European Economics Preview: ECB Monetary Policy Announcement Due

Stock Alert: SelectQuote Climbs 16% After Upbeat Q4 Results

Shares of SelectQuote Inc. (SLQT) are rising more than 16 percent or $3.29 in Thursday’s morning trade at $23.34 after the insurance company’s quarterly results beat analysts’ expectations.

Wednesday, SelectQuote said its fourth-quarter net income rose to $20.05 million or $0.13 per share from $12.89 million or $0.09 per share last year. Revenues surged 90 percent to $141.4 million from $74.4 million a year ago. Analysts polled by Thomson Reuters had a consensus earnings estimate of $0.03 per share on revenues of $119.64 million. Analysts’ estimates typically exclude special items.

Looking ahead to fiscal 2021, the company forecast revenues in a range of $775 million to $815 million. Analysts currently estimate revenues of $756.96 million.

SelectQuote has traded in a range of $15.76 to $29.00 in the past 52 weeks.

Londoners Venture Back to Work Despite Rise in Virus Infections

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Londoners are steadily increasing their use of public transport after schools reopened, freeing parents to go back to the workplace.

Passenger numbers on the subway rose 16% and bus users surged 28% by 10 a.m. on Thursday compared with the same time a week earlier, data compiled by transit manager Transport for London show.

Prime Minister Boris Johnson has been urging workers to head back to their offices to help support the cafes and shops that surround them. That’s despite coronavirus infection rates rising to a three-month high, prompting the government to ban social gatherings of more than six people in England in an effort to slow the spread of the disease.

“In the last two weeks we’ve noticed a major, substantial increase to what we’ve been taking recently,” said James Leahy of Mexican food stall Burrito Joe in the City of London. Spending is still about half of what it was before lockdown and he’s concerned that, with other businesses starting to open, there may not be enough customers to go around.

The number of subway commuters is still just a third of last year’s number, while on buses it’s 56%, the TfL data show.

Stock Alert: Mednax Trading 8% Higher

Shares of Mednax, Inc. (MD) are climbing more than 8% Thursday morning after the company said it agreed to sell Mednax Radiology Solutions to physician-owned, on-site radiology practice, Radiology Partners for $885 million.

Mednax is a maternal-fetal, newborn, and pediatric subspecialty care provider.

“This transaction will enable Mednax to return to our core Pediatrix and Obstetrix medical groups,” said Mark S. Ordan, Chief Executive Officer.

The stock is currently trading at $19.47. It has traded in the range of $7.37- $28.66 in the past 52 weeks.

2 new Covid-19 dorm clusters found in Jurong, Seletar North

SINGAPORE – Two new Covid-19 clusters at foreign worker dormitories were announced on Thursday (Sept 10) by the Ministry of Health (MOH).

They were Avery Lodge Dormitory in Jalan Papan in the Jurong area with 35 patients, and PPT Lodge 1A in Seletar North Link with eight cases.

There were also 63 new coronavirus patients announced on Thursday, taking Singapore’s total to 57,229.

Of these, 55 stay in dorms. Twenty six of them are part of the new Avery Lodge Dormitory cluster.

Stock Alert: Navistar Hits New 52-week High As Traton Sweetens Bid

Shares of truck maker Navistar International Corp. (NAV) are climbing almost 16 percent or $5.90 in Thursday’s morning trade at $41.74, after touching a new 52-week high of $43.08.

Traton SE, a subsidiary of Volkswagen Group (VKW.L, VLKAF.PK, VOW.BE), said Thursday that it has increased its offer for the acquisition of all shares in Navistar not already held by the company to $43 per share, and $3.6 billion in total. Previously, the offer was for $35 per Navistar share.

Traton already holds a 16.8 percent stake in Navistar. Volkswagen has confirmed its general intention to provide funds for the financing of an increased offer. If the proposal is accepted, Traton will become the sole owner of Navistar.

Navistar has traded in a range of $15.01 to $43.08 in the past 52 weeks.

European Economics Preview: ECB Monetary Policy Announcement Due

The interest rate announcement from the European Central Bank is due on Thursday, headlining a busy day for the European economic news.

The ECB is expected to leave its key interest rate, which is the rate on the main refinancing operations, at a record low zero percent. No new measures are expected at the meeting. The announcement is due at 7.45 am ET.

ECB President Christine Lagarde is set to hold customary press conference at 8.30 am ET.

The ECB will also release staff macroeconomic projections for the euro area.

At 2.00 am ET, Statistics Norway releases consumer and producer prices for August. Inflation is forecast to rise to 1.7 percent from 1.3 percent in July.

At 2.45 am ET, France industrial production data is due. Economists forecast output to grow 5 percent on month in July, slower than the 12.7 percent increase in June.

At 3.00 am ET, the Czech Statistical Office publishes consumer price data for August. Inflation is seen falling to 3.3 percent from 3.4 percent in July. In the meantime, unemployment data is due from Turkey.

Half an hour later, Statistics Sweden releases consumer price data for August. Prices are forecast to grow 0.9 percent on year versus a 0.5 percent rise in July.

At 4.00 am ET, Italy’s Istat publishes industrial production figures for July. Economists expect industrial output to grow 3.5 percent on month, but slower than the 8.2 percent rise seen in June.

At 5.00 am ET, consumer prices and unemployment reports are due from Greece.