MIDEAST STOCKS - Factors to watch - Mar 26
DUBAI, March 26 Here are some factors that may affect Middle East stock markets on Sunday. Reuters has not verified the press reports and does not vouch for their accuracy.
Insteel Industries Inc (IIIN.O) reported a lower-than-expected quarterly profit as weak construction activity hurt demand for its steel wire reinforcing products.
The company, which mainly sells steel products for non-residential construction, expects challenging market conditions to continue depressing shipping volumes and pricing in the fourth quarter.
April-June profit fell to $900,000, or 5 cents per share, from $3.7 million, or 20 cents per share, a year earlier.
Revenue fell 5 percent to $93.6 million, while shipments declined 4.5 percent.
Analysts on average had expected earnings of 13 cents per share on revenue of $95.10 million, according to Thomson Reuters I/B/E/S.
The Mount Airy, North Carolina-based company's shares closed at $10.24 on Wednesday on the Nasdaq.
(Reporting by Vishal Krishnan Menon in Bangalore; Editing by Don Sebastian)
March 25 Uber Technologies Inc suspended its pilot program for driverless cars on Saturday after a vehicle equipped with the nascent technology crashed on an Arizona roadway, the ride-hailing company and local police said.