European Economics Preview: UK GDP Data Due

CytoDyn: FDA Allows Severe-to-critical COVID-19 Patients Access To Leronlimab Again Under EIND

CytoDyn Inc. (CYDY) said a treating physician has received authorization from the FDA to administer leronlimab for a COVID-19 patient under emergency IND. CytoDyn said FDA’s decision will enable it to respond to ongoing requests for leronlimab until phase 3 trial data is unblinded.

Nader Pourhassan, CEO of CytoDyn, stated: “We are very thankful the FDA is allowing severe-to-critical COVID-19 patients access to Vyrologix (leronlimab) again under eIND while we await the unblinding of data from our recently completed phase 3 registrational trial.”

CarMax Inc. Profit Advances In Q3

CarMax Inc. (KMX) announced earnings for its third quarter that increased from last year.

The company’s profit came in at $235.30 million, or $1.42 per share. This compares with $173.16 million, or $1.04 per share, in last year’s third quarter.

Analysts had expected the company to earn $1.14 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 8.1% to $5.18 billion from $4.79 billion last year.

CarMax Inc. earnings at a glance:

-Earnings (Q3): $235.30 Mln. vs. $173.16 Mln. last year.
-EPS (Q3): $1.42 vs. $1.04 last year.
-Analysts Estimate: $1.14
-Revenue (Q3): $5.18 Bln vs. $4.79 Bln last year.

U.S. Footing, Stimulus Loans, Container Fatigue: Eco Day

Welcome to Tuesday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

  • The U.S. economy is closing out 2020 on increasinglyunsteady footing as more states tighten restrictions on businesses and travel amid the country’s worst-yet stage of the pandemic
  • The $900 billion stimulus package agreed to by U.S. lawmakers over the weekend could keep the economy from contracting again, butpandemic-related risks remain if activity doesn’t start to bounce back next year

    • Small business owners facing a treacherous winter and tighter lockdowns plan tojump at the chance to take out a second federal relief loan — but still worry it may not be enough

    MGM, Studio Behind James Bond Franchise, Mulls Sale

    MGM Holdings, Inc., the parent of Metro-Goldwyn-Mayer Studios Inc. that is behind the “James Bond” franchise, is mulling a sale, the Wall Street Journal reported, citing people familiar with the matter.

    The Beverly Hills-based media company, majority owned by New York hedge fund Anchorage Capital Group, has engaged investment banks Morgan Stanley and LionTree LLC to find a buyer, and has begun a formal sale process, the report added.

    The company, which had emerged from Chapter 11 bankruptcy protection a decade ago, now has a market value of around $5.5 billion including debt.

    With the current significant growth in streaming video services amid the coronavirus pandemic crisis, MGM’s investors expect its library of film and television content will be attractive to other companies to strike a deal.

    MGM’s library includes around 4,000 movies. The studio also controls franchises such as Rocky and TV shows including “The Voice.”

    MGM, which filed for Chapter 11 bankruptcy in November 2010, had sought a sale may times in the past.

    Owing to the Covid-19 crisis, MGM recently postponed the 007 film “No Time to Die” until Easter weekend.

    Cintas Corporation Q2 Profit Advances

    Cintas Corporation (CTAS) announced earnings for its second quarter that advanced from last year.

    The company’s profit totaled $284.86 million, or $2.62 per share. This compares with $248.12 million, or $2.27 per share, in last year’s second quarter.

    Analysts had expected the company to earn $2.18 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

    The company’s revenue for the quarter fell 4.3% to $1.76 billion from $1.84 billion last year.

    Cintas Corporation earnings at a glance:

    -Earnings (Q2): $284.86 Mln. vs. $248.12 Mln. last year.
    -EPS (Q2): $2.62 vs. $2.27 last year.
    -Analysts Estimate: $2.18
    -Revenue (Q2): $1.76 Bln vs. $1.84 Bln last year.

    Masco Agrees To Acquire Assets Of Kraus; Terms Not Disclosed – Quick Facts

    Delta Faucet Co., a division of Masco Corp. (MAS), announced Tuesday that it signed a definitive agreement for Masco Corp. to acquire the assets of Kraus, an online plumbing fixture company focused on delivering modern, high-quality sinks, faucets, and related products. The terms of the transaction were not disclosed.

    The transaction is expected to close no later than the first quarter of 2021, subject to customary closing conditions and regulatory review. Kraus will operate as an affiliate of Delta Faucet Company.

    Port Washington, New York-based Kraus was founded in 2007 and employs approximately 100 people worldwide. Pending the closing of this transaction, the Kraus leadership team will report to Jill Ehnes, Vice President, eCommerce, Delta Faucet Company.

    European Economics Preview: UK GDP Data Due

    Quarterly national accounts and public sector finances from the UK are due on Tuesday, headlining a light day for the European economic news.

    At 2.00 am ET, the Office for National Statistics publishes UK GDP and public sector net borrowing figures for November. GDP is forecast to expand 15.5 percent sequentially in the third quarter, as initially estimated.

    The budget deficit is forecast to widen to GBP 27.3 billion in November from GBP 21.58 billion in October.

    In the meantime, Germany’s Gfk consumer confidence survey results are due. The forward-looking consumer confidence index is seen at -8.8 in January versus -6.7 in December.

    At 3.00 am ET, the National Institute of Economic Research is set to publish Sweden’s economic tendency survey results.

    Half an hour later, Statistics Sweden releases producer prices and retail sales for November.