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Allegion Guides FY21 Adj. EPS In Line With Estimates – Quick Facts

Amazon says to make TV streaming device in India

FILE PHOTO: The logo of Amazon is seen at the company logistics centre in Boves, France, November 5, 2019. REUTERS/Pascal Rossignol/File Photo

NEW DELHI (Reuters) – Amazon.com Inc will start making its TV streaming device in India this year via a unit of Taiwanese contract manufacturer Foxconn, the U.S. online retail giant said on Tuesday.

The move marks Amazon’s first foray into making its devices in India, which is working to boost local electronics manufacturing.

Anderson Cooper Calls Out Mitch McConnell’s Criticism Of Donald Trump For What It Is

Anderson Cooper on Monday dismissed Senate Minority Leader Mitch McConnell’s (R-Ky.) rebuke of ex-President Donald Trump for provoking the deadly U.S. Capitol riot as too little, too late.

McConnell slammed Trump as responsible for the violence soon after voting to acquit him in his Senate impeachment trial. The Kentucky Republican hid “behind technicalities” claiming the Senate had no power to convict Trump because he’s now a private citizen, noted the CNN anchor.

McConnell’s excuse was “especially rich,” said Cooper, because he’d prevented Trump from being tried while he was still in office.

“It’s kind of like telling off the bully but only after you’re a few blocks away,” Cooper summarized.

Watch the video here:

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Glencore reinstates dividend as 2020 net debt drops

  • Glencore reported full-year adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $11.56 billion.
  • This was in line with the previous year and above the $10.7 billion expected in a poll of 12 analysts compiled by Vuma.

Glencore on Tuesday reinstated its dividend after net debt fell by 10% in its full-year 2020, helped by surging commodity prices in the second half.

The commodities trader and miner, which scrapped its dividend in August last year after a first-half loss amid the COVID-19 pandemic, said it is recommending a distribution of $0.12 per share.

Glencore reported full-year adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $11.56 billion, in line with the previous year and above the $10.7 billion expected in a poll of 12 analysts compiled by Vuma.

Net debt fell to $15.8 billion in 2020 from $17.6 billion in 2019, helped by strong second-half cash flows, the company said.

Gold Edges Higher On Dollar Weakness

Gold prices inched higher on Tuesday as the dollar remained under pressure on expectations of a slower-than-expected pace of economic recovery in the United States especially with respect to employment.

Spot gold rose 0.4 percent to $1,824.41 per ounce, while U.S. gold futures were marginally higher at $1,823.65.

The U.S. dollar index, which measures the dollar against a basket of six major currencies, held near a two-week low as vaccine optimism boosted the British pound to an almost three-year high.

The pound rose against its major peers as investors reacted to the rapid rollout of Covid-19 vaccines and the possible easing of lockdown restrictions in England.

U.K. Prime Minister Boris Johnson said on Monday that his government will be “very prudent” in relaxing restrictions as it wants to ensure irreversible progress.

The PM plans to unveil his roadmap for gradually easing restrictions on February 22.

Over the weekend, the U.K. reached a significant milestone of offering first doses of Covid-19 vaccinations to 15 million people by mid-February.

Traders are looking ahead to the minutes from the U.S. Federal Reserve’s January meeting, due to be published on Wednesday, for further insight into the debate at the FOMC over the tapering of the asset purchase program.

Oil Hovers Near 13-month High

Oil prices hit a 13-month high on Tuesday as freezing weather in regions across the U.S. not only boosted power demand but also threatened oil production in Texas.

The upside was capped after Norway’s oil industry employers struck a wage bargain with the Safe labor union.

Benchmark Brent crude slipped 0.1 percent to $63.24 a barrel, after having hit its highest since January 2020 in the previous session amid signs of supply tightness and optimism about economic recovery.

U.S. West Texas Intermediate (WTI) crude futures were up 0.7 percent at $59.88 a barrel. U.S. markets were closed on Monday to mark Presidents Day.

The cold weather in the United States halted Texas oil wells and refineries on Monday and forced restrictions on natural gas and crude pipeline operators, leaving nearly 5 million people without power.

President Joe Biden approved an emergency declaration for Texas, the biggest crude producing state in the United States, which produces roughly 4.6 million barrels of oil per day and is home to 31 refineries.

Allegion Guides FY21 Adj. EPS In Line With Estimates – Quick Facts

While reporting financial results for the fourth quarter on Tuesday, security products and solutions provider Allegion plc (ALLE) initiated earnings and revenue growth guidance for the full year 2021.

For fiscal 2021, the company now projects earnings in a range of $4.55 to $4.75 per share and adjusted earnings in a range of $4.70 to $4.85 per share on revenue decline of 0.5 to 1.5 percent on a reported basis and 1.5 to 2.5 percent organically.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $4.74 per share on revenue growth of 1.8 percent to $2.73 billion for the year. Analysts’ estimates typically exclude special items.

Earlier, the board of directors also declared a 13 percent higher quarterly dividend of $0.36 per ordinary share of the company, payable March payable March 31, 2021, to shareholders of record on March 17, 2021.