more on this). However if I'm right that a 2023 recession is unavoidable then however much we rally back this year we'll be below current levels for equities in 12-18 months' time in my view. Given that my H2 2023 HY credit spread forecast is +850bp then that backs this point up. Longer-term if we do get a recession and inflation proves sticky over that period then equities are going to have a long period of mean reversion of valuations and it will be a difficult few years ahead. So the path of equities in my opinion depends on the recession timing and what inflation does when we hit that recession. Moving from pontificating about the next few years to now looking at what's coming up this week. The global preliminary PMIs for May tomorrow will be front and centre for investors following the growth concerns that have roiled markets of late. Central banks will also remain in focus as we will get the latest FOMC meeting minutes (Wednesday) and the US April PCE, the Fed's preferred inflation proxy, on Friday. An array of global industrial activity data will be another theme to watch. Consumer sentiment will be in focus too, with a number of confidence measures from Europe and personal income and spending data from the US (Friday). Corporates reporting results will include spending bellwethers Macy's and Costco. After last week’s retail earnings bloodbath (e.g. Walmart and Target) these will get added attention. On the Fed, the minutes may be a bit stale now but it’ll still be interesting to see the insight around the biases of 50bps vs 25/75bps hikes after the next couple of meetings. Thoughts on QT will also be devoured. Staying with the US, for the personal income and spending numbers on Friday, our US economists expect the two indicators to slow to +0.2% and +0.6% in April, respectively. The Fed’s preferred inflation gauge, the PCE, will be another important metric released the same day and DB’s economics team expects the April core reading to stay at +0.3%. Other US data will include April new home sales tomorrow and April durable goods orders on Wednesday. A number of manufacturing and business activity indicators are in store, too. Regional Fed indicators throughout the week will include an April gauge of national activity from the Chicago Fed (today) and May manufacturing indices from the Richmond Fed (tomorrow) and the Kansas City Fed (Thursday). In Europe, the May IFO business climate indicator for Germany will be out today, followed by a manufacturing confidence gauge for France (tomorrow) and Italy (Thursday). China's industrial profits are due on Friday. This week will also feature a number of important summits. Among them will be the World Economic Forum’s annual meeting in Davos that has now started and will run until next Thursday. It'll be the first in-person meeting since the pandemic began and geopolitics will likely be in focus. Meanwhile, President Biden will travel to Asia for the first time as US president and attend a Quad summit in Tokyo tomorrow. Details on the Indo-Pacific Economic Framework are expected. Finally, NATO Parliamentary Assembly’s 2022 Spring Session will be held in Vilnius from next Friday to May 30th. In corporate earnings, investors will be closely watching Macy's, Costco and Dollar General after this week's slump in Walmart and Target. Amid the carnage in tech, several companies that were propelled by the pandemic will be in focus too, with reporters including NVIDIA, Snowflake (Wednesday) and Zoom (today). Other notable corporates releasing earnings will be Lenovo, Alibaba, Baidu (Thursday) and XPeng (Monday). Overnight in Asia, equity markets are weak but US futures continue to bounce back. The Hang Seng (-1.75%) is the largest underperformer amid a fresh sell-off in Chinese listed tech stocks. Additionally, stocks in mainland China are also weak with the Shanghai Composite (-0.47%) and CSI (-0.99%) lower as Beijing reported record number of fresh Covid-19 cases, renewing concerns about a lockdown. Elsewhere, the Nikkei (+0.50%) is up in early trade while the Kospi (+0.02%) is flat. S&P 500 (+0.80%), NASDAQ 100 (+1.03%) and DAX (+0.96%) futures are all edging higher though and 10yr USTs are around +3.5bps higher. A quick review of last week’s markets now. Growth fears gripped markets while global central bankers retrenched their expectations for a strong dose of monetary tightening this year to combat inflation. The headline was the S&P 500 fell for the seventh straight week for the first time since after the tech bubble burst in 2001, tumbling -3.05% (+0.01% Friday), after back-and-forth price action which included an ignominious -4% decline on Wednesday, the worst daily performance in nearly two years. The index is now -18.68% from its YTD highs, narrowly avoiding a -20% bear market after a late rally to end the week, after dipping into intraday on Friday. Without one discreet driver, an amalgamation of worse-than-expected domestic data, fears about global growth prospects, and poor earnings from domestic retail giants that called into question the vitality of the American consumer soured sentiment. Indeed, on the latter point, consumer staples (-8.63%) and discretionary (-7.44%) were by far the largest underperformers on the week. European stocks managed to fare better, with the STOXX 600 falling -0.55% (+0.73% Friday) and the DAX losing just -0.33% (+0.72% Friday). The growth fears drove longer-dated sovereign bond yields over the week, with 10yr Treasuries falling -13.7bps (-5.6bps Friday). Meanwhile, the front end of the curve was relatively anchored, with 2yr yields basically unchanged over the week (-2.7bps Friday), and the amount of Fed hikes priced in through 2022 edging +3bps higher over the week to 2.75%, bringing 2s10s back below 20bps for the first time since early May. Chair Powell reiterated his commitment to bring inflation back to target, suggesting that getting policy rates to neutral did not constitute a stopping point if the Fed did not have “clear and convincing” evidence that inflation was falling. In Europe the front end was also weaker than the back end as Dutch central bank Governor Knot became the first General Council member to countenance +50bp hikes. 10yr yields didn't rally as much as in the US, closing the week at -0.4bps (-0.5bps Friday). The spectre of faster ECB tightening and slowing global growth drove 10yr BTPs to underperform, widening +15.2bps (+10.2bps Friday) to 205bps against bund equivalents. Gilts underperformed other sovereign bonds, with 10yr benchmarks selling off +14.9bps (+2.8bps Friday) and 2yr yields increasing +25.8bps (+1.6bps Friday). This came as UK CPI hit a 40yr high of 9.0% in April even if it slightly missed forecasts for the first time in seven months. Oil proved resilient to the growth fears rumbling through markets, with both brent crude (+0.90%, +0.46% Friday) and WTI futures (+2.48%, +0.91% Friday) posting modest gains over the week. Tyler Durden Mon, 05/23/2022 - 07:49.....»»

Category: blogSource: zerohedgeMay 23rd, 2022

The Flowr Corporation Announces Fourth Quarter and Full Year 2021 Results

Highlights: In 2021, the Company generated gross revenue of approximately $14.9 million and generated gross revenue of $4.3 million during the fourth quarter. During the year, the Company sold 6,627,052 grams of dried cannabis flower, an increase of 372% as compared to the prior year. The Company has expanded in format sizes beyond is signature 3.5 gram jars to include 7 gram and 14 gram bags. Flowr launched BC Dog Walkers in Ontario, British Columbia, and Alberta. The BC Dog Walkers highlight the Company's ability to react to consumer demand and bring novel formats to market. Flowr exported its first shipment of medical cannabis from Kelowna, British Columbia to Israel in December 2021 valued at $825,000, which has opened up an import revenue channel for the Company. In 2021, the Company repaid approximately $15.6 million in overall indebtedness and had $5.7 million of principal outstanding pursuant to its senior secured facility with ATB Financial at the end of the year. The Company expects to fully repay its senior credit facility with the proceeds of certain non-core asset sales. Key Subsequent Events: KRS Sale - Company entered into an agreement to sell its interest in the KRS R&D facility to Hawthorne for an aggregate purchase price of $16 million. Holigen Sale - During the second quarter of 2022, Flowr completed the sale of Holigen Limited for aggregate consideration of over $35 million. The consideration was comprised of: (i) approximately $3,750,000 in cash; (ii) 1,900,000 common shares in the capital of Akanda Corp.; (iii) the indirect assumption by Akanda of indebtedness of approximately $5,100,000; and (iv) $1,234,000 of interim funding to Holigen. New Genetics – Flowr has introduced several high-THC strains, including BC Clementine Crush, BC Lemon Ice, BC Spiced Grape and BC Mango Melon OG. Non-Core Asset Sales – The Company is in the process of monetizing other non-core assets, which it expects to result in approximately $3 million to $4 million in cash proceeds. TORONTO, May 20, 2022 (GLOBE NEWSWIRE) -- The Flowr Corporation ((TSX.V: FLWR, OTC:FLWPF) ("Flowr" or the "Company") herein announces its financial and operational results for the fourth quarter and fiscal year ended December 31, 2021. All financial information in this news release is reported in thousands (‘$000s) of Canadian dollars and represents results from continuing operations, unless otherwise indicated. Tom Flow, Interim Chief Executive Officer of Flowr commented: "2021 was a pivotal year for Flowr as we renewed our focus on maintaining our status as a premium cannabis producer and making the necessary changes to our business operations to reach profitability. The Company made significant progress towards this objective, as we continue to take the necessary steps to reduce costs and drive revenues. In Q4 2021, we achieved new records in gross and net revenue at $4.4 million and $3.9 million, respectively, contributed by our previously announced strategy of introducing exciting new genetics and formats, enhancing our retail penetration, and solidifying our world class operations out of the K1 facility. Operationally, the K1 facility has been now fully operational since the second half of 2021 and each grow room is being utilized to ensure our fixed costs are being spread out over a higher number of production grams. We have increased our product offerings significantly with the launch and success of Strawnana, Sour Sis, BC Dog Walkers, and in 2022 introduced several new exciting strains including BC Clementine Crush, BC Lemon Ice, BC Spiced Grape and BC Mango Melon OG, with more planned for the rest of 2022. We have also seen significant growth in retail penetration across our core markets with store distribution well over 50%. Financially, we have strived to improve our financial position by reducing costs, shedding non-core assets and licenses, significantly reducing overall indebtedness, and raising additional equity capital. The sale of the KRS R&D facility and Holigen as previously announced will further reduce the Company's indebtedness to approximately $10 million, including $5.7 million under the senior credit facility and $5 million of convertible debentures, with further paydowns to the senior credit facility expected in the second quarter. The Company has reduced SG&A expenses each quarter since the end of 2020 with Q4 2021 SG&A 16% lower than the same period in 2020. As previously announced, we have closed the sale of Holigen for what we believe to be favourable terms for Flowr shareholders. The Company undertook a robust sale process and was able to transact upon a deal that gave Flowr a significant amount of cash on closing to solidify its balance sheet and also preserve the upside related to our European operations. We still believe the European market is on the cusp of regulatory change and we believe that Holigen will be able to take advantage of those opportunities with the capital and excellent management team from Akanda. Although we did not reach our full objectives for 2021, we are encouraged by the positive steps we have taken to position Flowr in 2022. Through the various changes that have been implemented, we believe Flowr is in a better position to realize its full potential and deliver results. The next few quarters will be an exciting time for Flowr as the Company takes the last steps towards profitability." SELECTED FINANCIAL AND OPERATIONAL RESULTS The following table summarizes the Company's key financial and operational results: In thousands of CAD dollars,   Three months ended     Year ended   (except loss per share and grams harvested)   December 31,     December 31,       2021     2020     2021     2020   Grams harvested - K1   1,270,027     1,195,260     4,278,407     4,336,240   Grams sold   1,406,904     311,308     6,627,052     1,405,495   Gross revenue   4,292     2,066     14,877     9,441   Net revenue(1)   3,801     1,600     12,348     7,513   Cost of sales   5,262     2,904     22,064     11,468   Impairment of inventory   1,515     842.....»»

Category: earningsSource: benzingaMay 20th, 2022

TELUS (TU) To Invest C$17.5B in British Columbia to Boost Jobs

TELUS (TU) announces to invest C$17.5 billion in British Columbia and has committed to an investment of C$70 billion across Canada by 2026. TELUS Corporation TU recently committed an investment of C$17.5 billion in British Columbia over the next sfour years. The investment is aimed at boosting network infrastructure, operations and spectrum. The company has committed to an investment of C$70 billion across Canada by 2026.These endeavors will generate 5,500 employment opportunities across the region, especially in construction, engineering, emerging technologies and other ancillary industries’ verticals.TELUS will be working on implementing its PureFibre Network in the Lytton and Merritt areas of British Columbia. Apart from these two areas, the company will also bring Coquitlam, Maple Ridge, New Westminster, Parksville, Prince George, Saanich, Squamish and Sydney within its PureFibre Network coverage.TELUS is also working toward rolling out its 5G standalone network in the region. The 5G network will extend multi-access edge computing capabilities that will aid in developing IoT and industry solutions and creating pioneering new solutions for businesses.Going forward, TELUS will also launch the 3.5 GHz spectrum in British Columbia in 2022. As a result, residents (even in the remote parts of the region) will be able to access TELUS’ 5G network. TELUS’ 5G fixed wireless network can deliver Internet speeds of 100 Mbps.TELUS Corporation Price and Consensus  TELUS Corporation price-consensus-chart | TELUS Corporation Quote Launching a high-speed network is likely to help TELUS boost its subscriber base and top-line performance. TELUS Corporation is a leading Canadian telecom service provider based in Vancouver, Canada. The company has launched 5G networks in several places across Canada. It acquired a 100% stake in Mobile Klinik to grow its wireless business. It is well positioned to benefit from the increasing penetration of smart devices, wireless data services and wireline fiber-optic networks.TELUS recently reported healthy first-quarter 2022 results. It reported adjusted earnings per share of C$0.30 (24 cents) in first-quarter 2022 compared with C$0.27 per share in the prior-year quarter. The bottom line beat the Zacks Consensus Estimate of 23 cents.Subscriber growth and double-digit revenue growth across the TELUS International, TELUS Health and TELUS Agriculture segments boosted the company’s top-line performance. Quarterly total operating revenues increased 6.4% year over year to C$4,282 million ($3,381 million).TELUS currently has a Zacks Rank #3 (Hold). Shares of TU have gained 10% compared with the industry’s decline of 1.8% in the past year.Stocks to ConsiderA few better-ranked stocks from the broader technology sector worth consideration are InterDigital IDCC, Flex FLEX and Pure Storage PSTG. InterDigital and Flex sport a Zacks Rank #1 (Strong Buy), while Pure Storage carries a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for Flex’s fiscal 2023 earnings is pegged at $2.16 per share, up 6.9% in the past 60 days. The long-term earnings growth rate is pegged at 14.9%.Flex’s earnings beat the Zacks Consensus Estimate all last four quarters, with the average being 21.1%. Shares of FLEX have declined 9.4% in the past year.The Zacks Consensus Estimate for Pure Storage fiscal 2023 earnings is pegged at 86 cents per share, unchanged in the past 60 days. The long-term earnings growth rate is 30.9%.Pure Storage’s earnings beat the Zacks Consensus Estimate all last four quarters, with the average being 99.2%. Shares of PSTG have gained 39.3% in the past year.The Zacks Consensus Estimate for InterDigital 2022 earnings is pegged at $3.28 per share, up 5.1% in the past 60 days. IDCC’s long-term earnings growth rate is pegged at 15%.InterDigital’s earnings beat the Zacks Consensus Estimate in all the preceding four quarters, with the average being 141.1%. Shares of IDCC have lost 15.6% of their value in the past year. 7 Best Stocks for the Next 30 Days Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops." Since 1988, the full list has beaten the market more than 2X over with an average gain of +25.4% per year. So be sure to give these hand-picked 7 your immediate attention. See them now >>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 TELUS Corporation (TU): Free Stock Analysis Report Flex Ltd. (FLEX): Free Stock Analysis Report InterDigital, Inc. (IDCC): Free Stock Analysis Report Pure Storage, Inc. (PSTG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksMay 20th, 2022

Highwoods (HIW) Continues Assets Sale With $98M Dispositions

Highwoods Properties (HIW) announces sale of its non-core assets worth $98 million as part of its capital-recycling strategy. Highwoods Properties, Inc. HIW recently announced $98 million of non-core asset sales. The move comes as part of Highwoods’ disciplined capital-recycling strategy that entails disposing of non-core assets and redeploying the proceeds in premium asset acquisitions and accretive development projects.Particularly, HIW sold the FBI Tampa Field Office, which is a 138,000 square feet office building, for $70.4 million. It was built-to-suit for the FBI in 2005 and was renewed in 2020 under a long-term lease.Moreover, the company is expected to clock in the sale of the remainder office buildings in Greensboro for $20.3 million, either later in the current quarter or in early third quarter this year. The buildings encompass 299,000 square feet with an occupancy of 88.2%.In total, these properties were projected to generate $6.3 million of annual GAAP net operating income and $5.7 million of annual cash net operating income, inclusive of the effect of free rent, in 2022.Additionally, the company has disposed an 8.9-acre non-core land parcel next to its One Independence office building in Tampa’s Westshore BBD for $6.9 million. It was sold off to a developer who intends to construct apartment units. As a result, Highwoods expects to record $2.3 million of land sale gains (included in FFO) in the second quarter.According to Ted Klinck, president and CEO of Highwoods “With these sales, we will have sold $464 million of non-core properties since we announced our acquisition of a portfolio of office properties from PAC in mid-2021 and remain on pace to return our balance sheet to pre-acquisition metrics by the middle of 2022.”Highwoods’ well-diversified tenant base and its efforts to expand in the high-growth markets, sell non-core assets and invest the proceeds in further expansion bode well for long-term growth. HIW is seeing a recovery in demand for its high-quality, well-placed office properties as highlighted by a rebound in the new leasing volume.A large part of its portfolio is concentrated in high-growth Sun Belt markets, which have long-term favorable demographic trends and are expected to continue experiencing above-average job growth. This will likely support Highwoods’ rent growth over the long term.Highwoods currently carries a Zacks Rank #3 (Hold). Its shares have lost 12.9% against the industry’s decline of 4.3% over the past year. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Image Source: Zacks Investment ResearchKey PicksSome better-ranked stocks from the REIT sector are Prologis PLD, Extra Storage Space EXR and OUTFRONT Media OUT.The Zacks Consensus Estimate for Prologis’ 2022 funds from operations (FFO) per share has moved 1.8% upward in the past month to $5.15. PLD presently carries a Zacks Rank of 2 (Buy).The Zacks Consensus Estimate for Extra Storage Space’s ongoing year’s FFO per share has been raised 1.1% over the past month to $8.01. EXR carries a Zacks Rank #2, currently.The Zacks Consensus Estimate for OUTFRONT Media’s current-year FFO per share has moved 35% northward in the past month to $2.09. OUT carries a Zacks Rank of 2 at present.Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>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 Prologis, Inc. (PLD): Free Stock Analysis Report Highwoods Properties, Inc. (HIW): Free Stock Analysis Report Extra Space Storage Inc (EXR): Free Stock Analysis Report OUTFRONT Media Inc. (OUT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksMay 20th, 2022

Allstate (ALL) Estimates April Cat Loss, Pursues Rate Hikes

Allstate (ALL) announces after-tax catastrophe loss estimates of $250 million in April 2022. Simultaneously, it pursues rate hikes to benefit premiums in the same month. The Allstate Corporation ALL anticipates a headwind linked with catastrophe losses amounting to $316 million or an after-tax amount of $250 million for April 2022.Catastrophe losses for the month emanated from 14 events, primarily related with the incidence of wind, hail and tornados across Texas and the southeast. These events, projected to cost $299 million for Allstate when combined with unfavorable reserve re-estimates for prior period events, are accountable for the estimates of catastrophe losses last month.Results of ALL, a property and casualty (P&C) insurer, remain susceptible to unforeseen catastrophic events. Consequently, the continued incidence of catastrophe losses can escalate claim costs for any insurer, dampen underwriting results and put pressure on margins. However, the occurrence of catastrophe losses prompts insurers to undertake rate hikes to tackle escalating costs, which they have to handle amid the occurrence of such unpredictable events. This, in turn, is expected to boost their premium amounts, which remain a significant contributor to any P&C insurer’s revenues.Allstate undertook rate hikes of 6.4% at 14 locations in April, which positively impacted its total insurance premiums by 0.7%. Auto rate increases amounting to $163 million were also enforced last month.  Management of Allstate remains optimistic about pursuing more rate increases in 2022 than initially expected, considering another active Atlantic hurricane season in 2022 after last year, per the researchers of Colorado State University (CSU). Per the first extended range forecast disclosed by CSU about the 2022 Atlantic hurricane season last month, there can be 19 named storms in the season, of which nine can emerge and become hurricanes and four might take the form of major hurricanes. The CSU team also forecasts that hurricane activity this year can be around 130% of the average season over the 1991-2020 period.Though an active hurricane season implies that Allstate's bottom line may remain under pressure in the days ahead, continuous price increases might provide some respite to its performance. ALL has been quite active in hiking rates for some time, which is evident from the insurer pursuing 67 rate increases across 45 locations from the fourth quarter of 2021. Auto rate increases of $1.6 billion were also implemented in the past two quarters (the first quarter of 2022 and the fourth quarter of 2021).Meanwhile, Allstate remains equipped with appropriate strategies to tackle significant headwinds arising from catastrophe losses, which should continue to impress investors. To complement its endeavor, Allstate has catastrophe management strategy and reinsurance programs in place.Shares of Allstate have rallied 6.9% year to date compared with the industry’s growth of 2.4%. ALL currently carries a Zacks Rank #3 (Hold).Image Source: Zacks Investment ResearchStocks to ConsiderSome better-ranked stocks in the P&C insurance space include W. R. Berkley Corporation WRB, Kinsale Capital Group, Inc. KNSL and AXIS Capital Holdings Limited AXS. While W.R. Berkley sports a Zacks Rank #1 (Strong Buy), Kinsale Capital and AXIS Capital each carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.W.R. Berkley’s earnings surpassed estimates in each of the last four quarters, the average surprise being 27.08%. The Zacks Consensus Estimate for W.R. Berkley’s 2022 earnings suggests an improvement of 13.2% from the year-ago reported figure, while the same for revenues suggests growth of 18.2%. The consensus mark for WRB’s 2022 earnings has moved north by 4.9% in the past 30 days.The bottom line of Kinsale Capital outpaced earnings estimates in each of the last four quarters, the average surprise being 26.43%. The Zacks Consensus Estimate for Kinsale Capital’s 2022 earnings suggests an improvement of 18.3% from the year-ago reported figure, while the same for revenues suggests growth of 24.8%. The consensus mark for KNSL’s 2022 earnings has moved north by 2.6% in the past 30 days.AXIS Capital’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 54.80%. The Zacks Consensus Estimate for AXIS Capital’s 2022 earnings indicates a rise of 20.7% year over year, while the same for revenues suggests an improvement of 3.2%. The consensus mark for AXS’ 2022 earnings has moved north by 15.5% in the past 30 days.Shares of W.R. Berkley and AXIS Capital have rallied 20.7% and 2.7%, respectively, year to date. Meanwhile, Kinsale Capital’s stock has declined 12% in the same period. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>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 W.R. Berkley Corporation (WRB): Free Stock Analysis Report The Allstate Corporation (ALL): Free Stock Analysis Report Axis Capital Holdings Limited (AXS): Free Stock Analysis Report Kinsale Capital Group, Inc. (KNSL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksMay 20th, 2022

Confidence in Multifamily Housing Weakens in First Quarter of 2022

Confidence in the market for new multifamily housing turned downward in the first quarter of 2022, according to results from the Multifamily Market Survey (MMS) released by the National Association of Home Builders (NAHB) this week. The MMS produces two separate indices. The Multifamily Production Index (MPI) decreased six points to 48 compared to the… The post Confidence in Multifamily Housing Weakens in First Quarter of 2022 appeared first on RISMedia. Confidence in the market for new multifamily housing turned downward in the first quarter of 2022, according to results from the Multifamily Market Survey (MMS) released by the National Association of Home Builders (NAHB) this week. The MMS produces two separate indices. The Multifamily Production Index (MPI) decreased six points to 48 compared to the previous quarter, dipping below the break-even mark of 50 for the first time in three quarters. The Multifamily Occupancy Index (MOI) inched down one point to 68, the survey showed. The MPI measures builder and developer sentiment about current production conditions in the apartment and condo market on a scale of 0 to 100. The index and all of its components are scaled so that a number above 50 indicates that more respondents report conditions are improving than report conditions are getting worse, NAHB writes. The MPI is a weighted average of three key elements of the multifamily housing market: construction of low-rent units-apartments that are supported by low-income tax credits or other government subsidy programs; market-rate rental units-apartments that are built to be rented at the price the market will hold; and for-sale units—condominiums. Two of the three components decreased from the fourth to the first quarter: The component measuring low-rent units increased one point to 49, the component measuring market rate rental units dropped 12 points to 49 and the component measuring for-sale units fell nine points to 44. The MOI measures the multifamily housing industry’s perception of occupancies in existing apartments. It is a weighted average of current occupancy indexes for class A, B, and C multifamily units, and can vary from 0 to 100, with a break-even point at 50, where higher numbers indicate increased occupancy. The MOI inched down one point to 68, which is still well above 50 and is consistent with the recent high rates of occupancy reported by the Census Bureau, according to the report. “Strong demand is still keeping multifamily developers fairly optimistic in many parts of the country, but high construction costs and their impact on affordability are making some developers increasingly cautious,” said Sean Kelly, executive vice president of LNWA in Wilmington, Del., and chairman of NAHB’s Multifamily Council. “The decline in the MPI indicates incipient caution on the part of multifamily developers,” said NAHB Chief Economist Robert Dietz. “This caution has not shown up yet in the multifamily starts rate, which remains quite strong, but the MPI typically leads changes in starts by one to three quarters.” The post Confidence in Multifamily Housing Weakens in First Quarter of 2022 appeared first on RISMedia......»»

Category: realestateSource: rismediaMay 20th, 2022

Banco BBVA Argentina S.A. announces First Quarter 2022 results

BUENOS AIRES, Argentina, May 19, 2022 /PRNewswire/ -- Banco BBVA Argentina S.A (NYSE; BYMA; MAE: BBAR; LATIBEX: XBBAR) ("BBVA Argentina" or "BBVA" or "the Bank") announced today its consolidated results for the first quarter (1Q22), ended on March 31, 2022.  As of January 1, 2020, the Bank started to inform its inflation adjusted results pursuant to IAS 29 reporting. To facilitate comparison, figures of comparable quarters of 2021 and 2022 have been updated according to IAS 29 reporting to reflect the accumulated effect of inflation adjustment for each period up to March 31, 2022. 1Q22 Highlights BBVA Argentina's inflation adjusted net income in 1Q22 was $4.0 billion, 27.1% lower than the $5.5 billion reported on the fourth quarter of 2021 (4Q21), and 12.3% lower than the $4.6 billion reported on the first quarter of 2021 (1Q21). In 1Q22, BBVA Argentina posted an inflation adjusted average return on assets (ROAA) of 1.4% and an inflation adjusted average return on equity (ROAE) of 9.0%. In terms of activity, total consolidated financing to the private sector in 1Q22 totaled.....»»

Category: earningsSource: benzingaMay 19th, 2022

Dividend Passive Income: How To Make $1,000 Per Month

Would you like to have an extra $1,000 per month? Even if you’re a minimalist, I think most of us would jump at this opportunity. And, for good reason. An extra grand a month could totally transform your life. In addition to paying off financial debt, you could also invest in your retirement or buy […] Would you like to have an extra $1,000 per month? Even if you’re a minimalist, I think most of us would jump at this opportunity. And, for good reason. An extra grand a month could totally transform your life. In addition to paying off financial debt, you could also invest in your retirement or buy life insurance with this extra cash. Or, with your newfound financial freedom, you could finally make much-needed home repairs, take a class to enhance your skills, or take that vacation you’ve been talking about for years. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Walter Schloss Series in PDF Get the entire 10-part series on Walter Schloss in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more And, considering that 56% of Americans can’t pay for a $1,000 emergency expense, this money could be used to build a considerable emergency fund. However, you’re not going to suddenly end up with $1,000 per month — unless you inherit money or win the lottery. It has to be earned. Now, your first thought could be that you should find a second job. If you’re facing a financial crisis or are working toward a short-term financial goal, this is the right move. On the other hand, you may find this takes you away from your family, friends, or hobbies. Plus, juggling both a full-time job and an internship can be exhausting. Consequently, if your performance or productivity plummets, you could in essence risk your primary source of income. With that said, what are your realistic options for earning an extra grand each month? One of my favorites is through a passive income. What is a Passive Income? Making passive income requires little effort on your part. Often, passive income is referred to as ‘earning money while you sleep’ because it requires almost no involvement. This isn’t the case in every situation, however. However, hopefully, you’ve got the jest on what a passive income is. However, there is a myth about passive income that needs to be busted. Passive income is assumed to be so easy that anyone can earn it within the weekend. Once that’s done, you just sit back and wait for the money to come following in. Truth be told, a lot of work needs to be done upfront. Your passive income sources still need to be updated and maintained even after the initial legwork is completed. One example is blogging. Once it’s up and running and producing a steady revenue stream, it can make a lot of money. But, building a blog to that level takes a lot of effort. And, even if you reach that level, it still needs to be managed. If anything, it’s semi-passive. Although this is an excellent income source, it is not really passive. But, that’s not true with dividends. What is a Dividend (And Why They Rock)? If you want a truly passive income, then let me introduce you to my good friend dividends. For those who aren’t acquainted with my friend here, dividends are payments companies make to shareholders as a way of sharing profits. Investors earn a return on stock investments through dividends, which are paid on a regular basis. Let me also add that not all stocks pay dividends. You should choose dividend stocks if you want to invest for dividends, however. All right, that’s great. What makes dividends a passive income though? Again, most passive income sources will still need a little TLC every now and then. I already talked about blogging. But, property rentals are another example of a semi-passive income. If you don’t maintain your rental, it’s going to depreciate and become loss appealing to renters. In the current era of exceptionally low interest rates, dividend income is in a league of its own. It is possible without any effort to create a portfolio of stocks that generates a steady return of 3%-4% per year. There is no better example of a truly passive investment today than that. Now, let me be real. To reach the desired level of income takes a lot of capital. If you invest wisely, however, you can earn a generous income — even $1000 per month in dividends. And, as soon as it’s up and running, you won’t have to lift a finger to get it going. Besides being a legitimate passive income, I’m a big fan of dividends for the following reasons. Capital appreciation. Even though I’m talking about dividends, dividend stocks can also generate capital appreciation. After all, they’re stocks, and the value of stocks tends to go up over time. If you’re lost, let’s take Pepsi as an example. Right now, the stock pays a dividend of almost 3% per year. The current share price is about $172. But if you purchased the stock 10 years ago? You could have done so at less than $65 per share. The stock value has more than doubled in 10 years, and you have earned 3% in passive income over that time. In other words, dividend stocks have the advantage of not only providing a steady income. But also the benefit of capital appreciation. By doing so, you can protect your investment from inflation and also make sure it grows over the long run. As such, dividend stocks are among one of the very best investments you can make, and are one of the strongest recommendations for the foundation of your portfolio. Dividend stocks should be a core investment, even if you own other investments. Dividend stocks vs. growth stocks. Now, I gotta quickly fill you in on dividend stocks. Unlike growth stocks, dividend stocks tend to rise less in price than growth stocks. Why? As their name implies, growth stocks are all about growth. Most pay little dividends if any at all. All profits are instead reinvested into the business to expand revenue and profit. In fact, over the past decade, growth stocks that don’t pay dividends have produced some of the best results. The most notable example is Amazon (AMZN). In the past 10 years, its stock price increased from $170 per share to more than $3,000 now, but it doesn’t pay a dividend. You won’t get income from these stocks until the day you sell them, so you may want to hold a number of them in your portfolio. The appreciated value will come at that point. But, for now, it’s just paper gain. In short, investing in dividend stocks is a better choice if you’re looking for passive income. Favorable tax treatment. Dividend-paying stocks offer tax benefits in addition to yields above those of interest-bearing securities. Dividends are treated as ordinary income by the Internal Revenue Service. If qualified for the long-term capital gains tax rate, however, they aren’t taxed. Dividends on the stock must be issued by a US corporation or by a foreign corporation with stock trading on a US exchange in order to qualify as a qualified dividend. To qualify for dividends on a stock, you must also own it for at least 60 days. For qualified dividends the tax rates are as follows: If you have a taxable income of less than $78,750, you pay 0%. If you’re single and earn more than $78,750, but less than $434,550, or if you’re married filing jointly, or if you’re a qualified widow, you’re eligible for a 15% tax exemption. Taxes are charged at a rate of 20% of your taxable income that exceeds these thresholds. In any case, if you hold dividend stocks in qualified tax-deferred retirement plans, the lowered (or nonexistent) taxes won’t matter. Holding them in a taxable investment account will give you a big tax advantage though. Where to Find Dividend Stocks Dividend-paying stocks tend to be issued by large corporations with established financial records. Or at least those that pay higher yields consistently over time. They are also commonly known in most cases. Either they have popular products or services, or they’ve been around for a long time and have built a strong reputation. They tend to be popular with investors, too, due to all those qualities and their dividends. Now, when it comes to dividend stocks, companies can choose between different dividend types. The most common types include: Cash dividends. These are the most common dividends. Companies typically deposit cash dividends directly into shareholders’ brokerage accounts. Stock dividends. In addition to paying cash, companies can also share additional stock with investors. Dividend reinvestment programs (DRIPs). With DRIPs, dividends are reinvested into the company’s stock, often at a discount, so investors receive their dividends back sooner. Special dividends. Shareholders receive these dividends when their common stock goes up in value, but they do not recur. When a company has accumulated profits over years but does not need them at the moment, it will issue a special dividend. Preferred dividends. The dividends paid to the owners of preferred stock. Stocks that are preferred function less like stocks and more like bonds. Most preferred stock dividends are paid quarterly, but unlike dividends on common stock, they are typically fixed. With that out of the way, let me go over the three basic ways to invest in dividend stocks. Start with dividend aristocrats. At present, all stocks in the S&P 500 index offer a yield of 1.37%. To begin, you might want to focus on stocks that are paying even higher dividends. Stock screener software can certainly assist with finding those companies. But, there’s a much easier method. You can find many of the best and most stable dividend stocks on a list called Dividend Aristocrats, which includes some of the highest-dividend paying stocks. At the moment, the list includes 65 companies. In order to be considered a Dividend Aristocrat, a company must meet specific criteria. Among these criteria are: At least 25 straight years of increasing dividends to shareholders. An established, large company is generally listed on the S&P 500, rather than one that is fast-growing. The company must have a market capitalization of at least $3 billion. The value of daily share trades for the three months prior to the rebalancing date must have averaged $5 million. However, just because a stock is a Dividend Aristocrat doesn’t automatically make it a good investment. There is no guarantee that a company is permanently on the list just because it is on the list. The list is usually altered every year, as some companies are added and others drop. Dividend aristocrats: What to watch out for. In the case of Dividend Aristocrats, two factors need to be considered: The ratio of dividends paid out. This is the percentage of net profits a company pays out to shareholders in dividends. It is unlikely that the current dividend is sustainable if this number approaches or exceeds 100%. The optimal dividend payout ratio is between 50% and 60%. A dividend yield that is excessive. A dividend yield of 3% to 4% is the average for Dividend Aristocrats. In some cases, higher pay may be due to a company’s share price falling, such as 6%, 8%, or more. This could indicate a company is in distress. Either situation can indicate a dividend reduction is a real possibility. If that happens, not only will your dividend yield be reduced, but the price of the stock will almost certainly fall. High dividend exchange-traded funds (ETFs). Investing in ETFs can be a good alternative to holding individual stocks. For example, you can invest in dividend-paying ETFs. Examples include: Vanguard High-Dividend Yield ETF (VYM) – currently yields 2.99%, with an average return of 10.45% over the past decade. SPDR S&P Dividend ETF (SDY) – has an overall return of 10.23% over the past ten years and a dividend yield of 2.91%. Schwab US Dividend Equity ETF (SCHD) – pays dividends of 3.69%, and has returned 14.61 percent over the past 9 years (founded in October 2011). These three funds not only show double-digit returns for the past decade but also have current yields much higher than interest-bearing investments. Although you might not become wealthy in the way that high-flying growth stocks do, these funds provide steady, reliable returns. Long-term investors should consider this kind of investment as the centerpiece of their portfolios. Real Estate Investment Trusts (REITs) Essentially, REITs are mutual funds that invest in real estate instead of stocks. However, not any kind of real estate will do. Real estate investment trusts invest mostly in commercial properties, including office buildings, retail space, warehouses, and big apartment buildings. A minimum of 90% of their income must be distributed to shareholders as dividends as well. The net rental income and the capital appreciation distributions of sold properties make up this portion. For simplicity, dividends are usually paid on a monthly basis by REITs. Here are some dividend-paying REITs to consider: Brookfield Property REIT (BPY) – current dividend yield of 7.54%. Kimco Realty Corp (KIM) – current dividend yield of 3.26%. Brandywine Realty Trust (BDN) – current dividend yield of 6.59%. Bear in mind, however, that REITs have not had good long-term performance in the past few years. In spite of paying consistently high dividends, both Brookfield Property REIT and Kimco Realty Corp have experienced major share price declines over the past decade. On the flip side, Brandywine Realty Trust showed the best capital appreciation, holding constant over the past decade. Where to Invest in Dividend Stocks Want to earn a passive income with dividends? The following investment platforms allow you to invest in dividend stocks or high dividend ETFs. As an added perk, each gives you the option of commission-free investment in stocks or ETFs. Robinhood On either your computer or your mobile device, you can trade stocks and ETFs using the Robinhood app. This is also one of the only investment apps that offer trading options as well as cryptocurrency. In spite of the fact that Robinhood is primarily designed for self-directed investors, it provides sufficient company information to identify dividend stocks and track them. Dividend yield, price-earnings ratio, and 52-week high and low prices all fall into this category. The company is currently giving you the chance to earn up to $500 in free stocks by referring friends who open accounts on the app. A stock can be worth anywhere from $2.50 to $200. But, come on. That’s free money just for signing up. Webull Webull works a lot like Robinhood. This company offers commission-free trading of stocks, ETFs, and options, and it has mobile trading capabilities. If you’re on the move constantly, then this is the platform for you. Webull does not require a minimum initial investment. But funds are required for investing. Moreover, it does offer both traditional and Roth IRA accounts, which makes it a better alternative to Robinhood. The reason dividend stocks are ideal for retirement accounts is that they provide long-term growth in addition to income. You will also receive interest on any invested cash held in your account at Webull. M1 Finance Unlike Robinhood and WeBull, M1 Finance allows you to purchase stocks through portfolios called “pies,” which are comprised of many stocks and/or ETFs. There are pre-built pies available, but you can customize your own with the stocks and ETFs you want. If you prefer, you can make a pie out of each of your favorite Dividend Aristocrats, or even pick all 65 stocks. It’s entirely up to you how many pies you want. Dividend Aristocrats can be held in one account, growth stocks in another, or sector ETFs in another. When you have created one or more pies, M1 Finance provides you with another advantage. Your pie will be managed robo-advisor-style, with periodic rebalancing to make sure your allocations remain on target, and even dividends reinvested. You can then sit back and watch your investment grow once you’ve selected your stocks or funds. Ah. The best kind of passive income you could ever ask for. How to Build a Portfolio That Will Make $1,000 Per Month in Dividends Sample Dividend Portfolio For new and small investors, this is a significant barrier. I mean you’d need about $400,000 with a yield of 3% to make $1,000 per month in dividends. But how do you get to $400,000? To begin, let’s take a look at things from a different perspective. Investing in dividends is, by definition, a long-term endeavor. The goal isn’t growth, and most certainly not explosive growth. Rather it’s all about a steady income that hopefully will appreciate over time. So, you’ll need patience and constant investing if you want to make it a long-term investment. The first step, then, is to consider the amount you plan to invest and set up a regular schedule. Suppose, for example, you buy 10 shares of a particular stock each month, or invest $500 per month. Over time, you can gradually add many thousands of dollars to your investments every year. This results in a positive outcome. With your monthly purchases, you will be able to utilize dollar-cost averaging. A method like that greatly eliminates the impact of stock price fluctuations or the timing of the end of the market. Every month, you will just invest the same amount. And, best of you all, you just let compound interest work its magic. If you are investing $500 per month in a growing portfolio of dividend stocks with a 10% return, including dividends and capital appreciation, you would be investing $6,000 per year. Investing at the same level for 21 years will mean you’ll have over $400,000 — even if you never increase it. Dividend Reinvestment Plans commonly called DRIPs, make this possible. These are often offered by the brokerage firm where you hold the stocks. With DRIPs, dividends are used to buy more shares of the same company automatically. The Bottom Line Dividend stocks don’t get the same buzz as growth stocks do. The thing is, they’re the kind of investments that build both permanent wealth and passive income. What’s not to like about that? For retirement portfolios, dividend stocks are especially enticing. Investing in these funds will not only allow you to build wealth over decades but will also provide a steady flow of income when you retire. As the stock prices rise in value over time, you can use the dividend income to cover living expenses. You can choose to receive $2,000, $3,000, or even $5,000 in dividends per month, even though I have been talking about $1,000. You’ll need a much broader portfolio for that. However, if you are planning to become wealthy or retire with a seven-figure account, you might as well earn a decent income while you’re at it. To build a portfolio large enough to generate $1,000, or more, per month in dividends, you must combine regular contributions, dividend reinvestment, and capital appreciation. Article by Jeff Rose, Due About the Author Jeff Rose is an Iraqi Combat Veteran and founder of Good Financial Cents. He teaches people wealth hacking. He is a frequent on CNBC, Forbes, Nasdaq and many other publications. He is author of the book "Soldier of Finance: Take Charge of Your Money and Invest in your Future" where he teaches how he escaped from $20,000 in credit card debt to a life of wealth. Updated on May 19, 2022, 3:58 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: valuewalkMay 19th, 2022

MPC Container Ships ASA reports Q1 and three-month 2022 results

         OSLO, Norway, May 19, 2022 /PRNewswire/ -- Significantly improved operating revenues of USD 142.9 million and EBITDA of USD 137.7 million, up by 160% and 519%, respectively, compared to Q1 2021. Quarterly recurring dividend of USD 0.13 per share declared for Q1 2022. An additional event driven distribution based on proceeds from sale of AS Patricia as dividend of USD 0.03 per share to be paid alongside the recurring dividend. Projected EBITDA backlog now in excess of USD 1.4 billion. Oslo, 19 May 2022 Q1 and three-month 2022 results: MPC Container Ships ASA ("MPCC" or the "Company", together with its subsidiaries the "Group") today published its unaudited financial report for the three-month period ended 31 March 2022. Total revenues of USD 142.9 million in Q1 2022 (Q1 2021: USD 54.9 million). EBITDA of USD 137.7 million in Q1 2022 (Q1 2021: USD 22.3 million). Net profit of USD 116.8 million in Q1 2022 (Q1 2021: USD 3.5 million). Adjusted EBITDA of USD 97.8 million and adjusted net profit of 76.9 million in Q1 2022. Earnings per share of USD 0.26 in Q1 2022 (Q1 2021: USD 0.01).      Utilization of 98.8% in Q1 2022 (Q1 2021: 99.2%).        Average time charter equivalent ("TCE") of USD 24,845 per day in Q1 2022 (Q1 2021: USD 10,502 per day).       Cash and cash equivalents of USD 81.5 million as at 31 March 2022. Equity ratio of 70.2% and leverage ratio of 22.9%. As at 31 March 2022, the Group owns and operates 65 container vessels, whereof 60 are fully owned and 5 are operated in a joint venture. Furthermore, the Group has 2 newbuilds on order expected for delivery in Q1 2024. CEO Constantin Baack comments in relation to the announcement: "We are pleased to report another strong quarter for MPC Container Ships, in which we have been able to sustainably grow our earnings and profits. Consequently, the Company announces a recurring dividend for the first quarter 2022 which is 18% higher than in the previous quarter. For Q1 2022 the board has declared a dividend of total USD 71 million, or USD 0.16 per share which includes an event driven dividend of USD 0.03 per share. Year to date, MPCC has declared a total of USD 271 million in dividends, of which USD 200 million have already been ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaMay 19th, 2022

Synopsys Posts Financial Results for Second Quarter Fiscal Year 2022

Q2 FY 2022 Financial Highlights Revenue: $1.279 billion GAAP earnings per diluted share: $1.89 Non-GAAP earnings per diluted share: $2.50 MOUNTAIN VIEW, Calif., May 18, 2022 /PRNewswire/ -- Synopsys, Inc. (Nasdaq: SNPS) today reported results for its second quarter fiscal year 2022. Revenue for the second quarter of fiscal year 2022 was $1.279 billion, compared to $1.024 billion for the second quarter of fiscal year 2021. "Synopsys delivered an outstanding fiscal second quarter, exceeding our guidance targets with strength across all product groups and geographies. Based on strong first half execution and confidence in our business, we are raising our full-year targets substantially," said Aart de Geus, chairman and CEO of Synopsys. "Our financial momentum builds on three drivers: an unmatched product portfolio with groundbreaking new innovations, robust semiconductor and electronics market demand, and excellent operational execution. Notwithstanding macroeconomic choppiness in an uncertain geopolitical environment, our customers continue to prioritize investments to enable the new "smart everything" era. For fiscal 2022, we expect to grow annual revenue approximately 20% and pass the $5 billion milestone, drive further operating margin expansion, grow earnings per share by more than 25%, and generate approximately $1.6 billion in operating cash flow." GAAP Results On a generally accepted accounting principles (GAAP) basis, net income for the second quarter of fiscal year 2022 was $294.8 million, or $1.89 per diluted share, compared to $195.1 million, or $1.24 per diluted share, for the second quarter of fiscal year 2021. Non-GAAP Results On a non-GAAP basis, net income for the second quarter of fiscal year 2022 was $390.8 million, or $2.50 per diluted share, compared to non-GAAP net income of $267.1 million, or $1.70 per diluted share, for the second quarter of fiscal year 2021. 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 tools, IP products, system integration solutions and other associated revenue categories, and (2) Software Integrity, which includes a comprehensive solution for building integrity—security, quality and compliance testing—into the customers' software development lifecycle and supply chain. 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 third 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.  Third Quarter and Fiscal Year 2022 Financial Targets (in millions except per share amounts)  Range for Three Months  Range for Fiscal Year July 31, 2022 October 31, 2022 Low High Low High Revenue $             1,210 $             1,240 $             5,000 $             5,050 GAAP Expenses $                981 $             1,001 $             3,928 $             3,975 Non-GAAP Expenses $                830 $                840 $             3,350 $             3,380 Other Income (Expense) $                  (2) $                     - $                     - $                    4 Non-GAAP Tax Rate 18% 18% 18% 18% Outstanding Shares (fully diluted) 156 159 156 159 GAAP EPS $               1.32 $               1.44 $               6.22 $               6.40 Non-GAAP EPS $               2.01 $               2.06 $               8.63 $               8.70 Operating Cash Flow $             1,550 $             1,600 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 8770568, beginning at 5:00 p.m. Pacific Time today, until 11:59 p.m. Pacific Time on May 25, 2022. 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 third quarter of fiscal year 2022 in August 2022.  Synopsys will post copies of the prepared remarks of Aart de Geus, chairman and 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 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 third quarter of fiscal year 2022 earnings call in August 2022, their continued availability through such date does not mean that Synopsys is reaffirming or confirming their continued validity. Synopsys undertakes no duty, and does not currently intend, to report on its progress during the third 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 the second quarter fiscal year 2022 in its quarterly report on Form 10-Q to be filed by June 9, 2022. 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 acknowledges 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, superior to, 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 financial measures that include: (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 financial 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 calculating 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 more clearly align our tax rate with our expected geographic earnings mix. Given the uncertainty surrounding corporate tax reform, Synopsys adopted an annual non-GAAP tax rate of 18% for fiscal year 2022 rather than a three-year normalized non-GAAP tax rate in calculating its non-GAAP financial measures. This annual non-GAAP tax rate is based on an evaluation of its historical and projected mix of U.S. and international profit before tax, taking into account the impact of non-GAAP adjustments, as well as other factors such as its current tax structure, existing tax positions and expected recurring tax incentives. Synopsys re-evaluates this rate on an annual basis for any significant events that could materially affect its projections, such as significant changes in its geographic earnings mix or significant tax law changes in major jurisdictions where Synopsys operates, and further consider 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 May 18, 2022 for additional information about the measures Synopsys uses to evaluate its core business operations. Reconciliation of Second Quarter Fiscal Year 2022 ResultsThe following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP net income and earnings per diluted share for the periods indicated below. GAAP to Non-GAAP Reconciliation of Second Quarter Fiscal Year 2022 Results (1) (unaudited and in thousands, except per share amounts) Three Months Ended Six Months Ended April 30, April 30, 2022 2021 2022 2021 GAAP net income $     294,781 $     195,078 $     608,468 $     357,423 Adjustments: Amortization of intangible assets 21,367 19,721 43,727 39,997 Stock compensation 110,061 79,586 205,832 163,368 Acquisition-related costs 4,023 2,344 6,100 5,892 Restructuring charges 311 - 12,057 - Tax adjustments (39,703) (29,630) (108,456) (60,108) Non-GAAP net income $     390,840 $     267,099 $     767,728 $     506,572 Three Months Ended Six Months Ended April 30, April 30, 2022 2021 2022 2021 GAAP net income per diluted share $           1.89 $           1.24 $           3.88 $           2.27 Adjustments: Amortization of intangible assets 0.14 0.13 0.28 0.25 Stock compensation 0.70 0.51 1.31 1.04 Acquisition-related costs 0.03 0.01 0.04 0.04 Restructuring charges - - 0.08 - Tax adjustments (0.26) (0.19) (0.69) (0.38) Non-GAAP net income per diluted share $           2.50 $           1.70 $           4.90 $           3.22 Shares used in computing net income per diluted share amounts: 156,167 157,077 156,815 157,226 (1) Synopsys' second quarter of fiscal year 2022 and 2021 ended on April 30, 2022 and May 1, 2021, respectively. For presentation purposes, we refer to the closest calendar month 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 Third Quarter Fiscal Year 2022 Targets (1) (in thousands, except per share amounts)  Range for Three Months July 31, 2022 Low High Target GAAP expenses $           981,000 $        1,001,000 Adjustments:       Amortization of intangible assets (24,000) (27,000)       Stock compensation (127,000) (134,000) Target non-GAAP expenses $           830,000 $           840,000 Range for Three Months July 31, 2022 Low.....»»

Category: earningsSource: benzingaMay 18th, 2022

Northrop Grumman (NOC) Announces 10% Hike in Dividend Payout

Northrop Grumman (NOC) announces a 10% hike in its quarterly common stock dividend to $1.73 per share, representing an annualized payout of $6.92 per share. Northrop Grumman Corporation NOC recently announced that its board of directors approved a 10% hike in its quarterly common stock dividend. This, in turn, resulted its annualized payout to increase to $6.92 per share from the prior $6.28. This represents an annual dividend yield of 1.51% based on its share price worth of $459.28 as of May 17, more than the industry’s yield of 0.00% and the Zacks S&P 500 composite’s yield of 1.48%.The new quarterly dividend of $1.73 per share is up by 16 cents from the earlier quarterly dividend of $1.57. The raised dividend will be paid out on Jun 15, 2022 to shareholders of record at the close of the business on May 31, 2022.This marked the 19th consecutive annual increase by the company, thus highlighting strength in its cash flow position and its ability to consistently reward shareholders with hiked dividend payouts.Will Northrop Grumman Sustain Dividend Hikes?Northrop Grumman not only rewards shareholders with hiked dividends but also repurchases shares at regular intervals to increase its shareholders’ worth. To this end, it is imperative to mention that in the first quarter of 2022, NOC’s board of directors authorized a new share repurchase program of up to an additional $2 billion in the share repurchases of the company’s common stock.Such an impressive way of distributing excess cash through hiked dividends, coupled with the accelerated share repurchase activity, is buoyed by its strong financial position. In this context, it is imperative to mention that Northrop Grumman ended its first-quarter 2022 results with solid cash and cash equivalents of $2,174 million.As of Mar 31, 2022, Northrop Grumman’s total outstanding share repurchase authorization totaled $3.8 billion.Moreover, the company expects to return at least 100% of its 2022 transaction-adjusted free cash flow to shareholders through dividends and share repurchases activity while expecting its adjusted free cash flow in the range of $1.50-$1.80 billion in 2022, based on the current tax law. We believe that the company’s solid financial position will enable it to duly meet these targets along with offering lucrative dividend hikes to its shareholders, like the latest one.Peer MovesA dividend hike is a common strategy adopted by companies to deploy their capital and reward shareholders at the same time. Some defense companies that have consistently hiked and paid dividends to shareholders are:In May 2022,Curtiss-Wright Corporation CW announced that its Board of Directors approved a hike in its quarterly dividend to 19 cents per share, reflecting an increase of 6% from the prior payout. With the current hike, the company will now pay an annual dividend of 76 cents per share.Curtiss-Wright expects adjusted earnings in the range of $8.05-$8.25 per share for 2022. The company expects sales in the range of $2,530-$2,580 million in 2022. Shares of CW have returned 14.1% to its investors in the past year.In April 2022, Raytheon Technologies RTX announced a 7.8% hike over the prior quarter's dividend to 55 cents per outstanding share of Raytheon Technologies’ common stock.RTX’s earnings improved by 27.8% in the first quarter from the year-ago quarter’s adjusted earnings of 90 cents. The company expects to generate a free cash flow worth approximately $6 billion in 2022. Shares of Raytheon Technologies have returned 6.5% to its investors in the past year.In March 2022, General Dynamics GD announced an increase of 5.9% in its quarterly dividend to $1.26 per share and marked the 25th consecutive annual dividend increase.General Dynamics’ quarterly earnings soared by 5.2% from $2.48 per share in the year-ago quarter. As of Apr 3, 2022, General Dynamics’ cash and cash equivalents were $2,907 million compared with $1,603 million as of Dec 31, 2021. Shares of GD have rallied 16.4% in the past year.Price MovementIn the past year, shares of Northrop Grumman have rallied 24.6% against the industry’s decline of 39.1%.Image Source: Zacks Investment ResearchZacks RankNorthrop Grumman currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. 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 Northrop Grumman Corporation (NOC): Free Stock Analysis Report General Dynamics Corporation (GD): Free Stock Analysis Report CurtissWright Corporation (CW): Free Stock Analysis Report Raytheon Technologies Corporation (RTX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksMay 18th, 2022

Semiconductor Stocks Are Climbing

In his Daily Market Notes report to investors, while commenting on semiconductor stocks, Louis Navellier wrote: Finally an across-the-board rally. Stock futures surged overnight, with the S&P rising from Monday’s close of 4,008 to 4,086 and only giving back a little before the market opened as Shanghai announces “zero Covid”. The VIX has been dropping […] In his Daily Market Notes report to investors, while commenting on semiconductor stocks, Louis Navellier wrote: Finally an across-the-board rally. Stock futures surged overnight, with the S&P rising from Monday’s close of 4,008 to 4,086 and only giving back a little before the market opened as Shanghai announces “zero Covid”. The VIX has been dropping since Friday morning from 34 and is now below 27 which lends support from options trading. This strength is despite rising oil prices with WTI now north of $112/bbl and natural gas well above $8/mcf. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more Interest rates are higher across the yield curve with the U.S. 10-year up 7bps to 2.95% and the 2yr up 9bps to 2.66%.  The U.S. dollar finally cooled off a bit. Crypto is up modestly as is gold. Rising Semiconductor Stocks Semiconductor stocks are climbing with Advanced Micro Devices, Inc. (NASDAQ:AMD) +3% on an upgrade from Piper, Nvidia (NASDAQ:NVDA) +3%, Qualcomm (NASDAQ:QCOM) +2% as is Micron (NASDAQ:MU). U.S. retail sales for April came in as expected at +0.9% easing fears of a consumer pullback. Walmart (NYSE:WMT) announced premarket with a miss on the bottom line and a guide down on full-year profitability due to cost issues. The shares are down 6%.  Home Depot (NYSE:HD) beat top and bottom and reaffirmed guidance and the shares are up 4%. Warren Buffet continues to influence, revealing a $3 billion position in Citigroup (NYSE:C) with the shares rising nearly 5% on the news. Likewise, Berkshire revealed a $2.6B position in Paramount Global (NASDAQ:PARA) with the shares jumping 10%.  United Airlines (NASDAQ:UAL) guided to higher 2nd quarter demand, creating a rally in multiple travel stocks. Bargain Shopping This afternoon, Jerome Powell will speak on the Fed's plans to address inflation at a WSJ conference which will be listened to closely.  Overall, the market is bargain shopping beaten down names, as an actual recession still seems unlikely in 2022 while at the same time sentiment remains quite bearish after so many down weeks in a row. The weakness in China still threatens 2nd quarter results for many companies while at the same time the eventual reopening from their Covid lockdowns promises a rebound in global logistics issues and demand. Retracement On Strength Inflation and the Fed's efforts to subdue it remain the leading concern, but with investors' cash levels high and stagflation fears already well established the market is poised for a meaningful retracement on any signs of strength or a reduction of the current challenges. It will take a few days in a row of strength to persuade more cautious investors that today is not a bear rally, but the trend has certainly improved in the last 3 days and gives hope to more bullish investors that a bottom may finally be forming.  Coffee Beans Cars still dominate the American commute. 76 percent of American commuters use their own car to move between home and work, making it by far the most popular mode of transportation. Meanwhile, only 11 percent use public transportation while 10 percent ride their bike. Source: Statista. See the full story here. Updated on May 17, 2022, 12:56 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: valuewalkMay 17th, 2022

METALLA REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2022 AND PROVIDES ASSET UPDATES

(All dollar amounts are in United States dollars unless otherwise indicated) TSXV:  MTA NYSE American: MTA VANCOUVER, BC, May 13, 2022 /PRNewswire/ - Metalla Royalty & Streaming Ltd. ("Metalla" or the "Company") (TSXV:MTA) (NYSE:MTA) announces its operating and financial results for the three months ended March 31, 2022. For complete details of the condensed interim consolidated financial statements and accompanying management's discussion and analysis for the three months ended March 31, 2022, please see the Company's filings on SEDAR (www.sedar.com) or on EDGAR (www.sec.gov). Shareholders are encouraged to visit the Company's website at www.metallaroyalty.com. Brett Heath, President, and CEO of Metalla, commented, "The first quarter of 2022 we focused on increasing our near-term cash flow with the amendment to the Beaufor royalty that is expected to be in production in the second half of 2022.  We also expect El Realito, which is part of Angico Eagle's La India mine, to start producing in the second half of 2022, which will increase our producing royalties to seven total.  Although the market continues to be volatile, we believe Metalla's asset base, and growth profile position the Company to have continued success."  FINANCIAL HIGHLIGHTS During the three months ended March 31, 2022, and the subsequent period up to the date of this news release, the Company: Amended an existing 1.0% NSR royalty on Monarch Mining Corporation's ("Monarch") Beaufor Mine ("Beaufor").  In consideration for $1.0 million paid in cash to Monarch, Monarch agreed to waive a clause stipulating that payments under the Net Smelter Returns ("NSR") royalty were only payable after 100 Koz of gold have been produced by Monarch following its acquisition of Beaufor. Payments under this NSR royalty will now begin upon initial production from the property. for the three months ended March 31, 2022, received or accrued payments on 724 attributable Gold Equivalent Ounces ("GEOs") at an average realized price of $1,835 and an average cash cost of $5 per attributable GEO (see non-IFRS Financial Measures); for the three months ended March 31, 2022, generated operating cash margin of $1,830 per attributable GEO, from the Wharf, Joaquin and COSE royalties, the New Luika Gold Mine ("NLGM") stream held by Silverback Ltd. ("Silverback"), the Higginsville derivative royalty asset, and other royalty interests (see non-IFRS Financial Measures); for the three months ended March 31, 2022, recognized revenue from royalty and stream interests of $0.7 million, net loss of $2.2 million, and adjusted EBITDA of less than $0.1 million (see non-IFRS Financial Measures); for the three months ended March 31, 2022, recognized payments due or received (not included in revenue) from the Higginsville derivative royalty asset of $0.6 million (see non-IFRS Financial Measures); on May 14, 2021, announced the establishment of an at-the-market program (the "2021 ATM Program") with a syndicate of agents. Under the 2021 ATM Program the Company may distribute up to $35.0 million (or the equivalent in Canadian dollars) in common shares of the Company. From inception to March 31, 2022, the Company distributed 1,970,608 common shares under the 2021 ATM Program at an average price of $8.19 per share for gross proceeds of $16.1 million, with aggregate commissions paid or payable and other share issue costs of $0.9 million, resulting in aggregate net proceeds of $15.2 million.  For the three months ended March 31, 2022, the Company distributed 348,443 common shares under the 2021 ATM Program at an average price of $6.88 per share for gross proceeds of $2.4 million, with aggregate commissions paid or payable and other share issue costs of $0.2 million, resulting in aggregate net proceeds of $2.2 million. As of the date of this news release, the Company has distributed a total of 1,990,778 common shares under the 2021 ATM program for gross proceeds of $16.3 million; and On May 12, 2022, the Company filed a new final short form base shelf prospectus and a corresponding registration statement on Form F-10 that are intended to replace the base shelf prospectus and Form F-10 registration statement previously filed by the Company in 2020, and to enhance the Company's financial flexibility. In connection with this transition, the Company terminated its 2021 ATM Program. ASSET UPDATES Wharf Royalty On May 4, 2022, Coeur Mining Inc. ("Coeur") reported first quarter production of 17.7 Koz gold at 0.78 g/t gold, in line with the 70-80 Koz full year guidance for Wharf disclosed by Wharf on February 16, 2022. During the quarter, one reverse circulation ("RC") drill rig continued to infill targets at the Portland-Ridge-Boston claim group and at the Flossie area, results are pending.  On February 16, 2022, Coeur reported that Wharf's updated Proven and Probable Reserves totaled 852 Koz at 0.73 g/t. Total Measured and Indicated Resources were reported at 412 Koz at 0.63g/t with an Inferred Resource estimate of 90 Koz at 0.75 g/t. In addition, Coeur reported in their Q4 2021 financial statements, an updated mine life of 8 years for Wharf. Additionally, Coeur reported the continued exploration success at Wharf where a total of 6,625 meters of drilling was completed in the Portland Ridge – Boston claim group, Flossie and Juno areas. Coeur spent $4 million on exploration at the mine in 2021, its largest since acquiring the asset in 2015. Metalla holds a 1.0% GVR royalty on the Wharf mine. Higginsville Royalty On April 20, 2022, Karora Resources Inc. ("Karora") reported first quarter production of 27,489 ounces of gold from its Higginsville Gold Operations ("Higginsville") and Beta Hunt mines, in line with 2022 production guidance of 110-135 Koz gold announced by Karora on February 7, 2022. Metalla holds a 27.5% PPR royalty interest on the difference between the London PM fix gold price and A$1,340/oz on the first 2.5 Koz per quarter until a cumulative total of 34.0 Koz of gold at the Higginsville operation have been delivered. As at March 31, 2022, 16.6 Koz of gold had been delivered. New Luika Silver Stream On April 26, 2022, Shanta Gold Limited ("Shanta") reported that it produced 11,408 ounces of gold at its NLGM in Tanzania in the first quarter of 2022. On July 19, 2021, Shanta announced a new mine plan for NLGM, where average annual production is expected to be 73.6 Koz gold with the potential to extend mine life beyond 2026 through conversion of significant known resources and the expanded 2,450 tpd mill throughput. Shanta expects total gold production from NLGM for the five-year plan to total 368 Koz from both open pit and underground mine sources from the mining license. Shanta outlined that the resources presently sitting outside of the mine plan amounts to 552 Koz at 2.37 g/t gold at NLGM. Shanta has forecast production to be between 68-76 Koz in fiscal 2022. On February 1, 2022, Shanta reported that as of December 31, 2021, the Probable Reserves at NLGM stood at 404 Koz at 3.05 g/t gold, the Measured Resources were 105 Koz at 4.94 g/t gold, the Indicated Resources were 707 Koz at 2.63 g/t gold, and the Inferred Resources were 296 Koz at 1.73 g/t gold. Metalla holds a 15% interest in Silverback Ltd., whose sole business is receipt and distribution of a 100% silver stream on NLGM at an ongoing cost of 10% of the spot silver price. Côté-Gosselin On May 3, 2022, IAMGOLD Corporation ("IAMGOLD") reported that construction had reached 49% completion at the Côté Gold Project. It also reported completion in the first quarter of 2022 of approximately 4,300 meters of the 16,000 meter drill program is planned in 2022 to further delineate and expand the Gosselin mineral resources and test selected targets along the deposit corridor. On January 27, 2022, IAMGOLD released assay results that extended the Gosselin Zone outside of the recent mineral resource estimate, significant highlights include 0.78 g/t gold over 355.5 meters, 2.05 g/t gold over 256 meters, 0.55 g/t gold over 357.5 meters and 0.7 g/t gold over 173 meters. Metalla holds a 1.35% NSR royalty that covers less than 10% of the Côté reserves and resources estimate and covers all of the Gosselin resource estimate. Castle Mountain Castle Mountain is slated to become one of Equinox Gold's ("Equinox") largest assets. Metalla's 5.0% NSR royalty covers the South Domes portion of the deposit which will be part of the Phase 2 expansion slated to begin in 2026. On May 3, 2022, Equinox announced exploration at Castle Mountain in the first quarter included 7,948 meters of RC drilling across the South dump area to assess the continuity and distribution of grade. Equinox also completed 1,448 meters of RC drilling in the area between the JSLA and South Domes pits. Equinox also announced that in March 2022 it had submitted applications to amend existing permits to accommodate the Phase 2 expansion. On February 24, 2022, Equinox announced they expect to spend $7 million for Phase 2 permitting, optimization studies and metallurgical test work and nearly $2 million for exploration. Metalla holds a 5.0% NSR Royalty on the South Domes area of the Castle Mountain mine. Garrison On May 11, 2022, Moneta Gold Inc. ("Moneta") released an updated resource estimate for the Tower Gold project, including 4.27 Moz gold in the Indicated category and 7.5 Moz gold in the Inferred category. Moneta plans to complete a Preliminary Economic Assessment on the project scheduled for completion later in the second quarter of 2022. The Garrison deposit forms part of the Tower project and is comprised of three zones, Garrcon, Jonpol, and 903. At Garrcon, the open pit Indicated Resource is 841 Koz at 1.02 g/t gold with an Inferred Resource of 15Koz at 0.67 g/t gold, the underground portion has an Indicated Resource of 87 Koz at 5.08 g/t gold with an Inferred Resource of 120 Koz at 4.98 g/t gold. The Jonpol zone has an Indicated Resource of 297 Koz at 1.4 g/t gold and an Inferred Resource of 114 Koz at 0.99 g/t gold. The 903 zone has an Indicated Resource of 610 Koz at 1.01 g/t gold and an Inferred Resource of 600 Koz at 0.74 g/t gold. The Garrison starter pit now has an Indicated Resource of 1.75 Moz at 1.07 g/t gold. Moneta is slated to release a PEA in June of 2022. On March 24, 2022, Moneta released the results of significant step out gold mineralization at the Garrcon pit comprising the Garrison project which confirmed mineralization over a strike length of ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaMay 13th, 2022

METALLA REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2022 AND PROVIDES ASSET UPDATES

(All dollar amounts are in United States dollars unless otherwise indicated) TSXV:  MTA NYSE American: MTA VANCOUVER, BC, May 13, 2022 /CNW/ - Metalla Royalty & Streaming Ltd. ("Metalla" or the "Company") (TSXV:MTA) (NYSE:MTA) announces its operating and financial results for the three months ended March 31, 2022. For complete details of the condensed interim consolidated financial statements and accompanying management's discussion and analysis for the three months ended March 31, 2022, please see the Company's filings on SEDAR (www.sedar.com) or on EDGAR (www.sec.gov). Shareholders are encouraged to visit the Company's website at www.metallaroyalty.com. Brett Heath, President, and CEO of Metalla, commented, "The first quarter of 2022 we focused on increasing our near-term cash flow with the amendment to the Beaufor royalty that is expected to be in production in the second half of 2022.  We also expect El Realito, which is part of Angico Eagle's La India mine, to start producing in the second half of 2022, which will increase our producing royalties to seven total.  Although the market continues to be volatile, we believe Metalla's asset base, and growth profile position the Company to have continued success."  FINANCIAL HIGHLIGHTS During the three months ended March 31, 2022, and the subsequent period up to the date of this news release, the Company: Amended an existing 1.0% NSR royalty on Monarch Mining Corporation's ("Monarch") Beaufor Mine ("Beaufor").  In consideration for $1.0 million paid in cash to Monarch, Monarch agreed to waive a clause stipulating that payments under the Net Smelter Returns ("NSR") royalty were only payable after 100 Koz of gold have been produced by Monarch following its acquisition of Beaufor. Payments under this NSR royalty will now begin upon initial production from the property. for the three months ended March 31, 2022, received or accrued payments on 724 attributable Gold Equivalent Ounces ("GEOs") at an average realized price of $1,835 and an average cash cost of $5 per attributable GEO (see non-IFRS Financial Measures); for the three months ended March 31, 2022, generated operating cash margin of $1,830 per attributable GEO, from the Wharf, Joaquin and COSE royalties, the New Luika Gold Mine ("NLGM") stream held by Silverback Ltd. ("Silverback"), the Higginsville derivative royalty asset, and other royalty interests (see non-IFRS Financial Measures); for the three months ended March 31, 2022, recognized revenue from royalty and stream interests of $0.7 million, net loss of $2.2 million, and adjusted EBITDA of less than $0.1 million (see non-IFRS Financial Measures); for the three months ended March 31, 2022, recognized payments due or received (not included in revenue) from the Higginsville derivative royalty asset of $0.6 million (see non-IFRS Financial Measures); on May 14, 2021, announced the establishment of an at-the-market program (the "2021 ATM Program") with a syndicate of agents. Under the 2021 ATM Program the Company may distribute up to $35.0 million (or the equivalent in Canadian dollars) in common shares of the Company. From inception to March 31, 2022, the Company distributed 1,970,608 common shares under the 2021 ATM Program at an average price of $8.19 per share for gross proceeds of $16.1 million, with aggregate commissions paid or payable and other share issue costs of $0.9 million, resulting in aggregate net proceeds of $15.2 million.  For the three months ended March 31, 2022, the Company distributed 348,443 common shares under the 2021 ATM Program at an average price of $6.88 per share for gross proceeds of $2.4 million, with aggregate commissions paid or payable and other share issue costs of $0.2 million, resulting in aggregate net proceeds of $2.2 million. As of the date of this news release, the Company has distributed a total of 1,990,778 common shares under the 2021 ATM program for gross proceeds of $16.3 million; and On May 12, 2022, the Company filed a new final short form base shelf prospectus and a corresponding registration statement on Form F-10 that are intended to replace the base shelf prospectus and Form F-10 registration statement previously filed by the Company in 2020, and to enhance the Company's financial flexibility. In connection with this transition, the Company terminated its 2021 ATM Program. ASSET UPDATES Wharf Royalty On May 4, 2022, Coeur Mining Inc. ("Coeur") reported first quarter production of 17.7 Koz gold at 0.78 g/t gold, in line with the 70-80 Koz full year guidance for Wharf disclosed by Wharf on February 16, 2022. During the quarter, one reverse circulation ("RC") drill rig continued to infill targets at the Portland-Ridge-Boston claim group and at the Flossie area, results are pending.  On February 16, 2022, Coeur reported that Wharf's updated Proven and Probable Reserves totaled 852 Koz at 0.73 g/t. Total Measured and Indicated Resources were reported at 412 Koz at 0.63g/t with an Inferred Resource estimate of 90 Koz at 0.75 g/t. In addition, Coeur reported in their Q4 2021 financial statements, an updated mine life of 8 years for Wharf. Additionally, Coeur reported the continued exploration success at Wharf where a total of 6,625 meters of drilling was completed in the Portland Ridge – Boston claim group, Flossie and Juno areas. Coeur spent $4 million on exploration at the mine in 2021, its largest since acquiring the asset in 2015. Metalla holds a 1.0% GVR royalty on the Wharf mine. Higginsville Royalty On April 20, 2022, Karora Resources Inc. ("Karora") reported first quarter production of 27,489 ounces of gold from its Higginsville Gold Operations ("Higginsville") and Beta Hunt mines, in line with 2022 production guidance of 110-135 Koz gold announced by Karora on February 7, 2022. Metalla holds a 27.5% PPR royalty interest on the difference between the London PM fix gold price and A$1,340/oz on the first 2.5 Koz per quarter until a cumulative total of 34.0 Koz of gold at the Higginsville operation have been delivered. As at March 31, 2022, 16.6 Koz of gold had been delivered. New Luika Silver Stream On April 26, 2022, Shanta Gold Limited ("Shanta") reported that it produced 11,408 ounces of gold at its NLGM in Tanzania in the first quarter of 2022. On July 19, 2021, Shanta announced a new mine plan for NLGM, where average annual production is expected to be 73.6 Koz gold with the potential to extend mine life beyond 2026 through conversion of significant known resources and the expanded 2,450 tpd mill throughput. Shanta expects total gold production from NLGM for the five-year plan to total 368 Koz from both open pit and underground mine sources from the mining license. Shanta outlined that the resources presently sitting outside of the mine plan amounts to 552 Koz at 2.37 g/t gold at NLGM. Shanta has forecast production to be between 68-76 Koz in fiscal 2022. On February 1, 2022, Shanta reported that as of December 31, 2021, the Probable Reserves at NLGM stood at 404 Koz at 3.05 g/t gold, the Measured Resources were 105 Koz at 4.94 g/t gold, the Indicated Resources were 707 Koz at 2.63 g/t gold, and the Inferred Resources were 296 Koz at 1.73 g/t gold. Metalla holds a 15% interest in Silverback Ltd., whose sole business is receipt and distribution of a 100% silver stream on NLGM at an ongoing cost of 10% of the spot silver price. Côté-Gosselin On May 3, 2022, IAMGOLD Corporation ("IAMGOLD") reported that construction had reached 49% completion at the Côté Gold Project. It also reported completion in the first quarter of 2022 of approximately 4,300 meters of the 16,000 meter drill program is planned in 2022 to further delineate and expand the Gosselin mineral resources and test selected targets along the deposit corridor. On January 27, 2022, IAMGOLD released assay results that extended the Gosselin Zone outside of the recent mineral resource estimate, significant highlights include 0.78 g/t gold over 355.5 meters, 2.05 g/t gold over 256 meters, 0.55 g/t gold over 357.5 meters and 0.7 g/t gold over 173 meters. Metalla holds a 1.35% NSR royalty that covers less than 10% of the Côté reserves and resources estimate and covers all of the Gosselin resource estimate. Castle Mountain Castle Mountain is slated to become one of Equinox Gold's ("Equinox") largest assets. Metalla's 5.0% NSR royalty covers the South Domes portion of the deposit which will be part of the Phase 2 expansion slated to begin in 2026. On May 3, 2022, Equinox announced exploration at Castle Mountain in the first quarter included 7,948 meters of RC drilling across the South dump area to assess the continuity and distribution of grade. Equinox also completed 1,448 meters of RC drilling in the area between the JSLA and South Domes pits. Equinox also announced that in March 2022 it had submitted applications to amend existing permits to accommodate the Phase 2 expansion. On February 24, 2022, Equinox announced they expect to spend $7 million for Phase 2 permitting, optimization studies and metallurgical test work and nearly $2 million for exploration. Metalla holds a 5.0% NSR Royalty on the South Domes area of the Castle Mountain mine. Garrison On May 11, 2022, Moneta Gold Inc. ("Moneta") released an updated resource estimate for the Tower Gold project, including 4.27 Moz gold in the Indicated category and 7.5 Moz gold in the Inferred category. Moneta plans to complete a Preliminary Economic Assessment on the project scheduled for completion later in the second quarter of 2022. The Garrison deposit forms part of the Tower project and is comprised of three zones, Garrcon, Jonpol, and 903. At Garrcon, the open pit Indicated Resource is 841 Koz at 1.02 g/t gold with an Inferred Resource of 15Koz at 0.67 g/t gold, the underground portion has an Indicated Resource of 87 Koz at 5.08 g/t gold with an Inferred Resource of 120 Koz at 4.98 g/t gold. The Jonpol zone has an Indicated Resource of 297 Koz at 1.4 g/t gold and an Inferred Resource of 114 Koz at 0.99 g/t gold. The 903 zone has an Indicated Resource of 610 Koz at 1.01 g/t gold and an Inferred Resource of 600 Koz at 0.74 g/t gold. The Garrison starter pit now has an Indicated Resource of 1.75 Moz at 1.07 g/t gold. Moneta is slated to release a PEA in June of 2022. On March 24, 2022, Moneta released the results of significant step out gold mineralization at the Garrcon pit comprising the Garrison project which confirmed mineralization over a strike length of 750 meters and width of 500 meters beyond the current Garrison project resource. Significant intercepts from recent drilling include 3.05 g/t gold over 67 meters, 1.17 g/t gold over 62.45 meters and 1.26 g/t gold ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaMay 13th, 2022