Stock Alert: Synnex Rises After Upbeat Results, Plans Of Splitting Co.

Saudi energy minister on Trump's actions in the Middle East: 'He can do whatever he wishes'

Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said Monday that President Donald Trump can do as he chooses when it comes to international security.

Speaking during a panel session at the International Petroleum Technology Conference (IPTC) in Dhahran, Saudi Arabia, Abdulaziz said: "The president of the United States is the president of the United States, he can do whatever he wishes."

He's "certainly" not accountable to me or "anyone in this room," he added.

This is a breaking news story, please check back later for more.

AZN : Lynparza-bevacizumab Granted Priority Review In US For Ovarian Cancer

AstraZeneca and Merck & Co. Inc. said that a supplemental New Drug Application for Lynparza in combination with bevacizumab has been accepted and granted Priority Review in the US for the maintenance treatment of patients with advanced ovarian cancer who are in complete or partial response to 1st-line platinum-based chemotherapy with bevacizumab.

A Prescription Drug User Fee Act date is set for the second quarter of 2020.

The investigator-assessed results showed Lynparza added to bevacizumab reduced the risk of disease progression or death by 41% based on a hazard ratio of 0.59 (p<0.0001) and improved progression-free survival to a median of 22.1 months vs. 16.6 months for patients treated with bevacizumab alone.

In a separate press release, AstraZeneca has decided to close the Phase III STRENGTH trial for Epanova due to its low likelihood of demonstrating a benefit to patients with mixed dyslipidaemia who are at increased risk of cardiovascular disease. Previously, Independent Data Monitoring Committee recommended to discontinue
the trial.

The company said it is reviewing the ongoing value of the $533 million Epanova intangible asset. A write down of up to $100 million relating to inventories is also anticipated to impact the Core earnings in the fourth quarter of 2019.

Germany to post double-digit billion euro surplus for 2019: Sueddeutsche

BERLIN (Reuters) – The German federal government has made a low double-digit billion euro surplus in 2019, Sueddeutsche Zeitung newspaper reported on Monday, thanks to higher tax revenues and record-low interest rates.

Unused special funds – including money set aside for renovating schools or incentives for fighting climate change – also contributed to the surplus, Sueddeutsche added, citing government sources.

The official budget surplus is expected to be revealed later on Monday.

William Hill sees 2019 adjusted profit ahead of expectations

William Hill PLC said Monday that full-year adjusted operating profit is expected to be ahead of market and management expectations, and that Chief Financial Officer Ruth Prior intends to step down.

The London-listed bookmaker WMH, +1.11% said it expects its 2019 adjusted operating profit–a metric which excludes exceptional costs–to be in the range of 143 million pounds and GBP148 million ($186.7 million to $193.2 million).

This compares with GBP130 million which was the consensus operating profit based on Bloomberg estimates as at Jan. 10, according to the company.

The company said its retail business generated operating profit above the guided range of GBP50 million and GBP70 million, benefiting from a remodeling strategy. William Hill also said sporting results in December were particularly favorable, above the long-term gross win margin range.

However, its online international business performance was mixed, with net revenue expected to be broadly flat on a pro forma basis in the fourth quarter.

In its U.S. business, the company generated strong growth driven by wagering growth and investment. As a result, it expects to break even for the U.S. business overall in 2019.

Meanwhile, the company said that it has begun a search for Prior’s replacement and her departure date will be determined in due course. Prior has been with the company since 2017.

US futures point to higher open

  • On Friday, U.S. equities reversed from all-time highs on the back of disappointing employment data.
  • There will be new federal budget figures released at 2 p.m. ET.

U.S. stock index futures were higher Monday morning as investors focus on China-U.S. trade developments.

At around 3.20 a.m. ET, Dow futures rose 94  points, indicating a positive open of more than 84 points. Futures on the S&P and Nasdaq were also higher.

On Friday, U.S. equities reversed from all-time highs on the back of disappointing employment data. The U.S. economy added 145,000 jobs in December, lower than what economists polled by Dow Jones had estimated at 160,000 jobs.

Investors are monitoring U.S.-China trade as a Chinese delegation is due to travel to Washington, D.C., Monday for the signing of the phase one trade deal on Wednesday. The deal is expected to lower some of the tariffs, as well as increasing Chinese purchases of U.S. agricultural products.

According to a Wall Street Journal report, the U.S. and China have agreed to hold semiannual talks to resolve disputes and push for reforms.

Meanwhile, there will be new federal budget figures released at 2 p.m. ET.

In terms of earnings, Shaw Comm is due to report before the bell.

Stock Alert: Synnex Rises After Upbeat Results, Plans Of Splitting Co.

Shares of SYNNEX Corporation (SNX) climbed 12.98% on Friday to hit a new high of $148.63 before closing at $145.56. The stock is up nearly 60% year-to-date.

SYNNEX Corporation is a Fortune 200 business process services company.

On Thursday, after the bell, the company had reported better-than-expected fourth-quarter results. Net income on an adjusted basis rose to $219.6 million or $4.26 per share from $173.6 million or $3.69 per share in the same quarter a year ago. This is compared to $3.61 per share estimated by the analysts. Revenue also grew to $6.581 billion from $5.544 billion in the corresponding quarter last year.

Looking forward to the first quarter, revenue is expected to be in the range of $5.240 billion to $5.540 billion. Analysts have a consensus estimate of $5.39 billion.

Adjusted EPS in the first quarter is expected to be in the range of $3.03 to $3.22. The Street sees earnings of $3.09.

Last Friday, the company announced its plan to separate into two publicly traded companies; SYNNEX Technology Solutions- IT distribution, services, and integrated solutions company, and Concentrix- global customer experience (CX) solutions company. The transaction is expected to be completed in the second half of 2020.

Also, Synnex announced a 2.5-cent increase in the quarterly dividend from the previous quarter to $0.40 per share. The dividend is payable on January 31, 2020, to stockholders of record January 24, 2020.