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Shares of Owens & Minor jumped 47.3% on Thursday after the global healthcare solution provider raised its 2020 earnings outlook for the second time in the last two months.Owens & Minor (OMI) now projects adjusted EPS between $1.75 and $1.90, up from its previous guidance range of $1.00-$1.20. On July 21, the company had revised upward its full-year 2020 adjusted EPS guidance to $1.00-$1.20 from $0.50-$0.60.The company cited better-than-expected manufacturing output and improved operating efficiencies as the main reasons behind the upbeat earnings outlook. Additionally, the company pointed out strong demand for PPE kits amid the COVID-19 pandemic, higher-than-expected elective procedures volume, and deployment of PPE related production equipment in the U.S. ahead of schedule, to benefit bottom-line results.Owens & Minor’s CEO Edward A. Pesicka said, "I continue to be very proud of our teammates’ ability to rapidly bring additional, U.S.-based PPE production online ahead of schedule and increase product output....
Shares of IBEX Limited soared 3.1% in the extended trading session on Thursday after it reported stronger-than-expected 4Q revenues. The customer experience company’s 4Q sales increased 14.7% to $100.9 million and surpassed analysts’ expectations of $96.2 million.IBEX Limited’s (IBEX) adjusted EPS of $0.14 compared favorably with the year-ago quarter’s loss per share of $0.07. However, quarterly earnings fell short of the Street estimates $0.16.The company’s CEO Bob Dechant said, “Fiscal year 2020 was a milestone year for ibex–delivering record revenues surpassing $400 million, growing net income from continuing operations and increasing Adjusted EBITDA to over $50 million.” He further stated, “Based on our expected revenue growth and robust pipeline, we are confident in our ability to accelerate additional customer wins, expand geographically and deliver solid cash flow in 2021.”Looking forward, IBEX expects to generate revenues between $431 million and $435 million in fiscal 2021. Moreover, the company projects adjusted EBITDA from...
Shares of TV station owner E.W. Scripps jumped 7.6% on Thursday after confirming the acquisition of broadcast network ION Media for $2.65 billion. As part of the deal, billionaire investor Warren Buffett-led Berkshire Hathaway will make a preferred equity investment of $600 million in Scripps. In exchange, Berkshire will receive a warrant to purchase 23.1 million Class A Scripps shares at $13.The E. W. Scripps Company (SSP) said that it will combine the ION business “with Scripps' Katz networks and Newsy to create a full-scale national television networks business,” which will reach customers through over-the-air broadcast, cable, over-the-top and other digital platforms, with ad-supported programming streams. The deal will also reposition the company in the television landscape.Scripps’ CEO Adam Symson said “With its strong revenue growth, high margins and significant cash flow, ION will make Scripps a more powerful and durable media business with significant near-term benefit as well as long-term value.” The...
The pandemic-led lockdowns dragged down sales of major retailers and makers of discretionary goods like apparel and footwear due to the temporary closure of physical stores. Many US retailers have been experiencing improving sales trends since the gradual reopening of stores since May.As per the National Retail Federation, retail sales continued to recover in August, showing a gradual improvement from July and larger gains Y/Y. However, the rate of improvement was slow compared to July.With the improving sales trends in the backdrop, we will use the TipRanks’ Stock Comparison tool to compare Lululemon and Columbia Sportswear to analyze which stock has better prospects.Lululemon Athletica (LULU)Canada-based Lululemon has grown rapidly over the years and emerged as one of the leading players in the athleisure space. Its premium yoga and athletic apparel offerings have helped in doubling revenue from $2.06 billion in fiscal 2015 to $3.98 billion in fiscal 2019. Lululemon’s revenue surged...
Spot gold was up 0.3% at $1,873.83 per ounce at 0740 GMT. U.S. gold futures rose 0.1% to $1,879.20. "With the data front quiet, it appears that investors want to stay nimble and hedged by leaving their money in dollar, rather than moving to precious metals or U.S. bonds," said Jeffrey Halley, a senior market analyst at OANDA....
(Bloomberg) -- Li Ka-shing, Hong Kong’s richest man, is known to his admirers as “superman” for his knack for picking assets on the cheap. But that magic touch hasn’t been working on his own companies lately.Li and his elder son Victor -- who now runs the ports-to-property empire -- have spent about HK$3.8 billion ($490 million) since August last year to buy the flagging shares of CK Asset Holdings Ltd. and CK Hutchison Holdings Ltd. Despite the series of purchases, CK Asset’s stock is sinking toward last March’s record low, while CK Hutchison is approaching its lowest level since a group revamp in 2015.The reasons for the stock declines are many. The conglomerate’s retail and port operations have been pummeled by political turmoil arising from Beijing’s tightening grip over Hong Kong, the outbreak of Covid-19 and a slowdown in global trade. In August, the group pointed to the difficulty in foreseeing...
