Arthur J. Gallagher To Buy M&T Insurance Agency

Splunk Shares Slip 4%

Shares of software company Splunk Inc. (SPLK) are down 4 percent in Thursday’s trading continuing their downward trend of the last few days. The stock has been negatively impacted by news of Chief Financial Officer Jason Child stepping down from his post in November.

Currently at $77.67, the stock has traded between $77.07 and $176.66 during the past 52 weeks.

Accompany Recalls About 25,000 Ceramic Mugs

Accompany USA has recalled about 25,000 ceramic mugs with cork bottoms due to burn hazard.

According to the Consumer Product Safety Commission, the recalled coffee cup can crack or break when hot liquid is poured into it, posing a burn hazard. The company said it has received one report of the mug breaking after hot liquid was poured into it. No injuries have been reported.

The recall involves Accompany USA Ceramic Mugs with Cork Bottoms sold as and/or given out for free as promotional products with company or other logos. The ceramic mugs are white with cork bottoms. They measure about four inches high and four inches wide.

The company has asked consumers to immediately stop using the recalled ceramic mugs and contact Accompany USA to receive a full refund.

The product was sold online from February 2022 through August 2022 for about $2.

European Economics Preview: Germany Flash Inflation Data Due

Flash consumer prices from Germany and economic confidence from euro area are due on Thursday, headlining a light day for the European economic news.

At 3.00 am ET, Spain’s statistical office INE releases flash consumer price data for September. Consumer price inflation is forecast to ease to 10.1 percent from 10.5 percent in August.

At 4.00 am ET, Italy’s Istat is scheduled to issue producer prices for August. Prices had increased 36.9 percent on a yearly basis in July.

At 5.00 am ET, European Commission publishes euro area economic confidence survey data. Economists expect the economic sentiment index to fall to 95.0 in September from 97.6 in the previous month.

At 8.00 am ET, Destatis is slated to issue Germany’s flash consumer and harmonized prices data for September. Consumer price inflation is seen at 9.4 percent versus 7.9 percent in August.

European Economics Preview: Eurozone Flash PMI Data Due

Flash Purchasing Managers’ survey results from the euro area and the UK are due on Friday, headlining a busy day for the European economic news.

At 3.00 am ET, S&P Global releases France flash Purchasing Managers’ survey data for September. The composite output index is forecast to fall to 49.8 from 50.4 in August.

In the meantime, Spain’s statistical office INE is scheduled to issue revised GDP data for the second quarter. The statistical office is expected to confirm the sequential growth of 1.1 percent.

Half an hour later, Germany’s flash composite PMI data is due. The composite index is seen at 46.0 in September versus 46.9 a month ago.

At 4.00 am ET, S&P Global publishes Eurozone flash PMI data. Economists forecast the index drop moderately to 48.2 in September from 48.9 in the previous month.

At 4.30 am ET, UK S&P/CIPS flash composite PMI is due. The index is seen at 49.0 in September versus 49.6 a month ago.

At 6.00 am ET, the Confederation of British Industry releases Distributive Trades survey data. The UK retail sales balance is forecast to decline sharply to 10 percent in September from 37 percent in August.

Nike Inc Profit Retreats In Q1, but beats estimates

Nike Inc (NKE) released earnings for first quarter that decreased from last year but beat the Street estimates.

The company’s earnings totaled $1.47 billion, or $0.93 per share. This compares with $1.87 billion, or $1.16 per share, in last year’s first quarter.

Analysts on average had expected the company to earn $0.92 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 3.6% to $12.69 billion from $12.25 billion last year.

Nike Inc earnings at a glance (GAAP) :

-Earnings (Q1): $1.47 Bln. vs. $1.87 Bln. last year.
-EPS (Q1): $0.93 vs. $1.16 last year.
-Analyst Estimates: $0.92
-Revenue (Q1): $12.69 Bln vs. $12.25 Bln last year.

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Arthur J. Gallagher To Buy M&T Insurance Agency

Arthur J. Gallagher & Co. (AJG) Thursday said it has agreed to buy Buffalo, New York-based M&T Insurance Agency Inc., an indirect subsidiary of M&T Bank Corporation.

In connection with the transaction, Gallagher will become the preferred insurance broking partner of M&T Bank. The transaction is subject to regulatory approval and is expected to close during the fourth quarter of 2022.

Founded in 1955 and operating under its current name since 2005, MTIA is a retail insurance agency offering an array of property and casualty products, customized group benefits and surety solutions to clients in the Northeast and mid-Atlantic.

“M&T Insurance Agency has a long record of client-focused offerings and expertise, and this will help us expand our footprint in the New York region,” said Patrick Gallagher, Jr., Chairman, President and CEO. “We look forward to welcoming John, Bart, Zachary and their associates to Gallagher.”