Johnson & Johnson plans to split into two companies, separating consumer health business
Shares of Johnson & Johnson jumped in premarket trading after the healthcare giant announced that it its splitting itself into two publicly traded companies.
The new companies will be one focused on consumer products, such as Band-Aid bandages and baby powder, and another focused on prescription drugs and medical devices.
Shares of Johnson & Johnson were up 4% in premarket trading after the announcement. JNJ did not immediately respond to a request for comment from CNBC.com.
The news was first reported by the Wall Street Journal.
This is breaking news. Please check back for updates.
Oil Prices Retreat On Higher Dollar
Oil prices fell more than 1 percent on Friday as the dollar continued to gain on expectations of a more hawkish Fed.
Brent crude futures for January delivery fell over 1 percent to $82.01 a barrel while WTI crude futures for December settlement were down 1.3 percent at $80.50.
Both benchmark crude contracts were poised to end the week lower, hurt by a dollar, which hovered near a 16-month high amid bets for earlier Federal Reserve interest rate hikes.
Investors started pricing in two rate hikes next year – a first rate increase by July and a high likelihood of another by November.
Traders also weighed global energy demand and supply prospects after OPEC lowered its world oil demand forecast for 2021, citing weaker demand in major consumers China and India, and an expected hit from high energy prices.
To cool rising energy prices, U.S. President Joe Biden is weighing moves including a release of oil from the Strategic Petroleum Reserve.
Gold Dips, But Set For Weekly Gain
Gold prices edged lower on Friday to snap a five-day rally as the dollar continued to gain on expectations of a more hawkish Fed.
Spot gold dropped 0.7 percent to $1,849.77 per ounce, after having hit a five-month peak on Wednesday. U.S. gold futures were down 0.7 percent at $1,851.60.
But the metal is still on track for a second week of gains amid growing inflation worries after data showed U.S. consumer prices recorded their sharpest jump in over 30 years last month.
The dollar climbed for a third day and headed for its best week in almost five months against major peers amid bets for earlier Federal Reserve interest rate hikes.
Short-dated U.S. Treasury yields edged higher as traders price in two rate hikes next year – a first rate increase by July and a high likelihood of another by November.
The Federal Reserve said it will begin winding down its monthly asset purchases later this month at a pace of $15 billion per month.
China Automotive Systems Inc Q3 Earnings Summary
Below are the earnings highlights for China Automotive Systems Inc (CAAS):
-Earnings: -$0.32 million in Q3 vs. $2.36 million in the same period last year.
-EPS: -$0.01 in Q3 vs. $0.08 in the same period last year.
-Analysts projected $0.05 per share
-Revenue: $108.23 million in Q3 vs. $114.42 million in the same period last year.
Full year revenue guidance: $495 Mln
China Automotive Systems Posts Loss In Q3, Net Sales Down 5.4%; Reiterates Revenue Guidance
China Automotive Systems, Inc. (CAAS) reported a third quarter net loss attributable to parent company’s shareholders of $0.3 million, or loss per share of $0.01, compared to net income of $2.4 million or $0.08 per share, a year ago.
Net sales decreased 5.4% to $108.2 million from $114.4 million, prior year. The company said the decline in net product sales was mainly due to the decline in market demand as a result of the chips shortage and other overall auto market trends.
For the full year 2021, the company reiterated its revenue guidance of $495 million.
“While both the Chinese and North American auto markets are temporarily disrupted due to the shortage of chips, our EPS sales are growing stronger and our South American operations are booming,” Qizhou Wu, CEO of CAAS, said.
Shares of China Automotive Systems were down 4% in pre-market trade on Friday.
Vodafone Idea's loss narrows to ₹7,145 cr in September quarter
VIL’s total gross debt, as of September 30, 2021, stood at ₹1,94,780 crore.
Debt-ridden telecom operator Vodafone Idea Limited (VIL) on Friday reported narrowing of consolidated loss to ₹7,144.6 crore for the second quarter ended September 30.
The company had posted a loss of ₹7,218.2 crore in the corresponding quarter of the previous financial year.
Its consolidated revenue during July-September 2021 fell about 13% to ₹9,406.4 crore, compared with ₹10,791.2 crore in the year-ago period.
VIL’s total gross debt (excluding lease liabilities and including interest accrued but not due) as of September 30, 2021, stood at ₹1,94,780 crore. It comprised deferred spectrum payment obligations of ₹1,08,610 crore, AGR liability of ₹63,400 crore that are due to the government, and debt of ₹22,770 crore from banks and financial institutions.
The company’s cash and cash equivalents stood at ₹250 crore, and net debt was at ₹1,94,530 crore.
Mannatech Inc. Q3 Income Climbs
Mannatech Inc. (MTEX) revealed earnings for its third quarter that advanced from last year.
The company’s profit came in at $2.9 million, or $1.44 per share. This compares with $1.6 million, or $0.76 per share, in last year’s third quarter.
The company’s revenue for the quarter rose 3.7% to $39.4 million from $38.0 million last year.
Mannatech Inc. earnings at a glance:
-Earnings (Q3): $2.9 Mln. vs. $1.6 Mln. last year.
-EPS (Q3): $1.44 vs. $0.76 last year.
-Revenue (Q3): $39.4 Mln vs. $38.0 Mln last year.