A cruise ship appears to have caught fire in Russia
Adaptive Biotech loss narrower than expected on first post IPO report
Adaptive Biotechnologies Corp. ADPT, +2.55% shares were down fractionally in the extended session Tuesday after the biotech company reported a narrower-than-expected loss. Adaptive Biotech shares declined 0.1% after hours, following a 2.6% rise in the regular session to close at $43.08. The company reported second-quarter loss of $16.4 million, or $1.23 a share, compared with a loss of $12.5 million, or $1.01 a share, in the year-ago period. The adjusted loss was $10.9 million. Revenue rose to $22.1 million from $11.6 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of $17.7 million on revenue of $19.4 million. The report was the company’s first since going public in July. Shares have gained 115% since the company priced its IPO at $20 a share.
Famed short-seller questions Trump as ‘the world’s greatest negotiator’
President Donald Trump told reporters Tuesday that he’s backing off tariffs on select Chinese imports to give consumers some holiday-shopping relief.
“We’re doing this for the Christmas season,” he said. “Just in case some of the tariffs would have an impact on U.S. customers.”
Specifically, the Office of the U.S. Trade Representative said it’s delaying imposing 10% tariffs on various products like cell phones, laptops and videogames, until Dec. 15.
Short-seller Jim Chanos, founder and managing partner of Kynikos Associates, used his “Diogenes” Twitter TWTR, +3.29% account to question the message the White House is sending with such a move:
David Rosenberg, chief economist at Gluskin Sheff & Associates, also brought up the notion that Trump is potentially caving to pressure:
Regardless, investors ate up the tariff news Tuesday, with the Dow Jones Industrial Average DJIA, +1.44% recovering from a series of big drops and rallying nearly 400 points. The S&P 500 SPX, +1.48% and Nasdaq Composite COMP, +1.95% saw even bigger gains.
Trump, who had previously insisted that the cost of tariffs would mostly hit Chinese suppliers, had been feeling the heat from Silicon Valley, with companies saying they would be forced to hike prices before the holiday shopping season.
Bank of Canada to buy back up to C$500 mln of bonds
TORONTO, Aug 13 (Reuters) – The Bank of Canada said on Tuesday it plans to buy back up to C$500 million ($378.04 million) worth of bonds from up to nine outstanding issues in a cash management repurchase operation on Aug. 20.
For details see: here ($1 = 1.3226 Canadian dollars) (Reporting by Fergal Smith; editing by Jonathan Oatis)
Change Healthcare shares rise 7% on Q1 results
Change Healthcare Inc. CHNG, -7.79% shares rose 7% in the extended session Tuesday after the healthcare-technology company reported first-quarter results. The Nashville, Tenn.-based company rang up $71.9 million in net income, or 28 cents a share. Revenue rose slightly year-over-year to $855.6 million. Analysts surveyed by FactSet had estimated net income of 36 cents a share on revenue of $796 million. Change Healthcare went public in June. The S&P 500 index SPX, +1.48% has gained 17% this year.
RealReal stock jumps after post-IPO earnings report
Shares in RealReal Inc. REAL, -4.92%, an e-commerce company that sells secondhand luxury goods, jumped more than 13% after its first earnings report as a public company Tuesday. The RealReal went public in late June, receiving an initial valuation north of $1.5 billion that grew quickly on the public markets. Shares took a hit last week, however, after tough earnings reports from two other young e-commerce stocks focused on luxury goods, FarFetch Ltd.FTCH, +5.26% and Revolve Group Inc.RVLV, -2.57% Shares moved higher and lower in after-hours trading Tuesday as investors digested losses that appeared to be much greater than expected until taking the share count into play. RealReal reported second-quarter losses of $26.9 million, or $2.83 a share, on sales of $71 million, up 51% from the year before. After adjusting for stock-based compensation and other effects, the company claimed losses of $2.50 a share, but said that would have fallen to 28 cents a share using the share count expected after the IPO, which took place after the quarter closed. Analysts on average expected adjusted losses of 33 cents a share on sales of $71 million, according to FactSet. RealReal shares closed Tuesday with a 4.9% decline at $17, but were closer to the IPO price of $20 a share in after-hours trading.
Myriad Genetics Inc. Q4 adjusted earnings of $0.41 per share
Below are the earnings highlights for Myriad Genetics Inc. (MYGN):
-Earnings: -$4.2 million in Q4 vs. $14.5 million in the same period last year.
-EPS: -$0.06 in Q4 vs. $0.20 in the same period last year.
-Excluding items, Myriad Genetics Inc. reported adjusted earnings of $30.7 million or $0.41 per share for the period.
-Revenue: $215.4 million in Q4 vs. $193.9 million in the same period last year.
A cruise ship appears to have caught fire in Russia
- An out-of-service Russian ship appears to have caught fire.
- Video of the flaming vessel went viral Tuesday, with local news reports saying no one was hurt.
- Visit Business Insider’s homepage for more stories.
A Russian cruise ship appears to have caught on fire, according to local news reports and videos posted to social media.
Tellerreport reported Tuesday that the Volga transport prosecutor’s office had responded to the incident on the three-deck “Holy Russia” ship, which was undergoing repairs near the town of Bon on the Volga River when it caught fire.
No one was on board at the time,the news website said.
RT, the Russian state-owned news channel, published video of firefighters battling the blaze. The agency said the ship has not been operational since 2018.