Rupee surges 26 paise against US dollar in early trade

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Pre-market Movers: TRKA, NVAX, SESN, HX, BBIG…

The following are some of the stocks making big moves in Wednesday’s pre-market trading (as of 06.00 A.M. EDT).

In the Green

Troika Media Group, Inc. (TRKA) is up over 26% at $2.04

Sesen Bio, Inc. (SESN) is up over 16% at $1.18

Xiaobai Maimai Inc. (HX) is up over 15% at $11.00

IceCure Medical Ltd (ICCM) is up over 10% at $6.68

Valneva SE (VALN) is up over 8% at $38.38

Greenpro Capital Corp. (GRNQ) is up over 8% at $1.01

MICT, Inc. (MICT) is up over 6% at $1.54

Bit Brother Limited (BTB) is up over 6% at $1.06

In the Red

Novavax, Inc. (NVAX) is down over 17% at $132.49

Vinco Ventures, Inc. (BBIG) is down over 15% at $6.56

Entasis Therapeutics Holdings Inc. (ETTX) is down over 5% at $3.06

Rio Tinto Group (RIO) is down over 4% at $67.79

Grove, Inc. (GRVI) is down over 4% at $7.28

Immutep Limited (IMMP) is down over 4% at $4.11

FirstCash Q3 Profit Beats Estimates – Quick Facts

FirstCash, Inc. (FCFS) said its revenue and earnings momentum continued to accelerate in the third quarter, driven by 29% growth in pawn receivables over a year ago and the continued strength of retail operations in both the U.S. and Latin America. The company also announced an 18-store acquisition of U.S. pawn stores in the Gulf Coast region which gives it a total of 96 store additions in the U.S. and Latin America in the current year.

Third-quarter adjusted profit per share was $0.84 compared to $0.59, prior year. On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.81, for the quarter. Analysts’ estimates typically exclude special items. Adjusted EBITDA for the third quarter increased 39%, from last year. Net profit was $33.40 million or $0.82 per share compared to $15.06 million or $0.36 per share.

Revenue were $399.67 million compared to $359.89 million, a year ago. Analysts expected revenue of $410.78 million, for the quarter.

The Board of Directors declared a $0.30 per share quarterly cash dividend to be paid in November 2021.

Wintrust Financial Corp. Announces Rise In Q3 Earnings, Beats estimates

Wintrust Financial Corp. (WTFC) revealed a profit for its third quarter that rose from last year.

The company’s earnings came in at $109.1 million, or $1.77 per share. This compares with $107.3 million, or $1.67 per share, in last year’s third quarter.

Analysts had expected the company to earn $1.51 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 0.6% to $423.9 million from $426.5 million last year.

Wintrust Financial Corp. earnings at a glance:

-Earnings (Q3): $109.1 Mln. vs. $107.3 Mln. last year.
-EPS (Q3): $1.77 vs. $1.67 last year.
-Analysts Estimate: $1.51
-Revenue (Q3): $423.9 Mln vs. $426.5 Mln last year.

U.S. Housing Starts Unexpectedly Drop 1.6% In September

A report released by the Commerce Department on Tuesday showed an unexpected decrease in new U.S. residential construction in the month of September.

The Commerce Department said housing starts fell by 1.6 percent to an annual rate of 1.555 million in September from a revised rate of 1.580 million in August.

Economists had expected housing starts to inch up to a rate of 1.620 million from the 1.615 million originally reported for the previous month.

The report also showed building permits plunged by 7.7 percent to an annual rate of 1.589 million from a revised rate of 1.721 million in August.

Building permits, an indicator of future housing demand, were expected to drop to a rate of 1.680 million from the 1.728 million originally reported for the previous month.

Rupee surges 26 paise against US dollar in early trade

At the interbank foreign exchange, the domestic unit opened strong at 75.10 against the US dollar and further strengthened to 75.09, showing a sharp gain of 26 paise against the previous close.

The rupee appreciated 26 paise to 75.09 against the US dollar in opening trade on Wednesday, supported by lower crude prices and a weak American currency in the overseas markets.

“However, subdued domestic equity market and foreign fund outflows capped gains of the local unit,” traders said.

At the interbank foreign exchange, the domestic unit opened strong at 75.10 against the US dollar and further strengthened to 75.09, showing a sharp gain of 26 paise against the previous close.

It was oscillating in a close range of 75.13 and 75.09 in early deals.

The rupee had settled at 75.35 against the US currency in the previous session.

The domestic currency market was closed on Tuesday for the ‘Id-E-Milad’ holiday.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.06 per cent to 93.67.

Global oil benchmark Brent crude futures dipped 0.48 per cent to USD 84.67 per barrel.

On the domestic equity market front, the BSE Sensex was trading 34.52 points or 0.06 per cent lower at 61,681.53, while the broader NSE Nifty declined 8.90 points or 0.05 per cent to 18,409.85.

Foreign institutional investors were net sellers in the capital market on Tuesday, as they offloaded shares worth Rs 505.79 crore, according to exchange data.