Apple Q4 Results Trump Wall Street View

Bed Bath & Beyond Recalls SALT Lounge Chairs

Retailer Bed Bath & Beyond Inc. is recalling SALT Lounge Chairs citing fall risks, the U.S. Consumer Product Safety Commission announced.

The recall involves about 10,000 units sold in the United States and about 330 sold in Canada. The chairs were manufactured in China, and imported by Liberty Procurement Co. Inc., an affiliate of Bed Bath & Beyond.

The Lounge Chairs comes in gray with SKU 69476172/UPC 444800007102; and black with SKU 69476173/UPC 444800002947.

The affected products were sold at Bed Bath & Beyond stores across the country and online from April 2020 through August 2020 for about $40.

The chairs consist of a metal tube frame and a fabric seat cushion, and there is a locking mechanism on each side of the frame. The agency noted that the locking mechanism on the chair frame can disengage, posing a fall hazard.

The recall was initiated after the company received 19 reports of chairs breaking, including four reports of minor injuries from falls.

Consumers are urged to return the chairs to any Bed Bath & Beyond location for a full refund.

In similar recalls, Caravan Global in September called back about 2,700 chairs, sold Exclusively at H-E-B Stores, citing fall and injury hazards.

Facebook Earnings, Revenues Trump Wall Street

Facebook Inc. (FB) Thursday reported a third-quarter profit that increased from a year ago, driven largely by 22% growth in revenues. The social media giant’s earnings and revenues for the quarter trumped Wall Street estimates.

Menlo Park, California-based Facebook’s third-quarter profit jumped 29% to $7.85 billion or $2.71 per share from $6.09 billion or $2.12 per share last year. On average, 42 analysts polled by Thomson Reuters estimated earnings of $1.91 per share for the quarter.

Revenues for the quarter climbed 22 percent to $21.47 billion from $17.65 billion last year. Analysts had a consensus revenue estimate of $19.82 billion for the quarter.

Daily active users were up 12 percent to 1.82 billion on average for September, while monthly active users increased 12 percent to 2.74 billion. Total advertising revenues rose 22 percent to $21.22 billion.

“We had a strong quarter as people and businesses continue to rely on our services to stay connected and create economic opportunity during these tough times,” said Mark Zuckerberg, Facebook founder and CEO. “We continue to make significant investments in our products and hiring in order to deliver new and meaningful experiences for our community around the world.”

FB closed Thursday’s trading at $280.83, up $13.16 or 4.92%, on the Nasdaq. The stock, however, slipped $4.22 or 1.50%, in the after-hours trading.

TFS FINANCIAL CORP. Q3 Earnings Fall

TFS FINANCIAL CORP. (TFSL) announced a profit for third quarter that decreased from last year.

The company’s earnings came in at $13.58 million, or $0.05 per share. This compares with $21.52 million, or $0.08 per share, in last year’s third quarter.

Analysts had expected the company to earn $0.06 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

TFS FINANCIAL CORP. earnings at a glance:

-Earnings (Q3): $13.58 Mln. vs. $21.52 Mln. last year.
-EPS (Q3): $0.05 vs. $0.08 last year.
-Analysts Estimate: $0.06

European Economics Preview: Eurozone Flash PMI Data Due

Flash Purchasing Managers’ survey data from euro area and the UK are due on Friday, headlining a busy day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases UK retail sales data for September. Sales are forecast to grow 0.4 percent on month, slower than the 0.8 percent increase in August.

At 3.15 am ET, IHS Markit releases France’s composite PMI data. The composite index is forecast to fall to 48.0 in October from 48.5 in September.

At 3.30 am ET, Germany’s flash PMI data is due. The composite index is seen at 53.2 in October versus 54.7 in the previous month.

In the meantime, Statistics Sweden is scheduled to publish producer prices for September. Prices had declined 4.6 percent on year in August.

At 4.00 am ET, Germany’s ifo business confidence survey results are due. Economists forecast the index to rise to 93.8 in October from 93.4 in September.

Also, flash PMI survey results are due from euro area. The composite index is expected to drop to 49.3 in October from 50.4 in the previous month.

At 4.30 am ET, UK composite PMI data is due. Economists forecast the indicator to drop marginally to 55.6 in October from 55.7 a month ago.

At 6.30 am ET, Russia’s central bank announces the outcome of its monetary policy meeting. The bank is expected to hold its key rate at 4.25 percent.

Apple Q4 Results Trump Wall Street View

Apple Inc. (AAPL) Thursday reported a fourth-quarter profit and revenues that trumped Wall Street estimates. However, shares of the tech giant slipped 5% in the after-hours trading.

Apple’s fourth-quarter profit dropped to $12.67 billion or $0.73 per share from $13.69 billion or $0.76 per share last year. On average, 30 analysts polled by Thomson Reuters expected earnings of $0.70 per share for the quarter.

Apple’s revenues increased to $64.70 billion from last year’s $64.04 billion. Analysts had a consensus revenues prediction of $63.70 billion.

Apple’s revenues from iPhones dropped to $26.44 billion from $33.36 billion last year. Mac sales increased to $9.03 billion from $6.99 billion last year, and iPad sales gained to $6.80 billion from $4.66 billion last year. Wearables, Home and Accessories segment improved to $7.88 billion from $6.52 billion last year, while services revenues increased to $14.55 billion from $12.51 billion a year ago.

Apple’s Board of Directors has declared a cash dividend of $0.205 per share, payable on November 12, 2020 to shareholders as of the close November 9, 2020.

Looking forward, the company did not provide an outlook for the holiday quarter, which is its strongest quarter. Meanwhile, CEO Tim Cook said the new iPhone 12 line has been well received.

AAPL closed Thursday’s trading at $115.32, up $4.12 or 3.71%, on the Nasdaq. The stock, however, slipped $5.21 or 4.52%, in the after-hours trade.