China steel: Govt. starts probe to review anti-dumping duty

Standard Motor Products Q4 Profit Tops Estimates

Standard Motor Products, Inc. (SMP) reported fourth quarter adjusted earnings from continuing operations of $1.08 per share, compared to $0.59 per share, a year ago. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.68, for the quarter. Analysts’ estimates typically exclude special items.

Fourth quarter consolidated net sales were $282.7 million, compared to $241.3 million, prior year. Analysts expected revenue of $254.29 million, for the quarter.

Eric Sills, Standard Motor Products’ CEO said: “We are very pleased with our fourth quarter results, as we achieved records in both sales and earnings from continuing operations. After a very difficult second quarter when we experienced a slowdown caused by the pandemic, business rebounded in the second half, and we ended within one percent of our 2019 full-year revenue, setting a new high for full-year earnings from continuing operations.”

EARNINGS SUMMARY: Details of Arconic Inc. Q4 Earnings Report

Below are the earnings highlights for Arconic Inc. (ARNC):

-Earnings: -$64 million in Q4 vs. $168 million in the same period last year.
-EPS: -$0.59 in Q4 vs. $1.54 in the same period last year.
-Revenue: $1.46 billion in Q4 vs. $1.71 billion in the same period last year.

Cracker Barrel Old Country Store, Inc. Q2 adjusted earnings Miss Estimates

Cracker Barrel Old Country Store, Inc. (CBRL) revealed a profit for second quarter that fell from last year.

The company’s profit totaled $14.00 million, or $0.59 per share. This compares with $61.17 million, or $2.55 per share, in last year’s second quarter.

Excluding items, Cracker Barrel Old Country Store, Inc. reported adjusted earnings of $16.65 million or $0.70 per share for the period.

Analysts had expected the company to earn $0.80 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 20.0% to $677.17 million from $846.14 million last year.

Cracker Barrel Old Country Store, Inc. earnings at a glance:

-Analysts Estimate: $0.80
-Revenue (Q2): $677.17 Mln vs. $846.14 Mln last year.

Stock Alert: Teladoc Health Drops 7%

Teladoc Health, Inc. (TDOC) shares are lower on Tuesday morning trade. The stock is pulling back after reaching an all-time high in mid-February.

There has been no company-centric news today that could take the stock down. However, most of the U.S. major indices are down at the opening today.

Currently, TDOC is at $247.60, down 7.87 percent from the previous close of $268.76. For the 52-week period, the shares have traded in a range of $102.01-$308.00 on average volume of 2,915,418.

Stock Alert: Thomson Reuters Shares Hit 52-Week High

Shares of Thomson Reuters Corp. (TRI) reached a 52-week high of $89.97 Tuesday morning, and are currently trading at $84.85, up $4.49 or 5.59%, with trading volume rising over 443K versus an average volume of 382K shares.

Thomson Reuters, on Tuesday, issued revenue and organic revenue growth guidance for the first quarter, while reporting Q4 results. It also initiated outlook for fiscal 2021, 2022 and 2023.

For the first quarter, the company expects revenue and organic revenue growth of 1.5% – 2.5%, primarily impacted by a decline in Global Print revenue of 13% – 15%.

Further, the company now projects total revenue growth and organic revenue growth of 3% – 4% for fiscal 2021, 4% – 5% for fiscal 2022, 5% – 6% for fiscal 2023.

Analysts polled by Thomson Reuters expect the company to report revenue growth of 3.3% to $2.87 billion for the quarter and revenue growth of 2.2% to $11.93 billion for fiscal 2021.

European Economics Preview: UK Labor Market Data Due

The labor market statistics from the UK and final consumer prices from euro area are due on Tuesday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases UK labor market data for December. The jobless rate is forecast to rise to 5.1 percent in three months to December from 5 percent in three months to November.

At 3.00 am ET, producer prices from the Czech Republic and consumer prices from Austria are due. Economists expect Czech producer prices to fall 0.6 percent annually in January.

At 4.00 am ET, Italy’s Istat releases industrial production and new orders data for December.

In the meantime, unemployment data is due from Poland. The jobless rate is seen at 6.5 percent in January versus 6.2 percent in December.

At 5.00 am ET, Eurostat publishes euro area final consumer prices for January. Inflation is expected to match the flash estimate of 0.9 percent.

At 6.00 am ET, the Confederation of British Industry publishes Distributive Trades survey results for February. The retail sales balance is forecast to advance to -38 percent from -50 percent in January.

BoE not targeting change in insurers' capital, says Gerken

LONDON, Feb 23 (Reuters) – The Bank of England is not looking for a change in the amount of capital insurers need but a planned review of Solvency II gives regulators an opportunity to adapt aspects of the regime, an executive director said on Tuesday.

“We are not looking for increase or decrease … but are interested in the evidence as to … what is the amount of capital that is about right,” Charlotte Gerken told the Association of British Insurers’ annual conference.

“The industry has proven resilient over the last 12 months in the current regime,” she said.

China steel: Govt. starts probe to review anti-dumping duty

DGTR to examine need for continued imposition of the levy

The Commerce Ministry’s investigation arm DGTR has initiated a probe to review the need for continuing imposition of anti-dumping duty on certain types of steel products imported from China following complaints from domestic industry, according to a notification.

ISMT Ltd. and Jindal Saw Ltd. have filed an application before the Directorate General of Trade Remedies (DGTR) for a sunset review of anti-dumping duty imposed on imports of seamless tubes, pipes and hollow profiles of iron, alloy or non-alloy steel from China.

The applicants have alleged that dumping of these products from China has continued even after imposition of anti-dumping duty, and there has been a significant increase in the volume of imports.

DGTR would review the need for continued imposition of the duties in force and examine whether the expiry of existing duties is likely to lead to continuation or recurrence of dumping and impact the domestic industry.

The duty on the product was first imposed in February 2017 and is set to expire on May 16 this year.