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House Speaker Nancy Pelosi is planning her next move after an an expected Republican victory in November.
Sources tell Bartiromo that Biden is holding the spot for the speaker, which is one reason he has yet to fill the position since taking office.
Read the full story: Pelosi seeks ambassadorship to Italy if GOP wins House majority in midterms
Newell Brands is lowering its third quarter and full-year forecasts. The consumer products company expects third quarter net sales of $2.21 to $2.32 billion down from previously guided $2.39 to $2.50 billion.
Core sales are estimated to decline 8% to 12%, larger than the previously forecast decline of 1% to 5%.
Full-year net sales are seen as $9.37 to $9.58 billion compared to the previously guided $9.76 to $9.98 billion.
Full-year core sales are expected to decline 2% to 4%, versus flat to 2% growth.
Ravi Saligram, Newell Brands CEO, said, “Although we remain enthusiastic about the back-to-school season and continue to see solid growth in the Commercial business, we have experienced a significantly greater than expected pullback in retailer orders and continued inflationary pressures on the consumer."
Newell’s portfolio includes Rubbermaid, FoodSaver, Calphalon, Sistema, Sharpie, Paper Mate, Dymo, EXPO, Elmer’s, Yankee Candle, Graco, NUK, Rubbermaid Commercial Products, Spontex, Coleman, Campingaz, Contigo, Oster, Sunbeam and Mr. Coffee.
Equillium is acquiring Metacrine in an all-stock transaction. Equillium will issue stock valued at a 25% premium over the net cash delivered at closing, which is estimated to be approximately $26 million.
The transaction is anticipated to add $33 million in cash to Equillium’s balance sheet at closing, which is expected to extend the company’s cash runway into 2024. The transaction has been approved by the boards of directors of both companies.
Equillium is not planning to retain any current Metacrine employees and expects to assume minimal operating expenses while maintaining sole discretion over the timing and extent of advancing development of the Metacrine programs.
Metacrine is a clinical-stage biopharmaceutical company building a pipeline of differentiated therapies to treat gastrointestinal and liver diseases.
Equillium is a clinical-stage biotechnology company developing novel therapeutics to treat severe autoimmune and inflammatory disorders with high unmet medical need. Its products include Itolizumab.
Coupa Software is surging in after-hours trading. The business spend management platform topped Wall Street revenue and profit estimates and increased its fiscal 2023 guidance.
Total revenues are expected to be $838.0 to $844.0 million compared to the previous forecast of $681.0 to $684.0 million. Non-GAAP income from operations is expected to be $62.5 to $68.5 million, up from a non-GAAP loss from operations of $2.0 to $7.0 million.
Fiscal second quarter revenue rose 18% to $211.1 million. Analysts expected $204 million.
The GAAP operating loss for the three months ended July 31 widened to $63.6 million from $54.3 million.
Adjusted earnings per share was 20 cents, topping the estimate of 9 cents.
The board also authorized a share repurchase program of up to $100 million.
Uipath is lower in extended trading. The enterprise automation software company topped Wall Street’s revenue estimates but missed on profit. The company also cut forecasts.
Fiscal 2023 revenue is projected to be $1,002 million to $1,007 million, down from the previous estimate of $1,085 million to $1,090 million. Uipath expects a non-GAAP operating loss of approximately $(15) million. Previously, the company guided to an operating profit of $10 to $15 million.
Fiscal second quarter revenue increased 24% to $242.2 million. Analysts expected $230.8 million. Annual recurring revenue grew 44% to $1 billion.
The net loss for the three months ended July 31 widened to $120.4 million from $100 million.
The quarter loss was 22 cents compared to an expected loss of 11 cents.
All three of the major averages closed lower across the board after swinging between modest losses and gains throughout the first trading session of the week. The yield on the 10-Year Treasury rose to 3.3339%, the highest since June, creating headwinds for growth stocks such as technology names, while utilities and materials posted modest gains. In commodities, oil was little changed ending at $86.88 per barrel.
Bed Bath & Beyond shares fell over 18% following the suicide of its chief financial officer over the weekend.
E-cigarette manufacturer Juul Labs reached an agreement in principle with 34 states and territories, ending a two-year probe into the company's advertising practices.
The deal was announced Tuesday by Texas Attorney General Ken Paxton, who led the investigation with the attorneys general from Connecticut and Oregon. Fox Business reached out to Juul for comment on the settlement, but they did not immediately respond.
"When I launched this investigation over two years ago, my goal was to make sure JUUL was held liable for any wrongdoing done in the past and ensure that they change direction to fully comply with the law going forward. This settlement helps accomplish both of those priorities," Paxton said in a statement. "My commitment to protecting consumers from deceptive business practices is unwavering, and any company that misleads Texans, especially our youth, will be held accountable for their actions."
Slatestone Wealth chief market strategist Kenny Polcari and Macro Trends Advisors LLC founding partner Mitch Roschelle discuss market volatility as the U.S. faces economic challenges and the 2022 midterm elections.
The U.S. housing market has likely tumbled into its first recession in more than a decade, and Goldman Sachs economists warned that investors should brace for the downturn to get worse.
In a note to clients, Goldman strategists predicted that activity in the housing sector will slow sharply in the coming months, with price growth eventually falling to zero in the third quarter of next year.
"We expect home price growth to stall completely, averaging 0% in 2023," the Goldman analyst, led by Jan Hatzius, said. "While outright declines in national home prices are possible and appear quite likely for some regions, large declines seem unlikely."
Ryman Hospitality Properties is reinstating its dividend. The owner of Opryland and other Gaylord properties will pay 10 cents per share on Oct. 17 to stockholders of record as of Sept. 30.“
Our hotel performance has remained strong through the summer, as group room nights travelled in August surpassed 2019 levels,” said chair and CEO Colin Reed.
July occupancy of 74.9% was 94.7% of July 2019’s occupancy level.
August 2022 set a new individual monthly record for average daily rate on new bookings at approximately $252, up approximately 13% from August 2021 and approximately 20% from August 2019, the company said in an investor presentation.
Walmart has registered a four-part bond offering. The initial prospectus did not include the size or terms.
The world’s largest retailer plans to use the proceeds for general corporate purposes, which may include repayment, refinancing or replacement of maturing debt, among other uses.
The company has $29.8 billion of long-term debt and $4.4 billion of long-term finance lease obligations.
Standard & Poor’s and Fitch gave the proposed notes an ‘AA’ rating.
“Walmart's credit profile is supported by reasonable adjusted debt/EBITDAR (capitalizing leases at 8x), which has historically trended around 2.0x. Walmart has maintained its leverage profile through occasional debt reduction, including during 2015-2017 as EBITDA declined, and Fitch would expect the company to maintain this discipline should current challenges persist. Adjusted leverage is expected to trend near 2.0x beginning 2022,” Fitch said.
Semiconductor stocks are seeing some action as the White House lays out an econimic strategy for the CHIPS Act, aimed at making the U.S. less dependent on Asia for chips that are used in everything from cars to phones to appliances. Improving the chip industry is critical for the economy.
Economic activity in the U.S. services sector grew in August for the 27th month in a row. The Institute for Supply Management’s (ISM) services index registered 56.9 percent, 0.2 percentage point higher than July's reading of 56.7 percent.
“Growth continues — at a slightly faster rate — for the services sector, which has expanded for all but two of the last 151 months,” said Anthony Nieves, Chair of the ISM’s Services Business Survey Committee.
The 14 services industries reporting growth in August were: Mining; Real Estate, Rental & Leasing; Utilities; Construction; Educational Services; Information; Transportation & Warehousing; Wholesale Trade; Health Care & Social Assistance; Public Administration; Finance & Insurance; Management of Companies & Support Services; Professional, Scientific & Technical Services; and Other Services.
The two industries reporting a decrease in the month of August were: Agriculture, Forestry, Fishing & Hunting; and Arts, Entertainment & Recreation.
Brazil's government on Tuesday ordered Apple Inc to stop selling iPhones without a battery charger in the country, claiming that the company provides an incomplete product to consumers.
The Justice Ministry fined Apple 12.275 million reais ($2.38 million) and ordered the cancellation of the sale of the iPhone 12 and newer models, in addition to suspending the sale of any iPhone model that does not come with a power charger.
In the order, published in the country's official gazette, the ministry argued that the iPhone was lacking a essential component in a "deliberate discriminatory practice against consumers."
The authorities rejected Apple's argument that the practice had the purpose of reducing carbon emissions saying that there is no evidence of environmental protection from selling the smartphone without a charger.
The order comes a day before Apple Inc is expected to announce its new iPhone model.
Apple declined to comment on the matter.
($1 = 5.1548 reais)
Church & Dwight has agreed to buy the Hero Mighty Patch brand and other acne treatment products for $630 million in cash and stock. The Hero patch is the fastest growing treatment for acne.
Church & Dwight also lowered its 2022 outlook. “We now expect full year reported sales growth of 2% to 4% (previously 4% to 5%), reflecting the incremental growth from Hero offset by continued softness across our more discretionary brands,” said CEO Matthew Farrell.
For the third quarter, the company now expects reported sales to decline -1% (previously growth midpoint of 3%) reflecting lower demand for Waterpik, Vitafusion and Flawless.
Earning per share were affirmed at $0.65 (no change to previous outlook).
Church & Dwight makes products under brands including Arm & Hammer, Oxiclean, Nair, Orajel and Zicam.
All three of the major averages struggled to find direction after the Labor Day holiday with the Nasdaq Composite facing headwinds as Bed Bath & Beyond shares slid over 13% following the suicide of its CFO over the weekend. The company has named Lauren Crossen, inside finance executive, as interim CFO. In commodities, oil ticked higher by 0.6% to the $87 per barrel level.
Following the sudden death of CFO Gustavo Arnal by suicide, Bed Bath & Beyond has named his replacement company insider Laura Crossen, the Company’s Senior Vice President of Finance and Chief Accounting Officer, as Interim CFO.
Arts and crafts retailer Michaels is preparing for a busy holiday shopping season early with plans to beef up hiring. The holiday hiring move is the first among major retailers this season.
Michaels is owned by private equity firm Blackstone.
This story discusses suicide. If you or someone you know is having thoughts of suicide, please contact the Suicide & Crisis Lifeline at 988 or 1-800-273-TALK (8255).
Shares of Bed Bath & Beyond slid in premarket trading following a tragic weekend for the home goods retailer amid even more questions about its future.
Bed Bath & Beyond confirmed that Chief Financial Officer Gustavo Arnal, 52, died after jumping from the iconic Jenga Tower skyscraper in downtown Manhattan on Friday. A spokesperson for the New York City Medical Examiner’s Office confirmed to FOX Business that Arnal took his own life and suffered multiple blunt trauma injuries.
Arnal, GameStop Chairman Ryan Cohen and JPMorgan Chase have been accused in a class action lawsuit of a "pump and dump" scheme to artificially inflate the company's stock.
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