Ericsson Q3 Profit Rises – Quick Facts

Pre-market Movers: OCGN, QTRX, PETV, SLI, WWR…

The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 5.30 A.M. EDT).

In the Green

Ocugen, Inc. (OCGN) is up over 21% at $9.31

Quanterix Corporation (QTRX) is up over 16% at $48.14

PetVivo Holdings, Inc. (petv) is up over 12% at $2.88

Standard Lithium Ltd. (SLI) is up over 10% at $8.90

Westwater Resources, Inc. (WWR) is up over 10% at $3.86

Progenity, Inc. (PROG) is up over 10% at $2.37

Geron Corporation (GERN) is up over 9% at $1.47

Zomedica Corp. (ZOM) is up over 4% at $0.53

In the Red

Camber Energy, Inc. (CEI) is down over 7% at $1.50

Elite Education Group International Limited (EEIQ) is down over 5% at $4.01

Indian fintech firm CRED valued at $4 billion in new funding round

BENGALURU (Reuters) – India’s CRED said on Tuesday it had raised $251 million in a new funding round led by existing investors and private equity firms Tiger Global and Falconedge, valuing the fintech company at $4.01 billion.

Paytm earmarks ₹100 cr. for marketing during festive season

Paytm on Monday said it has set aside ₹100 crore for marketing campaigns during festive season to promote UPI, buy-now-pay-later (BNPL) and wallet businesses.

“These campaigns will be aligned to promote digital payments in India and educate users about Paytm UPI for money transfers, Paytm Wallet and Paytm Postpaid (Buy Now, Pay Later) for spends, to drive financial inclusion across the country,” the company said in a statement.

The company also announced ‘Cashback Dhamaka’ starting October 14, where users can win cashback for money transfers, online, offline payments or recharges done through the app. “The programme will be rolled out across all districts in India — from merchant partners’ stores to large retail outlets, as well as online platforms. There will be a special focus on the States of Gujarat, Maharashtra, Andhra Pradesh, Telangana and Karnataka,” it said.

As part of the campaign, during October 14-November 14, everyday 10 lucky winners will win ₹1 lakh each, 10,000 winners will get ₹100 cashback, while another 10,000 users will win ₹50 cashback. Closer to Diwali (November 1-3) users can win up to ₹10 lakh daily. it said.

Bank of France head does not expect Evergrande contagion

LONDON, Oct 19 (Reuters) – Francois Villeroy de Galhau, head of the Bank of France and a member of the European Central Bank (ECB), on Tuesday played down concerns that problems for China Evergrande Group could lead to broader contagion.

Asked if Evergrande could spark effects similar to the 2008 collapse of Lehman Brothers, Villeroy told France Info radio that “history is not in the process of being repeated”.

“I think that Evergrande is mainly a Chinese problem,” he added.

Evergrande last week missed its third round of bond payments in three weeks.

Highway Holdings Ltd Q2 sales increase

Below are the earnings highlights for Highway Holdings Ltd (HIHO):

-Earnings: $0.24 million in Q2 vs. $0.23 million in the same period last year.
-EPS: $0.06 in Q2 vs. $0.06 in the same period last year.
-Revenue: $3.36 million in Q2 vs. $2.72 million in the same period last year.

Hong Kong leader Carrie Lam leaves hospital after minor elbow fracture

  • Hong Kong leader Carrie Lam was discharged from hospital on Tuesday after staying overnight with a fractured right elbow following a fall at the official chief executive residence.
  • The weekly executive council meeting and her news conference were cancelled and her deputy, John Lee, promoted earlier this year will take over other duties.

Hong Kong leader Carrie Lam was discharged from hospital on Tuesday after staying overnight with a fractured right elbow following a fall at the official chief executive residence.

Media footage showed Lam leaving the Queen Mary Hospital and entering a black seven-seater without answering questions from reporters.

"She attended the hospital by herself and was diagnosed with a minor right elbow fracture," a government statement said.

The weekly executive council meeting and her news conference were cancelled and her deputy, John Lee, promoted earlier this year after contributing to Hong Kong's authoritarian turn as secretary for security, will take over other duties.

Lam's tumultuous tenure, during which the former British colony saw the biggest pro-democracy and anti-China protests since its return to Chinese rule in 1997, ends next year.

The protests ended last year with a sweeping national security law imposed by Beijing.

Lam has not answered questions on whether she will seek another term. 

Ericsson Q3 Profit Rises – Quick Facts

Swedish telecom equipment maker Ericsson (ERIC) reported that its third-quarter net income attributable to owners of the parent company rose to 5.75 billion Swedish kronor or 1.73 kronor per share from 5.35 billion kronor or 1.61 kronor per share in the same quarter last year.

But net sales for the third-quarter declined 2% to 56.26 billion kronor from 57.47 billion kronor last year.

Sales adjusted for comparable units and currency for the quarter declined by 1% year-over-year, with growth in two of the five market areas. Sales in Mainland China in Networks and Digital Services declined by 3.6 billion kronor, impacting the growth rate adjusted for comparable units and currency by -6%.

The company noted that investor update, planned for November 9, will be postponed and expanded into a Capital Markets Day in 2022. The aim with the Capital Market Day in 2022 is to host a full-day, in person event with the entire executive management present, specifying the building blocks towards the long-term targets and elaborating on Enterprise driven growth.