A bankruptcy judge said building-products maker CertainTeed LLC appears to have disadvantaged asbestos-injury claimants by placing its asbestos liabilities in chapter 11, spotlighting a corporate maneuver that some congressional Democrats want to curb.
Judge J. Craig Whitley of the U.S. Bankruptcy Court in Charlotte, N.C., said Tuesday the company may have defrauded injury claimants when it used a corporate affiliate with no employees or operations as a "vessel designed to ferry...asbestos liabilities into bankruptcy."
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Air China Stock Will Struggle to Lift Off
This column is part of the Heard on the Street stock-picking contest. You're invited to play along with us here.
After a disastrous 2020, travel has begun recovering in 2021, offering some hope for beleaguered airline investors. Chinese airlines weathered the initial storm relatively well, as domestic tourism roared back and helped cushion the hit to international travel. But with China now fighting to contain the highly contagious Delta variant of Covid-19, domestic tourism is again struggling, and the day the nation reopens its international borders is looking ever farther off.
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Inflation Likely Eased Slightly in July as Economy Rebounded
Inflation likely remained elevated but ebbed slightly in July, as the economy rebounded amid pandemic-related shortages of labor and supplies, economists say.
Economists surveyed by The Wall Street Journal expect the Labor Department to report the consumer-price index rose 5.3% in July from a year earlier, a bit slower than June's 5.4% surge and still close to the highest 12-month rate since 2008. The so-called core price index, which excludes the often volatile categories of food and energy, likely increased 4.4% from a year before, they estimate.
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Fed's Evans Open to Reducing Asset Purchases Later This Year
The economy is on track to later this year satisfy the Federal Reserve's threshold to begin reducing its $120 billion in monthly asset purchases, a top central bank official said Tuesday.
Chicago Fed President Charles Evans said he expected recent employment gains to continue, which would allow the Fed to declare that the economy has achieved the "substantial further progress" it laid out last December.
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China's Corporate Crackdown Drives Investors to Industries Beijing Supports
The corporate crackdown in China that has hammered internet stocks is driving investors to sectors still in Beijing's good graces, such as high-tech manufacturing and renewable energy.
Shares of Chinese semiconductor companies, electric-vehicle manufacturers and solar-panel makers listed in mainland China climbed over the past month while shares of technology giants and companies that provide after-school tutoring suffered massive selloffs.
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Most GOP Senators Sign Pledge to Not Help Democrats on Debt Ceiling
WASHINGTON-Most Republican senators have signed on to a pledge to force Democrats to raise the debt ceiling through procedures that don't rely on GOP votes, escalating the political tug of war over who is responsible for keeping the U.S. from defaulting.
Sen. Ron Johnson (R., Wis.) said in an interview that some 46 Republicans have signed on to a letter that he circulated during a rapid-fire series of votes on a budget resolution that kicks off Democrats' efforts to pass a $3.5 trillion cornerstone of President Biden's agenda.
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Biden to Urge Businesses to Require Covid-19 Vaccine for Workers
WASHINGTON-President Biden will meet Wednesday with the chief executives of United Airlines Holdings Inc. and Kaiser Permanente in a bid to encourage more companies to follow their lead and require workers to get vaccinated against Covid-19.
Howard University President Wayne Frederick and Diane Sumpter, a small business leader from South Carolina, are also expected to attend the virtual meeting alongside United CEO Scott Kirby and Kaiser Permanente CEO Gregory Adams, a White House official said.
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Lt. Gov. Kathy Hochul Begins Transition Following Gov. Cuomo's Resignation
New York Lt. Gov. Kathy Hochul is lining up support among local politicians as she transitions to become New York's first female governor after Gov. Andrew Cuomo said Tuesday he would resign.
Ms. Hochul, a Democrat, plans to address the public Wednesday afternoon, her office said.
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China Sentences Canadian Citizen to 11 Years for Espionage in Case at Heart of Diplomatic Standoff
HONG KONG-A Chinese court sentenced entrepreneur Michael Spavor to 11 years in prison on espionage charges in the first of two national-security cases involving Canadian citizens that sit at the center of a fierce standoff with both Canada and the U.S.
Mr. Spavor was found guilty of "probing into and illegally providing state secrets" to foreign actors, said the Dandong Intermediate People's Court in northeastern Liaoning province on its website Wednesday.
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Fresh U.K. Covid-19 Data Boosts Hopes That Delta Variant Can Be Held in Check
LONDON-The latest surge of Covid-19 cases in the U.K. is giving rise to growing optimism among doctors and scientists that the highly transmissible Delta variant of the coronavirus can be held at bay with high levels of vaccination and public caution.
Although caseloads are now ticking higher after Prime Minister Boris Johnsondropped almost all public-health restrictions in mid July, hospital admissions have been falling and deaths are a fraction of the level seen in earlier phases of the pandemic, according to the latest official data through early August.
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Write to paul.larkins@wsj.com
TODAY IN CANADA
Earnings:
Ag Growth Intl 2Q
Andlauer Healthcare 2Q
ATS Automtn Tooling 1Q
AutoCanada 2Q
BBTV Hldgs 2Q
Birchcliff Energy 2Q
Boyd Grp 2Q
Bragg Gaming 2Q
CAE 1Q
Canada Goose 1Q
Chmtrd Logstcs 2Q
Computer Modelling 1Q
Converge Tech 2Q
Dialogue Health 2Q
ECN Capital 2Q
Emera 2Q
Fortuna Silver 2Q
Franco-Nevada 2Q
IMV 2Q
Intertape Polymer 2Q
Linamar 2Q
Lundin Gold 2Q
MDA 2Q
mdf commerce 1Q
Metro 3Q
Mogo 2Q
New Gold 2Q
Northland Power 2Q
Peyto Explrtn 2Q
Points Intl 2Q
Savaria 2Q
STEP Energy 2Q
SunOpta 2Q
Superior Plus 2Q
Wesdome Gold Mines 2Q
Economic Indicators:
None scheduled
Stocks to Watch:
Bird Construction 2Q EPS C$0.26; 2Q Adj EPS C$0.28; 2Q Net C$13.6M
Cathedral Energy 2Q Rev C$7.3M Vs. C$8.8M; 1H Rev C$18.7M Vs. C$28.1M; North Amer Oilfield Services Industry Continues to Improve From 2020 Lows; Strong Oil & Gas Prices Spurring More Drilling Activity in Back Half of 2021 and Into 2022
Imperial Metals 2Q Loss/Shr C$0.04; 2Q Rev C$34.2M
Journey Energy 2Q EPS C$0.19 Vs. EPS C$0.07; 2Q Production Rev C$27.5M Vs. C$11.2M; 1H EPS C$0.03 Vs. Loss C$1.88; 1H Production Rev C$51.1M Vs. C$29.5M
Optiva 2Q Rev $16.3M Vs. $19.9M; 2Q EPS $0.22 Vs. Loss $2.78; 1H Rev $32.4M Vs. $39M; 1H EPS $3.16 Vs. Loss $2.63; Larger Sales Team Driving Ramp-Up in Bookings, Visibility Into Expected Rev Growth in 2022
Pan American Silver 2Q EPS 34c; 2Q Adj EPS 22c; 2Q Rev $382.13B; Raises Dividend to 10c Vs. 7c
VerticalScope 2Q Rev $14.4M Vs. $12.1M; 2Q Loss/Shr $0.24 Vs. EPS $0.06; 1H Rev $30.3M Vs. $23.4M; 1H Loss/Shr $0.18 Vs. Loss $0.28
Expected Major Events for Wednesday
06:00/JPN: Jul Preliminary Machine Tool Orders
06:00/GER: Jul CPI
08:00/ITA: Jul CPI
11:00/US: 08/06 MBA Weekly Mortgage Applications Survey
12:30/US: Jul CPI
12:30/US: Jul Real Earnings
14:00/US: Jul Online Help Wanted Index
14:30/US: 08/06 EIA Weekly Petroleum Status Report
18:00/US: Jul Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt
23:01/UK: Jul RICS Residential Market Survey
23:50/JPN: Jul Corporate Goods Price Index
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Wednesday
APi Group Corp (APG) is expected to report for 2Q.
ATS Automation Tooling Systems is expected to report $0.23 for 1Q.
Allena Pharmaceuticals Inc (ALNA) is expected to report $-0.22 for 2Q.
Altimmune (ALT) is expected to report $-0.40 for 2Q.
Bellerophon Therapeutics Inc (BLPH) is expected to report for 2Q.
Berkeley Lights Inc (BLI) is expected to report for 2Q.
Boyd Group Services is expected to report for 2Q.
CAE Inc (CAE,CAE.T) is expected to report $0.17 for 1Q.
CSP Inc (CSPI) is expected to report for 3Q.
Canada Goose Holdings Inc (GOOS,GOOS.T) is expected to report $-0.42 for 1Q.
Computer Modelling Group is expected to report $0.06 for 1Q.
Crescita Therapeutics is expected to report for 2Q.
Crown Crafts (CRWS) is expected to report $0.14 for 1Q.
Emera is expected to report $0.55 for 2Q.
Evofem Biosciences Inc (EVFM) is expected to report $-0.37 for 2Q.
Exicure Inc (XCUR) is expected to report $-0.14 for 2Q.
Gritstone bio Inc (GRTS) is expected to report $-0.48 for 2Q.
Haemonetics Corp (HAE) is expected to report $0.04 for 1Q.
Hyliion Holdings Corp (HYLN) is expected to report for 2Q.
Intertape Polymer Group Inc (ITP.T,ITPOF) is expected to report $0.33 for 2Q.
Ivanhoe Mines is expected to report $0.02 for 2Q.
Karuna Therapeutics Inc (KRTX) is expected to report for 2Q.
Keros Therapeutics Inc (KROS) is expected to report for 2Q.
Malvern Bancorp Inc (MLVF) is expected to report $0.25 for 3Q.
Metro Inc (MRU.T,MTRAF) is expected to report $0.62 for 3Q.
Neonode (NEON) is expected to report for 2Q.
New Gold (NGD,NGD.T) is expected to report $0.04 for 2Q.
OptiNose Inc (OPTN) is expected to report $-0.43 for 2Q.
Perma-Fix Environmental Services Inc (PESI) is expected to report for 2Q.
Redline Communications (RDL.T,RDLCF) is expected to report for 2Q.
Royalty Pharma PLC (RPRX) is expected to report for 2Q.
SOPerior Fertilizer Corp (SOP.H.V) is expected to report for 2Q.
(MORE TO FOLLOW) Dow Jones Newswires
08-11-21 0601ET
