Gold Breaks Above $2,000 Per Ounce Amid US-China Tensions

Kohl`s Corp. Q2 adjusted earnings Beat Estimates

Kohl`s Corp. (KSS) reported a profit for second quarter that decreased from last year.

The company’s earnings came in at $47 million, or $0.30 per share. This compares with $241 million, or $1.51 per share, in last year’s second quarter.

Excluding items, Kohl`s Corp. reported adjusted earnings of -$39 million or -$0.25 per share for the period.

Analysts had expected the company to earn -$0.83 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 23.0% to $3.21 billion from $4.17 billion last year.

Kohl`s Corp. earnings at a glance:

-Earnings (Q2): -$39 Mln. vs. $247 Mln. last year.
-EPS (Q2): -$0.25 vs. $1.55 last year.
-Analysts Estimate: -$0.83
-Revenue (Q2): $3.21 Bln vs. $4.17 Bln last year.

Two people killed in accident on Tampines Expressway

SINGAPORE – Two people were killed in an accident on Tampines Expressway towards Seletar Expressway on Tuesday (Aug 18) afternoon.

The Singapore Civil Defence Force (SCDF) said they were pronounced dead on the scene by paramedics. Two others injured in the crash were sent to Sengkang General Hospital.

The SCDF was alerted to the traffic accident at around 4.25pm.

Japan Economy Logs Record Fall In Q2

Japan’s economy contracted at the fastest pace on record in the second quarter due to the restrictions imposed to rein in the spread of the coronavirus, official data showed Monday.

Gross domestic product contracted 7.8 percent in the second quarter, which was the third consecutive decline, preliminary data from the Cabinet Office revealed. This was also bigger than economists’ forecast of 7.6 percent fall and first quarter’s 0.6 percent decrease.

On an annualized basis, GDP declined 27.8 percent versus an expected fall of 27.2 percent. Output contracted the most since the records began in 1955.

The record annualized contraction was largely driven by a 30.1 percent fall in household spending and a 56 percent decrease in exports. Government spending declined only 1 percent.

At the same time, business investment dropped 5.8 percent in the second quarter.

Japan’s economy will recover more rapidly than many other large advanced economies, Marcel Thieliant, an economist at Capital Economics, said.

That reflects its strong corporate balance sheets, generous credit guarantee scheme and low reliance on tourism, the economist added.

Walmart profit surges as coronavirus boosts online shopping sales

Walmart gives employees COVID-19 bonuses

Full-time and part-time employees receiving bonuses; Fox Biz Flash: 7/21.

Walmart Inc. profit spiked 79% in the three months through June as more Americans ordered goods online while riding out the COVID-19 pandemic from home.

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The Bentonville, Arkansas-based big-box retailer earned $6.48 billion, or an adjusted $1.56 per share, topping the $1.25 that Wall Street analysts surveyed by Refinitiv were expecting. Total revenue rose 5.4% to $137.7 billion, beating the $135.48 billion consensus.

U.S. comparable sales rose 9.3% while e-commerce sales spiked 97% from a year ago. The U.S. comparable average ticket jumped 27%.

Ticker Security Last Change Change %
WMT WALMART INC. 135.60 +3.00 +2.26%

“I want to give a big thank you to our associates for their tireless efforts during these unprecedented times,” CEO Doug McMillon said in a statement. “We also appreciate the trust and confidence of our customers.”

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Take-Two Interactive To Acquire Playdots – Quick Facts

Take-Two Interactive Software, Inc. (TTWO) has agreed to acquire privately-held Playdots, Inc. for $192 million, comprised of $90 million in cash and the balance in newly issued shares of Take-Two common stock. Based in New York City, Playdots builds mobile games. The studio has created three mobile hits, Dots, Two Dots and Dots & Co.

“Our acquisition of Playdots will diversify and strengthen further Take-Two’s mobile game offerings, particularly within the casual, free-to-play segment,” said Michael Worosz, Executive Vice President and Head of Strategy and Independent Publishing for Take-Two.

Gold Breaks Above $2,000 Per Ounce Amid US-China Tensions

Gold prices rose about 1 percent on Tuesday and the dollar teetered near milestone lows as the U.S. stimulus stalemate continued and tensions between the United States and China escalated.

Spot gold rose 1 percent to $2,005.40 per ounce, while U.S. gold futures were up 0.7 percent at $2,012.80.

The dollar extended its decline into a fifth day as yields on U.S. Treasuries ticked lower on concerns about the pace of economic recovery in the world’s largest economy.

The political impasse holding up U.S. fiscal stimulus and the new restrictions on Huawei Technologies Co. aimed at cutting the Chinese company’s access to commercially available chips also boosted the yellow metal’s safe-haven appeal.

The Trump administration announced on Monday it will further tighten restrictions on Huawei Technologies in a bid to limit the company’s access to electronic components.

“We don’t want their equipment in the United States because they spy on us,” President Donald Trump said in an interview on “Fox and Friends.”

Meanwhile, the minutes of the U.S. Federal Reserve’s last policy meeting will be out on Wednesday, with investors looking for any clues about an anticipated shift in the policy outlook.