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Home Blog Page 8596

Pactiv Evergreen Shares Gain 8 percent Following Q3 Results

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Pactiv Evergreen Inc. (NASDAQ:PTVE) shares rose more than 8% on Tuesday following the company’s reported Q3 results, with net revenues coming in at $1.609 billion, up 15% year-over-year.
EBITDA of $187 million came in ahead of the Street estimate of $173 million. The outperformance continues to be driven by price and mix as the company drives value over volumes. Understandably, this is weighing on volumes, which were down 8% in the quarter. Though, the company noted that its end market demand was relatively stable with most of the volume declines driven by its strategy.

WTA News: Doubles win lifts U.S. past Poland in Billie Jean King Cup

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Coco Gauff and Caty McNally cruised to a 6-1, 6-2 doubles victory over Magda Linette and Alicja Rosolska to give the United States a 2-1 win over Poland on Wednesday in the Billie Jean King Cup at Glasgow, Scotland.

In the earlier singles matches, the United States’ Danielle Collins edged Magdalena Frech 6-4, 3-6, 7-6 (2) before Poland’s Magda Linette leveled the series with a 6-4, 4-6, 6-2 victory over Madison Keys.

The series was the first for both teams in Group D.

The tournament, formerly known as the Fed Cup, features 12 teams divided into four groups for round-robin play of series consisting of two singles matches and one doubles match. The group winners advance to the semifinals.

In other Wednesday action, Switzerland swept Italy 3-0 in Group A, Slovakia nipped Belgium 2-1 in Group B, and Spain thrashed Kazakhstan 3-0 in Group C. Slovakia bounced back from an 2-1 loss to Australia in its opener on Tuesday.

Billie Jean King Cup group-stage standings
Group A
1. Switzerland, 1-0
2. Canada, 0-0
3. Italy, 0-1
Group B
1. Australia, 1-0
2. Slovakia, 1-1
3. Belgium, 0-1
Group C
1. Spain, 1-0
2. Kazakhstan, 1-1
3. Great Britain, 0-1
Group D
1. United States, 1-0
2. Czech Republic, 0-1
3. Poland, 0-1

–Field Level Media

GLOBALFOUNDRIES Reports Better Than Expected Q3 Results

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GLOBALFOUNDRIES (NASDAQ:GFS) reported strong Q3 results and Q4 guidance, but investor attention is understandably focused on macro headwinds intensifying heading into 2023 as a wide array of fabless semiconductor companies have recently lowered their forward guides.
Q3 EPS came in at $0.67, better than the Street estimate of $0.60. Revenue was $2.1 billion, compared to the Street estimate of $2.05 billion.
Analysts at Deutsche Bank raised their price target to $67 from $60 while reiterating their buy rating. Despite the company’s strong execution, growing LTAs, and proactive adjustments to macro reality, the analysts expect most investors will view the company’s ability to grow next year as challenging.

PGA News: 2022 Cadence Bank Houston Open: Preview, Odds, Best Bets

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Only two events remain in the PGA Tour’s “Fall Swing,” with the Cadence Bank Houston Open set to begin Thursday at Memorial Park Golf Course.

Our golf experts provide a preview of the tournament along with odds and their best bets this week.

HOUSTON OPEN
Date: Nov. 10-13
Course: Memorial Park Golf Course (Par 72, 7,412 yards)
Purse: $8.4M (Winner: $1.512M)
Defending Champion: Jason Kokrak
FedEx Cup leader: Seamus Power

HOW TO FOLLOW
TV: Thursday-Sunday, 1-4 p.m. ET (All times Golf Channel)
Streaming: Thursday-Friday, 7:30 a.m.-4 p.m. ET (ESPN+)
Twitter: @HouOpenGolf

BEST BETS
–Dallas area resident Scottie Scheffler (+600 at BetMGM) shot a final-round 62 on Sunday to claim a T3 in Mexico. He now has six scores of 62 or better since his rookie season in 2019-20 and tied for second in Houston last year. Scheffler leads the sportsbook with 17.5 percent of the money backing him and is second with 5.7 percent of the total tickets.
–Sam Burns (+1400) has posted consecutive T7s at the Houston Open, the only player with two top-10s since the event moved to Memorial Park. His odds have lengthened slightly after opening at +1200, but Burns is second with 12.3 percent of the money supporting him.
–Tony Finau (+1600) is BetMGM’s biggest liability this week. He opened at +2200 but his odds have steadily shortened as Finau leads the sportsbook with 9.7 percent of the total tickets and is third with 10.8 percent of the money.
–Hideki Matsuyama (+2500) finished runner-up the first time Memorial Park hosted the event in 2020, but the former Masters champion has received modest action with only 3.8 percent of the bets and 6.2 percent of the handle.
–Tour rookie Taylor Montgomery (+2500) has finished T15 or better in all five starts this season.
–Jason Day (+2800) has seen his odds shorten significantly after opening at +3300. The former major champion is third at BetMGM with 5.3 percent of the total tickets backing him.
–Sahith Theegala (+5000), who recently moved to the Houston area, has two top-10s in four starts this season, but his odds have lengthened considerably after opening at +4000. He has drawn only 2.4 percent of the bets and 1.7 percent of the money.
–Dean Burmester (+5000) is the sportsbook’s third biggest liability as he has been backed by 4.4 and 3.6 percent of the action, respectively. The South African is coming off a T32 in Mexico but did finish solo fourth at the Sanderson Farms Championship.
–Sepp Straka (+6600) is the second biggest liability. Coming off a missed cut last week, Straka opened at +10000 but is sixth with 4.6 percent of the bets backing him along with 4.1 percent of the money. After a string of six missed cuts over the summer, Straka did find his form with three top-six finishes over six consecutive made cuts before last weekend.

NOTES
–Memorial Park’s origins date back to 1912 and the municipal track underwent a major renovation before the PGA Tour returned in 2020 after nearly 60 years.
–Kokrak will not defend his title after joining LIV Golf.
–DP World Tour member and former Texas A&M star Johannes Veerman is in the field on a sponsors exemption. He will be joined in the field by former University of Texas golfers Cole Hammer and Travis Vick.
–Stewart Cink will make his 650th career PGA Tour start this week, trying Fred Funk for 35th-most all-time, while Russell Henley will make his 250th career start. Henley has earned 1,031 career FedEx Cup points at the Houston Open, his most at any tournament.

–Field Level Media

ATP News: Dominic Stricker edges Lorenzo Musetti in Next Gen ATP Finals

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Switzerland’s Dominic Stricker moved to the top of the Red Group at the Next Gen ATP Finals on Wednesday with a victory over Italy’s Lorenzo Musetti that couldn’t have been any closer.

In the event’s unique format that features no-ad scoring and sets to four games, with tiebreakers at 3-3, Stricker prevailed 4-3 (5), 4-3 (6), 3-4 (7), 3-4 (6), 4-3 (3) at Milan, Italy.

The tournament includes the world’s top eight 21-and-under players, who were separated into two groups for round-robin play. The winner of each group will face the runner-up from the other group in the semifinals.

Stricker had a 20-9 edge in aces during the match that lasted 2 hours, 28 minutes. Stricker improved to 2-0, while Musetti fell to 1-1 in the Red Group round robin.

In the day’s other Green Group match, Great Britain’s Jack Draper beat Taiwan’s Chun-Hsin Tseng 1-4, 4-2, 4-3 (2), 4-2. Draper moved to 1-1, and Tseng slipped to 0-2.

The United States’ Brandon Nakashima is now 2-0 in the Green Group after a 4-1, 4-3 (2), 4-2 victory over the Czech Republic’s Jiri Lehecka. The result dropped Lehecka to 1-1, the same as Francesco Passaro, who won an all-Italian matchup against Matteo Arnaldi, 4-3 (7), 2-4, 3-4 (4), 4-3 (4), 4-3 (8).

Arnaldi, who slipped to 0-2, was unable to take advantage of three match points in the fifth-set tiebreaker before Passaro converted his third match point.

Next Gen ATP Finals group standings, with record, set winning percentage, game winning percentage:
Green Group
1. Brandon Nakashima, 2-0, 75 percent, 56.9 percent
2. Jiri Lehecka, 1-1, 50 percent, 51.4 percent
3. Francesco Passaro, 1-1, 37.5 percent, 43.1 percent
4. Matteo Arnaldi, 0-2, 40 percent, 49.3 percent
Red Group
1. Dominic Stricker, 2-0, 75 percent, 53.6 percent
2. Lorenzo Musetti, 1-1, 62.5 percent, 54.7 percent
3. Jack Draper, 1-1, 42.9 percent, 48.9 percent
4. Chun-Hsin Tseng, 0-2, 14.3 percent, 40.5 percent

–Field Level Media

Affirm Holdings Shares Plunge 22 percent on Guidance Cut

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Affirm Holdings (NASDAQ:AFRM) shares were trading more than 22% lower Wednesday afternoon following the company’s reported Q1 results and guidance cut.
Q3 EPS came in at ($0.86), worse than the Street estimate of ($0.84), while revenue of $361.62 million was slightly above the Street estimate of $360.04 million.
While the results were solid, the company lowered its fiscal 2023 guidance, citing a faster-than-expected reduction in business from Peloton as well as overall macro conditions.
For Q2, the company expects revenue to be in the range of $400-420 million, compared to the Street estimate of $433 million. For fiscal 2023, the company expects revenue in the range of $1.6-1.75 billion, compared to the Street estimate of $1.71 billion.

Coming off loss, USC eyes rebound vs. Alabama State


Coming off a sluggish season-opening setback, USC looks to regroup at home Thursday in Los Angeles when it hosts Alabama State.

The Trojans (0-1) went through multiple, lengthy scoring droughts in Monday’s 74-61 loss to coach Andy Enfield’s former team, Florida Gulf Coast. A stretch lasting more than eight minutes without USC managing a field goal proved to be the difference in the lopsided defeat.

“They have to score,” Enfield said in his postgame press conference. “Our big guys did their job tonight, but we have to be able to make plays for each other on the offensive end.”

Chief among USC’s offensive struggles was its inability to shoot the 3-pointer. The Trojans had just one successful attempt from deep until late in the second half and finished 3-of-19.

USC aims to rebound facing an opponent that struggled as much defensively in its opener as the Trojans struggled offensively.

Alabama State (0-1) gave up more than 42 percent shooting from beyond the arc and more than 58 percent from inside it in the Hornets’ 111-70 loss to UAB on Monday.

The blowout defeat marked the debut of first-year Alabama State head coach Tony Madlock. Madlock spent last season at South Carolina State after a stint as an assistant to Penny Hardaway at Memphis.

Along with a new coach, Alabama State tipped off 2022-23 with a largely new-look roster featuring a bevy of transfers and freshmen.

“Before I stepped on campus, I had 10 guys from the former team that jumped into the transfer portal,” Madlock told Sports Illustrated’s HBCU Legends. “You know how that works. I basically got a brand-new team.”

Among the newcomers is the coach’s son, TJ Madlock, who followed his dad from South Carolina State. TJ Madlock scored 25 points in his Alabama State debut. Alex Anderson, a transfer from South Alabama, debuted with eight points, five assists and a steal.

–Field Level Media

Bellarmine holds on for upset win over Louisville


Bellarmine senior Garrett Tipton scored a game-high 21 points and the Knights held on for a season-opening 67-66 victory over host Louisville on Wednesday after the Cardinals missed two jump shots in the final seconds.

Tipton, who scored 12 second-half points, shot 9-for-16 from the field, while Bash Wieland made 11 of his 12 free-throw attempts to finish with 13 points.

Bellarmine earned its first win over a Power 5 school since joining Division I two years ago.

Ben Johnson scored eight points by sinking both his 3-point attempts and adding a pair of free throws, while Langdon Hatton and Alec Pfriem each added seven points apiece for the Knights.

Louisville, which trailed by 12 with 4:41 remaining, was led by Jae’Lyn Withers’ 17 points, while Mike James added 16 points. El Ellis had 14 points and five assists, and Brandon Huntley-Hatfield recorded nine points and 10 rebounds.

After mustering just 10 first-half field goals to trail 41-30 at halftime, the Cardinals opened the second half by making six of their first 10 shots during a 16-9 run to pull to within 50-46 following Ellis’ layup with 12:57 remaining.

The Cardinals maintained their momentum and got to within 59-55 on Kamari Lands’ two free throws with 6:41 to go.

However, Tipton hit two free throws and followed with a layup, a fall-away jumper and a layup on consecutive possession to stretch the lead to 67-55 with 4:41 left.

Louisville made its final push by going on an 11-0 run to pull to within 67-66 on James’ 3-pointer with 1:02 remaining. Ellis missed the front end of a one-and-one with 43 seconds left that would have tied the game.

After a Bellarmine turnover with 27.3 seconds left, Lands missed a baseline jumper with eight seconds left and Roosevelt Wheeler’s follow from close range clanged off the rim with four seconds to play.

Bellarmine shot 21 of 43 (48.8 percent) from the field, including 7 of 15 (46.7 percent) from beyond the arc, and scored 16 points off Louisville’s 13 turnovers.

Louisville outrebounded the Knights 32-26 but shot 22 of 52 (42.3 percent) from the field and 11 of 28 (39.3 percent) from 3-point range.

–Field Level Media

Newcomers shine in debuts, lift LSU over Kansas City


Adam Miller scored 18 points and KJ Williams had a double-double as LSU defeated Kansas City 74-63 in its season opener Wednesday night in Baton Rouge, La.

Miller and Williams were both making their Tigers debuts in Matt McMahon’s first game as head coach. Miller missed all of last season due to injury after transferring from Illinois. Williams, who finished with 13 points and 14 rebounds, is the reigning Ohio Valley Conference Player of the Year who followed McMahon from Murray State. Justice Hill added 13 points.

Shemarri Allen scored 19 points and Rayquawndis Mitchell added 15 to lead the Roos, who lost their second straight under first-year head coach Marvin Menzies.

Miller started the second-half scoring with a jumper, and added a 3-pointer between two dunks by Johnson for a 50-38 Tigers lead.

The Roos made just two field goals during the first five minutes following the break, but crept within 63-54 on Allen’s 3-pointer midway through the half.

LSU’s Trae Hannibal scored the next three points, but a 7-0 run pulled Kansas City within 66-61.

Derek Fountain made two free throws to end the Tigers’ 4 1/2-minute scoring drought and he added a dunk for a 70-61 lead with less than five minutes remaining.

The Roos made just one field goal in the final 7 1/2 minutes.

Mwani Wilkinson, the most prominent hold-over from last year’s Tigers team, began the scoring by making a 3-pointer and added another for a 12-4 lead.

Allen David Mukeba Jr. made a 3-pointer to pull Kansas City within 15-12, but the Tigers rebuilt the lead to nine on a layup by Justice Williams.

Mukeba’s layup got the Roos within 25-22, but LSU increased the lead to 34-25 on a jumper by Hill.

Kansas City crept within 34-32 on a layup by Precious Idiaru, but Hill made two free throws and hit a 3-pointer down the stretch as the Tigers took a 41-34 halftime lead.

–Field Level Media

Seton Hall routs Monmouth in Shaheen Holloway’s return


Tray Jackson posted 12 points and five rebounds off the bench, freshman Tae Davis had 11 points and eight rebounds and Seton Hall stomped Monmouth 79-52 in both teams’ season opener Wednesday in Newark, N.J.

The Pirates (1-0) used a 15-0 run late in the first half to create plenty of separation from their New Jersey foes. Seton Hall shot 45.3 percent as a team while Monmouth (0-1) finished just 29.8 percent from the floor.

Tyrese Samuel had 11 points and five rebounds for Seton Hall. Clemson transfer Al-Amir Dawes added 10, as all 10 players in Seton Hall’s main rotation finished with at least two points.

It marked Shaheen Holloway’s debut as head coach of his alma mater after guiding Saint Peter’s to the Elite Eight last March.

Monmouth forward Myles Foster led all players with 18 points (13 in the second half) and 15 rebounds. Both were career highs. Nine of his boards came from the offensive glass as he helped Monmouth outrebound Seton Hall in the first half, 26-19.

The Hawks lost 18 of their 23 total turnovers during the first half and shot 2 for 20 from 3-point range.

Tahron Allen drove for two layups to bring Monmouth within 20-15 with 7:49 left in the first half. Jackson responded by making a layup and foul shot, then converted a steal into a fast-break dunk — the first five points of Seton Hall’s 15-0 run. Saint Peter’s transfer KC Ndefo contributed a dunk during the extended stretch.

The Pirates led 36-17 at intermission. Monmouth shot just 5 of 29 from the floor before halftime and didn’t make a field goal for the final 7:49.

Foster led Monmouth out of halftime with an early layup to break the field goal drought, and a later bucket kept the Hawks within 46-27.

Seton Hall answered with a quick 10-0 run thanks to 3-pointers by Jamir Harris and Dawes and two layups from freshman Tae Davis. That gave Seton Hall a 29-point lead, and they would lead by as many as 30 in the final minutes.

–Field Level Media