Emerson Electric Co.
85.11 - 87.15
81.01 - 104.23
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Monday, October 11, 2021 U.S. stock futures are edging lower ahead of the Columbus Day holiday, with oil prices extending last week gains and moving to fresh 7-year highs ahead of key inflation data later this week and the upcoming earnings season, which starts Friday with the big banks ($JPM, $Citi). Over the weekend, Goldman Sachs cuts its 2021 economic growth forecast by 10 basis points, to 5.6%, while lowering its 2022 estimate by 40 basis point to 4% citing a “longer lasting virus drag on virus-sensitive consumer services” and the impact of an extended shortage in global semiconductors. The bond market is closed today in observance of the Columbus Day holiday after the 10-year yield closed at 1.612% on Friday, the highest level of the week. Oil prices extending gains, as WTI crude rises over $2.20 or 2.8% above $81.50. In Asian markets, The Nikkei Index rose 449 points (1.6%%) to 28,498, the Shanghai Index was little changed at 3,591, and the Hang Seng Index jumped nearly 2% or 487 points to settle at 25,325. In Europe, the German DAX is down about -50 points to 15,150, while the FTSE 100 is up about 0.25% at 7,110. Q quiet day expected ahead with no economic data and bond markets closed. Market Closing Prices Yesterday · The S&P 500 Index dropped -8.42 points, or 0.19%, to 4,391.34 · The Dow Jones Industrial Average fell -8.69 points, or 0.03%, to 34,746.25 The Nasdaq Composite slid -74.48 points, or 0.51%, to 14,579.54 · The Russell 2000 Index declined -17.00 points, or 0.76% to 2,233.09 Events Calendar for Today · No Major Economic Data Earnings Calendar: · Earnings Before the Open: AZZ, ENZ, FAST · Earnings After the Close: PNFP, SGH Other Key Events: · American Society of Retina Specialists Annual Scientific Meeting, in San Antonio, TX 10/8-10/12 World News · Goldman Sachs cuts its forecast for U.S economic growth over the weekend, citing a “longer lasting virus drag on virus-sensitive consumer services” and the impact of an extended shortage in global semiconductors. Goldman trimmed its 2021 growth forecast by 10 basis points, to 5.6%, while lowering its 2022 estimate by 40 basis point to 4%, adding that consumer spending is likely to be held back by pandemic uncertainty and a softer-than-expected fiscal response from the Biden administration. · Taiwan will keep bolstering its defenses to ensure nobody can force them to accept the path China has laid down that offers neither freedom nor democracy, President Tsai Ing-wen said on Sunday – Reuters Sector News Breakdown Consumer · Southwest Airlines ($LUV) cancelled 808 flights yesterday and has cancelled another 1,006 today, according to data from Flightaware.com. The company blamed the disruption on air traffic control issues and weather, although other major airlines are not delaying or cancelling flights at an elevated rate. There was speculation that some Southwest employees have called in sick in a form of protest over the mandatory vaccination rules in place, which have been unconfirmed · Hasbro ($HAS) said CEO Brian Goldner will take a medical leave of absence, effective immediately, slightly more than a year after disclosing that he was undergoing continued medical care following treatment for cancer in 2014. Energy, Industrials and Materials · Honeywell ($HON) raised its business outlook for jet deliveries on Sunday as travel restrictions ease as they now see 7,400 new business jet deliveries worth $238 bln over the next 10 years, up 1% from the same 10-year forecast a year ago. Business jet operators surveyed by Honeywell reported a sharp increase in their used jet purchase plans, 12% above last year’s report · Emerson Electric ($EMR) plans to merge two of its software businesses with Aspen Technology (AZPN) in a roughly $11B deal that values Aspen at around $160 a share, as shareholders would receive $87 and 0.42 share of the combined company for each share they currently own – WSJ https://on.wsj.com/3FxyVx7 · Cleveland-Cliffs ($CLF) agrees to acquire Ferrous Processing and Trading, one of the largest processors and distributors of prime ferrous scrap in the U.S., in a deal with an enterprise value of ~$775M. · Tutor Perini’s ($TPC) joint-venture signed a contract valued at ~$178 million by the U.S. Department of the Interior, Bureau of Reclamation, for the Friant-Kern Canal Middle Reach Capacity Correction Phase I project in central California, southeast of Visalia. Financials · Prudential ($PRU) mentioned positively in Barron’s saying for many years, Prudential Financial’s stock had a nice yield, but it didn’t offer much capital appreciation. The pandemic didn’t help, as the shares lost about 12% last year, dividends included, versus an 18% return for the S&P 500 index. But the market has changed its view, partly owing to an uptick in rates. On top of that, Prudential, whose businesses include life insurance, variable annuities, and asset management, is getting some credit for more-consistent earnings in recent years. Healthcare · Supernus Pharmaceuticals, Inc. ($SUPN) to acquire Adamas Pharmaceuticals, Inc. (ADMS) through a tender offer for $8.10 per share in cash (or an aggregate of approximately $400 million), payable at closing plus two non-tradable contingent value rights (CVR) collectively worth up to $1.00 per share in cash (or an aggregate of approximately $50 million), for a total consideration of $9.10 per share in cash (or an aggregate of approximately $450 million). · AstraZeneca ($AZN) Phase 3 trial met its primary end point; trial showed a reduced risk of death & severe C-19 by 67% in a trial where 90% of participants were from high-risk categories; only long acting antibody combination that can both prevent & treat C-19 · Merck ($MRK) submitted an Emergency Use Authorization (EUA) application to the U.S. FDA for molnupiravir, an investigational oral antiviral medicine, for the treatment of mild-to-moderate COVID-19 who are at risk for progressing to severe COVID-19 and/or hospitalization · Regenxbio ($RGNX) announces initial data from the ongoing Phase II ALTITUDE trial of RGX-314 for the treatment of diabetic retinopathy (DR) without center-involved diabetic macular edema (CI-DME) using in-office suprachoroidal delivery. · BeiGene ($BGNE) announced that BRUKINSA has been approved in Australia for the treatment of adult patients with mantle cell lymphoma who have received at least one prior therapy Technology, Media & Telecom · Apple ($AAPL) asked a federal appeals court on Friday to throw out a legal decision that would require the tech giant to tweak its strict App Store rules and force it to allow app developers to inform customers of ways to pay for subscriptions and services outside the App Store – NYT · Gray Television ($GTN) a positive mention in Barron’s saying at about $23.50 a share, it has a price/earnings ratio of five based on 2022 estimates. It looks like an inexpensive way to bet on broadcast as Gray’s strength in local news helps it make a killing in political ads · Toshiba Corp ($6502.T) said it would announce the results of a strategic review of its business along with its quarterly earnings results and a new mid-term business plan on Nov. 12. A spokesperson said the results of Toshiba’s strategic review would be part of the new business plan. The company had previously said the review would be announced this month. · U.S.-listed Chinese tech stocks Alibaba ($BABA), JD.com ($JD) and Baidu ($BIDU) among market leaders early; BABA shares up over 5% after Reuters noted the Daily Journal Corp, chaired by Berkshire Hathaway Vice Chairman Charlie Munger, boosted its holdings in BABA by 83% during Q3, according to public disclosures. Also helping sentiment in China listed stocks, China’s antitrust regulator also fines delivery giant Meituan 3.4 bln yuan ($527.4 mln), a smaller than expected figure, for abusing its dominant market position · Comcast ($CMCSA) downgraded to Market Perform from Outperform at Raymond James
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@everyone U.S. equity futures extend yesterday’s rally amid apparent progress on the debt-ceiling impasse in Washington, while in Europe, natural gas prices and power fell after Russia offered to ease Europe’s energy crisis as U.S. stocks are looking at a stronger open. Yesterday, the S&P 500 erased a -1.3% loss in its biggest reversal since February to settle modestly higher as investors grew more optimistic that congressional Democrats and Republicans could reach a deal to avert a government debt default with October 18th, the date Treasury Secretary Janet Yellen has estimated the government will run out of money and not be able to service its existing debts, if the ceiling remains in place. China markets and U.S. listed Chinese stocks (BABA, BIDU, JD) are rising as President Biden and his Chinese counterpart Xi Jinping agreed to hold a virtual summit by the end of the year. Late yesterday, top U.S. Senate Republican Mitch McConnell said his party would support an extension of the federal debt ceiling into December. The offer could provide an off-ramp to a months-long standoff between President Joe Biden’s Democrats and McConnell’s Republicans, who had been expected on Wednesday to block a third attempt by Senate Democrats to raise the $28.4 trillion debt ceiling. In Asian markets, The Nikkei Index rose 149 points to 27,678, the Shanghai Index remained closed for its Golden Week holiday, and the Hang Seng Index surged 735 points, or over 3% to settle at 24,701. The picture remains bright in Europe as well with the German DAX up 175 points to 15,150 and the FTSE 100 rising 67 points or nearly 1% to 7,060. The monthly nonfarm payroll report also in focus tomorrow. Market Closing Prices Yesterday · The S&P 500 Index gained 6.51 points, or 0.15%, to 4,363.55 · The Dow Jones Industrial Average rose 90.49 points, or 0.26%, to 34,416.99 · The Nasdaq Composite dropped -64.79 points, or 0.44%, to 14,501.91 · The Russell 2000 Index declined -26.67 points, or 1.19% to 2,214.96 Events Calendar for Today · 7:30 AM ET Challenger Layoffs for Sept · 8:30 AM ET Weekly Jobless Claims · 8:30 AM EST Continuing Claims · 10:30 AM ET Weekly EIA Natural Gas Inventory Data · 3:00 AM ET Consumer Credit for Aug Earnings Calendar: · Earnings Before the Open: CAG, HELE, LW · Earnings After the Close: ACCD Other Key Events: · China’s Caixin Services PMI for Sept · Piper Global Chemicals M&A Conference (virtual), 10/7 · International Conference on Molecular Targets & Cancer Therapeutics (virtual), 10/7-10/10 Consumer · Costco ($COST) reported net sales of $19.50 billion for the retail month of September, the five weeks ended October 3, 2021, an increase of 15.8% from $16.84 billion last year; Total Company Comparable Sales rose 14.3%, Sept E-Commerce Sales rose 10.6%, Sept total co. Comparable Sales ex-impacts of gas prices, foreign exchange rose 9.4% and Sept E-Commerce sales ex-impacts of gas prices, foreign exchange rose 9.6% · Levi Strauss ($LEVI) Q3 EPS $0.48 vs. est. $0.37; Q3 revs up 41% YoY to $1.5B vs. est. $1.48B; authorizes $200M share buyback; qtrly gross margin was 57.6% of net revenues, up from 54.3%; said qtrly DTC net revenues increased 34% due to increased revenues from our company-operated stores; sees 4q net rev growth 20-21% YoY · Resources Connection ($RGP) Q1 EPS $0.43 vs. est. $0.25; Q1 revs $183.1M vs. est. $175.7M; sees Q2 revs $186M-$190M vs. est. $176.9M · Carnival Cruise Line ($CCL) announced plans for more ship restarts for January and February, as it works towards the return of its full fleet sailing from U.S. homeports in the spring of 2022 · Life Time Group ($LTH) 39M share IPO priced at $18.00 Energy, Industrials and Materials · Crude futures extend Wednesday’s slump. WTI drops as much as 3.2% before recovering near $75.80. Brent follows similar price action, settling just shy of the $80 mark. · Emerson Electric Co ($EMR) is in talks to merge its software assets with industrial software company Aspen Technology Inc (AZPN), Bloomberg News reported on Wednesday, citing people with knowledge of the matter. https://bloom.bg/3AlySkj · U.S. Silica Holdings, Inc. ($SLCA) said to explore strategic alternatives for industrial & specialty products (ISP) segment · Rocket Lab USA ($RKLB) announced that it has been selected to launch NASA’s Advanced Composite Solar Sail System on the Electron launch vehicle. Financials · Chubb ltd ($CB) files mixed securities shelf · Credit Acceptance ($CACC) increased the size of its revolving secured line of credit facility from $340M to $385M · Realogy ($RLGY) forms strategic joint venture with Centerbridge Partners to accelerate growth of title insurance underwriter; Centerbridge to purchase controlling interest of Realogy’s title insurance underwriter for $210M in cash · RLI Corp. ($RLI) announced an estimated range of pretax catastrophe losses of $30M-$35M, net of reinsurance, in Q3 Healthcare · Denali Therapeutic ($DNLI) announced positive Phase 1 clinical results and regulatory progress for two investigational small molecule therapeutics in development for the treatment of amyotrophic lateral sclerosis, ALS, at the 2021 Annual Northeast ALS · SeaSpine Holdings Corp. ($SPNE) announced the successful completion of the first cases in both the United States and Australia for the 7D Percutaneous Spine Module · Moderna ($MRNA) announced it will build a mRNA facility in Africa with the goal of producing up to 500M doses of vaccines each year at the 50-microgram dose level; the company anticipates investing up to $500M in this new facility · Osmotica Pharmaceuticals ($OSMT) 14M share Spot Secondary priced at $2.50 · Theseus Pharmaceuticals ($THRX) 10M share IPO priced at $16.00 Technology, Media & Telecom · IAC/InterActiveCorp. ($IAC) has reached a roughly $2.7 billion deal to buy magazine publisher Meredith Corp. (MDP), with holders to receive $42.18 per share in an all-cash deal. As a result of the deal, Meredith will become part of DotDash, IAC’s digital-publishing division. · Dutch antitrust authority finds Apple ($AAPL) in-app payment system anti-competitive – Reuters reports citing sources; Dutch authority has ordered apple to change app store practices; Apple has appealed to Dutch court to block publication of regulatory decision · Alibaba ($BABA), Baidu ($BIDU), NetEase ($NTES), Didi Global ($DIDI) among U.S.-listed Chinese stocks rising as concerns around U.S/China trade relations and Evergrande’s debt crisis appeared to ease. Fund giant Fidelity is putting money back into Chinese stocks and thinks the recent “indiscriminate” selling caused by the debt crisis at property giant Evergrande is presenting opportunities in the country’s beaten up bond markets. Reuters reported. “There are companies that have seen good haircuts on their debt that are not justified,” Fidelity’s global Chief Investment Officer Andrew McCaffery said during a roundtable, adding that some other parts of Asia had also been impacted. · Twitter, Inc. ($TWTR) to sell MoPub to AppLovin Corp. (APP), a leading marketing software company, for $1.05 billion in cash. The transaction will enable Twitter to accelerate the development of owned and operated revenue products and drive growth · Citrix Systems Inc ($CTXS) said David j. Henshall steps down as president, chief executive officer and member of board of directors and Bob Calderoni appointed interim president and chief executive officer; sees Q3 revenue at midpoint to high end of guidance range of $765M-$775M vs. est. $778M
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Wednesday, August 4, 2021 Futures Up/Down % Last Dow -25.00 0.07% 34,973 S&P 500 -1.25 0.04% 4,413 Nasdaq 11.50 0.08% 15,058 U.S. S&P futures are flat heading into the trading day, looking to build on record highs from Tuesday as positive earnings boost U.S and European stocks while worries over China’s gaming and technology crackdown ease, helping lift those markets. Risk sentiment improves across Asia as Chinese and Hong Kong stocks push higher on tech recovery and solid Caixin PMI data. In Asian markets, The Nikkei Index fell -57 points to 27,854, the Shanghai Index rose 29 points to 3,477 and the Hang Seng Index jumped 231 points to settle at 26,426. In Europe, the German DAX is climbing around 125 points to 15,680, while the FTSE 100 is up 0.4% to 7,135. Chinese Jul Caixin Services PMI beat: 54.9 vs 50.6 consensus. Some also see the spread of the Covid-19 delta variant as delaying rather than stopping the economic recovery. The New York Times reported overnight that the FDA plans to give full approval to Pfizer (PFE) and BioNTech (BNTX) coronavirus vaccine by the start of the next month. Earnings season has been strong with about 87% of S&P 500 companies reporting earnings and revenue beats, according to FactSet. Just under 70% of the S&P 500 now has reported earnings. The S&P 500 closed at record highs with gains in Apple and healthcare stocks, as concerns over a surge in the Delta variant of the coronavirus was put to the back-burner, overshadowed by continued upbeat corporate earnings. Ten of the 11 S&P indexes traded higher, with energy stocks rebounding after getting hit by a dip in oil prices. Market Closing Prices Yesterday The S&P 500 Index gained 35.99 points, or 0.82%, to 4,423.15 The Dow Jones Industrial Average rose 278.24 points, or 0.80%, to 35,116.40 The Nasdaq Composite climbed 80.23 points, or 0.55%, to 14,761.29 The Russell 2000 Index advanced 8.09 points, or 0.36% to 2,223.58 Events Calendar for Today 7:00 AM ET MBA Mortgage Applications Data 8:15 AM ET ADP Employment Change for July…est. 695K 9:45 AM ET Markit Composite PMI, July-F 9:45 AM ET Markit Services PMI, July-F 10:00 AM ET ISM Non-Manufacturing Services PMI for July…est. 60.5 10:30 AM ET Weekly DOE Inventory Data Earnings Calendar: Earnings Before the Open: ABC, AEIS, ALE, APO, ASTE, BCOR, BDC, BGCP, BWA, CDW, CLVS, CLH, CLW, CMLS, CRL, CSII, DNOW, DOC, EDIT, EMR, ETR, EXC, FLOW, FUN, GEL, GM, HDSN, HFC, HZNP, IONS, JLL, KHC, LL, MAC, MKL, MPC, MPLX, MTOR, NI, NYT, ODP, RCL, SBGI, SGRY, SITE, SMG, SPR, SUP, TGI, TUP, TXMD, UTHR, VCEL, VMC, WLL Earnings After the Close: ACAD, ACLS, ADPT, ADTN, AGL, ALB, ALL, AMED, ANGI, ANSS, APA, ATO, AXGN, BBSI, BE, BFAM, BKNG, BOOT, CCMP, CDAY, CENX, CHNG, CMP, CPS, DGII, DOX, DVAX, DXC, EA, EGHT, ELF, EMKR, EOG, ETSY, EVH, FLT, FOXA, FSLY, FTDR, GDDY, GNK, HI, HUBS, IAC, INGN, IVR, JACK, LESL, LNC, LPI, LUMN, MAXR, MBI, MCK, MED, MET, MGM, MOD, MRO, MTG, NUS,NVRO, ONEM, PARR, PDCE, $PING, PLYA, QRVO, QTWO, RCII, REGI, RGR, RMAX, RNWK, EOKU, RPD, $RVLV, RYN, SBRA, SMSI, SUM, T$NDM, TPC, TTGT, TVTY, TWNK, TWO, TXG, $UBER, UHAL, VVV, VZIO, WDC, WU, YELL Other Key Events: Jefferies Industrials Conference (virtual), 8/3-8/4 Piper Wealth Management Forum (virtual), 8/3-8/6 Macro Up/Down Last Nymex -0.34 70.22 Brent -0.18 72.23 Gold 3.30 1,813.75 EUR/USD -0.0008 1.1856 JPY/USD 0.13 109.17 10-Year Note +0.008 1.182% Sector News Breakdown Consumer Caesar’s Entertainment ($CZR) Q2 EPS $0.34 vs. est. loss (-$0.26); Q2 revs $2.5B vs. est. $2.27B; Q2 same-store Adjusted EBITDA was $1B versus (-$131M) for the comparable prior-year period; Company posted all-time records in quarterly Adjusted EBITDA and Adjusted EBITDA margin. Denny’s ($DENN) Q2 adj EPS $0.18 vs. est. $0.11; Q2 revs $106.2M vs. est. $98.1M; Q2 domestic system-wide same-store sales decreased 1.2% compared to the equivalent fiscal period in 2019, including a 1.5% decrease at domestic franchised restaurants and a 1.9% increase at company restaurants. Herbalife ($HLF) Q2 adj EPS $1.52 vs. est. $1.29; Q2 revs $1.55B vs. est. $1.57B; Q2 adjusted EBITDA of $262.1M; raises FY21 EPS view to $4.70-$5.10 from $4.65-$5.05 (est. $4.93); sees FY net sales growth to be in a range of 8.5% to 12.5%, lowering the midpoint by 150 basis points compared to prior full year 2021 guidance. Host Hotels ($HST) Q2 adj FFO $0.12 vs. est. $0.04; Q2 revs $649M vs. est. $606.58M; said RevPAR reached nearly $100 for the quarter, which dramatically outperformed consensus RevPAR, with average room rates only 8.4% below our 2019 second quarter rates; not providing year guidance Hyatt ($H) 2Q adj EPS ($1.15) vs est. ($0.85) on comparable system-wide REVPAR $72.47, qtrly total revs $663Mm vs est. $686.9Mm; guides FY net rooms growth more than +6%, sees FY adj SG&A about $240Mm, sees FY CAPEX about $110Mm Energy Devon Energy ($DVN) Q2 adj EPS $0.60 vs est. $0.52 on revs $2.42B vs est. $2.35B, operating cash flow $1.1B, production for the quarter averaged 291k barrels/day; will pay total dividend of 49c/shr (11c fixed + 38c variable), a 44% increase from Q1; sees 3q production 566-594 mboe/d vs est. 564.80 mboe/d Occidental Petroleum ($OXY) Q2 adj EPS 32c vs est. 1c on revs $5.96B vs est. $5.92B, FCF $2B, cash flow from continuing operations $3.3B; said oil and gas results improved from Q1 due to higher commodity prices and sales volumes; executed debt tender offer and repaid over $3B of long-term debt in July ONEOK ($OKE) Q2 EPS $0.77 vs. est. $0.75; Q2 revs $3.39B vs. est. $3.03B; sees 2021 net income, adj earnings before interest, taxes, depreciation, amortization to be above midpoints of ranges provided on April 27, 2021 SunPower ($SPWR) Q2 adj EPS $0.06 vs. est. $0.04; Q2 revs $308.9M vs. est. $327.31M; guides Q3 revs $325M-$375M vs. est. $400.83M; sees Q3 GAAP net loss of $10 to $0 million and MW recognized of 125 MW to 150 MW; Q2 added 13,000 residential customers – residential bookings up 16 percent sequentially, 67 percent year-over-year (YoY) The American Petroleum Institute ($API) showed a draw of 879K barrels of oil for the latest week; gasoline inventories show a draw of 5.75M barrels, distillate inventories show a draw of 717K barrels and Cushing inventories show a build of 659K barrels W&T Offshore ($WTI) Q2 EPS $0.02 vs. est. $0.07; Q2 revs $132.8M vs. est. $122.38M; Q2 Production was 40,888 Boe/d or 3.7 MMBoe, an increase of 3% compared to 39,657 Boe/d in Q1 and down 3% versus 42,037 Boe/d in Q2 of 2020 Financials Assurant Inc. ($AIZ) Q2 operating EPS $2.99 vs. est. $2.45; Q2 revs $2.54B vs. est. $2.39B; continue to expect to grow eps, ex. catastrophes, by 10 to 14 percent for 2021 Fair Isaac ($FICO) Q3 non-GAAP EPS $3.38 vs. est. $2.76; Q3 revs $338M vs. est. $328.3M; Applications revenues, which include the company’s decision management applications and associated professional services, were $133.2 million in the third quarter, compared to $141.5 million in the prior year period, a decrease of 6% Genworth Financial ($GNW) Q2 adj EPS $0.38 vs. est. $0.22; Q2 revs $2.04B vs. est. $1.9B; planned IPO of Enact remains a key strategic objective for Genworth and is subject to market and other conditions, however because the company is in registration and subject to applicable publicity restrictions, is unable to comment further or provide any additional detail at this time. Green Dot ($GDOT) Q2 adj EPS $0.68 vs est. $0.43 on revs $369.4M vs est. $313.2M; sees FY21 adj EPS $2.13-$2.27 vs prev. $2.06-$2.15, revs $1.33B-$1.35B vs est. $1.28B Prudential ($PRU) Q2 adj EPS $3.79 vs. est. $3.02; qtrly book value per common share of $160.31 versus $165.53 per share for year-ago; qtrly adjusted book value per common share of $104.39 versus $92.07 per share for year-ago; qtr end assets under management of $1.730 trillion versus $1.605 trillion for year-ago; now expect to return a total of $11.0B to holders from $10.5B prior Tanger Outlets ($SKT) 2Q core FFO/shr $0.43 vs est. $0.28, portfolio occupancy was 93% on June 30 vs 91.7% on March 31, avg tenant sales productivity was $424/sq ft for 12 months ended June 30 +7.3% yr/yr; guides FY FFO/shr $1.52-1.59 vs est. $1.46 Unum Group (UNM) Q2 adj EPS $1.39 vs. est. $1.11; Q2 revs $2.99B vs. est. $2.96B; Full-year 2021 outlook increased; after-tax adjusted operating income per share now expected to decline 1%-3% relative to full-year 2020, compared to an expected decline of 5%-6% prior Verisk Analytics ($VRSK) Q2 adj EPS $1.17 vs. est. $1.33; Q2 revs $747.5M vs. est. $737.3M; Net cash provided by operating activities was $233.2 million, down 6.5% for the second quarter of 2021. Free cash flow, a non-GAAP measure, was $170.7 million, down 11.5% Healthcare Change Healthcare ($CHNG) shares fell over 7% on a report that the U.S. Dept. of Justice is considering a lawsuit to block the company’s $8B sale to UnitedHealth ($UNH) https://bit.ly/3yA4Etu Option Care Health ($OPCH) 18M share Spot Secondary priced at $20.25 Amgen Inc. ($AMGN) Q2 adj EPS $4.38 vs. est. $4.06; Q2 revs $6.5B vs. est. $6.43B; backs FY21 adj EPS view $16.00-$17.00 vs. est. $16.34; backs FY21 revenue view $25.8B-$26.6B vs. est. $26.04B Amid surge in new COVID-19 infections across U.S., the FDA plans to give full approval to Pfizer (PFE) – BioNTech (BNTX) coronavirus vaccine by the start of the next month, The New York Times reports The FDA classified the recent recall of some of Philips’ (PHG) ventilators as Class 1, or the most serious type of recall, saying the use of these devices may cause serious injuries or death – Reuters CVS Health ($CVS) Q2 adj EPS $2.42 vs. est. $2.06; Q2 revs $72.62B vs. est. $70.11B; raises FY21 adjusted EPS view to $7.70-$7.80 from $7.56-$7.68 (est. $7.66); sees FY21 cash flow from operations $12.5B-$13B DaVita Inc. (DVA) 2Q EPS $2.64 vs est. $2.17; says total US dialysis treatments for 2Q were 7,413497 (avg 95,045/day); guides FY adj EPS $8.80-9.40 vs est. $8.63, sees FY adj op income $1.8-1.875B vs est. $1.816B Inspire Medical ($INSP) 2Q EPS ($0.48) vs est. ($0.64) on revs $53Mm vs est. $43.9Mm; guides FY revs $210-213Mm vs est. $195.9Mm, sees FY gr mgn 85-86%, sees opening 48-52 new US medical centers per qtr for 2H Jazz Pharma ($JAZZ) Q2 adj EPS $3.90 vs. est. $3.42; Q2 revs $751.8M vs. est. $735.62M; reaffirms FY21 non-GAAP EPS view $13.40-$14.70 (est. $14.45) and also back FY21 revenue view $3.020B-$3.180B vs. est. $3.11B; as of June 30, cash, cash equivalents were $891.4 mln, and outstanding principal balance of co’s long-term debt was $7.1 bln
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Emerson, headquartered in St. Louis, Missouri (USA), is a global technology and engineering company providing innovative solutions for customers in industrial, commercial, and residential markets. Its Automation Solutions business helps process, hybrid, and discrete manufacturers maximize production, protect personnel and the environment while optimizing their energy and operating costs. Its Commercial & Residential Solutions business helps ensure human comfort and health, protect food quality and safety, advance energy efficiency, and create sustainable infrastructure.
CEO: David Farr
HQ: PO Box 4100 St Louis, 63136-8506 Missouri