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Intuitive Surgical Sees Continued Virus Impact, Even as Q3 Results Top Estimates By Investing.com

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© Reuters. Intuitive Surgical Earnings, Revenue Beat in Q3

By Yasin Ebrahim

Investing.com – Intuitive Surgical (NASDAQ:) reported on Thursday third-quarter results that beat analysts’ forecasts on both the top and bottom lines, though warned a resurgence of Covid-19 in some states would continue to hurt sales.

Intuitive Surgical shares lost 3.5% in after-hours trade following the report.

“The impact and timing of the COVID-19 pandemic on the company’s business differs by geography. In the U.S., for example, while da Vinci procedures have recovered a significant portion of the pre-COVID-19 levels, the resurgence of COVID-19 in some states has had, and will likely continue to have, an adverse impact on the company’s procedure volumes,” Intuitive Surgical said.

Intuitive Surgical announced per share of $2.77 on revenue of $1.08B. Analysts polled by Investing.com anticipated EPS of $2.02 on revenue of $967.56M.

The fall in revenue was driven by fewer system placements, primarily as a result of the significant impact of the Covid-19 pandemic, as well as a $23 million decrease in service revenue related to service fee credits from its customer relief program, the company said.

The company shipped 195 da Vinci surgical systems, a decrease of 29% compared with 275 in the third quarter of 2019.

Intuitive Surgical shares are up 25% from the beginning of the year, still down 4.47% from its 52 week high of $777.00 set on September 2. They are under-performing the which is up 36.25% from the start of the year.

Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Disney’s Bob Iger to join board of animal-free dairy maker Perfect Day By Reuters

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© Reuters. European premiere of “The Lion King” in London

(Reuters) – Walt Disney (NYSE:) Co Executive Chairman Bob Iger will share a board seat at animal-free diary maker Perfect Day along with co-founders Ryan Pandya and Perumal Gandhi, the company said on Wednesday.

“We’re focused on rapid commercialization in the U.S. and globally. But we know we can’t do it alone,” co-founder and Chief Executive Officer Pandya said on Iger’s appointment.

Plant-based or meatless foods have grown in popularity in recent years, with several major fast-food chains introducing such items across the globe, as diners become more conscious of how their food is sourced and its impact on the environment.

The Bay Area startup counts Singapore state investor Temasek Holdings and Hong Kong-based venture capital firm Horizons Ventures as lead investors. It has so far received $360 million in total funding.

Temasek will be represented on the board by Aftab Mathur and Patrick Zhang will represent Horizons.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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HSBC to cut up to 300 jobs in UK commercial banking overhaul, source says By Reuters

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© Reuters. An HSBC bank is pictured in New York

By Karin Strohecker and Lawrence White

LONDON (Reuters) – HSBC (L:) has launched a restructuring of its commercial banking business in Britain, a source familiar with the matter told Reuters on Wednesday, resulting in around 300 job losses.

“In line with the Group strategy announced in February, we continue to restructure and review the roles required to transform the bank,” a spokesman for HSBC said.

Europe’s biggest bank in June resumed plans to cut around 35,000 jobs it had put on ice after the coronavirus outbreak, as Europe’s biggest bank grapples with the impact on its already falling profits.

Chief Executive Noel Quinn has said the moves are necessary to improve the banks profits, as economic forecasts point to a challenging time ahead for the Asia-focused lender.

HSBC’s commercial banking business provides loans and other banking services mainly to small and medium-sized businesses.

The unit has in common with its rivals struggled in recent years to improve revenues amid rising competition and rock-bottom interest rates that squeeze the margins between deposits banks take in and loans they make to borrowers.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Wall Street Opens a Tad Higher as Stimulus Drama Drags on; Dow up 70 Points By Investing.com

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© Reuters.

By Geoffrey Smith 

Investing.com — U.S. stock markets rose moderately on Wednesday, in suspended animation ahead of last-ditch talks aimed at sealing agreement on a package of economic support measures ahead of the November 3 elections. 

Talks between House Speaker and Nancy Pelosi and Treasury Secretary Steven Mnuchin were set to continue today, beyond Pelosi’s self-imposed deadline of Tuesday, after talks that were described as “productive” by her spokesman, according to newswire reports. However, the same reports suggest the two sides are still at least $400 billion apart in what they are willing to accept as a viable package.

By 9:45 AM ET (1345 GMT), the was up 78 points, or 0.3%, at 28,387 points, while the was up 0.4% and the was up 0.6%.

Earlier, Federal Reserve Governor Lael Brainard again called for “targeted fiscal stimulus” to broaden and strengthen an “uncertain” and “uneven” recovery, but she stopped short of hinting at any additional monetary stimulus from the Fed.

Among early movers, Netflix (NASDAQ:) stock fell 4.1% after posting lower-than-expected growth in subscriber numbers and earnings after the bell on Tuesday, while Texas Instruments (NASDAQ:) stock also fell after disappointing results. 

Chinese remote learning specialist GSX Techedu (NYSE:) fell 25% after being criticized in a new report by Credit Suisse (SIX:) analysts. The company has fought a running battle all year with short sellers who have accused it of fraud. CS didn’t repeat those allegations but said it had made “mistakes”.

By contrast, Snapchat owner Snap (NYSE:) saw its stock rise 23% after it rode a wave of increased engagement from a population eager to try new communication channels at a time of enforced separation due to Covid-19. Pinterest (NYSE:) stock also rose 13% as analysts pushed the view that it should benefit from the same secular trends. Facebook (NASDAQ:) stock rose 5.6% and Twitter (NYSE:) stock rose 8.5%.

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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