El-Erian: Investors are taking excessive risks

Cohu Guides Q2 Sales In Line With Estimates – Quick Facts

While reporting financial results for the first quarter on Thursday, semiconductor equipment company Cohu, Inc. (COHU) said it expects sales for the second quarter to be between $234 million and $250 million.

On average, six analysts polled by Thomson Reuters expect the company to report sales of $238.93 million for the quarter.

Realty Income To Acquire VEREIT

Realty Income Corporation (O) and VEREIT, Inc. (VER) have entered into a definitive merger deal by which Realty Income will acquire VEREIT in an all-stock deal. VEREIT shareholders will receive 0.705 shares of Realty Income stock for every share of VEREIT stock they own. Following this, the companies expect to effectuate a taxable spin-off of substantially all of the office properties of both companies into a self-managed, publicly traded REIT.

Realty Income and former VEREIT shareholders are expected to own approximately 70% and 30%, respectively, of both Realty Income and new REIT.

The deal is expected to be over 10% accretive to Realty Income’s AFFO per share in year one.

After man recognizes but is unable to name Lamar Jackson, Ravens QB pays him $100 anyway

He knew the man standing in front of him was a football player. 

He even guessed correctly the football player played on the offensive side of the ball — a wide receiver? A lineman? 

He just couldn't place him.

So Baltimore Ravens quarterback Lamar Jackson, the 2019 NFL MVP and the player whose identity was in question, handed over a crisp $100 bill nonetheless (the deal had originally been that the other man would receive cash if he could name Jackson). 

Jackson posted the exchange in three short videos on Instagram. In the third one, the man excitedly rushes back toward Jackson. 

Comcast pleases Wall Street with costly shift to streaming.

By Edmund Lee

US economy grows at 6.4% as reopening gains steam

Economy will see ‘aftershock’ of COVID over the next year with inflation: Jon Hilsenrath

Wall Street Journal senior writer Jon Hilsenrath and former Wells Fargo chief economist John Silva discuss Jerome Powell’s press conference on jobs and inflation expectations.

The U.S. economy grew faster than expected in the first three months of the year as more Americans were vaccinated and the economic reopening gained momentum. 

Gross domestic product – the broadest measure of economic performance – grew at a 6.4% annual rate during the first quarter, according to an advance estimate released Thursday by the Commerce Department, outpacing the 6.1% growth that analysts surveyed by Refinitiv were anticipating. 

Separately, data released by the Labor Department showed 553,000 Americans filed first-time jobless claims in the week ended April 24, below last week’s upwardly revised 566,000 filings. Analysts were expecting 549,000 first-time claims. 

Continuing claims for the week ended April 17, meanwhile, climbed to 3.66 million from a downwardly revised 3.651 million. Economists had forecast 3.614 million continuing claims. 

This story is developing. Check back for updates. 

Kirby Q3 Net Loss Narrows, Revenue Down On Lower Volume

Kirby Corp. (KEX) Thursday reported a narrower net loss for the first quarter on lower revenues. The barge operator noted that the results were impacted by continuing effects of the COVID-19 pandemic, particularly in marine transportation.

For the first quarter, the company reported net loss attributable to the company of $3.375 million or $0.06 per share, compared to $347.24 million or $5.80 per share in the previous year. Excluding one-time items in the 2020 first quarter, net earnings attributable to Kirby were $35.3 million or $0.59 per share.

On average, 7 analysts polled by Thomson Reuters expected the company to report $0.12 per share. Analysts estimates usually exclude special items.

Revenues for the first quarter declined to $496.9 million from $643.9 million a year ago. Wall Street were looking for $476.02 million.

The company noted that the quarter was impacted by Winter Storm Uri which resulted in prolonged shutdowns at many of its marine transportation customers’ operations that resulted in a significant decline in liquids production and volumes.

El-Erian: Investors are taking excessive risks

New York (CNN Business)The US economy grew at an annualized, pace of 6.4% in the first three months of the year, adjusted for seasonal swings, the Commerce Department reported Thursday.

That was slightly more than what economists had predicted, and a faster rate than the 4.3% recorded at the end of 2020. In normal times, that 6.4% growth rate would represent electric growth. But during the pandemic, the situation has become quite different. After the disastrous contraction during the first wave of the pandemic last spring, America is still on the path to recovery.
The rampant growth of gross domestic product — the broadest measure of economic activity — is a good sign that the US economy is moving in the right direction, even though growth has slowed from the enormous 33.4% annualized jump in the second quarter of 2020 when the economy started to reopen.

    The government uses the ‘annualized’ rate, which assumed the quarterly growth rate would continue for a full year, because it makes it easier to compare numbers of different periods of time.

      This is a developing story. It will be updated.