U.S. Construction Spending Jumps More Than Expected In October

G-III Apparel Guides Q4 Sales Below Estimates – Quick Facts

While reporting financial results for the third quarter on Tuesday, G-III Apparel Group, Ltd. (GIII) provided sales guidance for the fourth quarter, below analysts’ expectations.

However, the Company said it is not currently providing any additional guidance as the developments associated with the COVID-19 pandemic continue to be fluid and there is significant uncertainty related to its impact.

For the fourth quarter. the company now projects a net sales decline of about 30 percent. On average, analysts polled by Thomson Reuters expect the company to report a sales decline of 26.9 percent to $551.54 million for the quarter.

As previously announced, the Company said it remains on track to complete the closing of 110 Wilsons Leather and 89 G.H. Bass stores by the end of fiscal 2021 as part of the restructuring of its retail operations segment.

Conn’s Q3 Adj. Profit Declines – Quick Facts

Conn’s, Inc. (CONN) reported third quarter non-GAAP adjusted net income per share of $0.25 compared to $0.49, a year ago. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.24, for the quarter. Analysts’ estimates typically exclude special items.

Third quarter total revenues were $334.16 million compared to $376.13 million, previous year. Analysts expected revenue of $345.19 million, for the quarter. Retail revenues were $259.9 million, a decrease of 7.3% year-on-year.

AutoZone Inc. Earnings Advance In Q1

AutoZone Inc. (AZO) announced earnings for its first quarter that advanced from last year.

The company’s earnings totaled $442.43 million, or $18.61 per share. This compares with $350.34 million, or $14.30 per share, in last year’s first quarter.

Analysts had expected the company to earn $17.77 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 12.9% to $3.15 billion from $2.79 billion last year.

AutoZone Inc. earnings at a glance:

-Earnings (Q1): $442.43 Mln. vs. $350.34 Mln. last year.
-EPS (Q1): $18.61 vs. $14.30 last year.
-Analysts Estimate: $17.77
-Revenue (Q1): $3.15 Bln vs. $2.79 Bln last year.

Dan Rather Has A Pithy Putdown For Donald Trump’s Postelection Antics

When it comes to mocking President Donald Trump’s postelection antics, Dan Rather has of late been on something of a roll.

On Monday, the veteran broadcast journalist dinged the outgoing president’s desperate attempts to cling to power with this tweet:

Rather this month has used a series of pithy posts on the social media platform to call out Trump’s baseless claims of mass voter fraud, pardoning of allies and his supporters’ acceptance of reality-defying falsehoods. Many of Rather’s tweets have gone viral.

Rather’s most succinct riposte for Trump, however, came in November, just days after Joe Biden was projected as the election winner:

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GE Boosts Balance Sheet by $4 Billion After Cash Flow Turnaround

General Electric Co. poured $4 billion into repairing its balance sheet, citing positive cash flows anticipated for the fourth quarter and the coming year.

The shares rose in pre-market New York trading after GE said it pre-funded about $2.5 billion in pension requirements and repaid $1.5 billion of an intra-company loan to GE Capital.

The moves underscore a turnaround taking hold at the industrial giant under Chief Executive Officer Larry Culp. GE said it expects to generate $2.5 billion in industrial free cash flow during the fourth quarter, a trend it sees carrying through 2021.

GE’s aircraft-engine manufacturing business has been hit hard by the global downturn in aviation caused by the Covid-19 pandemic and the 20-month grounding ofBoeing Co.’s 737 Max. With the workhorse aircraft starting commercial flights again this week, deliveries are set to ramp up.

GE shares advanced as much as 1.6% to $11.03 in pre-market New York trading before paring the gain.

Kinder Morgan Issues FY21 Outlook – Quick Facts

Kinder Morgan, Inc. (KMI) said, for 2021, the company targets $0.92 of net income attributable to KMI per share; $1.95 of DCF per share; and $6.8 billion of adjusted EBITDA. The company projects return value to shareholders in 2021 through a $1.08 per share dividend (annualized) and opportunistic share repurchases of up to $450 million. The KMI board will review the 2021 budget for approval at its January board meeting.

The company expects the board to declare a fourth quarter 2020 dividend of $0.2625 per share or $1.05 annualized, consistent with previous quarters in 2020.

Serious crash blocks southbound lanes of I-25 near 84th Avenue Tuesday morning

A serious crash is causing a backup north of Denver, Thornton police reported Tuesday morning.

Three lanes of southbound Interstate 25 are blocked near 84th Avenue. Police advise drivers to use alternate routes but a backup and delays are expected.

This story will be updated as more information becomes available.

U.S. Construction Spending Jumps More Than Expected In October

A report released by the Commerce Department on Tuesday showed construction spending in the U.S. increased by more than expected in the month of October.

The Commerce Department said construction spending jumped by 1.3 percent to an annual rate of $1.439 trillion in October after falling by 0.5 percent to a revised rate of $1.420 trillion in September.

Economists had expected construction spending to climb by 0.8 percent compared to the 0.3 percent uptick originally reported for the previous month.

The bigger than expected increase in construction spending came as spending on private construction surged up by 1.4 percent to an annual rate of $1.094 trillion.

Spending on residential construction spiked by 2.9 percent to a rate of $637.1 billion, more than offsetting a 0.7 percent drop in spending on non-residential construction to a rate of $456.6 billion.

The report also said spending on private construction climbed by 1.0 percent to an annual rate of $344.8 billion. Spending on educational and highway construction both increased.