Stock Alert: TransAct Technologies Jumps 20% After Lifting Q3 Outlook
Shares of TransAct Technologies Inc. (TACT) is gaining nearly 20% on Tuesday morning after the computer hardware company lifted its third-quarter revenue outlook.
TACT is currently trading at $6.10, up $1.00 or 19.61%, on the Nasdaq.
TransAct now expects sales for the third quarter of $7.1 million to $7.3 million, up from prior expectation of $5.5 million to $6.0 million.
The company said its updated sales outlook includes about $1.4 million to $1.5 million of Food Service Technology recurring revenue, which was previously expected to be around $1.0 million.
TransAct Technologies develops software-driven technology and printing solutions for high-growth markets including food service, casino and gaming, POS automation, and oil and gas.
Trade deficit hits $67.1 billion, widest in 14 years
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(Reuters) – The U.S. trade deficit surged in August to the largest in 14 years, with imports climbing again, suggesting that trade could be a drag on economic growth in the third quarter.
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TRADE DEFICIT SPIKES TO 12-YEAR-HIGH, GOVERNMENT SAYS
The Commerce Department said on Tuesday the trade deficit jumped 5.9% to $67.1 billion, the widest since August 2006.
Economists polled by Reuters had forecast the trade gap widening to $66.1 billion in August.
Imports increased by 3.2% to $239 billion. Goods imports rose $6.5 billion to $203 billion. Exports increased 2.2% to $171.9 billion. Goods exports rose $3.5 billion to $119.1 billion.
USMCA LEADS SOME PRODUCE FARMERS TO FEAR THEY'LL GET LEFT BEHIND
The closely watched trade deficit with China decreased $1.9 billion to $26.4 billion in August.
A smaller trade bill contributed to gross domestic product over the last three quarters. The coronarivus crisis severely disrupted trade flows, which are now picking up.
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US election 2020: Trump ‘feeling great’ and ‘looking forward’ to the next presidential debate
Donald Trump has tweeted that he is “feeling great” as he continues to recover from coronavirus.
The US president also wrote that he was “looking forward” to the next presidential debate against his Democratic rival Joe Biden on 15 October in Miami.
We asked Trump supporters to show us their Facebook feeds
(CNN)Facebook on Tuesday removed a post from President Trump in which he falsely claimed that Covid-19 is less deadly than the seasonal flu.
Facebook spokesperson Andy Stone confirmed the company removed the post for breaking its rules on Covid-19 misinformation.
President Trump has, by his own admission, played down the threat of Covid-19. Now, while battling his own bout of the disease, he has continued to dishonestly downplay the severity of the virus.
His post on Tuesday falsely equated Covid-19 to the seasonal flu.
The President also posted the same message on Twitter. That post is still live, but Twitter has appended a message to the Tweet stating it violated the company’s rule on spreading misleading information related to Covid-19.
In August, Facebook and Twitter removed a post by Trump for containing false claims about Covid-19. The post contained a video of President during a Fox News interview in which he falsely claimed that children are “almost immune” to the virus.
Oyo CEO Ritesh Agarwal to speak at the Business Insider Global Trends Festival 2020
Business Insider is proud to announce that Ritesh Agarwal, founder and CEO of SoftBank-backed hotel chain Oyo, will speak at the inaugural BI Global Trends Festival, a virtual event taking place the week of October 19-23, 2020.
Agarwal, who founded Oyo when he was 18, predicts rapid changes in people's travel habits resulting from the coronavirus pandemic.
"The hospitality industry will never be the same again, that is absolutely clear," Agarwal told Reuters. "Small hotels are going to be in vogue. In my view, small is going to be the new big, wherein people will rethink a lot about going back to that 1,000-room hotel versus going to a 40-room niche hotel."
Oyo allows guests to book rooms on its mobile app. Promising more revenue to hotel owners, the company transforms local hotels into Oyo franchises and takes a cut on every booking.
As a college student, Agarwal won $100,000 from the Thiel Fellowship, a grant for young entrepreneurs. Oyo has since raised more than $3 billion in capital, including $700 million from Agarwal himself as part of a deal that raised Oyo's valuation to $10 billion. SoftBank has been funding the company since 2015.
Hear Agarwal discuss the future of travel at the Business Insider Global Trends Festival. Get your tickets today.
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Watch Fed Chair Jerome Powell talk rates, the economy and pandemic stimulus live
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Federal Reserve Chairman Jerome Powell delivers his latest views on the economy Tuesday morning to a virtual gathering of the National Association for Business Economics.
The official topic of the speech is "Global Reset? Economics, Business and Policy in the Pandemic" and comes amid a change in Fed policy that will keep short-term interest rates anchored near zero for years. At its most recent meeting, in September, the Federal Open Market Committee said it will seek to average inflation at more than 2%, meaning it won't hike rates until inflation stays meaningfully above that target for a period of time.
In addition to prepared remarks, Powell also will take questions from a moderator.
'Massively concerning' jobs report sends a signal that the economic recovery could be fading
Fed's Daly calls for more fiscal help to get the economy out of a 'big ditch'
Powell pledges the Fed's economic aid 'for as long as it takes'
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