China's central bank says Evergrande is unique and most real estate developers are stable

Pre-market Movers: LMFA, ABVC, SYTA, SPCE, AIRI…

The following are some of the stocks making big moves in Friday’s pre-market trading (as of 05.25 A.M. EDT).

In the Green

LM Funding America, Inc. (LMFA) is up over 50% at $5.17

ABVC BioPharma, Inc. (ABVC) is up over 31% at $3.23

Air Industries Group (AIRI) is up over 14% at $1.19

Avadel Pharmaceuticals plc (AVDL) is up over 8% at $10.10

23andMe Holding Co. (ME) is up over 8% at $8.53

Bit Digital, Inc. (BTBT) is up over 7% at $11.51

G1 Therapeutics, Inc. (GTHX) is up over 5% at $13.40

Borr Drilling Limited (BORR) is up over 5% at $1.12

In the Red

Siyata Mobile Inc. (SYTA) is down over 22% at $2.7

Virgin Galactic Holdings, Inc. (SPCE) is down over 20% at $19.24

Pearson plc (PSO) is down over 9% at $9.15

Paltalk, Inc. (PALT) is down over 9% at $8.14

Superior Drilling Products, Inc. (SDPI) is down over 7% at $1.25

Corsair Gaming, Inc. (CRSR) is down over 6% at $25.30

Grove, Inc. (GRVI) is down over 5% at $6.62

Bill Clinton Hospitalized for ‘Non-COVID Related’ Infection

Bill Clinton has been hospitalized for a “non-COVID related” infection, according to a spokesperson for the former president.

Angel Ureña posted on Twitter Thursday night that Clinton was admitted to the University of California Irvine Medical Center on Tuesday, and is now “on the mend.”

“On Tuesday evening, President Clinton was admitted to UCI Medical Center to receive treatment for a non-Covid-related infection,” Ureña wrote. “He is on the mend, in good spirits, and is incredibly thankful to the doctors, nurses and staff providing him with excellent care.”

Ureña also provided a statement from Clinton’s team of doctors at the hospital, Dr. Alpesh Amin and Dr. Lisa Bardack.

“President Clinton was taken to UC Irvine Medical Center and diagnosed with an infection. He was admitted to the hospital for close monitoring and administered IV antibiotics and fluids,” the statement reads. “He remains at the hospital for continuous monitoring. After two days of treatment, his white blood cell count is trending down and he is responding to antibiotics well. The California-based medical team has been in constant communication with the President’s New York-based medical team, including his cardiologist. We hope to have him go home soon.”

More to come

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Hugo Boss Q3 Currency-Adjusted Group Sales Surge 40% To EUR 755 Mln

Hugo Boss (HUGSF.PK), on Friday, reported over 40% growth in group sales for the third quarter, mainly due to the particularly strong development of business in Europe and America.

On a preliminary basis, Group sales rose by 40% currency-adjusted compared to the same period of the previous year. In group currency, sales grew by 42% to EUR 755 million in the three-month period. Compared to the third quarter of 2019, sales increased by 7% after adjustment for currency effects.

Looking ahead, the company raised its fiscal 2021 guidance, and currently expects that it will be able to increase consolidated sales by around 40% after adjusting for currency effects in the 2021 financial year versus the previous forecast of currency-adjusted increase of 30% – 35%.

In addition, the company now projects that EBIT in the 2021 financial year will amount to between EUR 175 million and EUR 200 million compared to the prior guidance range of EUR 125 million – EUR 175 million.

Truist Financial Corporation Q3 adjusted earnings Beat Estimates

Truist Financial Corporation (TFC) revealed earnings for its third quarter that climbed from the same period last year.

The company’s bottom line totaled $1.62 billion, or $1.20 per share. This compares with $1.07 billion, or $0.79 per share, in last year’s third quarter.

Excluding items, Truist Financial Corporation reported adjusted earnings of $1.92 billion or $1.42 per share for the period.

Analysts had expected the company to earn $1.21 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 0.5% to $5.60 billion from $5.57 billion last year.

Truist Financial Corporation earnings at a glance:

-Earnings (Q3): $1.92 Bln. vs. $1.32 Bln. last year.
-EPS (Q3): $1.42 vs. $0.97 last year.
-Analysts Estimate: $1.21
-Revenue (Q3): $5.60 Bln vs. $5.57 Bln last year.

China's central bank says Evergrande is unique and most real estate developers are stable

BEIJING — The People's Bank of China said Friday that indebted developer China Evergrande is its own case, and that most real estate businesses in the country are stable.

Property giant Evergrande has $300 billion in liabilities and missed yet another payment to investors in U.S. dollar-denominated debt on Oct. 11. The developer ranks second in China by sales, prompting some concerns of another "Lehman Moment."

The risks posed by Evergrande are "controllable," Zou Lan, director of the People's Bank of China's financial markets department, said in Mandarin at a press conference Friday, according to a CNBC translation.

"China Evergrande Group's problems in the real estate industry are an individual phenomenon," he said, noting that property prices have remained stable. "Most real estate businesses are operating stably and have good financial indicators, and the real estate industry overall is healthy."

This is a breaking news story. Please check back for updates.