Cannabis company Canopy Growth announced that it would buy Supreme Cannabis for C$435 million (US$346 million) in a stock-and-cash deal. Under the terms of the deal, Canopy Growth will pay 0.01165872 share and C$0.0001 cash for each share of Supreme. The deal is expected to close in June, conditional upon regulatory and court approvals, and a vote of Supreme Cannabis shareholders. Earlier...
General Motors is idling another north American plant due to to global chip shortage, CNBC reported. General Motors will temporarily close its facility in Spring Hill, Tennessee later this month. According to the the automaker's estimate, chip shortages will hurt its 2021 operating profit by as much as $2 million. For the two weeks ended April 5, GM's Wentzville, Missouri assembly plant was...
Beverage company Constellation Brands posted fourth quarter earnings that surpassed analysts’ expectations, on the back of beer sales strength and demand for high-end beverages. The company’s diluted net earnings for the three months ending in February fell -5.3% from the year-ago quarter to $1.95 per share. Adjusted per-share earnings came in at $1.82, well above FactSet consensus of $1.58...
GameStop said Ryan Cohen will be named as chairman of the company's board. Cohen is the manager of activist investor RC Ventures. Cohen, who is the founder of Chewy.com, invested in GameStop last year, and drove the company’s online sales business and shutter unprofitable stores in malls. He will be elected as company chairman and, be 100% compensated in GameStop equity alomg with other board...
Apple Inc. is postponing MacBook and iPad production amid the ongoing shortage in global semiconductors, according to a Nikkei Asia report. The report mentioned that supply constraints on semiconductors has led to shortage of chips that are mounted on MacBook Pro’s circuit board. The iPad is being slowed due to supply chain disruptions for display components. Apple is reportedly preparing to...
The analyst also cited the company’s launch of iGaming/sports betting platform in 10 states.
Argus estimates loss of -$2.70 a share this year for Wynn, compared to prior forecast of -$2.80.Argus boosted outlook on its 2022 profit to $2 a share from $1.85.
Staszak said that Wynn will have adequate cash to operate until the end of 3Q21 even amid modest revenue.
However, it experienced year-over-year decline in fiscal-third-quarter earnings and revenue.
For the three months ended Feb. 28, adjusted earnings came in at 96 cents a share, compared with 97 cents in the year-ago quarter.Analysts polled by FactSet expected 92 cents a share.
Revenue fell -2.6% year-over-year to $1.11 billion, in line with analysts’ estimates.
"Client retention remains strong and at record levels, and our results for the third quarter show that our resilient business model has helped us navigate the uncertainties created by COVID-19," President and Chief Executive Martin Mucci said in a statement.
Looking ahead, Paychex expects both revenue and adjusted earnings per share to range between flat with to down -2% in fiscal 2021.
It raised Alaska Air shares to overweight from equal weight.
Morgan Stanley initiated coverage of American Airlines with an underweight rating.
“We reiterate our attractive view on the U.S. airlines, despite the stocks [rising] 85% in the last five months,” wrote Morgan Stanley analyst Ravi Shanker.The analyst cited an expected “ clear path to re-opening” as he mentioned that consensus figures are too low given Morgan Stanley’s view of strong volume and cost tailwinds.
Golden Nugget Online Gaming shares got a buy rating from a Jefferies analyst who initiated coverage of the online gambling/sports entertainment company.
Analyst David Katz gave a $28 price target, citing “demonstrated leadership-level assets and capabilities."
"The magnitude and productivity prospects of the iGaming market have not been fully appreciated by [Wall] Street, ... and GNOG's positioning and product strength have been proven in New Jersey," Katz said.
According to Katz, Golden Nugget is a “compelling investment”.
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Delta said that starting May 1 it would allow passengers to sit in the middle seats in its planes. The carrier is the last U.S. airline to lift the middle-seat restriction, which was put in place last April due to the COVID-19 pandemic. It is easing the restriction on increased vaccinations and growing demand for travel. Delta Air Chief Executive Ed Bastian said that 65% of customers who flew...
Lam Research and Applied Materials shares were rated outperform by a Bernstein analyst who initiated coverage of the semiconductor equipment companies. Analyst Stacy Rasgon has a $700 share price target on Lam Research and $160 price target for Applied Materials. According to Rasgon, the semiconductor capital equipment companies have a “positive long-term structural stance." “Over the last...
Micron Technology posted fiscal-second-quarter adjusted earnings that surpassed Wall Street expectations. The chipmaker’s adjusted earnings for the quarter ended March 4 came in at 98 cents a share – doubling from the year-ago quarter’s 45 cents – and topping the 95 cents expected by analysts polled by FactSet. Revenue for the quarter climbed +30% year-over-year to $6.24 billion , compared to...
A mix-up of ingredients of Johnson & Johnson’s ( J&J ) COVID-19 vaccine and Astra Zeneca’s at an Emergent BioSolutions (EBS) manufacturing plant in Maryland ruined 15 million doses of J&Js vaccine, leading to deliveries getting halted. The mix-up occurred about two weeks ago, and all shipments from the plant have been halted by the Food and Drug Administration. The latter in probing into the...
Ford Motor Co. is temporarily suspending production of its F-150 pickup truck at two locations due to the ongoing computer chip shortages. The automaker plans to halt F-150 production at its Dearborn, Mich. Plant for two weeks, starting Monday, as well as at its Kansas City plant. Overtime shifts will be halted at both plants until July. The company plans to update the effect on its financial...
Microsoft won a major Pentagon contract, potentially worth $22 billion for the next years, for augmented reality headsets. Per the contract, the technology giant will produce 120,000 of the headsets, which are based on its HoloLens technology, According to a statement from the Program Executive Office Soldier, the Pentagon awarded Microsoft a fixed price production agreement to manufacture...
Hydrogen solutions company Plug Power Inc. announced plans to build a green hydrogen production plant in partnership with Brookfield Renewable Partners L.P. and Brookfield Renewable Corporation. The plant, located along the Susquehanna River in south-central Pennsylvania, will utilize 100% renewable energy from Brookfield Renewable’s Holtwood hydroelectric facility as a part of a previously...
Tesla Inc. will surpass Wall Street expectations of 170,000 deliveries for the first quarter, according to Wedbush analyst Daniel Ives.The analyst mentioned in a note Tuesday that Wedbush has updated its delivery model to reflect increased optimism. For the first quarter of 2021, Wedbush boosted its expectation on Model 3/Y estimates to 160,000 units from 132,000 units. For Model S/X vehicles...
Athleisure apparel company Lululemon posted fourth quarter earnings that beat analysts’ expectations. However, the company provided a mixed 2021 guidance. Lululemon’s earnings for the quarter came in at $2.58 per share, surpassing the $2.49 per share expected by analysts. Revenue climbed +24% from the year-ago quarter to $1.7 billion, compared to analysts’ expectations of $1.66 billion. For...
BlackBerry Limited posted fourth quarter revenue that fell short of analysts’ expectations. This could in part be due to licensing revenue challenges amid negotiations to sell patents that bring in licensing revenue. The company’s adjusted earnings for the quarter came in at 3 cents a share, on non-GAAP revenue of $215 million. In the same period a year ago, the company reported earnings of 9...