European Economics Preview: Germany Industrial Output, Trade Data Due

Air India plane skids off runway in Kerala

Air India Express plane with nearly 200 people on board skids off runway at airport in Kozhikode airport in Kerala – Indian media reports

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Stock Alert: United Parcel Service Shares Hit New 52-Week High

Shares of United Parcel Service Inc. (UPS) hit a new 52-week high of $150.93 Friday morning, following the company’s better-than-expected Q2 results. The stock is currently trading at $150.78, up $5.31 or 3.65% in regular session.

The company’s second-quarter net income was $1.8 billion or $2.03 per share for the quarter, and adjusted net income was $1.9 billion or $2.13 per share, 8.8% above the same period in 2019. Wall Street analysts expected earnings of $1.07 per share for the quarter.

Total revenue for the quarter rose 13.4% to $20.5 billion from $18.0 billion generated a year ago.

“Our results were better than we expected, driven in part by the changes in demand that emerged from the pandemic, including a surge in residential volume, COVID-19 related healthcare shipments and strong outbound demand from Asia,” said Carol Tomé, UPS chief executive officer.

Pfizer Signs Deal To Boost Supply Of Gilead’s Remdesivir For COVID-19 Patients

Pfizer said Friday it reached a multi-year deal with Gilead Sciences to manufacture and supply Gilead’s investigational antiviral remdesivir for COVID-19 patients.

As per the terms of the deal, Pfizer will provide contract manufacturing services at its McPherson, Kansas facility to manufacture and supply remdesivir for Gilead.

Remdesivir is an antiviral medicine that is being studied in multiple ongoing international clinical trials. It is now being used to treat COVID-19 patients through emergency use authorizations and other access programs around the world including the United States.

Albert Bourla, Chairman and Chief Executive Officer of Pfizer said. “… we are pleased that Gilead is using our manufacturing capacity to help facilitate supply of this medicine to patients as quickly as possible.”

Earlier in June, Gilead decided to price remdesivir at $390 per vial for governments of developed countries. While the same government price of $390 per vial will apply in the U.S., price of the vial will be $520 for private insurance companies. The vast majority of patients are anticipated to receive a 5-day treatment course using 6 vials of remdesivir, which equates to $2,340 per patient, as per the government price.

Stock Alert: Groupon Gains 35% Following Quarterly Earnings

Shares of e-commerce marketplace Groupon, Inc. (GRPN) are surging more than 35% Friday morning on better-than-expected second-quarter results.

The company reported quarterly adjusted loss per diluted share of $0.93, beating the average estimate of analysts polled by Thomson Reuters for $2.75 loss per share.

Revenue was $395.6 million in the second quarter 2020, down 26% from last year.

“In the past four months, we have created significant operating leverage by taking substantial costs out of our business, leaned into categories to drive sales
and free cash flow, and steadied the company during the pandemic,”said Aaron Cooper, Interim CEO of Groupon.

GRPN is currently trading at $22.87. It has traded in the range of $9.60- $63.20 in the last one year.

Pedestrian killed near Sloan’s Lake; police searching for driver

Edgewater police are searching for a driver involved in a hit-and-run Thursday night that killed a pedestrian near Sloan’s Lake.

The fatality occurred at the corner of West 22nd Avenue and Sheridan Boulevard, police tweeted. One vehicle remained on the scene and cooperated with authorities, but a second driver involved in the accident drove away, police said.

The second vehicle, a witness told police, may be a tan or silver Suburban or Tahoe-style vehicle with a lifted chassis and slightly tinted windows. Police have not identified a license plate.

Police are requesting anyone with information to call (303) 980-7300.

Stock Alert: United Parcel Service Shares Hit New 52-Week High

Shares of United Parcel Service Inc. (UPS) hit a new 52-week high of $150.93 Friday morning, following the company’s better-than-expected Q2 results. The stock is currently trading at $150.78, up $5.31 or 3.65% in regular session.

The company’s second-quarter net income was $1.8 billion or $2.03 per share for the quarter, and adjusted net income was $1.9 billion or $2.13 per share, 8.8% above the same period in 2019. Wall Street analysts expected earnings of $1.07 per share for the quarter.

Total revenue for the quarter rose 13.4% to $20.5 billion from $18.0 billion generated a year ago.

“Our results were better than we expected, driven in part by the changes in demand that emerged from the pandemic, including a surge in residential volume, COVID-19 related healthcare shipments and strong outbound demand from Asia,” said Carol Tomé, UPS chief executive officer.

European Economics Preview: Germany Industrial Output, Trade Data Due

Industrial production and foreign trade figures are due from Germany are due on Friday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany’s industrial production and external trade data. Production is forecast to grow 8.1 percent on month in June, following a 7.8 percent rise in May.

Economists forecast Germany’s exports to grow 13.3 percent on month and imports to rise 10.9 percent in June.

In the meantime, industrial output data is due from Norway and Denmark.

At 2.45 am ET, industrial production, foreign trade and current account figures are due from France. The trade deficit had totaled EUR 7.1 billion in May. Industrial production growth is seen at 8.9 percent in June.

At 3.00 am ET, Spain’s INE is slated to release industrial production data. Output is forecast to contract 15.4 percent on a yearly basis in June, following a 24.5 percent decrease in May.

Also, foreign trade data from Hungary, Austria and Slovakia are due at 3.00 am ET.

At 3.30 am ET, UK Halifax house price data is due for July. Prices had increased 2.5 percent on year in June.

At 4.00 am ET, Italy’s Istat is set to publish foreign trade figures for June.