European Economics Preview: Germany Flash Inflation Data Due

2U Spikes On $1 Bln Buyout Offer From Byju’s

2U, Inc. (TWOU) shares are surging more than 22 percent on Wednesday morning trade after India’s educational technology company Byju’s reportedly made $15 per share, worth $1 billion buyout offer. Bloomberg in an exclusive report said Byju’s plans a cash deal and the offer represents 61 percent premium to shares of 2U at the close on Tuesday.

Currently, shares are at $11.41, up 22.69 percent from the previous close of $9.30 on a volume of 2,595,861. The shares have traded in a range of $7.28-$46.52 on average volume 1,797,843 for the last 52 week period.

Omnicell Stock Continues To Decline

Omnicell, Inc. (OMCL) shares are down more than 5 percent from the previous close as the S&P SmallCap 600 constituent company will replace Coherent Inc (COHR) in the S&P MidCap 400 on July 5. After a short uptrend, the shares have been down since Monday.

Currently, shares are at 4112.71, down 6.17 percent from the previous close of $120.11 on a volume of 327,035. For the 52-week period, the shares have traded in a range of $104.32-$187.29 on average volume of 411,266.

UniFirst Slashes FY22 Earnings Outlook As Q3 Adj. EPS Misses Estimates

While reporting financial results for the third quarter on Wednesday, UniFirst Corp. (UNF) slashed its earnings and adjusted earnings outlook for the full-year 2022, while raising annual revenue outlook.

For fiscal 2022, the company now projects earnings in a range of $5.40 to $5.60 per share and adjusted earnings in a range of $6.65 to $6.85 per share on revenues between $1.993 billion and $2.0 billion.

Previously, the company expected earnings in the range of $5.62 to $5.82 per share and adjusted earnings in the range of $6.80 to $7.00 per share on revenues between $1.967 billion and $1.980 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $6.91 per share on revenues of $1.97 billion for the year. Analysts’ estimates typically exclude special items.

For the third quarter, the company reported net income of $25.07 million or $1.33 per share, down from $42.02 million or $2.21 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter were $1.77 per share.

Total revenue for the quarter increased 10.2 percent to $511.55 million from $464.32 million in the same quarter last year.

The Street was looking for earnings of $1.90 per share on revenues of $501.03 million for the quarter.

Paychex Guides FY23 Adj. EPS Above View As Q4 Results Top Estimates

While reporting financial results for the fourth quarter and fiscal 2022 on Thursday, payroll and HR services provider Paychex Inc. (PAYX) initiated adjusted earnings guidance for the full year 2023, above analysts’ estimates.

For fiscal 2023, the company now projects adjusted earnings per share to grow in the range of 9 to 10 percent on total revenues growth of 7 to 8 percent.

Based adjusted earnings of $3.77 per share and total revenues of $4.55 billion reported for fiscal 2022, the guidance implies adjusted earnings in a range of $4.11 to $4.15 per share on total revenues between $4.87 billion and $4.91 billion for fiscal 2023.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $4.06 per share on revenue growth of 7.5 percent to $4.88 billion for the year. Analysts’ estimates typically exclude special items.

For the fourth quarter, the company reported net income of $296.4 million or $0.82 per share, up from $263.0 million or $0.73 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $0.81 per share, compared to $0.72 per share in the year-ago quarter.

Total revenue for the quarter increased 11 percent to $1.14 billion from $1.03 billion in the same quarter last year.

The Street was looking for earnings of $0.79 per share on revenues of $1.11 billion for the quarter.

125K New Covid Cases, 549 Deaths In US

125440 people were reported Covid positive on Tuesday, taking the total number of people infected with coronavirus in the United States to 87,221,842, as per latest data by the Center for Systems Science and Engineering at Johns Hopkins University.

549 Covid deaths reported on the same day took the total U.S. Covid casualties to 1,016,766.

California reported the most number of cases – 49219, while Michigan reported the highest number of deaths – 132.

Deaths have increased by 16 percent in the last two weeks, New York Times’ latest tally shows.

More than 31000 people are currently in American hospitals with Covid infection, an increase of 6 percent over the last two weeks. Nearly 3,500 of these patients are admitted in intensive care units, marking 6 percent rise in a fortnight.

84,708,599 people have so far recovered from the disease, the Worldometer tally shows.

2007 additional deaths were reported globally on Tuesday, taking the total number of people who lost their lives due to the pandemic so far to 6,332,800.

European Economics Preview: Germany Flash Inflation Data Due

Flash inflation data from Germany and economic confidence from euro area are due on Wednesday, headlining a light day for the European economic news.

At 2.00 am ET, Statistics Sweden releases household lending data for May.

At 3.00 am ET, Spain’s INE publishes flash consumer and harmonized prices for June and retail sales for May. EU harmonized inflation is seen at 8.7 percent versus 8.5 percent in May.

In the meantime, economic confidence survey data is due from Turkey.

At 4.00 am ET, the European Central Bank is set to release monetary aggregates for May. Economists forecast M3 to climb 5.8 percent on year after rising 6.0 percent in April.

At 5.00 am ET, European Commission is set to issue eurozone economic confidence survey results. The economic sentiment index is expected to ease to 103.0 in June from 105.0 in May.

At 8.00 am ET, Destatis is scheduled to publish Germany’s flash consumer and harmonized prices for June. Consumer price inflation is forecast to rise to 8.0 percent from 7.9 percent in May.