European Economics Preview: Eurozone Flash PMI Data Due

VMware Inc. Q2 adjusted earnings of $1.81 per share

VMware Inc. (VMW) released earnings for second quarter that declined from last year.

The company’s earnings totaled $0.45 billion, or $1.06 per share. This compares with $5.30 billion, or $12.47 per share, in last year’s second quarter.

Excluding items, VMware Inc. reported adjusted earnings of $766 million or $1.81 per share for the period.

The company’s revenue for the quarter rose 9.5% to $2.88 billion from $2.63 billion last year.

VMware Inc. earnings at a glance:

-Earnings (Q2): $766 Mln. vs. $650 Mln. last year.
-EPS (Q2): $1.81 vs. $1.53 last year.
-Revenue (Q2): $2.88 Bln vs. $2.63 Bln last year.

FAA Proposes $1.57 Million Penalty on Chicago for Unsafe Runway

The federal government proposed a $1.57 million fine on the city of Chicago after officials at O’Hare International Airport failed to follow procedure before a regional jet skidding off a snowy runway and damaging its landing gear.

The Chicago Department of Aviation didn’t follow its plan for snowy and icy conditions last Nov. 11, the Federal Aviation Administration said on Thursday. Numerous crews on airliners had reported trouble braking after landing, at which time landings should have been limited and other safety actions taken, the FAA said in a press release.

An Envoy Air Inc. jet with 41 people aboard went into a skid shortly after the earlier pilots reported difficulties in stopping, according to the FAA and the National Transportation Safety Board. No one was hurt.

The FAA had previously warned the city about similar violations at O’Hare in 2015 and 2016, the agency said. The city has 30 days to respond to the charges and can dispute the findings.

The city didn’t immediately respond to an emailed request for comment on Thursday afternoon.

HP Q3 Profit, Revenues Trounce Street View

HP Inc. (HPQ), the PC and printer business of the former Hewlett-Packard Co., on Thursday reported a third-quarter earnings and revenues that trounced Wall Street estimates, reflecting strong demand for personal-computers during the COVID-19 period. The PC giant detailed a fourth-quarter outlook that is expected to beat current expectations.

HP’s third-quarter profit was $734 million or $0.52 per share, compared with net income of $1.2 billion or $0.79 per share last year.

Adjusted earnings were $0.49 per share, compared with $0.58 per share in the year-ago quarter. Analysts polled by Thomson Reuters expected earnings of $0.43 per share for the quarter.

Revenue declined 2.1% to $14.3 billion from $14.6 billion a year ago, largely due to struggles in the company’s printing division. However, revenues trumped analysts expectations by $1 billion. Analysts had a consensus revenue estimate of $13.3 billion.

Personal Systems net revenue was up 7% year over year with total units up 11%. Demand for personal systems during the pandemic increased sharply as people started to work from home and attend classes online.

Looking forward, the company expects fourth-quarter adjusted earnings of $0.50 to $0.54 per share. Analysts had a consensus revenue estimate of $0.50 per share.

HPQ closed Thursday’s trading at $18.70, up $0.37 or 2.02%, on the NYSE. The stock further gained $0.55 or 2.94% in the after-hours trade.

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European Economics Preview: Eurozone Flash PMI Data Due

Flash Purchasing Managers’ survey data from euro area and retail sales from the UK are due on Friday, headlining a busy day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases UK retail sales and public sector finance data. Retail sales are forecast to grow at a moderate pace of 2 percent on a monthly basis, following a 13.9 percent rise in June.

The UK budget deficit is forecast to narrow to GBP 29.3 billion in July from GBP 34.8 billion in June.

At 3.15 am ET, IHS Markit releases France’s flash Purchasing Managers’ survey data. The composite output index is forecast to fall marginally to 57.2 in August from 57.3 in July.

At 3.30 am ET, Germany’s flash PMI data is due. Economists expect the composite index to drop to 55.0 in August from 55.3 a month ago.

At 4.00 am ET, flash PMI data is due from euro area. The composite index is expected to remain unchanged at 54.9 in August.

Half an hour later, IHS Markit is scheduled to publish UK composite PMI survey results.

At 6.00 am ET, the Confederation of British Industry publishes UK Industrial Trends survey data for August. The order book balance is forecast to rise to -35 percent from -46 percent in July.