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Ian King Business Podcast: Inflation rise, Amazon vs Visa, and cutting some Slack

U.S. Business Inventories Growth Matches Estimates In September

The Commerce Department released a report on Tuesday showing U.S. business inventories increased in line with economist estimates in the month of September.

The report showed business inventories rose by 0.7 percent in September after climbing by an upwardly revised 0.8 percent in August.

Economists had expected business inventories to advance by 0.7 percent compared to the 0.6 percent increase originally reported for the previous month.

Wholesale inventories jumped by 1.4 percent during the month, while manufacturing inventories climbed by 0.8 percent. Meanwhile, retail inventories edged down by 0.2 percent.

The Commerce Department also said business sales increased by 0.9 percent in September after inching up by 0.1 percent in August.

While wholesale sales surged up by 1.1 percent, retail and manufacturing sales advanced by 0.9 percent and 0.6 percent, respectively.

With inventories and sales both climbing, the total business inventories/sales ratio in September was unchanged from the previous month at 1.26.

The TJX Companies, Inc. Q3 Profit Advances, Beats estimates

The TJX Companies, Inc. (TJX) announced earnings for its third quarter that increased from last year.

The company’s bottom line came in at $1.02 billion, or $0.84 per share. This compares with $0.87 billion, or $0.71 per share, in last year’s third quarter.

Analysts had expected the company to earn $0.81 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 23.8% to $12.53 billion from $10.12 billion last year.

The TJX Companies, Inc. earnings at a glance:

-Earnings (Q3): $1.02 Bln. vs. $0.87 Bln. last year.
-EPS (Q3): $0.84 vs. $0.71 last year.
-Analysts Estimate: $0.81
-Revenue (Q3): $12.53 Bln vs. $10.12 Bln last year.

TJX Companies Q3 Profit Beats Estimates; Stock Up

The TJX Companies, Inc. (TJX) reported an increase in profit for the third quarter that also topped Wall Street estimates. Looking forward, the company now expects to repurchase approximately $1.75 billion to $2.0 billion of stock in fiscal 2022, an increase of $500 million from its prior plan. The company also expects to declare a $0.26 per share dividend in the fourth quarter.

Ernie Herrman, CEO, said, “I am extremely pleased with the continued strength of our business, with our overall open-only comp store sales up a very strong 14% over fiscal 2020, and earnings per share of $0.84, well above our plan.”

Net income increased to $1.02 billion or $0.84 per share, from $866.66 million or $0.71 per share, a year ago. On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $0.81, for the quarter. Analysts’ estimates typically exclude special items.

Net sales were $12.53 billion, an increase of 24% from a year ago. Analysts on average had estimated $12.27 billion in revenue.

For the start of the fourth quarter, overall open-only comp store sales growth is up mid-teens over the fourth quarter of fiscal 2020, the company noted.

Shares of TJX Companies were up 4% in pre-market trade on Wednesday.

Pre-market Movers: RMTI, ENSC, PROG, MULN, SPI…

The following are some of the stocks making big moves in Wednesday’s pre-market trading (as of 07.05 A.M. ET).

In the Green

Rockwell Medical, Inc. (RMTI) is up over 45% at $0.70
Ensysce Biosciences, Inc. (ENSC) is up over 22% at $1.86
Progenity, Inc. (PROG) is up over 19% at $5.78
Mullen Automotive, Inc. (MULN) is up over 17% at $15.40
SPI Energy Co., Ltd. (SPI) is up over 17% at $7.24
Asia Pacific Wire & Cable Corporation Limited (APWC) is up over 16% at $3.12
Bakkt Holdings, Inc. (BKKT) is up over 10% at $21.11
Camber Energy, Inc. (CEI) is up over 9% at $1.22
Innoviz Technologies Ltd. (INVZ) is up over 8% at $6.43
Bit Brother Limited (BTB) is up over 6% at $1.90

In the Red

Cyclo Therapeutics, Inc. (CYTH) is down over 17% at $6.03
Atea Pharmaceuticals, Inc. (AVIR) is down over 14% at $9.75
PAVmed Inc. (PAVM) is down over 13% at $4.28
DLocal Limited (DLO) is down over 12% at $41.00
CNS Pharmaceuticals, Inc. (CNSP) is down over 9% at $1.16
Creative Realities, Inc. (CREX) is down over 8% at $2.24
Bilibili Inc. (BILI) is down over 7% at $82.69
Second Sight Medical Products, Inc. (EYES) is down over 7% at $3.14
BIMI International Medical Inc. (BIMI) is down over 7% at $0.93
Altamira Therapeutics Ltd. (CYTO) is down over 5% at $2.22

Manchester United Q1 Loss Widens – Quick Facts

Manchester United (MANU) announced Wednesday a first-quarter net loss of 15.5 British pounds or 9.53 pence per basic share, sharply wider than 30.3 pounds or 18.58 pence per basic share in the prior-year quarter.

Excluding items, adjusted loss per basic share for the quarter was 7.67 pence, compared to 15.12 pence in the year-ago quarter.

Total revenues for the quarter grew 16.1 percent to 126.5 pounds from 109.0 pounds in the same quarter last year.

Broadcasting revenue declined 9.0 percent to 43.3 pounds, while commercial revenue grew 7.9 percent to 64.4 pounds and matchday revenue soared to 18.8 pounds from 1.7 pounds last year.

The company will pay semi-annual cash dividend of $0.09 per share on 7 January 2022, to shareholders of record on 1 December 2021. The stock will begin to trade ex-dividend on 30 November 2021.

Ian King Business Podcast: Inflation rise, Amazon vs Visa, and cutting some Slack

Ian King speaks to the head of economics at the British Chambers of Commerce about the latest inflation figures.

Plus, hear about why Amazon has decided to stop accepting payments made with UK-issued Visa credit cards from January.

And the CEO of messaging service, Slack, joins the show to talk about how the firm has fared since its takeover by cloud-based software giant Salesforce.