Carrefour H1 Profit Down

Carvana License Suspended Again In 2 Months In Illinois

Carvana Co. (CVNA), which is known for its brightly lit “car vending machines”, had its dealer’s license in Illinois suspended for the second time in two months on Monday after the company failed to get buyers their titles, according to the Illinois Secretary of State’s office.

Spokesman Henry Haupt also said Carvana unlawfully issued buyers temporary vehicle registrations from another state and issued them without going through a licensed remitter.

The Secretary of State’s office initially began investigating the Phoenix, Arizona-based company’s business practices in February after receiving scores of complaints from customers.

The state had issued a suspension order against Carvana on May 10, but after lengthy negotiations, it lifted the suspension on May 26 allowing the company to resume conducting business in Illinois under strict guidelines.

The Secretary of State’s office said Monday it re-instated the suspension after the company “continued to conduct business in a manner that violates Illinois law.”
During the suspension, Carvana will still be allowed to deliver vehicles that have already been purchased, but it will not be allowed to sell any new vehicles, Haupt said.

The suspension will remain in place until the company resolves all the issues, he said.

Commenting on the developments, Illinois Secretary of State Jesse White said, “My top commitment is protecting the interests and well-being of Illinois consumers. We will continue to do everything we can to ensure that every customer is properly served.”

Cryptyde Stock Surges 50%

Shares of Cryptyde, Inc. (TYDE) are surging over 50% on Wednesday morning despite no stock-related statement from the company.

TYDE is currently trading at $1.3506, up $0.4668 or 52.8174%, on the Nasdaq, on a heavy volume of 34 million shares, compared to average volume of 1.1 million. The stock opened its trading at $0.9083 after closing Tuesday’s trading at $0.8838. The stock has traded between $0.87 and $18.15 in the past 52 week period.

Cryptyde provides bitcoin mining equipment and co-location services. It also manufactures and sells container boards, corrugated products, and specialty paper products.

Rheinmetall AG Updates Sales Guidance; Confirms FY Earnings Guidance

Rheinmetall AG (RNMBF.PK) said the company now expects organic sales growth in the current fiscal year of around 15% to be at the lower end of the previous guidance range, which envisaged organic growth of between 15% and 20%. The company said it is updating sales guidance against the backdrop of persistently high risks with regard to the development of global automotive production.

For fiscal 2022, Rheinmetall continues to expect an improvement in operating result and an operating margin of over 11%.

Saint-Gobain H1 Profit Rises

French building materials firm Saint-Gobain (CODGF.PK), Wednesday reported first-half 2022 net income of 1.72 billion euros or 3.34 euro per share, up from 1.30 billion euro or 2.45 euro per share last year.

Recurring net income for the six month period was 1.81 billion euros or 3.51 euro per share, up from 1.51 billion euros or 2.85 per share last year.

Revenues for the period rose 15.1% to 25.48 billion euros from 22.13 billion euros last year.

CEO Benoit Bazin said, “Our excellent first-half 2022 performance reflects the profound changes made in the Group, the successful execution of our “Grow & Impact” plan, and good momentum on our underlying markets. Thanks to our comprehensive range of sustainability solutions – for energy efficiency and decarbonization of construction and industry – and extensive exposure to the renovation market, the Group is ideally positioned on robust market fundamentals.”

Fall In U.S. Covid Cases After Several Weeks

After several weeks of an upward trend in Covid metrics, Covid-positive cases fell by 2 percent in the last two weeks, New York Times’ latest tally shows.

Concurrently, there is a significant decrease in the rate of Covid deaths in the same period.

With 166,598 new cases reported on Tuesday, the total number of people that have been infected with coronavirus in the United States has risen to 90,756,237, as per Johns Hopkins University’s latest data.

517 additional deaths on the same day took total U.S. Covid casualties to 1,028,015.

California reported the most number of cases – 47,613 – while Michigan reported most deaths – 94.

Nearly 43,000 people are currently in American hospitals with the coronavirus, an increase of 12 percent over the last two weeks. More than 4,800 of these patients are admitted in intensive care units, marking a 12 percent rise in a fortnight.

87,648,838 people have so far recovered from the disease, the Worldometer tally shows.

2,755 additional deaths were reported globally on Tuesday, taking the total number of people who lost their lives due to the pandemic so far to 6,389,649.

Carrefour H1 Profit Down

French food retailer Carrefour Group (CRERF.PK,CRRFY.PK,0NPH.L) on Wednesday reported net income for the first-half of 2022 of 255 million euros, compared to 271 million euros last year.

Adjusted net income dropped to 325 million euros or 0.43 euro per share, compared to 337 million euros or 0.42 euro per share last year.

Total revenues for the first half of 2022 rose 10.4% to 39.84 billion euros from 35.10 billion euros last year.

CEO Alexandre Bompard said, “In a context of accelerating inflation, Carrefour performed strongly and continued to post growing results, confirming the solidity of its model and the relevance of its commercial strategy to its customers, with continued market share gains in all of its key geographies.”