Kroger Stock Slumps After Q2 Earnings Beat, Profit Outlook Boost Linked to COVID Shopping

 Kroger Co.  (KR) - Get Kroger Co. (KR) Report posted stronger-than-expected second quarter earnings Friday, and boosted it full-year profit outlook, as shoppers begin to stockpile groceries amid the ongoing rise in Delta variant coronavirus infections.  

Kroger said adjusted earnings for the three months ending on July 31, the group's fiscal second quarter, were pegged at 80 cents per share, up 9.5% from the same period last year and firmly ahead of the Street consensus forecast of 64 cents per share. Group revenues, Kroger said, rose 4% to $31.7 billion, again topping analysts' estimates of a $30.653 billion tally.

Digital sales, Kroger said, rose 114% from 2019, and although same-store fell by 0.6%, that tally beat the Refinitv forecast of a 1.65% decline.

Looking into the final half of its financial year, Kroger said it sees adjusted earnings in the range of $3.25 to $3.35 per share, up from a prior forecast of $2.95 to $3.10 per share.

"Our strategic focus on leading with fresh and accelerating with digital continues to build momentum across our business. Kroger's seamless ecosystem is working," said CEO Rodney McMullen. "This was evident during the quarter as we saw customers seamlessly shift between channels, and we continued to see strong digital engagement. Customers are eating more food at home because it is more affordable, convenient, and healthier than other options."

Our associates continue to support our customers and our communities through the pandemic by delivering a full, fresh, and friendly experience every day" he added. "We are leveraging technology, innovation, and our competitive moats to deliver against the initiatives outlined at our 2021 investor day, and we remain confident in our ability to deliver total shareholder returns of 8% to 11% over time."

Kroger shares were marked 6.5% lower in early trading immediately following the earnings release to change hands at $43.15 each, a move that would still leave the stock with a year-to-date gain of around 36%.

https://www.thestreet.com/investing/kroger-stock-active-after-q2-earnings-beat-profit-outlook-boost

Cigna cut to Underperform from Buy by B of A

 Target to $225 from $240

https://finviz.com/quote.ashx?t=CI

T2 Biosystems COVID-19 Molecular Test Can Detect Mu, Iota Variants

 

• T2 Biosystems Inc (NASDAQ: TTOO) announced that its T2SARS-CoV-2 Panel is capable of detecting the Mu (B.1.621) and Iota (B.1.526) variants, which were recently confirmed to be present in the U.S.

• The T2SARS-CoV-2 Panel, which has demonstrated clinical sensitivity of 95% and specificity of 100%, provides results in under two hours utilizing an upper respiratory swab sample.

• The test runs on the Company's T2Dx Instrument, which can perform seven tests simultaneously and up to sixty samples per day.

• The same T2Dx Instrument is also capable of running the FDA-cleared T2Bacteria Panel and T2Candida Panel.

• These panels are the only FDA-cleared assays for detecting sepsis-causing bacterial and fungal pathogens directly from whole blood in three to five hours, without the need to wait days for blood culture results.

https://finance.yahoo.com/news/t2-biosystems-stock-jumps-covid-104732844.html

Endo settles opioid claims by New York, counties for $50 mln

 Drugmaker Endo International Plc on Thursday said it has agreed to pay $50 million to resolve lawsuits by New York state and two of its largest counties related to the sale and marketing of opioids.

Endo said the settlement includes no admission of wrongdoing by Endo or its subsidiaries.

The settlement severs Endo from an ongoing trial in lawsuits by New York Attorney General Letitia James and Suffolk and Nassau counties. Claims against AbbVie Inc and Teva Pharmaceutical Industries remain pending.

The deal came after the nation's three largest drug distributors -- McKesson Corp, AmerisourceBergen and Cardinal Health — as well as Johnson & Johnson on Saturday said they would move forward with a proposed national $26 billion settlement resolving opioid cases against them.

Dublin-based Endo is not part of that deal.

"While litigation of the remaining opioid claims is ongoing, Endo is focused on its primary goal of achieving a global settlement," the company said. "Endo is also currently exploring other strategic alternatives and may seek to implement one or more of those alternatives in the event it is unable to achieve a global settlement."

Hunter Shkolnik, a lawyer for Nassau County, said he was "happy our clients can get closure and it has kept Endo out of bankruptcy, that would have hurt everyone."

In July, Endo agreed to pay $35 million to settle a lawsuit by Tennessee local governments and on behalf of a child allegedly born addicted to painkillers accusing the drugmaker of fueling the opioid epidemic.

New York attorney general's spokesperson didn't immediately respond to Reuters request for comment.

Endo had removed its long-lasting opioid painkiller Opana ER from the market in July 2017. 

https://finance.yahoo.com/news/drugmaker-endo-settles-opioid-claims-005734749.html

Why Are Iveric Bio Shares Surging

 

• Iveric Bio Inc 
  ISEE
   stock is trading almost 50% higher as the investors are cheering Stifel's initiated coverage on Iveric Bio with a Buy rating and a price target of $22.00.
• Analyst Annabel Samimy comments that, though the Company is not a first mover in the still untapped Geographic Atrophy (GA) market, Iveric could very well be the leading treatment for this indication. 
• Zimura has demonstrated high statistical significance in the pivotal study and can potentially emerge as the only treatment that could prevent vision loss and function. .
• Together, we see ISEE as building a unique platform for untapped retinal diseases," mentions the analyst.

https://www.benzinga.com/analyst-ratings/analyst-color/21/09/22881977/why-are-iveric-bio-shares-surging-in-premarket-friday

U.S. lifts import ban on Malaysia's Top Glove over forced labor concerns

 

The United States on Friday allowed imports from Malaysia's Top Glove Corp, after customs authorities lifted a year-long ban imposed for alleged forced labour https://www.reuters.com/world/asia-pacific/us-seizes-shipment-malaysias-top-glove-over-forced-labour-concerns-2021-05-13 found at the world's largest medical glove maker.

The U.S. Customs and Border Protection (CBP) had banned gloves made by Top Glove in July 2020, saying it had found abuses of migrant workers.

In a statement, the CBP said it will now allow imports after a thorough review of evidence that showed Top Glove has addressed all indicators of forced labour.

Top Glove had said earlier its disposable gloves would be admissible at all U.S. ports as of Sept. 10.

Its shares, which have plunged about 40% since the ban, jumped as much as 10% on Friday.

Top Glove has taken a hit to reputation and business from the ban, which came at a time when it was making record profits as the COVID-19 pandemic boosted demand for its gloves.

Its glove production in Malaysia has dropped and a plan for a $1 billion Hong Kong listing has been delayed since the ban.

The North American market accounts for 22% of Top Glove's total sales volume, according to most recent data.

IMPROVEMENTS AT TOP GLOVE

The CBP had prohibited imports of Top Glove products citing evidence of forced labour practices at the company, including debt bondage, excessive overtime, abusive working and living conditions, and retention of identity documents.

While Top Glove said in April it had resolved all forced labour indicators, U.S. Customs had two of the company's shipments seized in May

Rights activist Andy Hall, who had urged the CBP to investigate Top Glove, said he welcomed the decision to lift the ban "in light of the considerable improvements in foreign workers living and working conditions" at Top Glove.

Top Glove has upgraded hostel facilities for its migrant workers, who account for a majority of its factory workforce, and promised to compensate them for the fee they paid to employment agents in their home countries.

The fees result in debt bondage, labour activists say.

Rivals Hartalega Holdings and Kossan Rubber have also since said they would pay back the fees.

Two other Malaysian firms have also been hit with U.S. bans in the last year - Sime Darby Plantation and FGV Holdings. The palm oil producers have both appointed auditors to evaluate their practices and said they would engage with CBP to address the concerns raised.

https://www.marketscreener.com/quote/stock/HARTALEGA-HOLDINGS-BERHAD-6500179/news/U-S-lifts-import-ban-on-Malaysia-s-Top-Glove-over-forced-labour-concerns-36390781/

RNC To Sue Biden Over Vaccine Mandate As GOP Governors Go Ballistic

 Republicans clapped back over the Biden administration's unprecedented 'jab or your job' Executive Order for federal workers and contractors, and a 'jab or test' mandate for corporations with over 100 employees. 600,000 postal workers are oddly exempt.

The sweeping new vaccine requirements, which completely ignore tens of millions in America who have recovered from Covid-19 and have natural immunity, will affect as many as 100 million Americans.

In response, the Republican National Committed (RNC) vowed to sue Biden once the mandate goes into effect, with President Ronna McDaniel tweeting that Biden lied.

"Joe Biden told Americans when he was elected that he would not impose vaccine mandates. He lied," McDaniel said in a statement, adding "Now small businesses, workers, and families across the country will pay the price."

"President Biden is so desperate to distract from his shameful, incompetent Afghanistan exit that he is saying crazy things and pushing constitutionally flawed executive orders. This is a cynical attempt to pick a fight and distract from the President’s morally disgraceful decision to leave Americans behind Taliban lines on the 20th anniversary of 9/11," Sen. Ben Sasse (R-NE) told the Daily Caller. 

Meanwhile, Republican governors across the country have issued statements vowing to sue, or otherwise oppose, the vaccine mandate after Biden threatened them during Thursday's announcement.

"Let me be blunt," said Biden. "My plan also takes on elected officials in states that are undermining you in these life-saving actions. Right now local school officials are trying to keep children safe in a pandemic while their governor picks a fight with them and even threatens their salaries or their jobs. Talk about bullying the schools."

"If they’ll not help, if these governors won’t help us beat the pandemic, I will use my power as president to get them out of the way," he added.

Not so fast, say the governors

As Becker News reports:

Republican governors have begun to issue their responses to the federal government’s overreach and the president’s threats.

“South Dakota will stand up to defend freedom,” Noem wrote. “JoeBiden see you in court.”

Georgia’s Governor Brian Kemp also responded to Biden’s remarks.

“I will pursue every legal option available to the state of Georgia to stop this blatantly unlawful overreach by the Biden administration,” Kemp tweeted.

“Oklahoma Gov. Kevin Stitt says as long as I am governor, there will be no government vaccine mandates in state,” Josh Caplan reported.

“Texas Gov. Greg Abbott announces the state already working to halt Biden’s vaccine mandate ‘power grab’,” Election Wizard reported.

Alabama Governor Key Ivey also released a statement declaring her intention to fight the mandate.

Wyoming Governor Mark Gordon also issuing a statement saying: “Not now, and not ever.”

Tennessee’s Governor Bill Lee also stated his broad opposition to the federal mandate.

“The Constitution won’t allow this power grab, and in the meantime, I will stand up for all Tennesseans,” Gov. Lee wrote.

Read more governors' statements here.

https://www.zerohedge.com/political/not-now-not-ever-rnc-sue-biden-over-vaccine-mandate-gop-governors-go-ballistic