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Anxiety knocks regional banks, shares slump

Published Fri, 01 Nov 2024 05:23:20 GMT

Anxiety over the potential for a rush of withdrawals by customers of regional banks continues to roil the financial sector as PacWest Bancorp attempted to calm investors investors overnight with its shares plunging 45%. PacWest said early Thursday that it has been approached by several potential partners and investors about a deal and that talks are ongoing. It said that it has not experienced out-of-the-ordinary deposit flows following the failure and sale of First Republic Bank after a modern day bank run. The anxiety over stability and the potential for contagion wracked other regional banks early Thursday. Zions Bancorp slumped more than 10%, Comerica fell 7%, and KeyCorp fell 5%. TD Bank Group and First Horizon Corp. on Thursday said they’ve called off a planned merger, citing regulatory hurdles. Toronto-Dominion Bank said in February that it was buying regional bank First Horizon in a $13.4 billion all-cash deal.Shares of First Horizon plunged 46% before the opening bell...

MGP: Q1 Earnings Snapshot

Published Fri, 01 Nov 2024 05:23:20 GMT

ATCHISON, Kan. (AP) — ATCHISON, Kan. (AP) — MGP Ingredients Inc. (MGPI) on Thursday reported first-quarter profit of $30.8 million.On a per-share basis, the Atchison, Kansas-based company said it had profit of $1.39.The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.10 per share.The producer of distillery and ingredients products used by the packaged goods industry posted revenue of $201 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $198.2 million._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MGPI at https://www.zacks.com/ap/MGPISource

SunCoke: Q1 Earnings Snapshot

Published Fri, 01 Nov 2024 05:23:20 GMT

LISLE, Ill. (AP) — LISLE, Ill. (AP) — SunCoke Energy Inc. (SXC) on Thursday reported profit of $16.3 million in its first quarter.On a per-share basis, the Lisle, Illinois-based company said it had profit of 19 cents.The metallurgical coke producer posted revenue of $487.8 million in the period._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SXC at https://www.zacks.com/ap/SXCSource

Parker-Hannifin: Fiscal Q3 Earnings Snapshot

Published Fri, 01 Nov 2024 05:23:20 GMT

CLEVELAND (AP) — CLEVELAND (AP) — Parker-Hannifin Corp. (PH) on Thursday reported fiscal third-quarter earnings of $590.9 million.On a per-share basis, the Cleveland-based company said it had profit of $4.54. Earnings, adjusted for non-recurring costs, were $5.93 per share.The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $5.03 per share.The maker of motion and control products posted revenue of $5.06 billion in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $4.8 billion.Parker-Hannifin expects full-year earnings in the range of $20.60 to $20.90 per share._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PH at https://www.zacks.com/ap/PHSource

No Mow May? Our gardening columnist says no

Published Fri, 01 Nov 2024 05:23:20 GMT

If you’re reading this, chances are you’ve heard about the #NoMowMay movement that’s been gaining steam on social media and in eco-conscious circles these past few years.Started in 2019 by citizen scientists in the United Kingdom, the call for homeowners to abstain from mowing their lawns during the month has spread to other countries, including the U.S.The intention is admirable: Let your grass and weeds grow and bloom to provide food and shelter for essential pollinators like bees and butterflies early in the season, when such necessities may be scarce.Frankly, I think it’s a terrible idea.Some of those pollinators you set out to protect will likely get shredded up with the first mow of the season. Grass will no doubt get shaded by tall weeds, which can lead to fungal diseases. And weeds and invasive plants that take hold during the month won’t simply disappear once the mowing commences. That might lead people to apply chemical pesticides they wouldn’t otherwise use.And what about...

EngageSmart: Q1 Earnings Snapshot

Published Fri, 01 Nov 2024 05:23:20 GMT

BRAINTREE, Mass. (AP) — BRAINTREE, Mass. (AP) — EngageSmart Inc. (ESMT) on Thursday reported first-quarter net income of $4.1 million.The Braintree, Massachusetts-based company said it had profit of 2 cents per share. Earnings, adjusted for stock option expense and amortization costs, were 6 cents per share.The results met Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was also for earnings of 6 cents per share.The customer engagement software developer posted revenue of $88.4 million in the period, which beat Street forecasts. Six analysts surveyed by Zacks expected $86.6 million.For the current quarter ending in June, EngageSmart said it expects revenue in the range of $92.5 million to $93.5 million.The company expects full-year revenue in the range of $380 million to $384 million._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks s...

Vulcan: Q1 Earnings Snapshot

Published Fri, 01 Nov 2024 05:23:20 GMT

BIRMINGHAM, Ala. (AP) — BIRMINGHAM, Ala. (AP) — Vulcan Materials Co. (VMC) on Thursday reported first-quarter profit of $120.7 million.On a per-share basis, the Birmingham, Alabama-based company said it had net income of 90 cents. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 95 cents per share.The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 64 cents per share.The construction materials company posted revenue of $1.65 billion in the period, also exceeding Street forecasts. Eight analysts surveyed by Zacks expected $1.58 billion._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VMC at https://www.zacks.com/ap/VMCSource

Dream Finders Homes: Q1 Earnings Snapshot

Published Fri, 01 Nov 2024 05:23:20 GMT

JACKSONVILLE, Fla. (AP) — JACKSONVILLE, Fla. (AP) — Dream Finders Homes Inc. (DFH) on Thursday reported earnings of $49.1 million in its first quarter.The Jacksonville, Florida-based company said it had profit of 45 cents per share.The homebuilder posted revenue of $769.4 million in the period._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DFH at https://www.zacks.com/ap/DFHSource

BridgeBio Pharma: Q1 Earnings Snapshot

Published Fri, 01 Nov 2024 05:23:20 GMT

PALO ALTO, Calif. (AP) — PALO ALTO, Calif. (AP) — BridgeBio Pharma Inc. (BBIO) on Thursday reported a loss of $140.2 million in its first quarter.On a per-share basis, the Palo Alto, California-based company said it had a loss of 92 cents.The results did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 84 cents per share.The rare disease drug developer posted revenue of $1.8 million in the period, also missing Street forecasts. Three analysts surveyed by Zacks expected $7.2 million.BridgeBio Pharma shares have increased 89% since the beginning of the year. The stock has risen 73% in the last 12 months._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BBIO at https://www.zacks.com/ap/BBIOSource

Huntington Ingalls: Q1 Earnings Snapshot

Published Fri, 01 Nov 2024 05:23:20 GMT

NEWPORT NEWS, Va. (AP) — NEWPORT NEWS, Va. (AP) — Huntington Ingalls Industries Inc. (HII) on Thursday reported first-quarter net income of $129 million.The Newport News, Virginia-based company said it had net income of $3.23 per share.The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $3 per share.The shipbuilder posted revenue of $2.67 billion in the period._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HII at https://www.zacks.com/ap/HIISource