Nomura pares FY22 growth estimate to 10.8%

New York Yankees third base coach Phil Nevin has COVID-19 ‘breakthrough positive’

Despite Major League Baseball's best efforts to encourage players and staff to get vaccinated, COVID-19 continues to be an ongoing problem for MLB teams.

The New York Yankees announced Tuesday "a breakthrough positive" involving third base coach Phil Nevin. The term refers to a person who is fully vaccinated testing positive for COVID-19. The team said further contact tracing is ongoing.

Manager Aaron Boone said no players are involved in contact tracing and he still expects their game tonight vs. the Tampa Bay Rays to be played as scheduled. 

Aaron Boone confirms Third Base Coach Phil Nevin has tested positive for COVID-19.

He also says that no Yankees players are involved in contact tracing and he expects tonight’s game vs. the Rays to be played

Meanwhile, three players on the San Diego Padres – shortstop Fernando Tatis Jr., outfielder Jurickson Profar and utilityman Jorge Mateo – have been placed on the injured list due to MLB's health and safety protocols. 

Manager Jayce Tingler later announced Tatis has tested poistive, while Profar and Mateo are in contact tracing.

The Padres will make corresponding roster moves before the start of their game in Denver tonight against the Colorado Rockies.

Kenny Mayne leaving ESPN: Five other notable names who departed since last year

About four years ago, ESPN made significant cuts to its staff of journalists, among both on-air personnel and digital reporters and editors.

The company – and nearly every sports media entity – has seen more layoffs since then, but the departures from the “Worldwide Leader In Sports” over the last year or so have involved some of the company’s high-profile, front-facing talent.

As a significant rights-holder in the sports media landscape, ESPN isn’t going anywhere. But the names and voices sports fans have become accustomed to seeing over the last decade are.

On Monday, longtime anchor Kenny Mayne, who connected with fans and subjects in a novel manner through his “Mayne Event,” NFL Countdown feature, announced he was leaving the network.

Mayne is the latest high-profile, front-facing talent to leave the network over the last year. There were hardly planned farewells or tributes, just exits stage left.

As Mayne put it on Twitter, he was a “salary cap casualty.” Those media deals are expensive. Spreadsheets must be balanced. Shedding personnel is an easy way to accomplish that. 

KFintech acquires stake in insurtech startup Artivatic

KFin will contribute to Artivatic with access to clientele, geographic expansion, thought leadership and technology and process frameworks.

KFin Technologies, which is backed by American PE firm General Atlantic, has acquired 17% stake in insurtech startup Artivatic for an undisclosed sum.

One of the largest registrars and a leader in investor servicing industry, KFin seeks to venture, with the investment, into insurtech space thus diversifying beyond providing registry services to mutual funds, corporate, pensions amongst other asset classes. It has bought the “stake in Artivatic on a path to majority,” a release said.

Artivatic will utilise the fund to broaden the product portfolio, explore new business horizons and expand footprint across India and other global markets with the help of KFin.

“Expanding our portfolio of services into insurance had been in the works and our investment into is the first step in that direction. Access to capital aside, KFin will contribute to Artivatic with access to clientele, geographic expansion, thought leadership and technology and process frameworks,” said Sreekanth Nadella, CEO of KFin.

Artivatic provides risk-based personalised automated solutions catering to the underwriting, claims, risk and fraud intelligence, embedded distribution, new-age product design and sales intelligence to ease insurance operations. The startup’s co-founder Layak Singh said through the partnership with KFin and General Atlantic, Artivatic will leverage domain expertise, network and financial support.

Intuit Lifts FY21 Outlook

Intuit Inc. (INTU), maker of TurboTax and QuickBooks, Tuesday said it expects to exceed the high end of its full year guidance.

“The velocity of our innovation is accelerating, delivering benefits for our customers and growth across the company,” said CEO Sasan Goodarzi. “We’re proud of the progress we’ve made and expect to exceed the top end of our guidance for the full year.”

The company had earlier issued an outlook of adjusted earnings of $8.20 to $8.40 per share and revenues of $8.810 billion to $8.995 billion. It now expects to exceed these figures. Analysts polled by Thomson Reuters currently estimate earnings of $8.37 per share on revenues of $8.97 billion.

Intuit also announced that revenue and operating income for its third quarter were lower than expected due to the extension of the IRS tax filing deadline to May 17.

Looking forward the third quarter, Intuit expects adjusted earnings of $6.00 to $6.05 per share and revenues of $4.165 billion to $4.170 billion. Previously, the company expected adjusted earnings of $6.75 to $6.85 per share and revenues of $4.605 billion to $4.655 billion.

Analysts currently estimate earnings of $6.73 per share on revenues of $4.59 billion.

INTU closed Tuesday’s trading at $394.99, up $2.45 or 0.62%, on the Nasdaq. The stock further gained $8.01 or 2.03% in the after-hours trading.

Nomura pares FY22 growth estimate to 10.8%

‘Lockdowns to impact economy’

Japanese brokerage Nomura on Tuesday cut its GDP growth estimate for the current 2021-22 fiscal to 10.8% from the earlier 12.6%, blaming the impact of the second wave-induced lockdowns.

It said the activity levels have dropped further to 64.5% of the pre-pandemic levels in the week to May 9 as per a proprietary index, after a further 5 percentage points drop in the week.

The activity levels, at present, are at par with those seen in June last year.

The country has reported over 4 lakh new infections and 4,000 deaths a day during the ongoing second wave of the COVID-19 infections, leading over 20 States to impose lockdowns or lockdown-like restrictions as a desperate measure to restrict the virus spread.

“We expect a localised hit in Q2 (April-June) and believe that medium-term tailwinds (like vaccine pivot, global recoverys) remain intact,” it said.