Life

U.S. Factory Orders Rise Much Less Than Expected In April

Lands’ End Stock Gains 11% On Quarterly Results, Outlook

Shares of Lands’ End, Inc. (LE) are currently gaining over 11% on Thursday morning driven by its first-quarter results and outlook.

LE is currently trading at $12.40, up $1.26 or 11.31%, on the Nasdaq. The stock has traded between $10.00 and $44.40 in the 52 week period.

For the first quarter, revenues decreased 5.5% to $303.7 million from $321.3 million a year ago. Net loss was $2.4 million or $0.07 per share, compared to net income of $2.6 million or $0.08 per share last year.

Analysts polled by Thomson Reuters expected loss of $0.01 per share on revenues of $327.97 million.

For the second quarter, the company expects revenues of $335.0 million and $350.0 million and loss per share of $0.18 and $0.09. Analysts currently estimate earnings of $0.21 per share on revenues of $398.47 million.

For fiscal year 2022, the company expects revenues of $1.62 billion and $1.68 billion and earnings between $0.60 and $0.88 per share. Analysts currently estimate earnings of $0.87 per share on revenues of $1.71 billion.

Callon Petroleum Down 7%

Shares of oil and gas company Callon Petroleum Co. (CPE) are down 7 percent on Thursday’s trading despite there being no company announcement to impact the stock.

The Callon stock movement is in tandem with the US stocks, which slipped on early Thursday, taking off from a low-key start to June trading and a weaker outlook reported by Microsoft Inc. (MSFT).

Currently at $57.96, the stock has traded between $25.32 and $66.48 during the past 52 weeks.

Treasury Reveals Details Of Auctions Of 3-Year, 10-Year Notes & 30-Year Bonds

The Treasury Department on Thursday announced the details of this month’s auctions of three-year and ten-year notes and thirty-year bonds.

The Treasury revealed it plans to sell $44 billion worth of three-year notes, $33 billion worth of ten-year notes and $19 billion worth of thirty-year bonds.

The results of the three-year note auction will be announced next Tuesday, the results of the ten-year note auction will be announced next Wednesday and the results of the thirty-year bond auction will be announced next Thursday.

Last month, the Treasury sold $45 billion worth of three-year notes, $36 billion worth of ten-year notes and $22 billion worth of thirty-year bonds.

The three-year note and thirty-year bond auctions attracted above average demand, while the ten-year note auction attracted average demand.

US Covid Cases Cross 200K Mark Once Again

After a week’s gap, the daily U.S. Covid cases once again crossed the 200,000 mark.

2,19,267 new cases and 594 deaths were recorded on Wednesday, according to New York Times’ latest tally.

The United States is averaging 101,551 new Coronavirus infection cases a day, back to the level recorded two weeks ago.

Experts believe the actual number of positive cases is much higher as many people who were diagnosed in at-home Covid-19 tests do not report them to health authorities.

The country is averaging 279 deaths a day, which is 8 percent lesser than what was reported a fortnight ago.

All other Covid metrics in the U.S. are showing an upward trend.

Hospitalizations due to the viral disease are slightly increasing, though they remain well below the winter peak levels. About 25,000 people are currently being treated in hospitals nationwide, up 16 percent from two weeks ago.

Out of this, 2,941 patients are admitted in intensive care units, marking 18 percent rise in ICU admissions in the same period.

82,303,090 people have so far recovered from the disease, the Worldometer tally shows.

1577 additional deaths were reported globally on Wednesday.

Chewy Climbs 19% On Higher Q1 Revenues

Shares of pet products company Chewy, Inc. (CHWY) are rallying 19 percent on Thursday’s trading after the company posted higher revenues in the first-quarter. The stock was up 16 percent in Thursday’s pre-market trading.

The company’s net revenues rose 13 percent to $2.43 billion from $2.14 billion a year ago. Net income, however, fell to $18.5 million from $38.7 million in last year’s first quarter.

Currently at $27.96, the stock has traded between $22.22 and $97.74 during the past 52 weeks.

Avaya Holdings Rally Continues

Avaya Holdings Corp. (AVYA) shares are trading more than 17 percent on Thursday morning continuing an uptrend since May last week. Shares started to spring back after reaching a year-to-date low on May 24. There were no corporate announcements on the day to influence the stock movement.

Currently, shares are at $4.99, up 17.13 percent from the previous close of $4.26 on a volume of 5,849,794. The shares have traded in a range of $2.93-$29.11 on average volume of 2,116,536 for the last 52 weeks.

U.S. Factory Orders Rise Much Less Than Expected In April

After reporting a sharp increase in new orders for U.S. manufactured goods in the previous month, the Commerce Department released a report on Thursday showing factory orders rose by much less than expected in the month of April.

The Commerce Department said factory orders edged up by 0.3 percent in April after jumping by a downwardly revised 1.8 percent in March.

Economists had expected factory orders to advance by 0.7 percent compared to the 2.2 percent surge originally reported for the previous month.

The report showed durable goods orders rose by 0.5 percent compared to the previously reported 0.4 percent increase, while orders for non-durable goods crept up by 0.2 percent.

The Commerce Department also said shipments of manufactured goods inched up by 0.2 percent in April after spiking by 2.2 percent in March.

Inventories of manufactured goods also increased by 0.6 percent in April following a 1.4 percent jump in the previous month.

With inventories rising by more than shipments, the inventories-to-shipments ratio ticked up to 1.48 in April from 1.47 in March.