Schnitzer Steel Q1 Profit Rises, But Misses Estimates- Update

European Shares Hold Steady In Cautious Trade

European stocks traded firm on Thursday, although a cautious undertone prevailed ahead of year-end holidays.

Regional markets such as Italy, Germany, and Spain will be closed on Friday, while those including Paris and London will trade for half a session, ahead of the New Year.

The number of Covid-19 cases continued to surge around the world, but health experts said there is no need to panic as most of the cases detected so far are asymptomatic.

Investors are pinning hopes that new coronavirus-related curbs and restrictions may not be needed into 2022.

Meanwhile, U.S. President Joe Biden is planning to speak to Russian counterpart Vladimir Putin by phone today, in a bid to de-escalate tensions over Ukraine.

The pan-European Stoxx Europe 600 edged up 0.1 percent to 488.68 in cautious trade. Germany’s DAX was marginally higher and France’s CAC 40 index rose 0.2 percent while the U.K.’s FTSE 100 was little changed with a negative bias.

Siemens Healthineers was slightly higher after its at-home Covid-19 test received approval for emergency use from the U.S. drug regulator.

Creightons soared 7 percent. The consumer goods company kept its interim payout unchanged despite reporting a fall in profit and revenue.

GREGGS Projects FY Outcome Slightly Ahead Of Prior Guidance; Names Roisin Currie Chief Executive

GREGGS plc (GRG.L) reported fiscal 2021 total sales of 1.23 billion pounds compared to 811 million pounds, prior year. The Group expects full year outcome slightly ahead of its previous expectations.

GREGGS ended 2021 with a cash position of 198 million pounds. The Group noted that inflationary pressures increased towards the end of 2021 and are likely to remain elevated in 2022.

Separately, Greggs announced the appointment of Roisin Currie, currently Greggs Retail and Property Director, as Chief Executive to be effective from the date of the AGM in May 2022. Roisin will be appointed as CEO Designate and as an Executive Director with effect from 1 February 2022. Roger Whiteside will step down from the Board at the close of the AGM, but will remain available to support the transition process until his notice expires on 5 January 2023.

The Board expects to make an additional distribution to shareholders of 30-40 million pounds in 2022. A decision on the size and timing of any special dividend distribution is expected to be made in the first half of 2022.

Chicago Business Barometer Rises More Than Expected In December

After reporting a slowdown in the pace of growth in Chicago-area business activity in the previous month, MNI Indicators released a report on Thursday showing growth picked back up in the month of December.

MNI Indicators said its Chicago business barometer rose to 63.1 in December from 61.8 in November, with a reading above 50 indicating growth. Economists had expected the business barometer to inch up to 62.0.

The modest rebound by the business barometer came as the new orders index jumped to 66.5 in December from 58.3 in November, nearly recovering to October’s level.

The production index also showed slight increase during the month, reaching its highest reading since July.

Meanwhile, the report showed the employment index dipped for the second month in a row, falling to its lowest level since June.

The prices paid index also dropped to a seven-month low in December but remained above its 12-month average, as shortages of certain materials led to inflated costs.

MNI Indicators noted the inventories index rose for the third straight month to a four-year high, with firms expressing the importance of stocking up due to persistent supply chain disruptions.

Pre-market Movers: KAVL, ATHE, BLI, PSTV, CNSP…

The following are some of the stocks making big moves in Thursday’s pre-market trading (as of 07.20 A.M. ET).

In the Green

Kaival Brands Innovations Group, Inc. (KAVL) is up over 39% at $0.86
Alterity Therapeutics Limited (ATHE) is up over 36% at $1.13
Plus Therapeutics, Inc. (PSTV) is up over 19% at $1.54
Siyata Mobile Inc. (SYTA) is up over 15% at $3.70
My Size, Inc. (mysz) is up over 8% at $0.54
Spruce Biosciences, Inc. (SPRB) is up over 7% at $3.84
Chembio Diagnostics, Inc. (CEMI) is up over 7% at $1.20
TherapeuticsMD, Inc. (TXMD) is up over 7% at $0.43
ObsEva SA (OBSV) is up over 6% at $2.20
Largo Inc. (LGO) is up over 5% at $10.81
Camber Energy, Inc. (CEI) is up over 5% at $0.89

In the Red

Berkeley Lights, Inc. (BLI) is down over 28% at $11.61
CNS Pharmaceuticals, Inc. (CNSP) is down over 16% at $0.88
ATA Creativity Global (AACG) is down over 13% at $1.99
MicroVision, Inc. (MVIS) is down over 10% at $4.41
NLS Pharmaceutics AG (NLSP) is down over 9% at $1.38
Sino-Global Shipping America, Ltd. (SINO) is down over 8% at $3.75
Lixte Biotechnology Holdings, Inc. (LIXT) is down over 7% at $2.05
Vertical Aerospace Ltd. (EVTL) is down over 5% at $8.56
Ebang International Holdings Inc. (EBON) is down over 5% at $1.08

The T List: Five Things We Recommend This Week

A Kiki Smith exhibition catalog, wacky hand-tufted rugs — and more.

Send any friend a story

As a subscriber, you have 10 gift articles to give each month. Anyone can read what you share.

Schnitzer Steel Q1 Profit Rises, But Misses Estimates- Update

(Adds adjusted earnings)

Schnitzer Steel Industries Inc. (SCHN) reported a profit for its first quarter that increased from last year but missed the Street estimates.

The company’s earnings came in at $46.20 million, or $1.55 per share. This compares with $14.10 million, or $0.50 per share, in last year’s first quarter.

Excluding items, earnings per share from continuing operations was at $1.58, compared to $0.57 in the first quarter of fiscal 2021.

Analysts on average had expected the company to earn $1.76 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 62.2% to $798.12 million from $492.11 million last year.

Schnitzer Steel Industries Inc. earnings at a glance (GAAP)

-Earnings (Q1): $46.20 Mln. vs. $14.10 Mln. last year.
-EPS (Q1): $1.55 vs. $0.50 last year.
-Analyst Estimate: $1.76
-Revenue (Q1): $798.12 Mln vs. $492.11 Mln last year.