World News

FuelCell shares rally 46% premarket on news of $60 million carbon capture tech pact with ExxonMobil

Hit Promotional Products Recalls Ceramic Mugs

Hit Promotional Products Inc. recalled about 34,000 units of Coastline Ceramic Mugs due to potential burn and laceration hazard, a statement published by the U.S. Consumer Product Safety Commission said.

The ceramic mugs can crack or break when used with or exposed to hot liquids, causing burns and lacerations, it said.

The recall involves Coastline Ceramic Mug that was offered as a free promotional item at meetings or events, decorated with various logos, and come in a variety of colors with a gray bottom.

The company is yet to receive any reports of incidents or injuries. However, it has received ten reports of the mugs cracking or breaking while in use with hot liquids.

Hit Promotional Products advised consumers to immediately stop using the recalled mugs and contact it for a free replacement.

The mugs, made in China and imported by Largo, Florida -based Hit Promotional Products, were given to consumers as free promotional products at meetings or events nationwide from October 2018 through September 2019.

Vulcan Materials Reaffirms FY19 Earnings Outlook – Quick Facts

While reporting financial results for the third quarter on Wednesday, construction aggregates producer Vulcan Materials Co. (VMC) reaffirmed its earnings and adjusted EBITDA guidance for the full-year 2019.

For fiscal 2019, the company continues to projects earnings from continuing operations to grown in double-digits to a range of $4.55 to $5.05 per share and adjusted EBITDA in a range of $1.25 billion to $1.33 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $4.86 per share for the year. Analysts’ estimates typically exclude special items.

“We are reaffirming our full year earnings outlook for 2019. As we enter the final quarter of this year, we are well positioned to have a strong finish to the year, achieving another year of double-digit earnings growth.

Scotts Miracle-Gro Guides FY20 Adj. EPS In Line – Quick Facts

While reporting financial results for the fourth quarter on Wednesday, Scotts Miracle-Gro Co. (SMG) initiated adjusted earnings and sales growth guidance for the full-year 2020, based on the continued strength of its two primary business segments.

For fiscal 2020, the company now projects adjusted earnings in a range of $4.95 to $5.15 per share, a growth in a range 11 to 15 percent, on expected company-wide sales growth of 4 to 6 percent, with Hawthorne sales growth of about 12 to 15 percent and U.S. Consumer sales growth of 1 to 3 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.03 per share on sales growth of 3.3 percent to $3.21 billion for the year. Analysts’ estimates typically exclude special items.

“We anticipate total company growth largely from volume as well as modest price increases that are necessary to offset expected pressure from certain commodities and tariffs,” said Randy Coleman, executive vice president and chief financial officer.

Norway’s Opposition Wants to Treat $1 Trillion Wealth Fund as Political Tool

The leader of Norway’s biggest opposition party wants his country to start treating its $1 trillion wealth fund as a political tool, setting the stage for a more activist role for the giant investor.

The comments by Labor Party leader Jonas Gahr Store mark a change in rhetoric for Norway’s biggest political group and go against the consensus among the largest parliamentary parties. Labor’s next stab at returning to government will come in 2021, when the country is due to hold elections.

“I think we can start getting used to saying that our pension fund is a political tool,” Store said during a panel debate with Prime Minister Erna Solberg at the Zero Conference in Oslo on Wednesday. “Until now we haven’t dared to say it — it’s obvious that 10,000 billion kroner is politics.”

Store, a former foreign minister and the leading contender for prime minister if the opposition carries the next election, added that a “mature” Norway should be able to debate the issue without becoming irresponsible or activist.

The prime minister, who leads Norway’s Conservative Party, immediately countered that Store’s comments were “extremely dangerous.”

“If you signal that the fund will now become a political tool, then every other country will interpret this,” she said. “We will then have given ourselves a foreign-policy challenge with our oil fund. We will be shooting ourselves in the foot.”

EARNINGS SUMMARY: Details of MannKind Corp. Q3 Earnings Report

Below are the earnings highlights for MannKind Corp. (MNKD):

-Earnings: -$10.37 million in Q3 vs. -$24.17 million in the same period last year.
-EPS: -$0.05 in Q3 vs. -$0.16 in the same period last year.
-Analysts projected -$0.08 per share
-Revenue: $14.60 million in Q3 vs. $4.47 million in the same period last year.

FuelCell shares rally 46% premarket on news of $60 million carbon capture tech pact with ExxonMobil

Shares of FuelCell Energy Inc. FCEL, -0.19% rallied 46% in premarket trade Wednesday, after the company and Exxon Mobil Corp. XOM, +1.98% said they have expanded a carbon capture technology agreement. The deal is worth up to $60 million and will focus on FuelCell’s proprietary technology, that uses carbonate fuel cells to capture and concentrate carbon dioxide streams from large industrial sources. The two partners began to work together in 2016 and Exxon is aiming to conduct a pilot test of next-generation fuel cell carbon capture technology at one of its operating sites. Exxon shares were down 0.3% premarket.