9.2 Million Unfilled Jobs

Yesterday, the S&P 500 snapped its seven-day winning streak. The market is mostly flat so far this morning.

Later today, the Fed will release the minutes from its last meeting. There was a disconnect at the meeting. The economic forecasts from the Fed officials were much more hawkish than the comments by the Fed. Hopefully, the minutes will clarify the issue.

This morning’s job openings report was little changed at 9.2 million. That’s the number for May. (Technically, it rose a little bit to a new all-time high.)

Middleby looks to lose its battle to buy Welbilt (which is fine by me). Italy’s Ali Group raised its offer to buy Welbilt to $24 per share. Welbilt looks to go ahead with Ali Group. This will earn MIDD a new break-up fee.

Middleby stayed in the news by releasing updates for guidance for this quarter and full year. The company was sure to mention that this guidance is above current estimates.

For Q2, MIDD sees revenue of $808 million and adjusted EBITDA of $186 million. Wall Street had been expecting $794 million and $174 million respectively.

For all of 2021, MIDD now sees revenue of $3.244 billion and adjusted EBITDA of $730 million. That’s above consensus of $3.167 billion and $704 million.

Posted by on July 7th, 2021 at 11:16 am


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