MW GP644 MicroS ZG 20180906154215 1 captis executive search management consulting leadership board services

Arlo Technologies stock rallies after narrower Q1 loss

MW GP644 MicroS ZG 20180906154215 1 captis executive search management consulting leadership board services

Shares of Arlo Technologies Inc.
ARLO,
-0.17%

jumped 10% in the extended session Wednesday after the maker of home security cameras and other equipment reported a narrower-than-expected first-quarter loss and sales topped forecasts. Arlo said it lost $10.7 million, or 13 cents a share, in the quarter, compared with a loss of $15.2 million, or 19 cents a share, in the year-ago quarter. Adjusted for one-time items, Arlo lost 3 cents a share, compared with 8 cents a share a year ago. Sales rose 26% to $82.6 million, Arlo said. Analysts polled by FactSet expected Arlo to report an adjusted loss of 21 cents a share on sales of $76.9 million. “In 2020 we successfully pivoted to become services-focused to create a more predictable, more profitable business and our strong Q1 results are further proof of our progress,” Chief Executive Matthew McRae said in a statement. Arlo guided for second-quarter revenue between $80 million and $90 million, and an adjusted per-share loss between 20 cents and 13 cents. Shares of Arlo ended the regular trading day down 0.2%.

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Fed Vice Chairman Clarida says it is not time yet to talk about tapering

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Federal Reserve Vice Chairman Richard Clarida on Wednesday said it was not time yet to begin conversations about possibly scaling back the central bank’s asset purchases. The Fed is buying $120 billion per month of Treasurys and mortgage-related securities as well as keeping interest rates close to zero in order to stimulate the economy. The Fed has said it wants to see “substantial further progress” on its goals of full employment and stable inflation before tapering. Asked when the Fed should start “talking about talking about” tapering, Clarida replied: “We don’t think so right now.” Dallas Fed President Robert Kaplan said earlier this week it was time to start the discussion about tapering. Several Fed officials speaking on Wednesday have all disagreed with Kaplan. “We’ll get more data -and as we move through the year- we will be able to make a judgement on ‘substantial further progress,’ but we’re not there yet,” Clarida said.

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Moderna says trial booster vaccine effective against COVID-19 variants

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Moderna Inc.
MRNA,
-6.19%

stock rose more than 1% in the extended session Wednesday after the biotechnology company said that a single-dose booster COVID-19 vaccine worked against the novel coronavirus’ variants, according to initial data from a Phase 2 study. The booster was effective against the variant first identified in South Africa and the variant first identified in Brazil, Moderna said. The company is submitting the preliminary results to peer-reviewed publication. “As we seek to defeat the ongoing pandemic, we remain committed to being proactive as the virus evolves. We are encouraged by these new data, which reinforce our confidence that our booster strategy should be protective against these newly detected variants,” Chief Executive Stéphane Bancel said in a statement. Moderna stock ended the regular trading day down 6%.

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Dow notches record but 4-day skid in tech stocks help Nasdaq Composite to book longest losing streak since October

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The Dow Jones Industrial Average on Wednesday ended at an all-time high and the Nasdaq Composite posted its longest losing streak since mid October, amid concerns about rising inflation and the eventual pull back of flush monetary policy as the economy reopens in the wake of the pandemic. The Dow [: DJIA] closed up nearly 100 points, or 0.3%, to 34,230, about 30 points above its most recent record on April 16, FactSet data show. The S&P 500 index
SPX,
+0.07%

finished up 0.1% at 4,168, while the Nasdaq Composite Index
COMP,
-0.37%

closed down 0.4% to mark a fourth straight decline, representing the longest skid for the benchmark since a five-session period ended Oct. 19. Healthcare stocks finished slightly higher, represented by a 0.2% gain in the SPDR S&P Pharmaceuticals ETF
XPH,
+0.29%
,
after the U.S. Trade Representative Katherine Tai said in a tweet that the U.S. supports the waiver of intellectual-property protections on COVID-19 vaccines to “help end the pandemic,” adding that American officials will “actively participate” in World Trade Organization negotiations to achieve that. In corporate news, Peloton Interactive shares
PTON,
-14.56%

finished down more than 14% after the company said it was recalling 125,000 of its Tread+ treadmills, citing “risk of injury or death.”

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Biden administration backs waiving IP protections for COVID vaccines

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U.S. Trade Representative Katherine Tai said in a tweet on Wednesday that the U.S. supports the waiver of intellectual-property protections on COVID-19 vaccines to “help end the pandemic,” adding that American officials will “actively participate” in World Trade Organization negotiations to achieve that. The White House has been under pressure from lawmakers at home and governments abroad to join an effort to waive patent rules for the vaccines so that poorer countries can begin to produce their own generic versions of the shots to vaccinate their populations. Data: How vaccine makers’ stocks are reacting.

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U.S. oil futures shift lower to post a loss for the session

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U.S. oil futures gave up earlier gains Wednesday to post a small loss for the session. Prices had been trading higher on expectations that an economic recovery in the U.S. and Europe would lead to higher demand for oil. A report from the Energy Information Administration also revealed a hefty weekly decline in U.S. crude inventories. However, prices eased back just ahead of the day’s settlement. The “virus is a big wildcard” as India is going to take some time to recover, said Tariq Zahir, managing member at Tyche Capital Advisors. Also, the members of Organization of the Petroleum Exporting Countries are starting to add oil to the market, which could “take some steam out of the energy markets in the months ahead.” June West Texas Intermediate crude
CLM21,
-0.09%

edged down by 6 cents, or nearly 0.1%, to settle at $65.63 a barrel on the New York Mercantile Exchange after trading as high as $66.76.

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Gold prices end higher as Yellen clarifies recent comments on interest rates

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Gold futures ended higher on Wednesday to recoup only part of what they lost a day earlier as U.S. Treasury Secretary Janet Yellen clarified recent remarks and said she was neither predicting nor recommending that the Federal Reserve raise interest rates to keep the economy from overheating. The $1,800 mark for gold is a “very strong resistance level” and further comments from Yellen “clarifying that she was not predicting anything in particular did nothing to help gold break through,” said David Russell, director of marketing at GoldCore. June gold
GCM21,
+0.40%

rose $8.30, or 0.5%, to settle at $1,784.30 an ounce.

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New York Gov. Cuomo says Broadway can reopen at full capacity on Sept. 14

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New York Gov. Andrew Cuomo said Wednesday that tickets for Broadway shows can go on sale tomorrow and that New York’s storied theater district can reopen at 100% capacity Sept. 14. The news comes more than a year after Broadway was forced to fully shut down as the coronavirus-borne illness COVID-19 was sweeping across the state and making it the epicenter of the U.S. pandemic. Cuomo also said that the Mets, Yankees and New York Health Department are teaming up so that fans attending a baseball game can get a vaccine right at the stadium in return for a free ticket. “So if you love baseball (& protecting your community) – go to a game, get vaccinated & get a free ticket!,” Cuomo said in a tweet. New York state has fully vaccinated 36% of its population, according to The New York Times, and 49% have received at least one dose of a two-jab regimen.