Stock Alert: Unity Software Tumbles After Touching New 52-week High

Stock Alert: Illinois Tool Works Shares Hit 52-Week High

Shares of Illinois Tool Works Inc. (ITW) touched a 52-week high of $208.00 Friday morning, and are currently trading at $203.38, up $1.66 or 0.82% in the regular trading session.

The company, today, reported third-quarter net income of $582 million or $1.83 per share compared to $660 million or $2.04 per share last year. Revenue for the quarter fell 4.9% to $3.31 billion from $3.48 billion last year.

Analysts polled by Thomson Reuters expected earnings of $1.46 per share on revenue of $2.97 billion for the quarter. Analysts’ estimate typically exclude certain special items.

Inside the sprawling network of hedge fund spin-offs from Israel Englander's Millennium Management

One could argue that Millennium Management's greatest advantage over other hedge funds is its ability to keep talented people in-house.

The massive hedge fund — which manages some $46 billion in assets across hundreds of teams — has a unique structure that lets portfolio managers operate in independent silos. The setup, which is grants PMs even more autonomy than fellow multi-strategy funds though with tight risk and loss parameters, helps billionaire founder Israel Englander convince staffers who might leave a more traditional fund to stay in-house — and recruit top talent into his firm. 

However, despite that and given he launched the firm over 30 years ago, Englander has sprouted a network of hedge funds.

According to a Business Insider review of LinkedIn, media reports, and industry sources, more than 70 former employees of Englander have launched their own funds across the globe. 

SUBSCRIBE NOW TO READ THE FULL STORY AND SEE OUR EXCLUSIVE GRAPHIC: Inside the alumni network of billionaire Israel Englander, the founder of $46 billion hedge-fund behemoth Millennium

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Stock Alert: Socket Mobile Soars 160% On Quarterly Results

Shares of nano-cap company Socket Mobile, Inc. (SCKT) are skyrocketing after the maker of barcode scanners reported a huge growth in profit for the third quarter.

SCKT is currently trading at $3.80, up $2.34 or 160.274%, on the Nasdaq.

Third-quarter profit rose to $424 thousand or $0.06 per share from $94 thousand or $0.01 per share last year. However, the company’s results aren’t complete and are subject to goodwill impairment.

“I need to point out the Q3’s net income may be impacted by adjustment to our goodwill, which is currently under review. Unfortunately, this annual review was not started in time and therefore, could not be completed before today’s announcement. We will report the results in the Form 10-Q that will be filed on or around November 13th,” Mills said.

Revenues for the third quarter dropped 17% to $4.1 million from $5.0 million last year. Nevertheless, compared to previous quarter revenues increased 51%.

Stock Alert: Triton International Rises 7% After Q3 Earnings Beat View

Shares of Triton International Limited (TRTN), a company engaged in the leasing and sale of intermodal containers, are gaining almost 7 percent or $2.49 in Friday’s morning trade at $39.15, after the company’s third-quarter earnings beat analysts’ estimates.

Also, Triton’s board of directors announced a nearly 10 percent increase in its quarterly common share dividend to $0.57 per share.

Friday, Triton reported third-quarter net income attributable to common shareholders of $45.9 million or $0.67 per share, down from $85.9 million or $1.17 per share in the year-ago quarter. Adjusted earnings were $1.14 per share, compared to $1.16 per share in the prior-year period. Total leasing revenues declined to $327.76 million from $336.67 million last year. On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.06 per share for the quarter on revenues of $335.3 million.

Looking ahead, the company expects adjusted earnings per share to increase in the range of 25 percent from the third to the fourth quarter of 2020.

Triton International has traded in a range of $19.80 to $41.54 in the past 52 weeks.

Gilead Completes Transaction To Acquire Immunomedics – Quick Facts

Gilead Sciences, Inc. (GILD) announced the completion of the transaction to acquire Immunomedics, Inc. (IMMU) for approximately $21 billion. On October 23, Gilead successfully completed the tender offer for all outstanding shares of common stock of
Immunomedics and accepted for payment all shares validly tendered and not withdrawn. Gilead said it will promptly pay for such shares, which shares represented approximately 81.38% of Immunomedics’ outstanding shares.

Immunomedics has become a wholly owned subsidiary of Gilead and the common stock of Immunomedics will no longer be listed for trading on the Nasdaq Global Market, which is anticipated to take effect as of the close of market on October 23, 2020.

Stock Alert: Unity Software Tumbles After Touching New 52-week High

Shares of Unity Software Inc. (U) are losing more than 7 percent or $7.70 in Friday’s morning trade at $93.26, after touching a new 52-week high of $103.97 despite no company-centric news.

U.S. stocks are mixed on Friday amid continued optimism that lawmakers in Washington will eventually reach an agreement on a new stimulus bill. However, a notable drop of shares of Intel Corp. (INTC) weighed on the tech sector, after the semiconductor giant reported third-quarter earnings that beat analyst estimates but on weaker than expected revenues for its Data Center Group.

California-based Unity Software operates a real-time 3D development platform that provides software solutions to create, run, and monetize interactive, real-time 2D and 3D content for mobile phones, tablets and other devices.

Unity Software has traded in a range of $65.11 to $103.97 in the past 52 weeks.