Acuity Brands Q1 Profit Rises
Acuity Brands Inc. (AYI) reported that its net income for the first quarter ended November 30, 2020 was $59.6 million, an increase of 4.6% from the prior year. Earnings per share were $1.57 up 9.0% from the previous year.
Adjusted earnings per share were $2.03 down 4.7% from the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.84 per share. Analysts’ estimates typically exclude special items.
Quarterly net sales were $792 million, a decrease of 5.1% from the prior-year period. Analysts expected revenue of $788.07 million for the quarter.
“While the recovery in the economic environment remains uncertain due to the impacts of the pandemic, we are cautiously optimistic about returning to stability in our end markets in calendar year 2021,” Acuity Brands said.
Ford, Mahindra Call Off Auto Joint Venture Efforts
Ford Motor and India’s Mahindra and Mahindra Ltd have decided to discontinue their efforts to form a joint venture in India due to challenges caused by COVID-19 pandemic.
In October 2019, Ford Motor and Mahindra & Mahindra had agreed to form a joint venture that would develop, market and distribute Ford brand vehicles in India and Ford brand and Mahindra brand vehicles in high-growth emerging markets around the world.
Ford had then said that it would own a 49 percent stake in the joint venture, while Mahindra would own a 51 percent controlling stake.
However, with global economic and business conditions undergoing fundamental changes as a result of the global pandemic over the past few months, the companies have decided to pull the plug on their joint venture after reassessing their respective capital allocation priorities.
Ford said Thursday that its independent operations in India will continue. It is actively evaluating its businesses around the world, including in India, making choices and allocating capital in ways that advance the company’s plan to achieve an 8% company adjusted EBIT margin and generate consistently strong adjusted free cash flow.
Treasury Announces Details Of First Long-Term Securities Auctions Of 2020
The Treasury Department on Thursday announced the details of the first auctions of three-year and ten-year notes and thirty-year bonds of the New Year.
The Treasury revealed it plans to sell $58 billion worth of three-year notes, $38 billion worth of ten-year notes and $24 billion worth of thirty-year bonds.
The results of the three-year note auction will be announced next Monday, the results of the ten-year note auction will be announced next Tuesday and the results of the thirty-year bond auction will be announced next Wednesday.
Last month, the Treasury sold $56 billion worth of three-year notes, $38 billion worth of ten-year notes and $24 billion worth of thirty-year bonds.
The three-year and ten-year note auctions attracted below average demand, while the thirty-year bond auction attracted above average demand.
Shopify closes websites associated with Trump following riots
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Shopify has closed websites associated with President Trump following the riots at the U.S. Capitol.
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The website, Trumpstore.com was listed as "unavailable" on Thursday. Ontario-based Shopify helps small businesses set up e-commerce platforms and point-of-sale systems. As of June 2019, more than 1 million small businesses used its platform in more than 175 countries.
FOX Business has reached out to the company with a request for comment for this story.
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Shares of Shopify were higher on Thursday, gaining 4.8% to $1,139, in line with the broader market rally.
On Wednesday, rioters breached the U.S. Capitol to protest the results of the U.S. presidential elections. The riots have resulted in four deaths and the arrests of at least 70 people, Washington D.C. police said.
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Facebook, Instagram to block Trump's accounts for rest of his presidential term
WASHINGTON (REUTERS) – Facebook and Instagram will extend a ban on US President Donald Trump’s accounts for at least the next two weeks until the presidential transition is completed, Chief Executive Officer Mark Zuckerberg said on Thursday (Jan 7).
Earlier on Wednesday, Twitter, Facebook and Snap had temporarily locked the accounts of Mr Trump, as tech giants scrambled to crack down on his baseless claims about the US presidential elections amid riots at the US Capitol.
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Stock Alert: Aldeyra Therapeutics Rising On Positive Top-line Results From Reproxalap
Shares of Aldeyra Therapeutics, Inc. (ALDX) are climbing more than 10% Thursday morning after the company reported positive top-line results from the phase III study of its lead drug candidate Reproxalap in dry eye disease.
The company reported positive top-line symptom, redness, and Schirmer’s test results from the run-in cohort of the Phase III study dubbed Tranquility in patients with dry eye disease.
Improvement in ocular symptoms and redness occurred within minutes after reproxalap dosing. Consistent with clinical experience in more than 1,100 patients, no adverse findings on safety assessments were observed, and reproxalap was well-tolerated, the company said.
The main cohort of Tranquility is expected to begin enrollment in February 2021 with results expected in the second half of 2021.
A second Phase III study dubbed Tranquility-2, is expected to begin in the first quarter of 2021.
ALDX, currently at $7.37, has been trading in the range of $1.48- $8.7 in the last one year.