What to focus on as Dow dropped 1,100 points

Bank Of Hawaii Q4 Profit Beats Estimates

Bank of Hawaii Corporation (BOH) reported fourth quarter earnings per common share of $1.55, compared to $1.06, last year. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $1.35, for the quarter. Analysts’ estimates typically exclude special items. Net income was $63.8 million, up 50.9% year-on-year.

Net interest income was $126.4 million, an increase of 5.8% from last year. Noninterest income was $42.6 million, a decrease of 5.9%. Analysts on average had estimated $170.52 million in revenue.

The company’s Board declared a quarterly cash dividend of $0.70. The dividend will
be payable on March 14, 2022 to shareholders of record at the close of business
on February 28, 2022.

Vodafone Idea shares tumble 8% after Q3 loss widens

The company had posted a loss of ₹4,532.1 crore in the same period a year ago

Shares of Vodafone Idea tumbled 8% on January 24 after the company reported widening of its consolidated loss to ₹7,230.9 crore for the third quarter ended December 2021.

The telecom operator’s stock tanked 7.98 % to settle at ₹10.95 on the BSE. During the day, it plummeted 9.66% to ₹10.75.

On the NSE, it tumbled 7.59% to settle at ₹10.95.

Its market valuation declined by ₹2,729.75 crore to ₹31,465.25 crore on the BSE.

In traded volume terms, 587.84 lakh shares were traded on the BSE and over 34.52 crore shares on the NSE during the day. The earnings were announced post market hours on Friday.

The company had posted a loss of ₹4,532.1 crore in the same period a year ago.

Consolidated revenue from operations declined by 10.8% to ₹9,717.3 crore, from ₹10,894.1 crore in the year-ago period.

Its subscriber base declined to 24.72 crore, from 26.98 crore in the same quarter a year ago, because of tariff hikes by the company.

Gold Futures Settle Higher Ahead Of Fed Policy Meeting

Gold prices climbed higher on Monday with investors seeking the safe haven asset amid a sell-off in global stock markets.

Rising tensions between the U.S. and Russia on the Ukraine issue, and fears of monetary tightening by the Federal Reserve triggered a sell-off in global equities.

A drop in U.S. 10-year Treasury yields contributed as well to the yellow metal’s uptick.

The dollar climbed higher ahead of the Fed’s policy meeting, and this limited gold’s uptick. The dollar index, which climbed to 96.13, subsequently dropped to 95.86, but still stayed fairly high up in positive territory, gaining about 0.25%.

Gold futures for February ended higher by $9.90 or about 0.5% at $1,841.70 an ounce.

Silver futures for March ended lower by $0.520 at $23.800 an ounce, while Copper futures for March settled at $4.4125 per pound, down $0.1115 from the previous close.

The Federal Open Market Committee is scheduled to meet on Tuesday and Wednesday. Investors await clues on how soon and how much the Fed would raise rates this year.

The U.S. State Department announced Sunday evening that it would reduce staff levels at the U.S. Embassy in Kyiv, Ukraine, beginning with the departure of nonessential staff and family members.

Russia’s Foreign Ministry has rejected a British claim that Russia was seeking to replace Ukraine’s government with a pro-Moscow administration.

260173 New Covid Cases, 545 Deaths In US

With 260173 new cases reporting on Sunday, the total number of coronavirus infections in the United States has increased to 65,700,210, according to the latest data
from Johns Hopkins University.

545 more people died of the killer virus the same day, taking the national total to 850,605.

New York is the worst affected state, reporting 51,264 cases and 66 deaths.

The unusually low figures in Covid metrics are attributed to reporting delays in the weekend holidays.

There is a 98 percent increase in cases in the past fortnight, while Covid deaths rose by 57 percent in the same period.

Hospitalizations increased by 61 percent in two weeks, to 155,943, the New York Times reported.

43,090,644 people in the country have recovered from the disease so far, according to Worldometer.

What to focus on as Dow dropped 1,100 points

New York (CNN Business)The Biden administration is defending its economic track record as financial markets get hit by turmoil driven by concerns about the Federal Reserve’s plans to fight high inflation.

“We always focus on the trends in the economy, not any one day and not any single indicator, and the President’s economic team is actively monitoring developments,” a White House official told CNN on Monday. “And unlike his predecessor, President Biden does not look at the stock market as a means by which to judge the economy.”
The comments come as the Dow (INDU) plunged as much as 1,100 points Monday and dropped for a seventh day in a row. The market turmoil has been fueled in large part by concerns about the Fed’s planned interest rate hikes to cool off elevated inflation as well as rising concern about tensions between Russia and Ukraine.

    The White House official noted that while the stock market is up around 15% since President Biden took office, the administration’s focus is on how working families are doing and whether they have a job that delivers a paycheck and dignity.

      “By this measure, we have made real progress. We have historically strong jobs and economic growth, and the strength of that recovery, coupled with the tools we have to battle the pandemic, mean we are in an entirely different position than a year ago,” the official said, noting that a year ago 800,000 Americans were filing for first-time jobless claims each week and the unemployment rate has dropped sharply to 3.9%.