Democrats ready $1.9 trillion budget measure for COVID relief: Schumer
WASHINGTON (Reuters) – U.S. Senate Majority Leader Chuck Schumer said on Monday that congressional Democrats would file a $1.9 trillion budget resolution later in the day, as a first step toward eventual passage of sweeping COVID-19 relief legislation.
Alexandria Real Estate Equities, Inc. Reveals Gain In Q4 Bottom Line
Alexandria Real Estate Equities, Inc. (ARE) revealed earnings for its fourth quarter that increased from last year.
The company’s bottom line came in at $435.9 million, or $3.26 per share. This compares with $199.6 million, or $1.74 per share, in last year’s fourth quarter.
Analysts had expected the company to earn $0.65 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 13.6% to $463.7 million from $408.1 million last year.
Alexandria Real Estate Equities, Inc. earnings at a glance:
-Earnings (Q4): $435.9 Mln. vs. $199.6 Mln. last year.
-EPS (Q4): $3.26 vs. $1.74 last year.
-Analysts Estimate: $0.65
-Revenue (Q4): $463.7 Mln vs. $408.1 Mln last year.
Kennametal Inc. Q2 adjusted earnings Beat Estimates
Below are the earnings highlights for Kennametal Inc. (KMT):
-Earnings: $19.39 million in Q2 vs. -$5.94 million in the same period last year.
-EPS: $0.23 in Q2 vs. -$0.07 in the same period last year.
-Excluding items, Kennametal Inc. reported adjusted earnings of $13.31 million or $0.16 per share for the period.
-Analysts projected $0.09 per share
-Revenue: $440.51 million in Q2 vs. $505.08 million in the same period last year.
States allowed 4% extra borrowing of GSDP
States’ share of taxes to stay at 41% as per Finance panel advice
The government has accepted the Fifteenth Finance Commission’s recommendation to maintain the States’ share in the divisible pool of taxes to 41% for the five-year period starting 2021-22, and given an ‘in-principle’ nod to create a separate non-lapsable fund for defence and internal security modernisation.
States have been granted additional borrowing room of upto 4% of Gross State Domestic Product (GSDP) for 2021-22, with an additional 0.5% limit for those undertaking critical power sector reforms.
Terming the government’s acceptance of the 41% vertical share for States recommended by the Commission as a sign of its commitment to fiscal federalism, Finance Minister Nirmala Sitharaman announced revenue deficit grants for 17 States amounting to ₹1.18 lakh crore in 2021-22.
The Commission’s report, submitted to the President in November, was tabled in Parliament on Monday with the government’s action taken report. It has recommended additional revenue deficit grants of ₹2.94 lakh crore for 17 States over the next five years.
EARNINGS SUMMARY: Details of Rambus Inc. Q4 Earnings Report
Below are the earnings highlights for Rambus Inc. (RMBS):
-Earnings: -$12.07 million in Q4 vs. -$9.53 million in the same period last year.
-EPS: -$0.11 in Q4 vs. -$0.09 in the same period last year.
-Revenue: $61.91 million in Q4 vs. $59.95 million in the same period last year.
Stocks making the biggest moves after hours: Virgin Galactic, GameStop, Cirrus Logic and more
Here are the stocks making headlines in after hours trading.
Virgin Galactic — Shares of the space exploration company rose 7% in extended trading, building off a 21.5% gain during market hours after Virgin Galactic announced that it could redo a spaceflight test as early as Feb. 13. Fellow space industry company SpaceX also announced Monday that it plans to launch an all-civilian crew into space later this year.
GameStop — The video game retailer extended its slide after the bell, falling 9%. The stock lost more than 30% during Monday's market hours after jumping 400% last week.
Cirrus Logic — Shares of the semiconductor company fell 6.5% in extended trading despite Cirrus posting better-then-expected results for its fiscal third quarter. Earnings and revenue were both higher than analysts were anticipating, according to Refinitiv, and forward revenue guidance was roughly in line.
NXP Semiconductors — The chipmaker's stock slipped more than 2% after hours despite NXP reporting better than expected revenue for the fourth quarter. The company's forward guidance was also higher than expected, according to FactSet.
Blackstone To Buy Interior Logic Group Holdings For About $1.6 Bln
Blackstone (BX) Monday announced it agreed to buy Interior Logic Group Holdings, LLC from Littlejohn & Co. LLC, Platinum Equity and other equity holders, for a transaction value of about $1.6 billion.
Interior Logic Group is a data-driven and technology-enabled provider of interior design, supply chain and installation management solutions to several of the nation’s largest single-family homebuilders. ILG operates across 37 states, providing its capabilities to help enable the completion of nearly 100,000 homes per year.
Seth Meisel, a Senior Managing Director at Blackstone, said: “We are very excited about ILG’s future. Already an industry leader, ILG has tremendous potential to build on its strong foundation supporting homebuilders and homeowners. We look forward to partnering with ILG in the years ahead to help expand its geographic reach, enhance its technological innovation, and develop new opportunities.”
The transaction is subject to customary closing conditions, and is expected to close in the second quarter of 2021.