Shares in Canadian cannabis company Aphria (APHA) are spiking 22% in Wednesday’s pre-market trading on the back of a strong earnings report. For the third quarter ending February 29, 2020, the company reported net income of $5.7 million, or $0.02 per share, and adjusted EBITDA of $5.7 million. This easily surpassed the FactSet consensus for a loss per share of 4 cents.Most notably net cannabis revenue of $55.6 million in the third quarter marked an increase of 65% from the prior quarter.Meanwhile net revenue of $144.4 million in the third quarter translates into an increase of 96% from the prior year quarter and an increase of 20% from the previous quarter.While the average retail selling price of medical cannabis decreased from $8.16 to $6.41 per gram in the quarter (due to a new compassionate pricing policy), the average selling price of adult-use cannabis increased to $5.47 per gram compared to $5.22...
UnitedHealth (UNH) has released positive first quarter earnings on April 15. The healthcare giant reported Q1 Non-GAAP EPS of $3.72, beating estimates by $0.05, with GAAP EPS of $3.52 coming in $0.06 higher than expected.Meanwhile revenue of $64.42B (+6.8% year-over-year) surpassed estimates by $170 million. Shares are now trading up 2% in pre-market trading.According to the company, “These results reflect minimal impact from the progression of the COVID-19 virus across the U.S. given various factors that only emerged late in the quarter, including: rising U.S. incidence and response initiatives; multiple investment initiatives including coverage expansions and increased access to critical care and pharmacy services; other funding and support initiatives; and lower elective care demand.”Looking ahead UNH is maintaining its full year earnings per share outlook for 2020, including net earnings of $15.45 to $15.75 per share and adjusted net earnings of $16.25 to $16.55 per share.“UNH remains among the best performing names in healthcare from a...
(Bloomberg) -- The world-wide coronavirus pandemic that’s caused oil demand to plummet has turned the Canadian oil patch’s biggest problem on its head. Rather than having too few oil pipelines, the province now has too many.The collapse in oil demand caused by people staying home has reduced U.S. demand for Canadian crude, leaving pipelines struggling to stay full. After more than a year of rationing space, Enbridge Inc. announced it had additional space on its Mainline pipeline system for both heavy and light crude in April. TC Energy Corp. also issued a call for crude on its Keystone pipeline running from Alberta to the U.S. Midwest.At the same time, the lack of a price difference for crude from Canada makes it unprofitable to ship the country’s crude down pipelines to the U.S. Midwest and Gulf Coast. Heavy Western Canadian Select oil is trading at a $14.75 discount to West Texas Intermediate...
(Bloomberg) -- Spain’s daily death toll slowed, while Germany is set to extend curbs even after new cases fell for a sixth day. The European Commission has drawn up plans for a partial lifting of restrictions and U.S. officials are also drafting plans to reopen businesses, the Washington Post said.China criticized U.S. President Donald Trump’s move to halt funding to the World Health Organization and pledged to support the global health body. Beijing said it had updated the WHO in a “timely” manner.South Korea’s ruling party may have won an outright majority in the biggest election since the pandemic spread around the globe. Indonesia is set to bring 34 million people under a partial lockdown, while India may ease some curbs as the economy faces its first contraction since 1980.Key DevelopmentsVirus Tracker: Cases reach 1.98 million; deaths top 126,000China’s data on symptom-free cases reveals most never get sickScientists weigh immunity; hyped...
