Chico’s FAS Boosts FY22 Outlook As Q2 Results Top Estimates

Hyundai And Kia Recall Over 280,000 Vehicles Due To Fire Risk

South Korean auto manufacturers Hyundai and Kia have recalled over 280,000 Palisade, Telluride vehicles due to fire risk.

The auto makers have advised the owners of the recalled cars to park their vehicles outside and away from structures because they may burst into flames, the National Highway Traffic Safety Administration said.

The recall affects 245,030 vehicles of Hyundai’s Palisade SUV model years 2020-2022 and 36,417 vehicles of Kia’s Telluride SUV model of the same years, according to the NHTSA.

The recalled vehicles were potentially equipped with a tow hitch harness installed as original equipment, or purchased as an accessory through a Hyundai dealership. Debris and moisture accumulation on the tow hitch harness module printed circuit board (PCB) may cause an electrical short, which can result in a fire.

As an interim repair, dealers will inspect the tow hitch module and remove the fuse, as necessary, free of charge. The final remedy is currently under development.

The Korean automakers reported 25 fires or melting incidents in the U.S. and Canada, but no crashes or injuries.

US Covid Cases Decline By 16% In Fortnight

As daily cases of new coronavirus infection continue to fall in the United States, the national average has fallen to 91,663.

Daily cases are 16 percent lower than that was recorded two weeks ago, according to New York Times’ latest tally.

With 130355 new cases reporting on Tuesday, the total number of people infected with coronavirus in the country has risen to 93,759,169, as per Johns Hopkins University’s latest data.

Covid casualties in the country have declined by five percent in the last fortnight.

568 additional deaths on Sunday took the total U.S. Covid casualties to 1,041,517.

U.S. hospitals report a 8 percent decrease in the number of Covid patients. The number of I.C.U. admissions due to the worse stage of the viral disease has fallen by 5 percent.

U.S. Covid hospitalizations fell below the 40000 mark over the weekend. More than 10 percent of these patients are admitted in intensive care units.

The nation’s current test positivity rate is 15 percent.

91,007,107 people have so far recovered from the disease, the Worldometer tally shows.

2729 additional deaths were reported globally on Tuesday, taking the total number of people who lost their lives due to the pandemic so far to 6,458,487.

Seagate Technology Cuts Q1 Outlook

Seagate Technology Holdings plc (STX) said it is lowering business outlook for the first quarter due to a worsening macro-economic backdrop. The company now expects first quarter revenue of $2.1 billion plus or minus $100 million, compared to the previous guidance range of $2.5 billion plus or minus $150 million.

Seagate Technology noted that it is further reducing production output, lowering expenses, and moderating fiscal 2023 capital investments. The combination of lower revenue, increased under-utilization charges and less favorable product mix in the September quarter will result in a sequential decline in margins, with non-GAAP EPS now expected to be meaningfully below the company’s prior guidance of at least $1.20.

Shares of Seagate Technology Holdings are down 6% in pre-market trade on Wednesday.

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Ukraine Reclaims 4 Kherson Villages In Counter-offensive

Ukraine says it has reclaimed four villages in the Russian occupied Kherson region after weeks of counter-offensive against Russian forces in the south.

With high precision strikes, Ukrainian troops are destroying Russian warehouses and control points to cut off Russian supply lines.

Kherson’s Russian-backed leader Vladimir Leontiev said 15 missiles hit the region in the past two days.

Ukraine’s presidential adviser Oleksiy Arestovych said the country’s forces have broken through Russian defenses in many areas of the frontline.

“This process will not be very fast, but will end with the installation of the Ukrainian flag over all the settlements of Ukraine,” Arestovych said in a statement posted on his Telegram account Monday.

In his routine television address to the nation on the same day, Ukrainian President Volodymyr Zelenskyy vowed to “chase” Russian troops to the border.

“The occupiers must know: we will chase them to the border. To our border, which line has not been changed,” he said.

Meanwhile, a team of inspectors from the International Atomic Energy Agency (IAEA) have arrived in Ukrainian capital Kiev ahead of their planned visit to he Zaporizhzhya Nuclear Power Plant, which has constantly been under attack by Russian forces.

The team, headed by IAEA Director General Rafael Mariano Grossi, consists of 14 experts from the United Nations’ nuclear watchdog.

Chico’s FAS Boosts FY22 Outlook As Q2 Results Top Estimates

Fashion retailer Chico’s Fas Inc. (CHS) on Wednesday reported that net income for the second quarter surged to $41.96 million or $0.34 per share from $26.19 million or $0.21 per share in the year-ago quarter, driven by strong comparable sales growth and gross margin expansion.

Total net sales for the quarter grew 18.4 percent to $558.72 million from $472.06 million in the same quarter last year. Total Company comparable sales were up 19.5 percent.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.25 per share on net sales of $543.90 million for the quarter. Analysts’ estimates typically exclude special items.

Looking ahead to the third quarter, the company expects earnings in a range of $0.11 to $0.14 per share on consolidated net sales between $495 million and $510 million. Analysts expect earnings of $0.11 per share on net sales of $508.30 million for the quarter.

For fiscal 2022, the company now projects earnings in a range of $0.79 to $0.87 per share on consolidated net sales between $2.14 billion and $2.17 billion.

Previously, the company expected earnings in a range of $0.64 to $0.74 per share on consolidated net sales between $2.13 billion and $2.16 billion.

The Street is looking for earnings of $0.71 per share on net sales of $2.15 billion for the year.