Merck Animal Health: FDA Approves Expanded Indication For BRAVECTO Chews For Dogs
Merck Animal Health, a division of Merck & Co., Inc. (MRK), announced the U.S. Food and
Drug Administration’s approval of an expanded indication for BRAVECTO Chews for Dogs. . The new indication treats and controls Asian longhorned ticks.
Holger Lehmann, vice president, Pharmaceutical Research and Development, Merck Animal Health, said: “With BRAVECTO’s new indication in Asian longhorned ticks, we have expanded our portfolio with an important claim in the fight against parasites, as well as provided dogs with flea and tick protection that delivers immediate and persistent killing activity.”
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Gold Eases From 9-month High
Prices of the yellow metal eased after touching a 9-month high of $1949.70, earlier in the trade. Markets are keenly awaiting the fourth-quarter GDP data from the U.S. on Thursday, that could provide the context for the Fed’s next review early in February. GDP in the recent quarter is seen falling to 2.6 percent, from 3.2 percent in the previous quarter.
Gold Futures for February Settlement declined 0.31 percent to trade at $1,936.60. Prices oscillated between $1,933.55 and $1,949.70.
Spot Gold also declined 0.52 percent to trade at $1,936.12 per troy ounce. The day’s range has been between $1,933.12 and $1,949.29.
The Dollar Index, which measures the strength of the Dollar against a basket of 6 currencies gained 0.14 percent to trade near 101.79, versus 101.58 a day earlier, exacerbating the yellow metal’s decline.
Gold’s losses on Thursday are in sharp contrast to the upward movements in stocks, crude oil, and cryptocurrencies which were buoyed by the dovish bets on the Fed.
Sherwin-Williams Slides After Unexciting FY23 Guidance
Sherwin-Williams Co. (SHW) shares are declining on Thursday morning trade after announcing disappointing full-year earning guidance.
The company is looking for earnings guidance in a range of $6.79-$7.59 per share, while analysts are looking for $8.71 per share.
Currently, shares are at $225.26, down 8.94 percent from the previous close of $247.09 on a volume of 2,808,369.
Paragon 28 Stock Slips 17% After It Prices Public Offering At $17 A Share
Shares of Paragon 28, Inc. (FNA) are slipping over 17% on Thursday morning after the medical device company priced its public offering at $17.00 per share.
FNA is currently trading at $16.52, down $3.56 or 17.73%, on the NYSE. The stock opened its trading at $17.39 after closing previous day’s trading at $20.08. The stock has traded between at $12.35 and $21.49 in the 52-week period.
Paragon 28 priced its previously announced public offering of 6.5 million common shares at $17.00 per share. The proceeds from the offering to Paragon are expected to be about $63.8 million.
Paragon intends to use the proceeds for working capital, capital expenditures and other general corporate purposes.
Cullen/Frost Bankers Q4 Profit Tops Estimates
Bank holding company Cullen/Frost Bankers, Inc. (CFR) on Thursday reported that fourth quarter net income available to common shareholders surged to $189.51 million or $2.91 per share from $99.35 million or $1.54 per share in the prior-year quarter.
On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $2.75 per share for the quarter. Analysts’ estimates, usually, exclude one-time items.
Net interest income on a tax-equivalent basis surged 60.5 percent to $423.9 million from $264.0 million in the year-ago quarter. The company’s non-interest income was down 3.1 percent to $105.7 million from $109.1 million in the prior-year period. Analysts expected revenues of $501.42 million for the quarter.
The Cullen/Frost board declared a first-quarter cash dividend of $0.87 per common share, payable March 15, 2023 to shareholders of record on February 28 of this year.
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Man killed Thursday morning in Aurora hit-and-run
A man died early Thursday morning after the driver of a “large SUV” hit him while he was walking near Montview Boulevard and Peoria Street.
The driver then drove away and later ditched the vehicle.
Aurora police first reported the incident about 7 a.m. on Twitter and said the man was taken to a hospital with “life-threatening injuries.”
The man later died at the hospital, police said.
Police were searching for the vehicle, which was just described as a “large SUV,” but they later found the vehicle nearby without the driver.
Anyone with information is asked to call Metro Denver Crime Stoppers.
Xerox Holdings Stock Down 6% After Reporting Q4 Results
Shares of Xerox Holdings Corporation (XRX) are slipping over 6% on Thursday morning after reporting fourth-quarter results. The company sees improved profit, but flat or weak revenues in full year 2023.
XRX is currently trading at $16.26, down $1.16 or 6.66%, on the Nasdaq. The stock opened its trading at $17.93 after closing previous day’s trading 17.42. The stock has traded between $11.80 and $23.25 in the past 52-week period.
For the full year, the company projects adjusted operating margin of at least 4.7 percent, compared to adjusted operating margin of 3.9 percent in fiscal 2022.
Further, revenue for the year is expected to be flat to down low-single-digits in constant currency. In fiscal 2022, the company’s revenues were $7.11 billion.
In the fourth quarter, the company’s profit was $121 million, compared to loss of $675 million. Earnings per share were $0.74, compared to loss of $3.97 last year.
Adjusted earnings were $146 million or $0.89 per share for the period, compared to $62 million or $0.34 per share a year ago. On average, five analysts polled by Thomson Reuters expected earnings of $0.49 per share for the quarter. Analysts’ estimates typically exclude special items.
Total revenues for the quarter grew 9.2 percent to $1.94 billion from last year’s $1.78 billion. Analysts expected revenues of $1.89 billion for the quarter.