Pepsico Inc Q2 adjusted earnings Beat Estimates
Pepsico Inc (PEP) announced a profit for second quarter that decreased from the same period last year.
The company’s bottom line came in at $1.65 billion, or $1.18 per share. This compares with $2.04 billion, or $1.44 per share, in last year’s second quarter.
Excluding items, Pepsico Inc reported adjusted earnings of $1.84 billion or $1.32 per share for the period.
Analysts had expected the company to earn $1.25 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter fell 3.0% to $15.95 billion from $16.45 billion last year.
Pepsico Inc earnings at a glance:
-Earnings (Q2): $1.84 Bln. vs. $2.18 Bln. last year.
-EPS (Q2): $1.32 vs. $1.54 last year.
-Analysts Estimate: $1.25
-Revenue (Q2): $15.95 Bln vs. $16.45 Bln last year.
George Soros to Invest $220 Million in U.S. Equality Groups
The Open Society Foundations, founded by George Soros, will invest $220 million in efforts to achieve racial equality in the U.S., according to astatement.
- The foundation will invest $150m in five-year grants for select Black-led racial justice groups
- Will also make a series of substantial investments, totaling $70 million, in more immediate efforts to advance racial justice
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Oil Prices Dip Amid Virus Surge
Oil prices declined on Monday, with rising tensions between the United States and China and a continued surge in Covid-19 infections in the U.S. weighing on markets.
Traders also await an OPEC technical meeting this week, which could outline plans to begin scaling back the historic output cuts.
Benchmark Brent crude fell 57 cents, or 1.3 percent, to $42.67 a barrel, while U.S. crude futures were down 70 cents, or 1.7 percent, at $39.87 a barrel.
“The relationship with China has been severely damaged. I don’t think about it now,” U.S. President Donald Trump told reporters on Friday from Air Force One when asked about the second phase trade deal.
The relationship between the two countries has been severely damaged with Beijing’s handling of the coronavirus outbreak.
The Chinese government today announced sanctions against US officials, including the Republican senators Marco Rubio and Ted Cruz, in response to Washington’s sanctions against senior Chinese officials.
U.S. Covid-19 infections surged over the weekend, with Florida surpassing the 15,000 mark of new cases on Sunday, a record for any state.
OPEC’s Joint Ministerial Monitoring Committee will meet on Tuesday and Wednesday to recommend levels for future supply cuts.
Iran Vows Retaliation If Sabotage Confirmed at Nuclear Facility
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Iran vowed to retaliate if it discovers a major nuclear enrichment facility was sabotaged earlier this month.
“If it’s concluded that a regime or a government had a hand in the incident, directly or indirectly, the Islamic Republic will respond decisively,” Foreign Ministry spokesman Abbas Mousavi said in a press briefing in Tehran. Suspicion has fallen on Israel and the U.S., which have sabotaged Iran’s nuclear program in the past.
The July 2 explosion at the Natanz nuclear site “didn’t have much impact” on activities there or the country’s nuclear program, Mousavi said.
The blast caused “significant damage” to an open-air structure that was used to store measurement equipment, authorities have said, without giving detail.
The New York Times has cited intelligence officials as saying the U.S. and Israel assess the blast has set back Iran’s nuclear program by as much as two years.
Behrouz Kamalvandi, the spokesman for Iran’s Atomic Energy Organization, had said the cause of the explosion couldn’t be disclosed due to “security considerations”.
Madison Dearborn Partners To Commence Tender Offer For Benefytt Technologies
Benefytt Technologies, Inc. (BFYT) has agreed to be acquired by funds affiliated with Madison Dearborn Partners, LLC. The all-cash deal is structured as a tender offer of $31.00 per share. The transaction is the culmination of a process led by Benefytt’s Board to explore strategic alternatives for the company.
Following completion of the merger, Benefytt will become a private company, substantially owned by the MDP Funds, and will no longer be traded on Nasdaq Global Select Market. Benefytt’s management team is expected to continue to lead the company.
Stock Alert: Maxim Integrated Shares Up 15% In Premarket
Shares of Maxim Integrated Products Inc. (MXIM) are rising over 15% in pre-market today, after the company said it now expects Q4 net revenue to be about $545 million, versus its prior guidance range of $480 million – $540 million. Twenty Wall Street analysts have a consensus revenue estimate of $511.23 million for the quarter.
“Strong performance by our manufacturing operations, including our test facilities in the Philippines, resulted in better-than-expected June quarter revenue,” said Tunc Doluca, President and Chief Executive Officer. “Despite recent global events, Maxim continues to demonstrate solid execution and profitability.”
The stock has been trading in the range of $41.93 – $65.73 for the past one year, and closed Friday’s trade at $64.09, down 38 cents or 0.59%. MXIM is currently trading at $74.25, up $10.16 or 15.85% in the pre-market session.