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AECOM (ACM) to Upgrade Apennine Diesel Railway in Italy

AECOM (ACM) signs MoU to develop hydrogen-powered railway in Central Italy and enhance economic growth. In a bid to upgrade Italy’s historic Apennine diesel railway with hydrogen trains and boost economic growth in the region, AECOM ACM signed a memorandum of understanding or MoU with Iberdrola, a Spain-based renewables group, and two Italian partners, Cinque International as well as Ancitel Energy and Environment.Project DetailsThe transformation of the old diesel railway into new hydrogen technologies includes four different projects. AECOM will act as a leading engineering and program management partner.The first project includes the upgrade of the 300km Apennine line, which runs between the town of Sansepolcro in the northern province of Arezzo and Sulmona, a city in the central province of L'Aquila. It connects a number of inland areas through four central regions. The second project includes pre-feasibility work for a new rail line powered by green hydrogen, which will link Rome with Ascoli Piceno, a province in the Marche region. The third project will assess the potential for diffused green hydrogen manufacturing activity in the region. The last project will identify areas to apply new energy and environmental technologies in post-earthquake reconstruction.All of these projects are part of sustainable economic recovery in Italy. In 2009 and 2016, the country was badly affected by earthquakes and decades of depopulation. These projects strategically align with the European Clean Hydrogen Alliance, which aims at an ambitious deployment of hydrogen technologies by 2030 and support the EU’s commitment to reach carbon neutrality by 2050.AECOM’s chief executive officer, Troy Rudd, said, "We are excited to bring our technical expertise in the development of smart cities and new energy to this project, working with our partners to progress this first-of-a-kind railway for Italy." He continues, "It will also drive innovation in our industry and attract people and business back to this isolated, inland area of Italy that has been impacted by seismic events in recent years. The aim of this ambitious project is to find ways to build back sustainably, using new energy technology to create job opportunities and boost economic growth for communities in the region."Strong Backlog Level to Aid Consulting BusinessAECOM is witnessing a robust pipeline of pursuits across the business. The company’s net service revenues or NSR — defined as revenues excluding subcontractors and other direct costs — have been benefiting from strength across the core transportation, water and environment markets. Although the backlog of $39.7 billion in the fiscal third quarter-end was down 4% due to tepid performance of the Construction Management business, the design business was strong (up 8% year over year).Image Source: Zacks Investment ResearchAECOM currently has good visibility into growth and a strong backlog in the pipeline for the upcoming quarters. The stock has rallied 31.2% in the year-to-date period compared with the industry’s 24.6% growth. Earnings estimates for fiscal 2021 have moved up 0.7% in the past 30 days, depicting analysts' optimism over bottom-line growth potential. The Zacks Consensus Estimate for the Zacks Rank #3 (Hold) company’s fiscal 2021 earnings indicates a 31.2% increase from 2020 level. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Key PicksSome better ranked stocks in the same industry are KBR, Inc. (KBR), Altair Engineering Inc. ALTR and Quanta Services Inc. PWR, each carrying a Zacks Rank #2 (Buy). KBR, Altair and Quanta are likely to register earnings growth rate of 24.9%, 64.5% and 19.9% year over year in 2021. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Quanta Services, Inc. (PWR): Free Stock Analysis Report Altair Engineering Inc. (ALTR): Free Stock Analysis Report AECOM (ACM): Free Stock Analysis Report KBR, Inc. (KBR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks15 min. ago Related News

ETFs to Bet On as Fed Turns Hawkish, Signals Tapering

The Federal Reserve Chair Jerome Powell kept the interest rates near zero at 0-0.25% but signaled bond-buying tapering ahead followed by interest rate hikes as early as next year. In the FOMC meeting that concluded on Sep 22, the Federal Reserve Chair Jerome Powell kept the interest rates near zero at 0-0.25% but signaled bond-buying tapering ahead followed by interest rate hikes as early as next year.The central bank is expected to begin scaling back the monthly bond purchases as soon as November and complete the process by mid-2022. This is because it expects the Delta variant of the coronavirus, which has dented economic activity in the recent months, to have a short-lived effect on the recovery. Per the officials, the economy will likely make “substantial further progress” by the end of the year, a threshold needed for the central bank to begin slowing the pace of asset purchases (read: Buy the Dip With These Top-Ranked ETFs).Fed Chair Jerome Powell reiterated that he believes the U.S. economy has already surpassed the central bank's goals for inflation, and said a "reasonably good" September jobs report would indicate that the Fed's employment goals to begin tapering had been satisfied as well. Notably, the central bank has been buying $120 billion per month of Treasuries and mortgage-backed securities since the start of the COVID-19 crisis.The policy statement also revealed that nine of 18 Fed policymakers foresee a liftoff in interest rates next year, compared to seven policymakers in June. The median dot also projects three to four total rate hikes by the end of 2023. Through the end of 2024, the median FOMC member sees six to seven total rate hikes.Given this, investors should continue to focus on areas/sectors that will benefit the most from the Fed’s tightening policy. Here, we have detailed four of these and their ETFs below:FinancialsA rising interest rate scenario is highly profitable for the financial sector. This is because the steepening yield curve would bolster profits for banks, insurance companies, and discount brokerage firms. A broad way to play this trend is with Financial Select Sector SPDR Fund XLF, which has a Zacks ETF Rank #1 (Strong Buy) with a Medium risk outlook.This is the most popular financial ETF in the space with AUM of $40 billion and an average daily volume of about 43 million shares. The fund follows the Financial Select Sector Index, holding 65 stocks in its basket. It is heavily concentrated on the top two firms, making up for double-digits share each while other firms hold no more than 7.2% share. In terms of industrial exposure, banks take the top spot at 37.5% while capital markets, insurance, and diversified financial services make up for double-digit exposure each. The fund charges 12 bps in annual fees and is up 27.5% in the year-to-date timeframe (read: 401(k) Balances at All-Time Highs: 6 ETFs to Buy).Consumer DiscretionaryConsumer discretionary stocks also seem good bets. This is because a tight policy is seemingly the result of a pickup in economic growth supported by solid job growth, wage growth and increased lending activity that result in higher spending power. One exciting pick in this space can be Vanguard Consumer Discretionary ETF VCR, which has a Zacks ETF Rank #1 with a Medium risk outlook (read: ETF Areas to Gain From the Upcoming Holiday Shopping Season).This fund follows the MSCI U.S. Investable Market Consumer Discretionary 25/50 Index and holds 296 stocks in its basket. It has heavy concentration on the top firm – Amazon AMZN – at 23.5% share while the other firms hold no more than 10% of the assets. The product has managed $6.7 billion in its asset base and charges 10 bps in annual fees. In terms of industrial exposure, Internet & direct marketing, retail takes the largest share at 27.6% while automobile manufacturers, restaurants, and home improvement retail round of the next three spots. The ETF trades in average daily volume of 59,000 shares and has gained 15.8% in the same timeframe.TechnologyIn a tight policy era, technology seems one of the safest sectors as most of the companies are sitting on a huge cash pile. The cash reserves will ensure that these companies are not plagued by any financial trouble even in a rising interest rate environment. While there are several ETFs to bet on, First Trust NASDAQ-100-Technology Sector Index Fund QTEC could be an intriguing option. It has a Zacks ETF Rank #1 with a High risk outlook.    This ETF tracks the NASDAQ-100 Technology Sector Index, holding 41 stocks in its basket with almost equal allocation. From an industry look, software and semiconductors dominate the list with 34.9% and 32.7% share, respectively, while production technology equipment and consumer digital services make up for the next two spots. QTEC is a large cap centric fund with AUM of $3.9 billion and average daily volume of around 66,000 shares. It charges 57 bps in annual fees and gained 19.6% so far this year.DollarTightening policy and higher rates would attract more capital to the country from foreign investors, thereby boosting the U.S. dollar against the basket of other currencies. Invesco DB US Dollar Index Bullish Fund UUP offers exposure to a dollar against a basket of six world currencies. This is done by tracking the Deutsche Bank Long USD Currency Portfolio Index - Excess Return plus the interest income from the fund’s holdings of U.S. Treasury securities. In terms of holdings, UUP allocates nearly 57.6% in euro and 25.5% collectively in the Japanese yen and British pound. The fund has so far managed an asset base of $487.9 million and sees an average daily volume of around 697,000 shares. It charges 76 bps in annual fees and has gained 3.5% so far this year. The fund has a Zacks ETF Rank #2 with a Medium risk outlook (read: U.S. Dollar to Gain Ahead? ETFs to Gain/Lose).  More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Amazon.com, Inc. (AMZN): Free Stock Analysis Report Financial Select Sector SPDR ETF (XLF): ETF Research Reports Invesco DB US Dollar Index Bullish ETF (UUP): ETF Research Reports Vanguard Consumer Discretionary ETF (VCR): ETF Research Reports First Trust NASDAQ100Technology Sector ETF (QTEC): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks15 min. ago Related News

Best Buy (BBY) Down 12.4% Since Last Earnings Report: Can It Rebound?

Best Buy (BBY) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues. A month has gone by since the last earnings report for Best Buy (BBY). Shares have lost about 12.4% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Best Buy due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Best Buy's Sales & Earnings Beat Estimates in Q2Best Buy posted robust second-quarter fiscal 2022 results with the top and the bottom line increasing year over year as well as surpassing the Zacks Consensus Estimate. The quarter gained from sales growth across the Domestic and the International segments.Management raised enterprise comparable sales growth view for fiscal 2022 and also issued guidance for the third quarter. Going forward, Best Buy expects to keep gaining from consumers’ heightened dependency on technology.Q2 DetailsBest Buy delivered adjusted earnings of $2.98 per share, which surpassed the Zacks Consensus Estimate of $1.91. Moreover, the bottom line increased nearly 74% from $1.71 earned in the year-ago quarter.Enterprise revenues rose 19.6% year over year to $11,849 million and came ahead of the Zacks Consensus Estimate of $11,601 million. Enterprise comparable sales increased 19.6% versus 5.8% growth seen in the year-ago quarter.Gross profit grew 23.8% to $2,810 million with gross margin expansion of 80 basis points (bps) to 23.7%. Adjusted operating income came in at $821 million, up from $588 million reported in the year-ago quarter. Again, adjusted operating margin expanded 100 bps to 6.9%.Segment DetailsDomestic segment revenues jumped 20.6% to $11,011 million. This year-over-year growth was mainly driven by comparable sales increase of 20.8%, partly mitigated with loss of revenues from permanent store closures in the prior year. The company registered comparable sales growth in almost all its categories with the key drivers being computing, mobile phones, home theater, appliances and services.The segment’s comparable online sales declined 28.1% to $3.5 billion. As a percentage of overall Domestic revenues, online revenues contributed 31.7% compared with 53.1% of last year.Segmental gross margin expanded 90 bps year over year to 23.7% owing to better product margin rates and rate leverage from supply-chain expenses as well as increased profit-sharing sales from its private label and co-branded credit card arrangement.Moving on to the International segment, revenues grew 7.2% to $838 million. This upside was backed by comparable sales growth of 5% and significant gains of 1,070 bps from favorable foreign currency exchange rates. Growth was somewhat offset by lower revenues in Mexico. The segment’s gross margin expanded 50 bps to 24.3% in the reported quarter.Other DetailsBest Buy ended the quarter with cash and cash equivalents of $4,340 million, long-term debt of $1,243 million and a total equity of $4,335 million.During the quarter, the company returned about $571 million to its shareholders via share repurchases of $396 million and dividends worth $175 million. Additionally, the company’s board authorized a quarterly cash dividend of 70 cents per share, payable Oct 5, 2021 to its shareholders of record on Sep 14, 2021.For fiscal 2022, the company expects share repurchases of above $2.5 billion.GuidanceFor fiscal 2022, management now projects enterprise comparable sales to increase 9-11% compared with the previous outlook of 3-6% growth. Enterprise revenues are forecast in the bracket of $51-$52 billion. Adjusted gross margin is expected to slightly improve year over year. Earlier, the metric was expected to be flat with the fiscal 2021 rate of 22.4%. Adjusted SG&A growth is anticipated at nearly 9% compared with the past projection of 6-7% rise.For the second half, comparable sales are likely to come in the band of flat to down 3% year over year compared with a high single-digit decrease anticipated earlier.For third-quarter fiscal 2022, the company expects enterprise comparable sales to decrease 1-3%. Enterprise revenues are predicted in the band of $11.4-$11.6 billion. Adjusted gross margin is expected to fall 30 bps year over year. Adjusted SG&A dollars are likely to be flat year over year.How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended upward during the past month. The consensus estimate has shifted 35.21% due to these changes.VGM ScoresCurrently, Best Buy has a great Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. Charting a somewhat similar path, the stock was allocated a grade of A on the value side, putting it in the top quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Best Buy has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Best Buy Co., Inc. (BBY): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacks15 min. ago Related News

Nordstrom (JWN) Down 8.5% Since Last Earnings Report: Can It Rebound?

Nordstrom (JWN) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues. A month has gone by since the last earnings report for Nordstrom (JWN). Shares have lost about 8.5% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Nordstrom due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Nordstrom Tops Earnings & Revenue Q2 Estimates, Ups ViewNordstrom reported impressive second-quarter fiscal 2021 results, wherein the top and bottom lines rose on a year-over-year basis. Results gained from solid demand, better inventory, stringent cost-cutting actions as well as improved sales trends in Nordstrom and Nordstrom Rack across regions and categories. Enhanced customer engagement, improved merchandise assortment and robust performance in the anniversary sale also contributed to quarterly growth. The company witnessed strength in shoes, apparel and accessories on a sequential basis with active, home and designer categories getting back to pre-pandemic level. Management lifted 2021 view.It remains focused on closer-to-you strategy which aims to link stores and services to expedite deliveries, expanding online offerings and adding cheaper merchandise at its Rack off-price stores, to improve customers shopping experience.Nordstrom posted adjusted earnings of 49 cents per share, which came ahead of the year-ago quarter’s loss of $1.62. The figure surpassed the Zacks Consensus Estimate of 26 cents.Total revenues surged 96.4% year over year to $3,657 million and beat the Zacks Consensus Estimate of $3,382 million. The company’s revenues represented a 700-bps sequential improvement from the first quarter of fiscal 2021, marking the fourth straight quarter of sequential top-line growth. However, net sales skyrocketed 101% year over year to $3,565 million while the metric declined 6% from second-quarter fiscal 2019. Credit Card net revenues grew 9.5% to $92 million.The company witnessed sturdy sales in the Anniversary event, with 1% growth from second-quarter fiscal 2019. The uptick can be attributable to improved traffic and sales, both in stores and online, stemming from positive customer response, trendy products and expanded capabilities, including convenient pick-up options at Nordstrom and Nordstrom Rack stores. The final week of the event fell in third-quarter fiscal 2021, which adversely impacted the top line by roughly 200 basis points (bps) compared with second-quarter fiscal 2019.In second-quarter fiscal 2021, net sales for the Nordstrom brand skyrocketed 127% year over year to $2,417 million. Sales for the Nordstrom Rack brand rose 61% year over year to $1,148 million. Nordstrom’s sales improved 800 bps sequentially, whereas Nordstrom Rack sales rose 500 bps. However, sales for Nordstrom and Nordstrom Rack brands reflected declines of 5% and 8% from second-quarter fiscal 2019, respectively.Momentum in the digital business continued to aid the top line. Digital sales advanced 30% year over year and 24% from the second quarter of fiscal 2019. The digital business witnessed gains from improved traffic across both Nordstrom and Nordstrom Rack. In the fiscal second quarter, digital sales represented 40% of net sales compared with 61% in the year-ago quarter. The company also completed the integration of Rack.com onto Nordstrom.com, thus, offering a better customer experience.  Nordstrom's gross profit margin expanded 1,370 bps year over year to 35% in the reported quarter. This substantial growth resulted from lower markdowns and leverage from higher net sales. However, gross margin remained flat as compared with second-quarter fiscal 2019 as lower markdowns somewhat offset drab sales. Ending inventory grew 13% from second-quarter fiscal 2019, owing to the timing shift of the anniversary sale and efforts to improve the supply chain and advanced sales trends.Selling, general and administrative (“SG&A”) expenses, as a percentage of sales, declined 1,350 bps year over year to 33% in the fiscal second quarter. The SG&A decline was mainly driven by leverage on higher sales and the continued benefit of permanently reducing overhead costs by 15%. SG&A expenses also gained from the absence of $250 million in charges associated with the impacts of COVID-19 in fiscal 2020. However, SG&A expenses increased 170 bps from second-quarter fiscal 2019 due to higher COVID-related labor and freight costs.Earnings before interest and taxes (“EBIT”) of $151 million reflected significant growth from a loss of $370 million in the year-ago quarter. The increase was mainly the result of higher sales volume and expanded merchandise margins. EBIT declined by $65 million from second-quarter fiscal 2019 due to higher freight, labor costs and drab sales volume, offset by gains from the resetting of cost structures in 2020.Other FinancialsNordstrom ended second-quarter fiscal 2021 with a strong balance sheet. Available liquidity as of Jul 31, 2021, was $1.3 billion, including $487 million of cash and cash equivalents. It had long-term debt (net of current liabilities) of $2,849 million and total shareholders’ equity of $268 million. As of Jul 31, 2021, the company used $545 million of net cash for operating activities and spent $217 million as capital expenditure.Fiscal 2021 OutlookDriven by solid quarterly results, management raised the fiscal 2021 view. The company anticipates revenue growth of 35%, up from the earlier mentioned 25%. It expects an EBIT margin of 3-3.5% compared with the previously mentioned 3%. Nordstrom forecast sales improvement in the third and fourth quarters of fiscal 2021 on a sequential basis.EBIT margin is likely to rise further, with gross margin improvement in the fiscal fourth quarter, driven by better inventory management and lower promotions. SG&A costs are expected to be higher in the second half of fiscal 2021 due to higher freight and labor costs.How Have Estimates Been Moving Since Then?It turns out, fresh estimates flatlined during the past month.VGM ScoresCurrently, Nordstrom has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookNordstrom has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Nordstrom, Inc. (JWN): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacks15 min. ago Related News

Urban Outfitters (URBN) Down 11.6% Since Last Earnings Report: Can It Rebound?

Urban Outfitters (URBN) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues. A month has gone by since the last earnings report for Urban Outfitters (URBN). Shares have lost about 11.6% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Urban Outfitters due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Urban Outfitters Q2 Earnings & Sales Beat, Rise Y/YUrban Outfitters reported sturdy second-quarter fiscal 2022 results wherein the top and the bottom line outshone the Zacks Consensus Estimate and also improved on a year-over-year basis. We note that sales across the company’s all brands and segments grew year over year.Deeper InsightThe company delivered earnings per share of $1.28 that beat the Zacks Consensus Estimate of 79 cents. The bottom line improved significantly from 35 cents recorded in the year-ago quarter and 61 cents earned in the quarter ended Jul 31, 2019.In the reported quarter, net sales of $1,157.7 million soared 44.1% year over year and surpassed the Zacks Consensus Estimate of $1,080 million. Also, the metric grew 20.3% from the figure reported in the quarter ended Jul 31, 2019. Brandwise, net sales were up 36.3% year over year to $441.6 million at Urban Outfitters, 52.7% to $450.6 million at Anthropologie Group and 40.3% to $249.7 million at Free People. Menus & Venues’ net sales amounted to $5.9 million, significantly up from $1.6 million recorded in the prior-year quarter. Nuuly, the subscription-based rental service for women’s clothes contributed $9.9 million to net sales, reflecting an increase 110.6% from the year-ago period’s level.Segmentwise, net sales at the company’s Retail Segment surged 43.8% year over year to $1,089 million while the same at the Wholesale Segment climbed 43.1% to $58.8 million. Comparable Retail segment net sales rose 40% year over year and 22% from the same-quarter fiscal 2020 level on account of double-digit sales growth across the digital channel. Growth was partly offset by low single-digit negative retail store sales on lower store traffic. Robust consumer demand in majority of the product categories, mainly apparel, as well as solid execution drove double-digit retail segment comps across all brands. When compared to the quarter ended Jul 31, 2019, comparable Retail segment net sales jumped 53% at the Free People Group, 14% at the Anthropologie Group and 20% at Urban Outfitters.An Insight Into MarginsIn the quarter under review, gross profit soared 82.9% year over year to $435.3 million from the year-ago quarter’s level. Also, gross margin expanded 800 basis points (bps) year over year and 478 bps from the second-quarter fiscal 2020 tally to 37.6%. Record low merchandise markdown rates in the Retail segment coupled with leveraged store occupancy expenses on higher penetration of the digital channel in Retail segment net sales aided the gross margin.Selling, general and administrative (SG&A) expenses shot up 59.8% year over year and 13.3% from the second-quarter fiscal 2020 level to $269.4 million. As a percentage of net sales, the metric increased 230 bps year over year while the same decreased 140 bps from the fiscal 2020 figure to 23.3%.The company recorded an operating income of $165.9 million, significantly up from $69.4 million recorded in the prior-year quarter and $78.1 million reported in second-quarter fiscal 2019. As a rate of sales, operating margin expanded 570 bps year over year and 620 bps from the quarter ended Jul 31, 2019 to 14.3%.Other Financial DetailsUrban Outfitters ended the quarter with cash and cash equivalents of $464.8 million and total shareholders’ equity of $1,669.4 million. As of Jul 31, 2021, total inventory increased 37.3% year over year to $483.1 million.This Philadelphia, PA-based company generated net cash of $195.2 million from operating activities during the first half of fiscal 2022. For fiscal 2022, management projects capital expenditures of nearly $285 million, mainly related to expanded distribution and fulfillment capacity to boost digital growth and store launches.Urban Outfitters did not buy back shares in the first six months of fiscal 2022. It repurchased and subsequently retired 0.5 million shares for roughly $7 million in fiscal 2021. As of Jul 31, 2021, the company had 25.9 million shares remaining under its share repurchase programs.OutlookManagement highlighted that comp sales in August at the Free People and Anthropologie brands are almost in line with the reported quarter’s levels while Urban Outfitters’ brand comps slowed down in mid-July. The company expects retail segment comps for the Urban Outfitters’ brand in the fiscal third quarter to moderate by high single-digits. August to date, the overall Urban Outfitters retail segment comp sales are mid-teens positive.Urban Outfitters projects the fiscal third quarter to continue reflecting a healthy sales improvement in comparison to fiscal 2020. It believes that retail segment comp sales will grow in mid teens while the wholesale segment sales are likely to decline at a rate similar to that of the fiscal second quarter. These will result in the overall company sales in low double-digits.How Have Estimates Been Moving Since Then?It turns out, estimates review have trended upward during the past month. The consensus estimate has shifted 19.89% due to these changes.VGM ScoresAt this time, Urban Outfitters has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with a D. However, the stock was allocated a grade of A on the value side, putting it in the top quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Urban Outfitters has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Urban Outfitters, Inc. (URBN): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacks15 min. ago Related News

Toll Brothers (TOL) Down 5.1% Since Last Earnings Report: Can It Rebound?

Toll Brothers (TOL) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues. A month has gone by since the last earnings report for Toll Brothers (TOL). Shares have lost about 5.1% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Toll Brothers due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Toll Brothers Q3 Earnings & Revenues Top, Margin UpToll Brothers, Inc. reported strong third-quarter fiscal 2021 (ended Jul 31, 2021) results. Both the top and bottom lines topped the Zacks Consensus Estimate and increased significantly on a year-over-year basis. The company has been benefiting from its strategy of broadening the product lines, price points and geographies.Douglas C. Yearley, Jr., chairman and chief executive officer, said, “Demand continues to be very strong. Net signed contracts were up 35% in dollars to approximately $3 billion compared to the prior year period. The housing market is being driven by many strong fundamentals, including low mortgage rates, favorable millennial-driven demographics, a decade of pent-up demand, low new home supply, and a tight resale market. We expect strong and sustainable demand for our homes in the years to come.”He continued, “Our record backlog, our focus on capital and operating efficiency, and the continued strength of the housing market give us confidence that our full FY 2022 margins will significantly exceed the strong margins we project for our FY 2021 fourth quarter and that our return on beginning equity will exceed 20% in FY 2022 and beyond.”On Aug, 24, 2021, Toll Brothers announced a strategic partnership with Equity Residential to selectively acquire and develop sites for new rental apartment communities in Metro Boston, MA; Atlanta, GA; Austin, TX; Denver, CO; Orange County/San Diego, CA; Seattle, WA, and Dallas-Fort Worth, TX.Earnings & Revenue DiscussionThe country’s leading luxury homebuilder reported earnings of $1.87 per share, surpassing the Zacks Consensus Estimate of $1.52 by 23%. Also, the said figure grew 74.4% from the year-ago figure of 90 cents per share as a result of higher revenues and margins.Revenues of $2.26 billion topped the consensus mark of $2.22 billion by 1.7% and increased 26.8% year over year, backed by solid demand during the quarter.Segment DetailToll Brothers operates under two reportable segments, namely Traditional Home Building and Urban Infill ("City Living").Revenues from Traditional Home Building totaled $2.15 billion, up 28.1% year over year, and that of City Living increased more than 594% to $184 million.Inside the Headline NumbersHome sales revenues grew 37% from the prior year to $2.23 billion. Homes delivered grew 28% year over year to 2,597 units. Deliveries increased in all regions served by the company. The average price of homes delivered was $806,600 for the quarter, up 1.7% from the year-ago level of $793,100.The number of net signed contracts for the reported quarter was 3,154 units, up 11% year over year. The value of net signed contracts was $2.98 billion, reflecting a rise of 35% from the year-ago quarter. These marked record third-quarter numbers.At fiscal third quarter-end, Toll Brothers had a backlog of 10,661 homes, representing a 47% year-over-year increase. Also, potential revenues from backlog improved 55% year over year to $9.44 billion. Backlog for the quarter, in both dollars and units, marked an all-time record high. The average price of homes in backlog totaled $885,200, up from $840,600 at the end of the comparable period of fiscal 2020.Cancellation rate for the reported quarter was 3.1% compared with 8% in the prior-year period.MarginsThe company’s home sales adjusted gross margin was 25.6%, expanding 170 basis points (bps) for the quarter.SG&A expenses — as a percentage of home sales revenues — were 10.5%, which decreased from 11.9% in the year-ago quarter.FinancialsToll Brothers had $946 million cash and cash equivalents as of Jul 31, 2021 compared with $1.37 billion at fiscal 2020-end. At fiscal third quarter-end, it had $1.79 billion available under the $1.905-billion bank revolving credit facility, scheduled to mature in November 2025.Total debt at fiscal third quarter-end was $3.59 billion, down from $3.96 billion at fiscal 2020-end. Debt to capital was 41.6% at fiscal third quarter-end versus 44.8% a year ago.During the quarter, the company repurchased nearly 1.7 million shares of its common stock at an average price of $57.66 per share for approximately $95.4 million.Fiscal Fourth-Quarter GuidanceToll Brothers expects home deliveries of 3,450 units (indicating an improvement from 2,940 units delivered in the prior-year quarter) at an average price of $840,000 (suggesting a rise from $805,000 a year ago).Adjusted home sales gross margin is now expected to be 25.6% (up from prior projection of 24.8), implying an increase from 21.9% in the year-ago period. SG&A expenses are estimated to be 9.8% of home sales revenues (pointing to fall from 9.9% a year ago). The projection has improved from prior expectation of 11.6%. The company expects effective tax rate to be 26%.Fiscal 2021 GuidanceFor full-year fiscal 2021, home deliveries are now anticipated to be 10,100 units (indicating an improvement from 8,496 units reported in fiscal 2020) at an average price of $830,000. Average price in the year-ago quarter was $816,500.Toll Brothers expects adjusted home sales gross margin of 24.9% (reflecting a marginal increase from 24.6% projected earlier). The current projection implies growth from 23.5% recorded in the year-ago period. SG&A expenses, as a percentage of home sales revenues, for full-year fiscal 2021 are projected to be 11.3% (suggesting fall from 12.5% in fiscal 2020). The current estimate reflects a decrease from the prior projection of 11.8%.How Have Estimates Been Moving Since Then?It turns out, estimates review have trended upward during the past month. The consensus estimate has shifted 5.27% due to these changes.VGM ScoresAt this time, Toll Brothers has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. However, the stock was allocated a grade of A on the value side, putting it in the top 20% for this investment strategy.Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Toll Brothers has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Toll Brothers Inc. (TOL): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacks15 min. ago Related News

The Moneyist: My bank accidentally deposited $10K in my account. I reported it, then moved it to my savings account. Have I done enough?

‘I have made an earnest attempt to get the bank to take their money back, so I was wondering if at any point or time the money would become legally mine.’.....»»

Category: topSource: marketwatch15 min. ago Related News

Wall Street confronts tough transition in return-to-office push

Firms face a balancing act of restoring normalcy while easing back into corporate life at a time Covid is still raging To view the full story, click the title link......»»

Category: blogSource: crainsnewyork1 hr. 30 min. ago Related News

Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday

InvestorPlace - Stock Market News, Stock Advice & Trading Tips Good morning, investor! We're diving back into the stock market again today with a look at the biggest pre-market stock movers for Thursday! The post Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday appeared first on InvestorPlace. More From InvestorPlace Stock Prodigy Who Found NIO at $2… Says Buy THIS Now Analyst Who Found Microsoft at $0.38 Names #1 Pick for the AI Boom America’s #1 EV Stock Still Flying Under the Radar.....»»

Category: topSource: investorplace1 hr. 31 min. ago Related News

Allison (ALSN) & JJE Join Forces for Commercial E-Powertrains

Allison's (ALSN) partnership with JJE will bank on the latter's robust foothold in the Chinese commercial vehicle electrified powertrain market. Allison Transmission ALSN recently entered into a global strategic collaboration partnership agreement with Jing-Jin Electric (“JJE”) to accelerate the development of best-in-class electrified powertrain solutions for global commercial vehicles.China-based JJE is an electrified propulsion leader in components, assemblies and systems for the global automotive and commercial vehicle customers.The companies are highly optimistic about this partnership as it will prove beneficial for both. JJE possesses more than 10 years of experience in the industry-leading electric motors and power electronics as well as central and direct drive electrified propulsion architectures. Allison, meanwhile, brings to the table decades of experience in building reliable and valued propulsion solutions, including electrified propulsion systems development and commercialization.The collaboration aims to bank on JJE’s dominance in electric motor and inverter development, and its robust foothold in the Chinese commercial vehicle electrified powertrain market, while exploiting Allison’s expertise in the fully electric and electric hybrid commercial duty propulsion systems.Commercial vehicle’s electrification will be one of the greatest contributors toward achieving carbon neutrality in transportation. The deal will enable Allison and JEE to merge their competencies in order to create the most powerful, most efficient and most reliable electrified powertrains for global commercial vehicle customers. Amid the aggravating climate change concerns, the companies together will pivot the transformation toward carbon neutral and zero emission transportation.Moreover, the integration of their capabilities through the partnership will enable them to offer innovative and reliable electrified propulsion solutions to the commercial vehicle manufacturers across the globe. The partnership will uniquely position both parties to gain a global manufacturing presence and take advantage of their combined service networks in order to cater to customers in local markets with highly cost-competitive products. Together, the companies will further enhance their product menus, manufacturing locations and supporting resources. Additionally, Allison has pledged to provide debt financing to back JJE North America’s efforts for commercial vehicle electric drive product development, testing and manufacturing.In a separate development, Daimler’s DDAIF Truck arm has integrated Allison 3414 Regional Haul Series (RHS) into its Class 8 Freightliner Cascadia Day Cab models. The first Freightliner Cascadias, equipped with the 3414 RHS, will begin production in January 2022.The Allison 3414 RHS is an upgraded variant of Allison’s proven 3000 Series fully automatic transmission. It offers up to 8% fuel economy efficiency compared to the Allison 3000 Highway Series, and provides 25% quicker acceleration over the automated manual transmissions.Allison’s latest development in regional haul trucking provides Daimler’s Freightliner customers with an efficient solution that enhances the payload, performance, fuel efficiency and driver comfort. The latest integration creates a winning portfolio for weight-conscious segments, where acceleration and maneuverability are the most crucial aspects.Headquartered in Indianapolis, IN, Allison is a manufacturer of fully-automatic transmissions for medium- and heavy-duty commercial and heavy-tactical U.S. defense vehicles. In fact, the company is the largest producer of fully-automatic transmissions, holding the leading position in several niche markets. The firm also offers electric hybrid and fully-electric propulsion systems.Allison, peers of which include American Axle & Manufacturing Holdings AXL and Meritor MTOR, currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Daimler AG (DDAIF): Free Stock Analysis Report American Axle & Manufacturing Holdings, Inc. (AXL): Free Stock Analysis Report Meritor, Inc. (MTOR): Free Stock Analysis Report Allison Transmission Holdings, Inc. (ALSN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks1 hr. 31 min. ago Related News

Fed Gives Bond-Buy Tapering Signal Without Timeline: 5 Picks

We have narrowed down our search to five U.S. corporate behemoths that have strong growth potential for the rest of 2021. These are: AAPL, MSFT, NVDA, DHR and COST. On Sep 22, Wall Street closed sharply higher ending its 4-day losing streak and recouped some of the losses it has suffered in September. The three major stock indexes — the Dow, the S&P 500 and the Nasdaq Composite — rallied 1% each, while the small-cap-centric Russell 2000 surged 1.5%.U.S. stock markets rebounded following Fed Chairman Jerome Powell’s confirmation that a shift from the central bank’s ultra-dovish monetary policy is not immediate. The Fed will maintain its monetary stimulus and stick to a near-zero short-term benchmark interest rate at least for the time being.Powell Maintains Dovish StanceIn his statement after the conclusion of the two-day FOMC meeting, Fed Chairman Jerome Powell said “If progress continues broadly as expected, the Committee judges that a moderation in the pace of asset purchases may soon be warranted.”Fed Chairman made the point that it is “more important to do it right than fast.” “While no decisions were made, participants generally viewed that so long as the recovery remains on track, a gradual tapering process that concludes around the middle of next year is likely to be appropriate,” he said.Powell said that the central bank’s further progress test has been met regarding its inflation target. He added “My own view is the test for substantial further progress on employment is all but met.” However, Powell made it clear “For me it wouldn’t take a knockout, great, super strong employment report. It would take a reasonably good employment report for me to feel like that test is met.”Fed’s latest dot plot for rate projection is showing nine out of18 members believing that the first rate cut will come in the second half of 2022. This number was just seven after June’s FOMC meeting. However, Powell had commented in June that dot plots should be taken with a “big grain of salt.” It is “not a great forecaster of future rate moves." Fed's policy will be guided by the actual outcome of economic variables and not by its officials' expectations about the future.Tapering Likely Priced in Market ValuationThe Fed Chairman has said repeatedly that the central bank will give enough indication to market participants before it actually starts tapering in order to minimize volatility.Although the Fed has restrained from providing any timeline as to when the tapering of the monthly $120 billion bond-buy program will start, many economists and financial researchers believe that the announcement will come in the next FOMC meeting in November and the process will start from December.Despite this, yesterday’s rally indicates that the impact of tapering seems already factored in market valuations. The central bank had taken this extraordinary measure last year to tackle an extraordinary health hazard-led economic devastation. Everyone knows that this monetary stimulus will fade out gradually with the pace of U.S. economic recovery.Therefore, a possible tapering of the Fed’s monthly $80 billion Treasury Notes and $40 billion mortgage-backed bond-buying program this year may not shake market participants’ confidence. The important point is that the Fed has taken an extremely cautious approach to tapering its quantitative easing program.Stock Selection CriteriaAt this stage, it will be prudent to invest in stocks of U.S. corporate behemoths (market capital > $100 billion) that have performed better than the market’s benchmark — the S&P 500 Index — in the past month, amid September’s volatility.The stocks must carry a favorable Zacks Rank. These companies have highly established business models spread across the world, lucrative product pipelines, globally acclaimed brand recognition and robust financial positions, which will help them to cope with a higher interest rate.Accordingly, we have narrowed down our search to five U.S. corporate behemoths that have strong growth potential for the rest of 2021. These stocks have seen positive earnings estimate revisions in the last 60 days. Each of our picks carries either a Zacks Rank #1 (Strong Buy) or 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.The chart below shows the price performance of our five picks in the past month.Image Source: Zacks Investment ResearchApple Inc.'s AAPL Services and Wearables businesses are expected to drive top-line growth in fiscal 2021 and beyond. Although Apple’s business primarily runs around its flagship iPhone, the Services portfolio has emerged as the company’s new cash cow. Its focus on autonomous vehicles and augmented reality/virtual reality technologies presents growth opportunities in the long haul.This Zacks Rank #1 company has an expected earnings growth rate of 2.2% for next year (ending September 2022) after estimated 70.4% growth in the current year (ending September 2021). The Zacks Consensus Estimate for next year improved 6.3% over the last 60 days.Microsoft Corp. MSFT is introducing new and improved Surface devices that could encourage enterprises to stick with Windows as they move toward BYOD and cloud computing. Microsoft’s advantages in this respect are two-fold.First, the company has a very large installed base of Office users. Most legacy data are based on Office, so enterprises are usually reluctant to use other productivity solutions. Second, the BYOD model is dependent on security and cloud integration, both of which are Microsoft’s strengths.This Zacks Rank#2 company has an expected earnings growth rate of 8.4% for the current year (ending June 2022). The Zacks Consensus Estimate for current-year earnings improved 3.7% over the last 60 days.NVIDIA Corp. NVDA is benefiting from the coronavirus-induced work-from-home and learn-at-home wave. It is also benefiting from strong growth in GeForce desktop and notebook GPUs, which are boosting gaming revenues.Moreover, a surge in Hyperscale demand remains a tailwind for the company’s Data Center business. The expansion of NVIDIA GeForce NOW is expected to drive its user base. Further, a solid uptake of artificial intelligence-based smart cockpit infotainment solutions is a boon.This Zacks Rank #2 company has an expected earnings growth rate of 68% for the current year (ending January 2022). The Zacks Consensus Estimate for current-year earnings has improved 5.8% over the last 60 days.Danaher Corp. DHR is poised to gain from Danaher Business System (“DBS”), the policy of rewarding shareholders through dividend payments, synergistic benefits from acquired assets and investment in product innovation in the quarters ahead.The company anticipates core revenue growth in the mid to high-teens range for the third quarter of 2021 and in the high-teens for 2021. The pandemic-led tailwinds are expected to boost core sales by high-single digits in the third quarter and by 10% in 2021.This Zacks Rank #2 company has an expected earnings growth rate of 50.4% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 1% over the last 30 days.Costco Wholesale Corp. COST operates membership warehouses in the United States, Puerto Rico, Canada, the United Kingdom, Mexico, Japan, Korea, Australia, Spain, France, Iceland, China, and Taiwan. It offers branded and private-label products in a range of merchandise categories.Its growth strategies, better price management, decent membership trend and increasing penetration of e-commerce business reinforce its position. The strategy to sell products at discounted prices has helped to draw customers seeking both value and convenience. These factors have been aiding in registering impressive sales numbers.This Zacks Rank #2 company has an expected earnings growth rate of 7.9% for the current year (ending August 2022). The Zacks Consensus Estimate for current-year earnings has improved 1.1% over the last 30 days. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Apple Inc. (AAPL): Free Stock Analysis Report Microsoft Corporation (MSFT): Free Stock Analysis Report Danaher Corporation (DHR): Free Stock Analysis Report NVIDIA Corporation (NVDA): Free Stock Analysis Report Costco Wholesale Corporation (COST): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks1 hr. 31 min. ago Related News

Strength Seen in RBC Bearings (ROLL): Can Its 5.4% Jump Turn into More Strength?

RBC Bearings (ROLL) witnessed a jump in share price last session on above-average trading volume. The latest trend in earnings estimate revisions for the stock doesn't suggest further strength down the road. RBC Bearings Incorporated ROLL shares soared 5.4% in the last trading session to close at $199.57. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 16.7% loss over the past four weeks.RBC Bearings’ offerings of common and preferred stocks, and senior notes to raise funds for financing the acquisition of Asea Brown Boveri Ltd’s DODGE mechanical power transmission division seem to have sparked sentiments for the stock. The buyout is anticipated to boost RBC Bearings’ market exposure, product offerings and customer base. Accretion in earnings of 40-60% is also expected in the initial full year of the completion of the transaction.This maker of bearings and components is expected to post quarterly earnings of $1.05 per share in its upcoming report, which represents a year-over-year change of +12.9%. Revenues are expected to be $160.79 million, up 9.9% from the year-ago quarter.Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.For RBC Bearings, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on ROLL going forward to see if this recent jump can turn into more strength down the road.The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report RBC Bearings Incorporated (ROLL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks1 hr. 31 min. ago Related News

3 Hot Cannabis Stocks That Should be on Your Watchlist

Cannabis stocks are set to be the rage on Wall Street in hopes of legalization in the US. Thus, keep an eye on stocks like Tilray (TLRY), Innovative Industrial Properties (IIPR) & GrowGeneration (GRWG). In recent times, most cannabis stocks slipped, with major manufacturers like Jushi Holdings and Curaleaf Holdings tanking 23.8% and 9.9%, respectively, in the past three-month period. Meanwhile, the broader S&P 500 has risen more than 5%.However, it’s also true that the cannabis industry witnessed strong momentum prior to mid-February 2021. But now since cannabis companies haven’t been able to report earnings results as per expectations, their share prices took a beating and several marijuana investors are going through a rough patch at the moment. This has left many such investors speculating the fate of the cannabis industry in the near future.With a degree of certainty, cannabis stocks won’t stay down for long.  In fact, historically, whenever cannabis stocks have lost drastically, it didn’t take much time to bounce back to stupendous heights. Thus, this trend implies that now is the time to keep an eye on cannabis stocks that are well-poised to gain momentum in the near term. Furthermore, such stocks are surely trading at a discounted price right now, which undoubtedly should excite investors.And why won’t cannabis stocks gain momentum? In the United States, a series of regulatory updates proved quite helpful for the cannabis industry. Notable among these is the cannabis legalization draft released in summer by Senate Majority Leader Chuck Schumer that aims to get rid of the federal government’s ban on marijuana. The cannabis legalization bill, no doubt, has to go through a lot many bottlenecks but the sheer speculation that marijuana is going to be legalized will help cannabis stocks chug along in the near term and the pot industry should unquestionably fare well through this year.The legalization of cannabis, by the way, is a long process as there are several issues that need to be addressed by marijuana companies as well as trade associations. However, since the majority of the population in the United States is in favor of legalizing marijuana in the form of medical or recreational usage, it is just a matter of time that there will be momentous reform in the cannabis industry. Some analysts, in the meantime, argue that simply passing a banking reform for the cannabis industry would have helped cannabis companies. But whatever may be the opinion, Congress in all likelihood will legalize the cannabis industry, and that’s certainly good news for cannabis stocks.Let us also admit that the improvement in coronavirus-led expansion in delivery mechanisms and more curbside pickups will boost sales and revenues of cannabis companies in the days to come. Additionally, cannabis companies are entering a consolidation phase and are looking for product innovation, all of which bodes well for the marijuana industry.Thus, as mentioned above, here’re three promising cannabis stocks that are worth a watch right now.Tilray, Inc. TLRY is a pharmaceutical company. It develops cannabis-based medicines, drugs, drops and oil products. Tilray is a Canadian company, which intends to operate in the United States once the federal government legalizes marijuana. The company currently has a Zacks Rank #3 (Hold). The company’s expected earnings growth rate for the current and next year is 71.7% and 92.3%, respectively. Shares of Tilray have plunged 36.4% over the past three months. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Innovative Industrial Properties, Inc. IIPR is a real estate investment trust. It is focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for medical-use cannabis facilities. In this process, Innovative Industrial Properties is reaping rental income. The company currently has a Zacks Rank #3. The company’s expected earnings growth rate for the current and next year is 34.2% and 35%, respectively. Shares of Innovative Industrial Properties have dropped 0.1% in the past one-month period.GrowGeneration Corp. GRWG owns and operates specialty retail hydroponic and organic gardening stores in the United States. It actually doesn’t sell cannabis directly to consumers. Instead, the company sells hydroponic cultivation equipment to various marijuana companies. The company currently has a Zacks Rank #3. The company’s expected earnings growth rate for the current and next year is 318.2% and 39.1%, respectively. Shares of GrowGeneration have tanked 40.5% over the past three-month period. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Innovative Industrial Properties, Inc. (IIPR): Free Stock Analysis Report GrowGeneration Corp. (GRWG): Get Free Report Tilray, Inc. (TLRY): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks1 hr. 31 min. ago Related News

Here"s Why Oil Jumped 2.5% and Drove Energy Stocks Higher

A bullish EIA report had oil stocks APA Corporation (APA), Devon Energy (DVN), Diamondback Energy (FANG), Marathon Oil (MRO), Hess Corporation (HES), Occidental Petroleum (OXY) and ConocoPhillips (COP) all trading higher. U.S. oil prices rose on Sep 22 after a weekly report from the Energy Information Administration ("EIA") showed draws in crude and distillate stockpiles. On the New York Mercantile Exchange, WTI crude futures gained $1.74 or 2.5%, to settle at $72.23 a barrel.Below we review the EIA's Weekly Petroleum Status Report for the week ending Sep 17.Analyzing the Latest EIA ReportCrude Oil: The federal government’s EIA report revealed that crude inventories fell by 3.5 million barrels compared to the expectations of a 3.8-million-barrel decline per the analysts surveyed by S&P Global Platts. The combination of a sizeable increase in exports and a ramp-up in refinery activity accounted for the stockpile draw with the world’s biggest oil consumer even as domestic production recovered from the storm-led shut-ins in the Gulf of Mexico. This puts total domestic stocks at 414 million barrels — 16.3% less than the year-ago figure and 8% lower than the five-year average.The latest report also showed that supplies at the Cushing terminal (the key delivery hub for U.S. crude futures traded on the New York Mercantile Exchange) were down 1.5 million barrels to 33.8 million barrels.Meanwhile, the crude supply cover was up from 27.5 days in the previous week to 27.6 days. In the year-ago period, the supply cover was 37 days.Let’s turn to the products now.Gasoline: Gasoline supplies increased for the first time in three weeks. The 3.5-million-barrel addition is attributable to seasonal trends as well as the hurricane fallout. Analysts had forecast that gasoline inventories would fall by 900,000 barrels. At 221.6 million barrels, the current stock of the most widely used petroleum product is 2.6% less than the year-earlier level and 3% below the five-year average range.Distillate: Distillate fuel supplies (including diesel and heating oil) fell for the fourth week in a row. The 2.6-million-barrel drop reflected the restart of refineries that were sidelined by Hurricane Ida. Meanwhile, the market looked for a supply decline of 1.4 million barrels. Current inventories — at 129.3 million barrels — are 26.5% below the year-ago level and 14% lower than the five-year average.Refinery Rates: Refinery utilization, at 87.5%, moved up 5.4% from the prior week due to the gradual restart of units in the U.S. Gulf that were shut by Hurricane Ida.Final WordsOil prices settled higher yesterday following another dip in crude and distillate inventories due to stronger consumption. Despite some disappointment with the latest gasoline number, the overallOil/Energy market is on the mend with a supportive macro backdrop and robust fundamentals. Widespread COVID-19 vaccine rollouts, the ongoing government stimulus and the OPEC+ supply curtailments have contributed to this positive setup.Crude supplies are now at their lowest levels since October 2018, with U.S. commercial stockpiles down some 18% since mid-March. There is also a marked improvement in fuel demand on the back of rebounding road and airline travel. With all the tailwinds, the U.S. benchmark briefly hit a more than six-year high of $76.98 in July.The bullish EIA report lifted the Energy Select Sector SPDR — an assortment of the largest U.S. energy companies — up 3.08% to be at the top of the S&P sector standings on Wednesday. Consequently, the biggest winners of the S&P 500 on Wednesday were mostly energy-related names like APA Corporation APA, Devon Energy DVN, Diamondback Energy FANG, Marathon Oil MRO, Hess Corporation HES, Occidental Petroleum OXY and ConocoPhillips COP.APA, carrying a Zacks Rank of #3 (Hold), topped the S&P 500 list with a gain of 7.19%. Other notable energy movers include Devon Energy (6.84%), Diamondback Energy (5.42%), Marathon Oil (5.35%), Hess (5.21%), Occidental Petroleum (5.19%) and ConocoPhillips (4.94%).You can see the complete list of today’s Zacks #1 Rank stocks here. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Devon Energy Corporation (DVN): Free Stock Analysis Report ConocoPhillips (COP): Free Stock Analysis Report Marathon Oil Corporation (MRO): Free Stock Analysis Report APA Corporation (APA): Free Stock Analysis Report Hess Corporation (HES): Free Stock Analysis Report Occidental Petroleum Corporation (OXY): Free Stock Analysis Report Diamondback Energy, Inc. (FANG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks1 hr. 31 min. ago Related News

Steelmakers Capitalize Record Prices to Spend Big on New Mills

The recently announced multi-billion projects from major U.S. steel producers reflect the underlying strength in the domestic steel industry underpinned by strong demand and record-high prices. Record-high steel prices and an upswing in demand in the manufacturing sector have ushered in boom time for the steel industry. Some of the biggest names in this space are making big investment to establish new mega mills to leverage the industry’s bull run.Steel Boom Driving Spending SplurgeMajor American steel producers, Nucor Corp. NUE and United States Steel Corp. X recently announced plans to set up new mills in the United States.Nucor, on Monday, announced its plans to construct a state-of-the-art sheet mill having an annual capacity of 3 million tons. It is looking at locations in Ohio, Pennsylvania and West Virginia to build the mill.The company is spending roughly $2.7 billion on the new mill that will be able to produce hot-rolled sheet products with downstream processing. The construction is expected to take two years after the required regulatory approvals are obtained. The geographic position of the mill will allow it to serve Midwestern and Northeastern customers and ensure a significantly lower carbon footprint than nearby competitors.Nucor noted that the new mill will allow it to meet the growing need of many of its customers, especially in the automotive market. The sheet mill is the latest in a series of investments made by the Charlotte-based steel giant that are expected to contribute to profitable growth and strengthen its position as a low-cost producer. The company is on track with its other significant growth projects — the Brandenburg plate mill, the Generation 3 flexible galvanizing line at the Hickman sheet mill and the modernization and expansion of the Gallatin sheet mill in Kentucky.U.S Steel, last week, also said that it plans to spend $3 billion to build a new, three-million-ton mini mill flat-rolled facility in the United States. The planned mini mill will integrate two state-of-the-art electric arc furnaces (“EAF”) with differentiated steelmaking and finishing technology, including purchased equipment owned by the company. The continued adoption of mini mill technology will enhance the company’s ability to produce the next generation of highly-profitable proprietary sustainable steel solutions, including Advanced High Strength Steels.U.S. Steel expects to start construction of the mini mill in the first half of 2022 and commence production in 2024. The planned investment is a key step toward achieving the company's 2030 goal of reducing global greenhouse gas emissions intensity by 20% from the 2018 baseline.The newly announced multi-billion projects from these major steel producers reflect the underlying strength in the steel industry underpinned by solid demand and pricing fundamentals. Steel Dynamics, Inc. STLD is also progressing with the construction of its 3 million-ton state-of-the-art EAF flat roll steel mill in Sinton, TX with production expected to commence in fourth-quarter 2021.The U.S. steel industry came roaring back in 2021 after bearing the brunt of the pandemic last year, thanks to a strong revival in domestic demand and zooming steel prices.Coronavirus hurt demand for steel across major end-use markets such as construction and automotive during the first half of 2020. However, demand for steel started to pick up from the third quarter last year with the resumption of operations across major steel-consuming sectors, following the loosening of restrictions.American steel makers are seeing healthy order booking in automotive, notwithstanding the semiconductor crunch. Demand in the non-residential construction market and equipment also remains resilient.The demand rebound has contributed to the significant uptick in U.S. steel industry capacity utilization on the restart of idled capacity. U.S. steel prices are also on an upswing, driven by an upturn in demand and supply shortages partly due to the pandemic.The benchmark hot-rolled coil (“HRC”) prices are shooting higher on U.S. steel mills’ price hike actions, tight supply conditions, low steel imports and solid pent-up demand. Prices are hitting fresh highs, having shot up more than four-fold from the lows witnessed in August 2020 and also nearly doubled since the start of 2021. HRC prices have cruised above the $1,900 per short ton level as the upward momentum continues.The price rally is expected to continue in the coming months on solid demand and supply constraints, which is likely to be exacerbated by a series of planned mill outages and scheduled maintenance.U.S. Steel Industry Looks Set for A Solid Q3 Earnings SeasonRobust domestic demand and the price surge helped U.S. steel companies deliver strong results in the second quarter. These companies are benefiting from spread expansion as a significant spurt in HRC prices has more than offset higher ferrous scrap costs. Higher demand and a favorable pricing environment are likely to help U.S. steel producers to continue the momentum in the third quarter.Some of the prominent U.S. steel producers recently came up with an upbeat guidance for the September quarter. Nucor said that it expects to log record quarterly earnings in the third quarter, driven by strong demand across most of its end-markets and higher average selling prices. Steel Dynamics also sees record quarterly performance, supported by strong underlying steel demand and significant metal spread expansion, especially within the flat roll steel operations.U.S. Steel expects record third-quarter results driven by its Best for All business model, strong reliability and quality performance, persistent customer demand as well as sustained rise in steel selling prices. Olympic Steel, Inc. ZEUS, last month, said that it expects a strong third quarter on strong market dynamics and record-high prices.Nucor, Steel Dynamics and U.S. Steel each sports a Zacks Rank #1 (Strong Buy), while Olympic Steel has a Zacks Rank #3 (Hold).You can see the complete list of today’s Zacks #1 Rank stocks here. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Steel Dynamics, Inc. (STLD): Free Stock Analysis Report United States Steel Corporation (X): Free Stock Analysis Report Nucor Corporation (NUE): Free Stock Analysis Report Olympic Steel, Inc. (ZEUS): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacks1 hr. 31 min. ago Related News

Bored of Big Tech Names? 5 Future Tech ETF Plays for You

FAANG stocks ??? Facebook, Apple, Amazon, Netflix and Alphabet's Google ??? along with Microsoft and Tesla make up a big chunk of the S&P 500. But the trend is probably shifting and disruptive technologies will likely rule the coming decade. FAANG stocks — Facebook Inc. FB, Apple Inc. AAPL, Amazon.com Inc. AMZN, Netflix Inc. (NFLX) and Alphabet Inc.’s (GOOG, GOOGL) Google — along with Microsoft Corp. MSFT and Tesla Inc. TSLA take about 25% of the S&P 500. Many are now of the view that these seven behemoths are responsible for the broader market’s hop and drop. These cash-rich companies have swelled in their market capitalization in recent years.But the trend is probably shifting. Goldman Sachs believes people are over invested in big-cap tech names.  "We noticed there was a growing disconnect between where investors are positioned and where we are seeing the most attractive returns over the next decade or so," said Sung Cho, the portfolio manager of the Goldman Sachs Future Tech Leaders ETF, on Yahoo Finance Live."For the last 20 years, it has been focused in the U.S. and in mega cap tech companies. We believe we are at a key inflection point where innovation is expanding beyond the U.S., as well as beyond the market cap spectrum," according to Cho, as quoted on Yahoo Finance.And why not? Disruptive technologies are booming, especially with more dependence on technology amid coronavirus-led social distancing. Our dependence on areas like AI, robotics, autonomous vehicles, computer perception, and virtual and augmented reality has been growing.Quantum computing is another technology holding a lot of potential but is still new in the market. It is expected to transform industries with new artificial intelligence and machine learning applications in few years (read: Market Outlook & Thematic ETF Ideas for Q4).Against this backdrop, below we highlight a few future tech ETFs that focus on future era tech plays.ETFs in FocusGoldman Sachs Future Tech Leaders Equity ETF GTEKThis ETF is active and does not track a benchmark. Marvell Technology (3.1%), MercadoLibre (3.0%) and HubSpot (2.6%) were the top three stocks of the fund. The fund charges 75 bps in fees. The fund looks to keep investors on the right side of disruption by picking innovative, attractively-valued companies associated with durable secular growth themes.BlackRock Future Tech ETF BTEKThe fund looks to maximize total return by investing in companies developing innovative and emerging technologies in the technology sector. The fund charges 88 bps in fees. No stock accounts for more than 3.62% of the fund. Lightspeed Commerce (3.62%), Silergy Corp. (2.16%) and Marvell Technology (2.02%) are the top three stocks of the fund.iShares U.S. Tech Breakthrough Multisector ETF TECBThe underlying NYSE FactSet U.S. Tech Breakthrough Index measures the performance of U.S. listed companies engaged in cutting edge research and development of products and services in the areas of robotics and artificial intelligence, cyber security, cloud and data tech, financial technology, and genomics and immunology. The 173-stock fund puts heavy weights on Moderna (4.38%), Nvidia (4.31%) and Microsoft (4.19%).ALPS Disruptive Technologies ETF DTECThe underlying Indxx Disruptive Technologies Index identifies companies using disruptive technologies in each of 10 thematic areas: Healthcare Innovation, Internet of Things, Clean Energy and Smart Grid, Cloud Computing, Data and Analytics, FinTech, Robotics and Artificial Intelligence, Cybersecurity, 3D Printing, and Mobile Payments.  No stock accounts for more than 1.18% of the fund. Brooks Automation, Allegro MicroSystems and Nemetschek are the top three stocks of the fund.Amplify Transformational Data Sharing ETF BLOKThis ETF is active and does not track a benchmark. Transactional services take about 32% of the fund while crypto miner (24%), venture (11%) and semiconductor (10%) take the next three spots. The fund charges 71 bps in fees. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Alphabet Inc. (GOOG): Get Free Report Amazon.com, Inc. (AMZN): Free Stock Analysis Report Apple Inc. (AAPL): Free Stock Analysis Report Microsoft Corporation (MSFT): Free Stock Analysis Report Tesla, Inc. (TSLA): Free Stock Analysis Report Facebook, Inc. (FB): Free Stock Analysis Report Alphabet Inc. (GOOGL): Free Stock Analysis Report Amplify Transformational Data Sharing ETF (BLOK): ETF Research Reports ALPS Disruptive Technologies ETF (DTEC): ETF Research Reports iShares U.S. Tech Breakthrough Multisector ETF (TECB): ETF Research Reports BlackRock Future Tech ETF (BTEK): ETF Research Reports Goldman Sachs Future Tech Leaders Equity ETF (GTEK): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks1 hr. 31 min. ago Related News

4 Top Biotech Stocks to Watch as Economic Recovery Picks Up Pace

New drug approvals and focus on coronavirus treatments should maintain momentum for the Zacks Biomedical and Genetics industry. A strong portfolio and solid pipeline progress position REGN, MRNA, VRTX, and HZNP well amid the economic recovery. The biotech industry’s performance in the year so far has been decent as most of the bigwigs in the sector witnessed sales revival in the second quarter after a soft first quarter and provided an encouraging outlook for the remainder of the year. While the coronavirus treatments remain in focus, regulatory and pipeline developments are getting back on track with new drug approvals as the economic situation improves. Moderna MRNA and Regeneron REGN are leading the race when it comes to coronavirus treatments.Vertex Pharmaceuticals VRTX and Horizon Therapeutics HZNP are also well poised on solid portfolio and pipeline progress.   More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Regeneron Pharmaceuticals, Inc. (REGN): Free Stock Analysis Report Vertex Pharmaceuticals Incorporated (VRTX): Free Stock Analysis Report Moderna, Inc. (MRNA): Free Stock Analysis Report Horizon Therapeutics Public Limited Company (HZNP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks1 hr. 31 min. ago Related News

Oil & Gas Stock Roundup Headlined by Chevron & Diamondback

Apart from Chevron (CVX) and Diamondback Energy (FANG) there was news from Royal Dutch Shell (RDS.A), Helmerich & Payne (HP) and Suncor Energy (SU) during the week. It was a week when oil prices bounced back above $70 and natural gas futures registered their highest settlement since February 2014.On the news front, American biggie Chevron CVX broke down its future shift toward an environmentally friendly direction, while shale specialist Diamondback Energy FANG approved a new buyback plan.Overall, it was another good week for the sector. West Texas Intermediate (WTI) crude futures moved up 3.2% to close at $71.97 per barrel and natural gas prices gained 3.4% to reach $5.105 per million British thermal units (MMBtu). Overall, both commodities managed to maintain their forward momentum from the previous three weeks.Coming back to the week ended Sep 17, oil prices rose, underpinned by a report from the Energy Information Administration ("EIA") that showed draws in crude and fuel stockpiles. The commodity was also boosted by the major international forecasters’ encouraging view on oil demand growth next year.Natural gas climbed too, buoyed by the slow restoration of hurricane-affected operations, late-season hot weather and strong LNG export demand.Recap of the Week’s Most-Important Stories1.  At its recent environment-themed presentation titled Energy Transition Spotlight, Chevron said that it will invest 200% more in lower-carbon businesses in the next seven years but stopped short of committing any timeline toward achieving net-zero operations.The U.S. oil major set clear targets to ramp up renewable natural gas output to 40,000 million British thermal units (MMBtu) per day by 2030, while growing hydrogen production to 150,000 tons annually. Besides, the company is rapidly expanding its renewable fuels footprint with daily production capacity estimated to reach 100,000 barrels by the end of this decade, in addition to increasing carbon offsets to 25 million tons per year.As part of this plan, the American energy giant will invest $10 billion in clean energy through 2028, more than triple the $3 billion earmarked earlier. Of the total, $3 billion each will be spent on renewable fuels and carbon capture/storage/offsets, $2 billion on hydrogen, while $2 billion is planned to be used to reduce the emissions intensity of the company’s portfolio. (Key Highlights From Chevron's ESG Investor Day)2.   Shares of Diamondback Energy gained more than 3% on Sep 17, a day after the energy player stated that its plans to distribute 50% of free cash flow to investors were expedited. Beginning fourth quarter of this year, this Permian producer’s business will return free cash flow through its basic dividend and additional shareholder return methods.In order to support this return promise, the Midland, TX-headquartered independent energy firm’s board approved a new share repurchase program worth $2 billion, which was implemented with immediate effect. The move underscores the company’s sound financial position and its commitment to reward its shareholders.A much-improved commodity price scenario and the economic recovery contributed to the balance sheet strength of the energy companies like Diamondback. Benefiting from their robust fundamentals, their cash from operations is now covering capital spending. This provides a sustainable financial framework for these firms to increase cash returns to their shareholders. (Diamondback Shares Gain on $2B Buyback Acceleration)3.  Royal Dutch Shell (RDS.A) has made a final investment decision to construct an 820,000-tonne-per-year biofuels facility at the Shell Energy and Chemicals Park Rotterdam in the Netherlands. When completed, the plant will be one of the largest in Europe for producing sustainable aviation fuel (SAF) and renewable diesel from trash.The new plant will help the Netherlands and the rest of Europe in meeting the globally mandated carbon reduction goals. It will also assist the Zacks Rank #2 (Buy) Europe-based energy multinational in meeting its objective of becoming a net-zero emissions energy firm by 2050, in line with society's progress toward the Paris Agreement's climate targets.You can see the complete list of today’s Zacks #1 Rank stocks here.The biofuels plant in Rotterdam is anticipated to start producing in 2024. Using innovative technology created by Shell, it will manufacture low-carbon fuels such as renewable diesel from waste in the form of used cooking oil, waste animal fat, and other agricultural and manufacturing residual items. (Shell to Build Dutch Biofuels Facility to Cut Emissions)4.   Helmerich & Payne HP recently announced a strategic collaboration with The Abu Dhabi National Oil Company (“ADNOC”) and its subsidiary ADNOC Drilling Company wherein ADNOC Drilling will purchase eight FlexRig land rigs from the contract drilling services provider for $86.5 million. Following this buyout, the company will make a $100-million cornerstone investment in ADNOC Drilling's recently announced initial public offering (“IPO”).Earlier, ADNOC expressed its plan to list a 7.5% minority stake in ADNOC Drilling on the Abu Dhabi Securities Exchange in an IPO, reflecting the continuous development, strength and relevance in the Middle Eastern capital city's financial market. ADNOC, a renowned diversified energy and petrochemicals company, and Helmerich & Payne will remain ADNOC Drilling's dedicated, long-term stockholders.The above agreement will help Helmerich & Payne achieve its goal of deploying capital worldwide, especially in the MENA (Middle East and North Africa) area, by boosting its entry into the lucrative and rapidly-rising Abu Dhabi market as a vital platform for further regional expansion. (Helmerich & Payne to Pump $100M Into ADNOC Drilling IPO)5.  Suncor Energy SU recently reached agreements with eight indigenous communities in the Regional Municipality of Wood Buffalo to buy the entire 15% equity stake in Canada's Northern Courier Pipeline Limited Partnership held by TC Energy TRPThe partnership, which comprises Suncor, three First Nations, and five Métis communities will hold a 15% interest in this pipeline asset worth roughly C$1.3 billion, which will generate long- term, consistent earnings that will aid the communities for decades ahead.Suncor will run the pipeline that connects its Fort Hills oil production in Alberta to its East Tank Farm asset after the acquisition is completed. Canada's premier integrated energy company stated that the collaboration is projected to generate gross revenues of around C$16 million per year for its partners and offer stable income. Subject to usual closing conditions and regulatory clearances, the deal is expected to be completed in the fourth quarter of 2021. (Suncor, Indigenous Partners Buy Canadian Pipeline Stake)Price PerformanceThe following table shows the price movement of some major oil and gas players over the past week and during the last six months.Company    Last Week    Last 6 MonthsXOM              +2.2%                -4.1%CVX               +0.7%               -7.5%COP              +5.7%               +13.6%OXY               +7.8%               -7.4%SLB               +5.7%               -2.6%RIG                -4%                   -11.9%VLO               +3.5%               -12.5%MPC              +3.5%               +8.4%The Energy Select Sector SPDR — a popular way to track energy companies — was up 3.2% last week. The best performer was oil and gas producer Occidental Petroleum OXY whose stock climbed 7.8%.Over the past six months, the sector tracker has inched up 0.6%. Upstream biggie ConocoPhillips (COP) was the major gainer during the period, experiencing a 13.6% price appreciation.What’s Next in the Energy World?As the global oil consumption outlook strengthens amid tightening fundamentals, market participants will be closely tracking the regular releases to watch for signs that could further validate the upward momentum. In this context, the U.S. government’s statistics on oil and natural gas — one of the few solid indicators that come out regularly — will be on energy traders' radar. Data on rig count from the oilfield service firm Baker Hughes, which is a pointer to trends in U.S. crude production, is closely followed too. News related to coronavirus vaccine approval/rollout/distribution will be of utmost importance. Finally, investors will be keeping an eye on the health of China’s economy following the Evergrande crisis. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX): Free Stock Analysis Report Royal Dutch Shell PLC (RDS.A): Free Stock Analysis Report Helmerich & Payne, Inc. (HP): Free Stock Analysis Report Occidental Petroleum Corporation (OXY): Free Stock Analysis Report Suncor Energy Inc. (SU): Free Stock Analysis Report TC Energy Corporation (TRP): Free Stock Analysis Report Diamondback Energy, Inc. (FANG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks1 hr. 31 min. ago Related News

3 Oil Refiners to Gain as EPA Considers a Blending Requirement Cut

It's time to keep an eye on oil refiners since the biofuel blending requirements could possibly get substantially lowered. Valero (VLO), PBF Energy (PBF) and Phillips 66 (PSX) are well poised to gain. The overall business environment for energy companies is improving at a healthy pace from the coronavirus onslaught. It’s thus time to keep a close eye on oil refiners since the biofuel blending requirements could possibly get lowered to a great extent.EPA Considers to Lower US Biofuel Blending RequirementThe Biden administration is proposing to drastically lower the requirement for the nation's biofuel blending, per Reuters. This comes across as a favor for the oil industry after the coronavirus pandemic dented worldwide demand for gasoline.The biofuel policy of the country is being administered by President Biden's Environmental Protection Agency (EPA). The blending mandates for 2020 and 2021 will likely be lowered to about 17.1 billion gallons and 18.6 billion gallons, respectively, per the document cited by Reuters. Thus, as compared to the 20.1 billion gallons level, that was confirmed for last year before the pandemic wreaked havoc on the energy market, the proposed levels are considerably lower.The report cited that oil refining companies will possibly blend 20.8 billion gallons of renewable fuel into the nation's fuel mix for the 2022 compliance year. It has been cautioned by administrative officials that they have not finalized the numbers, which are awaiting further revisions. No comment on this event has still been made by the EPA.Stocks to GainIf the proposals are adopted, it would be a big win for oil refiners. This is because with lower renewable fuel been blended, biofuel blending costs will likely reduce. We are presenting three refining stocks that should be on investors’ radar as these could probably gain following the adoption of the proposal. Each of the stocks carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Valero Energy Corporation VLO, having operating interests in 15 petroleum refineries in the United States, Canada and the United Kingdom, gained 3.2% yesterday on the news. The company is also likely to generate strong cashflows on the back of rising gasoline demand since coronavirus vaccines are being rolled out at a massive scale. Over the past seven days, the stock has seen upward earnings estimate revisions for 2021.PBF Energy Inc. PBF gained 10.8% yesterday on the news. In the United States, the company is among the largest independent petroleum refiners. Improving fuel demand is also aiding the stock. In 2021, the company is likely to see bottom-line growth of 54.9%.Phillips 66 PSX is among the largest refiners in the world and gained 4.2% on the news. It is also being aided by improving fuel demand. In the past seven days, the stock has seen upward earnings estimate revisions for 2021.  More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Valero Energy Corporation (VLO): Free Stock Analysis Report Phillips 66 (PSX): Free Stock Analysis Report PBF Energy Inc. (PBF): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks1 hr. 31 min. ago Related News

5 Stocks to Deflect Delta Variant Curveball From Orthopedic Space

OrthoPediatrics (KIDS), Orthofix (OFIX), Zimmer Biomet (ZBH), Stryker (SYK) and SeaSpine (SPNE) are expected to hold ground despite a challenging business climate. Orthopedic device, an integral part of MedTech, has been on a gradual rebound following a pandemic-battered 2020. The opening up of the economy following the lifting of strict social-distancing norms and increased hospital visits with rush toward opting for earlier-deferred non-COVID procedures were vastly seen after the widespread vaccination drives. The orthopedic device subsector, which covers orthopedic implants, minimally-invasive surgeries and robotic surgeries, had been witnessing robust performances over the past few months after a pandemic-led hiatus in elective procedures.However, the emergence of the highly-contagious Delta variant of coronavirus seems to again derail the growth trajectory of elective orthopedic surgeries.Orthopedics’ SnapshotAfter an impressive performance over the past few months where the key orthopedic players recorded improved patient volumes on the back of pent-up demand, the potential concerns over the emergence of new variants looms large. With increasing cases of infections with the Delta strain, patients are increasingly deferring their elective orthopedic surgeries as they fear getting infected with the latest potentially vaccine-resistant strain.Not only patients, even hospitals are increasingly attending to COVID-19 patients, thereby pushing other admissions to the back. This is also likely to hamper sales of orthopedic implants of key orthopedic MedTech players by leading to lower procedure volumes.Aggravating the fear of the Delta impact, key MedTech player NuVasive, Inc. NUVA has voiced concerns. The company, during its second-quarter 2021 earnings call, confirmed that patient sentiment is a major factor that will determine elective procedure deferrals.However, given the fact that a meaningful portion of this orthopedic sub-sector comprises essential, nondeferrable surgeries, the adverse business impacts are likely to be mitigated to some extent. Particularly, spine surgeries and trauma settings are expected to fetch business even amid the difficult pandemic situation. Market watchers are of the view that enabling technologies within orthopedic and spine are going to steal the limelight amid the difficult financial situation of the hospitals in the coming months.Per a report published on Fortune Business Insights, the global orthopedic devices market size was worth $53.44 billion in 2019 and is anticipated to reach $68.51 billion by 2027, at a CAGR of 6.6%. Factors like rising cases of osteoporosis and musculoskeletal diseases, increasing incidents of sports and traumatic injuries, and an expanding elderly population are expected to drive the market.5 Stocks to Focus onHere we have listed five orthopedic stocks that have an upside growth potential despite the looming concern over surging infection rates. Investors can turn their attention to these stocks, which can turn out to be prudent investment choices for long-term benefits.OrthoPediatrics Corp. KIDS, in August, announced the continuation of its navigation partnership with Mighty Oak Medical, Inc., thereby extending its current five-year deal by another five years till August 2027. This Zacks Rank #2 (Buy) company, which has been the exclusive distributor of Mighty Oak Medical’s FIREFLY Technology in children’s hospitals across the United States, will be able to maintain that exclusivity through August 2027 via the extended agreement. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Image Source: Zacks Investment ResearchIts expected earnings growth rate for 2022 is pegged at 45.6%. The company is likely to report 2021 revenue growth of 39.6%. Over the past year, the stock has gained 59.2% compared with the industry’s 21.8% rise.Global medical device company focused on spine and orthopedics, Orthofix Medical Inc. OFIX, announced the full market launch of the Opus Mg Set osteoconductive scaffold, a synthetic magnesium-based bone void filler for orthopedic procedures, this month.Image Source: Zacks Investment ResearchIts expected earnings growth rate for 2022 is pegged at 58.9%. The company is expected to report 2021 revenue growth of 16.1%. Over the past year, this Zacks Rank #2 company has gained 37.4% compared with the industry’s 21.8% rise.Renowned MedTech player Zimmer Biomet Holdings, Inc. ZBH along with Canary Medical (a medical data company) announced the FDA’s De Novo classification grant and authorization to market the tibial extension for Persona IQ, the world's first and only smart knee cleared by the FDA for total knee replacement surgery, in August.Image Source: Zacks Investment ResearchIts long-term expected earnings growth rate is pegged at 8.8%. The company is expected to report 2021 revenue growth of 15.4%. Over the past year, this Zacks Rank #3 (Hold) company has gained 10.3% compared with the sector’s 0.2% rise.Stryker Corporation SYK, well-known medical technology company, announced robust second-quarter 2021 results along with strong segmental performance in July.Image Source: Zacks Investment ResearchIts long-term expected earnings growth rate is pegged at 9.6%. This Zacks Rank #3 company is expected to report 2021 revenue growth of 20.7%. Over the past year, the stock has gained 36.5% compared with the industry’s 14.9% rise.Renowned medical technology company, SeaSpine Holdings Corporation SPNE, entered into a distribution agreement with OrthoPediatrics this month to exclusively distribute its 7D Surgical FLASH Navigation platform for pediatric applications.Image Source: Zacks Investment ResearchIts expected earnings growth rate for 2022 is pegged at 14.4%. The company is likely to report 2021 revenue growth of 31.1%. Over the past year, this Zacks Rank #3 company has gained 14.8% compared with the sector’s 0.2% rise. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Stryker Corporation (SYK): Free Stock Analysis Report ORTHOFIX MEDICAL INC. (OFIX): Free Stock Analysis Report NuVasive, Inc. (NUVA): Free Stock Analysis Report Zimmer Biomet Holdings, Inc. (ZBH): Free Stock Analysis Report SeaSpine Holdings Corporation (SPNE): Free Stock Analysis Report OrthoPediatrics Corp. (KIDS): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacks1 hr. 31 min. ago Related News