Crown Castle International Corp Q4 adjusted earnings Beat Estimates

Baidu gets California nod for testing driverless vehicles

FILE PHOTO: A Baidu sign is seen at the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, October 20, 2019. REUTERS/Aly Song

(Reuters) – Baidu Inc has received a permit from the state of California to test driverless vehicles without a backup driver in the front seat, the state’s Department of Motor Vehicles said on Wednesday.

European Economics Preview: ECB Monetary Policy Decision Due

The interest rate announcement from the European Central Bank is due on Thursday, headlining a light day for the European economic news.

The bank is expected to keep its policy rates and stimulus package unchanged after unveiling a slew of measures at the December meeting. The announcement is due at 7.45 am ET.

ECB President Christine Lagarde is set to hold the customary press conference at 8.30 am ET.

Other major economic reports due for the day are as follows:

At 2.00 am ET, consumer confidence from Turkey and industrial confidence from Norway are due.

At 2.45 am ET, the French statistical office Insee releases business confidence survey data. The business sentiment index is seen rising to 94 in January from 93 in December.

At 4.00 am ET, Norges Bank announces its interest rate decision.

In the meantime, Italy’s Istat publishes industrial orders and turnover data for November. Also, retail sales and gross wages data from Poland is due.

At 6.00 am ET, the Confederation of British Industry issues Industrial Trends survey data for January. The order book balance is forecast to fall to -35 percent from -25 percent in December.

At 7.00 am ET, Turkey’s central bank announces its interest rate decision. Economists expect the bank to hold its 1-week repo rate at 17.00 percent.

At 10.00 am ET, the European Commission publishes flash consumer confidence survey results. The euro area consumer sentiment index is seen at -15.0 in January versus -13.9 in December.

Squarespace confidentially files for stock market listing

Jan 27 (Reuters) – Website builder Squarespace Inc said on Wednesday it had confidentially submitted paperwork for a stock market listing with the U.S. Securities and Exchange Commission.

Squarespace, which was founded in 2003 by Anthony Casalena in his dorm room at the University of Maryland, did not specify whether it would aim to go public through a direct listing or a traditional initial public offering.

Restaurant And Foodservice Industry Sales Miss Estimates By $240 Bln In 2020: Report

U.S. Restaurant Industry sales were $240 billion below estimates that were issued before pandemic struck.

The National Restaurant Association released its State of the Restaurant Industry report for 2021. Restaurant and foodservice industry sales were around $659 billion, which is $240 billion less that guidance of $899 billion. Sales in 2019 was $863 billion.

As of December 1, 2020, more than 110,000 eating and drinking places were closed for business temporarily, or for good, the negative effect of Covid-19 pandemic. Majority of the restaurants that were closed in 2020 were well-established businesses in operation for at least for 16 years, with 16% of them been open for at least 30 years.

The eating and drinking place sector finished 2020 nearly 2.5 million jobs below its pre-coronavirus level, the report says.

“As we approach the one-year mark of pandemic-related dining restrictions, we know that virtually every restaurant in every community has been impacted. Amid an ever-changing landscape of dining restrictions and widespread closures, restaurants found ways to adapt, keep people employed, and safely serve our guests,” said Tom Bene´, President & CEO of the National Restaurant Association.

Restaurant industry were one of the hardest hit industry during the pandemic, and still continues to struggle to reach to pre-coronavirus levels.

The report estimates restaurant sales to post double-digit growth in 2021.

Editors’ Note

This article was published prematurely. It will be available on 1/31/2021.

Mexico’s Slim Hospitalized With Covid, But Well, Family Says

Billionaire Carlos Slim has been hospitalized with Covid-19 but his symptoms remain mild and he’s doing well, according to his family.

Mexico’s richest man is a patient at Mexico City’s Instituto Nacional de Nutricion, spokesman and son-in-law Arturo Elias Ayub told Bloomberg on Wednesday.

The 80-year-old, whose birthday is Jan. 28, has only experienced mild symptoms, Elias Ayub said. On Monday, Slim’s son tweeted that his father was in the hospital only to be monitored and to take some tests.

“He’s hospitalized but doing very, very, well,” Elias Ayub said.

Slim is the world’s 23rd-richest person with a $55.3 billion fortune, according to the Bloomberg Billionaires Index. The bulk of his wealth derives from telecommunications giantAmerica Movil SAB.

Crown Castle International Corp Q4 adjusted earnings Beat Estimates

Crown Castle International Corp (CCI) revealed a profit for its fourth quarter that advanced from last year.

The company’s profit totaled $508 million, or $1.17 per share. This compares with $180 million, or $0.43 per share, in last year’s fourth quarter.

Excluding items, Crown Castle International Corp reported adjusted earnings of $1.01 billion or $2.33 per share for the period.

Analysts had expected the company to earn $0.63 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 4.2% to $1.49 billion from $1.43 billion last year.

Crown Castle International Corp earnings at a glance:

-Earnings (Q4): $1.01 Bln. vs. $0.58 Bln. last year.
-EPS (Q4): $2.33 vs. $1.38 last year.
-Analysts Estimate: $0.63
-Revenue (Q4): $1.49 Bln vs. $1.43 Bln last year.