PetMed Express shares fall 12% after earnings and sales miss
PetMed Express Inc. PETS, -0.31% shares sank 12.5% in Monday premarket trading after the pet pharmacy company reported fiscal first quarter earnings and sales that missed consensus. Net income totaled $5.3 million, or 26 cents per share, down from $12.6 million, or 62 cents per share, last year. Sales of $80.0 million were down from $87.4 million in 2018. The FactSet consensus was for EPS of 42 cents and sales of $85.8 million. Average order value fell to $86 from $90 last year. PetMed Chief Executive Menderes Akdag said in a statement that sales and gross margins were hurt by online competition and pricing pressure, which forced them to slash prices. Margins could get a boost from more direct purchasing relationships with manufacturers, he said, and in fiscal 2020, the company will be focused on greater advertising spend efficiency and e-commerce investment while remaining price competitive. PetMed, which declared a 27-cents-per-share quarterly dividend, said it would continue to pay regularly quarterly dividends, but said they would be "discretionary" in the future. PetMed Express stock has fallen 59.6% over the past year while the S&P 500 index SPX, -0.62% is up 6.2% for the period.
Iraq's polluted water supply sickens 120,000 people
Tens of thousands of Basra residents have required hospital treatment because of government mismanagement and neglect.
The largest city in southern Iraq may be rich in oil but Basra’s government leaders are accused of being poor at providing the population with clean drinking water.
Around 120,000 residents have needed hospital treatment in the past year after drinking water polluted with sewage and toxic waste.
Some fear a repeat unless the problem is fixed.
Al Jazeera’s Osama Bin Javaid reports.
Release tanker and crew immediately, Britain tells Iran
Britain called on Iran on Monday to release a British-flagged tanker and its crew immediately, describing the seizure of the Stena Impero in the Strait of Hormuz as illegal.
Iranian Revolutionary Guards rappelled from helicopters and seized the Stena Impero in the Strait of Hormuz on Friday in apparent retaliation for the British capture of an Iranian tanker two weeks earlier.
"The ship was seized under false and illegal pretenses and the Iranians should release it and its crew immediately," Prime Minister Theresa May's spokesman told reporters.
"We do not seek confrontation with Iran but it is unacceptable and highly escalatory to seize a ship going about legitimate business through internationally recognized shipping lanes."
May was chairing a meeting of Britain's COBR emergency response committee and foreign minister Jeremy Hunt is expected to make a statement to parliament later on Monday to face criticism that British naval vessels should have escorted the ship.
The spokesman said emergency committee meeting was discussing ways of strengthening reassurance and monitoring for commercial shipping.
Fan stops play at PNC Park by trying to shake player’s hand in batter’s box
Give him an "A" for originality.
Streakers have had their shine. Foul line-to-foul line sprinters have been laid out by security guards. Those tactics are old hat. This guy? He just wanted to shake Brad Miller's hand.
A fan casually strolled toward the batter's box Sunday at PNC Park in the top of the sixth inning with Miller in the batter's box as the Pittsburgh Pirates hosted the Philadelphia Phillies. All the male spectator, wearing a Hawaiian shirt and jeans, did was appear to take a video on his cellphone of his leisurely intrusion and try to shake Miller's hand, and the Phillies infielder backed away as play stopped.
Dude just walked on the field and tried to shake Brad Miller’s hand. Cuffed in the Phillies dugout and taken away: pic.twitter.com/l3AcBxiSLw
A fan just strolls along the field and security did nothing. #RingTheBell#[email protected]@philliespic.twitter.com/3T6OUzouqt
Eventually, the fan was handcuffed by police near the first-base dugout and escorted off the field.
Play continued and Miller grounded into an inning-ending double play. The Phillies went on to win 2-1 in 11 innings.
Gold Holds Steady In Cautious Trade
Gold prices held steady on Monday after steep losses in the previous session.
Spot gold edged up 0.1 percent to $1,427.01 per ounce after falling 1.5 percent in the previous session. U.S. gold futures were marginally higher at $1,427.65 an ounce.
The U.S. dollar drifted higher today as hopes faded for aggressive Fed rate cuts in July and Gulf tensions supported safe-haven bids.
Geopolitical tensions remain high after Iran said that it had arrested 17 Iranian citizens on charges of spying for the United States and some of them have already been sentenced to death.
Those taken into custody worked on “sensitive sites” in the country’s military and nuclear facilities, an Iranian intelligence official told a press conference in Tehran.
The announcement comes amid heightened tensions in the Persian Gulf region following U.S. President Donald Trump’s decision to pull the United States out of Tehran’s deal last year and intensify sanction on the country.
There was no immediate comment from Washington.
Investors now await the outcome of tomorrow’s U.K. leadership election and Thursday’s ECB meeting for further direction.
The U.S. Federal Reserve is likely to lower U.S. interest rates by 25 basis points at its July 30-31 meeting.
Crane Says 66.77% Of CIRCOR Shares Tendered To Offer – Quick Facts
Diversified manufacturer Crane Co. (CR) reported Monday the results of its previously announced cash tender offer to acquire all outstanding shares of CIRCOR International, Inc. (CIR) for $48 per share, which expired at 12:00 midnight, New York City Time, on July 19, 2019.
As of the expiration of the tender offer, a total of 13.03 million CIRCOR shares had been validly tendered and not validly withdrawn from the tender offer (including 393,225 shares tendered by notice of guaranteed delivery but not yet delivered), representing, together with shares owned by Crane, approximately 66.77% of all CIRCOR shares issued and outstanding.