Oil Futures Settle Lower On Demand Worries

This Cocktail Will Change Your Mind About Sherry

The fortified wine’s complex flavor shines in a citrus-forward sherry cobbler, which just about anyone can make at home.

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By Rebekah Peppler

Rebekah Peppler is a writer and recipe developer based in Paris.

Gildan Activewear Q3 Adj. Gross Profit Rises; Sales Up 6%

Gildan Activewear Inc. (GIL,GIL.TO) reported third-quarter adjusted profit per share of $0.84 compared to $0.80, prior year. Adjusted gross profit increased to $252.2 million from $251.8 million, last year.

Net profit was $153.0 million or $0.84 per share compared to $188.3 million or $0.95 per share, prior year.

Sales increased to $850.0 million from $801.6 million, a year ago.

The Board of Directors has declared a cash dividend of $0.169 per share, payable on December 19, 2022 to shareholders of record as of November 23, 2022.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

Goalsetter Systems Recalls 18,000 Wall-Mounted Basketball Goals After 14-Year Old Dies

Goalsetter Systems Inc. has recalled about 18,000 wall-mounted basketball goals after a 14-year-old boy was killed when the recalled wall-mounted basketball goal fell on him.

According to the U.S. Consumer Product Safety Commission, the recalled wall-mounted basketball goals can unexpectedly detach from the wall and fall to the ground. This poses a serious impact injury hazard and risk of death to consumers.

A 14-year-old boy was killed when the recalled Goalsetter wall-mounted basketball goal fell on him in Granger, Indiana in June 2018. Goalsetter has received four reports of incidents of the wall-mounted basketball goal detaching from a wall, including the boy’s death. In one of the other incidents a consumer sustained severe facial injuries, and in another incident a consumer sustained a fractured leg.

The recall involves all Goalsetter Adjustable and Fixed Wall Mount Series and GS Baseline Series 72-inch, 60-inch, 54-inch, and 48-inch wall-mounted goal systems. The basketball goals have a white Goalsetter logo.

Goalsetter has asked customers to stop using the recalled basketball goals immediately and contact Goalsetter for free removal of the basketball goal with a full refund or a free inspection of the installed wall-mounted basketball goal and free installation of an additional safety bracket.

The recalled basketball goals were sold at SCHEELS stores and basketball equipment stores nationwide and online from November 1999 through June 2022 for between $919 and $2,250.

Aurinia Pharmaceuticals Slips 28% After Lowering Sales Guidance Of Lupkynis

Shares of Aurinia Pharmaceuticals Inc. (AUPH) are slipping over 28% on Thursday morning after the company lowered its sales guidance of Lupkynis.

AUPH is currently trading at $5.48, down $2.13 or 28.01%, on the Nasdaq, on a volume of 6.6 million shares, above average volume of 2.2 million. The stock opened its trading at $5.50 after closing Wednesday’s trading at $7.61. The stock has traded between $5.03 and $33.25 in the past 52-week period.

For the third quarter, Aurinia recorded a net loss of $9.0 million or $0.06 per share, compared to loss of $50.3 million or $0.39 per share last year. Revenues rose to $55.8 million from $14.7 million last year.

Analysts expected a loss of $0.17 per share and revenues of $36.19 million.

Looking forward, CEO Peter Greenleaf said, “Given these current market dynamics, we are adjusting our net revenue guidance to $100-105 million from sales of LUPKYNIS for 2022.” Previously, the company expected revenues of $115 million to $135 million from sales of Lupkynis for 2022.

Greenleaf expects revenue from product sales of Lupkynis for 2023 in the range of $120-140 million.

Corcept Therapeutics Down 3%

Shares of biotechnology company Corcept Therapeutics Inc. (CORT) are down 3 percent on Thursday’s trading despite there being no company-specific news to impact the stock.

The stock is down ahead of the company reporting its third-quarter results on Thursday.

On average, 4 analysts polled by Thomson Reuters expect the company to post earnings of $0.22 per share on revenues of $107.59 million for the third quarter.

Currently at $27.96, the stock has traded between $15.83 and $30.14 during the past 52 weeks.

International Money Express Down 5%

Shares of money remittance services company International Money Express, Inc. (IMXI) are down 5 percent on Thursday’s trading despite there being no company-specific news to impact the stock.

The company will report its third-quarter results on November 9. On average, 4 analysts polled by Thomson Reuters expect the company to post earnings of $0.4 per share on revenues of $144.1 million in the quarter.

Currently at $24.43, the stock has traded between $14.66 and $27.81 during the past 52 weeks.

Oil Futures Settle Lower On Demand Worries

Crude oil prices settled sharply lower on Thursday amid concerns about the outlook for energy demand after China imposed fresh restrictions in several places following a surge in coronavirus cases in the country.

The dollar’s sharp uptick following hawkish comments from the Federal Reserve weighed as well on crude oil prices.

West Texas Intermediate Crude oil futures for December ended lower by $1.83 or about 2% at $88.17 a barrel.

Brent crude futures were down $1.40 or 1.47% at $94.76 a barrel a little while ago.

China affirmed that a zero-tolerance approach continues to be the overall strategy in tackling Covid-19.

As Chinese health authorities reiterated adherence to the Zero-Covid policy, reopening hopes have faded now.

A private survey showing a slowdown in China’s service sector activity in October contributed as well to concerns about energy demand from the world’s second largest economy.

The Caixin services Purchasing Managers’ Index fell to 48.4 in October from 49.3 in the previous month.