Crane To Sell Engineered Materials Unit For $360 Mln; Maintains FY21 Outlook – Quick Facts

Gold Holds Steady On Weak Dollar

Gold prices steadied near the highest level in more than four months on Monday, as a weak dollar on the back of pullback in U.S. yields and a slide in cryptocurrencies helped.

Spot gold slipped 0.1 percent to $1,878.43 per ounce, while U.S. gold futures were up 0.1 percent at $1,878.75.

The precious metal was supported by a weaker U.S. dollar and expectations of growing inflationary pressure.

The dollar was pinned near three-month lows against a basket of major currencies in tandem with falling treasury yields, thanks to the Fed’s commitment to its dovish policy.

U.S. treasury yields fell, with the benchmark yield on 10-year note touching 1.62 percent as investors await reports on U.S. new home sales, consumer confidence, durable goods orders and personal income and spending this week for more direction.

Meanwhile, the White House lowered its infrastructure bill to $1.7 trillion from $2.25 trillion by reducing spending on broadband, roads, bridges and major infrastructure projects.

Still, Senate Republicans did not consider the new proposal as a significant improvement from the original package.

In ‘Languages of Truth,’ Salman Rushdie Defends the Extraordinary

By Dwight Garner

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Salman Rushdie has nothing to prove. Yet he finds himself, in his early 70s, deeply out of fashion. Too old to seize a moment, too active to be rediscovered, he’s been subject over the past two decades to some of the unkindest reviews ever delivered to a talent of his magnitude.

Shaquille O’Neal, Sue Bird will announce Athlete of the Year at the Bayou Region High School Sports Awards

MLB power rankings: As NL West battle heats up, Fernando Tatis Jr. has Padres taking over No. 1 spot

While their NL West rivals battled it out over the weekend, the San Diego Padres built up a nine-game winning streak to take the division lead and the No. 1 spot in this week's MLB power rankings.

Fernando Tatis Jr. had an incredible week, going 15-for-27 with five homers and 14 RBI in seven games against the Giants, Rockies and Mariners. The Dodgers swept the Giants in San Francisco to knock the previous division leaders down to third place.

The Padres will certainly be tested in the coming weeks with series against the Brewers, Astros, Cubs and Mets, while the Dodgers and Giants get another shot at each other with a four-game set this weekend.

Shaquille O’Neal, Sue Bird will announce Athlete of the Year at the Southwest Florida High School Sports Awards

Biotech Stocks Facing FDA Decision In June 2021

As per the latest CDC data, 49% of the total U.S population, i.e., 160 million people, including children over the age of 12, have received at least one shot of COVID-19 vaccine and 39.2 % of the population, which equates to 130 million people, are fully vaccinated.

With the number of new COVID-19 cases steadily declining in the country, things are getting close to normal – with a rebound in domestic travel and reopening of offices and schools.

However, scientific conferences and meetings like FDA advisory committee reviews, still continue to be organized virtually.

So far this month, only 2 *novel drugs have secured regulatory approval in the U.S. – Johnson & Johnson’s Rybrevant and Apellis Pharmaceuticals’ Empaveli – compared to 6 during the same period last year.

*Novel drugs are new molecular entities (NMEs) having chemical structures that have never been approved before.

Rybrevant was approved on May 21 as the first treatment for adult patients with non-small cell lung cancer whose tumors have specific types of genetic mutations – epidermal growth factor receptor (EGFR) exon 20 insertion mutations.

Empaveli was approved on May 14 to treat adults with paroxysmal nocturnal hemoglobinuria (PNH), a rare, life-threatening blood disease.

Now, let’s take a look at the biotech stocks facing FDA decision in June 2021.

Shaquille O’Neal, Sue Bird will announce Athlete of the Year at the Southeast Tarrant County High School Sports Awards

Shaquille O’Neal, Sue Bird will announce Athlete of the Year at the Florida Panhandle High School Sports Awards

Crane To Sell Engineered Materials Unit For $360 Mln; Maintains FY21 Outlook – Quick Facts

Crane Co. (CR), a manufacturer of highly engineered industrial products, announced Monday that it has signed an agreement to divest its Engineered Materials segment to Grupo Verzatec S.A. de C.V. for $360 million on a cash-free and debt-free basis..

The sale is subject to customary closing conditions and regulatory approvals.

Further, the company has renamed its Fluid Handling segment as Process Flow Technologies. Max Mitchell, Crane’s President and Chief Executive Officer, said the ‘Fluid Handling’ name is from a legacy era and no longer reflects the business. According to him, the new name better conveys the key strengths and core competencies of the business.

The company said it will provide additional details about these two developments during its upcoming Aerospace & Electronics virtual investor conference scheduled for May 26.

Further, the company maintained its full-year guidance for earnings from continuing operations per share of $5.75-$5.95 and adjusted earnings per share of $5.65 to $5.85 despite the exclusion of approximately $0.44 of earnings per share contribution from Engineered Materials that had been included in prior guidance.

On average, five analysts polled by Thomson Reuters expect earnings of $5.78 per share. Analysts’ estimates typically exclude special items.