GameStop Corp. Q2 Loss Increases, but beats estimates

Gold Futures Settle At 1-week High As Dollar Retreats

Gold prices climbed higher on Wednesday as the dollar retreated after rising to a fresh 20-year high and treasury yields fell from a near three-month high reached in the previous session.

The dollar index, which rose to 110.79 in the European session, dropped to 109.69, losing nearly 0.5% from the previous close.

Gold futures for December ended higher by $14.90 or about 0.9% at $1,727.80 an ounce, the highest close since August 30.

Silver futures for December ended up $0.352 at $18.260 an ounce, while Copper futures for December settled at $3.4305 per pound, down $0.0315 from the previous close.

Data from the Commerce Department showed U.S. trade deficit narrowed significantly in the month of July, shrinking to $70.6 billion from $80.9 billion in June. Economists had expected the trade deficit to narrow to $70.3 billion from the $79.6 billion originally reported for the previous month.

In Horror Movies This Fall, Three Faces to Watch

The stars of “Speak No Evil,” “Smile” and “Nanny” plumb psychological depths in very different characters.

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By Kathryn Shattuck

Outgoing CEO Howard Schultz Rules Out Return To Starbucks

Outgoing Starbucks (SBUX) CEO Howard Schultz has said that he would never be returning to the top job at the coffee company as it laid out a new succession plan last week. While speaking on CNBC’s “Squawk Box”, he said, “I’m never coming back again, because we found the right person.”

Laxman Narasimhan, who is at present CEO of Lysol owner Reckitt, will join the coffee company in October and take charge in April. Schultz will stay on Starbucks’ board after Narasimhan succeeds him and act as an advisor.

Schultz was back in Starbucks as CEO for the third time in April after Kevin Jonson stepped down. Even when industry people speculated that Schultz would carry on, he made it clear that his stay at the top job was only temporary.

When Johnson announced his retirement, Schultz had said that he had no plans to return to Starbucks. He served as CEO from 1986 to 2000, leading the company to its incredible growth and again from 2008 to 2017.

While Narasimhan hasn’t joined Starbucks officially yet, Schultz told CNBC that he’s gotten to know his successor “very well” over the last few months. Before heading Reckitt, Narasimhan has worked at PepsiCo and consulting firm McKinsey.

Narasimhan’s appointment got a muted response from Wall Street. Schultz’s earlier departure announcement in late 2016 had lead to a double decline in the stock price.

China Exports Growth Eases Sharply In August

China’s exports growth eased sharply in August reflecting weak global demand amid power shortages and heat waves dampening production, figures published by the General Administration of Customs revealed on Wednesday.

Exports increased by less-than-expected 7.1 percent on a yearly basis in August. Economists had forecast the annual growth in shipments to ease to 12.8 percent from 18.0 percent in July.

At the same time, imports logged a marginal growth of 0.3 percent, which was also slower than the 2.3 percent increase in July and economists’ forecast of 1.1 percent.

As a result, the trade surplus narrowed to $79.39 billion from $101.26 billion in July. The expected level was $92.7 billion.

Exports will soften further on the back of cooling global demand for consumer goods, Sheana Yue, an economist at Capital Economics, said.

Meanwhile, imports are set to remain depressed due to weak domestic demand amid the ongoing property sector woes and renewed virus disruptions, the economist noted.

Early this week, the People’s Bank of China stepped in to address the weakening trend of the yuan. The central bank on Monday lowered the reserve ratio of foreign currency deposits that financial institutions mush set aside.

American Eagle Outfitters Inc. Q2 Earnings Summary

Below are the earnings highlights for American Eagle Outfitters Inc. (AEO):

Earnings: -$42.47 million in Q2 vs. $121.51 million in the same period last year.
EPS: -$0.24 in Q2 vs. $0.58 in the same period last year.
Excluding items, American Eagle Outfitters Inc. reported adjusted earnings of $6.66 million or $0.04 per share for the period.

Analysts projected $0.13 per share
Revenue: $1.20 billion in Q2 vs. $1.19 billion in the same period last year.

ReneSola Ltd. Q2 Earnings Summary

Below are the earnings highlights for ReneSola Ltd. (SOL):

Earnings: -$0.20 million in Q2 vs. $6.95 million in the same period last year.
EPS: $0.00 in Q2 vs. $0.10 in the same period last year.
Revenue: $8.21 million in Q2 vs. $18.53 million in the same period last year.

-Guidance:
Next quarter revenue guidance: $22 – $25 Mln
Full year revenue guidance: $100 – $120 Mln

GameStop Corp. Q2 Loss Increases, but beats estimates

GameStop Corp. (GME) reported Loss for its second quarter that increased from the same period last year but beat the Street estimates.

The company’s earnings came in at -$108.7 million, or -$0.36 per share. This compares with -$61.6 million, or -$0.21 per share, in last year’s second quarter.

Excluding items, GameStop Corp. reported adjusted earnings of -$107.1 million or -$0.35 per share for the period.

Analysts on average had expected the company to earn -$0.38 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 3.4% to $1.14 billion from $1.18 billion last year.

GameStop Corp. earnings at a glance (GAAP) :

-Earnings (Q2): -$108.7 Mln. vs. -$61.6 Mln. last year.
-EPS (Q2): -$0.36 vs. -$0.21 last year.
-Analyst Estimate: -$0.38
-Revenue (Q2): $1.14 Bln vs. $1.18 Bln last year.