On Holding AG Shares Surge On Profit Growth In Q3

New York Manufacturing Index Indicates Strong Growth In November

New York manufacturing activity grew strongly in the month of November, according to a report released by the Federal Reserve Bank of New York on Monday.

The New York Fed said its general business conditions index jumped to 30.9 in November from 19.8 in October, with a positive reading indicating growth. Economists had expected the index to rise to 21.6.

The much bigger than expected increase by the headline index came as the shipments index spiked to 28.2 in November from 8.9 in October.

The new orders index also surged up to 28.8 in November from 24.3 in October, while the number of employees index jumped to a record high 26.0 from 17.1.

The report also showed the prices paid index rose to 83.0 in November from 78.7 in October and the prices received index climbed to a record high 50.8 from 43.5.

The New York Fed said the delivery time index slid to 32.2 in November from 38.0 in October, indicating significantly longer delivery times.

Meanwhile, the report said firms were less optimistic about the six-month outlook than they were last month, with the index for future business conditions tumbling to 36.9 in November from 52.0 in October.

The Philadelphia Federal Reserve is scheduled to release a separate report on regional manufacturing activity on Thursday. The Philly Fed Index is expected to edge down to 21.4 in November from 23.8 in October.

Griffon Corp. Q4 adjusted earnings Miss Estimates

Griffon Corp. (GFF) reported earnings for fourth quarter that decreased from last year.

The company’s profit came in at $15.89 million, or $0.30 per share. This compares with $20.09 million, or $0.41 per share, in last year’s fourth quarter.

Excluding items, Griffon Corp. reported adjusted earnings of $21.19 million or $0.40 per share for the period.

Analysts had expected the company to earn $0.45 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 3.4% to $570.20 million from $551.26 million last year.

Griffon Corp. earnings at a glance:

-Earnings (Q4): $21.19 Mln. vs. $21.54 Mln. last year.
-EPS (Q4): $0.40 vs. $0.44 last year.
-Analysts Estimate: $0.45
-Revenue (Q4): $570.20 Mln vs. $551.26 Mln last year.

Chatham Offers To Acquire RRD For $9.10/shr; To Increase Offer On Elimination Of Termination Fee

Chatham Asset Management, LLC, the largest stockholder and debtholder of R.R. Donnelley & Sons Company (RRD), has submitted a fully-financed all-cash offer to acquire all of the common stock of RRD not already owned by Chatham at a price equal to $9.10 per share. The offer is supported by a debt commitment letter led by Jefferies Finance LLC in an aggregate amount of up to $1.675 billion.

“To the extent the termination fee and expense reimbursement payable under the Agreement and Plan of Merger between the company and affiliates of Atlas is eliminated, we are prepared to increase our offer to $9.34 per share,” Chatham noted.

Chatham said its offer is worth approximately $47.9 million to $67.9 million more than Atlas’ offer to acquire RRD for $8.52 per share, depending on the elimination of the termination fee, and is not conditioned on any further diligence.

Also, Chatham has filed a lawsuit against the Board and Atlas. Specifically, Chatham is requesting the Court declare the Atlas termination fee and certain other provisions of the Atlas Merger Agreement unenforceable.

Tell us: are you worried remote working could have a negative effect on your job?

We would like to hear from employees about their views on their career and working from home

Last modified on Tue 16 Nov 2021 10.06 EST

Women who work mostly from home risk hurting their careers as more men return to office working post-pandemic, a Bank of England policymaker has warned.

Catherine Mann, a member of the Bank’s monetary policy committee, said this may lead to women getting caught in a “she-cession”. Women aren’t returning to work in the same numbers as men, partly due to issues with childcare and disruption at schools.

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On Holding AG Shares Surge On Profit Growth In Q3

On Holding AG (ONON) shares are rising more than 26 percent on Tuesday morning trade after the company reported third-quarter profit on net sales growth of 67.6 percent from the previous year.

The company reported third-quarter net profit of 12.99 million Swiss francs, higher than 8.10 million francs last year.

Net sales increased to 131.29 million Swiss francs from 70.82 million in the previous year.

Currently, shares are at $45.34, up 24.85 percent from the previous close of $36.43 on average volume of 4,570,220. For the 52-week period, the shares have traded in a range of $28.10-$46.39 on average volume of 1,641,290.