Progress Software Corp Q2 Profit Increases, beats estimates

Las Vegas Sands Up 7%

Las Vegas Sands Corp. (LVS) shares are up more than 7 percent on Tuesday morning trade, continuing an uptrend over the last several days. There were no corporate announcements on the day to influence the stock movement.

Currently, shares are at $25.65, up 7.48 percent from the previous close of $33.17 on a volume of 6,806,988. For the 52-week period, the shares have traded in a range of $28.88-$53.57 on average volume of 6,630,282.

Seven-Year Note Auction Attracts Above Average Demand

Finishing off this week’s series of announcements of the results of its long-term securities auctions, the Treasury Department on Tuesday revealed this month’s auction of $40 billion worth of seven-year notes attracted above average demand.

The seven-year note auction drew a high yield of 3.280 percent and a bid-to-cover ratio of 2.48.

Last month, the Treasury sold $42 billion worth of seven-year notes, drawing a high yield of 2.777 percent and a bid-to-cover ratio of 2.69.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous seven-year note auctions had an average bid-to-cover ratio of 2.37.

On Monday, the Treasury revealed this month’s auctions of $46 billion worth of two-year notes and $47 billion worth of five-year notes attracted below average demand.

‘The Man From Toronto’ Review: Not So Clearly Canadian

Woody Harrelson plays a hit man and Kevin Hart the wrong man in this Netflix action comedy.

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By Calum Marsh

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First-Date Spots for Everyone

Eliminating wild-card factors, embracing the daylight date and more tips.

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Tiny Love Stories: ‘We Should Drop the Charade’

Modern Love in miniature, featuring reader-submitted stories of no more than 100 words.

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Michelin To Transfer Russian Operations To Local Management By 2022-end

Tire manufacturing company Michelin (MGDDY.PK) announced its plans to transfer all of its Russian business to local management by the year-end.

The decision comes after Michelin suspended its activities in Russia on March 15 in response to Moscow’s invasion of Ukraine.

“The Group is therefore compelled to plan the transfer of all of its Russian operations by the end of 2022 and is considering the possibility of transferring control of its administrative, sales and industrial operations to the current local management. In doing so, Michelin is preparing the most favorable framework possible for its employees,” the company announced in a statement.

The new entity would operate through an independent structure from Michelin.

Michelin employs about 1,000 people in Russia, including 750 at the Davydovo plant, located about 100 kilometers from Moscow. The site has an annual production capacity of 1.5 to 2 million tires, mainly for passenger cars. Michelin’s sales in the country represent 2% of the Group’s total sales and 1% of its global car tire production.

Michelin’s balance sheet exposure is currently estimated to be 250 million euros, or $265 million, from Russian operations. The company explained that the transfer of operations would not impact its financial guidance.

Ford Recalls F-150 Lightning Electric Trucks To Fix Tire Pressure Fault

Ford Motor (F) has recalled about 2,900 F-150 Lightning electric truck to fix a software issue that could result in a failure to provide warning of low tire pressure. This is the electric vehicle’s first recall.

The software issue could lead to a failure to provide adequate warning of low tire pressure, or the light will fail to illuminate, which increases risk of crash. This issue only affects trucks delivered with 20? or 22? all-season tires.

Ford states this issue exists because the recommended tire cold inflation pressure value in the Body Control Module (BCM) was incorrectly set to 35 psi rather than the correct inflation pressure of 42 psi.

“Low tire inflation pressure may lead to poor vehicle handling and a possible loss of vehicle control, increasing the risk of crash. Ford encourages customers to check their tire pressure matches figures provided on the Tire and Loading Information label located inside the driver-side front door jamb,” the auto giant said in a statement.

The recall covers nearly 2,666 U.S. vehicles and 220 in Canada. There are no accidents or injuries connected to the recall. The issue will fixed through an over-the-air software update.

Progress Software Corp Q2 Profit Increases, beats estimates

Progress Software Corp (PRGS) announced earnings for its second quarter that increased from last year and beat the Street estimates.

The company’s earnings totaled $29.11 million, or $0.66 per share. This compares with $13.56 million, or $0.30 per share, in last year’s second quarter.

Excluding items, Progress Software Corp reported adjusted earnings of $45.89 million or $1.04 per share for the period.

Analysts on average had expected the company to earn $0.95 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 21.4% to $148.75 million from $122.49 million last year.

Progress Software Corp earnings at a glance (GAAP) :

-Earnings (Q2): $29.11 Mln. vs. $13.56 Mln. last year.
-EPS (Q2): $0.66 vs. $0.30 last year.
-Analyst Estimate: $0.95
-Revenue (Q2): $148.75 Mln vs. $122.49 Mln last year.

Next quarter EPS guidance: Adj: $0.96 – $0.98
Next quarter revenue guidance: $147 – $150 Mln
Full year EPS guidance: Adj: $4.05 – $4.11
Full year revenue guidance: $609 – $617 Mln