Postmedia posts first-quarter net earnings of $52.8 million amid pandemic headwinds

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Postmedia Network Canada Corp. continued to feel the effects of the coronavirus pandemic in its fiscal first quarter, but nonetheless posted net earnings of $52.8 million for the three months ended Nov. 30, 2020, up from a loss of $3 million in the same period a year earlier.

The swing was largely due to a number of items unique to the quarter, including a non-cash settlement gain related to employee benefit plans of $63.1 million, and gains on derivative financial instruments and foreign exchange.

Revenue in the quarter declined by 25.4 per cent to $116.9 million, as advertisers responded to government-mandated shutdowns to try to control the spread of COVID-19.

“With the effects of the global pandemic continuing to weigh on our communities and our people, our focus remains on the safety of our teams, preserving liquidity, constraining costs, maximizing revenue and pursuing government support,” said Andrew MacLeod, president and chief executive of Postmedia.

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Premier Investments flags rise in first-half earnings

The company behind franchises Just Jeans, Smiggle and Peter Alexander expects its first-half earnings to rise by as much as 85 per cent following a spike in online sales.

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5 Stocks That Could Gain After Earnings — and 5 That Are Ready to Drop

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Premier H1 earnings to rise 85 per cent

Premier Investments, the company behind stores including Just Jeans, Portmans and Smiggle, has raised its first-half earnings expectation to up to 85 per cent better than the 2020 first-half.

Premier on Wednesday said first-half 2021 earnings before tax were expected to be 75 to 85 per cent better than the 2020 equivalent, which would produce earnings of between $221 million and $233 million.

Online sales were a big factor. These were up 60 per cent on the same period last year to $146.2 million.

Global sales were up five per cent to $716.9 million, and there were outstanding sales at Jay Jays, Just Jeans and Peter Alexander across Australia and New Zealand.

All figures were based on 24 weeks of the company’s first-half, which concludes on January 30.

The better earnings forecast comes despite Premier having had to temporarily close stores in Australia, New Zealand, the UK, Ireland and Malaysia due to the coronavirus.

Premier Investments chairman Solomon Lew said staff were incredible for their work during the pandemic.

“The challenges posed by COVID-19 are the greatest set of risks I have ever seen in more than six decades in retail,” he said.

“During the first half we have had rolling lockdowns and shutdowns in multiple countries all at a moment’s notice.”

The first-half earnings are expected in late March.

Shares were higher by 15.56 per cent to $25.99 at 1120 AEDT. Their record price is $26.70.

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Pfizer forecasts 2021 earnings of $3 to $3.10 per share

Wall Street analysts on average expect Pfizer to earn $3.07 per share, according to IBES data from Refinitiv.

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Stock Market Rally, Tesla Stock Soar, But Flash Warning Signs; Micron Earnings, Boeing 737 Max Settlement In Focus| Investor’s Business Daily

Dow Jones futures rose modestly early Friday morning, along with S&P 500 futures and Nasdaq futures, ahead of Friday’s jobs report. Micron Technology (MU) earnings a Boeing 737 Max settlement and a new, lower-price Tesla Model Y were in focus. The stock market rally had a powerful session, with the Dow Jones, S&P 500 index, Nasdaq composite and Russell 2000 all hitting record highs.


But there are signs that the market rally is getting extended.

Meanwhile, Tesla (TSLA) continued to soar Thursday on yet another price-target hike, making Elon Musk the richest man in the world. But is Tesla stock getting extended?

Late Thursday, Tesla listed a Model Y Standard Range option, something CEO Elon Musk said would never be offered. A seven-seat Model Y option is now available as well.

Micron earnings topped views, while the memory-chip maker also guided high. After rallying to its best levels since 2000, Micron stock rose modestly overnight.

Micron earnings should be good news for other memory plays, including equipment giants Lam Research (LRCX), Applied Materials (AMAT) and KLA Corp. (KLAC). LRCX stock, AMAT and KLA have been surging this week, perhaps in anticipation of bullish Micron earnings.

Taiwan Semiconductor — a major customer for Lam Research, Applied Materials and KLA — reports December sales on Friday. Next week, earnings are on tap. Taiwan Semi is expected to announce heavy capital spending. TSM stock rallied 5% on Thursday, hitting a fresh high.

Boeing 737 Max Settlement

Boeing (BA) will pay more than $2.5 billion to settle a Justice Department criminal charge that the Dow Jones aerospace giant concealed key information from the Federal Aviation Administration regulators investigating the two 737 Max crashes. It’ll pay a criminal penalty of $243.6 million, compensation payments to Boeing customers of $1.77 billion, and $500 million for a crash victim beneficiaries fund.

Boeing stock fell a fraction in overnight trading. The muted reaction suggests investors are happy to move forward, with the Boeing 737 Max flying again. BA stock edged up 0.8% to 212.71 on Thursday.

Sarepta Therapeutics (SRPT) announced mixed results for its gene therapy targeting a form of muscular dystrophy. The gene therapy produced a key protein, but no improved muscle function after one year. Sarepta stock plummeted overnight.

Tesla stock and TSM are on IBD Leaderboard. TSM stock, LRCX and AMAT are on IBD 50.

Dow Jones Futures Today

Dow Jones futures rose 0.6% vs. fair value. S&P 500 futures climbed 0.5% and Nasdaq 100 futures advanced 0.3%.

Dow Jones futures will likely move on the December jobs report, due out at 8:30 a.m. ET on Friday. The consensus is for a gain of just 65,000 jobs as coronavirus shutdowns stall the economic recovery. An outright jobs decline would be a bad sign, though it could also spur a bigger, faster stimulus package.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

That’s been true for the past several days. Dow Jones futures have not foreshadowed regular-session

Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live.

Coronavirus News

Coronavirus cases worldwide reached 88.50 million. Covid-19 deaths topped 1.90 million.

Coronavirus cases in the U.S. have hit 22.15 million, with deaths above 374,000. On Thursday, the U.S. hit daily records for new Covid cases and coronavirus deaths for a second straight day.

The U.K. has added more than 50,000 cases for 10 straight days. England recently went on lockdown.

Election 2020 Is Finally Over

A day after pro-Trump rioters stormed the Capitol building, there is now relevant clarity from Washington. With the Georgia runoffs and the Electoral College certification count now out of the way, the Election 2020 appears to finally be over. Joe Biden will become president on Jan. 20, with Democrats also holding the House and Senate, albeit with wafer-thin majorities.

Stock and bond investors are pricing in expectations for bigger stimulus and other spending measures in the coming months, with policies that boost alternative-energy and marijuana plays. Expect greater involvement in health care, but the changes could help health insurers and hospitals.

Stock Market Rally

U.S. Stock Market Today Overview

IndexSymbolPriceGain/Loss% Change
Dow Jones(0DJIA)31041.13+211.73+0.69
S&P 500(0S&P5)3803.79+55.65+1.48
Nasdaq(0NDQC )13067.48+326.69+2.56
Russell 2000 (IWM)208.16+3.63+1.77
IBD 50 (FFTY)42.50+1.28+3.11
Last Update: 4:06 PM ET 1/7/2021

The stock market rally enjoyed big gains Wednesday. Tech and growth names reclaimed leadership, but it was a broad-based advance.

The Dow Jones Industrial Average rose 0.7% in Thursday’s stock market trading. The S&P 500 index popped 1.5%. The Nasdaq composite leapt 2.6%. The Russell 2000 climbed 1.9%.

Bitcoin surged above $40,000 intraday before pulling back slightly.

Growth stocks had a big day. Among the best ETFs, Innovator IBD 50 (FFTY) rallied 3.1%, while the Innovator IBD Breakout Opportunities ETF (BOUT) advanced 3.6%. The iShares Expanded Tech-Software Sector ETF (IGV) rose 2.75%, rebounding from its 10-week line after slumping since Dec. 22. The VanEck Vectors Semiconductor ETF (SMH) continued to power higher, gaining 4.1%. TSM stock is the No. 1 holding of SMH. MU stock, AMAT, LRCX and KLAC are also notable components.

Micron Earnings

Micron earnings jumped 48% to 71 cents for its fiscal first quarter. Revenue grew 12% to 5.77 billion. Wall Street had forecast Micron earnings of 71 cents a share on sales of $5.73 billion.

Citing improving DRAM fundamentals, the memory-chip giant guided to fiscal Q2 EPS of 75 cents on sales of $5.8 billion. Analysts expected Micron earnings of 67 cents on revenue of $5.55 billion.

Micron stock rose 1% in after-hours action. On Thursday, MU stock rose 2.6% to 79.11, a fresh 20-year high. That was just out of buy range from a three-weeks-tight pattern with a 74.71 buy point. Micron stock initially cleared that level on Dec. 31, but it was a risky buy with earnings looming.

Memory Plays

Lam Research, perhaps the most memory-exposed of the big chip-equipment makers, was little changed in extended trade. LRCX stock rose 3.6% on Thursday to 514.46, briefly clearing a short consolidation and hitting a record high. Shares have rallied 8.9% this week, rebounding from their 21-day exponential moving average and from just above the 10-week line, offering an aggressive entry for LRCX stock.

AMAT stock edged higher in overnight trade. On Thursday, Applied Materials stock popped 4.1% to 94.56, hitting a new high after clearing a short consolidation. AMAT stock is up 9.6% this week, also rebounding from its 21-day line.

KLA stock was quiet in late trading. On Thursday, shares jumped 4.9% to 278.19, clearing a four-week consolidation that’s actionable. KLAC stock has surged 9.3% so far this week, rebounding from its 21-day line and near its 10-week, like Lam Research.

Taiwan Semiconductor earnings are due Jan. 14. The capital spending forecast for the world’s largest chip foundry will be key for Lam, Applied Materials, KLA and others.

Tesla Stock Extended?

Tesla stock leapt 7.9% to 816.04, hitting yet another record high. That move made Elon Musk the richest man in the world, passing Amazon (AMZN) CEO Jeff Bezos.

Is Tesla stock getting too extended? TSLA stock is up nearly 16% this week and 75% from the 466 cup-with-handle buy point cleared on Nov. 18. It’s now 136% above its 200-day line, a huge gap so deep into a rally.

William O’Neil research has found that when growth stocks get 100%-120% above their 200-day line it’s a big warning sign. It’s not a sell signal, but a shot across the bow. Investors should be on the lookout for defensive sell signals, such as new highs in low volume or climax-type action. Investors also could sell some shares into strength.

Tesla stock appears to heading toward vertical once again, rising for 10 straight sessions, though it’s not showing classic climax behavior.

Take a look at the character of TSLA stock.

In September 2013, at the end of Tesla’s first big run, shares were 129% above their 200-day line.

On Feb. 4, 2020, Tesla stock hit a peak after a climax-type run, closing the day 198% above its 200-day line.

On July 17, TSLA stock closed up 145% above its 200-day, and that’s after reversing lower from a big intraday spike.

On Aug. 31, Tesla stock set a record close, up 191% from the 200-day line. Shares officially peaked intraday on Sept. 1.

Tesla stock is driving and riding an EV stock frenzy. Chinese rival Nio (NIO) rose 7.5% to 54.28, nearing a 57.30 buy point, according to MarketSmith analysis. It’s currently 171% above its 200-day line. But when Nio stock set a closing high on Nov. 23, it was 318% above the 200-day.

Both Tesla stock and Nio continued rising overnight.

When To Sell Top Growth Stocks: How Far Does It Rise Above The 200-Day Line?

Tesla Model Y SR

Thursday night, Tesla listed a Model Y Standard Range, or SR, for $41,990. That’s $8,000 cheaper than previous base model, the Model Y LR, at $49,900.

Also, Tesla offered a 7-seat option on the SR and LR variants, for an extra $3,000. It’s unclear if the third row of seats will have enough room for normal-sized adults.

The SR variant has a listed range of just 244 miles, vs. 326 miles for the LR and 303 miles for the Performance version.

Elon Musk had tweeted last July that a Tesla Model Y SR would never be available, saying the sub-250 mile range would be “unacceptably low.”

However, there were signs that Model Y demand in the U.S. had started to wane by the end of last year. Meanwhile, the Ford (F) Mustang Mach-E just started deliveries at the very end of last year, while the Volkswagen (VWAGY) ID.4’s U.S. debut is in March.

The Ford Mach-E starts at $42,895. But after the $7,500 federal tax credit, it’s only $35,395.

The VW ID.4 will start at $39,995, or $32,495 after the federal tax credit. Starting in 2022, when VW makes the ID.4 in Tennessee, it’s said the crossover will start at $35,000, or $27,500 after the tax credit.

The base Mach-E has a listed range of 230 miles, while the ID.4 has 250 miles. That’s roughly comparable to the Model Y SR, while still being considerably cheaper. Also, Tesla vehicles tend to fare poorly in real-world mileage tests vs. official ranges compared to other electric vehicles.

Meanwhile, Baidu (BIDU) will team up with Chinese automaker Geely to make electric vehicles, according to multiple reports. Baidu would be majority owner of a standalone company, with Volvo parent Geely doing the manufacturing. The Chinese search giant has worked extensively on driver-assist technology.

Baidu stock has soared in recent weeks, in part on reports that it would move in EVs.

Stock Market Rally Extended?

How about the broader stock market rally?

The Nasdaq is now 7.2% above its 50-day line. That’s getting slightly extended. Typically, 6% is where the Nasdaq might pull back. Over the past year, getting to 7% or more has often led to some brief pullbacks as well as the September correction.

On Dec. 8, the Nasdaq closed 7.7% above its 50-day line. The following session, the Nasdaq sank 1.9%, with further selling the following morning before recovering.

QQQ, the Nasdaq 100 ETF, is 5.6% above its 50-day, reflecting the lackluster performance of tech giants. The S&P 500 is 5.4% above that key level. That’s certainly on the edge of being extended for the broad market index

Bullish sentiment remains relatively high, while pockets of froth — Bitcoin and related plays, electric-vehicle stocks such as Tesla, and some recent IPOs — remain.

Ideally, the major indexes would move sideways or edge lower for a few weeks, as the S&P 500 did heading into Christmas. That would let the 50-day line catch up to the major indexes without an unnerving sell-off. It would also let leading stocks set up new bases, tight patterns or handles. But, the market is going to do what it’s going to do.

What To Do Now

Investors should stay vigilant — always a good idea. There’s no compelling need to sell, though there’s nothing wrong with selling into strength. Look at your holdings. Are some getting too extended? Is there too much exposure to 2020 winners that have been lagging, such as tech titans and cloud software plays?

Consider the stock market rally’s recent tests of the 21-day moving averages. Many growth stocks suffered significant losses on what was ultimately a modest, brief market pullback. A Nasdaq retreat to the 50-day line likely would trigger sharp sell-offs in many market leaders.

Make sure to cast a wide net for your watchlists. Focus on relative strength and companies with strong earnings estimates. Many cyclical stocks had a terrible 2020 due to coronavirus shutdowns and severe economic recession, but are rebounding now with analysts betting on 2021 comebacks.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.


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Top steelmakers to report record earnings in Q3 FY21

Mumbai: Indian steel mills are estimated to report record high earnings in the December quarter – and the rest of the year – due to skyrocketing steel prices and a visible rebound in infrastructure and consumption demand.

“We expect the steel sector to stage a splendid turnaround on the back of a price uptick,” said Edelweiss Vice President, Amit Dixit in a sector report on Tuesday. “And the operating profit per tonne for ferrous is likely to be near the peak of the previous cycles in the past 15 years.”

Analysts expect steel companies as pick of the pack with Ebitda growth of around 152% year-on-year on an average. Prices rose by an average Rs 7,300/tonne to Rs 49,000 – Rs 52,000 per tonne in Q3.

Steelmaker JSW Steel said that a shortage of steel in the country combined with a pick-up in infra and auto demand is resulting in reduction of inventories for steel players.

“Overall, there is a shortage of steel, not only in India but globally. Supply has not gone in line with the recovery. Last year in October the consumption was around 8 million tonne this year it is 8.6 November also witnessed a growth. Supply did not go up in a similar way,” said JSW Steel’s joint managing director, Seshagiri Rao.

Most user industries exhausted their inventory and there is big restocking that happened in Q3. Cost pressures pushed up the steel prices and this will result in a better December quarter for steel companies, he added.

JSW Steel is witnessing demand from infra, commercial vehicles, electrical goods and solar segments. The company’s average capacity utilisation improved from 86% in Q2 to to 91% in the Q3 of FY 21 and it reported an Ebitda per tonne of Rs 10,141.

“Iron ore shortage continued to persist in Odisha, which has led to lower steel production for some non-integrated players such as JSW Steel,” said a report by IDBI Capital on Friday. It expects JSW Steel’s Ebitda to go up by 146.3% YoY.

Yet another top steelmaker, Tata Steel, reported an Ebitda per tonne at Rs 13,127 in Q2 and it expects to see a revival in Q3 and Q4.

“We are very bullish on demand for Q3 and Q4 as we see the steel sector is reviving and it is also traditionally a good quarter for steel,” said Tata Steel’s managing director T.V. Narendran.

IDBI Capital expects Tata Steel’s Ebitda to go up 136% yoy.

While JSPL reported an Ebitda per tonne of Rs 12,600 and state-owned Steel Authority of India’s Ebitda per tonne was around Rs 4,158 in Q2. It is likely to go up by 76% and 323.7% yoy, respectively, in Q3.

“In Q3FY21 we did 35 lakh tonnes of sales and 35 lakh tonnes of production in H1. We are targeting 40 lakh tonnes of sales and 40 lakh tonnes of production in H2 which will amount to 7.5 million tonnes of sales & production in FY2021”, said V R Sharma, Managing Director, JSPL

As per analysts, the record high profit estimates can be attributed to the steady price hikes taken by the large Indian steel players since September of FY 21 due to international price hikes and an increase in iron ore prices.

In Q3, steel players undertook around five price increases and at the end of December, HRC prices were quoting at Rs 52,000 per tonne to Rs 58,000 per tonne.

As of Friday, domestic HRC prices rose further by Rs 2,750/t (5%) compared with previous week as major producers calibrated their notified prices with wholesale ones, said a report by Edelweiss.

“Steel price hikes will not affect some of the infra projects and auto contracts booked earlier,” said Ranjan Dhar, chief marketing officer, ArcelorMittal Nippon Steel India.

To be sure, iron ore prices went up sharply, while yet another raw material, coking coal, became cheaper by Rs7,300 per tonne as per Ind-Ra’s report last week.

“Companies using the blast furnace route are likely to have reduced cost of steel production by around Rs 1,800/tonne yoy in 2H FY21, supported by the reduced cost of coking coal per tonne of around Rs 7,300,” the report said.

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CarMax Falls as Earnings Beat Fails to Offset Lack of Guidance

CarMax  (KMX) – Get Report shares fell on Tuesday after the company posted fiscal third-quarter earnings that beat analysts’ forecasts but chose to hold back on offering forward guidance amid ongoing uncertainty surrounding the pandemic.

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Mike Tyson record, career earnings, Evander Holyfield ear bite fight cheque

The day before Mike Tyson’s infamous rematch against Evander Holyfield in Las Vegas in June 1997, the heavyweight boxer went to collect his pay check at the office of his promoter, Don King, at the MGM Grand.

A grinning King pulled out a pen and wrote a check, which he held up for Tyson to see.

The sum? $30 million — and all before the boxer had even fought.

“I’ll see you tomorrow night,” King told Tyson. “Now, just don’t get into any trouble tonight, my brother. Just keep it calm.”

In “Talking To GOATs — The Moments You Remember and the Stories You Never Heard” (HarperCollins), out now, sportscaster Jim Gray details this moment and other astonishing eyewitness accounts of Tyson, his friend of more than 35 years.

The moment Tyson left King’s office, the boxer jumped into his new $350,000 Lamborghini, reversed it straight into a parking barrier, and dented the fender, Gray writes.

Convinced the car was cursed and screaming that he didn’t need any bad luck before his big fight, Tyson leapt out of the car and threw the keys at a nearby security guard, telling him to keep it.

“Take this f***ing car,” Tyson screeched. “Get this f***ing car away from me!”

Perplexed, the security guard turned to King. But the promoter simply shrugged.

“Ay brother, my man is giving you this car,” King replied. “Take it, have a good time.”

And with that, the security guard sped off in his new sports car.

More than an hour later, Gray was dining with King at The Palm restaurant when a messenger arrived and said there was an emergency.

Leaving the restaurant, King found Tyson exiting Caesar’s Palace where, according to reports, the boxer had just spent $800,000 at the Versace store.

“I remember he bought purple shoes and yellow and orange scarfs,” recalls Gray in the book. “The second he took that stuff out of the store, it had no value. He didn’t care. He ordered King to take care of it.”

Between his shopping spree and giving up the sports car, Tyson had burned through $1.15 million in less than 90 minutes.

“Give me back the check,” demanded King in a last-ditch attempt to save Tyson from himself. Reluctantly, Tyson complied.

TV journalist Gray first met Mike Tyson at Matteo’s restaurant in Los Angeles in the mid-1980s when the boxer was still a teenager. Gray bumped into the boxer on the way to the rest room, and Tyson recognised him from TV, sat down at his table and forged their friendship.

But, as Gray writes, Tyson indulged in having a good time and everything that went with it, “whether that was drinking or women or more women, cars, clothes, jewellery, and watches. You name it. He wasn’t living a life of regret.

“Tyson has lived his life on his terms, on a high wire without any net.”

No party was too lavish for Tyson. After he beat Tony Tucker at the Hilton Hotel in Las Vegas in 1987 to become the undisputed heavyweight champion of the world, the fighter entered his celebration party wearing a blue cape, holding a sceptre and sporting an ornate crown festooned with real gems. Then he settled down to feast on a whole roasted pig weighing down the buffet table.

“It felt like something out of the 1700s,” writes Gray.

It’s easy to see how Tyson eventually spiralled out of control.

Raised in Brownsville, Brooklyn, he endured a torrid childhood, characterised by what he called “poverty and chaos”.

He never met his biological father, and his stepfather also abandoned the family. The young Tyson ran with drug dealers and convicts and was arrested 38 times before he was 13 years old, ending up in a juvenile detention centre.

After his mother died when he was 16, he was officially adopted by his first boxing trainer, Cus D’Amato, who became Tyson’s legal guardian.

“It was boxing that saved him — and nearly destroyed him,” writes Gray.

At times, the boxer was his own worst enemy. During the rematch with Holyfield at the MGM Grand Garden Arena in Las Vegas, billed as “The Sound and the Fury,” Tyson had become agitated by his opponent’s repeated headbutts, one of which left him with a large cut over his right eye. In retaliation, Tyson famously bit Holyfield’s right ear and removed a lump of his lobe in the process.

As a result, Tyson was permanently suspended from boxing and his license to fight was revoked, a decision that was overturned a year later.

Gray was also a witness when Tyson held a man by his ankles outside a third-floor hotel window in an argument over money (“Bitch, can you fly,” shouted Tyson, as his victim dangled).

And he was on the other end of the microphone when Tyson, high on success in 2000, told Gray that he intended to rip out the heart of rival boxer Lennox Lewis and then eat his children, too.

Tyson even threatened to kill Gray and promoter Don King during an interview.

“I said, ‘Why?’ He said that King had stolen money from him, and I just let him answer,” Gray writes.

“And after that, when I asked him something else, he answered, then said, ‘Mr. Gray, I love you,’ and he kissed me on the cheek.

“It was far more disturbing when he kissed me than when he threatened to kill me.”

When a 25-year-old Tyson was imprisoned for six years for rape in 1992, at the height of his boxing powers, he wrote to Gray from Indiana Youth Centre and said he could be released much earlier if he confessed to the crime. But, he wrote, he’d never do that.

“I will never admit to something I didn’t do,” the letter said.

Following that sentence, Tyson wrote that there were “four or five other things” he had done that were “worse than what I’m accused of,” concluding that it was probably right that he was in jail anyway.

Gray kept the letter. When Tyson was released in 1995, having served less than three years of his sentence, he got the first television interview with the boxer and asked him to his face: What was it that he did that was even worse than rape?

“Mr. Gray,” replied Tyson, matter of factly, “it’s probably best that I don’t answer that question on national television because I don’t know the statute of limitations.

“However, what I wrote you is true.”

It was during his time in prison that Tyson bought the first of his three Bengal tigers, a 250kg big cat called Kenya, costing him $71,000. He had been discussing buying a new vehicle with his car dealer but the conversation turned first to horses and then to wild animals. (Eventually, Tyson had to give Kenya up because — as Tyson once explained — the cat “ripped somebody’s arm off.”)

Today, he prefers to keep pigeons.

But Tyson is still fighting — and racking up the cash.

Last month, the boxer returned to the ring for an exhibition bout against Roy Jones Jr., 15 years after his last professional fight. Now 54, he appears to be in formidable shape, with a rock-solid six-pack and biceps like boulders. Though the fight ended in a draw, more than 1.2 million people paid $50 to watch on television, netting Tyson a reported $7.5 million for just 16 minutes work.

In February, he also opened Tyson Ranch, a 40-acre cannabis farm in California City in the Mojave Desert, 110 miles north of Los Angeles. Now a committed weed fan, Tyson even admitted to smoking the stuff before his fight with Jones Jr.

“Listen, I can’t stop smoking,” he told reporters. “I just have to smoke … I smoke every day.”

It’s just the latest chapter in what Gray calls Tyson’s “roller coaster” of a life. “He remains a complicated man, forever unpredictable,” he concludes in the book.

“Who knows what happens next?”

– New York Post

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Lululemon Stock Nears Buy Point On Surprise Lululemon Earnings Gain

Lululemon Athletica (LULU) reported a surprise third-quarter earnings gain late Thursday as people working out at home during the coronavirus pandemic seek out comfort wear and workout tech. In after-hours trading, Lululemon stock fell modestly but not far from a buy point.


Lululemon Earnings

Estimates: Wall Street expected Lululemon earnings to fall 9% to 87 cents a share despite revenue growing 10% to $1.01 billion. Same-store sales were expected to tumble 22.3%, according to Consensus Metrix. But total comps, which include online sales, were seen rising 4.3%. Lululemon did not include comp sales in its last report, citing the pandemic store closures.

Results: Lululemon earnings rose 21% vs. a year earlier to $1.16 a share, after tumbling 69% in 23% in Q2 as the pandemic forced stores to close. Revenue climbed 22% to $1.12 billion. Same-store sales skidded 17%. But comps including online sales jumped 19%. Direct-to-consumer revenue increased 94%, now accounting for 43% of total revenue.

Lululemon did not offer guidance, citing coronavirus uncertainty.

IBD Live: A New Tool For Daily Stock Market Analysis

Lululemon Stock

LULU stock fell about 1% in after-hours action. Shares of the yogawear maker climbed 1.5% to 369.07 in Thursday’s stock market trading. Lululemon stock is working on a 383.64 cup-with-handle buy point in a consolidation that stretches back to early September, according to MarketSmith chart analysis. The relative strength line for LULU stock has flattened out after a strong uptrend earlier this year.

But Lululemon stock found support intraday at its 21-day exponential moving average, just above a prior resistance area in the base.

Among other fitness stocks, Nike (NKE) fell 0.9%. Peloton Internative (PTON) gained 6.5%, back above its 50-day line. Apple (AAPL), which is expanding into subscription health and workout services with Fitness+, rose 1.2%. Both Apple stock, in buy range from a 122.09 early entry, and Nike are on the IBD Leaderboard.

Lululemon stock has benefited from what Wall Street sees as expansion on three fronts: e-commerce, international and home workout tech, with the deal for Mirror.

In June, Lululemon agreed to acquire at-home fitness company Mirror for $500 million, a move beyond its apparel root. Investors saw that as a bet on more people shifting to workouts from their homes. The acquisition was Lululemon’s first. Mirror is on track to generate $100 million in 2020 sales, according to Lululemon, which is spending heavily on marketing.

Lululemon, known for premium yoga pants, saw e-commerce sales jump 155% in Q2 after the pandemic forced it to shut brick-and-mortar stores. However, most company-run stores reopened by July.

Its core women’s apparel business continues to thrive, even as Lululemon expands successfully into the men’s category, as well as new markets like Europe and Asia. China is driving international growth.

Find Aparna Narayanan on Twitter at @IBD_Aparna.


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