Instant Pot Wisdom, Half a Decade Later

Tesla shares hit all-time high

  • Tesla shares hit an all-time high on Friday during intraday trading, surging above $900 a share nearly two days after the company reported record revenue and profits in the third quarter.
  • The move marks the first time since January the company made an intraday record.

Tesla shares hit an all-time high on Friday, surging above $900 a share shortly after market open, nearly two days after the company reported record revenue and profits in the third quarter.

Shares were trading at roughly $902 at noon.

It marks the first time since January the company made an intraday record.

Tesla's strong earnings results stemmed from improved gross margins of 30.5% on its automotive business and 26.6% overall. The stock dropped under 2% in after hours trading on Wednesday.

Tesla's market cap stood at roughly $850 billion at noon.

U.S. budget deficit in September smallest since January 2020, Treasury says

FILE PHOTO: Shipping containers are unloaded from a ship at a container terminal at the Port of Long Beach-Port of Los Angeles complex, amid the coronavirus disease (COVID-19) pandemic, in Los Angeles, California, U.S., April 7, 2021. REUTERS/Lucy Nicholson/File Photo

(Reuters) – The U.S. federal budget deficit shrank in September to $62 billion from $125 billion in the year-earlier period and was the smallest budget gap since January 2020.

U.S. Business Inventories Increase In Line With Estimates In August

A report released by the Commerce Department on Friday showed U.S. business inventories increased in line with economist estimates in the month of August.

The Commerce Department said business inventories climbed by 0.6 percent in August, matching the increase seen in the previous month as well as economist expectations.

Wholesale inventories led the way higher, jumping by 1.2 percent, while manufacturing inventories rose by 0.6 percent and retail inventories inched up by 0.1 percent.

Meanwhile, the report showed business sales edged down by 0.1 percent in August after rising by 0.5 percent in July.

A 1.1 percent slump in wholesale sales more than offset a 1.0 percent surge in retail sales and a 0.1 percent uptick in manufacturing sales.

With inventories rising and sales falling, the total business inventories/sales ratio crept up to 1.26 in August from 1.25 in July.

Valmont Q3 Profit Beats Street On Better Revenues, Revises Outlook

Nebraska-based industrial company Valmont Industries Inc. (VMI) Wednesday said its profit for the third quarter increased driven by higher sales. Both earnings and revenue trumped Street view.
Valmont reported a net income of $52.65 million or $2.30 per share, up from $39.34 million or $1.84 earnings per share in the same quarter last year.
Excluding special items, the earnings were $55.28 million or $2.57 per share this year, up from $42.67 million or $1.99 earnings per share last year. On average, 5 analysts polled by Thomson Reuters forecast the earnings to be $2.47 for the quarter.
Revenues increased 18% to $868.78 million from $733.97 million last year. Analysts had a consensus revenue estimate of $862.28 million.
The revenue growth was boosted by a 72.6% year-over-year increase in the irrigation segment to $240.30 million, due to higher volumes in international markets, favorable pricing, and better technology. However, the growth was partially offset by the labor crisis and supply chain disruptions.
Valmont also revised the outlook for the next quarter. The growth in net sales, previously forecast to be between 16% to 19% has been updated to 17% to 18%. The earnings forecast, which was $9.90 to $10.60 ($10.40 to $11.10 after adjustments), was also upgraded to $10.10 to $10.60 ($10.60 to $11.10 after adjustments). The Street analysts provided a forecast of $883.16 million in revenue with $2.68 earnings per share.

Genuine Parts Stock Gains 3%

Shares of Genuine Parts Co. (GPC) are rising over 3% Thursday morning, after the company raised its earnings, adjusted earnings and total net sales growth guidance for the full-year 2021.

The stock, which has been trading in the range of $88.99 – $135.93 for the past one year, is currently trading at $133.90, up $4.25 or 3.28%. Trading volume is over 315K versus an average volume of 555K shares.

For fiscal 2021, the company now projects earnings in a range of $5.92 – $5.97 per share and adjusted earnings in a range of $6.60 – $6.65 per share on total sales growth of 12% – 13%.

Previously, the company expected earnings in a range of $5.81 – $5.96 per share and adjusted earnings in the range of $6.20 – $6.35 per share on total sales growth of 10% – 12%.

Analysts polled by Thomson Reuters expect the company to report earnings of $6.40 per share on revenue growth of 11.7% to $18.47 billion for the year. Analysts’ estimates typically exclude certain special items.

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