Shares in Scotts Miracle-Gro Co. (SMG) are soaring 6% in pre-market trading after the lawn product company revised its sales and earnings guidance upwards due to higher product demand.The stock jumped 6% to $147.70 in pre-market trading after Scotts Miracle-Gro said that for the fiscal year ending September 30, it now expects sales growth of 16% to 18% versus the 6% to 8% guidance provided in May.Higher sales estimates are driven mainly by stronger growth in its U.S. consumer segment, where the company sees growth of 9% to 11%, compared with its previous range of 1% to 3%. In addition, Hawthorne sales are forecast to grow 45% to 50% for the full year, compared with a recent increase in guidance of 30% to 35%.The revised guidance comes as an “unprecedented number of consumers are planting and maintaining gardens”, the company said. As a result, adjusted non-GAAP earnings are expected to be...
(Bloomberg) -- Oil dropped below $38 a barrel in New York as risky assets declined and Saudi Arabia said it would cease extra voluntary production cuts by the end of this month.Futures reversed an earlier gain to trade as much as 2.3% lower. The slide mirrored a retreat in equity markets, while Saudi Arabia said Monday that additional supply cuts, which amounted to about 1.2 million barrels a day and included contributions from allies in the Persian Gulf, wouldn’t continue beyond June.Oil has rebounded since dropping below zero in April as output cuts reduced a global glut and demand picked up following the easing of lockdown restrictions in some countries. However, with a surplus of fuels, most notably diesel, looming over oil’s recovery, Goldman Sachs Group Inc. has turned bearish in the short term due to poor returns from refining.Read: A Glut of Diesel Is Quietly Undermining Oil Price Resurgence“Global assets...
(Bloomberg) -- As a sense of euphoria sweeps through global equity markets propelling stocks to regain $21 trillion in value from a March low, the asset class is looking increasingly frothy.While stock luminaries who had advocated for a bull zone look like winners in hindsight, the debate goes on about whether the rally is a bear market bounce, doomed to end. While Asia still looks set to end the day with a gain, stocks in Europe have turned lower, poised for the worst performance in more than a week.Global equities have climbed back to levels last seen in February, when the coronavirus began spreading rapidly outside of China. The 42% surge from a March low is the best advance over an equivalent time-frame since 2009 for the MSCI ACWI Index that includes stocks in both the emerging and developed world. The gauge is now trading at 20 times next year’s profits,...
General Electric Co. (GE) said it reopened portions of its prior debt offerings as it seeks to raise $3 billion in total proceeds to bump up its cash buffers to cope with the coronavirus crisis.The company said the reopening was in “response to a reverse inquiry from a long-term strategic investor”. Shares rose 7.4% to $8.46 on Monday.GE expects to use these proceeds to reduce shorter-duration debt, including repaying a portion of GE’s intercompany debt obligations to GE Capital and lower GE Capital’s outstanding debt obligations.“The combination of transactions is expected to be leverage neutral over time,” the company said in a statement.The move builds on a number of recent leverage-neutral actions that have improved GE’s near-term liquidity by extending $4.2 billion of industrial maturities and $4.4 billion of capital maturities to date. The company added that it remains committed to achieving its leverage goals over time.Upon closing of the two...
(Bloomberg) -- Libya’s battered oil industry suffered another blow as the conflict-ravaged North African country’s biggest field closed less than two days after resuming following a five-month halt.Work at the Sharara deposit in the southwest has stopped, according to people with knowledge of the matter who asked not to be identified as the information isn’t public. Armed men had entered the field on Monday and told employees to end activities.The setback threatens a revival of exports from Libya, which has been producing almost no crude since January because of a civil war that led to almost all its ports and fields being blockaded or closed.The Tripoli-based National Oil Corp. lifted a so-called force majeure on crude exports from Sharara on Sunday, and from the nearby El-Feel deposit a day later. Sharara was to start producing about 30,000 barrels a day, with a full ramp-up -- to about ten times that amount...
Companies Reporting Before The Bell • Tiffany Inc. (NYSE:TIF) is expected to report quarterly earnings at $0.03 per share on revenue of $700.79 million.• Conn's Inc. (NASDAQ:CONN) is estimated to report quarterly earnings at $0.32 per share on revenue of $300.19 million.• HD Supply Holdings Inc. (NASDAQ:HDS) is expected to report quarterly earnings at $0.54 per share on revenue of $1.38 billion.• Signet Jewelers Inc. (NYSE:SIG) is expected to report quarterly earnings at $2.87 per share on revenue of $879.49 million.• Genesco Inc. (NYSE:GCO) is expected to report quarterly earnings at $2.02 per share on revenue of $317.80 million.• Brown Forman Inc (NYSE:BF.B) is expected to report quarterly earnings at $0.28 per share on revenue of $687.08 million.• FuelCell Energy Inc. (NASDAQ:FCEL) is estimated to report quarterly earnings at $0.07 per share on revenue of $15.55 million.• Movado Group Inc. (NYSE:MOV) is estimated to report quarterly earnings at $0.20 per share...
