Stock Alert: Polar Power Jumps 26%
Shares of Polar Power Inc. (POLA), a manufacturer of power generators, renewable energy, and cooling systems, are gaining almost 26 percent or $0.60 in Thursday’s morning trade at $2.93 despite no company-centric news.
U.S. stocks are rising on Thursday after a report from the Commerce Department showed a stronger than expected rebound by the U.S. economy in the third quarter. Adding to the positive sentiment, the Labor Department released a report showing initial jobless claims fell to their lowest level since before the coronavirus-induced lockdowns in the week ended October 24.
Polar Power has traded in a range of $0.95 to $6.56 in the past 52 weeks.
Watch ECB President Christine Lagarde speak after latest policy decision
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European Central Bank President Christine Lagarde is giving a press conference after the institution's latest monetary policy decision.
The bank opted to keep its rates and wider monetary policy unchanged on Thursday, but hinted at possible policy action in December.
Analysts have been expecting an increase monetary stimulus before the end of the year, as lockdowns are re-imposed in Germany and France amid rising Covid-19 cases and a deteriorating economic outlook.
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Intel Q3 Results Top Wall Street View
Intel Corp. (INTC) Thursday reported a profit and revenues for the third quarter that trumped Wall Street estimates. However, the company’s shares tanked 10% in extended trading session.
Santa Clara, California-based Intel reported third-quarter profit of $4.3 billion or $1.02 per share, down 29% from $6.0 billion or $1.35 per share last year.
Adjusted earnings for the quarter were $1.11 per share, down from $1.42 per share last year. On average, 34 analysts polled by Thomson Reuters estimated earnings of $1.10 per share for the quarter.
Intel’s revenues for the quarter were down 4% to $18.3 billion from last year’s revenue of $19.2 billion. Analysts had a consensus revenue estimate of $18.22 billion for the quarter.
The company said its third-quarter revenues were ahead of prior expectations driven by continued strength in notebook sales, which helped offset COVID-driven headwinds affecting significant portions of business.
Looking forward to the fourth quarter, Intel expects revenues of about $17.4 billion and adjusted earnings of around $1.10 per share. Analysts currently estimate earnings of $1.06 per share and revenues of $17.34 billion.
For the full year 2020, the company expects revenues of around $75.3 billion and adjusted earnings of $4.90 per share. Analysts currently estimate earnings of $4.85 per share and revenues of $75.13 billion.
INTC closed Thursday’s trading at $53.90, up $0.40 or 0.75%, on the Nasdaq. The stock, however, dropped $5.40 or 10.02%, in the after-hours trading.
Stock Alert: Marvell Technology Slides 10% After Deal To Acquire Inphi Corp.
Shares of Marvell Technology Group Ltd. (MRVL) are losing more than 10 percent or $4.00 in Thursday’s morning trade at $35.53, after the chipmaker said it agreed to acquire peer Inphi Corp. (IPHI) in a cash and stock deal. The transaction, reportedly valued at $10 billion, is expected to close by the second half of calendar 2021.
In conjunction with the transaction, Marvell said it intends to reorganize so that the combined company will be domiciled in the U.S., with an enterprise value of about $40 billion. The transaction consideration will consist of $66 in cash and 2.323 shares of stock of the combined company for each Inphi share.
Marvell Technology has traded in a range of $16.45 to $45.04 in the past 52 weeks.
Joe Scarborough Spots ‘Perry Mason’ Moment Of The Trump-Kushner COVID-19 Debacle
MSNBC’s Joe Scarborough on Thursday laced into Jared Kushner for boasting about how President Donald Trump seized control of the government’s response to the coronavirus pandemic from doctors and scientists.
It was “the Perry Mason” moment, the co-host of “Morning Joe” said of the admission of the president’s son-in-law and adviser.
Kushner hailed Trump’s anti-science approach to the COVID-19 crisis in an April interview with journalist Bob Woodward for his book, “Rage,” as daily infection rates soared nationwide.
Woodward released audio of the exchange on Wednesday.
“We actually have the person on the witness stand who is actually testifying against interests for himself and for Donald Trump,” Scarborough said as he railed at Kushner’s comments.
“They deliberately, deliberately ‘freed’ America from the doctors and the scientists,” he continued. “So, by the end of this, 400,000 people will be dead ― almost as many Americans who died in World War II.”
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Medical Properties Trust Q3 Profit Rises, But Misses View; Revenues Beat
Medical Properties Trust, Inc. (MPW) a real estate investment trust that develops net-leased hospital facilities, reported that its third-quarter net income attributable to stockholders rose to $131.11 million or $0.25 per share from $89.79 million or $0.20 per share last year.
Normalized funds from operations or NFFO were $220.67 million or $0.41 per share, compared to $147.50 million or $0.33 per share a year ago.
Total revenues for the quarter grew to $329.46 million from $224.76 million last year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.26 per share for the quarter on revenues of $315.27 million. Analysts’ estimates typically exclude special items.
Looking ahead, Medical Properties Trust continues to expect an annual run-rate of $1.09 to $1.12 per share for net income and $1.68 to $1.71 per share for NFFO.