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 Expeditors International of Washington Inc. reported Tuesday second-quarter profit and revenue that rose well above expectations, and said logistics challenges are likely to remain through the rest of the year while demand is expected to remain robust. The airfreight and ocean freight company's stock was still inactive in premarket trading. Net income rose to $316.4 million, or $1.84 a share, from $183.9 million, or $1.09 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.63. Revenue increased 49.7% to $3.61 billion, above the FactSet consensus of $3.40 billion. Cost of transportation and other expenses rose 56% to $2.60 billion. "Robust demand is bumping up against capacity constraints in the air and ocean markets, all of which is made more challenging by limited warehouse space, staffing constraints, port congestion, equipment dislocations, and driver shortages, not to mention additional disturbances such as the closure of the Yantian port due to a COVID-19 outbreak in May or the blockage of the Suez Canal back in March," said Chief Executive Jeffrey Musser. "While we remain optimistic that conditions will improve over time, we are unable to predict when that might take place, or how even the recovery might be, and we believe that demand will likely continue to outstrip capacity in both air and ocean for the near term, keeping buy/sell rates unsettled for at least the duration of 2021." The stock has rallied 12.0% over the past three months, while the Dow Jones Transportation Average has dropped 8.0% and the Dow Jones Industrial Average has gained 2.1%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Some stocks are worth their premium valuations. This is one of those stocks.
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Bausch Health Companies Inc. shares fell 6% in premarket trade Tuesday, after the company posted a surprise loss in the second quarter, hurt by higher costs stemming from litigation, selling, general and administration expenses and the impact of a recall caused by a quality issue at a third-party supplier. The loss came to $595 million, or $1.66 a share, wider than the loss of $326 million, or 92 cents a share, posted in the year-earlier period. Revenue rose to $2.100 billion rom $1.664 billion. The FactSet consensus was for EPS of 95 cents and revenue of $2.118 billion. The company, the former Valeant, lowered its full-year guidance and now expects revenue of $8.40 billion to $8.60 billion, down from earlier guidance of $8.60 billion to $8.80 billion. The FactSet consensus is for $8.60 billion. It made several other announcements with earnings, including that Thomas J. Appio will become CEO of Bausch Pharma as soon as the separation of the Bausch & Lomb eye health care business has been completed. The company will seek an initial public offering of its Solta Medical business, a provider in medical aesthetics. Shares have gained 43% in the year to date, while the S&P 500 has gained 16.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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 Federal health officials struck a serious tone on Monday, once again urging Americans to get vaccinated and calling on more employers to require COVID-19 vaccine mandates.
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Uncertainty about the future is an anathema to job growth. When companies are afraid of what will happen next, they tend to hold off on making decisions. With the possible threat of some sort of shutdown, executives will hold off on hiring and possibly downsize employees.
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Expectations, legacy, life after Covid and when it's time to call it quits—a new study reveals four tough questions that entrepreneurs across all generations are asking themselves.
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COVID-19 is spreading fast among Texas' unvaccinated. Here's who they are and where they live. The Texas TribuneAustin/Travis County crosses Stage 5 COVID-19 threshold | FOX 7 Austin FOX 7 AustinCoronavirus updates in Central Texas: Tuesday stats tracker KVUE.comAustin-area unvaccinated pregnant women increasingly hospitalized with delta variant, maternal death risk high KXAN.com
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PepsiCo has agreed to sell Tropicana, Naked and other North American juice brands to a French private equity firm for $3.3 billion.
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Less of a launch and more of a preview, Google wants us to know a bit more about the Pixel 6 and Pixel 6 Pro.
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Wolverine World Wide Inc. announced Tuesday that it has acquired British lifestyle brand Sweaty Betty in a $410 million all-cash deal. Wolverine funded the transaction with cash and credit. Founded in 1998, more than 80% of Sweaty Betty's sales come through direct-to-consumer channels. "The acquisition of Sweaty Betty complements our strategic shift over the last several years from a traditional footwear wholesaler into a consumer-obsessed, digital-focused growth company," said Wolverine Chief Executive Blake Krueger in a statement. Wolverine brands include the namesake label, Keds, Saucony and Merrell. "It also gives us a leadership position in the growing women's activewear category," he said. Wolverine expects the deal to be earnings accretive in a year. Wolverine acquired all of the shares of Lady of Leisure InvestCo Limited, the group that owns Sweaty Betty, from L Catterton and other shareholders. Wolverine stock rose 1.3% in premarket trading after the deal, and has gained 7.7% for the year to date. The S&P 500 index is up 16.8% for 2021 so far.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Like hotels, apartment owners now need to focus on end-user experience or face becoming commoditized.
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The maker of Wolverine boots and Keds, Saucony and Merrell sneakers is diving deeper into apparel with the acquisition of women's activewear brand Sweaty Betty.
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 Simone Biles wins bronze in return to Olympics competition
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What You Need To Know About NASA's Boeing Starliner Spacecraft Launch How To Watch It Live SciTechDailyNASA, Boeing launch Starliner to the ISS: How to watch test flight live CNETBoeing's Starliner capsule rolls out to launch pad again (photos) Space.comBoeing set for rerun of Starliner space capsule test BBC NewsBoeing Starliner Rolled to Pad for OFT-2 Launch Boeing
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Like so many retailers, Ralph Lauren has had its resilience tested as a result of the COVID-19 pandemic. The company's CIO invested in numerous technologies in the years prior, however, that fostered resilience in the retailer.
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But shortages of computer chips remain a problem, and could curtail production of as many as 90,000 vehicles at BMW alone this year.
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Shares of Arconic Corp. slipped 0.2% in premarket trading Tuesday, after the aluminum company swung to a loss, which included a one-time pension charge, and revenue that came up a bit shy of forecasts. The net loss was $427 million, or $3.89 a share, after net income of $52 million, or 48 cents a share, in the year-ago period. The results included a pension settlement charge of $423 million related to the partial annuitization of U.S. pension obligations. Sales increased 51.7% to $1.80 billion, but was below the FactSet consensus of $1.87 billion, as rolled products revenue grew 67.5% to $1.47 billion. Arconic raised its 2021 revenue guidance range to $7.3 billion to $7.6 billion from $7.1 billion to $7.4 billion. The company said after buying back nearly $9 million worth of stock in the second quarter, it repurchased more than doubled that amount during July. The stock has run up 18.9% year to date through Monday, while the S&P 500 has gained 16.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Shares of DuPont de Nemours Inc. rallied 1.7% in premarket trading Tuesday after the specialty materials and chemicals company reported second-quarter earnings that beat expectations, amid an ongoing recovery in markets hurt by the COVID-19 pandemic a year ago, and raised its full-year outlook. The company swung to net income of $478 million, or 90 cents a share, from a loss of $2.48 billion, or $3.37 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $1.06 from 31 cents, beating the FactSet consensus of 94 cents. Sales grew 25.7% to $4.14 billion, above the FactSet consensus of $3.99 billion. For 2021, the company raised its adjusted EPS guidance range to $4.24 to $4.30 from $3.60 to $3.75 and listed its sales guidance to $16.45 billion to $16.55 billion from $15.7 billion to $15.9 billion. "Continued positive momentum in almost all of our key end-markets, including semiconductor, smartphones, automotive, and residential construction, enabled us to deliver strong second quarter results ahead of expectations with year-over-year and sequential growth in all three reporting segments," said Chief Executive Ed Breen. The stock has gained 5.0% year to date through Monday, while the S&P 500 has gained 16.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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The spread of the delta coronavirus variant continued to keep investors on edge.
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Online games branded ‘spiritual opium' in Beijing's latest assault on tech and its social impact
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Tencent shares fall as Chinese state media brand online games ‘spiritual opium' Financial TimesChinese e-commerce giant JD.com has gaming ambitions. This is its strategy CNBCTencent Plummets as China Calls Online Gaming ‘Opium for the Mind' The Wall Street JournalChina is Cracking Down on Private Sector. This Could Trigger Political Instability News18
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More than 56,000 of Tyson's 120,000 employees have been vaccinated. Frontline workers have until Nov. 1 to be fully inoculated.
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Marvell Technology Inc. said Tuesday it has reached an agreement to acquire Innovium Inc., a provider of software for cloud and edge data centers, in an all-stock deal valued at $1.1 billion. The deal is expected to close by year-end and to add $150 million in incremental revenue in fiscal 2023. It's expected to be neutral to Marvell's adjusted per-share earnings in the first quarter after close and too boost it in the first full fiscal year after that. Marvell, which makes infrastructure semiconductor software, has a portfolio of Ethernet switch semiconductor solutions for the enterprise and carrier segment. "Innovium's TERALYNX(TM) switching architecture delivers the ultra-low latency, optimized power, high performance, and innovative telemetry that are critical in today's cloud-scale data centers," Marvell said in a statement. The deal will allow Marvell to "immediately participate in the fastest growing segment of the switch market with a cloud-optimized solution," said the statement. Marvell shares were slightly higher premarket and have gained 27% in the year to date, while the S&P 500 has gained 16.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Under Armour Inc. shares jumped 5.4% in Tuesday premarket trading after the athletic company reported second-quarter earnings that far exceeded expectations and raised its 2021 guidance. Net income totaled $59.2 million, or 13 cents per share, after a loss of $182.9 million, or 40 cents per share, last year. Adjusted EPS of 24 cents blew past the FactSet consensus for 6 cents. Revenue of $1.352 billion was up from $707.6 million last year and ahead of the FactSet consensus for $1.218 billion. Under Armour is now guiding for revenue growth in a low-20 percentage rate compared with previous guidance for high-teens percentage rate. EPS is expected to be 14 cents to 16 cents up from previous guidance for 2 cents to 4 cents. And adjusted EPS is expected to be 50 cents to 52 cents, up from prior guidance for a range of 28 cents to 30 cents. The FactSet consensus is for revenue of $5.346 billion, implying 19.5% growth, and EPS of 35 cents. Under Armour shares have gained 23% for the year to date while the S&P 500 index is up 16.8% for the period.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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The vacation outbreaks among vaccinated people on Cape Cod is proof that vaccines work, CDC director says Yahoo NewsCovid third wave: Americans 'scared and angry' as pandemic worsens BBC NewsCDC says 7-day average of daily U.S. Covid cases surpassed peak seen last summer CNBCFauci: 'I don't think we're going to see lockdowns' with the Delta variant surge, but more 'pain and suffering' is likely Yahoo! Voices
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Investors reacted after months of increased pressure from Beijing aimed at the broader Chinese internet industry.
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 The Colombian company has quintupled its sales growth in Mexico during the first half of 2021.
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See which U.S. companies are requiring workers to get vaccinated before returning to the office
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"I am asking them, and suggesting to them, go to vaccine-only admission," Cuomo told reporters.
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A federal official from the National Labor Relations Board recommends that the results be nullified from an earlier vote in which Amazon warehouse workers in Alabama cast ballots against unionizing.
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Online retailer counters that employees ‘had a chance to be heard' after winning 1,798 to 738
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U.S. stock indexes relinquish solid gains Monday and stocks end mostly lower as persistent concerns about the spread of the COVID-19's delta variant create an excuse for modest selling in the first trading day for equity markets in August.
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White House Calls On States To Do More After Federal Eviction Ban Expires NPRBiden ignores Pelosi's call to extend eviction ban despite Kavanaugh opinion Fox NewsHow Democrats Screwed Up So Royally on Evictions SlateCongress and Biden failed tenants on eviction moratorium Los Angeles TimesOpinion | Biden cannot sit back and let our democracy sink. He's now showing us he gets that. The Washington Post
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Amazon union election results should be set aside due to misconduct, NLRB officer recommends CNNAmazon Alabama Warehouse Workers May Get To Vote Again On Union NPRNLRB decision recommends new union election at Amazon warehouse in Alabama The Washington PostAmazon warehouse workers overwhelmingly rejected a union. Now they may vote again Yahoo FinanceAmazon violated labor law in Alabama union election, labor official finds NBC News
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Louisiana is one of the states leading the recent Covid-19 case surge.
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