Lovesac Swings To Profit In Q2 – Quick Facts
Lovesac Co. (LOVE), a direct-to-consumer specialty furniture brand, on Thursday reported net income for the second quarter of $8.45 million or $0.52 per share, compared to a net loss of $1.11 million or $0.08 per share in the prior-year quarter.
Net sales for the quarter surged 65.4 percent to $102.44 million from $61.95 million in the same quarter last year, driven by higher sales volume, lower promotional discounting and comparable sales growth of 39.5 percent.
On average, six analysts polled by Thomson Reuters expected the company to report loss of $0.08 per share on revenues of $90.97 million for the quarter. Analysts’ estimates typically exclude special items.
India says one vaccine dose prevents 96.6% COVID-19 deaths
NEW DELHI (Reuters) – One vaccine dose alone is 96.6% effective in preventing COVID-19 deaths in India, and two doses are 97.5% effective, the health ministry said on Thursday after analysing data between April and August.
Sensex, Nifty end marginally higher after range-bound trade
Bharti Airtel was the top gainer in the Sensex pack.
Equity benchmarks Sensex and Nifty ended marginally higher on Thursday led by gains in Bharti Airtel, Nestle India and TCS despite negative cues from global markets.
After trading in a range through the day, the 30-share Sensex ended 54.81 points or 0.09 % higher at 58,305.07 – its all-time closing high.
The NSE Nifty rose 15.75 points or 0.09 % to settle at 17,369.25.
Bharti Airtel was the top gainer in the Sensex pack, jumping around 3 %, followed by Nestle India, Tata Steel, Bajaj Finserv, HCL Tech and ITC.
On the other hand, Titan, UltraTech Cement, Bajaj Auto, HDFC Bank and Axis Bank were among the laggards.
"There is slight risk-off mode in global markets during the last few days and this has impacted the bullish sentiments in India too," said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Many experts feel that there can be a correction in the large caps that have been leading the rally this year. So part of the fresh money is now moving into new areas like PSU banks. But this is likely to be a short-term trend, he noted.
Elsewhere in Asia, bourses in Hong Kong, Tokyo and Seoul ended with losses, while Shanghai was positive.
Equities in Europe were trading on a negative note in mid-session deals.
Meanwhile, international oil benchmark Brent crude rose 0.29 % to $ 72.81 per barrel.
Hooker Furniture Corp. Q2 Net Income Rises
Hooker Furniture Corporation (HOFT) reported that it achieved double-digit sales and profitability increases in the second quarter, with all three of its reportable segments posting year-over-year sales gains of more than 20%. Operating margin improved moderately despite higher freight and raw material costs and ongoing shortages of ocean vessel and trucking capacity.
In the current environment, supply chain and logistics continue to be biggest challenges, the company noted. It expects second-half net sales and income to be adversely affected by these challenges, particularly in Home Meridian segment.
Net income for the second quarter was $7.5 million, or $0.62 per share, a 29% increase from a year ago. Consolidated net sales were $162.5 million, an increase of 25% from the prior year period.
Soligenix Reports Extension Of Hypericin Orphan Designation Beyond Cutaneous T-cell Lymphoma
Soligenix, Inc. (SNGX) said the Office of Orphan Products Development of FDA has granted orphan drug designation to the active ingredient hypericin for the treatment of T-cell lymphoma, extending the target population beyond cutaneous T-cell lymphoma.
“The FDA’s decision to grant and expand our hypericin orphan drug designation beyond cutaneous T-cell lymphoma signifies an important step for Soligenix as we continue to advance the program toward NDA filing in the first half of 2022,” said Christopher Schaber, President & Chief Executive Officer of Soligenix.
Shares of Soligenix were up 17% in pre-market trade on Thursday.
Pre-market Movers: HGEN, PMCB, CRDF, HLBZ, LULU…
The following are some of the stocks making big moves in Thursday’s pre-market trading (as of 5.25 A.M. EDT).
In the Green
PharmaCyte Biotech, Inc. (PMCB) is up over 23% at $4.22
Cardiff Oncology, Inc. (CRDF) is up over 19% at $8.43
Lululemon Athletica Inc. (LULU) is up over 13% at $434.00
ProQR Therapeutics N.V. (PRQR) is up over 12% at $7.68
Gold Royalty Corp. (GROY) is up over 9% at $4.52
OpGen, Inc. (OPGN) is up over 7% at $3.78
Aethlon Medical, Inc. (AEMD) is up over 6% at $3.80
In the Red
Humanigen, Inc. (HGEN) is down over 51% at $7.30
Helbiz, Inc. (HLBZ) is down over 19% at $10.50
GameStop Corp. (GME) is down over 7% at $183.33
Certara, Inc. (CERT) is down over 7% at $32.34
NetEase, Inc. (NTES) is down over 6% at $84.75
eFFECTOR Therapeutics, Inc. (EFTR) is down over 6% at $25.50
DouYu International Holdings Limited (DOYU) is down over 6% at $3.75
Gold Edges Higher Amid Risk Aversion
Gold prices inched higher on Thursday as growth worries, concerns surrounding regulatory crackdown in China and fears over a possible pullback in stimulus measures from central banks in the U.S. and Europe spurred risk aversion
Spot gold edged up 0.3 percent to $1,794.92 per ounce, while U.S. gold futures were up 0.2 percent at $1,797.05.
Strong U.S. job openings data and comments from several Fed policymakers signaled that the U.S. central bank is likely to reduce asset purchases this year.
The European Central Bank’s monetary policy decision is due later in the day, with economists expecting it to reduce the pace of its emergency bond purchases from next quarter but to continue bond buys until 2024.
Elsewhere, Chinese authorities summoned gaming giants to discuss implementation of new restrictions on video gaming for minors to tackle addiction to playing games.
The regulations came after Beijing’s recent clampdowns on a range of sectors including technology, education and property.
U.S. weekly jobless claims for the week ended September 4 will be published in the New York session.