US Markets
U.S. stocks were in the green on Monday morning on positive news about a Covid-19 vaccine. The Dow gained more than 3.85% to 29,414, the S&P 500 index jumped 2.79% to 3,607 and the Nasdaq Composite Index was up 0.94% to 12,007.
Gainers
• PVH Corp (PVH, Financial) +18%
• Pfizer Inc. (PFE, Financial) +8.7%
• News Corporation (NWS, Financial) +6.3%
• United Rentals (URI, Financial) +6.5%
• Duke Energy (DUK, Financial) +4.7%
Losers
• Biogen Inc. (BIIB, Financial) -28.6%
• PerkinElmer, Inc. (PKI, Financial) -7.7%
• Zynga (ZNGA, Financial) -5.4%
Global Markets
The main European stock markets traded in the green. The U.K.'s FTSE 100 gained 4.87%, France's CAC 40 rose 7.59%, Germany's Dax gained 5.18% and Spain's Ibex 35 gained 8.55%.
In Asia, Japan's Nikkei 225 gained 2.12%, India's BSE Sensex advanced 1.68%, Hong Kong's Hang Seng jumped 1.18% and China's Shanghai Composite jumped 1.86%.
ALLETE releases earnings report
Shares of ALLETE, Inc. (ALE, Financial) gained more than 11% on Monday morning after the company announced financial results for its third quarter of fiscal 2020. It posted earnings per share of 78 cents, beating analysts' estimates by 14 cents, on revenue of $293.9 million, which grew 1.9% year-over-year and beat expectations by $1 million.
President and CEO Bethany Owen had the following to say:
"ALLETE's strong financial performance for this quarter and significant progress made on two of our large renewable energy projects representing over 500 megawatts of new, carbon free wind generation, demonstrate our resilience and resourcefulness while we work to mitigate the effects of the pandemic on our customers and the economy… "ALLETE remains focused on delivering essential energy services to our customers and value to our shareholders, while leading the transition to cleaner energy and reducing carbon as part of our sustainability in action strategy."
In the quarter, the regulated operations segment reached a net income of $42.4 million compared to $32.4 million in the same quarter of 2019. The increase was fueled by a higher net income at Minnesota Power due to higher rates, fiscal impacts and fuel adjustment clause recoveries. There was a lower kilowatt-hour sale due to Covid-19, but residential sales increased.
The Clean Energy segment registered a net income of $1.1 million compared to a net loss of $1.2 million in 2019, with a higher activity from the new Glen Ullin and South Peak wind energy facilities.
The Corporate and Other segment recorded a loss of $2.8 million in 2020 primarily due to lower earnings on liquid assets and fiscal impact.
At the end of June, Charles Brandes (Trades, Portfolio) initiated a new position in the stock with 43,815 shares. HOTCHKIS & WILEY boosted its investment in the stock by 17% to 86,073 shares.
Disclosure: The author holds no positions in any stocks mentioned.
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