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European Economics Preview: Germany Foreign Trade Data Due

Engine Media Shares Up 8%

Shares of Engine Media Holdings Inc. (GAME) are rising over 8% Thursday morning, after the company announced that its Winview Inc. subsidiary has commenced an action in the United States District Court for the District of New Jersey against DraftKings Inc. (DKNG), alleging infringement of patents owned by Winview.

The lawsuit alleges that various gaming services provided by DraftKings infringe Winview’s United States Patent No. 9,878,243 entitled “Methodology for Equalizing Systemic Latencies in Television Reception in Connection with Games of Skill Played in Connection with Live Television Programming” and United States Patent No. 10,721,543 entitled “Method Of and System For Managing Client Resources and Assets for Activities On Computing Devices.” The action seeks the recovery of damages and other appropriate relief.

GAME is currently trading at $12.05, up 95 cents or 8.56%, with trading volume surging over 1.33 million versus an average volume of 154K shares. The stock has been trading in the range of $5.18 – $13.40 for the past one year.

Dr. Fauci States A Big Frustration About People Not Receiving COVID-19 Vaccine

Dr. Anthony Fauci called out the attempted politicization in some conservative circles of COVID-19 vaccines, telling people who are hesitant to receive the shot to just “get over this political statement.”

“This is not complicated,” the nation’s top infectious diseases expert told MSNBC anchor Chris Hayes on Thursday, as the United States continues to experience a slowdown in vaccination rates and the rise of the new, more transmissible, delta variant of the virus.

“We’re not asking anybody to make any political statement one way or another,” Fauci explained. “We’re saying, ‘Try and save your life, and that of your family, and that of the community.’”

Fauci noted how, in his role as director of the National Institute of Allergy and Infectious Diseases, there are “so many diseases that I deal with that don’t have solutions,” treatments or vaccines.

“It’s very frustrating. You don’t have a treatment or you don’t have a vaccine. Here we have a vaccine [for COVID-19] that’s highly, highly effective in preventing disease and certainly in preventing severe disease and hospitalization,” he explained. “It’s easy to get. It’s free. And it’s readily available.”

“So, you know, you’ve got to ask, what is the problem? Get over it,” he added. “Get over this political statement. Just get over it and try and save the lives of yourself and your family.”

Watch the interview here:

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TAL Education Group Downtick Continues

TAL Education Group (TAL) shares are sliding on Thursday morning trade continuing a fall for the last several weeks. The shares are now near to its 52-week low. There were no corporate announcements from the company today.

Currently, shares are at $17, down 7.32 percent from the previous close of $19.41 on a volume of 8,011,575. For the 52-week period, the shares have traded in a range of $17.30-$90.96 on average volume of 12,993,673.

U.S. Construction Spending Unexpectedly Dips 0.3% In May

Construction spending in the U.S. unexpectedly decreased in the month of May, according to a report released by the Commerce Department on Thursday.

The report said construction spending fell by 0.3 percent to an annual rate of $1.545 trillion in May after inching up by 0.1 percent to a revised rate of $1.550 trillion in April.

The decrease surprised economists, who had expected construction spending to rise by 0.4 percent following the 0.2 percent uptick originally reported for the previous month.

The unexpected drop in construction spending came as spending on private construction slipped by 0.3 percent to an annual rate of $1.203 billion.

Spending on non-residential construction slumped by 1.1 percent to a rate of $451.6 billion, more than offsetting a 0.2 percent increase in spending on residential construction to a rate of $751.7 billion.

The report showed spending on public construction also dipped by 0.2 percent to a rate of $342.0 billion, as a steep drop in spending on educational construction more than offset a jump in spending on highway construction.

Despite the monthly decrease, total construction spending in May was up by 7.5 percent compared to the same month a year ago.

First lady Jill Biden to attend National Spelling Bee

LAKE BUENA VISTA, Fla. — Finalists in the Scripps National Spelling Bee will get a visit from one of the nation’s most prominent educators: first lady Jill Biden.

The first lady will meet with spellers and their families before the bee Thursday evening and stay to watch the competition.

This year’s bee was delayed because of the pandemic and all preliminary rounds were held virtually. Only the 11 finalists are competing in person, at an ESPN campus near Walt Disney World in Florida. The finals will be televised on ESPN2.

Biden previously attended the bee in 2009 in Washington. She is an English professor at Northern Virginia Community College, where she also worked during the eight years that President Joe Biden was vice president.

The first lady has kept a busy schedule, traveling around the country to promote her husband’s policies and her own issues and causes.

European Economics Preview: Germany Foreign Trade Data Due

Foreign trade data from Germany is due on Thursday, headlining a light day for the European economic news.

At 1.45 am ET, Swiss unemployment data is due. The jobless rate is seen at seasonally adjusted 2.9 percent in June versus 3.0 percent in May.

At 2.00 am ET, Destatis is slated to issue Germany’s external trade data. Exports are forecast to climb 0.6 percent on month and imports to grow 0.4 percent in May.

At 3.00 am ET, the Czech Statistical Office is scheduled to issue the retail sales data for May. In the meantime, consumer price data is due from Hungary.

At 7.00 am ET, Poland’s central bank announces its monetary policy decision. The bank is expected to hold its key rate at 0.1 percent.

At 7.30 am ET, the European Central Bank is set to release the account of the monetary policy meeting of the governing council held on June 9 and 10.