The Estée Lauder Companies Inc. Q1 adjusted earnings Beat Estimates
The Estée Lauder Companies Inc. (EL) released earnings for first quarter that dropped from the same period last year.
The company’s bottom line totaled $523 million, or $1.42 per share. This compares with $595 million, or $1.61 per share, in last year’s first quarter.
Excluding items, The Estée Lauder Companies Inc. reported adjusted earnings of $530 million or $1.44 per share for the period.
Analysts had expected the company to earn $0.90 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter fell 8.7% to $3.56 billion from $3.90 billion last year.
The Estée Lauder Companies Inc. earnings at a glance:
-Earnings (Q1): $530 Mln. vs. $616 Mln. last year.
-EPS (Q1): $1.44 vs. $1.67 last year.
-Analysts Estimate: $0.90
-Revenue (Q1): $3.56 Bln vs. $3.90 Bln last year.
Next quarter EPS guidance: $1.45 – $1.60
U.S. Consumer Sentiment Improves Slightly More Than Initially Estimated In October
Consumer sentiment in the U.S. improved slightly more than initially estimated in the month of October, according to revised data released by the University of Michigan on Friday.
The report showed the consumer sentiment index for October was upwardly revised to 81.8 from the preliminary reading of 81.2. Economists had expected the reading to be unrevised.
With upward revision, the consumer sentiment index is a bit further above the final September reading of 80.4.
The uptick by the headline index came as the index of consumer expectations climbed to 79.2 in October from 75.6 in September.
On the other hand, the current economic conditions index fell to 85.9 in October from 87.8 in the previous month.
The report said one-year inflation expectations were unchanged at 2.6 percent, while five-year inflation expectations fell to 2.4 percent in October from 2.7 percent in September.
Genworth, China Oceanwide Issue Update On Pending Transaction – Quick Facts
Genworth Financial, Inc. (GNW) said Oceanwide has provided satisfactory documentation to the company indicating that Hony Capital expects to be able to finalize the $1.8 billion financing in November, and that Oceanwide is continuing to work diligently with the goal of closing the deal by November 30, 2020. The transaction has now received all U.S. regulatory approvals.
Tom McInerney, CEO of Genworth, said: “Based on our discussions with Oceanwide and additional documentation regarding the funding processes provided to Genworth, we are hopeful that Oceanwide’s transaction funding will be completed in time to close the transaction by November 30, 2020 without the need for an additional extension.”
Trump Rally Flag Lift Collapses During His Speech In North Carolina
President Donald Trump’s rally on Sunday in Hickory, North Carolina was marred by winds that knocked over a scissor lift holding one of the ubiquitous giant flags that mark the events.
The giant flag was supported by two of the lifts. When one of the lifts fell, it crashed against the wall of the building just behind it and the flag ripped loose.
Journalists on the scene captured the aftermath:
No one was injured.
Workers rushed to lower the remaining lift and rescue the flag, which was whipped about by the winds.
Commentators couldn’t help but wonder if the collapsing lift was a metaphor in the final days of the 2020 presidential campaign:
Egypt Warns of Repercussions of Ignoring Virus Safety Measures
Egypt’s government may be forced to take “difficult decisions” if people continue to ignore safety measures aimed at stemming the spread of the coronavirus, Prime Minister Mostafa Madbouly said.
The premier, speaking during a cabinet meeting, said there appears to be a “lack of commitment” by some in terms of following safety measures. Madbouly asked authorities to follow through with fining individuals who fail to comply with requirements to wear masks while riding in public transportation or visiting malls and government buildings.
Gold rises by ₹103; silver gains ₹793
Gold prices rise ₹103 to ₹51,286 per 10 gram; Silver gains ₹793 to ₹62,155 per kilogram
Gold prices rose ₹103 to ₹51,286 per 10 gram in the national capital on November 2 supported by strong global trends and rupee depreciation, according to HDFC Securities.
The precious metal had closed at ₹51,183 per 10 gram in the previous trade.
Silver also gained ₹793 to ₹62,155 per kilogram, from ₹61,362 per kilogram in the previous trade.
“Spot gold prices for 24 karat in Delhi were up by ₹103, supported by strong global gold prices and rupee depreciation,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
The rupee depreciated 32 paise and settled at 74.42 (provisional) against the U.S. dollar on November 2 tracking strong American currency.
In the international market, gold traded with gains at $1,885 per ounce and silver was flat at $23.83 per ounce.
Gold prices traded up despite stronger dollar amid uncertainty over U.S. presidential elections and fear of more lockdown measures in Europe, he added.
As California Goes, So Goes the Nation’s Business?
Some of the state’s ballot propositions could have profound implications for companies.
By Andrew Ross Sorkin, Jason Karaian, Michael J. de la Merced, Lauren Hirsch and Ephrat Livni
It’s Not Just Suburban Women. A Lot of Groups Have Turned Against Trump.
Independents are swinging toward Biden, a large survey shows.
By Lynn Vavreck