Built Brands Recalls Banana Cream Pie Puffs Protein Bar

50K New Covid Cases, 80 Deaths In U.S.

With 50,980 new cases reported on Monday, the total number of people that have been infected with the coronavirus in the United States has risen to 86,297,195, as per the latest data by the Center for Systems Science and Engineering at Johns Hopkins University.

80 Covid deaths reported on the same day took the total U.S. Covid casualties to 1,013,493.

California reported the most number of cases – 12,033 – and deaths – 11.

Deaths have increased by 17 percent in the last two weeks, New York Times’ latest tally shows.

More than 30,000 people are currently in American hospitals with the coronavirus, an increase of 3 percent over the last two weeks. More than 3,300 of these patients are admitted in intensive care units, marking a 9 percent rise in a fortnight.

83,947,576 people have so far recovered from the disease, the Worldometer tally shows.

1.669 additional deaths were reported globally on Monday, taking the total number of people who lost their lives due to the pandemic so far to 6,320,674.

Tiny Love Stories: ‘I Get So Weird Near Girls’

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Crude Oil Shows Notable Rebound After Last Friday’s Nosedive

Following the nosedive seen in the previous session, the price of crude oil showed a notable move back to the upside during trading on Tuesday.

Crude for August delivery jumped $1.53 or 1.4 percent to $109.52 a barrel after plummeting $7.26 or 6.3 percent to $107.99 a barrel last Friday.

The rebound by crude oil came amid lingering concerns about global supplies, although worries about a possible recession kept buying interest somewhat subdued.

“Oil prices are rallying as last week’s selloff was overdone given how the short-term crude demand outlook remains for the US and China,” said Edward Moya, senior market analyst at OANDA.

He added, “The oil market remains too tight over the short-term and rising expectations over tougher sanctions with Russian crude should keep demand especially strong here.”

Treasuries Give Back Ground Following Recent Strength

After moving sharply higher over the past few sessions, treasuries gave back ground during the trading day on Tuesday.

Bond prices moved to the downside early in the day and remained firmly negative throughout the session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 6.8 basis points to 3.307 percent.

The ten-year yield rebounded after tumbling by 24.4 basis points over the course of the three previous sessions, pulling back off the eleven-year closing high set last Tuesday.

The pullback by treasuries came as a significant rally on Wall Street reduced the appeal of safe havens such as bonds.

Meanwhile, traders largely shrugged off a report from the National Association of Realtors showing another steep drop in U.S. existing home sales in the month of May.

NAR said existing home sales plunged by 3.4 percent to an annual rate of 5.41 million in May after slumping by 2.6 percent to a revised rate of 5.60 million in April.

Economists had expected existing home sales to tumble by 3.7 percent to a rate of 5.40 million from the 5.61 million originally reported for the previous month.

Congressional testimony by Federal Reserve Chair Jerome Powell is likely to be in focus on Wednesday along with remarks by several other Fed officials.

Bond traders are also likely to keep an eye on the results of the Treasury Department’s auction of $14 billion worth of twenty-year bonds.

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La-Z-Boy Q4 Profit Rises, Stock Up 10%

La-Z-Boy Inc. (LZB) Tuesday reported fourth-quarter profit of $57.5 million or $1.33 per share, up from $37.5 million or $0.81 per share last year.

On an adjusted basis, earnings were $1.07 per share, up from $0.87 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.92 per share.

Sales for the quarter increased 32% to $684.6 million from $519.5 million last year. Analysts had a consensus revenue estimate of $664.91 million for the quarter.

Looking forward to the first quarter, the company expects sales of $560 million to $575 million and adjusted operating margin of 6.5% to 7.5%. Analysts currently estimate revenues of $554.19 milion.

LZB closed Tuesday’s trading at $22.73, down $0.46 or 1.98%, on the NYSE. The stock, however, gained $2.37 or 10.43% in the after-hours trading.

Built Brands Recalls Banana Cream Pie Puffs Protein Bar

Built Brands, LLC is recalling 4,196 individual bars of its “Banana Cream Pie Puffs” protein bar citing the potential to be contaminated with pathogenic Escherichia coli, the U.S. Food and Drug Administration said.

The affected product comes in a 40 gram package marked with lot # D22151011 on the outside of the wrapper. The recalled product was distributed across the United States to 1,049 potential customers through mail orders, and would have been received by customers after June 6.

Noting that the exact strain has yet to be determined, the agency urged customers not eat this product as it may pose a serious health risk.

The recall was initiated after a routine testing conducted by an accredited third-party laboratory at the request of Built Brands detected the presence of Escherichia coli.

Pathogenic Escherichia coli can cause diarrhea, severe stomach cramps and vomiting. Most people recover within a week, but some illnesses can last longer and can be more severe.

However, the American Fork, Utah-based company has not received any reports of illnesses related to the recalled products to date.

Consumers who have purchased the product are asked to contact the company for a full refund or replacement.