CONMED Corp. Withdraws Full-year Guidance
CONMED Corporation (CNMD), a medical technology provider said on Tuesday that it has withdrawn outlook for the fiscal 2022, in view of the impact of the implementation of a new warehouse management software.
While the company was implementing the software to enhance the performance of its primary distribution facility, it caused shipping disruptions and backlog. CONMED is still incurring costs towards reducing the backlog, it said in a statement.
The firm added that it is not able to assess this impact on fourth-quarter sales and profitability.
For the fiscal 2023, the company expects to post revenue of $1.170 billion to $1.230 billion, with adjusted earnings per share of $3.20 to $3.50.
Seven analysts, on average, polled by Thomson-Reuters are estimating the firm to report revenue of $1.21 billion, with earnings per share of $3.39. Analysts’ estimates typically exclude one-time items.
On October 26, for the fiscal 2022, the company had projected revenue of $1.100 billion to $1.115 billion, with income per share of $3.21 to $3.28.
Walmart Inc. Q3 Earnings Summary
Below are the earnings highlights for Walmart Inc. (WMT):
Earnings: -$1.80 billion in Q3 vs. $3.11 billion in the same period last year.
EPS: -$0.66 in Q3 vs. $1.11 in the same period last year.
Excluding items, Walmart Inc. reported adjusted earnings of $1.50 per share for the period.
Analysts projected $1.53 per share
Revenue: $152.81 billion in Q3 vs. $140.53 billion in the same period last year.
Louisiana-Pacific Gains 10%
Louisiana-Pacific Corp. (LPX) shares are gaining more than 10 percent on Tuesday morning, in tandem with the market trend. There were no corporate announcements on the day to influence the stock movement.
Currently, shares are at $65.01, up 10.37 percent from the previous close of $58.90 on a volume of 535,743.
Elon Musk Considering Paywall For Twitter, Say Reports
The new boss at Twitter, Elon Musk, is toying with the idea of placing the entire social media platform behind a paywall, according to reports from Platformer. Platformer added that it is not clear how serious the plans are and a move, like this, if planned, “does not appear imminent.”
Irrespective of whether the move happens or not, it is reflective of how Musk is looking at ways to bring in revenue for his latest $44 billion acquisition. He recently commented that Twitter has already witnessed a big drop in revenues as some advertisers had stopped spending.
Musk also initiated many ideas for new user verification for Twitter through its subscription service Twitter Blue, creating confusion about the platform’s policy changes and leading to breaks from advertisers.
In a series of tweets, Musk had said that he would be giving “power to the people” by offering verification through Twitter Blue for $8 a month. He said participants would be getting priority in the mentions, replies and search sections, receive half as many ads, and will be able to tweet long videos and audio.
Twitter started rolling out changes to its functioning for some users on from Saturday as it gets ready for launching its new Twitter Blue service, but it got late due to Tuesday’s mid-term elections.
Musk bought Twitter last month for $44 billion, and his impact was felt immediately. He dismissed the present CEO Parag Agrawal, as well as Twitter’s chief financial officer and its head of legal, public policy, trust and safety upon takeover.
Tesla Recalls 40,000 Model S And X Vehicles Over Potential Loss Of Power Steering Assist
Tesla Inc. (TSLA) is voluntarily recalling over 40,000 2017-2021 Model S and Model X vehicles as they could experience a loss of power steering assist.
According to a filing with the National Highway Traffic Safety Administration, the recall requires a software update that will be made available to customers over the air.
According to the statement, a firmware release changed calibration values for the electronic power assist steering (EPAS) system. In rare cases on certain 2017-2021 Model S and Model X vehicles, the updated calibration values may result in reduced or lost power steering assist due to forces from external road dynamics (i.e., pot holes or bumps) being inadvertently classified as unexpected steering assist torque.
“Reduced or lost power steering assist does not affect steering control, but could require greater steering effort from the driver, particularly at low speeds,” the statement says.
An estimated 1% of recalled vehicles have the defect, according to the release.
Tesla said that that as of November 1, 97% of the recalled vehicles have installed a new update that addresses the issue, and no further action is necessary from those owners.
As of November 1, 2022, Tesla identified 314 vehicle alerts for this condition among U.S. vehicles that are related to or may be related to this condition. Tesla is not aware of any injuries or deaths related to this condition.
Taiwan Semiconductor Jumps 11% As Warren Buffet Reveals Stake In Chipmaker
Shares of Taiwan Semiconductor Manufacturing Company Limited (TSM) are gaining over 11% on Tuesday morning after billionaire investor Warren Buffett reveals big stake in the semiconductor company.
TSM is currently trading at $80.95, up $8.15 or 11.20%, on the NYSE. The stock opened its trading at $73.24 after closing Monday’s trading at $72.80. The stock has traded between $59.43 and $145.00 in the past 52-week period.
The stock has reached an all-time high of 145 on January 13, however, it crashed amid a selloff in semiconductor stocks.
Warren Buffett’s Berkshire Hathaway revealed on Monday evening that it bought about 60 million American depositary receipts in Taiwan Semiconductor in the third quarter, which is worth about $5 billion.