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Futu Holdings Adds 12% As Earnings, Revenue Grow In Q2

Evaxion Biotech Rally Continues; Shares Gain 16%

Shares of Evaxion Biotech A/S (EVAX) are gaining over 16% on Wednesday morning despite no stock-related news to drive the shares.

EVAX is currently trading at $7.59, up $1.06 or 16.25%, on the Nasdaq, on a volume of 2.0 million shares, far above average volume of 75 thousand shares. The stock has traded between $5.16 and $10.34 in the 52-week period. Since August 20, the stock has been on rally and has gained nearly 50%.

Evaxion Biotech, a clinical-stage artificial intelligence-immunology platform company, identifies and develops novel immunotherapies for the treatment of various cancers, bacterial diseases, and viral infections.

Lucid Group Shares Down 9%

Shares of Lucid Group Inc. (LCID) are slipping nearly 9% despite no stock-related news to negatively impact the shares of the electric-vehicle startup.

LCID is currently trading at $18.19, down $1.77 or 8.85%, on the Nasdaq, on a volume of 105 million shares, above average volume of 11 million shares. LCID has traded between $9.60 and $64.86 in the 52-week period. On Nasdaq Global Select market Lucid Group’s shares are currently trading at $7.80, down $0.74 or 8.66%.

Lucid is reportedly down due to the PIPE lockup expiration date for early investors. The largest PIPE investor in Lucid is Saudi Arabia’s sovereign wealth fund, which is not anticipated to be a big seller of shares. Other PIPE investors include BlackRock, Fidelity Management and Research, Franklin Templeton and Neuberger Berman.

Herald morning quiz: September 2

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PVH Corp Adds 15% On Q2 Profit, Raised FY21 Outlook

Shares of clothing company PVH Corp. (PVH) are up 15 percent on Wednesday’s trading as the company swung to profit in the second quarter and raised its earnings outlook for fiscal 2021.

The company posted net income of $181.9 million or $2.51 per share in the second quarter, compared to net loss of $51.4 million or $0.72 per share in the same period last year.

Excluding items, income was $197.5 million or $2.72 per share for the period, while analysts projected $1.2 per share.

Quarterly revenues rose to $2.31 billion from $1.58 billion in the year-ago period.

Looking ahead, the company raised its earnings outlook for fiscal 2021. PVH Corp now expects earnings per share of $8.80 from the earlier $6.60. On an adjusted basis, earnings per share of $8.50 is expected, compared to the previous $6.50.

Currently at $120.38, the stock has traded between $57.35 and $121.50 during the past 52 weeks.

ABVC BioPharma Spikes 30% On Two PCT Application For MDD, ADHD

ABVC BioPharma, Inc. (ABVC) shares are trading more than 30 percent on Wednesday morning after the company announced new patent cooperation treaty or PCT application to treat major depressive disorder or MDD and Attention-Deficit Hyperactivity Disorder or ADHD.
The applications are for oral administration of compositions containing Radix Polygalae extract or PDC-1421 for both the MDD and ADHD drugs.

Currently, shares are at $3.77, up 30.00 percent from the previous close of $2.90 on a volume of 45,565,707. The shares have traded in a range of $1.95-$8.00 on average volume of 587,269.

Turkey's coronavirus cases hit three-week high

FILE PHOTO: People wearing protective masks walk along a street amid a surge in COVID-19 cases in Diyarbakir, Turkey July 27, 2021. REUTERS/Sertac Kayar

ISTANBUL (Reuters) – Turkey’s daily coronavirus cases rose to a three-week high of 23,946 on Wednesday while the death toll, at 290, was the highest since May 6, according to official data.

The rise in daily COVID-19 deaths since mid-July has been among the sharpest among peers in Europe and the Middle East, global data shows.

U.S. Construction Spending Rises Slightly More Than Expected In July

Construction spending in the U.S. increased by slightly more than expected in the month of July, according to a report released by the Commerce Department on Wednesday.

The report said construction spending rose by 0.3 percent to an annual rate of $1.569 trillion in July after edging down by less than a tenth of a percent to revised rate of $1.563 trillion in June.

Economists had expected construction spending to inch up by 0.2 percent compared to the 0.1 percent uptick originally reported for the previous month.

The modest increase in construction spending came as spending on private construction climbed by 0.3 percent to an annual rate of $1.231 trillion.

Spending on residential construction increased by 0.5 percent to a rate of $773.0 billion, more than offsetting a 0.2 percent dip in spending on non-residential construction to a rate of $458.0 billion.

The report also showed spending on public construction advanced by 0.7 percent to an annual rate of $337.8 billion, reflecting a 1.9 percent jump in spending on highway construction to a rate of $94.5 billion.

Compared to the same month a year ago, total construction in July was up 9.0 percent, the Commerce Department said.

Futu Holdings Adds 12% As Earnings, Revenue Grow In Q2

Shares of Chinese online brokerage firm Futu Holdings Ltd. (FUTU) are climbing 12 percent on Wednesday’s trading as the company posted higher second quarter earnings, helped by robust revenue growth and operating leverage.

During the three-month period, net income rose 126 percent to HK$533.9 million or $68.7 million from HK$236.5 million in the second quarter of last year. On an ADS basis, net income was HK$3.54 or $0.46, higher than HK$1.88 a year ago.

Excluding items, income climbed 127 percent to HK$550.4 million $70.9 million from HK$242.8 million in the prior-year quarter.

Total revenues came in at HK$1.58 billion or $203.1 million, up 129 percent from HK$687.6 million in the year-ago quarter.

Currently at $106.66, the stock has traded between $27.15 and $204.25 during the past 52 weeks.