HomeNewsTuesday’s market recap: iSpecimen enters COVID-19 research collaboration, Lumi acquires Feedback Italia’s solution, and Nordstrom and J.M. Smucker release earnings

Tuesday’s market recap: iSpecimen enters COVID-19 research collaboration, Lumi acquires Feedback Italia’s solution, and Nordstrom and J.M. Smucker release earnings

  • iSpecimen announce a COVID-19 research collaboration with US Government
  • Nordstrom misses earnings estimates, J.M. Smucker surges in earnings beat
  • Lumi Global is acquiring Feedback Italia’s digital tablet solution  

Various stocks surged following positive announcements, but Nordstrom tanked after missing earnings estimates despite topping revenue estimates

iSpecimen partners with US government on COVID-19 research

iSpecimen Inc. (NASDAQ: ISPC) surged 50% after the online human biospecimens marketplace announced contracts from the US government and private companies as part of the advanced COVID-19 research efforts. The firm will look at insights on variants, testing validity, transmissibility, and research outcomes on various population segments. The company’s CEO Christopher Ianelli said COVID-19 has claimed over five million lives and will need more research to enhance the ability to cope up with future infectious disease outbreaks.

Nordstrom tanks 25% on earnings miss

Nordstrom Inc. (NYSE: JWN) shares dropped 25% after the company missed Q3 analysts' earnings estimates. However, the company posted better than expected sales of $3.6 billion representing annualized growth of 18% Q3 earnings were $64 million or $0.39 per share, missing estimates of $0.57 per share. 

CEO Erik Nordstrom stated that the company benefitted from innovative brand collaborations, customer service commitment, compelling and new merchandise, and interconnected physical and digital assets. The company expects 35% YoY growth in revenue for the whole year and an EBIT margin of 3% to 3.5% of sales.

J.M. Smucker reports revenue of $2.05 billion 

On Tuesday morning, J.M. Smucker's (NYSE: SJM) shares were up after the company announced better than anticipated revenue and profit in fiscal Q3 2021. The company benefitted significantly from the COVID-19 pandemic. However, the company's CEO, Mark Smucker, is optimistic they will continue enjoying strong demand even post-pandemic.

Smucker said that people would spend more time working remotely relative to pre-pandemic, which will benefit all Smucker categories. The company reported a net income of $206 or $1.9 per share on sales of $2.05 billion in the third quarter. The company beat Wall Street estimates in both revenue and earnings figures.

Lumi acquires leading digital tablets solution

Lumi Global has announced that it acquired Feedback Italia’s leading digital tablets solution as it seeks to enhance security and add convenience for businesses in recruiting delegates. The company is looking to help businesses to enhance shareholder experience by attending annual general meetings. CEO Richard Taylor said that the latest product development would streamline on-premise processes making registration and verification of shareholders while at the same time enhancing engagement levels and experience investors can enjoy.

 

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