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Stock Alert: Domtar Gains 5%

Mindtree Q4 Net Profit Rises

Technology consulting and services company Mindtree reported fourth-quarter net profit of $43.3 million, an increase of 53.4% year-over-year. Fourth quarter revenue was at $288.2 million, up 3.5% year-on-year.

For the year ended March 31, 2021, the company reported net profit at $150.0 million, a growth of 69.6%. Revenue was at $1.08 billion, a decline of 1.1%.

The Board of Directors have recommended a final dividend of Rs 17.5 per equity share of par value Rs 10 each for the financial year ended March 31, 2021.

U.S. Wholesale Inventories Rise Slightly More Than Expected In February

Wholesale inventories in the U.S. increased by slightly more than anticipated in the month of February, the Commerce Department revealed in a report released on Friday.

The report said wholesale inventories climbed by 0.6 percent in February after spiking by an upwardly revised 1.4 percent in January.

Economists had expected wholesale inventories to rise by 0.5 percent compared to the 1.3 percent jump originally reported for the previous month.

The slightly bigger than expected increase in wholesale inventories came as inventories of non-durable goods surged up by 1.1 percent and inventories of durable goods rose by 0.3 percent.

Meanwhile, the report showed wholesales sales fell by 0.8 percent in February after soaring by 4.4 percent in January.

Sales of durable goods tumbled by 2.2 percent during the month, more than offsetting a 0.5 percent increase in sales of non-durable goods.

With inventories rising and sales slumping, the inventories/sales ratio for merchant wholesalers ticked up to 1.27 in February from 1.25 in January.

Next Thursday, the Commerce Department is scheduled to release a separate report on business inventories in the month of February. Business inventories are expected to rise by 0.4 percent.

'Mother drowned her three children to protect them from father's abuse'


Esports Technologies extends post-IPO pop after soaring 507% in first day of trading

Bruce Kluckhohn/USA Today Sports/Reuters

  • Esports Technologies jumped as much as 48% Friday morning after a colossal public debut the previous day.
  • The esports betting company soared 507% in its first day of trading on Thursday.
  • See more stories on Insider's business page.

Esports Technologies extended gains Friday morning after soaring 507% in its first day of trading.

Shares of the competitive gaming company rose as much as 48% to $54 a share on Friday as post-IPO excitement spilled over into its second day on public markets. The stock began to pare some gains after the open and was hovering around $42 as of 9:45 a.m. ET.

Esports Technologies operates a licensed online gambling platform called gogawi.com, where users in Asia and Latin America can bet on competitive gaming events.

The company went public on Thursday, pricing its 2.4 million share offering at $6, the upper end of the expected range. The stock then opened at $21 and closed the day at $36.42, giving Esports a 507% first-day gain.

IPOs in the first quarter of 2021 averaged a 32% first-day "pop," according to data from Renaissance Capital.

At intraday highs, Esports Technologies had a market capitalization of $575 million, up from $75 million at the IPO's pricing.

US lifts Vietnam, Switzerland from currency manipulator list

WASHINGTON — The U.S. Treasury has removed Vietnam and Switzerland from the list of nations labeled as currency manipulators, reversing a decision made by the Trump administration in December.

In its semi-annual report to Congress on currency manipulation, the first under the Biden administration, the U.S. Treasury Department said Friday that no country currently meets the U.S. criteria as a manipulator. It said, however, that Vietnam, Switzerland, as well as Taiwan, will be under enhanced monitoring.

The Treasury did not designate China as a currency manipulator, something the Trump administration had done in 2019 during a tense trade stand-off with the world’s second largest economy.

The Treasury said Vietnam, Switzerland and Taiwan would be subject to “enhanced engagement” over currency issues, a lower designation that does not carry immediate risks of U.S. trade sanctions.

Paying Nigel Farage to make Cameo videos isn't the slam dunk you think it is



Stock Alert: Sherwin-Williams Shares Hit 52-Week High

Shares of The Sherwin-Williams Co. (SHW) reached a 52-week high of $268.82 Friday morning, and are currently trading at $266.57, up $9.43 or 3.67%, with trading volume of over 362K versus an average volume of 1.54 million shares.

The company is due to release its Q1 financial results before the market opening on Tuesday, April 27, 2021. Analysts polled by Thomson Reuters expect earnings of $1.64 per share on revenue of $4.51 billion for the quarter. Analysts’ estimate typically exclude certain special items.

Stock Alert: Domtar Gains 5%

Shares of Domtar Corp. (UFS) are gaining nearly 5% on Friday morning following the news that the company is set to join the S&P SmallCap 600 index.

UFS is currently trading at $39.46, up $1.76 or 4.67%, on the Nasdaq.

Domtar will replace NIC Inc. (EGOV) in the S&P SmallCap 600, as S&P 500 constituent Tyler Technologies Inc. (TYL) is acquiring NIC in a deal expected to close soon pending final conditions.

Domtar designs, manufactures, markets, and distributes communication papers, specialty and packaging papers, and absorbent hygiene products.