ABB Ltd. (ABB) reported earnings on Thur 4 Feb 21 (b/o)

Note May 2023: ABB delisted from the NYSE. The last trading day of the ADRs on the NYSE was May 22, 2023, and the delisting became effective on May 23, 2023.

  

 ** charts after earnings **

 

ABB Ltd beats by $0.07, beats on revs

Reports Q4 (Dec) earnings of $0.26 per share, $0.07 better than the two analyst estimate of $0.19; revenues rose 1.6% year/year to $7.18 bln vs the $6.96 bln S&P Capital IQ Consensus.

Outlook - Short-term outlook

• Market uncertainty due to COVID-19 increased through the fourth quarter. The outlook remains muted for segments such as oil and gas, conventional power generation and marine, while raw materials costs are rising. That said, there are signs of positive development in general industry and machine builders' segments, while end-markets including buildings, distribution utilities, data centers, consumer electronics and food and beverage are expected to grow robustly.
• Against this backdrop, and a tough comparison base for the first quarter of 2021, ABB envisages a return to positive year-on-year comparable order developments during the second quarter period. Comparable revenue growth is expected to prove resilient in the first quarter, supported by backlog conversion, although Industrial Automation (henceforth, Process Automation) is likely to be more challenged. The operational EBITA margin for the group is expected to clearly improve year-on-year, supported by improvements in most business areas, and to remain largely stable on a sequential basis.
• Management's base case is for a gradual improvement in market conditions as 2021 progresses. That said, forward visibility remains limited, particularly regarding the service market recovery in Process Automation. Given the above, ABB expects comparable revenue growth to be broadly in line with its long-term target range and expects clear margin accretion for the full year 2021 compared to full year 2020. ABB also expects strong EPS accretion8 and solid cash delivery for the year.
• ABB's financial targets, as established at the November 2020 Capital Markets Day, remain unchanged.

-=Luckin Coffee (LK) withdraws request for Nasdaq hearing; shares to be suspended on June 29

• Luckin Coffee Inc (LK) said on Friday its shares would be suspended from trading on the Nasdaq from next week as it withdrew a request for a hearing with the U.S. stock exchange on the delisting notice.
• The Nasdaq’s (NDAQ) reasons for delisting include public concerns raised by the fabricated transactions, company’s failure to disclose material information and to file its annual report.

Luckin Coffee withdraws request for Nasdaq hearing; shares to be suspended on June 29

As previously disclosed, the company received two written notices from the Listing Qualifications Staff of the Nasdaq Stock Market, indicating the grounds of its decision to delist the company's securities from Nasdaq.

On May 22, the company requested an oral hearing before the Nasdaq Hearings Panel pursuant to Market Place Rule 4820. On May 23, Nasdaq informed the company of the scheduled hearing date of June 25, 2020.

On June 24, the company notified the Listing Qualifications Staff of the company's decision to withdraw its request for the aforementioned hearing and not to seek to reverse or stay the Listing Qualification Staff's determination of delisting the company from the Nasdaq Global Select Market. As a result, the Office of General Counsel of Nasdaq has notified the company that the company's shares will be suspended at the open of business on June 29, and Nasdaq will file a Form 25 Notification of Delisting when all appeal periods have expired.

Hertz Global (HTZ) files for bankruptcy due to coronavirus crisis

• The New York Stock Exchange initiated proceedings to delist Hertz Global Holdings Inc (NYSE: HTZ) on Tuesday following the car rental chain's bankruptcy filing.   

 

Hertz Global announces it and certain of its US and Canadian subsidiaries have filed voluntary petitions for reorganization under Chapter 11 in the US Bankruptcy Court for the District of Delaware 

The impact of COVID-19 on travel demand was sudden and dramatic, causing an abrupt decline in the company's revenue and future bookings. Hertz took immediate actions to prioritize the health and safety of employees and customers, eliminate all non-essential spending and preserve liquidity. However, uncertainty remains as to when revenue will return and when the used-car market will fully re-open for sales, which necessitated today's action. The financial reorganization will provide Hertz a path toward a more robust financial structure that best positions the company for the future as it navigates what could be a prolonged travel and overall global economic recovery.

Hertz's principal international operating regions including Europe, Australia and New Zealand are not included in today's U.S. Chapter 11 proceedings. In addition, Hertz's franchised locations, which are not owned by the company, also are not included in the Chapter 11 proceedings.

As of the filing date, the company had more than $1 billion in cash on hand to support its ongoing operations. Depending upon the length of the COVID-19 induced crisis and its impact on revenue, the company may seek access to additional cash, including through new borrowings, as the reorganization progresses.

Hertz was on a strong upward financial trajectory prior to the COVID-19 pandemic, including ten consecutive quarters of year-over-year revenue growth and nine quarters of year-over-year adjusted corporate EBITDA improvement. In January and February 2020, the company increased global revenue 6% and 8% year over year, respectively, driven by higher U.S. car rental revenue. In addition, the company was recognized as No. #1 in customer satisfaction by J.D. Power and as one of the World's Most Ethical Companies by Ethisphere.

-=Tile Shop (TTS) reported earnings on Tue 22 Oct 2019 (b/o)

Tile Shop misses by $0.04, reports revs in-line; suspends dividend and cancels share repurchase program, will delist and deregister its common stock

Reports Q3 (Sep) loss of $0.03 per share, $0.04 worse than the S&P Capital IQ Consensus of $0.01; revenues fell 3.7% year/year to $85.94 mln vs the $85.99 mln S&P Capital IQ Consensus. Comparable store sales decreased $3.1 million, or 3.5%, for the third quarter of 2019 compared to the third quarter of 2018 primarily due to lower customer traffic. Net sales generated by stores not included in the comparable store base decreased $0.2 million.

"We've undertaken a thorough and thoughtful review of our cost structure, including costs associated with being a Nasdaq-listed and SEC reporting company. After careful consideration, our Board of Directors decided to voluntarily delist from Nasdaq and deregister with the SEC as we believe the savings that will benefit our shareholders outweigh the advantages of continuing as a Nasdaq-listed and SEC reporting company."

The Board of Directors decided to suspend the Company's quarterly cash dividend and cancel the Company's share repurchase program, each effective immediately, to focus on debt reduction and continued investment in strategic initiatives.

Transgenomic (TBIO) delisted from the Nasdaq

• Transgenomic was delisted from the Nasdaq (Feb 21, 2017)
• Transgenomic merged with Precipio Diagnostics (PRPO) 

TBIO 2015-05-29

Long trade : Digital Ally (DGLY) +20% (5/15)

Digital Ally, Inc. is a maker of video recording systems for law enforcement.

• Sector: Industrials
• Industry: Security & Protection Services
• Full Time Employees: 83
• Founded: 2000
• Headquartered in Lenexa, Kansas.
• http://www.digitalallyinc.com

  

2018 update

• In April 2018 the Nasdaq exchange notified Digital Ally that it didn't comply with a requirement of having a minimum of $2.5 million in stockholders' equity. The exchange gave the company until Sept. 30 to come back into compliance or risk being delisted.
• In September 2018, the company sold 2.4 million shares at $3.05 a share. The offering was expected to bring  of about $6.75 million.
• Digital Ally has been hampered by a series of patent disputes. After surviving patent challenges by competitors.