Rite Aid Boosts FY22 Revenues Outlook As Q1 Results Come Above Estimates
While reporting financial results for the first quarter of fiscal 2022 on Thursday, drugstore chain Rite Aid Corp. (RAD) raised it total revenue guidance for the full-year 2022, due to increased utilization of higher cost drugs at Elixir.
For fiscal 2022, the company now projects an adjusted loss in a range of $1.19 to $0.66 per share on total revenues between $23.6 billion and $24.0 billion.
Previously, the company expected an adjusted loss in the range of $1.06 to $0.53 per share on total revenues between $23.1 billion and $23.5 billion.
On average, analysts polled by Thomson Reuters expect the company to report a loss of $1.41 per share on revenues of $22.91 billion for the year. Analysts’ estimates typically exclude special items.
For the first quarter, the company reported a net loss of $110.19 million or $2.03 per share, sharply wider than $13.06 million or $0.24 per share in the prior-year quarter.
Excluding items, adjusted loss for the quarter was $0.60 per share, compared to adjusted income of $0.38 per share in the year-ago quarter.
Revenues for the quarter decreased to $6.01 billion from $6.16 billion in the same quarter last year.
The Street was looking for a loss of $0.70 per share on revenues of $5.73 billion for the quarter.
U.S. Jobless Claims Edge Down Less Than Expected To 229,000
The Labor Department released a report on Thursday showing a modest decrease in first-time claims for U.S. unemployment benefits in the week ended June 11th.
The report showed initial jobless claims edged down to 229,000, a decrease of 3,000 from the previous week’s revised level of 232,000.
Economists had expected jobless claims to dip to 220,000 from the 229,000 originally reported for the previous week.
The upwardly revised figure for the previous week reflected the most initial jobless claims since the week ended January 15th.
Meanwhile, the Labor Department said the less volatile four-week moving average crept up to 218,500, an increase of 2,750 from the previous week’s revised average of 215,750.
The report also showed continuing claims, a reading on the number of people receiving ongoing unemployment benefits, inched up by 3,000 to 1.312 million in the week ended June 4th.
The four-week moving average of continuing claims still edged down by 750 to 1,317,500, hitting the lowest level since January 10, 1970
House prices rise a shocking 12.4 percent in the UK this year!
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The average property cost £281,000 in April, £31,000 more than the previous 12 months. That is a rise of £3,000 on March’s £278,000 figure.
Record levels were recorded in all parts of Britain in April, the ONS said, though experts have noted a softening of the market since.
Prices rose over the year to £299,000 (an 11.9 percent annual jump) in England; to £212,000 (16.2 percent) in Wales; to £188,000 (16.2 percent) in Scotland; and to £165,000 (10.4 percent) in Northern Ireland.
The South-west was the English region with the greatest annual price growth (14.1 percent) in April.
The lowest growth was recorded in London (7.9 percent) – where the typical house value was £530,000, the highest of any region in Britain.
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UniQure Stock Jumps 15% On Study Update Of AMT-130 Gene Therapy For Huntington’s Disease Treatment
Shares of uniQure N.V. (QURE) are gaining nearly 15% on Thursday morning after the gene therapy company announced safety and biomarker data from 10 patients enrolled in the low-dose cohort of the ongoing Phase I/II clinical trial of AMT-130 for the treatment of Huntington’s disease.
QURE is currently trading at $17.64, up $2.24 or 14.59%, on the Nasdaq. The stock has traded between $12.52 and $38.80 in the past 52-week period. The stock opened its trading at $17.07 after closing Wednesday’s trading at $15.39.
Six of the 10 enrolled patients received AMT-130, and four patients received an imitation surgical procedure in this randomized, blinded clinical trial being conducted in the United States.
According to the results, treatment was generally well-tolerated with no significant safety issues related to AMT-130 in treated patients through one year of follow-up.
A mean reduction of 53.8% of mutant HTT (mHTT) observed in cerebral spinal fluid (CSF) at 12 months in evaluable patients treated with AMT-130.
Germany Declares ‘alarm Level’ In Gas Supply
Germany has declared alarm level in its natural gas supplies following continued cuts of the essential fuel from Russia and rising fuel prices triggered by the war in Ukraine.
“We have a disruption to the gas supply in Germany, which is why it is necessary to declare this alarm level,” Germany’s economy and climate protection minister Robert Habeck announced Thursday.
Alarm level is the second phase of the German economy and climate protection ministry’s three-stage emergency plan for natural gas supplies.
“Even if we can’t feel it yet — we are in a gas crisis,” Habeck told reporters.
Germany, which heavily depends on Russian gas for its domestic and industrial needs, has reduced the share of its imports by 20 percent after the Russian invasion of Ukraine.
Russian gas supplies through the Nord Stream pipeline were first disrupted last week, and were further cut to 40 percent of maximum capacity.
Habeck warned that if flows continue at this reduced level, storage targets for the winter will be at risk.
Europe’s biggest economy, Germany is one of the major buyers of Russian gas.
Austria and the Netherlands also have issued similar warnings about possible shoratge in supplies and urged people to limit their gas consumption.