Symbotic Up 21% On Q3 Results
U.S. Personal Income Rises 0.3% In June, Less Than Expected
Personal income in the U.S. increased by less than expected in the month of June, according to a report released by the Commerce Department on Friday.
The report said personal income rose by 0.3 percent in June after climbing by an upwardly revised 0.5 percent in May.
Economists had expected personal income to increase by 0.5 percent compared to the 0.4 percent advance originally reported for the previous month.
Disposable personal income, or personal income less personal current taxes, increased by 0.3 percent in June after rising by 0.5 percent in May.
Meanwhile, the report said personal spending climbed by 0.5 percent in June after inching up by an upwardly revised 0.2 percent in May.
Economists had expected personal spending to rise by 0.4 percent compared to the 0.1 percent uptick originally reported for the previous month.
Real personal spending, which excludes price changes, increased by 0.4 percent in June after edging up by 0.1 percent in May.
With spending rising more than income, personal saving as a percentage of disposable personal income dropped to 4.3 percent in June from 4.6 percent in May.
The report also showed the annual rate of growth by consumer prices slowed to 3.0 percent in June from 3.8 percent in May. Economists had expected the pace of growth to slow to 3.1 percent.
The annual rate of growth by core consumer prices, which exclude food and energy prices, also slowed to 4.1 percent from 4.6 percent.
ON Semiconductor Corp. Q2 Profit Increases, beats estimates
ON Semiconductor Corp. (ON) revealed a profit for its second quarter that increased from the same period last year and beat the Street estimates.
The company’s earnings totaled $577.0 million, or $1.29 per share. This compares with $456.3 million, or $1.02 per share, in last year’s second quarter.
Excluding items, ON Semiconductor Corp. reported adjusted earnings of $583.3 million or $1.33 per share for the period.
Analysts on average had expected the company to earn $1.21 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
Revenue held steady at $2.09 billion
ON Semiconductor Corp. earnings at a glance (GAAP) :
-Earnings (Q2): $577.0 Mln. vs. $456.3 Mln. last year.
-EPS (Q2): $1.29 vs. $1.02 last year.
-Analyst Estimate: $1.21
-Revenue (Q2): $2.09 Bln vs. $2.09 Bln last year.
Next quarter EPS guidance: $1.27 to $1.41
Next quarter revenue guidance: $2,095 to $2,195 Mln
Silicom Ltd. Q2 Income Falls
Silicom Ltd. (SILC) released a profit for second quarter that decreased from last year
The company’s earnings totaled $3.806 million, or $0.56 per share. This compares with $4.524 million, or $0.67 per share, in last year’s second quarter.
Excluding items, Silicom Ltd. reported adjusted earnings of $4.488 million or $0.66 per share for the period.
The company’s revenue for the quarter rose 11.6% to $38.130 million from $34.154 million last year.
Silicom Ltd. earnings at a glance (GAAP) :
-Earnings (Q2): $3.806 Mln. vs. $4.524 Mln. last year.
-EPS (Q2): $0.56 vs. $0.67 last year.
-Revenue (Q2): $38.130 Mln vs. $34.154 Mln last year.
Next quarter revenue guidance: $30 to $31 Mln
Palantir Technologies Continues To Gain
Shares of Palantir Technologies Inc. (PLTR) are progressing more than 9 percent on Monday morning trade, continuing an uptrend. There have been no corporate announcements today to influence the stock movement.
Currently, shares are at $19.76, up 11.14 percent from the previous close of $17.81 on a volume of 47,775,814.
Chicago Business Barometer Indicates Slightly Slower Contraction In July
Chicago-area business activity contracted at a slightly slower rate in the month of July, according to a report released by MNI Indicators on Monday.
MNI Indicators said its Chicago business barometer inched up to 42.8 in July from 41.5 in June, although a reading below 50 still indicates a contraction. Economists had expected the index to rise to 43.0.
The uptick by the Chicago business barometer partly reflected increases by the new orders and production indices.
While the new orders index climbed by 3.4 points, MNI Indicators said the increase masked the fact that the proportion of respondents reporting an increase in new orders in June was actually the lowest of the year.
The production index also rose by 2.5 points or 45.1. The proportion of respondents citing higher production was the same level as in June but fewer noted reduced production.
Meanwhile, the report said the employment index fell by 5.9 points, recording just the second reading below 40 this year.
MNI Indicators said the prices paid jumped 8.6 points to 62.1, with broadly the same proportion reporting higher prices in July as in June but only 4 percent of respondents seeing lower prices.
Symbotic Up 21% On Q3 Results
Symbotic Inc. (SYM) shares are up 20 percent on Monday morning trade after the company reported a narrower net loss for the third quarter on higher revenues.
The company’s quarterly loss attributable to the company was $4.34 million, compared to loss of $6.12 million last year. On a per-share basis, loss narrowed to $0.07, compared to loss of $0.10 a year ago.
Revenue for the quarter increased to $311.84 million from $366.85 million in the prior year.
Looking ahead to the fourth quarter, the company expects revenue of $290 to $310 million. Wall Street analysts were looking for $299.68 million for the next quarter.
Currently, shares are trading at $52.40, up 21.86 percent from the previous close of $42.18 on a volume of 1,656,991