Oil Holds Near Eight-week Low On Virus Concerns

Synchrony Financial Announces Gain In Q2 Profit

Synchrony Financial (SYF) announced a profit for its second quarter that rose from last year.

The company’s bottom line totaled $1.23 billion, or $2.12 per share. This compares with $0.04 billion, or $0.06 per share, in last year’s second quarter.

Analysts had expected the company to earn $1.39 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

Synchrony Financial earnings at a glance:

-Earnings (Q2): $1.23 Bln. vs. $0.04 Bln. last year.
-EPS (Q2): $2.12 vs. $0.06 last year.
-Analysts Estimate: $1.39

Philip Morris International Q2 adjusted earnings Beat Estimates

Philip Morris International (PM) revealed earnings for its second quarter that increased from last year.

The company’s profit totaled $2.17 billion, or $1.39 per share. This compares with $1.95 billion, or $1.25 per share, in last year’s second quarter.

Analysts had expected the company to earn $1.55 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 14.1% to $7.59 billion from $6.65 billion last year.

Philip Morris International earnings at a glance:

-EPS (Q2): $1.57 vs. $1.29 last year.
-Analysts Estimate: $1.55
-Revenue (Q2): $7.59 Bln vs. $6.65 Bln last year.

-Guidance:
Next quarter EPS guidance: $1.50 – $1.55
Full year EPS guidance: $5.79 – $5.89

Paul Krugman Points Out The Unusual Thing About The GOP Cult Of Donald Trump

Economist Paul Krugman, in his latest column for The New York Times, pointed out the “unusual thing” about the GOP’s cult-like devotion to one-term, twice-impeached former President Donald Trump.

The party “doesn’t have a monopoly on power; in fact, it controls neither Congress nor the White House,” noted Krugman in his essay published Monday.

“Politicians suspected of insufficient loyalty to Donald Trump and Trumpism in general aren’t sent to the gulag. At most, they stand to lose intraparty offices and, possibly, future primaries,” Krugman continued. “Yet such is the timidity of Republican politicians that these mild threats are apparently enough to make many of them behave like Caligula’s courtiers.”

Krugman, who was awarded the Nobel Memorial Prize in Economics in 2008, pointed out that “many people, myself included, have declared for years that the GOP is no longer a normal political party.”

But it now “bears a growing resemblance to the ruling parties of autocratic regimes,” he added.

The GOP “has become something different, with, as far as I know, no precedent in American history although with many precedents abroad,” Krugman concluded. “Republicans have created for themselves a political realm in which costly demonstrations of loyalty transcend considerations of good policy or even basic logic. And all of us may pay the price.”

Read Krugman’s full column here.

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Manitowoc To Buy Crane Business Of H&E Equipment Services For $130 Mln

The Manitowoc Company, Inc. (MTW), a global manufacturer of cranes and lifting solutions, on Tuesday announced that it has entered into a definitive agreement to acquire the crane business of H&E Equipment Services, Inc. (HEES), a rental equipment company. Under the terms of the agreement, Manitowoc is expected to pay approximately $130 million, funded by a combination of cash on hand and existing debt availability.

The transaction is expected to close in the fourth quarter of 2021.

The acquisition of H&E’s crane business is expected to expand Manitowoc’s ability to provide rentals, new sales, used sales, aftermarket parts, and service to a variety of end market customers. H&E’s crane business operates with eleven full-service branch locations.

Manitowoc which designs, manufactures, markets, and supports comprehensive product lines of mobile telescopic cranes, lattice-boom crawler cranes, boom trucks, tower cranes, and industrial cranes under the Grove, Manitowoc, National Crane, Potain and Shuttlelift brand names considers acquisitions focused on aftermarket one of its strategic priorities.

The shares of The Manitowoc Company, Inc closed trade at $20.54 on 19 July, 2021.

The shares of H&E Equipment Services, Inc are currently trading in pre-market at $30.04, up $0.86 or 2.95 percent from previous close.

Travelers Cos. Declares Qtly. Dividend Of $0.88 Per Share – Quick Facts

While reporting financial results for the second quarter on Tuesday, property casualty insurer Travelers Companies, Inc. (TRV) announced that its Board of Directors declared a regular quarterly cash dividend of $0.88 per share, payable on September 30, 2021, to shareholders of record at the close of business on September 10, 2021

Oil Holds Near Eight-week Low On Virus Concerns

Oil steadied to hover near an eight-week low on Tuesday amid concerns about the impact on demand from the spread of COVID-19 variants worldwide.

Brent crude futures for September delivery slipped 0.2 percent to $68.50 a barrel, after having slumped 6.8 percent on Monday.

U.S. crude futures for August settlement, which expire later today, were up 0.6 percent at $66.84 a barrel. The September U.S. crude contract was down 0.1 percent at $66.30.

Monday’s selloff was driven by concerns about oversupply in the market after the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, agreed to boost output.

The demand outlook is also turning darker due to the rapidly spreading delta variant of the coronavirus and fresh restrictions on movements in several countries across the world.

The Delta coronavirus variant is now the dominant strain worldwide, with U.S. officials suggesting local restrictions may have to be re-imposed in response to the pandemic.

The U.S. has warned citizens to not travel to the U.K. and Indonesia amid an increase in infections there.

The state of South Australia today re-introduced widespread restrictions after new confirmed cases were reported in the community.