FMC Corp. Q1 Profit Increases, beats estimates

Redbox Entertainment Stock Surges 43%

Shares of Redbox Entertainment Inc. (RDBX) are gaining over 43% on Monday morning.

RDBX is currently trading at $8.57, up $2.59 or 43.31%, on the Nasdaq, on a volume of 85.6 million shares, above average volume of 5 million shares. The stock opened its trading at $6.84 after closing Friday’s trading at $5.98. The stock has traded between $1.61 and $27.22.

Redbox Entertainment operates a network of self-service kiosks in the United States. It operates a network of approximately 38,000 self-service kiosks, where consumers could rent or purchase new-release DVDs and Blu-ray Discs.

U.S. Manufacturing Growth Unexpectedly Slows In April

Growth in U.S. manufacturing activity unexpectedly slowed in the month of April, according to a report released by the Institute for Supply Management on Monday.

The ISM said its manufacturing PMI fell to 55.4 in April from 57.1 in March. While a reading above 50 still indicates growth in the sector, economists had expected the index to inch up to 57.6.

The unexpected decrease by the headline index came as the employment index slumped to 50.9 in April from 56.3 in March.

“In April, progress slowed in solving labor shortage problems at all tiers of the supply chain,” said Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee.

He added, “Panelists reported higher rates of quits compared to previous months, with fewer panelists reporting improvement in meeting head-count targets.”

The drop by the PMI also came as the new orders index edged down to 53.5 in April from 53.8 in March, while the production index dipped to 53.6 from 54.5.

The report showed the prices index also fell to 84.6 in April from 87.1 in March, indicating a slowdown in the pace of price growth.

On Wednesday, the ISM is scheduled to release a separate report on activity in the service sector in the month of April. The services PMI is currently expected to inch up to 58.9 in April from 58.3 in March.

European Economics Preview: Germany Retail Sales Data Due

Retail sales from Germany and economic confidence survey results from Euro area are due on Monday, headlining a busy day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany’s retail sales data for March. Sales are forecast to grow 0.3 percent on month, the same rate as seen in February.

At 3.00 am ET, unemployment from Austria and foreign trade and producer prices from Hungary are due.

At 3.15 am ET, Purchasing Managers’ survey results are due from Spain. Economists expect the index to fall to 54.0 in April from 54.2 in March.

Thereafter, final PMI survey results are due from France and Germany at 3.50 and 3.55 am ET, respectively.

At 4.00 am ET, Euro area S&P Global final manufacturing PMI data is due. The final reading is seen at 55.3 in April, unchanged from the flash estimate.

Also, Italy’s Istat releases unemployment data. The jobless rate is forecast to fall to 8.4 percent in March from 8.5 percent in February.

At 5.00 am ET, Eurozone economic confidence survey results are due. The economic confidence is forecast to fall to 108.0 in April from 108.5 in March.

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Gold Futures Settle Sharply Lower As Dollar, Bond Yields Surge Ahead Of Fed Meeting

Gold prices tumbled on Monday, posting the biggest single-session decline since early March, as rising Treasury yields and U.S. dollar weighed on the safe-haven metal.

With the Federal Reserve most likely to hike interest rates by 50 basis points after its meeting this week, and more such hikes looming large, the dollar climbed higher, and bond yields surged up as well.

The Fed is also likely to announce the launch of balance sheet reduction on Wednesday to contain rising inflationary pressures.

The dollar index climbed to 103.71, gaining more than 0.7%.

The yield on U.S. 10-year Treasury Note briefly moved to 3% today.

Gold futures for June ended down by $48.10 or about 2.51% at $1,863.60 an ounce. The 2.5% drop was the sharpest for the contract, since the 2.7% tumble Gold saw on March 9, 2022.

Silver futures for July ended lower by $0.501 at $22.584 an ounce, while Copper futures for July settled at $4.2680 per pound, down $0.1405 from the previous close.

Concerns about slowing economic growth in China and the ongoing war in Ukraine also weighed on gold prices.

Data released by China on Saturday showed factory activity in the country contracted for a second month to its lowest since February 2020 because of Covid lockdown.

Caixin’s manufacturing purchasing managers’ index saw a second straight month of deterioration.

FMC Corp. Q1 Profit Increases, beats estimates

FMC Corp. (FMC) revealed earnings for its first quarter that increased from last year and beat the Street estimates.

The company’s bottom line totaled $207.4 million, or $1.64 per share. This compares with $182.6 million, or $1.40 per share, in last year’s first quarter.

Excluding items, FMC Corp. reported adjusted earnings of $238.7 million or $1.88 per share for the period.

Analysts on average had expected the company to earn $1.71 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 12.5% to $1.35 billion from $1.20 billion last year.

FMC Corp. earnings at a glance (GAAP) :

-Earnings (Q1): $207.4 Mln. vs. $182.6 Mln. last year.
-EPS (Q1): $1.64 vs. $1.40 last year.
-Analyst Estimate: $1.71
-Revenue (Q1): $1.35 Bln vs. $1.20 Bln last year.

Next quarter EPS guidance: $1.70 to $2.00
Next quarter revenue guidance: $1.31 to $1.39 Bln
Full year EPS guidance: $6.70 to $8.00
Full year revenue guidance: $5.25 to $5.55 Bln