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HP Q2 Profit, Revenues Beat Street View

Ramaco Resources Gains 16% As Jefferies Upgrades Stock To ‘Buy’

Shares of Ramaco Resources, Inc. (METC) gained over 16% on Tuesday morning after analysts at Jefferies Financial Group upgraded the stock’s rating to “Buy.”

METC is currently trading at $17.50, up $2.49 or 16.59%, on the Nasdaq. The stock opened its trading at $15.62 after closing Monday’s trading at $15.01. The stock has traded between $5.27 and $21.73 in the past 52-week period.

Ramaco Resources was upgraded by analysts at Jefferies Financial Group Inc. from a “hold” rating to a “buy” rating. Its price target was also lifted from $16.00 to $25.00.

Ramaco Resources produces and sells metallurgical coal. The company’s development portfolio includes the Elk Creek project consisting of approximately 20,200 acres of controlled mineral and 16 seams located in southern West Virginia; the Berwind property comprising approximately 41,300 acres of controlled mineral and an area of Squire Jim seam coal deposits, which is situated on the border of West Virginia and Virginia; the Knox Creek property consisting of approximately 62,100 acres of controlled mineral that is located in Virginia; and the RAM Mine property comprising approximately 1,570 acres of controlled mineral, which is situated in southwestern Pennsylvania.

SJM Stock Up On Upbeat Quarter

Shares of J. M. Smucker Co. (SJM) are rising over 4% Tuesday morning, after the company reported upbeat Q4 results. The stock, which has been trading between $118.55 and $146.74 for the past one year, is currently trading at $128.34, up $5.08 or 4.12%, with trading volume of over 418K versus an average volume of 889K shares.

The company’s Q4 net income was $202.1 million, or $1.87 per share, compared to $147.0 million, or $1.35 per share, last year. Excluding items, SJM reported adjusted earnings of $240.1 million or $2.23 per share for the period. Revenue rose 5.7% to $2.03 billion from $1.92 billion last year.

Analysts polled by Thomson Reuters expected earnings of $1.88 per share on revenue of $1.98 billion for the quarter. Analysts’ estimate typically exclude certain special items.

Also, the consumer goods company initiated guidance for adjusted earnings and net sales growth for the full-year 2023.

For fiscal 2023, the company now projects adjusted earnings in a range of $7.85 – $8.25 per share on net sales growth of 3.5 – 4.5 percent. On a comparable basis, net sales are expected to increase about 6 percent at the mid-point of the net sales guidance range.

Wall Street analysts look for earnings of $8.91 per share on a sales growth of 0.90% to $8.01 billion for the year.

The guidance reflects an estimated unfavorable impact to sales of 2% and adjusted earnings per share of $0.90 related to the recall of certain Jif peanut butter products.

120K New Covid Cases Reported In US Monday

With 120265 new cases reporting on Monday, the total number of people infected with coronavirus in the country has risen to 84,885,712, as per Johns Hopkins University’s latest data.

274 Covid deaths reported on the same day took the total U.S. Covid casualties to 1,008,881.

Cases have fallen by 8 percent and deaths by 15 percent in the last two weeks, New York Times’ latest tally shows.

More than 29000 people are currently in American hospitals with the coronavirus, an increase of 15 percent over the last two weeks. More than 3,100 of these patients are admitted in intensive care units.

82,671,524 people have so far recovered from the disease, the Worldometer tally shows.

993 additional deaths were reported globally on Sunday, taking the total number of people who lost their lives due to the pandemic so far to 6,300,060.

As per the latest data published by the Centers for Disease Control and Prevention, 221,506,997 Americans, or 66.7 percent of the eligible population, have been administered both doses of Covid vaccine so far. This includes 91.2 percent of people above 65.

46.9 percent of the eligible population, or 103,900,589 people, have already received a booster dose that is recommended to provide additional protection from the killer virus.

The US Food and Drug Administration’s Vaccines and Related Biological Products Advisory Committee is scheduled to meet today to discuss an Emergency Use Authorization request by Novavax for a coronavirus vaccine for adults.

JanOne Surges 50% On Issuance Of U.S. Patent Covering Method Of Improving Nerve Function Using JAN10

Shares of nano-cap company JanOne Inc. (JAN) gained nearly 50% on Tuesday morning after the company announced the issuance of U.S. Patent Covering a method of improving nerve function using JAN101.

JAN is currently trading at $3.71, up $1.21 or 48.40% on the NASDAQ, on a heavy volume of 51 million shares, above average volume of 0.6 million. The stock opened its trading at $3.55 after closing Monday’s trading at $2.50. The stock has traded between $1.89 and $12.28 in the past 52-week period.

JanOne said that a patent was issued that covers a method of improving nerve function using JAN101. JAN101 (formerly known as TV1001SR), is a potential treatment for peripheral artery disease (PAD), a vascular disease that affects more than 8.5 million people in the U.S. and more than 60 million people worldwide.

HP Q2 Profit, Revenues Beat Street View

HP Inc. (HPQ), the PC and printer business of the former Hewlett-Packard Co., on Tuesday reported results for the second quarter, with both profit and revenues beating Wall Street analysts’ estimates, driven by strong demand for computers.

HP’s second-quarter profit was $1.00 billion or $0.94 per share, compared with net income of $1.23 billion or $0.98 per share last year.

Adjusted earnings were $1.08 per share, compared with $0.93 per share in the year-ago quarter. Analysts polled by Thomson Reuters expected earnings of $1.05 per share for the quarter.

Revenue rose 3.9% to $16.49 billion from $15.88 billion a year ago. Analysts had a consensus revenue estimate of $16.17 billion.

Personal Systems revenue was $11.5 billion, up 9% year over year. Total units were down 17% with Notebooks units down 23% and Desktops units up 11%.

Printing revenue was $5.0 billion, down 7% year over year. Total hardware units were down 23% with Consumer units down 24% and Commercial units down 17%.

Looking forward to the third quarter, the company expects adjusted earnings of $1.03 to $1.08 per share. Analysts had a consensus revenue estimate of $1.02 per share.

For the fiscal year 2022, HP now expects adjusted earnings of $4.24 to $4.38, up from prior estimate of $4.18 to $4.38 per share. Analysts currently estimate earnings of $4.25 per share.

HPQ closed Tuesday’s trading at $38.84, up $0.09 or 0.23%, on the NYSE. The stock, however, slipped $0.04 or 0.10% in the after-hours trading.