Semtech Corp Q1 Profit Increases, beats estimates

DoorDash Slides On Completion Of Acquisition Of Wolt Enterprises

DoorDash, Inc. (DASH) shares are sliding more than 5 percent on Wednesday morning trade after the company said it has completed the acquisition of Wolt Enterprises Oy in an all-stock transaction.

The technology company said the combination will help accelerate its international growth through faster product development and improved investment efficiency.

Currently, shares are at $72.39, down 5.88 percent from the previous close of $76.91 on a volume of 3,316,953. The shares have traded in a range of $57.60-$257.25 on average volume of 5,891,196.

Noble Corp Continues Upward Trend

Shares of offshore drilling contractor Noble Corp. (NE) are rising 3 percent on Wednesday’s trading continuing their upward movement since Tuesday. There has not been any company announcement to positively impact the stock.

Currently at $38.11, the stock has traded between $20.34 and $38.59 during the past 52 weeks.

General European Strategic Investments Down 7%

Shares of General European Strategic Investments Inc. (GESI) are down 7 percent on Wednesday’s trading despite there being no company announcement to impact the stock.

General European Strategic Investments is a US OTC listed company holding significant interests in Tier-1 and district-scale projects, located in Europe.

Currently at $4.6000, the stock has traded between $0.8400 and $9.0000 during the past 52 weeks.

Gold Futures Pare Early Losses, Settle Slightly Higher

Despite a strong dollar and higher Treasury yields, gold prices cut losses and settled slightly higher on Wednesday as weak equity markets triggered some buying in the safe-haven commodity.

Gold prices fell early on in the session as the dollar surged higher and Treasury yields moved up on concerns over soaring inflation and the prospects of aggressive monetary tightening by the Federal Reserve.

However, bullion regained most of the lost ground as the day progressed, as a sell-off in stock markets triggered some safe-haven buying.

The dollar index surged to 102.73, gaining nearly 1%, before easing slightly to around 102.60. The yield on U.S. 10-year Treasury note surged to 2.94%.

Gold futures for August ended higher by $0.30 at $1,848.70 an ounce, recovering from a low of $1,830.20.

Silver futures for July ended up by $0.227 at $21.915 an ounce, while Copper futures for July settled at $4.3285 per pound, gaining $0.0325.

Data released by the Labor Department showed job openings tumbled by 455,000 to 11.4 million in April.

A separate report from the Institute for Supply Management showed U.S. manufacturing activity unexpectedly expanded at a slightly faster rate in the month of May.

The ISM said its manufacturing PMI inched up to 56.1 in May from 55.4 in April, with a reading above 50 indicating growth in the sector. The uptick surprised economists, who had expected the index to dip to 54.5.

U.S. Reports Nearly 200K New Covid Cases

The United States on Tuesday recorded one of the highest daily Covid positive case counts in recent months.

With 198,400 new cases reported, the total number of people that have been infected with coronavirus in the country has risen to 84,218,910, as per Johns Hopkins University’s latest data.

The 2,275 Covid deaths reported on the same day is also one of the highest in recent months. With this, the total U.S. Covid casualties reached 1,007,059.

The United States is averaging 98,688 cases a day, down 2 percent from two weeks ago, and 298 deaths a day, marking a 6 percent decrease within a fortnight, New York Times’ latest tally shows.

There is a comparatively lower number of hospital admissions dude to the pandemic.

The country is averaging 26,512 hospitalizations due to the viral disease per day, up 16 percent from two weeks ago.

Out of this, 2,928 patients are admitted in intensive care units, marking a 20 percent increase in ICU admissions in the same period.

82,239,607 people have so far recovered from the disease, the Worldometer tally shows.

3,468 additional deaths were reported globally on Tuesday, taking the total number of people who lost their lives due to the pandemic so far to 6,293,029.

Hyundai Recalls 239,000 Cars Due To Exploding Seat Belts

South Korean auto maker Hyundai is recalling 239,000 vehicles to fix a issue with seat belts that have the potential to explode and injure passengers.

According to NHTSA, Hyundai Motor America is recalling certain 2019-2022 Accent, 2021-2023 Elantra, and 2021-2022 Elantra HEV vehicles. The vehicles have been recalled because in the event of a crash, the front driver-side and/or passenger-side seat belt pretensioners may explode upon deployment and result in an injury.

Three injuries have been reported as a result, with two in the U.S. and one in Singapore, according to CBS News.

If an affected vehicle is on the recall list, the owners will receive notification of the recall by first class mail by July 15. They can go to a dealership to get the seat belt pretensioners fit with a cap at no charge.

Hyundai owners who fall outside a Hyundai warranty are also eligible for repairs if they fall under the recall.

Semtech Corp Q1 Profit Increases, beats estimates

Semtech Corp (SMTC) revealed earnings for its first quarter that increased from the same period last year and beat the Street estimates.

The company’s earnings totaled $38.0 million, or $0.59 per share. This compares with $34.8 million, or $0.53 per share, in last year’s first quarter.

Excluding items, Semtech Corp reported adjusted earnings of $51.8 million or $0.80 per share for the period.

Analysts on average had expected the company to earn $0.76 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 6.0% to $202.1 million from $190.6 million last year.

Semtech Corp earnings at a glance (GAAP) :

-Earnings (Q1): $38.0 Mln. vs. $34.8 Mln. last year.
-EPS (Q1): $0.59 vs. $0.53 last year.
-Analyst Estimate: $0.76
-Revenue (Q1): $202.1 Mln vs. $190.6 Mln last year.

Next quarter EPS guidance: $0.80-$0.90
Next quarter revenue guidance: $203.0-$213.0