Lululemon Shares Slip 6% As It Warns Weak Q4 Due To Omicron Impact
Shares of Lululemon Athletica Inc. (LULU) are slipping over 6% on Monday morning after the company lowered its financial guidance for the fourth quarter, as the omicron variant has impacted its staffing and operations.
LULU is currently trading at $333.51, down $21.70 or 6.11%, on the Nasdaq.
The athletic apparel company now expects earnings, adjusted earnings and net revenue for the fourth quarter toward the low end of its guidance range.
Previously, the company had expected earnings of $3.24 to $3.31 per share and adjusted earnings of $3.25 to $3.32 per share on net revenue between $2.125 billion and $2.165 billion. Analysts polled by Thomson Reuters currently expect earnings of $3.34 per share on revenues of $2.17 billion for the quarter.
The company is due to report its fourth-quarter earnings on March 30.
CEO Calvin McDonald said, “We started the holiday season in a strong position but have since experienced several consequences of the Omicron variant, including increased capacity constraints, more limited staff availability, and reduced operating hours in certain locations.”
US Records Highest Ever Weekly Average Of Covid Cases
The United States on Sunday recorded the highest seven-day average of coronavirus cases in the country since the outbreak of the pandemic.
The weekly average of 718,210 cases marks a whopping 215 percent increase in a fortnight, the New York Times reports.
With 307208 new infections reporting, the national total has increased to 60,090,328, according to the latest data from Johns Hopkins University.
With 330 additional casualties, the total Covid death toll has risen to 837,664.
New York alone reported 79,777 new cases and 170 deaths due to the virus on Sunday.
The surge in cases, driven by the fast spreading Omicron variant, is reportedly placing a strain on hospitals.
With 80 percent increase in a fortnight, hospitalizations crossed 130,000 at the weekend.
42,257,508 people in the country have recovered from the disease so far, as per Worldometers.
AMN Healthcare Services Preliminary Q4 Results Exceed Its Prior Guidance – Quick Facts
AMN Healthcare Services (AMN) said, based on preliminary financial information, the company expects fourth quarter consolidated revenues to be between $1.35 billion and $1.36 billion. The company now expects operating margin and adjusted EBITDA margin will be slightly above the high end of its previously provided guidance ranges of 11.8-12.3% and 15.3-15.8%, respectively.
The company said its preliminary results exceeded prior guidance, due to strong demand across all revenue segments led by the Nurse and Allied segment and approximately $70 million more labor disruption revenue than included in the guidance.
Susan Salka, AMN Chief Executive Officer, said: “Demand for all of our talent solutions remains near record levels, and we expect first quarter 2022 revenue to be more than
Exelon Introduces 2022 Adj. Operating Earnings Guidance For New Company – Quick Facts
Exelon Corp. (EXC) announced 2022 adjusted operating earnings guidance for the new company of $2.18-$2.32 per share, which is up from revised guidance for utilities plus the Exelon holding company of $2.06-$2.14 per share in 2021. Exelon said this is driven by increased investment on behalf of customers at the utilities as well as updated revenues at PECO from recent rate cases.
Exelon targets a 60 percent dividend payout ratio of operating earnings and growth in line with operating earnings through 2025.
What Is Driving Bone Biologics Shares Up 80?
Shares of Bone Biologics Corp. (BBLG) are currently gaining nearly 80% on Monday morning. Jeffrey Frelick, the company’s president and chief executive officer, is set to present at the H.C. Wainwright BioConnect Virtual Conference being held January 10 – 13, 2022.
BBLG is currently trading at $6.11, up $2.68 or 78.13%, on the Nasdaq, on a heavy volume of 31 million shares, above average volume of 565 thousand shares.
Bone Biologics is a medical device company that focuses on bone regeneration in spinal fusion using the recombinant human protein. Its NELL-1/DBX is a combination product, which is an osteostimulative recombinant protein that provides target specific control over bone regeneration.
Gold Futures Settle Slightly Higher
Gold futures settled higher on Monday, recovering slightly after suffering a sharp loss last week.
However, gains were just marginal as a firm dollar and rising Treasury yields limited the demand for the safe-haven asset.
The dollar index climbed to 96.23 before easing to 95.98, (still up nearly 0.3%) from Friday’s close. The dollar gained in strength amid rising expectations the Federal Reserve will announce a series of interest rate hikes this year. The first hike is likely to happen as early as March.
The yield on U.S. Treasury yields reached a new two-year high, reacting to the jobs numbers released on Friday.
Gold futures for February ended higher by $1.40 or about 0.1% at $1,798.80 an ounce.
Silver futures for March closed up by $0.053 at $22.462 an ounce, while Copper futures for March settled at $4.3520 per pound, down $0.0580 from the previous close.
Investors looked ahead to data on consumer and produce price inflation, retail sales and industrial prodution.
Fed Chairman Jerome Powell’s confirmation hearing in the Senate Banking Committee for his second term is scheduled to take place on Tuesday.
On the Covid-19 front, the Omicron Covid-19 variant continues to spread rapidly. The discovery of a new strain that combines Delta and Omicron is also on the radar.