Gold Dips As Yields Rise On Tightening Expectations

Bellway H1 Profit Rises, Lifts Dividend; Sees Margin Growth In FY22 – Quick Facts

Bellway Plc (BWY.L), a residential property developer, Tuesday reported that its first-half profit before taxation grew 9.8 percent to 307.6 million pounds from last year’s 280.2 million pounds.

Earnings per share increased 9.3 percent to 203.1 pence from 185.9 pence a year ago.

Underlying profit before taxation was 327.2 million pounds, compared to 300.5 million pounds last year.

Revenue increased 3.5 percent to 1.78 billion pounds from prior year’s 1.72 billion pounds.

Further, the company said the interim dividend has been increased 28.6 percent from last year to 45.0p per share.

The Board anticipates that the dividend cover will be 3 times underlying earnings for the full financial year.

The Board intends to reduce dividend cover to around 2.5 times underlying earnings by July 31, 2024.

Looking ahead for fiscal 2022, underlying operating margin is expected to be around 18.5 percent, up from last year’s 17.0 percent.

Bellway expects to deliver strong volume growth of around 10 percent to over 11,100 homes in 2022, from last year’s 10,138 homes.

Average selling price is now expected to be over £305,000 for the full financial year, down from last year’s £306,479.

The substantial order book, strong land bank, and significant balance sheet capacity supports medium-term target to deliver annual output of around 12,200 homes in financial year 2023.

Ready To Build Chocolate Cookie Bunny Hutch Kit Recalled

Naperville, Illinois-based Wilton Industries, Inc. is recalling Ready to Build Chocolate Cookie Bunny Hutch Kit due to a milk allergen missing from the “Contains” statement, the U.S. Food and Drug Administration said.

The recall involves Ready to Build Chocolate Cookie Bunny Hutch Kit with UPC: 0070896117274, and lot codes 22005, 22006 and 22007.

The product was a 2022 Easter seasonal item distributed nationally through retail stores and ecommerce including www.wilton.com in the United States. The item was also sold in retail stores in Colombia.

According to the agency, the ingredient list on the package lists “Skim Milk Powder” as an ingredient, however the “Contains” statement did not include “Milk” as required.

The recall was initiated after the labeling oversight was brought to notice as a result of a consumer inquiry.

People who have an allergy or severe sensitivity to milk may get serious or lifethreatening allergic reaction if they consume these products.

However, the company has not received reports of any illness due to an allergic reaction to milk in the product to date.

Mulberry Group Sees FY22 Profit, Revenue Moderately Ahead Of Current Expectations

While issuing a trading update for fiscal 2022, Mulberry Group plc (MUL.L) said its profit for the fiscal year will be moderately ahead of current expectations. The Group said the robust sales trend delivered in the first half of fiscal 2022 has continued throughout the second half, which will result in Group revenue for fiscal year 2022 being moderately ahead of current expectations. Gross margins have been maintained, the Group said.

Mulberry Group also noted that the Group’s balance sheet remains strong with net cash balances at fiscal 2022 expected to be in excess of 20 million pounds.

Late Night Tackles the Will Smith ‘Hitch’ Slap

“It was so shocking,” Jimmy Kimmel said. “The only thing I can really compare it to is when Mike Tyson bit Evander Holyfield’s ears.”

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Pre-market Movers: ENSV, ZH, POLA, HUSN, MOR…

The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 07.10 A.M. ET).

In the Green

Enservco Corporation (ENSV) is up over 16% at $3.95
Zhihu Inc. (ZH) is up over 13% at $2.94
Polar Power, Inc. (POLA) is up over 12% at $3.69
Alibaba Group Holding Limited (BABA) is up over 8% at $112.61
KE Holdings Inc. (BEKE) is up over 8% at $13.20
VNET Group, Inc. (VNET) is up over 7% at $6.70
Itaú Unibanco Holding S.A. (ITUB) is up over 7% at $5.82
Tencent Music Entertainment Group (TME) is up over 6% at $4.96
NIKE, Inc. (NKE) is up over 5% at $137.85
Youdao, Inc. (DAO) is up over 5% at $8.73

In the Red

Hudson Capital Inc. (HUSN) is down over 12% at $2.31
MorphoSys AG (MOR) is down over 10% at $6.38
Cyren Ltd. (CYRN) is down over 10% at $8.17
Okta, Inc. (OKTA) is down over 9% at $153.83

Gold Dips As Yields Rise On Tightening Expectations

Gold prices were moving lower on Tuesday, even as the dollar retreated for the first time in six days amid ceasefire talks between Russia and Ukraine in Turkey.

Spot gold dipped 0.6 percent to $1,912.35 per ounce, while U.S. gold futures were down as much as 1.5 percent at $1,911.30.

The U.S. dollar was slightly lower, just off its highest since May 2020. The Japanese yen hit a seven-year low after the Bank of Japan vowed to defend a key yield cap, offering to buy unlimited government bonds for the first four days of this week in the face of mounting inflationary pressures.

U.S. Treasuries resumed a sell-off, pushing up yields for shorter dated maturities.

Euro zone bond yields also surged, with France’s two-year bond yield turning positive for the first time since January 2015, amid expectations that soaring inflation will prompt major central banks including the European Central Bank to tighten monetary policy faster than earlier anticipated.