Vornado Q2 Profit Down

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By Florence Fabricant

Symbotic Stock Up 35% As Q2 Revenue Beats Street

Shares of Symbotic Inc. (SYM) rose 35% on Monday following after the company reported its second-quarter results, with revenues beating Street view.

Symbotic is currently trading at $57.04, up 35.85% or $14.87 in its regular trading session.

The net loss of Symbotic was $39 million or $0.07 per share, compared with $32.8 million or $0.03 per share during the same period last year.

The company’s revenue increased to $302.3 million compared with $169.5 million during the same period last year.

The company reported adjusted loss of $0.07 per share, missing the analyst consensus of $0.06.

The company’s revenue of $302.3 million, beat the analyst consensus of $261 million.

Treasuries Close Slightly Higher Following Lackluster Session

Treasuries fluctuated over the course of the trading session on Monday before eventually ending the day slightly higher.

After showing a lack of direction early in the day, bond prices climbed more firmly into positive territory before giving back ground going into the close.

Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by 1 basis point to 3.959 percent.

Traders seemed reluctant to make significant moves as they await the release of key economic data in the coming days, including the closely watched monthly jobs report on Friday.

Reports on initial jobless claims, factory orders and manufacturing and service sector activity could also impact trading.

With the Federal Reserve indicating future interest rate decisions, upcoming economic data may attract more attention than usual.

In economic news, MNI Indicators released a report showing Chicago-area business activity contracted at a slightly slower rate in the month of July.

MNI Indicators said its Chicago business barometer inched up to 42.8 in July from 41.5 in June, although a reading below 50 still indicates a contraction. Economists had expected the index to rise to 43.0.

Trading on Tuesday may be impacted by reaction to reports on manufacturing activity, construction spending and job openings.

Photos from the 23rd annual Underground Music Showcase in Denver

The 23rd annual UMS — or Underground Music Showcase — took place along South Broadway from Friday, July 28, through Sunday, July 30, with tens of thousands of Denverites taking in hundreds of performances by local and national acts. Hip hop, folk, salsa, punk, pop, EDM, metal and more was represented during the sweltering weekend of indoor and outdoor shows across a dozen or so stages.

Click here to read more about UMS.

European Economic News Preview: German Ifo Business Confidence Data Due

Business confidence from Germany and bank lending survey results from the euro area are the top economic news due on Tuesday.

At 2.00 am ET, producer price data is due from Statistics Sweden. Economists forecast producer prices to fall 5.9 percent on a yearly basis in June, bigger than the 2.1 percent fall in May.

At 4.00 am ET, the ifo Institute is scheduled to publish Germany’s business confidence survey data. The business climate index is forecast to fall to 88.0 in July from 88.5 in the previous month.

In the meantime, the European Central Bank releases bank lending survey results.

Also, unemployment data is due from Poland. Economists expect the jobless rate to fall to 5.0 percent in June from 5.1 percent in May.

At 6.00 am ET, the Confederation of British Industry is set to release Industrial Trends survey data for July. The order book balance is seen at -17 compared to -15 in June.

PetMed Express Inc. Q1 Earnings Summary

Below are the earnings highlights for PetMed Express Inc. (PETS):

Earnings: -$0.89 million in Q1 vs. $2.78 million in the same period last year.
EPS: -$0.04 in Q1 vs. $0.14 in the same period last year.
Analysts projected $0.07 per share
Revenue: $78.24 million in Q1 vs. $70.19 million in the same period last year.

Avis Budget Group Inc. Reports Retreat In Q2 Bottom Line, but beats estimates

Avis Budget Group Inc. (CAR) reported earnings for second quarter that decreased from the same period last year but beat the Street estimates.

The company’s earnings totaled $436 million, or $11.01 per share. This compares with $774 million, or $15.71 per share, in last year’s second quarter.

Analysts on average had expected the company to earn $9.44 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 3.7% to $3.12 billion from $3.24 billion last year.

Avis Budget Group Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $436 Mln. vs. $774 Mln. last year.
-EPS (Q2): $11.01 vs. $15.71 last year.
-Analyst Estimates: $9.44
-Revenue (Q2): $3.12 Bln vs. $3.24 Bln last year.

Vornado Q2 Profit Down

Vornado Realty Trust (VNO) on Monday said its profit for the second quarter dropped from last year.

The company reported net income of $46.38 million or $0.24 per share for the quarter, a decrease from last year’s profit of $50.42 million or $0.26 per share.

On an adjusted basis, it reported an income of $27.45 million or $0.14 per share, compared to $37.40 million or $0.19 per share the prior year.

Revenue increased to $472.36 million from $453.49 million the previous year.