Berkeley City Council: Violating coronavirus mask mandate could spark $100 fine
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Those caught without wearing a mask in Berkeley, Calif., could be subject to a hefty fine.
The City Council passed an ordinance Tuesday night to impose a $100 fine on people who violate the city's mask mandate that was adopted in June to stem the spread of coronavirus.
Code enforcement officers will be issuing those citations to mask violators.
Nucor Corp. Issues Q3 Earnings Guidance – Quick Facts
Nucor Corp. (NUE) said the company expects third quarter earnings to be in the range of $0.50 to $0.55 per share. For the third quarter of prior year, earnings were $0.90 per share.
The company said its downstream products segment is having another strong quarter. The results of the steel mills segment is anticipated to be similar to the second quarter. The company expects the the results of raw materials segment to decrease compared to the second quarter due to lower pricing for DRI.
Gold Futures Drift Lower As Dollar Gains Some Ground
Gold prices are notably lower Thursday morning, as the dollar shows some signs of strengthening after recent weakness.
Sharply lower U.S. futures that indicate a gap down opening for stocks on Wall Street this morning, have raised concerns about margin requirements which in turn could result in unwinding of long positions in the bullion markets.
The Dow futures are down by about 1.1%, while the S&P futures and Nasdaq futures are lower by 1.4% and 2.2%, respectively.
The dollar index is up 0.07% at 93.28. The index rose to 93.59 in the Asian session before paring gains.
Gold futures for December are down $21.00 or 1.1% at $1,949.50 an ounce.
Silver futures are lower by $0.476 or 1.7% at $27.000 an ounce, while Copper futures are down $0.0160 or 0.52% at $3.0450 per pound.
The Bank of England today left interest rates unchanged and maintained its current level of asset purchases.
The nine-member Monetary Policy Committee unanimously voted to hold the interest rate at 0.10%, as widely expected. The bank had altogether reduced the rate by 65 basis points at two unscheduled meetings in March.
The bank retained the size of the asset purchase programme at GBP 745 billion, and said the existing stance on monetary policy remains appropriate and that it does not intend to tighten policy until there is clear evidence that significant progress is being made in achieving the 2% inflation target sustainably.
Stock Alert: Herman Miller Jumps 19% After Profit Surges
Shares of Herman Miller, Inc. (MLHR) are climbing more than 19 percent or $4.97 in Thursday’s morning trade at $30.85 after the office furniture maker reported a jump in profit for the first quarter from last year and reinstated its quarterly cash dividend.
Wednesday, Herman Miller said its first-quarter net income surged to $73.0 million or $1.24 per share from $48.2 million or $0.81 per share in the year-ago period. Adjusted earnings were $1.24 per share, compared to $0.84 per share a year ago.
However, sales declined 6.6 percent to $626.8 million from $670.9 million last year. Analysts polled by Thomson Reuters had a consensus earnings estimate of $0.26 per share on revenues of $524.83 million. Analysts’ estimates typically exclude special items.
The company’s board of directors approved a $0.1875 per share dividend to be paid on January 15, 2021 to shareholders of record on November 28, 2020.
Herman Miller has traded in a range of $14.39 to $49.87 in the past 52 weeks.
New York Sports Clubs’ bankrupt owner secures $20 million loan
Town Sports, the bankrupt owner of New York Sports Clubs, secured $20 million in financing from its lenders to keep it afloat while it searches for a buyer.
The tentative deal comes just two days after Town Sports filed for Chapter 11 bankruptcy protection in Delaware and buys the company time to reopen and maintain most of its 190 gyms — which also include Lucille Roberts locations — as it tries to reorganize in court.
A group of lenders and private equity firm Tacit Capital agreed to give the company $20 million to fund its operations in bankruptcy and the group will be the so-called stalking horse bidder, forgiving $85 million in debt to buy Town Sports, according to reports of a virtual court hearing Wednesday.
Other bidders would need to beat the $85 million offer to buy Town Sports during an auction.
Town Sports, which has 600,000 members in New York, Philadelphia, Boston and Washington, DC — many of whom have complained that it has continued to charge dues while its gyms were closed over the past six months — has recently reopened about 95 gyms, the company said Monday.
The company filed for bankruptcy shortly before a debt payment was due this fall and amid a cash crunch because its gyms were closed for months.
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Crude Oil Futures Flat As Traders Look For Direction
Crude oil prices are roughly flat Thursday morning after staying a bit weak earlier in the session, reacting to news about resumption of production in the Gulf of Mexico.
Oil prices rose sharply on Wednesday, extending gains from previous session, after data showed a sharp drop in crude stockpiles in the U.S. last week.
Meanwhile, traders are looking ahead to an online meeting of OPEC and its allies that would see them discuss compliance with agreed output cuts and demand trends.
West Texas Intermediate Crude oil futures for October are down slightly at $40.15 a barrel, after rallying to $40.39 from a low of $39.42.
Brent crude futures are down $0.11, or 0.25% at $42.11 a barrel.
West Texas Intermediate Crude oil futures for December ended up $1.88 or about 4.9% at $40.16 a barrel on Wednesday, after data from Energy Information Administration showed crude stockpiles fell 4.4 million barrels in the week ended September 11.
According to official data, Saudi Arabia’s crude oil exports rebounded to 57.3 million barrels per day in July from 4.98 million barrels per day a month earlier.