Stamps.com Q2 Results Top Estimates, Lifts FY Outlook

Trump just issued an executive order barring US companies from doing business with TikTok parent company ByteDance, giving it 45 days to sell the app

  • Trump issued an executive order Thursday evening prohibiting US companies from making "any transactions" with TikTok's parent company ByteDance.
  • The order is set to go into effect in 45 days.
  • Trump said he would ban the app from the US, citing national security concerns, though it's not clear he has the authority to do that.
  • Microsoft has been in talks to acquire the app, and Trump expressed that he would be open to a deal between the companies earlier this week.
  • This is a developing story; check back for updates.
  • Visit Business Insider's homepage for more stories.

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Michelle Obama Says She's 'Doing Just Fine' After Opening Up About 'Low-Grade Depression'



She added that Malia, 22, and Sasha, 19, have been playing the card game spades with Barack, 59 — and that they have a "vicious competition."

"They wouldn’t have sat down, but for this quarantine, to learn how to play a card game with their dad," she said.

Despite the turbulent times, Michelle offered some words of hope to listeners.

"We will get through this," she said. "The thing we have to remember is we've been through tough times in this nation. We are in a unique moment in history. We are living through something that no one in our lifetimes has lived through it."

Insurance Australia Group FY Profit Down 59.6%

Insurance Australia Group Ltd. (IAUGY.PK,IAUGF.PK) reported that its profit attributable to shareholders for fiscal year 2020 declined 59.6 percent to A$435 million from last year’s A$1.08 billion, due to financial impacts caused by the COVID-19 pandemic and increased natural peril claims from bushfires and storms.

The company said its fiscal year 2020 reported margin of 10.1% fell outside guidance of 12.5-14.5% due to the higher than expected level of natural peril events,a strengthening of reserves mainly in the liability, professional risks and workers’compensation areas, and credit spread effects.

Gross written premium grew 1.1 percent to A$12.14 billion from A$12.01 billion in the prior year. Net earned premium was A$7.36 billion up from A$7.24 billion in the previous year.

Tencent shares slide more than 4% after Trump order to ban WeChat-related U.S. transactions

HONG KONG, Aug 7 (Reuters) – Chinese tech giant Tencent’s shares fell more than 4% on Friday morning following U.S. President Donald Trump’s orders to ban WeChat-related U.S. transactions.

The orders come as the Trump administration said this week it was stepping up efforts to purge “untrusted” Chinese apps from U.S. digital networks and called the Chinese-owned short-video app TikTok and messenger app WeChat “significant threats”. (Reporting by Pei Li; Editing by Muralikumar Anantharaman)

South Korea to lift ban on travellers from Hubei, China

SEOUL (Reuters) – South Korea will lift a ban on travellers from the Chinese province of Hubei, which was the original epicentre of the coronavirus outbreak, starting on Monday, a government official said on Friday.

An absence of new confirmed cases in Hubei recently is cited as the basis for the decision, Yoon Tae-ho, a senior South Korean health ministry official, told a briefing.

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China July yuan-denominated exports rise 10.4% y/y, imports up 1.6% – state media

BEIJING, Aug 7 (Reuters) – China’s yuan-denominated exports in July rose 10.4% from a year earlier, while imports increased 1.6% on year, state TV reported on Friday, citing customs data.

For the first seven months of the year, exports declined 0.9% from the same period a year earlier, while imports dropped 2.6%, data showed.

China is due to report dollar-denominated trade figures for July later on Friday. (Reporting by Colin Qian and Ryan Woo; Editing by Shri Navaratnam)

Stamps.com Q2 Results Top Estimates, Lifts FY Outlook

Stamps.com (STMP), a provider of postage online and shipping software, reported that its second-quarter GAAP net income was $51.7 million, up 270% from $14.0 million in the second quarter of 2019. GAAP net income per share was $2.73, up 248% compared to $0.79 last year.

STMP closed Thursday regular trading at $262.34, down $21.61 or 7.61 percent. But, in the after-hours trade, the stock gained $50.41 or 19.22 percent.

Non-GAAP adjusted income per share was $3.11, up 148% compared to $1.25 in the second quarter of 2019.Analysts polled by Thomson Reuters expected the company to report earnings of $1.26 per share. Analysts’ estimates typically exclude special items.

Quarterly total revenue was $206.7 million, up 49% from last year. Analysts expected revenue of $153.3 million for the quarter.

For fiscal year 2020, the company expects GAAP net income per share to be in a range of $3.93 to $6.70, compared to the previous guidance of $2.08 to $2.92.

The company raised its annual net income to a range of $79 million to $122 million from $41 million to $53 million.

The company now expects annual total revenue to be in a range of about $650 million to $725 million, compared to the previous guidance of $570 million to $600 million.