European Economics Preview: Germany Industrial Output Data Due

American Axle Boosts FY22 Sales Outlook; Q2 Results Top Estimates

While reporting financial results for the second quarter on Friday, American Axle & Manufacturing Holdings, Inc. or AAM (AXL) raised its sales guidance for the full-year 2022.

For fiscal 2022, the company now projects sales in the range of $5.75 billion to $5.958 billion, up from the prior guidance range of $5.6 billion to $5.8 billion.

On average, eight analysts polled by Thomson Reuters expect the company to report sales of $5.76 billion for the year.

For the second quarter, net income grew to $22.9 million or $0.19 per share from $16.0 million or $0.13 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $0.22 per share, compared to $0.29 per share in the year-ago quarter.

Net sales for the quarter increased to $1.44 billion from $1.28 billion in the same quarter last year.

The Street was looking for earnings of $0.10 per share on sales of $1.37 billion for the quarter. Analysts’ estimates typically exclude special items.

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Western Digital Corp Bottom Line Declines In Q4

Western Digital Corp (WDC) announced a profit for fourth quarter that decreased from last year

The company’s earnings came in at $301 million, or $0.95 per share. This compares with $622 million, or $1.97 per share, in last year’s fourth quarter.

Excluding items, Western Digital Corp reported adjusted earnings of $567 million or $1.78 per share for the period.

The company’s revenue for the quarter fell 7.9% to $4.53 billion from $4.92 billion last year.

Western Digital Corp earnings at a glance (GAAP) :

-Earnings (Q4): $301 Mln. vs. $622 Mln. last year.
-EPS (Q4): $0.95 vs. $1.97 last year.
-Revenue (Q4): $4.53 Bln vs. $4.92 Bln last year.

Next quarter EPS guidance: $0.35 – $0.65
Next quarter revenue guidance: $3.60 – $3.80 Bln

Chicago Business Barometer Drops More Than Expected In July

Growth in Chicago-area business activity slowed by much more than expected in the month of July, according to a report released by MNI Indicators on Friday.

MNI Indicators said its Chicago business barometer slid to 52.1 in July from 56.0 in June. While a reading above 50 still indicates growth, economists had expected the barometer to show a more modest dip to 55.0.

With the bigger than expected decrease, the Chicago business barometer fell to its lowest level since August 2020.

The drop by the headline index came as the production and the new orders indexes both dropped to two-year lows. The production index tumbled to 48.2 in July from 55.2 in June, while the new orders index slumped to 44.5 from 49.9.

MNI Indicators noted the order backlogs index also fell to 48.4 in July from 55.2 in June, as a quarter of businesses saw backlogs decline as they worked through postponed production amid softened new order levels.

Meanwhile, the report showed the employment index climbed to a current-year high of 56.1 in July from 50.7 in June as the labor market continued to tighten.

The prices paid index also rose to 81.9 in July from 79.6 in June, with MNI Indicators noting transparency issues regarding grounds for supplier price increases were flagged.

Expedia Shares Up On Better-than-expected Q2 Results

Shares of Expedia Group Inc. (EXPE) are currently trading at $103.74, up $1.54 or 1.51%, with trading volume of over 1.81 million versus an average volume of 3.32 million shares. The stock has been trading in the range of $88.70 – $217.72 for the past one year.

The company’s Q2 net loss narrowed to $185 million or $1.17 per share from the previous year’s loss of $301 million or $2.02 per share. On an adjusted basis, net income amounted to $310 million or $1.96 per share compared to a loss of $169 million or $1.13 per share last year. Revenue for the quarter surged 51% to $3.18 billion from $2.11 billion generated a year ago.

Analysts polled by Thomson Reuters expected earnings of $1.58 per share on revenue of $2.99 billion for the quarter. Analysts’ estimate typically exclude certain special items.

Five Science Fiction Movies to Stream Now

Apocalyptic photographers, amnesiac killers and dueling Karen Gillans make up this month’s sci-fi selections.

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By Elisabeth Vincentelli

European Economics Preview: Germany Industrial Output Data Due

Industrial production from Germany and France are due on Friday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany’s industrial production data for June. Output is forecast to fall 0.3 percent month-on-month, reversing a 0.2 percent rise in May.

In the meantime, UK Halifax house price data is due. Economists expect house prices to grow 1.2 percent month-on-month in July, slower than the 1.8 percent increase in June.

At 2.45 am ET, France’s industrial production, current account and foreign trade figures are due. Production is seen falling by 0.2 percent on month in June after staying flat in May.

At 3.00 am ET, industrial production from Spain and Hungary and retail sales from the Czech Republic are due.

At 4.00 am ET, Italy’s Istat publishes industrial output figures for June. Economists forecast output to fall 0.2 percent in June from May, when production declined 1.1 percent.

At 8.00 am ET, Romania’s central bank announces its monetary policy decision. The bank is set to hike its key rate to 5.75 percent from 4.75 percent.