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AT&T Q1 Profit Climbs On Revenue Strength

PHOTOS: President Joe Biden addresses joint session of congress

President Joe Biden delivered his first address to a joint session of Congress Wednesday evening in Washington, D.C.

Biden marked his first 100 days in office as the nation pushes out of a menacing mix of crises, making his case before a pared-down gathering of mask-wearing legislators because of pandemic restrictions.

Speaking in highly personal terms while demanding massive structural changes, the president urged a $1.8 trillion investment in children, families and education to help rebuild an economy devastated by the virus and compete with rising global competitors.

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Ashland Global Turns To Profit In Q2

Ashland Global Holdings Inc. (ASH) reported that its second-quarter net income was $41 million or $0.66 per share compared to a net loss of $582 million or $9.61 per share in the prior-year quarter which included the impact of a non-cash goodwill impairment charge.

Adjusted income from continuing operations, excluding intangibles amortization expense , was $1.05 per share, down from $1.12 in the prior-year quarter.

Sales were about $598 million, down two percent compared to the prior-year period, reflecting the combined effect of these dynamics.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.29 per share and revenues of $635.66 million. Analysts’ estimates typically exclude special items.

China's Baidu to launch paid driverless ride-hailing services in Beijing

FILE PHOTO: People walk near a Baidu logo at the company headquarters in Beijing, China April 23, 2021. REUTERS/Florence Lo

BEIJING (Reuters) – China’s tech giant Baidu will launch paid driverless robotaxi services in Beijing from May 2, the company said on Thursday, making it the first Chinese company to offer autonomous driving robotaxi services to paying users.

Baidu’s driverless Apollo Robotaxi, to be first launched in the Chinese capital’s Shougang Park, will operate without a safety driver behind the steering wheel, Baidu said in a statement.

India's coronavirus infections cross 18 million

FILE PHOTO: A woman with breathing problem waits inside an ambulance for her turn to enter a COVID-19 hospital for treatment, amidst the spread of the coronavirus disease (COVID-19) in Ahmedabad, India, April 28, 2021. REUTERS/Amit Dave

BENGALURU (Reuters) – India reported on Thursday a record rise in coronavirus cases and deaths over the last 24 hours, with its overall caseload rising above 18 million.

With 379,257 new cases and 3,645 new deaths, India’s total number of cases and deaths are now at 18.38 million and 204,832, respectively, according to health ministry data.

Cathie Wood\u2019s ARK Invest Sells Over 280,000 Shares of Square

A couple of the ARK exchange-traded funds run by ETF star Cathie Wood made a huge sell on Wednesday. Accordingly these funds sold nearly 280,000 shares of Square Inc. (NASDAQ: SQ) shares on Wednesday, as the price of these ETFs dropped less than 1% in the session. Note that this ETF is still up over 100% in the last year.

ARK Innovation ETF (NYSEARCA: ARKK) sold 185,396 shares of Square, and ARK Next Generation Internet ETF (NYSEARCA: ARKW) sold 94,679 shares. At Wednesday’s closing price this would have valued this sale at roughly $71.2 million. Even though this is a small fraction of the total holdings, every little bit counts. ARKK is up 136% in the last year and ARKW is up 148%.

24/7 Wall St. recently reported on Square:

Square Inc. (NYSE: SQ) comes in at number two on Cathie Wood’s list. ARK Invest holds 10.26 million shares valued up to $2.68 billion. ARKK holds 6.66 million shares, ARKF holds 1.89 million shares and ARKW holds 1.71 million shares.

Square stock recently traded near $269, with a consensus price target of $267.86. The 52-week trading range is $56.63 to $283.19.

Catherine Wood, the CEO and CIO of ARK Investment Management LLC is a minority and non-voting shareholder of 24/7 Wall St., LLC, owner of 247wallst.com.

Hologic Q2 Profit Surges

Hologic Inc. (HOLX) reported that its net income attributable to the company for the second quarter ended March 27, 2021 surged to $619.9 million or $2.38 per share from $96.3 million or $0.36 per share in the prior year.

Total revenues for the quarter grew to $1.54 billion from $756.1 million in the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $2.62 per share and revenues of $1.54 billion for the quarter. Analysts’ estimates typically exclude special items.

Looking ahead for the third-quarter, the company expects earnings per share to be in the range of $0.74 – $0.89, non-GAAP earnings per share of $1.00 – $1.15, and revenue of $1.00 billion – $1.07 billion. Analysts expect the company to report earnings of $1.83 per share and revenues of $1.29 billion for the third-quarter.

AT&T Q1 Profit Climbs On Revenue Strength

Telecom major AT&T Inc. (T) reported Thursday significantly higher profit in its first quarter with growth in operating revenues that topped market estimates. Service revenues declined, offset by growth in equipment revenues.

For the first quarter, net income attributable to common stock climbed 63.8 percent to $7.50 billion from last year’s $4.58 billion. Earnings per share were $1.04, up 65.1 percent from $0.63 last year.

On average, 22 analysts polled by Thomson Reuters expected earnings of $0.78 per share. Analysts’ estimates typically exclude special items.

Operating income increased 2.3 percent to $7.66 billion.

Total operating revenues increased 2.7 percent to $43.94 billion from last year’s $42.78 billion. Analysts were looking for revenues of $42.69 billion.

Service revenues edged down 1 percent from last year to $38.50 billion, while equipment revenues climbed 39.5 percent to $5.44 billion.

The communications segment operating revenues grew 5.2 percent to $28.18 billion. Mobility total operating revenues grew 9.4 percent.

WarnerMedia operating revenues increased 9.8 percent.

Total broadband connections edged up 0.8 percent, while total retail voice connections fell 13.7 percent.

Total mobility subscribers grew 10 percent.

In pre-markect activity on NYSE, AT&T shares were trading at $30.60, up 1.63 percent.