Ominous Sign For Rep. Matt Gaetz As Investigation Reportedly Takes New Turn

J. M. Smucker Guides FY22 Above Estimates – Quick Facts

While reporting financial results for the fourth quarter and fiscal 2021 on Thursday, consumer goods company J. M. Smucker Co. (SJM) initiated its adjusted earnings and net sales growth guidance for the full-year 2022, above analysts estimates.

For fiscal 2022, the company now projects adjusted earnings in a range of $8.70 to $9.10 per share on a net sales decline of 3 to 2 percent. On a comparable basis, net sales are expected to increase approximately 2 percent at the mid-point of the net sales guidance range.

On average, 14 analysts polled by Thomson Reuters expect the company to report earnings of $8.60 per share on a sales decline of 5.5 percent to $7.52 billion for the year. Analysts’ estimates typically exclude special items.

While the broader outlook remains uncertain, the company said it continues to focus on managing the elements it can control, including taking the necessary steps to minimize the impact of cost inflation and any business disruption.

Ciena Corp. Q2 adjusted earnings Beat Estimates

Ciena Corp. (CIEN) announced a profit for its second quarter that increased from last year.

The company’s earnings came in at $103.12 million, or $0.66 per share. This compares with $91.66 million, or $0.59 per share, in last year’s second quarter.

Excluding items, Ciena Corp. reported adjusted earnings of $97.61 million or $0.62 per share for the period.

Analysts had expected the company to earn $0.48 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 6.7% to $833.93 billion from $894.05 billion last year.

Ciena Corp. earnings at a glance:

-Earnings (Q2): $97.61 Mln. vs. $117.43 Mln. last year.
-EPS (Q2): $0.62 vs. $0.76 last year.
-Analysts Estimate: $0.48
-Revenue (Q2): $833.93 Bln vs. $894.05 Bln last year.

Blackberry jumps in premarket trading as Reddit users promote the stock

Shares of Blackberry surged on Thursday morning as the tech company became a main focus of traders on social media platform Reddit, continuing a bout of speculative trading that has rolled through financial markets this year.

The stock jumped more than 11% in premarket trading, building on gains of roughly 32% and 15% in the previous two trading sessions.

The dramatic rise comes as meme stocks have once again become a major feature of Wall Street following the rapid rise and fall of GameStop earlier this year. Shares of movie theater chain AMC were also up sharply in premarket trading before the company announced a plan to sell additional stock. The announced share sale took AMC shares lower and also dented the premarket pop in Blackberry a touch.

The trading volume of Blackberry has grown exponentially. More than 346 million shares changed hands on Wednesday, compared to volume of less than 5 million on May 24.

Blackberry was the third-most traded name on Fidelity's platform on Wednesday, with AMC holding the top spot.

Once a household name as a leading smartphone brand, BlackBerry has shifted to cybersecurity in recent years. The company generated just under $1 billion in sales over its past four quarters.

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Queen to meet US President Joe Biden at Windsor Castle

The Queen will meet US President Joe Biden and First Lady Jill Biden at Windsor Castle, Buckingham Palace has announced.

The meeting will take place on Sunday 13 June during Mr Biden’s trip to the UK for the G7 summit.

It will be his first overseas trip since his election victory last year.

Ciena Q2 Results Top Estimates – Quick Facts

Networking systems firm Ciena Corp. (CIEN) on Thursday reported that net income for the second quarter grew to $103.12 million or $0.66 per share from $91.66 million or $0.59 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $97.61 million or $0.62 per share, compared to $117.43 million, or $0.76 per share in the year-ago quarter.

On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $0.48 per share for the quarter. Analysts’ estimates typically exclude special items.

Total revenue for the quarter decreased 6.7 percent to $833.93 million from $894.05 million in the same quarter last year. Analysts expected revenues of $829.27 million for the quarter.

Ominous Sign For Rep. Matt Gaetz As Investigation Reportedly Takes New Turn

Rep. Matt Gaetz (R-Fla.) is being investigated for possible obstruction of justice during a phone call with a witness in an ongoing probe, Politico reported late Wednesday.  

Citing two sources, Politico said Gaetz took part in a call with an ex-girlfriend and the witness. That witness reportedly later spoke with prosecutors, who are now exploring whether Gaetz suggested that the person lie or mislead investigators, which would be a crime. 

Gaetz has not been charged and has denied all allegations.

Gaetz is reportedly under investigation in a federal sex trafficking probe examining whether he and others paid for sex at drug-fueled parties, including with a 17-year-old girl. His former wingman, ex-local tax collector Joel Greenberg, agreed to cooperate with investigators under a recent plea deal in which he pleaded guilty to six federal charges, including sex trafficking of a child. 

Greenberg’s attorney, Fritz Scheller, was asked last month if his client would be giving up the goods on any elected officials.

“This is must-see television,” Scheller replied. “You’ll have to wait and see.”

As he spoke, an airplane flew over the courthouse with a banner reading “TICK TOCK MATT GAETZ.” 

In the past, Gaetz has claimed the investigation was part of an extortion plot against him. He also told Axios that he was “generous as a partner” to the women he dated and that people were “trying to make that look criminal when it is not.”