Marcus & Millichap Inc. Reports Decline In Q3 Bottom Line
Marcus & Millichap Inc. (MMI) revealed earnings for third quarter that dropped from last year.
The company’s earnings came in at $6.04 million, or $0.15 per share. This compares with $19.29 million, or $0.49 per share, in last year’s third quarter.
Analysts had expected the company to earn $0.06 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter fell 20.0% to $158.58 million from $198.22 million last year.
Marcus & Millichap Inc. earnings at a glance:
-Earnings (Q3): $6.04 Mln. vs. $19.29 Mln. last year.
-EPS (Q3): $0.15 vs. $0.49 last year.
-Analysts Estimate: $0.06
-Revenue (Q3): $158.58 Mln vs. $198.22 Mln last year.
Oil Prices Fall On US Election Uncertainty
Oil prices fell over 1 percent on Thursday amid demand worries and prolonged uncertainty over the outcome of the U.S. presidential election.
Benchmark Brent fell 1.5 percent to $40.62 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 1.5 percent at $38.56, after having risen about 4 percent on Wednesday.
Germany’s daily new coronavirus infections hit a record high today and the Czech Republic reported a record daily tally of new coronavirus cases following several days of slowdowns in infections, raising worries about fuel demand.
Vote counting continues in the tense U.S. presidential race, though Joe Biden appears positioned to win enough battleground states to put himself in the White House.
Late Wednesday, the Trump campaign filed lawsuits and demanded recounts in a bitter contest that has yet to be decided.
Analysts said a long drawn-out fight for the White House and prolonged period of uncertainty as a result of court challenges and recounts could cause additional uncertainty in the market, spawning further sell-offs within risky asset classes, including oil.
Traders are also concentrating on the battle for the Senate, where odds are increasing that Republicans will retain control.
A divided Congress could hamper Biden’s plans on climate change, economic stimulus and the easing of sanctions on oil producer Iran.
Stock Alert – Qorvo Shares Hit 52-Week High
Shares of Qorvo (QRVO) reached a 52-week high of $152.36 today and are currently trading at $147.93, up $14.19 or 10.61% Thursday morning. Trading volume is rising over 1.05 million versus an average volume of 1.16 million shares.
The company reported Q2 net income of $136.9 million or $1.18 per share compared to $83.0 million or $0.70 per share last year. On a non-GAAP basis, net income rose to $282.3 million or $2.43 per share from $175.1 million or $1.50 per share a year ago. Analysts polled by Thomson Reuters expected earnings of $2.12 per share for the quarter. Analysts’ estimate typically exclude certain special items. Revenue for the quarter increased to $1.06 billion from $806.7 million generated in the prior year period.
The company expects third-quarter non-GAAP earnings of $2.65 per share at the midpoint of guidance, and revenue of $1.06 billion, plus or minus $15 million. Wall Street analysts estimate earnings of $1.90 per share on revenue of $923.35 million for the quarter.
Mark Murphy, chief financial officer of Qorvo, said, “We project robust end market demand to continue into the December quarter. With our product and technology mix, operating performance and capital discipline, we are projecting record operating margins in the current quarter and free cash flow of approximately $900 million for the fiscal year.”
Superdry Plc Issues Pre-Close Trading Statement – Quick Facts
Superdry Plc (SDRY.L,SEPGF.PK,SEPGY.PK) reported that its total revenue declined 23.3% in the 26-week period to 24 October 2020. For the second quarter, revenue was down 22.8% from prior year.
Like-for-like store trading in the last six weeks of first half period was down 32.4%, with UK trade impacted by continued social distancing measures, partially offset by stronger performance in Europe where footfall declines have been less severe. The Group noted that Ecommerce is performing well with like-for-like sales up 51.9% in the last six weeks of first half period.
Superdry Plc said, as at 5 November, 122 stores are temporarily closed across England, Wales, France, Belgium and Ireland, with 117 stores still open and trading.
Stobart 6-Month Loss Widens
Stobart (STOB.L) reported six-months loss of £88.1 million or 19.27p per share compared to a loss of £20.9 million or 5.70p per share last year.
Loss from continuing operations widened to £76.5 million or 16.74p per share from the prior year’s loss of £12.3 million or 3.37p per share.
Revenue for the period decreased to £53.2 million from £74.8 million generated a year ago.
Warwick Brady, Chief Executive, Stobart Group said, “COVID-19 has created unprecedented challenges for the Group. In response, we have taken decisive action to bolster liquidity, reduce cash burn and protect our long-term strategic objectives. These actions should allow us to emerge from this crisis in the best possible position to deliver our focused strategy.”
Cannabis in Africa Remains a Controversial Issue
Its abuse among youths is rampant and that’s why it remains illegal in many countries. But this is changing. Zimbabwe, South Africa, Ghana, and recently Rwanda – have amended their laws to allow its cultivation. Youths from Ghana, Rwanda, and Sierra Leone debate the impact of cannabis cultivation in their countries.
‘Not a Great Outcome’ for N.Y. Democrats as G.O.P. Gains
By Daniel E. Slotnik