Shaftesbury Issues Trading Update – Quick Facts

Graybug Vision Prices Upsized IPO At $16/Shr, Mid Of The Estimated Range

Graybug Vision, Inc. (GRAY) announced the pricing of its upsized initial public offering of 5.625 million shares of common stock at $16.00 per share. The offering is expected to close on September 29, 2020.

In addition, Graybug has granted underwriters a 30-day option to buy additional 843,750 shares at the initial public offering price, less underwriting discounts and commissions.

Graybug Vision has originally filed to sell 4.69 million common shares with an expected price of between $15.00 and $17.00 per share.

Graybug Vision expects offering gross proceeds, before expenses, to be $90.0 million.
The company shares are expected to begin trading on the Nasdaq Global Market on September 25, 2020 under the symbol “GRAY.”

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Liana Finck is the author, most recently, of “Excuse Me: Cartoons, Complaints, and Notes to Self.”

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Several Google services suffer outages Thursday night

Several Google services, including Gmail, Hangouts and YouTube, briefly went down for many users across the US on Thursday night.

The outage-tracking website DownDetector received an influx of reports of interruptions to those services beginning shortly before 9 p.m. and peaking 15 minutes later.

A majority of those affected were located in major cities along the eastern coast of the US, according to the site.

Google’s senior vice president of technical infrastructure, Urs Hölzle, acknowledged the outage in several tweets.

“A pool of servers that route traffic to application backends crashed, and users on that particular pool experienced the outage,” he wrote.

Hölzle added: “ We’re very sorry for the outage, we know how critical these services are to everyone’s lives. We’re working on a postmortem to ensure this won’t happen again.”

Google users on Twitter vented about the outages.

“What else could go wrong. Gmail, Google Drive, all down. Looks like it’s down worldwide? Thanks 2020,” wrote user Kyoko Kitamura.

Another Twitter user named Maggie wrote, “GOOGLE CLASSROOM IS DOWN CAN I HAVE ONE NIGHT WHERE I SUBMIT MY HOMEWORK ON TIME PLEASE.”

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U.S. Treasury yields rise as Democrats work on new fiscal stimulus

  • Durable goods due to be published at 8:30 a.m. ET.
  • There are no Treasury auctions scheduled.

U.S. government debt prices were lower on Friday morning as traders monitored news of potential new fiscal stimulus in the United States.

At around 1.45 a.m. ET, the yield on the benchmark 10-year Treasury note rose to trade at 0.6692%. The yield on the 30-year Treasury bond was trading higher at 1.4077%. Yields move inversely to prices.

It comes after Treasury yields dropped on Thursday on the back of weak jobless claims. 

In the meantime, Democrat lawmakers are reportedly working on a small stimulus package as the U.S. economy keeps grappling with the implications of the coronavirus pandemic.

Treasurys

The economic calendar is thin Friday with only durable goods due to be published at 8:30 a.m. ET.

Meanwhile, New York Fed President John Williams will speak at 9 a.m. ET and at 3:10 p. m. ET.

There are no Treasury auctions scheduled.

Mothercare Plc Posts Adj. Pretax Loss From Cont. Ops. In FY; Revenue Down 17.6%

Mothercare plc (MTC.L) reported a pretax loss from continuing operations of 6.4 million pounds for the 52 week period to 28 March 2020, compared to a loss of 18.0 million pounds for the 53 weeks ended 30 March 2019. Profit per share from continuing operations was 3.0 pence compared to a loss of 34.2 pence. Adjusted loss before tax was 5.5 million pounds compared to profit of 2.7 million pounds. Adjusted loss per share from continuing operations was 4.2 pence compared to a loss of 6.9 pence.

For the 52 weeks ended 28 March 2020, total revenue on a continuing operations basis was 164.7 million pounds, compared to 199.8 million pounds for the 53 weeks ended 30 March 2019. Worldwide sales were down 10.3% to 542.1 million pounds.

Boohoo Review Finds Unacceptable Labor Issues in Supply Chain

Boohoo Group Plc’s garment contractors had significant and unacceptable issues in labor conditions, according to an independent review of the U.K. fashion retailer’s supply chain.

The company said Friday it’s publishing the report in full, and pledged to improve its auditing to fight such abuses.

Deputy Chairman Brian Small said some parts of the report “make for uncomfortable reading.”

Alison Levitt, a lawyer and former U.K. public prosecutor, led the review after reports of contractors that were paying less than minimum wage and skimping on safety precautions in Leicester amid a flareup of Covid-19 cases.

The company previously said that since 2016, it has been carrying out regular unscheduled inspections among suppliers in Leicester.

Shaftesbury Issues Trading Update – Quick Facts

Shaftesbury Plc (SHB.L) issued a trading update for the period 1 April 2020 to 24 September 2020. Most of the Group’s 611 restaurants, cafés, pubs and shops have now reopened. The West End has seen a gradual recovery in footfall with the return of local and domestic leisure visitors and its office-based workforce. However, the Group noted that the Covid-19 measures continue to affect consumer confidence, West End footfall and trading.

Shaftesbury recorded 41% of rents due for the six months to 30 September 2020 collected, 10% are expected to be subject to deferred collection arrangements, 23% are being waived and 26% remain outstanding at 11 September 2020.

Brian Bickell, Chief Executive, said: “we remain confident in the long-term prospects for our exceptional portfolio and business.”

The Board of Shaftesbury has decided not to declare a final dividend in respect of the year ending 30 September 2020.