Oil Prices Fall On Covid-19, US Election Worries
Oil prices fell more than 2 percent on Friday as Covid-19 infection rates continued to climb globally and the results of the U.S. presidential election are yet to be finalized.
Benchmark Brent crude fell 2.3 percent to $39.98 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 2.7 percent at 37.76.
The United States has surpassed 100,000 new coronavirus infections for the second day in a row on Thursday.
France posted a record number of new virus cases and Italy also registered its highest ever daily tally as several European countries reintroduce lockdown measures.
Denmark is killing its large mink population after discovering a coronavirus mutation that can spread to humans.
In the U.S. election, Democratic challenger Joe Biden gained more ground on President Donald Trump in the battleground states of Georgia and Pennsylvania, edging closer to winning the White House. The Trump team is pressing legal challenges in several states.
American Superconductor Corporation Q2 adjusted earnings Beat Estimates
Below are the earnings highlights for American Superconductor Corporation (AMSC):
-Earnings: -$3.71 million in Q2 vs. -$0.83 million in the same period last year.
-EPS: -$0.17 in Q2 vs. -$0.10 in the same period last year.
-Excluding items, American Superconductor Corporation reported adjusted earnings of -$2.74 million or -$0.13 per share for the period.
-Analysts projected -$0.18 per share
-Revenue: $21.18 million in Q2 vs. $14.01 million in the same period last year.
Ventas Inc. Q3 adjusted earnings Beat Estimates
Ventas Inc. (VTR) released a profit for third quarter that fell from the same period last year.
The company’s earnings came in at $12.75 million, or $0.03 per share. This compares with $85.26 million, or $0.23 per share, in last year’s third quarter.
Excluding items, Ventas Inc. reported adjusted earnings of $282.97 million or $0.75 per share for the period.
Analysts had expected the company to earn $0.02 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter fell 6.5% to $918.94 million from $983.16 million last year.
Ventas Inc. earnings at a glance:
-Earnings (Q3): $282.97 Mln. vs. $360.60 Mln. last year.
-EPS (Q3): $0.75 vs. $0.96 last year.
-Analysts Estimate: $0.02
-Revenue (Q3): $918.94 Mln vs. $983.16 Mln last year.
SCOR Q3 Profit Down
SCOR (SZCRF.PK) reported that its third-quarter net income group share declined to 109 million euros or 0.59 euros per share from 115 million euros or 0.62 euros per share in the prior year.
Operating results for the quarter declined to 180 million euros from 186 million euros in the prior year.
Gross written premiums was 4.09 billion euros, up from 4.05 billion euros in the prior year.
The company expects investment portfolio remains highly liquid, with financial cash flows of 8.4 billion over the next 24 months.
N.Y. Cases Surge Above 3,000 as Upstate Drives Second Wave
Upstate New York is driving a new phase of the coronavirus pandemic, Governor Andrew Cuomo said, as cases surged above 3,000 for the first time since May.
“We are obviously in a different phase with Covid,” Cuomo said. “We’ve been talking about it for weeks, but we have to fully acknowledge it.”
The number of cases statewide is increasing, with 1.9% of tests coming up positive on Thursday. Hot spots have cropped up in western and central New York, as well as along the Pennsylvania border, he said.
Cuomo said residents in those areas haven’t been following social distancing and mask guidelines. State officials will consult local authorities over the weekend to create tailored responses, he said.
Hot spots downstate, particularly in Queens, Brooklyn, and in Orange and Rockland counties, are improving, he said. As a whole, New York is doing relatively well as cases hit records nationally, Cuomo said.
“In general, downstate New York is doing better,” Cuomo said on a Friday conference call with reporters.
To keep cases down during the holidays, the state will be increasing the National Guard presence at airports to ensure travelers have tested negative. Cuomo also asked New York City Mayor Bill de Blasio to increase police presence at the airports, he said.
State university system officials also are requiring students to test negative before they can go home for Thanksgiving, he said. They will finish the rest of the fall semester remotely.
EARNINGS SUMMARY: Details of PICO HOLDINGS INC Q3 Earnings Report
Below are the earnings highlights for PICO HOLDINGS INC (PICO):
-Earnings: -$0.15 million in Q3 vs. $1.38 million in the same period last year.
-EPS: -$0.01 in Q3 vs. $0.07 in the same period last year.
-Revenue: $2.07 million in Q3 vs. $4.26 million in the same period last year.
Stock Alert: Global Blood Therapeutics Tanks 35% On Quarterly Results
Shares of Global Blood Therapeutics, Inc. (GBT) tanked over 35% on Friday morning after third-quarter results missed the Street estimates.
GBT is currently trading at $38.12, down $22.20 or 36.81%, on the Nasdaq.
Net loss for the third quarter was $59.88 million or $0.97 per share, narrower than last year’s loss of $64.55 million or $1.07 per share.
Total product sales for the third quarter was $36.9 million, resulting from sales of Oxbryta. The company did not generate product sales in the third quarter last year.
Analysts polled by Thomson Reuters estimated loss of $0.73 per share and revenues of $43.98 million.