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180 Life Sciences Stock Gains 8%

Capitol Federal Financial Q1 Profit Retreats, misses estimates

Capitol Federal Financial (CFFN) released earnings for first quarter that decreased from the same period last year and missed the Street estimates.

The company’s earnings totaled $16.24 million, or $0.12 per share. This compares with $22.19 million, or $0.16 per share, in last year’s first quarter.

Analysts on average had expected the company to earn $0.13 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 0.5% to $45.83 million from $45.61 million last year.

Capitol Federal Financial earnings at a glance (GAAP) :

-Earnings (Q1): $16.24 Mln. vs. $22.19 Mln. last year.
-EPS (Q1): $0.12 vs. $0.16 last year.
-Analyst Estimates: $0.13
-Revenue (Q1): $45.83 Mln vs. $45.61 Mln last year.

U.S. Business Inventories Increase In Line With Estimates In November

Business inventories in the U.S. increased in line with economist estimates in the month of November, according to a report released by the Commerce Department on Wednesday.

The Commerce Department said business inventories rose by 0.4 percent in November following a revised 0.2 percent uptick in October.

Economists had expected business inventories to climb by 0.4 percent compared to the 0.3 percent increase originally reported for the previous month.

The increase in business inventories largely reflected a surge in wholesale inventories, which jumped by 1.0 percent in November after climbing by 0.6 percent in October.

Retail inventories also inched up by 0.1 percent in November after falling by 0.4 percent in October, while manufacturing inventories were unchanged after rising by 0.4 percent in the previous month.

Meanwhile, the Commerce Department said business sales slumped by 0.8 percent in November following a 0.4 percent increase in October.

Retail sales tumbled by 1.1 percent in November after jumping by 1.0 percent in October, while wholesale and manufacturing sales both slid by 0.6 percent.

With inventories rising and sales falling, the total business inventories/sales ratio increased to 1.35 in November from 1.33 in October.

Freeport-McMoRan Inc. Q4 Profit Decreases, but beats estimates

Freeport-McMoRan Inc. (FCX) reported earnings for fourth quarter that decreased from the same period last year but beat the Street estimates.

The company’s bottom line totaled $0.70 billion, or $0.48 per share. This compares with $1.11 billion, or $0.74 per share, in last year’s fourth quarter.

Excluding items, Freeport-McMoRan Inc. reported adjusted earnings of $0.75 billion or $0.52 per share for the period.

Analysts on average had expected the company to earn $0.43 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 6.5% to $5.76 billion from $6.16 billion last year.

Freeport-McMoRan Inc. earnings at a glance (GAAP) :

-Earnings (Q4): $0.70 Bln. vs. $1.11 Bln. last year.
-EPS (Q4): $0.48 vs. $0.74 last year.
-Analyst Estimates: $0.43
-Revenue (Q4): $5.76 Bln vs. $6.16 Bln last year.

FREYR Battery Stock Tanks 15% After Morgan Stanley Downgrades

Shares of FREYR Battery (FREY) are slipping over 15% on Wednesday morning after analysts at Morgan Stanley downgraded the stock.

FREY is currently trading at $8.40, down $1.50 or 15.15%, on the NYSE. The stock opened its trading at $10.40 after closing previous day’s trading at $9.90. The stock has traded between $6.42 and $16.94 in the past 52-week period.

FREYR Battery was downgraded by analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating. They also lowered price target from $26.00 to $13.00.

FREYR Battery engages in the production and sale of battery cells for stationary energy storage, electric mobility, and marine applications in Europe and internationally. The company designs and manufactures lithium-ion based battery cell facilities. The company was founded in 2018 and is based in Luxembourg.

Progressive Corp. Q4 Profit Sharply Declines

Progressive Corp. (PGR) reported Wednesday that net income for the fourth quarter declined 14 percent to $826.4 million or $1.40 per share from $962.3 million or $1.63 in the prior-year quarter.

On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $1.43 per share for the quarter. Analysts’ estimates typically exclude special items.

Net premiums written for the quarter grew 16 percent to $12.46 billion from $10.75 billion last year. Analysts expected revenue of $12.35 billion for the quarter.

Net premiums earned were $12.89 billion, up 11 percent from $11.60 billion in the previous year.

For the month of December, the company reported net income of $5.8 million or $0.01 per share, sharply lower than $393.3 million or $0.67 per share last year.

Net premiums written for the month increased 15 percent to $3.57 billion from $3.11 billion in the prior year. Net premiums earned were $4.03 billion, up 12 percent from $3.61 billion in the previous year.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

180 Life Sciences Stock Gains 8%

Shares of 180 Life Sciences Corp. (ATNF) are gaining over 8% on Wednesday morning.

ATNF is currently trading at $3.4300, up $0.2600 or 8.2019%, on the Nasdaq. The stock opened its trading at $3.6700 after closing previous day’s trading at $3.1700. The stock has traded between $1.1800 and $71.4000 in the past 52-week period.

In the publication, Professor Jagdeep Nanchahal, chairman of the medical advisory board of 180 Life Sciences, and his colleague at the University of Oxford, describe the limitations for the current treatments for late-stage Dupuytren’s disease and the lack of evidence based on randomized double blind, placebo-controlled trials for treatments for early-stage disease, such as intranodular injection of steroid or radiotherapy.