Sinclair Broadcast Group Inc. on Wednesday reported second-quarter net income of $252 million. The Hunt Valley, Maryland-based company said it had profit of $3.12 per share. Earnings, adjusted for non-recurring costs, were $3.21 per share.
The television broadcasting company posted revenue of $1.28 billion in the period. Sinclair shares have decreased 36% since the beginning of the year. The stock has decreased 56% in the last 12 months.
Evidence signals many jobs aren’t coming back
Stark evidence of the damage the resurgent viral outbreak has caused the U.S. economy could come Friday when the government is expected to report that the pace of hiring has slowed significantly after a brief rebound in the spring.
As the coronavirus continues to transform a vast swath of the U.S. economy, it is becoming evident that millions of Americans face the prospect of a permanent job loss that will force some to seek work with new industries or in new occupations. If so, that would lead to a slower recovery in the job market than if restaurants, hotels, bars and retail shops were able to fully reopen and recall all their laid-off employees. Few expect that to happen.
Nexstar releases 2nd quarter earnings
Nexstar Broadcasting Group Inc. on Wednesday reported second-quarter earnings of $99.6 million. The Irving, Texas-based company said it had profit of $2.13 per share.
The television broadcaster posted revenue of $914.6 million in the period. Nexstar shares have fallen 24% since the beginning of the year. The stock has declined almost 8% in the last 12 months.
US trade deficit drops in June on rise in exports
The U.S. trade deficit fell in June for the first time since February as exports posted a record increase and rose twice as fast as imports.
The Commerce Department said the gap between the value of what the United States buys and what it sells abroad fell 7.5% to $50.7 billion in June from $54.8 billion in May. Exports shot up 9.4% to $158.3 billion, and imports rose 4.7% to $208.9 billion.
Albemarle releases 2nd quarter earnings
Albemarle Corp. on Wednesday reported second-quarter earnings of $85.6 million.
The Charlotte, North Carolina-based company said it had net income of 80 cents per share. Earnings, adjusted for non-recurring costs, were 86 cents per share. The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share.
Facebook launches its new TikTok clone
Facebook’s Instagram is launching its answer to the hit short video app TikTok — Instagram Reels. The new feature will let users record and edit 15-second videos with audio, and will let users add visual effects. Users will be able to share “Reels” with their followers in Instagram. There will also be a new section in the search field of Instagram called “Reels in Explore.” The Reels option will be available at the bottom of Instagram camera. Facebook has created clones of popular services that rival it before. Its Instagram “Story” feature is similar to Snapchat.