Sensex tumbles 335 points

United Parcel Service Q2 adjusted earnings of $2.13 per share

Below are the earnings highlights for United Parcel Service (UPS):

-Excluding items, United Parcel Service reported adjusted earnings of $1.85 billion or $2.13 per share for the period.
-Revenue: $20.46 billion in Q2 vs. $18.05 billion in the same period last year.

Fox News Hypocrisy On Protests Exposed In Damning ‘Daily Show’ Supercut

Fox News personalities cheering President Donald Trump’s decision to use federal law enforcement agents to quell Black Lives Matter protests had a very different take when Barack Obama was president.

A new supercut from “The Daily Show” shows the conservative network’s hosts praising Trump over his highly-criticized decision to send federal agents in combat gear to Portland, Oregon. Yet many of those same hosts slammed Obama during a 2014 standoff in Nevada between federal law enforcement and armed militants defending rancher Cliven Bundy. 

When Bureau of Land Management agents seized cattle from the Bundy ranch due to his failure to pay grazing fees for decades, personalities such as Sean Hannity of Fox News and Lou Dobbs of Fox Business weren’t as keen on law enforcement intervention:



Eli Lilly And Co. Q2 adjusted earnings Beat Estimates

Eli Lilly And Co. (LLY) reported a profit for its second quarter that climbed from the same period last year.

The company’s bottom line came in at $1.41 billion, or $1.55 per share. This compares with $1.33 billion, or $1.44 per share, in last year’s second quarter.

Excluding items, Eli Lilly And Co. reported adjusted earnings of $1.72 billion or $1.89 per share for the period.

Analysts had expected the company to earn $1.56 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 2.5% to $5.50 billion from $5.64 billion last year.

Eli Lilly And Co. earnings at a glance:

-Earnings (Q2): $1.72 Bln. vs. $1.39 Bln. last year.
-EPS (Q2): $1.89 vs. $1.50 last year.
-Analysts Estimate: $1.56
-Revenue (Q2): $5.50 Bln vs. $5.64 Bln last year.

-Guidance:
Full year EPS guidance: $7.20 to $7.40

French restaurant chain Buffalo Grill secures 65 mln euro loan

PARIS, July 30 (Reuters) – French restaurant chain Buffalo Grill said it had secured a 65 million euros ($76.3 million) loan to strengthen its financial position, as the global restaurant industry continues to struggle due to the COVID-19 pandemic.

Buffalo Grill said the French government had guaranteed 80% of the value of the loan, which was arranged by Barclays , SocGen and Arkea.

Shell profits plunge 82% as pandemic hits energy demand

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Royal Dutch Shell said Thursday that its second-quarter earnings plunged 82% as the COVID-19 pandemic slashed energy prices and demand.

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Shell reported that adjusted profit, which excludes one-time items and changes in the value of inventories, dropped to $638 million from $3.46 billion in the same period last year.

SHELL TAKES $22B WRITE-DOWN, EXPECTING LOWER OIL AND GAS PRICES

Shell took a charge of $16.8 billion amid reduced expectations for energy prices and refining margins, as well as weaker energy demand due to the pandemic. Including this charge, the company reported a net loss of $18.1 billion, compared with net income of $3 billion pounds a year earlier.

CEO Ben van Beurden says the company is facing a “remarkably challenging environment” and focusing on “decisive cash preservation measures’’ to underpin the balance sheet.

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Sensex tumbles 335 points

IndusInd Bank was the top laggard in the Sensex pack

Domestic equity benchmark Sensex slumped 335 points on Thursday, dragged by losses in financial stocks amid negative cues from global markets.

The 30-share BSE benchmark ended 335.06 points or 0.88 per cent lower at 37,736.07; while the NSE Nifty tumbled 100.70 points or 0.90% to 11,102.15.

IndusInd Bank was the top laggard in the Sensex pack, falling over 5%, followed by HDFC, Axis Bank, PowerGrid, SBI, Bajaj Finserv and Bharti Airtel.

On the other hand, Sun Pharma, Maruti, Infosys and Reliance Industries were among the gainers.

According to Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi, Indian markets opened in green following mixed global cues as U.S. Fed kept rates on hold.

However, during the afternoon session, market sentiment turned cautious as doubts rose on further deterioration of the asset quality of financial companies. The selloff was led by banks and financial stocks, he added.

Markets also turned choppy on the expiry of July derivatives, traders said.

Bourses in Shanghai, Hong Kong and Tokyo ended in the red, while Seoul settled on a positive note.

Stock exchanges in Europe were trading with losses in early deals.

Global oil benchmark Brent crude was trading 1.27% lower at $43.53 per barrel.

In the forex market, the rupee fell 4 paise to close at 74.84 against the U.S. dollar.