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When the pandemic started Wall Street banks quickly offered worker-friendly perks to attract and retain staff. Now that competition for workers has eased and covid concerns have receded, Wall Street bankers are taking aim at one of workers' favorite perks, potentially signaling its end. Work-from-home and hybrid work relationships quickly became crucial to Wall Street's hiring thousands of workers to meet growing demand stemming from easy-money policies, including stimulus payments and zero interest rates.Continue reading

TheStreet.com

Wall Street bankers want to take away your favorite work perk

https://finance.yahoo.com/m/549d68d2-da75-3b35-b4d9-c15e88e11667/wall-street-bankers-want-to.html

549d68d2-da75-3b35-b4d9-c15e88e11667

C

Goldman Sachs (GS) CEO David Solomon said in a Friday interview with Yahoo Finance that he is encouraged by a string of initial public offerings expected in the coming weeks, predicting a "pickup in the capital markets activity" over the course of the fall.If the IPOs go well, he said, it could create a "virtuous cycle" that attracts other companies still waiting on the sidelines.Goldman also stands to benefit. It is among the banks leading the underwriting for IPOs from SoftBank Group’s Arm Holdings and grocery delivery service Instacart, which would both be among the year's biggest."Obviously an environment with more capital markets activity is a good environment for Goldman Sachs," he said.Solomon is under pressure to improve Goldman's results after reporting the firm's lowest quarterly profits in three years. He is wrestling with everything from job cuts and a two-year-long investment banking slump to reports of partner unrest and questions about his leadership style.He declined during the interview to address some recent media stories about his leadership, saying "I've talked plenty about the noise and the press." His focus each day, he said, is on the company and its clients and delivering for shareholders — "that's the discussion inside Goldman Sachs."Clients, he added, "have enormous confidence in Goldman Sachs. The feedback from our clients around Goldman Sachs and the work we do for them continues to be very, very strong."Goldman Sachs CEO David Solomon pictured in April of this year in Washington. (Elizabeth Frantz/REUTERS)Goldman’s stock is down 5.5% so far this year. It has outperformed Bank of America (BAC) and Citigroup (C) while underperforming Morgan Stanley (MS) and JPMorgan Chase (JPM). The KBW Nasdaq US bank index (^BKX) is down 21% for the same period.Since Solomon became CEO in October 2018, Goldman's stock is up 45%. That is better than many Wall Street banks, except rivals Morgan Stanley and Jefferies (JEF). The KBW index has fallen 23% over the same time.Story continuesThe new fall lineup of IPOs, which also includes marketing automation software firm Klaviyo and German shoe maker Birkenstock, comes just in time for banks like Goldman that hope to end an extended dealmaking slump that followed a boom in 2021.Clients turned cautious about everything from the direction of interest rates to relations with China to the larger US economy, dampening the optimism needed to go public, buy other companies, or take on more debt.As dealmaking dried up, Goldman and other firms across Wall Street slashed bonuses and staff, announcing cuts of roughly 20,000 jobs since the end of 2022."We've been through a really tough year for capital markets activity," Solomon said Friday."We went from a very robust environment in 2021 to obviously a much different environment after the war in Ukraine started and obviously ... very, very high rampant inflation" that the Federal Reserve tried to tamp down with the most aggressive series of interest rate hikes in decades.This content is not available due to your privacy preferences.Update your settings here to see it.But the US economy, he said, "has been a lot more resilient over the last 12 months than we would have expected. I think the chance for a softer landing right now is much higher than we would have anticipated a year ago."Goldman's chief economist Jan Hatzius, who has been one of the most outspoken voices on Wall Street about a reduced risk of a recession, lowered expectations for a recession further earlier this week.While Goldman waits out the tepid period of dealmaking, Solomon is also attempting a tricky retreat from a costly push into consumer banking and backing away from offering financial advice to mass market customers so that the firm can focus on its core ultrarich clients.This content is not available due to your privacy preferences.Update your settings here to see it.He said Friday that Goldman has no plans to buy a bank and is focused on its principal businesses: investment banking and markets and wealth management."That's where the lion's share of the firm's focus is at this point in time."Click here for the latest stock market news and in-depth analysis, including events that move stocksRead the latest financial and business news from Yahoo Finance

Yahoo Finance

Goldman CEO Solomon: New IPOs could create a 'virtuous cycle'

https://finance.yahoo.com/news/goldman-ceo-solomon-new-ipos-could-create-a-virtuous-cycle-174859660.html

808d23d6-1341-4ed4-8d14-2c2e9fafe26d

CABA

Cabaletta Bio, Reata Pharmaceuticals, and MoonLake Immunotherapeutics provided the best 1-year total returns as of mid-August.Continue reading

Investopedia

Top Stocks for September 2023

https://finance.yahoo.com/m/ebe6484d-4f32-334f-81ea-5440361693a1/top-stocks-for-september-2023.html

ebe6484d-4f32-334f-81ea-5440361693a1

CABA

Top growth stocks for September include Cabaletta Bio Inc., Reata Pharmaceuticals Inc., and MoonLake Immunotherapeutics.Continue reading

Investopedia

Top Growth Stocks for September 2023

https://finance.yahoo.com/m/77052ca2-0fca-32cd-9a2c-bdf72085cb6b/top-growth-stocks-for.html

77052ca2-0fca-32cd-9a2c-bdf72085cb6b

CACC

Credit Acceptance CorporationSouthfield, Michigan, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (Nasdaq: CACC) (the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) announced today the completion of a $400.0 million asset-backed non-recourse secured financing (the “Financing”). Pursuant to this transaction, we conveyed loans having a value of approximately $500.1 million to a wholly-owned special purpose entity which will transfer the loans to a trust, which will issue three classes of notes:Note Class Amount Average Life Price  Interest Rate  A $209,411,000  2.44 years  99.97990%   6.39%  B $90,587,000  3.06 years  99.97533%   7.09%  C $100,002,000  3.47 years  99.98573%   7.62% The Financing will:have an expected average annualized cost of approximately 7.3% including the initial purchasers’ fees and other costs;revolve for 24 months after which it will amortize based upon the cash flows on the conveyed loans; andbe used by us to repay outstanding indebtedness and for general corporate purposes.We will receive 4.0% of the cash flows related to the underlying consumer loans to cover servicing expenses. The remaining 96.0%, less amounts due to dealers for payments of dealer holdback, will be used to pay principal and interest on the notes as well as the ongoing costs of the Financing. The Financing is structured so as not to affect our contractual relationships with our dealers and to preserve the dealers’ rights to future payments of dealer holdback.The notes have not been and will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This news release does not and will not constitute an offer to sell or the solicitation of an offer to buy the notes. This news release is being issued pursuant to and in accordance with Rule 135c under the Securities Act of 1933.Story continuesDescription of Credit Acceptance CorporationSince 1972, Credit Acceptance has offered financing programs that enable automobile dealers to sell vehicles to consumers, regardless of their credit history. Our financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for our financing programs, but who actually end up qualifying for traditional financing.Without our financing programs, consumers are often unable to purchase vehicles or they purchase unreliable ones. Further, as we report to the three national credit reporting agencies, an important ancillary benefit of our programs is that we provide consumers with an opportunity to improve their lives by improving their credit score and move on to more traditional sources of financing. Credit Acceptance is publicly traded on the Nasdaq stock market under the symbol CACC.  For more information, visit creditacceptance.com.CONTACT: Investor Relations: Douglas W. Busk Chief Treasury Officer (248) 353-2700 Ext. 4432 [email protected]

GlobeNewswire

Credit Acceptance Announces Completion of $400.0 Million Asset-Backed Financing

https://finance.yahoo.com/news/credit-acceptance-announces-completion-400-200200092.html

6b1bbfa4-401c-30f1-9c14-b91e2d070e71

CACC

A month has gone by since the last earnings report for Credit Acceptance (CACC). Shares have added about 3.8% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Credit Acceptance due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.Credit Acceptance Q2 Earnings Miss, Provisions RiseCredit Acceptance’s second-quarter 2023 earnings of $1.69 per share missed the Zacks Consensus Estimate of $9.44 by a significant margin. The bottom line also reflects a 78.7% fall from the prior-year quarter. These figures include certain non-recurring items.Results were adversely impacted by a marginal increase in operating expenses and higher provisions for credit losses. However, the rise in GAAP revenues and consumer loan assignment volume acted as a tailwind.Excluding non-recurring items, net income was $140 million or $10.69 per share, down from $188.2 million or $13.92 per share in the prior-year quarter. Our estimates for adjusted net income and adjusted earnings per share were $158.5 million and $12.15 per share, respectively.GAAP Revenues & Operating Expenses RiseTotal GAAP revenues were $477.9 million, up 4.5% year over year. The increase in finance charges, premiums earned and other income mainly resulted in the revenue growth. The top line surpassed the Zacks Consensus Estimate of $462.7 million.Provision for credit losses was $250.5 million, up 69.8% from $147.5 million in the year-ago quarter.Operating expenses of $117 million marginally increased year over year.As of Jun 30, 2023, net loans receivable were $6.61 billion, up 5% from the December 2022 level. Our estimate for the metric was the same as the reported numbers. Total assets were $7.21 billion as of the same date, up 4.4%. Our estimate for total assets was $7.25 billion. Total shareholders’ equity was $1.75 billion, up 7.6%. Our estimate for the same was $1.68 billion.In the reported quarter, consumer loan assignment volumes in terms of units and dollar volumes rose 12.8% and 8.3%, respectively, on a year-over-year basis.Story continuesShare Repurchase UpdateIn the reported quarter, Credit Acceptance repurchased 16,226 shares.How Have Estimates Been Moving Since Then?It turns out, estimates review flatlined during the past month.The consensus estimate has shifted 36.85% due to these changes.VGM ScoresCurrently, Credit Acceptance has a subpar Growth Score of D, however its Momentum Score is doing a lot better with a B. Following the exact same course, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookCredit Acceptance has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportCredit Acceptance Corporation (CACC) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Credit Acceptance (CACC) Up 3.8% Since Last Earnings Report: Can It Continue?

https://finance.yahoo.com/news/credit-acceptance-cacc-3-8-153123619.html

1124e0ae-21b7-35e8-87d7-5016e1b719d5

CACI

CACI International's (NYSE:CACI) stock up by 6.7% over the past three months. As most would know, long-term fundamentals have a strong correlation with market price movements, so we decided to look at the company's key financial indicators today to determine if they have any role to play in the recent price movement. Specifically, we decided to study CACI International's ROE in this article.Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In simpler terms, it measures the profitability of a company in relation to shareholder's equity. View our latest analysis for CACI International How To Calculate Return On Equity?The formula for return on equity is:Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' EquitySo, based on the above formula, the ROE for CACI International is:12% = US$385m ÷ US$3.2b (Based on the trailing twelve months to June 2023).The 'return' is the profit over the last twelve months. That means that for every $1 worth of shareholders' equity, the company generated $0.12 in profit.What Has ROE Got To Do With Earnings Growth?Thus far, we have learned that ROE measures how efficiently a company is generating its profits. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. Assuming all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.CACI International's Earnings Growth And 12% ROETo begin with, CACI International seems to have a respectable ROE. Yet, the fact that the company's ROE is lower than the industry average of 15% does temper our expectations. CACI International was still able to see a decent net income growth of 8.3% over the past five years. Therefore, the growth in earnings could probably have been caused by other variables. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio. Bear in mind, the company does have a respectable level of ROE. It is just that the industry ROE is higher. So this also provides some context to the earnings growth seen by the company.Story continuesAs a next step, we compared CACI International's net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 13% in the same period.past-earnings-growthThe basis for attaching value to a company is, to a great extent, tied to its earnings growth. It’s important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. What is CACI worth today? The intrinsic value infographic in our free research report helps visualize whether CACI is currently mispriced by the market.Is CACI International Efficiently Re-investing Its Profits?CACI International doesn't pay any dividend, meaning that all of its profits are being reinvested in the business, which explains the fair bit of earnings growth the company has seen.ConclusionIn total, it does look like CACI International has some positive aspects to its business. Particularly, its earnings have grown respectably as we saw earlier, which was likely achieved due to the company reinvesting most of its earnings at a decent rate of return, to grow its business. On studying current analyst estimates, we found that analysts expect the company to continue its recent growth streak. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

Is CACI International Inc's (NYSE:CACI) Recent Stock Performance Influenced By Its Financials In Any Way?

https://finance.yahoo.com/news/caci-international-incs-nyse-caci-153136549.html

2ed2e493-35f3-36ff-8fbd-5694562c973a

CACI

A month has gone by since the last earnings report for CACI International (CACI). Shares have lost about 8.5% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is CACI International due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.CACI International Q4 Earnings Top Estimates, Sales MissCACI International reported mixed fourth-quarter fiscal 2023 results, wherein earnings surpassed the Zacks Consensus Estimate, but revenues fell short of the same. However, the fourth-quarter top and bottom lines registered a year-over-year improvement.The national security-related IT solutions and services provider reported non-GAAP earnings of $5.30 per share, beating the Zacks Consensus Estimate of $4.85. Moreover, the bottom line increased 16.7% from the year-ago quarter’s figure of $4.54 per share. This rise in earnings was primarily driven by higher revenues, increased operating income and a lower share count, partially offset by increased interest expenses.In the fourth quarter of fiscal 2023, CACI reported revenues of $1.70 billion, marginally falling short of the Zacks Consensus Estimate of $1.72 billion. However, the top line increased 3.7% from the prior-year quarter, primarily driven by the successful execution of its strategy. The company also noted that the increase in revenues was entirely driven by organic growth.Quarterly DetailsIn the fourth quarter, contract awards totaled $2.3 billion, with approximately 70% for the new business. Revenues from contract awards excluded the ceiling value of multi-award, indefinite-delivery indefinite-quantity contracts.CACI ended the quarter with a backlog of $25.8 billion, up 11% on a year-over-year basis. As of Jun 30, 2023, the funded backlog increased by 16% to $3.7 billion. Our estimates for the total backlog and the funded backlog were pegged at $24.4 billion and $3.4 billion, respectively.Story continuesIn terms of the customer mix, the Department of Defense contributed 74.2% to total revenues in the reported quarter. Federal Civilian Agencies made up 20.8%, while Commercial and other customers accounted for 5% of revenues. Our estimates for the Department of Defense, Federal Civilian Agencies, and Commercial and Other customers’ contributions toward total revenues were pegged at 71.1%, 23.6% and 5.3%, respectively.Revenues generated as a Prime Contractor and a Subcontractor accounted for 88.4% and 11.6% of the total revenues, respectively. Our model estimates suggested contributions from the Prime Contractor and the Subcontractor of 89.4% and 10.6%, respectively.In terms of contract type, cost-plus-fee-type contracts, fixed-price contracts, and time and material-type contracts contributed 58.8%, 29.5% and 11.7%, respectively, to total revenues. Our model estimates suggested contributions from cost-plus-fee-type contracts, fixed-price contracts, and time and material-type contracts of 58.4%, 29% and 12.5%, respectively.Revenues generated as ‘Expertise’ and ‘Technology’ accounted for 47.2% and 52.8% of the total revenues, respectively. Our estimates for Expertise and Technology contributions toward total revenues were pegged at 45.9% and 54.1%, respectively.The operating income for the quarter amounted to $148.8 million, up 24.2% year over year. The operating margin expanded by 140 basis points (bps) to 8.7%.Adjusted EBITDA increased 18.2% year over year to $185.7 million. The adjusted EBITDA margin expanded by 130 bps to 10.9%.Balance Sheet & Cash FlowAs of Jun 30, 2023, CACI had cash and cash equivalents of $115.8 million compared with the previous quarter’s $106.8 million. The total long-term (net of the current portion) debt was $1.65 billion, down from $1.77 billion as of Mar 31, 2023.The company generated operating cash flow (excluding mini-automatic radar plotting aid or MARPA) of $124.8 million in the fourth quarter, declining by 18.1% from the year-ago quarter. Free cash flow was $101.9 million during the quarter under review. In fiscal 2023, CACI generated operating cash flow (excluding MARPA) and free cash flow of $345.8 million and $282.1 million, respectively.Fiscal 2024 GuidanceFor fiscal 2024, CACI now projects revenues between $7 billion and $7.2 billion. Adjusted earnings are projected in the range of $19.13-$20.22 per share.CACI expects the fiscal 2024 adjusted net income in the range of $440-$465 million. It forecast to generate free cash flow of at least $400 million during the fiscal.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.VGM ScoresAt this time, CACI International has a subpar Growth Score of D, however its Momentum Score is doing a bit better with a C. Charting a somewhat similar path, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, CACI International has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportCACI International, Inc. (CACI) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Why Is CACI International (CACI) Down 8.5% Since Last Earnings Report?

https://finance.yahoo.com/news/why-caci-international-caci-down-153030467.html

6e23a2e6-eea0-39d2-a422-9723d4b303ac

CAG

Conagra Brands (CAG) closed at $29.15 in the latest trading session, marking a -0.58% move from the prior day. This change lagged the S&P 500's 0.42% loss on the day. Elsewhere, the Dow lost 0.56%, while the tech-heavy Nasdaq lost 0.08%.Coming into today, shares of the company had lost 8.66% in the past month. In that same time, the Consumer Staples sector lost 2.52%, while the S&P 500 gained 1.02%.Wall Street will be looking for positivity from Conagra Brands as it approaches its next earnings report date. The company is expected to report EPS of $0.60, up 5.26% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $2.95 billion, up 1.57% from the year-ago period.CAG's full-year Zacks Consensus Estimates are calling for earnings of $2.72 per share and revenue of $12.39 billion. These results would represent year-over-year changes of -1.81% and +0.9%, respectively.Investors should also note any recent changes to analyst estimates for Conagra Brands. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.09% lower. Conagra Brands currently has a Zacks Rank of #3 (Hold).Looking at its valuation, Conagra Brands is holding a Forward P/E ratio of 10.77. This represents a discount compared to its industry's average Forward P/E of 15.91.Story continuesInvestors should also note that CAG has a PEG ratio of 2.95 right now. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Food - Miscellaneous stocks are, on average, holding a PEG ratio of 2.47 based on yesterday's closing prices.The Food - Miscellaneous industry is part of the Consumer Staples sector. This group has a Zacks Industry Rank of 149, putting it in the bottom 41% of all 250+ industries.The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.You can find more information on all of these metrics, and much more, on Zacks.com.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportConagra Brands (CAG) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Conagra Brands (CAG) Dips More Than Broader Markets: What You Should Know

https://finance.yahoo.com/news/conagra-brands-cag-dips-more-220014789.html

7361ad57-dd6f-3fa0-a64c-128347f33c69

CAG

Key InsightsConagra Brands will host its Annual General Meeting on 14th of SeptemberSalary of US$1.32m is part of CEO Sean Connolly's total remunerationThe total compensation is 41% higher than the average for the industryConagra Brands' three-year loss to shareholders was 6.8% while its EPS was down 6.0% over the past three years The results at Conagra Brands, Inc. (NYSE:CAG) have been quite disappointing recently and CEO Sean Connolly bears some responsibility for this. Shareholders can take the chance to hold the board and management accountable for the unsatisfactory performance at the next AGM on 14th of September. It would also be an opportunity for shareholders to influence management through voting on company resolutions such as executive remuneration, which could impact the firm significantly. The data we present below explains why we think CEO compensation is not consistent with recent performance. View our latest analysis for Conagra Brands Comparing Conagra Brands, Inc.'s CEO Compensation With The IndustryAt the time of writing, our data shows that Conagra Brands, Inc. has a market capitalization of US$14b, and reported total annual CEO compensation of US$19m for the year to May 2023. That's a notable increase of 57% on last year. While this analysis focuses on total compensation, it's worth acknowledging that the salary portion is lower, valued at US$1.3m.For comparison, other companies in the American Food industry with market capitalizations above US$8.0b, reported a median total CEO compensation of US$13m. Accordingly, our analysis reveals that Conagra Brands, Inc. pays Sean Connolly north of the industry median. What's more, Sean Connolly holds US$30m worth of shares in the company in their own name, indicating that they have a lot of skin in the game.Component20232022Proportion (2023)SalaryUS$1.3mUS$1.3m7%OtherUS$17mUS$11m93%Total CompensationUS$19mUS$12m100%On an industry level, roughly 29% of total compensation represents salary and 71% is other remuneration. In Conagra Brands' case, non-salary compensation represents a greater slice of total remuneration, in comparison to the broader industry. It's important to note that a slant towards non-salary compensation suggests that total pay is tied to the company's performance.Story continuesceo-compensationA Look at Conagra Brands, Inc.'s Growth NumbersOver the last three years, Conagra Brands, Inc. has shrunk its earnings per share by 6.0% per year. It achieved revenue growth of 6.4% over the last year.The decline in EPS is a bit concerning. The modest increase in revenue in the last year isn't enough to make us overlook the disappointing change in EPS. So given this relatively weak performance, shareholders would probably not want to see high compensation for the CEO. Historical performance can sometimes be a good indicator on what's coming up next but if you want to peer into the company's future you might be interested in this free visualization of analyst forecasts.Has Conagra Brands, Inc. Been A Good Investment?Given the total shareholder loss of 6.8% over three years, many shareholders in Conagra Brands, Inc. are probably rather dissatisfied, to say the least. Therefore, it might be upsetting for shareholders if the CEO were paid generously.To Conclude...Not only have shareholders not seen a favorable return on their investment, but the business hasn't performed well either. Few shareholders would be willing to award the CEO with a pay raise. At the upcoming AGM, management will get a chance to explain how they plan to get the business back on track and address the concerns from investors.CEO compensation is an important area to keep your eyes on, but we've also need to pay attention to other attributes of the company. We did our research and identified 3 warning signs (and 2 which are potentially serious) in Conagra Brands we think you should know about.Of course, you might find a fantastic investment by looking at a different set of stocks. So take a peek at this free list of interesting companies. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

It Looks Like Conagra Brands, Inc.'s (NYSE:CAG) CEO May Expect Their Salary To Be Put Under The Microscope

https://finance.yahoo.com/news/looks-conagra-brands-inc-nyse-100929180.html

481ff44c-3c54-36a6-9bb5-d75b95091a76

CAH

Cardinal Health, Inc. CAH recently launched its next-generation NTrainer System 2.0. The medical device is expected to help in reducing the neonatal intensive care unit (NICU) length of stay for premature and newborn infants.The NTrainer System 2.0 is currently the only FDA Class II biofeedback device designed to help newborns and infants born prematurely develop their non-nutritive sucking skills needed for independent oral feeding.The latest launch is expected to significantly strengthen Cardinal Health’s Medical business.Significance of the LaunchThe NTrainer System is expected to improve vital pre-feeding skills in newborns and preterm infants, known as non-nutritive suck (NNS). NNS is crucial for the safe transition from feeding tubes to breast or bottle. This is a developmental milestone for preterm infants and has been recommended by the American Academy of Pediatrics as the criterion for discharge from the NICU. Cardinal Health's NTrainer has been clinically proven to improve feeding outcomes while also reducing the length of NICU stay by utilizing its patented technology for improving NNS proficiency.Also, the NTrainer System provides clinicians with the required objective data via real-time assessment technology to track the progress of an infant in developing pre-feeding skills. This is also likely to assure parent about their infants' progress and potential to thrive after discharge.Per management, the NTrainer System is expected to aid some of the most vulnerable patients at the beginning of life via the biofeedback device to improve NNS patterns in newborns and infants born prematurely.Industry ProspectsPer a report by Spherical Insights, the global biofeedback instrument market was valued at $165.4 million in 2022 and is anticipated to reach $263.2 million by 2032 at a CAGR of approximately 4.8%. Factors like the increased prevalence of stress-related mental diseases and the growing need for improving vital pre-feeding skills in newborns and preterm infants are expected to drive the market.Story continuesGiven the market potential, the latest launch is likely to provide a significant boost to Cardinal Health's business.Recent Developments in Medical SegmentThis month, Cardinal Health reported its fourth-quarter fiscal 2023 results, wherein it recorded a solid uptick in its overall top line. The company also recorded significant improvement in the Medical segment, driven by the execution of its Medical Improvement Plan.In June, Cardinal Health announced its plans to build a new distribution center in the Greenville, SC, area to support its at-Home Solutions business.In May, Cardinal Health Canada announced plans to open a new distribution center in the Greater Toronto Area. This was expected to expand its distribution footprint to nine strategic locations to better meet the medical and surgical product demands of the Canadian healthcare system.Price PerformanceShares of the company have gained 23.7% in the past year compared with the industry’s 13.7% rise and the S&P 500’s 13.8% growth.Zacks Investment ResearchImage Source: Zacks Investment ResearchZacks Rank & Key PicksCurrently, Cardinal Health carries a Zacks Rank #3 (Hold).Some better-ranked stocks in the broader medical space are DaVita Inc. DVA, HealthEquity, Inc. HQY and McKesson Corporation MCK.DaVita, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 12.7%. DVA’s earnings surpassed estimates in three of the trailing four quarters and missed once, with an average surprise of 21.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.DaVita has gained 19.4% against the industry’s 0.9% decline over the past year.HealthEquity, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 22%. HQY’s earnings surpassed estimates in three of the trailing four quarters and missed once, with an average of 9.1%.HealthEquity has gained 3.8% against the industry’s 10.9% decline over the past year.McKesson, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 10.7%. MCK’s earnings surpassed estimates in three of the trailing four quarters and missed once, the average surprise being 8.1%.McKesson has gained 15.2% compared with the industry’s 13.7% rise over the past year.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportDaVita Inc. (DVA) : Free Stock Analysis ReportCardinal Health, Inc. (CAH) : Free Stock Analysis ReportMcKesson Corporation (MCK) : Free Stock Analysis ReportHealthEquity, Inc. (HQY) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Cardinal Health's (CAH) Latest Launch to Enhance Neonatal Feeding

https://finance.yahoo.com/news/cardinal-healths-cah-latest-launch-161400178.html

36272e0f-f7bc-38ee-8c44-e569bc5e88fb

CAH

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals.Achieving those goals is made easier with the Zacks Style Scores, a unique set of guidelines that rates stocks based on popular investing methodologies, namely value, growth, and momentum. The Style Scores can help you narrow down which stocks are better for your portfolio and which ones can beat the market over the long-term.Why Investors Should Pay Attention to This Value StockValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, and Price/Cash Flow, the Value Style Score identifies the most attractive and most discounted stocks.Cardinal Health (CAH)Headquartered in Dublin, OH, Cardinal Health Inc. is a nation-wide drug distributor and provider of services to pharmacies, healthcare providers and manufacturers. The company has two reporting segments – Pharmaceutical and Medical.CAH boasts a Value Style Score of A and VGM Score of A, and holds a Zacks Rank #3 (Hold) rating. Shares of Cardinal Health are trading at a forward earnings multiple of 13.2X, as well as a PEG Ratio of 0.9, a Price/Cash Flow ratio of 10.1X, and a Price/Sales ratio of 0.1X.Many value investors pay close attention to a company's earnings as well. For CAH, five analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.15 to $6.65 per share for 2024. Per share CAH boasts an average earnings surprise of 16%.Investors should take the time to consider CAH for their portfolios due to its solid Zacks Ranks, notable earnings and valuation metrics, and impressive Value and VGM Style Scores.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportCardinal Health, Inc. (CAH) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Why Cardinal Health (CAH) is a Top Value Stock for the Long-Term

https://finance.yahoo.com/news/why-cardinal-health-cah-top-134006490.html

ec365518-9600-397d-9e22-6a2bf765fa80

CAL

Caleres, Inc. (NYSE:CAL) Q2 2023 Earnings Call Transcript August 31, 2023Caleres, Inc. beats earnings expectations. Reported EPS is $0.98, expectations were $0.89.Operator: Good morning. And welcome to the Caleres Second Quarter 2023 Earnings Conference Call. My name is Daryl, and I will be your conference coordinator for today. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the prepared remarks. [Operator Instructions] As a reminder, this conference is being recorded. At this time, I would like to turn the call over to Logan Bonacorsi, Vice President of Investor Relations. Please go ahead.Logan Bonacorsi: Good morning. Thank you for joining our second quarter 2023 earnings call and webcast. A press release with detailed financial tables, as well as our quarterly slide presentation are available at caleres.com. Please be aware today’s discussion contains forward-looking statements, which are subject to a number of risks and uncertainties. Actual results may differ materially due to various risk factors, including, but not limited to, the factors disclosed in the company’s Form 10-K and other filings with the U.S. Securities and Exchange Commission. Please refer to today’s press release and our SEC filings for more information on risk factors and other factors, which could impact forward-looking statements.Copies of these reports are available online. In discussing the results of our operations, we will be providing and referring to certain non-GAAP financial measures. You can find additional information regarding these non-GAAP financial measures, as well as other views in today’s earnings release and our presentation on the Investors section of our website. The company undertakes no obligation to update any information discussed on this call at any time. Joining me on the call today are Jay Schmidt, President and CEO; and Jack Calandra, Senior Vice President and CFO. We will begin this morning’s call with our prepared remarks, and thereafter, we will be happy to take your questions. I would now like to turn the call over to Jay. Jay?Story continuesJay Schmidt: Thank you, Logan, and good morning, everyone. Once again the Caleres team performed at a high level during the second quarter of 2023 delivering strong financial and operational results despite the challenging consumer demand environment. We leveraged our diversified structure, our powerful brands and our enhanced omni capabilities to drive earnings per share above the high end of our guidance range. This gain was achieved even with sales modestly below our initial expectations, because we prioritize profitability and generated strong consolidated operating margins. Our ability to deliver bottomline results in a choppy consumer market demonstrates the desirability of our brands and the success of our efforts to tighten inventory and reduce promotion across our businesses.We have also reduced expenses across the enterprise. These actions have yielded a fundamentally healthier Caleres. Indeed, we believe our diversified model and operational discipline sets us up to drive value in a variety of market conditions. The structural improvements we have implemented over the last several years coupled with our focus on cost control and commitment to our strategic initiatives positions us well for sustainable long-term growth. Now let’s turn to some key highlights in the second quarter. We delivered adjusted earnings per share of $0.98. We grew market share in our lead brands, Sam Edelman, Allen Edmonds, Naturalizer and Vionic. We increased Famous Footwear’s market share in shoe chains. We generated record second quarter gross margins in the Brand Portfolio.We achieved sequential improvement from the first quarter in the year-over-year sales trend at both Famous and Brand Portfolio. We maximized our inventory levels and manage them well, ending the period approximately 14% below 2022. We invested in consumer experience, analytics and marketing areas that are key to accelerate our strategic growth initiatives. We returned approximately $20 million to shareholders via share repurchases and the quarterly dividend. And we utilized our free cash flow to reduce the borrowings under our asset-based revolving credit facility by $48 million from first quarter of 2023. This also represents $105 million year-over-year decline in our borrowings. In recent years, we have prioritized debt reduction after funding our dividend as the top priority for free cash flow.During the second quarter, we reached our leverage ratio target of 1 times debt to EBITDA. We anticipate strong levels of cash generation and Jack will cover our capital priorities in more detail in a few moments. Now let’s move to our second quarter operating results. Overall, consolidated sales declined 5.8%, falling short of our expectations. Famous Footwear sales were about in line with our expectations, while Brand Portfolio revenues were somewhat below our initial view. Despite this, we generated strong consolidated gross margins of more than 45%. This was driven by continued improvement in the Brand Portfolio’s gross margin, as well as rigorous cost management across both segments. Faced with softer demand, we chose to prioritize profitability over promotions.As a result of all of these efforts, we achieved solid second quarter operating earnings. Now let’s turn to our operating segments, starting with the Brand Portfolio, which remains on track to deliver an increased earnings contribution this year in both dollars and rate. During the quarter, we experienced some seasonal weakness in sandals as consumers prioritize casual flats and sneakers. We also saw conservative ordering patterns by our wholesale partners. As you may remember last year, consumer demand surged as restrictions were lifted and our wholesale partners built their inventories. As we move into the back half of 2023 though, these more difficult year-over-year comparisons ease and we are ready with strong inventory in loafer, flat and sneaker styles that our consumers desire.In contrast, our own channels performed well in the second quarter. Our own e-commerce sales were up 8% year-over-year with standout performances from lead brands, Allen Edmonds and Vionic. In addition, our brick-and-mortar business climbed more than 16% compared to the prior year. We continue to maximize top selling items and get the consumer what they want and faster by leaning into our Edit to Win initiative and utilizing our speed program that takes advantage of the fully recovered supply chain network. It’s worth noting here that our speed capabilities enable us to pivot quickly in this dynamic market environment and we are closing in on our goal of speed orders representing 20% of our inventory purchases. As a result, the Brand Portfolio delivered second quarter adjusted operating earnings of $28 million and achieved a 9% operating margin.This performance was driven by a 295-basis-point improvement in gross margins due to higher initial margins, lower freight costs and strong inventory management. We believe our inventory is aligned with our topline trends due to careful category planning, this benefits our wholesale partners as well, leading to a healthier business across all channels and this sets the stage for a stronger second half for this segment. Now to the performance of our lead brands. As we indicated last quarter, our lead brands have significant growth potential and we are strategically investing in these lead brands to power growth. We expect lead brands will represent a higher percent of our total Caleres revenue in 2023 with opportunities to increase that penetration further over the long-term via a number of different growth vectors.Starting with Allen Edmonds. The brand delivered its 10th consecutive quarter of growth. Improvement was broad-based across all channels with sales up mid-single digits compared to the second quarter last year. We saw strength in our direct channels with brick-and-mortar up 5% and e-commerce up 13%, driven by increased traffic and conversion. I am pleased to note that we have seen significant increases in the brand’s average unit retails compared to pre-pandemic levels. There’s a lot to be excited about at Allen Edmonds. Turning now to Vionic. Fresh off its new marketing campaign, emphasizing its Northern California routes, the brand saw a nice improvement in its e-commerce business during the second quarter. Early catalog performance helped deliver a 7%-plus year-over-year increase in e-commerce with newness, particularly loafers and white sneakers driving the uplift.One of their new styles, the Uptown Moc sold out during its spring launch and will be a top 10 style for fall. And Sam Edelman and Naturalizer continued to harness their significant brand strength to capture market share. For Sam Edelman, we saw strong consumer reaction to the brand’s new laceless sneaker, as well as an impressive performance at retail with their flats. Naturalizer capitalized on the Caleres speed-to-market capabilities I mentioned earlier to accelerate delivery of the Morrison 2.0 sneaker, a new evolution of its best-selling lace-up sports shoe. Launched in early spring, the sneaker had grown to the number two style in the Naturalizer brand. In addition, Naturalizer had stand out gross margin and operating contribution during the quarter.Now we also had sales growth and profitability improvements from our Portfolio Brands, especially LifeStride, Franco Sarto and Dr. Scholl's. As a reminder, these brands are growing assets with the port -- within the portfolio that serve key consumer segments not currently served by our lead brands and benefit from our One Caleres capabilities. In each of these brands, the consumer responded to style, comfort and value, and we even had a viral success in the Dr. Scholl's brand with a time off sneaker, which was a TikTok favorite, and I may add, sold 75,000 pairs of retail during the second quarter. Overall, the Brand Portfolio is performing well with the first half of 2023, providing a solid foundation on which to build. As year-over-year comparison fees, we expect sales trends will improve, and more importantly, the Brand Portfolio will make a larger and more meaningful contribution to the total company’s operating performance this year.Turning now to Famous Footwear. During the second quarter, Famous continued to navigate difficult spending trends among its target consumer and the challenging economic backdrop overall. Even in this environment, Famous outperformed its competitive set and increased market share in shoe chain. We saw strengthening sales trends as we move through the quarter and we delivered an expected sequential quarterly improvement in Q2. Our kids business a key differentiator for Famous was a bright spot again this quarter, increasing 5% over last year. Kids is an essential and growing category for Famous and our focus paid off as families continue to prioritize purchases of kids footwear. This strength is particularly important heading now into the back-to-school season.In total, Famous generated nearly $41 million in adjusted operating earnings on net sales down 5%, resulting in a return of sales of nearly 10%. Famous sustained its gross margin rate of 46% from the first quarter, as we continue to be strategic around our promotional approach. About 50% of our business is now excluded from BOGO promotions, up from about 30% pre-pandemic. As we are with the Brand Portfolio, we are prioritizing the health of our business at Famous Footwear over trying to capture lower quality sales. Looking more closely at back-to-school, we executed a number of strategies to capitalize on this important demand opportunity. First, we focused on amplifying newness to drive excitement, interest and relevance. Second, we approach inventory in a measured and agile manner.While we built up inventory behind key brands, styles and patterns, we tightly managed our overall inventory position, which declined 2% compared to last year in order to have the capacity to react aggressively to best sellers in season. Finally, we continue to enhance, energize and modernize the store experience through our new prototype stores. While we don’t anticipate comping last year’s record back-to-school period, we do believe Famous is uniquely positioned to maintain its leadership status in shoe chains and deliver a solid performance. Looking ahead, the Famous team is extremely focused on fueling what’s working from a product, marketing and digital perspective to maximize our earnings potential, while managing inventory and expense levels.Overall, we believe in the power and agility of the brand and expect strong earnings in 2023 and beyond. In short, we continue to have great confidence in the long-term outlook for Famous and we believe we can leverage our competitive advantages to accelerate our growth in this segment. These include our leadership position with kids and the millennial family, our leading assortment of national brands, our nationwide and largely off-mall retail footprint and our elevated consumer experience in store and online. So in summary, I am extremely proud of our strong operational discipline and the financial performance we delivered in the second quarter. I believe the most recent quarter underscored yet again the advantages of our diversified structure and the One Caleres model.We remain confident in our ability to achieve our annual sales and earnings guidance for the year. Our brands are strong and enduring, our strategies are clear and actionable and our teams are dedicated to exceeding the expectations of our consumers in this dynamic marketplace. Moreover, we continue to believe the strong financial foundation we have built will enable us to consistently deliver our annual earnings baseline of more than $4 per share, while generating strong levels of free cash flow and creating long-term value for our shareholders. And with that, I will now hand it over to Jack for a more detailed view of our financials. Jack?Jack Calandra: Thanks, Jay, and good morning, everyone. We maintained strong financial discipline across the company in the second quarter. This resulted in earnings per share that exceeded the upper end of our guidance and healthy cash flow, which enabled us to reduce debt, invest in our critical growth initiatives and returning cash to shareholders. In today’s call, I will provide additional details on our second quarter performance, discuss the progress we have made on our cost reduction initiatives, update you on our capital allocation plan and priorities, and share our outlook for the third quarter and full year. My comments will be on an adjusted basis. Please see today’s press release for a reconciliation of adjusted results.Starting with Q2. Consolidated sales were $696 million, a 5.8% decrease versus last year. At Famous, sales were down 5.1% and comparable sales were down 4.3%. Sales declines versus last year improved each month of the quarter. Brand Portfolio sales were $301 million, down 7.2% to last year, due to softness in seasonal categories, namely sandals and cautious buying behavior in the wholesale channel. While sales were down, we were able to protect margin with fewer markdowns and allowances. Consolidated gross margin decreased 45 basis points to 45.2%, which reflected an increase in Brand Portfolio gross margin offset by a decrease in famous gross margin. Brand Portfolio gross margin was 41.3%, a 295-basis-point increase versus last year. This gross margin was a record for the second quarter for the segment and was due to higher initial margins, lower ocean freight costs and disciplined inventory management.Famous gross margin was 46.2%, a 273-basis-point decline versus last year. This decline reflects lower initial margins and a more normalized level of clearance, pricing and activity given last year’s clean inventory position. That said, clearance pricing and activity continue to compare favorably to 2019. SG&A expense was $263 million or 37.8% of sales. SG&A expense was $5.6 million lower than last year from lower variable expenses and incentive compensation costs. Operating earnings were $51 million and operating margin was 7.4%. Operating margin was 9.2% at Brand Portfolio and 9.9% at Famous. Net interest expense was $5.1 million, doubled versus last year, given a higher borrowing rate. The weighted average interest rate in Q2 was 6.7% versus 2.8% last year.Diluted earnings per share were $0.98 in excess of the high end of our guidance and EBITDA was $65 million or 9.4% of sales. Turning now to the balance sheet and cash flow. We ended the second quarter with $244 million in borrowings and no long-term debt. Inventory at the end of the second quarter was $661 million, down 14% versus last year, reflecting reductions in both in-transit and on-hand inventory, due to both accelerated receipts last year in Brand Portfolio as supply chain challenges started to resolve and disciplined inventory management across the business. By segment, inventory at Famous was down 2% versus last year, at Brand Portfolio, inventory was down 26% versus last year. In general, we feel good about the amount and composition of inventory in both segments.Regarding cash flow from operations, we generated $88 million during the quarter and deployed cash for strategic investments in the business, paid our quarterly dividend, reduced borrowings on our asset-based revolver and repurchased shares. Specifically, we spent $10.3 million on capital expenditures, $2.5 million on our quarterly dividend, $17.4 million to buy back 763,000 shares at an average price of $22.86 and $47.5 million to reduce our borrowings. With the Q2 paydown, borrowings are approximately $105 million below Q2 last year and down $64 million year-to-date. As Jay mentioned, we reached our target leverage ratio of 1 times on a debt to trailing 12-month EBITDA basis. While we continue to evaluate our capital allocation options and maintain a flexible approach, we believe at this time, the best use of free cash flow is to continue to reduce our borrowings.This will allow us to reduce interest expense in this higher rate environment and maximize liquidity. That said, we view buybacks as an effective means of returning capital to shareholders and with our valuation metrics still well below historical levels, we view Caleres stock as an attractive investment. We have 5.6 million shares remaining under our current Board authorization and we will continue to consider share repurchases based on market conditions. Now turning to our outlook. Given our performance year-to-date and our forecast for the second half, we continue to expect full year earnings per share of $4.10 to $4.30. In addition, we still anticipate consolidated sales to be down 3% to 5% including the impact of the 53rd week, consolidated operating margin of 7.3% to 7.5%.We still expect to generate $20 million of in-year savings and $30 million to $35 million on an annualized basis from our cost reduction actions. For the in-year savings, $3 million was realized in Q1, $7 million was realized in Q2 and the remaining $10 million will be realized in the second half. We continue to expect a one-time cash charge of about $4 million associated with this initiative. We took $1.6 million of that charge in the second quarter and expect to take the remaining charge in Q3. We still expect net interest expense of $17 million to $19 million, an effective tax rate of about 25% and shares outstanding of approximately $34.3 million, which assumes no additional share repurchases this year. In addition, we now expect capital expenditures of $50 million to $60 million versus our previous revised guidance of $55 million to $65 million.This decline reflects an adjustments of timing of certain projects and we remain committed to investing in our strategic initiatives. Finally, we are providing the following guidance for the third quarter. We expect net sales to be down low-single digits and earnings per share of $1.30 to $1.35. With that, I’d like to turn the call over to the Operator for questions. Operator?Operator: Thank you. [Operator Instructions] Our first questions come from the line of Dana Telsey with Telsey Advisory Group. Please proceed with your question.See also Top 20 Fruit Producing Countries In The World and 20 Most Popular Pets In The US.Q&A SessionDana Telsey: Hi. Good morning. Good morning. Afternoon. Everyone what a busy day so far. Can you talk a little bit about the puts and takes on the gross margin in the back half of the year across both businesses? How you are seeing it and planning as we go into the back half and what you are thinking about in terms of promo versus full price and is there any difference by category? Thank you.Jack Calandra: Yeah. Hi, Dana. This is Jack. Thank you for your question. In terms -- I will take it by business segment. So in terms of Famous, the tailwinds in gross margin as we go into the back half include, I think, the disciplined inventory management that we have demonstrated. We do expect to have fewer days on promotion, but the headwinds there would include lower initial margins and the more normalized level of clearance activity and pricing that I mentioned earlier. For Brand Portfolio, I would say, there’s more tailwinds there than headwinds. The tailwinds there also include the disciplined inventory management that we have demonstrated. But there we have higher initial margins, continued ocean freight savings and a higher contribution of sales from direct-to-consumer, which as you know, is a more profitable business for us in that channel.Dana Telsey: Got it. And then as you are thinking about -- just as you went through this back-to-school season, any learnings from back-to-school that can inform for holiday on the merchandising side, what you saw in either portfolio and any thoughts on the wholesale division with Branded Portfolio with some of those orders tightening, what do you see as getting this big to open again or anything you are seeing from the wholesale accounts in particular? Thank you.Jay Schmidt: Okay. So, hi, Dana. This is Jay.Dana Telsey: Hi. Hi, Jay.Jay Schmidt: I will start with your Brand Portfolio question. Our ongoing discipline -- disciplined approach to inventory management really helps us to chase these top selling items in season through our speed programs and we have been able to mitigate and navigate kind of some of the shifts in behavior. We saw a lot of positivity on the sneaker trend as we went into second quarter and we are able to actually get enough inventory to make that a meaningful business as we walk into Q3. Our category business includes on flat and loafer as we are seeing really nice progress on that and really good sell-throughs on that, particularly with classic hardware and classics being so strong. And finally, there is some newness in the dress business with swing backs coming in and really particularly on low heels.So we are really focused on getting these right categories and then all the way down to the items to really help move this business back and we still do get reorders from people on these really strong items selling. The conversation is very similar over at Famous Footwear. When we think about it, some of our biggest brands that are working well that we are trying to get back into them. We saw really good strength with our Nike business continues to perform and continue to kids. Our Converse business is very strong, HeyDude is working well for the brand during this period and then some really nice progress with New Balance, which we are excited about and looking to really expand that through as we get into third quarter. So there’s a lot of that going through that we are working on.Clearly, though, when you look at Famous, our kids has been a differentiator and we are seeing that, as we have continued to see outpaced the whole organization by almost 10 points, which is really excited on that delta there and that really is our competitive place. We outpace in the shoe chain channel in that category. We have done a lot of work on kids marketing and then also try on in stores and really seeing some good reaction there as we focus on that business. So that’s really the biggest learning so far that we have seen.Dana Telsey: Got it. And then, Jack, nice progress on the revolving credit, the debt paydown. What are you seeing for that going forward? And thank you.Jack Calandra: Yeah. Yes. So, as I mentioned, Dana, we have hit that 1 times debt-to-EBITDA target that we have outlined. I think just given certainly the continued macro uncertainty and consumer demand uncertainty and also just the higher interest rates that we are paying. As I mentioned, the average interest rate we paid in Q2 this year versus last year, I would say, our most recent borrowings now are closer to 7% and so I think those two reasons present a really compelling argument for continuing to pay that down. Obviously, we will get some nice EPS benefit from continuing to reduce that interest expense. As based on our guidance, we have somewhere between $0.34 and $0.38 of interest expense headwind to EPS and so we will continue to focus on that in the near-term.But again, as you know, we bought back shares in the second quarter and so we are always looking to be flexible and opportunistic there and I think the balance sheet that we now have gives us that ability.Dana Telsey: Thank you.Jack Calandra: Thank you.Operator: Thank you. Our next questions come from the line of Laura Champine with Loop Capital Markets. Please proceed with your question.Laura Champine: Good morning. I have a follow-on question about the Brand Portfolio business. Can you comment on anything of note within the different channels that you sell to on the wholesale side and how you expect that to trend as we head into Q3? Maybe if you can comment on what you are seeing so far this quarter?Jay Schmidt: Yeah. Hi, Laura. It’s Jay. I will -- yeah, on the Brand Portfolio, we are seeing, I think, our -- as we said, our lead brands are continuing to taking share. Consumers are voting towards newness and that’s where we are seeing the prioritization there. We sell in a dynamic way to some of our lead customers. So we sell both on brick-and-mortar upfront, we do a lot of direct-to-consumer online with them and then we do work on a replenishment basis. So our model hasn’t changed. We are continuing to see that demand for newness, but that’s really what we are seeing so far. We did see, obviously, a dynamic shift if you compare it to last year, where we were selling a lot of ankle strap dress sandals and things to go out.We are now seeing a shift more toward, I’d say, very versatile footwear in terms of the flats and other styles, and our customers are continuing to respond to that. But for sure, we are looking at it in a very dynamic mode right now. Lastly, as we said, our direct-to-consumer business on our Brand Portfolio was up nicely in the quarter and we continue to work toward that. So that’s how we are working with everyone, but it does -- it’s a very similar concept, we are just working with our partners in the same way.Laura Champine: I guess I meant more about retail channels, meaning, how is your business with -- how are you using the off-pricers who continue to grow and is there a significant difference in trends at department stores as opposed to specialty? That’s the direction I was hoping to go?Jay Schmidt: Okay. So just to refresh on that, our department store business for Q2 was down a little more than, I would say, other ones in the brick-and-mortar piece. The -- our shoe chain business was up in the quarter, which was nice and then our off-price business is really more of a closeout piece for us right now and so that has not been as big a piece for us. So that’s what I would say for the quarter right now, that’s where we saw in Q2 and we will continue to watch that as we go forward.Laura Champine: Got it. Thank you.Operator: Thank you. Our next questions come from the line of Mitch Kummetz with Seaport Research. Please proceed with your question.Mitch Kummetz: Yes. Thanks for taking my questions. My first question is on Famous and it does have a few parts. Jay, you mentioned that kids was up, I think, you said 5 points and that was 10 points better than the business as a whole. Can you tell us kind of how the rest of the Famous broke out, maybe casual versus dress versus athletic? And then also on Famous, maybe if you could just take that first.Jay Schmidt: Okay. So for sure, our casual business was better than our performance athletic business, the adult side. As we said, our kids business was up significantly and then the other businesses, which were smaller that we break out was -- that was down, but that was a small piece of the total. And athletics though our LifeStride business was particularly strong and then I think our lifestyle business, I should say, was particularly strong versus the performance piece of it right now. And then finally, Mitch, we did have, as I called out in the beginning, our sandal weakness was really similar across both channels and it was down 11% in Famous and in the Brand Portfolio was down a similar amount in our total shipments.Mitch Kummetz: Okay. And then on the comp, your minus 4.3%, you said that sales declines improved each month. Can you say where you ended the quarter, like, what was comp in July and have you seen continued improvement into August? And then, I guess, lastly, in terms of that improvement both 2Q versus 1Q or even over the course of 2Q, what would you attribute that to? Is some of it an improving macro or is it just more a function of more newness in the product?Jay Schmidt: So, Mitch, our comps did improve as we move through the quarter. May was our worst month, we improved in June and then July significantly improved, too. But when we look at ahead so far, based on what we know, our guidance Famous really reflects really more of this historic trend of where we have been and we do think we will deliver against that trend that we put out there and we have kind of sold everything against that for the -- certainly as we go into third quarter.Jack Calandra: Yeah. I would just…Mitch Kummetz: Okay.Jack Calandra: Mitch…Mitch Kummetz: Yeah.Jack Calandra: Just to add to Jay’s comments. As a reminder, our back-to-school performance last year was a record performance and so some of that comp were up against some decent comps in the Famous business for back-to-school.Mitch Kummetz: Okay. And maybe with that being said, Jack, on the 3Q guide, you said sales down low-single digits. Can you provide any color on how you think about that between Famous and BP and is there any change to your kind of overall outlook for the year between those two businesses? It didn’t sound like a BP was a little slower than you expected in 2Q and I don’t know if that changed how you are thinking about that business as a whole for the year?Jack Calandra: Yeah. Mitch, so we have -- I would say, our base case and our guidance for Famous is basically a continuation of what we saw in Q2. So call it that minus 5%. Obviously, the guidance provides a range and so if Famous does a little bit better, we are towards the higher end of that range and a little bit worse, we would be towards the lower end of that range. So I would say, Famous is pretty well set on what we have seen pretty consistently for the year because if we look at Q2 down 5% and then if you take out March out of Q1, that quarter was also down 5%. So I would say pretty consistent performance and that’s what we have modeled. In the case of Brand Portfolio, that’s where they are up against some really -- we were up against some really tough compares in the first quarter, I mean, in the first half.So in the first half of 2022, our Brand Portfolio business was up 41%, but then in the back half of 2022, only up 7%. And so part of our confidence other than all the operating things that we have talked about in terms of inventory management and things like that, is we are just up against much easier comps going into the back half of this year on Brand Portfolio.Mitch Kummetz: Great. All right. Thank you.Operator: Thank you. Our next questions come from the line of Abbie Zvejnieks with Piper Sandler. Please proceed with your question.Abbie Zvejnieks: Great. Thanks so much for taking my question. So just on the inventory, like, how should we be thinking about inventory levels for the balance of the year and then how are you thinking about managing bringing in the newness that’s driving demand versus keeping controlled inventory levels given the uncertain macro?Jay Schmidt: So, Abbie, hi. It’s Jay. Just in -- how we are managing inventory is really, we are kind of setting up a new normal for us and we are really managing to a new inventory turn. So -- and looking at this, we really are driving newness continually, we think the consumer demands it and we are chasing more product to our speed program, which is running at that -- moving towards that 20% of our receipts. So we aren’t really seeing it as any detraction in terms of holding us back right now. And then the last thing I will say is, in particular, in the Brand Portfolio, we had a lot of our product last year show way, way earlier up into second quarter than we had planned. So what you are going to kind of see is a more balanced flow with us through this disciplined management and we will, I think, continue to be able to deliver the newness, but more importantly, chase it quickly and that inventory amounts that we are now working on in turn allow us to really pivot and react more aggressively.And then, Jack, I think, you can share some of the numbers here, too.Jack Calandra: Yeah. Abbie, thanks for the question. Just to add to Jay’s comments, for the back half, we expect to have lower inventory this year versus last year in both the third quarter and the fourth quarter. Now they won’t be down as much as they were in the first half when they were down low-teens, but we expect continued improvement year-over-year in that metric. We are always focused on both the quantity and the quality of inventory and certainly appreciate the importance of maintaining that healthy inventory to sales relationship.Abbie Zvejnieks: Got it. And then just one more on the Brand Portfolio. I guess, like, in this environment, I would assume that your wholesale partners are like that you have a good capability for drop ship. Can you just talk about what you are doing in drop ship and if that increase as a percentage of the business as wholesale orders have tightened? Thanks.Jay Schmidt: Yeah. So we are funding our drop ship fully. There is -- it’s a continued important portion of our business. Most likely, what we are seeing is our wholesale partners continue to want to receive newness in a very timely way so they can react to it, and yes, they are acting more conservatively, but again, reacting more toward the real product that is working. So our model continues as it has been with a very dynamic piece with it with both drop ship and then replenishment being a very important portion of this. And I think it’s going to be similar for us versus how we have operated in Q2 and Q1. So I am not seeing a different shift for that as we go into Q3.Abbie Zvejnieks: Got it. Thank you.Jack Calandra: Thank you.Operator: Thank you. There are no further questions at this time. I would now like to turn the floor back over to Jay Schmidt for any closing comments.Jay Schmidt: Okay. Well, I’d like to thank everyone for joining us this morning. Before we close today, I’d like to thank the talented Caleres team for their hard work and dedication. We remain confident in our ability to create exceptional product to exceed our consumer’s expectations and drive value for our shareholders. We also look forward to providing you with some additional detail around our long-term growth strategies at our upcoming Investor Day in October. So, with that, I’d just like to say have a great holiday and we will talk soon. Thank you.Operator: Thank you. This does conclude today’s teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

Insider Monkey

Caleres, Inc. (NYSE:CAL) Q2 2023 Earnings Call Transcript

https://finance.yahoo.com/news/caleres-inc-nyse-cal-q2-133115976.html

ac0fc160-fd59-3770-a462-c5b1dac58a78

CAL

Caleres, Inc. (NYSE:CAL) stock is about to trade ex-dividend in 4 days. The ex-dividend date is one business day before a company's record date, which is the date on which the company determines which shareholders are entitled to receive a dividend. The ex-dividend date is an important date to be aware of as any purchase of the stock made on or after this date might mean a late settlement that doesn't show on the record date. Accordingly, Caleres investors that purchase the stock on or after the 7th of September will not receive the dividend, which will be paid on the 29th of September.The company's upcoming dividend is US$0.07 a share, following on from the last 12 months, when the company distributed a total of US$0.28 per share to shareholders. Calculating the last year's worth of payments shows that Caleres has a trailing yield of 0.9% on the current share price of $29.82. We love seeing companies pay a dividend, but it's also important to be sure that laying the golden eggs isn't going to kill our golden goose! So we need to investigate whether Caleres can afford its dividend, and if the dividend could grow. Check out our latest analysis for Caleres Dividends are usually paid out of company profits, so if a company pays out more than it earned then its dividend is usually at greater risk of being cut. Caleres has a low and conservative payout ratio of just 6.8% of its income after tax. That said, even highly profitable companies sometimes might not generate enough cash to pay the dividend, which is why we should always check if the dividend is covered by cash flow. Luckily it paid out just 6.1% of its free cash flow last year.It's encouraging to see that the dividend is covered by both profit and cash flow. This generally suggests the dividend is sustainable, as long as earnings don't drop precipitously.Click here to see the company's payout ratio, plus analyst estimates of its future dividends.Story continueshistoric-dividendHave Earnings And Dividends Been Growing?Stocks in companies that generate sustainable earnings growth often make the best dividend prospects, as it is easier to lift the dividend when earnings are rising. If earnings fall far enough, the company could be forced to cut its dividend. Fortunately for readers, Caleres's earnings per share have been growing at 14% a year for the past five years. The company has managed to grow earnings at a rapid rate, while reinvesting most of the profits within the business. Fast-growing businesses that are reinvesting heavily are enticing from a dividend perspective, especially since they can often increase the payout ratio later.Another key way to measure a company's dividend prospects is by measuring its historical rate of dividend growth. It looks like the Caleres dividends are largely the same as they were 10 years ago.The Bottom LineIs Caleres worth buying for its dividend? We love that Caleres is growing earnings per share while simultaneously paying out a low percentage of both its earnings and cash flow. These characteristics suggest the company is reinvesting in growing its business, while the conservative payout ratio also implies a reduced risk of the dividend being cut in the future. Caleres looks solid on this analysis overall, and we'd definitely consider investigating it more closely.So while Caleres looks good from a dividend perspective, it's always worthwhile being up to date with the risks involved in this stock. For example - Caleres has 2 warning signs we think you should be aware of.A common investing mistake is buying the first interesting stock you see. Here you can find a full list of high-yield dividend stocks.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

There's A Lot To Like About Caleres' (NYSE:CAL) Upcoming US$0.07 Dividend

https://finance.yahoo.com/news/theres-lot-caleres-nyse-cal-121503605.html

1f141b95-c1ad-392b-9d46-d773617bae2d

CAR

Avis Budget Group (CAR) closed at $211.76 in the latest trading session, marking a -0.22% move from the prior day. This change was narrower than the S&P 500's 0.42% loss on the day. At the same time, the Dow lost 0.56%, and the tech-heavy Nasdaq lost 0.08%.Coming into today, shares of the car rental company had lost 5.39% in the past month. In that same time, the Business Services sector gained 1.77%, while the S&P 500 gained 1.02%.Wall Street will be looking for positivity from Avis Budget Group as it approaches its next earnings report date. On that day, Avis Budget Group is projected to report earnings of $13.82 per share, which would represent a year-over-year decline of 36.31%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.59 billion, up 1.14% from the year-ago period.Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $36.92 per share and revenue of $12.04 billion. These totals would mark changes of -36.4% and +0.34%, respectively, from last year.Investors should also note any recent changes to analyst estimates for Avis Budget Group. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 2.41% lower. Avis Budget Group is currently a Zacks Rank #3 (Hold).In terms of valuation, Avis Budget Group is currently trading at a Forward P/E ratio of 5.75. This represents a discount compared to its industry's average Forward P/E of 15.55.Story continuesThe Business - Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 204, putting it in the bottom 20% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.You can find more information on all of these metrics, and much more, on Zacks.com.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportAvis Budget Group, Inc. (CAR) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Avis Budget Group (CAR) Stock Moves -0.22%: What You Should Know

https://finance.yahoo.com/news/avis-budget-group-car-stock-215018429.html

9499984b-8443-38b3-a620-6dcd9c9bc262

CAR

In the latest trading session, Avis Budget Group (CAR) closed at $199.35, marking a +0.86% move from the previous day. This change outpaced the S&P 500's 0.14% gain on the day. Meanwhile, the Dow gained 0.22%, and the Nasdaq, a tech-heavy index, added 0.09%.Prior to today's trading, shares of the car rental company had lost 13.7% over the past month. This has lagged the Transportation sector's loss of 6.54% and the S&P 500's loss of 1.27% in that time.Wall Street will be looking for positivity from Avis Budget Group as it approaches its next earnings report date. The company is expected to report EPS of $13.82, down 36.31% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $3.59 billion, up 1.14% from the prior-year quarter.For the full year, our Zacks Consensus Estimates are projecting earnings of $36.92 per share and revenue of $12.04 billion, which would represent changes of -36.4% and +0.34%, respectively, from the prior year.Any recent changes to analyst estimates for Avis Budget Group should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 2.41% lower. Avis Budget Group currently has a Zacks Rank of #3 (Hold).In terms of valuation, Avis Budget Group is currently trading at a Forward P/E ratio of 5.35. Its industry sports an average Forward P/E of 15.11, so we one might conclude that Avis Budget Group is trading at a discount comparatively.Story continuesThe Transportation - Services industry is part of the Transportation sector. This industry currently has a Zacks Industry Rank of 146, which puts it in the bottom 43% of all 250+ industries.The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.You can find more information on all of these metrics, and much more, on Zacks.com.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportAvis Budget Group, Inc. (CAR) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Avis Budget Group (CAR) Outpaces Stock Market Gains: What You Should Know

https://finance.yahoo.com/news/avis-budget-group-car-outpaces-214521324.html

5286ca5c-f513-3351-9d93-ef694239353c

CARR

Long-established in the Construction industry, Carrier Global Corp (NYSE:CARR) has enjoyed a stellar reputation. It has recently witnessed a surge of 1.37%, juxtaposed with a three-month change of 30.03%. However, fresh insights from the GuruFocus Score Rating hint at potential headwinds. Notably, its diminished rankings in financial strength, growth, and valuation suggest that the company might not live up to its historical performance. Join us as we dive deep into these pivotal metrics to unravel the evolving narrative of Carrier Global Corp.Warning! GuruFocus has detected 6 Warning Signs with CARR. Click here to check it out. CARR 30-Year Financial DataThe intrinsic value of CARRCarrier Global Corp (CARR): A Deep Dive into Its Potential UnderperformanceUnderstanding the GF ScoreThe GF Score is a stock performance ranking system developed by GuruFocus using five aspects of valuation, which has been found to be closely correlated to the long-term performances of stocks by backtesting from 2006 to 2021. The stocks with a higher GF Score generally generate higher returns than those with a lower GF Score. Therefore, when picking stocks, investors should invest in companies with high GF Scores. The GF Score ranges from 0 to 100, with 100 as the highest rank.1. Financial strength rank: 6/102. Profitability rank: 6/103. Growth rank: 4/104. GF Value rank: 1/105. Momentum rank: 6/10Based on the above method, GuruFocus assigned Carrier Global Corp the GF Score of 66 out of 100, which signals poor future outperformance potential.Carrier Global Corp Business OverviewCarrier Global Corp, with a market cap of $47.91 billion, is a renowned manufacturer of heating, ventilation, and air conditioning, refrigeration, and fire and security products. The HVAC business serves both residential and commercial markets (HVAC segment sales mix is 60% commercial and 40% residential). Carrier's refrigeration segment consists of its transportation refrigeration, Sensitech supply chain monitoring, and commercial refrigeration businesses. The firm's fire and security business manufactures fire detection and suppression, access controls, and intrusion detection products. In April 2023, Carrier announced that it plans to divest its fire and security and commercial refrigeration businesses. The firm also announced the pending acquisition of Germany-based Viessmann for approximately $13 billion.Story continuesCarrier Global Corp (CARR): A Deep Dive into Its Potential UnderperformanceGrowth ProspectsA lack of significant growth is another area where Carrier Global Corp seems to falter, as evidenced by the company's low Growth rank.Carrier Global Corp (CARR): A Deep Dive into Its Potential UnderperformanceConclusionDespite Carrier Global Corp's historical performance and reputation, the company's financial strength, profitability, and growth metrics indicate potential underperformance in the future. The GuruFocus Score Rating highlights the firm's unparalleled position for potential underperformance. It's crucial for investors to consider these factors when making investment decisions.GuruFocus Premium members can find more companies with strong GF Scores using the following screener link: GF Score ScreenThis article first appeared on GuruFocus.

GuruFocus.com

Carrier Global Corp (CARR): A Deep Dive into Its Potential Underperformance

https://finance.yahoo.com/news/carrier-global-corp-carr-deep-160300996.html

e7d42973-faf0-3fe9-95bb-6b626bfc82e8

CARR

Carrier Global CARR introduced a new line of high-temperature air and water source heat pumps, namely AquaForce and AquaSnap.Notably, the new line, featuring 30-735 kW capacity, 82-120°C water temperature range and low global warming potential hydrofluoroolefin refrigerants, aims to reduce carbon emissions and energy costs.These high-temperature heat pumps utilize heat from multiple sources, including ambient air, ground and waste sources, for various purposes like comfort heating, replacing fossil fuel boilers in heating applications and domestic hot water production.We believe Carrier is likely to gain strong traction across industrial applications, and district and local heating networks on the back of the latest move.Carrier Global Corporation Price and ConsensusCarrier Global Corporation Price and ConsensusCarrier Global Corporation price-consensus-chart | Carrier Global Corporation QuoteStrengthening HVAC SegmentThe latest launch is in sync with Carrier’s growing efforts toward strengthening its Heating, Ventilating and Air Conditioning (HVAC) segment’s portfolio offerings.Apart from AquaForce and AquaSnap, the company recently introduced a new high outdoor air system for the WeatherExpert packaged rooftop units, which provides a comprehensive HVAC solution for schools, hotels, and office buildings, allowing conditioning up to 100% outdoor air.Further, Carrier introduced i-Vu Pro v8.5 software, which improves system security, streamlines updates and facilitates data integration, thereby strengthening its HVAC segment.We believe that the abovementioned endeavors will likely drive the underlined segment’s performance in the days ahead.Our model estimate for 2023 HVAC revenues stands at $15.34 billion, with year-over-year growth of 14.4%.Further, strong momentum in the HVAC segment will likely benefit Carrier’s overall financial performance, as it accounts for the majority of net sales.For 2023, Carrier expects revenues to be $22 billion.Growth ProspectsStrengthening HVAC offerings are expected to bolster Carrier’s presence in the global HVAC systems market.Per a Markets and Markets report, the global HVAC system market is expected to hit $206.3 billion in 2023 and reach $280.1 billion by 2028, witnessing a CAGR of 6.3% from 2023-2028.A Grand View Research predicts the global HVAC systems market size to register a CAGR of 6.3% between 2023 and 2030.We believe that Carrier’s growing prospects in this booming market will likely instill investor optimism in the stock.Notably, CARR has gained 36.7% in the year-to-date period, outperforming the industry’s rally of 20.7%.Story continuesZacks Rank & Other Stocks to ConsiderCurrently, Carrier carries a Zacks Rank #2 (Buy).Some other top-ranked stocks in the broader technology sector are Asure Software ASUR, Arista Networks ANET and Adobe ADBE. While Asure Software sports a Zacks Rank #1 (Strong Buy), Arista Networks and Adobe carry a Zacks Rank #2 each. You can see the complete list of today’s Zacks #1 Rank stocks here.Asure Software shares have gained 27.6% in the year-to-date period. ASUR’s long-term earnings growth rate is currently projected at 27%.Arista Networks shares have gained 62.8% in the year-to-date period. The long-term earnings growth rate for ANET is currently projected at 18.75%Adobe shares have gained 66.8% in the year-to-date period. ADBE’s long-term earnings growth rate is currently projected at 13.27%.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportAdobe Inc. (ADBE) : Free Stock Analysis ReportAsure Software Inc (ASUR) : Free Stock Analysis ReportArista Networks, Inc. (ANET) : Free Stock Analysis ReportCarrier Global Corporation (CARR) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Carrier (CARR) Adds New Heat Pumps to Its HVAC Offerings

https://finance.yahoo.com/news/carrier-carr-adds-heat-pumps-140900022.html

6abad3f5-8478-3ddc-8226-f5a40e979f41

CASA

Casa Systems, Inc.Digital Infrastructure Veteran Colin Kincaid joins as Chief Product Officer; Phil Paro - as Chief Accounting OfficerANDOVER, Mass., Sept. 06, 2023 (GLOBE NEWSWIRE) -- Casa Systems (Nasdaq: CASA), a leading global provider of cloud-native software and broadband access, cable and cloud technology solutions for the world’s leading communication service providers, today announced the appointment of proven industry veteran Colin Kincaid as Chief Product Officer (CPO), while Phil Paro comes aboard as the Company’s new Chief Accounting Officer (CAO).Kincaid joins Casa Systems by way of Cisco where he most recently served as the Chief Technology Officer of Cisco’s Global Service Provider business. An accomplished leader with over 30 years of global industry experience, Kincaid developed products at scale for global distribution, driven successful business strategies, including new business models and acquisition programs, and led diverse global organizations and teams. During his tenure as Chief Technology Officer for Cisco’s Global Service Provider Business, he led the overall solutions architecture, go-to-market, and technical teams in businesses spanning wireline and wireless providers, cable access, and hyperscalers, over $14 billion of revenues across product, services, and partners. Kincaid also has significant experience with the innovation lifecycle and in successfully scaling businesses, first working with startups such as Octocom (acquired by Telebit then Cisco), Ascom Nexion (acquired by Fujitsu), Maker Communications (acquired by Conexant), and then later, at Cisco Systems, where Kincaid successfully integrated acquisitions into the company’s portfolio.“As we look to the next phase of growth at Casa Systems, Colin is the right leader with a real passion for customer driven innovation, and an impressive track record of successfully translating market and technology trends into building market leading products for global communication service provider customers and leading highly effective, global teams,” said Michael Glickman, President and Chief Executive Officer at Casa Systems. “We’re confident his significant industry and leadership experience will fuel our growth and innovation efforts. I could not be more excited to welcome him onboard.”Story continues"Over the last three decades, I've been fortunate to contribute to various facets of the industry - from software and systems development to strategic acquisitions and global go-to-market strategies,” shared Kincaid. “Joining Casa Systems presents a unique opportunity to harness this breadth of experience, driving innovation and growth in an environment that's both challenging and exciting. Casa Systems is poised to redefine the future of cloud-native infrastructure, and I'm excited about my role in this next chapter.”In addition, the Company announced that Phil Paro joined Casa Systems on September 5, 2023, as its new Chief Accounting Officer. Paro joins Casa with over 20 years of private and public company technology experience. Most recently, Paro served as Director, Global Controller at Tomorrow.io, a global leader in weather intelligence, where he successfully managed a global team overseeing all financial functions, executed buy-side financial due diligence, and collaborated with executive teams to accelerate business growth. His career highlights include prior experience at Fuze and Actifio, as well as several public companies including Fleetmatics, Hologic and Acme Packet where he proficiently managed SOX compliance, spearheaded automation-driven process and system improvements, managed ASC 606 implementations, supported various merger and acquisition activity and consistently demonstrated success in treasury and debt facility management.About Casa Systems, Inc.Casa Systems, Inc. (Nasdaq: CASA) delivers the core-to-customer building blocks to speed 5G transformation with future-proof solutions and cutting-edge bandwidth for all access types. In today’s increasingly personalized world, Casa Systems creates disruptive architectures built specifically to meet the needs of service provider networks. Our suite of open, cloud-native network solutions unlocks new ways for service providers to build networks without boundaries and maximizes revenue-generating capabilities. Commercially deployed in more than 70 countries, Casa Systems serves over 475 Tier 1 and regional service providers worldwide. For more information, visit http://www.casa-systems.com.CASA SYSTEMS PR CONTACTAlicia ThomasCasa Systems, [email protected]

GlobeNewswire

Casa Systems Appoints Former Cisco Global Service Provider CTO Colin Kincaid as Chief Product Officer, and Phil Paro as Chief Accounting Officer

https://finance.yahoo.com/news/casa-systems-appoints-former-cisco-120000516.html

b3290cf0-c4ad-3759-bc27-0bb66f8583f2

CASA

Casa Systems, Inc.ANDOVER, Mass., Sept. 08, 2023 (GLOBE NEWSWIRE) -- Casa Systems (Nasdaq: CASA), a leading global provider of cloud-native software and broadband access, cable and cloud technology solutions for the world’s leading communication service providers, today announced that the Compensation Committee of the Company’s Board approved the grant of an inducement award to Colin Kincaid, the Company’s new Chief Product Officer, as an inducement material to his entry into employment with Casa in accordance with Nasdaq Listing Rule 5635(c)(4).  The inducement grant was made effective as of and contingent upon the commencement of Kincaid’s employment with Casa on September 1, 2023, and consists of 1,000,000 restricted stock units, or RSUs. The RSUs vest in equal installments over four years starting on September 1, 2024, such that the RSUs will be fully vested on September 1, 2027, subject to Kincaid’s continued service with the Company through each such vesting date.About Casa Systems, Inc.Casa Systems, Inc. (Nasdaq: CASA) delivers the core-to-customer building blocks to speed 5G transformation with future-proof solutions and cutting-edge bandwidth for all access types. In today’s increasingly personalized world, Casa Systems creates disruptive architectures built specifically to meet the needs of service provider networks. Our suite of open, cloud-native network solutions unlocks new ways for service providers to build networks without boundaries and maximizes revenue-generating capabilities. Commercially deployed in more than 70 countries, Casa Systems serves over 475 Tier 1 and regional service providers worldwide. For more information, visit http://www.casa-systems.com.CASA SYSTEMS PR CONTACTAlicia ThomasCasa Systems, [email protected]

GlobeNewswire

Casa Systems Announces Awarding of Inducement Grant to New Chief Product Officer

https://finance.yahoo.com/news/casa-systems-announces-awarding-inducement-200500619.html

ea97231a-31ef-3c7a-9c4a-30f99bdcb0fe

CASY

Fifth-largest U.S. pizza chain Casey’s shares new survey data and engages college football athletes to spotlight pizza for breakfastANKENY, Iowa, September 07, 2023--(BUSINESS WIRE)--What do you typically have for breakfast? If you’re living in Casey’s Country, the answer might be pizza. According to a new study, Casey’s (Nasdaq: CASY) found that pizza is a popular choice for breakfast among U.S. adults surveyed.This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230907157355/en/(Photo: Business Wire)The survey found pizza for breakfast simply makes the day start better:44% of people would be inclined to eat breakfast more often if pizza was on the menu.More than half of adults (52%) wish pizza was considered a more traditional breakfast food.Nearly three in five adults (57%) say they would eat breakfast more often if they could get a breakfast pizza.While breakfast is the most important meal of the day, mornings can be busy. Most parents of school-aged children (76%) feel guilty when they run out of time to prepare breakfast for their children. Additionally, 31% of parents say their kids miss breakfast at least one day a week. Of those who indicate their children skip breakfast one or more days a week, 87% of parents say they wish their kids ate breakfast in the morning more often. Casey’s provides a quick, convenient solution to this by offering a wide range of breakfast items, including breakfast pizza. Of parents surveyed:More than two-thirds (67%) say it’s worth paying for the convenience of purchasing breakfast in the morning compared to saving money by making breakfast at home;Nearly half of these parents (47%) say their kids often or almost always ask to stop for takeout breakfast on the way to school; andNearly 3 in 4 parents (74%) say they would eat breakfast more often themselves if they could get a breakfast pizza."You heard it here first, pizza is breakfast in Casey’s Country, and we’ve been serving up delicious, handmade breakfast pizza for over 20 years. At Casey’s, we’re here to provide guests with a variety of breakfast offerings that are craveable and convenient," said Tom Brennan, Casey’s Chief Merchandising Officer. "For parents, kids, morning commuters and early risers alike – pizza for breakfast is the answer."Story continuesTo show guests what it means to be a part of Casey’s Country and highlight its beloved breakfast pizza, Casey’s is partnering with three college football athletes from across its 16-state footprint: Emeka Egbuka (Wide Receiver, The Ohio State University), Jacob Warren (Tight End, University of Tennessee) and Luke Lachey (Tight End, University of Iowa)."Between school, practice, film study and workouts, I’m balancing a lot as a student-athlete," said Egbuka, now in his junior year playing football for Ohio State. "To be able to go into a Casey’s and get everything I need in one spot, it was a no-brainer to partner with them. And who would say no to pizza for breakfast? There’s nothing better."Casey’s guests can find touchdown deals on their favorite pizzas this fall. Now through Oct. 25, guests can get a $4 mega slice (including breakfast pizza) with a medium fountain beverage, or $9.99 large single-topping pizzas when they order two or more. Order in-store or online today.About Casey’sCasey’s is a Fortune 500 company (Nasdaq: CASY) operating over 2,500 convenience stores. Founded more than 50 years ago, the company has grown to become the third-largest convenience store retailer and the fifth-largest pizza chain in the United States. Casey’s provides freshly prepared foods, quality fuel and friendly service at its locations. Guests can enjoy pizza, donuts, other assorted bakery items, and a wide selection of beverages and snacks. Learn more and order online at www.caseys.com, or in the mobile app.About the SurveyFleishmanHillard and Casey’s commissioned Atomik Research to conduct an online survey of 2,003 adults across the United States. The sample consists of 1,002 parents of school-aged children, ages 5-17, and 1,001 adults who do not have any children. The margin of error for the overall sample is +/- 2 percentage points with a confidence level of 95%. Fieldwork took place between Aug. 28 and Aug. 30, 2023. Atomik Research is an independent, creative market research agency.View source version on businesswire.com: https://www.businesswire.com/news/home/20230907157355/en/ContactsKendrew [email protected] 515.494.3718

Business Wire

Survey Shows Nearly Half of U.S. Adults Would Eat Breakfast More Often if Pizza Was on the Menu

https://finance.yahoo.com/news/survey-shows-nearly-half-u-130000139.html

65de73c3-4464-3bc9-9732-cb26ff0a5864

CASY

Casey's General Stores, Inc. CASY is likely to register a top-line decline when it reports first-quarter fiscal 2024 numbers on Sep 11 after the closing bell. The Zacks Consensus Estimate for revenues is pegged at $3,852 million, indicating a decline of 13.5% from the prior-year reported figure.The bottom line of this convenience store operator is expected to have declined year over year. The Zacks Consensus Estimate for first-quarter earnings per share has declined by 0.9% to $3.36 over the past 30 days, which suggests a decrease from the earnings of $4.09 reported in the year-ago period.This Ankeny, IA-based company has a trailing four-quarter earnings surprise of 7.5%, on average. In the last reported quarter, the company’s bottom line missed the Zacks Consensus Estimate by a margin of 5.7%.Casey's General Stores, Inc. Price and EPS SurpriseCasey's General Stores, Inc. Price and EPS SurpriseCasey's General Stores, Inc. price-eps-surprise | Casey's General Stores, Inc. QuoteKey Factors to NoteCasey's price and product optimization strategies, the increased penetration of private brands and digital engagements comprising mobile apps and online ordering capabilities are commendable. The curbside pickup option and Casey’s reward program have been benefiting its overall performance.The company has partnered with DoorDash and Uber Eats for delivery services. Casey's self-distribution model and acquisition activities bode well. These factors are likely to have boosted the company’s top line in the yet-to-be-reported quarter.Casey’s Grocery & General Merchandise category might have contributed to the company’s top line. Our model estimate for sales for the category is pegged at $993.9 million, which suggests an increase of 7.7% from the prior-year reported figure. The consensus mark indicates a jump of 4.1% in same-store sales.The company’s Prepared Food & Dispensed Beverage category may have positively impacted total revenues. Our model estimate for sales for the category is pinned at $369.8 million, which indicates a jump of 7.6% from the prior-year reported figure. The consensus mark suggests growth of 4.1% in same-store sales.With respect to the total gallons sold during the quarter under discussion, the Zacks Consensus Estimate suggests an increase of 3.5%. However, our model estimate for sales in the Fuel category indicates a decline of 24.1% to $2,350 million. This might have an adverse impact on the company’s top-line performance.Rising operating expenses have been a concern for the company over the past few quarters. Casey's witnessed an increase of 6.3% in operating expenses of $521.7 million in the last reported quarter. The metric increased due to operating a greater number of stores compared with the same period last year and a rise in expenses related to same-store operations.For the quarter under review, we expect operating expenses of about $555 million, suggesting a rise of 2.2% year-over-year. As a percentage of revenues, the metric is estimated to be 14.7%, suggesting an increase of 250 basis points year-over-year.Story continuesWhat Does the Zacks Model Unveil?Our proven model predicts an earnings beat for Casey's this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is the case here.Casey's has a Zacks Rank #3 and an Earnings ESP of +1.29%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.3 More Stocks With the Favorable CombinationHere are three other companies you may want to consider, as our model shows that these too have the right combination of elements to post an earnings beat:American Eagle Outfitters AEO currently has an Earnings ESP of +9.15% and sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for the third-quarter fiscal 2023 quarterly earnings per share is pegged at 42 cents, in line with the figure reported in the year-ago quarter. American Eagle Outfitters has a trailing four-quarter earnings surprise of 43.2%, on average.Skechers SKX currently has an Earnings ESP of +0.41% and sports a Zacks Rank #1. The company is likely to register a bottom-line increase when it reports third-quarter 2023 numbers. The Zacks Consensus Estimate for the quarterly earnings per share of 77 cents suggests a rise of 40% from the year-ago quarter.Skechers’ top line is expected to increase year over year. The consensus estimate for quarterly revenues is pegged at $2.01 billion, which indicates a rise of 6.8% from the figure reported in the prior-year quarter. SKX has a trailing four-quarter earnings surprise of 39.1%, on average.Darden Restaurants DRI has an Earnings ESP of +0.72% and a Zacks Rank #2 at present. Darden Restaurants is expected to register a bottom-line increase when it reports first-quarter fiscal 2024. The Zacks Consensus Estimate for DRI’s earnings is pegged at $1.72 per share, suggesting growth of 10.3% from the figure reported in the prior-year quarter.The Zacks Consensus Estimate for quarterly revenues is pegged at $2.7 billion, which indicates growth of 10.5% from the figure reported in the prior-year quarter. Darden Restaurants has a trailing four-quarter earnings surprise of 3.6%, on average.Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportAmerican Eagle Outfitters, Inc. (AEO) : Free Stock Analysis ReportDarden Restaurants, Inc. (DRI) : Free Stock Analysis ReportSkechers U.S.A., Inc. (SKX) : Free Stock Analysis ReportCasey's General Stores, Inc. (CASY) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Casey's (CASY) Gears Up to Post Q1 Earnings: What's in Store?

https://finance.yahoo.com/news/caseys-casy-gears-post-q1-131700187.html

bd5cec88-9f15-3fd0-857a-052463b94943

CAT

Despite the market’s incredible run so far year-to-date, not all stocks have become expensive, with plenty of deals out there.Value-focused investors target mispriced stocks with the idea that others will eventually ‘catch on’ and recognize their actual value, which can lead to serious gains. After all, we all enjoy a nice deal.And for those seeking stocks without stretched valuations, Abercrombie & Fitch ANF, PACCAR Inc. PCAR, and Caterpillar CAT – could all be considerations.In addition to sound valuation levels, all three sport a favorable Zacks Rank and carry solid growth profiles, with the former indicating optimism among analysts. Let’s take a closer look at each.CaterpillarCaterpillar is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. The stock sports the highly-coveted Zacks Rank #1 (Strong Buy), with earnings expectations increasing across all timeframes.Zacks Investment ResearchImage Source: Zacks Investment ResearchThe company’s shares aren’t expensive given its growth trajectory, with earnings forecasted to soar 43% on 12% higher revenues in its current year. Shares currently trade at a 14.2X forward earnings multiple (F1), beneath the 15.8X five-year median and the respective Zacks – Machinery industry average.Zacks Investment ResearchImage Source: Zacks Investment ResearchCaterpillar has been a consistent earnings performer as of late, exceeding Zacks Consensus Estimates in back-to-back releases. Just in its latest print, the machinery titan penciled in a 23% EPS beat and reported revenue 5% ahead of expectations.As shown below, the company’s revenue has recovered nicely from pandemic lows.Zacks Investment ResearchImage Source: Zacks Investment ResearchAbercrombie & FitchAbercrombie & Fitch, a current Zacks Rank #1 (Strong Buy), operates as a specialty retailer of many types of premium, high-quality casual apparel for men, women, and kids through a vast store network.Story continuesAnalysts have taken their earnings expectations notably higher, with the revisions trend particularly robust for its upcoming quarterly release expected in late November.Zacks Investment ResearchImage Source: Zacks Investment ResearchThe company posted a blowout quarter in its latest print, exceeding the Zacks Consensus EPS Estimate by more than 740% and posting an 11% sales surprise. The market was impressed with the results, sending ANF shares soaring post-earnings.Zacks Investment ResearchImage Source: Zacks Investment ResearchShares aren’t expensive given the company’s growth trajectory, with earnings forecasted to climb 1,500% on 10% higher revenues in its current year.  ANF shares presently trade at a 13.6X forward earnings multiple (F1), nicely beneath the 17.6X five-year median.PACCAR Inc. PACCAR is a global leader in the design, manufacture, and customer support of high-quality premium trucks. Like those above, analysts have become bullish on the company’s earnings outlook, landing the stock into the highly-coveted Zacks Rank #1 (Strong Buy).Zacks Investment ResearchImage Source: Zacks Investment ResearchIncome-focused investors could gravitate toward PCAR, with shares currently yielding a respectable 1.3% annually. Dividend growth is there, too, with the payout growing by nearly 5% annually over the last five years.PCAR shares currently trade at a 9.7X forward earnings multiple, well below the 12.2X five-year median and the respective Zacks – Autos/Tires/Trucks industry average. Shares traded as high as 18.2X in 2022.Zacks Investment ResearchImage Source: Zacks Investment ResearchBottom LineValue-conscious investors are always looking for deals, sitting in the shadows and waiting for the rest of the crowd to catch on. The strategy can be quite lucrative, especially when it’s paired with the Zacks Rank.And for those seeking stocks with sound valuations, all three above – Abercrombie & Fitch ANF, PACCAR Inc. PCAR, and Caterpillar CAT – precisely fit the criteria. On top of sound valuations, all three sport a favorable Zacks Rank, indicating optimism among analysts.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportCaterpillar Inc. (CAT) : Free Stock Analysis ReportAbercrombie & Fitch Company (ANF) : Free Stock Analysis ReportPACCAR Inc. (PCAR) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

3 Cheap Top-Ranked Stocks Investors Can't Ignore

https://finance.yahoo.com/news/3-cheap-top-ranked-stocks-211000999.html

f3d7801a-9bfe-3aaf-9148-c9a5b56ce02c

CAT

The market rally is under pressure, but Amazon and Shopify are stocks to watch that are forging handles in bases.Continue reading

Investor's Business Daily

Amazon Leads 5 Stocks Near Buy Points With A Handle On This Market

https://finance.yahoo.com/m/c31fe833-799d-3694-b303-2b6a735edfd2/amazon-leads-5-stocks-near.html

c31fe833-799d-3694-b303-2b6a735edfd2

CB

Virtu Financial, Inc. VIRT recently announced that its Triton Valor execution management system, POSIT Alert, Trading analytics and global equity execution algorithms have been deployed by Sumitomo Mitsui Trust Asset Management (“SMTAM”). This collaboration highlights that the core value proposition of VIRT is gaining popularity due to its unique products.This move bodes well for Virtu Financial’s Execution Services segment as it aims to diversify its revenue base. This partnership will give rise to more commissions earned and, in turn, greater contribution by this segment to the company’s top line in the future. The integration of Virtu Financial’s pre-trade and real-time analysis directly into the execution workflow offers traders transparency and provides decision support to help mitigate risk and manage implementation costs across global equities.SMTAM will be able to streamline and improve trading workflows due to Triton’s customizable feature. SMTAM also aims to expand its use within various asset classes internally and within Japan. It will also leverage Virtu Financial’s equity algorithms from its global suite across Canada, Latin America, the United States, Europe and Asia Pacific. This collaboration highlights the success of Virtu Financial’s ambitious investments in execution products and Japan. VIRT aims to maintain a client-centric approach, create customized solutions, increase automation, enhance efficiency and reduce costs.This partnership highlights Virtu Financial’s unwavering focus on developing cutting-edge technologies to deliver liquidity in markets and transparent trading solutions to clients. This should help further solidify its market-leading position as a financial services provider by enhancing its core value proposition, its technology platform.Zacks Rank and Price PerformanceVIRT currently has a Zacks Rank #3 (Hold).Shares of Virtu Financial have gained 3.3% in the past six months against the industry’s 0.5% decline.Story continuesZacks Investment ResearchImage Source: Zacks Investment ResearchStocks to ConsiderSome better-ranked stocks in the broader finance space include Arch Capital Group Ltd. ACGL, Aflac Incorporated AFL and Chubb Limited CB. Arch Capital currently sports a Zacks Rank #1 (Strong Buy), while Aflac and Chubb carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Arch Capital’s earnings surpassed estimates in each of the last four quarters, the average surprise being 26.8%. The Zacks Consensus Estimate for ACGL’s 2023 earnings and revenues indicates a rise of 38.2% and 30.6%, respectively, from the year-ago actuals. The consensus mark for ACGL’s 2023 earnings has moved 2.3% north in the past 30 days.The bottom line of Aflac beat estimates in each of the trailing four quarters, the average beat being 7.8%. The Zacks Consensus Estimate for AFL’s 2023 earnings indicates a rise of 12.2% from the year-ago tally. The consensus mark for AFL’s 2023 earnings has moved 1.4% north in the past 30 days.Chubb’s earnings outpaced estimates in three of the trailing four quarters and missed the mark once, the average surprise being 3.4%. The Zacks Consensus Estimate for CB’s 2023 earnings indicates a rise of 19.3%, while the same for revenues suggests an improvement of 8.8% from the respective year-ago actuals. The consensus mark for CB’s 2023 earnings has moved 0.8% north in the past 30 days.Shares of Arch Capital, Aflac and Chubb have gained 67.4%, 20.6% and 4.6%, respectively, in a year.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportChubb Limited (CB) : Free Stock Analysis ReportAflac Incorporated (AFL) : Free Stock Analysis ReportArch Capital Group Ltd. (ACGL) : Free Stock Analysis ReportVirtu Financial, Inc. (VIRT) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Virtu Financial (VIRT) & SMTAM Unite to Improve Trading Workflow

https://finance.yahoo.com/news/virtu-financial-virt-smtam-unite-174200207.html

7338a6f7-e26f-3c11-a606-40ce7b98c39e

CB

It looks like Chubb Limited (NYSE:CB) is about to go ex-dividend in the next three days. The ex-dividend date is one business day before the record date, which is the cut-off date for shareholders to be present on the company's books to be eligible for a dividend payment. The ex-dividend date is an important date to be aware of as any purchase of the stock made on or after this date might mean a late settlement that doesn't show on the record date. In other words, investors can purchase Chubb's shares before the 14th of September in order to be eligible for the dividend, which will be paid on the 6th of October.The company's next dividend payment will be US$0.86 per share. Last year, in total, the company distributed US$3.44 to shareholders. Based on the last year's worth of payments, Chubb stock has a trailing yield of around 1.7% on the current share price of $204.67. Dividends are an important source of income to many shareholders, but the health of the business is crucial to maintaining those dividends. As a result, readers should always check whether Chubb has been able to grow its dividends, or if the dividend might be cut. See our latest analysis for Chubb Dividends are typically paid out of company income, so if a company pays out more than it earned, its dividend is usually at a higher risk of being cut. Chubb is paying out just 24% of its profit after tax, which is comfortably low and leaves plenty of breathing room in the case of adverse events.Generally speaking, the lower a company's payout ratios, the more resilient its dividend usually is.Click here to see the company's payout ratio, plus analyst estimates of its future dividends.historic-dividendHave Earnings And Dividends Been Growing?Companies with consistently growing earnings per share generally make the best dividend stocks, as they usually find it easier to grow dividends per share. Investors love dividends, so if earnings fall and the dividend is reduced, expect a stock to be sold off heavily at the same time. For this reason, we're glad to see Chubb's earnings per share have risen 12% per annum over the last five years.Story continuesThe main way most investors will assess a company's dividend prospects is by checking the historical rate of dividend growth. Since the start of our data, 10 years ago, Chubb has lifted its dividend by approximately 5.8% a year on average. Earnings per share have been growing much quicker than dividends, potentially because Chubb is keeping back more of its profits to grow the business.To Sum It UpHas Chubb got what it takes to maintain its dividend payments? Companies like Chubb that are growing rapidly and paying out a low fraction of earnings, are usually reinvesting heavily in their business. This is one of the most attractive investment combinations under this analysis, as it can create substantial value for investors over the long run. We think this is a pretty attractive combination, and would be interested in investigating Chubb more closely.While it's tempting to invest in Chubb for the dividends alone, you should always be mindful of the risks involved. For example - Chubb has 1 warning sign we think you should be aware of.A common investing mistake is buying the first interesting stock you see. Here you can find a full list of high-yield dividend stocks.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

Chubb Limited (NYSE:CB) Passed Our Checks, And It's About To Pay A US$0.86 Dividend

https://finance.yahoo.com/news/chubb-limited-nyse-cb-passed-123119995.html

83940da8-dfe7-3d27-937b-4158aacaf0c9

CBAT

DALIAN, China, Aug. 9, 2023 /PRNewswire/ -- CBAK Energy Technology, Inc. (NASDAQ: CBAT) ("CBAK Energy," or the "Company") a leading lithium-ion battery manufacturer and electric energy solution provider in China, today reported its unaudited financial results for the second quarter and first half of 2023 ended June 30, 2023.First Half of 2023 Financial HighlightsNet revenues from sales of batteries were $51.8 million, an increase of 27.2% from $40.7 million in the same period of 2022.Net revenues from batteries used in light electric vehicles were $3.1 million, an increase of 309.9% from $0.8 million in the same period of 2022.Net revenues from batteries used in electric vehicles were $2.0 million, an increase of 6454.4 times from $303.0 in the same period of 2022.Net revenues from uninterruptible supplies were $46.8 million, an increase of 17.0% from $40.0 million in the same period of 2022.Gross margin for the battery business was 12.8%, an increase of 3.4 percentage points from 9.4% in the same period of 2022.Yunfei Li, Chairman and Chief Executive Officer of the Company, commented, "During the first half of 2023, our battery business had strong revenue growth of 97% in the first quarter; however, during the second quarter, we began to experience a temporary slowdown in sales, as a result of the volatility of lithium carbonate prices, a crucial raw material. Despite this short-term challenge, we remain confident that our revenue growth will bounce back in the upcoming quarters as many of our clients will place new orders in the second half of the year when prices begin to stabilize. Moreover, we have successfully entered into a series of partnerships with Echom, HiNa Battery, Viessmann Group, and Hello Tech, which will help sustain our topline growth and further strengthen our lead in China's battery market."Xiangyu Pei, Interim Chief Financial Officer, added, "We are pleased to report strong half year results marked by sustainable growth and increased profitability. Thanks to our product's strength and optimized operating efficiency, our gross margin rose to 15.4%, compared with 11.0% for the same period last year. Going forward, our top priorities are to accelerate sales growth and improve profitability. Our solid balance sheet gives us the flexibility to continue investing in our future by accelerating our research and development across product lines as well as expanding our technology and business initiatives to create value for both our users and our shareholders."Story continuesSecond Quarter of 2023 Business Highlights & Recent DevelopmentsIn July, CBAK Energy announced that its subsidiary, Dalian CBAK, reached agreements with the Shangqiu Urban-Rural Integration Demonstration Zone and partnering entities, which will increase Dalian CBAK's capacity by approximately RMB300 million worth of the 26700 cylindrical batteries.In July, CBAK Energy announced that its subsidiary, Nanjing CBAK, entered a 3-year strategic partnership for a RMB180 million lithium-ion battery order with Echom, a well-known industrial design group in China.In June, CBAK Energy announced a strategic agreement with HiNa Battery, a unicorn and leading player in the sodium electricity industry, and Hello Tech, the parent company of Jackery, a premier global portable power supplier, respectively, during its first Corporate Open Day.In June, CBAK Energy announced that it is the first company worldwide to achieve mass production of large cylindrical sodium batteries and full-scale commercialization along the entire value chain from upstream to downstream during the Corporate Open Day.In June, CBAK Energy received an order worth EUR116.5 million (approximately USD124.5 million) of lithium-ion batteries from the Viessmann Group, a leading European heating, cooling, and renewable energy system provider, for 2024.In June, CBAK Energy entered into a strategic agreement and secured RMB25 million in funding from Hello Tech, the parent company of Jackery, a leading global portable power supplier, for the sodium-ion battery R&D program.Second Quarter of 2023 Financial ResultsNet revenues were $42.4 million, representing a decline of 24.7% compared to $56.3 million in the same period of 2022. This decline was primarily attributable to a decrease in sales by the battery business and Hitrans, an indirect majority-owned subsidiary engaged in the production and sale of battery raw materials. The decline in battery sales was primarily driven by the price volatility of lithium carbonate, leading clients to hold off on placing new orders during the second quarter. However, we are optimistic that demand will rebound in subsequent quarters as prices stabilize.Among these revenues, detailed revenues from our battery business are:Battery Business2022SecondQuarter2023SecondQuarter% ChangeYoY    Net Revenues ($)25,715,41522,232,003-13.5    Gross Profits ($)2,836,2873,425,14720.8    Gross Margin11.0 %15.4 %-Net Revenues from Battery Businesson Applications ($)    Electric Vehicles(6)135,731-    Light Electric Vehicles671,4441,147,90271.0    Uninterruptable supplies25,043,97720,948,370-16.4Total25,715,41522,232,003-13.5Cost of revenues was $38.5 million, representing a decrease of 24.2% from $50.8 million in the same period of 2022. This decrease was primarily due to the decline in net revenues.Gross profit was $3.9 million, representing a decrease of 29.8% from $5.5 million in the same period of 2022. Gross margin was 9.2%, compared to 9.8% in the same period of 2022.Total operating expenses were $7.7 million, representing an increase of 42.1% from $5.4 million in the same period of 2022.Research and development expenses were $3.0 million, an increase of 29.6% from $2.3 million in the same period of 2022.Sales and marketing expenses were $1.0 million, an increase of 38.1% from $0.7 million in the same period of 2022.General and administrative expenses were $3.6 million, an increase of 46.0% from $2.5 million in the same period of 2022.Provision for doubtful accounts was $0.13 million, compared to a recovery of doubtful accounts of $0.06 million in the same period of 2022.Operating loss amounted to $3.8 million, compared to an operating income of $0.1 million in the same period of 2022.Finance income, net amounted to $0.3 million, compared to a finance expense of $0.6 million in the same period of 2022.Change in fair value of warrants was $0.04 million, compared to $2.13 million in the same period of 2022. The change in fair value of the warrants liability is mainly due to the share price decline.Net loss attributable to shareholders of CBAK Energy was $2.6 million, compared to a net income attributable to shareholders of CBAK Energy of $0.8 million in the same period of 2022.Net loss attributable to shareholders of CBAK Energy (after deducting the change in fair value of warrants) was $2.7 million, compared to $1.3 million in the same period of 2022.Basic and diluted loss per share were both $0.03, compared to nil in the same period of 2022.First Half of 2023 Financial Results                    Net revenues were $84.8 million, representing a decrease of 37.8% from $136.6 million in the same period of 2022. This decrease was primarily attributable to a decrease in sales by the battery business and Hitrans, an indirect majority-owned subsidiary engaged in the production and sale of battery raw materials.Battery Business2022First Half2023First Half% ChangeYoY    Net Revenues ($)40,736,10151,835,38627.2    Gross Profits ($)3,819,2116,638,50573.8    Gross Margin9.4 %12.8 %-Net Revenues from Battery Business onApplications ($)    Electric Vehicles3031,955,979645,437.6    Light Electric Vehicles760,2083,115,959309.9    Uninterruptable supplies39,975,59046,763,44817.0Total40,736,10151,835,38627.2Cost of revenues was $78.0 million, representing a decrease of 37.9% from $125.7 million in the same period of 2022. This decrease was primarily due to the decline in net revenues.Gross profit was $6.8 million, representing a decrease of 37.4% from $10.9 million in the same period of 2022. Gross margin was 8.0%, compared to 7.9% in the same period of 2022.Total operating expenses were $13.4 million, representing an increase of 11.4% from $12.0 million in the same period of 2022.Research and development expenses were $5.4 million, a decrease of 3.1% from $5.6 million in the same period of 2022.Sales and marketing expenses were $1.7 million, an increase of 10.3% from $1.5 million in the same period of 2022.General and administrative expenses were $6.1 million, an increase of 29.2% from $4.7 million in the same period of 2022.Provision for doubtful accounts was $0.26 million, compared to $0.21 million in the same period of 2022.Operating loss was $6.7 million, compared to $1.2 million in the same period of 2022.Finance income, net was $0.3 million, compared to a finance expense of $0.6 million in the same period of 2022.Change in fair value of warrants was $0.12 million, compared to $3.76 million in the same period of 2022. The change in fair value of the warrants liability is mainly due to the share price decline.Net loss attributable to shareholders of CBAK Energy was $4.0 million, compared to a net income attributable to shareholders of CBAK Energy of $1.2 million in the same period of 2022.Net loss attributable to shareholders of CBAK Energy (after deducting the change in fair value of warrants) was $4.1 million, compared to $2.5 million in the same period of 2022.Basic and diluted loss per share were both $0.05, compared to $0.01 for both basic and diluted income per share in the same period of 2022.Conference CallCBAK Energy's management will host an earnings conference call at 8:30 AM U.S. Eastern Time on Wednesday, August 9, 2023 (8:30 PM Beijing/Hong Kong Time on August 9, 2023).For participants who wish to join our call online, please visit:https://edge.media-server.com/mmc/p/6uzum5dvParticipants who plan to ask questions during the call will need to register at least 15 minutes prior to the scheduled call start time using the link provided below. Upon registration, participants will receive the conference call access information, including dial-in numbers, a unique pin, and an email with detailed instructions.Participant Online Registration:https://register.vevent.com/register/BI83386b12da554bf7abfbd186831164cdOnce completing the registration, please dial-in at least 10 minutes before the scheduled start time of the conference call and enter the personal pin as instructed to connect to the call.A replay of the conference call may be accessed within seven days after the conclusion of the live call at the following website:https://edge.media-server.com/mmc/p/6uzum5dvThe earnings release and the link for the replay are available at ir.cbak.com.cn.About CBAK EnergyCBAK Energy Technology, Inc. (NASDAQ: CBAT) is a leading high-tech enterprise in China engaged in the development, manufacturing, and sales of new energy high power lithium batteries and raw materials for use in manufacturing high power lithium batteries. The applications of the Company's products and solutions include electric vehicles, light electric vehicles, electric tools, energy storage, uninterruptible power supply (UPS), and other high-power applications. In January 2006, CBAK Energy became the first lithium battery manufacturer in China listed on the Nasdaq Stock Market. CBAK Energy has multiple operating subsidiaries in Dalian, Nanjing and Shaoxing, as well as a large-scale R&D and production base in Dalian.For more information, please visit ir.cbak.com.cn.Safe Harbor StatementThis press release contains "forward-looking statements" that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should," or "will" or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements.Any forward-looking statements contained in this press release are only estimates or predictions of future events based on information currently available to our management and management's current beliefs about the potential outcome of future events. Whether these future events will occur as management anticipates, whether we will achieve our business objectives, and whether our revenues, operating results, or financial condition will improve in future periods are subject to numerous risks. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: significant legal and operational risks associated with having substantially all of our business operations in China, that the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our securities or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless, the effects of the global Covid-19 pandemic or other health epidemics, changes in domestic and foreign laws, regulations and taxes, the volatility of the securities markets; and other risks including, but not limited to, the ability of the Company to meet its contractual obligations, the uncertain markets for the Company's products and business, macroeconomic, technological, regulatory, or other factors affecting the profitability of our products and solutions that we discussed or referred to in the Company's disclosure documents filed with the U.S. Securities and Exchange Commission (the "SEC") available on the SEC's website at www.sec.gov, including the Company's most recent Annual Report on Form 10-K as well as in our other reports filed or furnished from time to time with the SEC. You should read these factors and the other cautionary statements made in this press release. If one or more of these factors materialize, or if any underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.For further inquiries, please contact:In China:CBAK Energy Technology, Inc.Investor Relations DepartmentMr. Thierry Jiewei LiPhone: 86-18675423231Email: [email protected] Financial CommunicationsMs. Hui FanTel: +86-10-6508-0677Email: [email protected] the United States:Piacente Financial CommunicationsMs. Brandi PiacenteTel: +1-212-481-2050Email: [email protected]  CBAK Energy Technology, Inc. and SubsidiariesCondensed consolidated Balance SheetsAs of December 31, 2022 and June 30, 2023(Unaudited)(In US$ except for number of shares)December 31,2022June 30,2023(Unaudited)AssetsCurrent assetsCash and cash equivalents$6,519,212$3,449,446Pledged deposits30,836,86440,189,167Trade and bills receivable, net27,413,57529,322,723Inventories49,446,29141,818,660Prepayments and other receivable5,915,0805,267,046Receivables from former subsidiary, net5,518,052323,973Income tax recoverable57,93455,182Total current assets125,707,008120,426,197Property, plant and equipment, net90,004,52788,084,125Construction in progress9,954,20225,945,637Long-term investments, net945,237900,334Prepaid land use rights12,361,16311,616,881Intangible assets, net1,309,0581,017,171Operating lease right-of-use assets, net1,264,5601,082,209Deferred tax assets, net2,486,9793,101,858Total assets$244,032,734$252,174,412LiabilitiesCurrent liabilitiesTrade and bills payable$67,491,435$75,570,051Short-term bank borrowings14,907,87526,813,901Other short-term loans689,096352,482Accrued expenses and other payables25,605,66127,869,385Payables to former subsidiaries, net358,067387,263Deferred government grants, current1,299,715367,271Product warranty provisions26,21523,355Warrants liability136,00015,000Operating lease liability, current575,496366,391Finance lease liability, current844,297114,884Total current liabilities111,933,857131,879,983Deferred government grants, non-current5,577,0205,129,127Product warranty provisions450,613451,739Operating lease liability, non-current607,222539,742Accrued expenses and other payables, non-current1,085,525-Total liabilities119,654,237138,000,591Commitments and contingenciesShareholders' equityCommon stock $0.001 par value; 500,000,000 authorized;     89,135,064 issued and 88,990,858 outstanding as of December     31, 2022 and 89,151,731 issued and 89,007,525 outstanding    as of June 30, 202389,13589,151Donated shares14,101,68914,101,689Additional paid-in capital246,240,998247,070,345Statutory reserves1,230,5111,230,511Accumulated deficit(131,946,705)(135,962,050)Accumulated other comprehensive income (loss)(8,153,644)(13,798,697)121,561,984112,730,949Less: Treasury shares(4,066,610)(4,066,610)Total shareholders' equity117,495,374108,664,339Non-controlling interests6,883,1235,509,482Total equity124,378,497114,173,821Total liabilities and shareholder's equity$244,032,734$252,174,412   CBAK Energy Technology, Inc. and SubsidiariesCondensed consolidated Statements of Operations and Comprehensive LossFor the three and six months ended June 30, 2022 and 2023(Unaudited)(In US$ except for number of shares)Three months endedJune 30,Six months ended June 30,2022202320222023Net revenues$56,349,660$42,420,870$136,545,958$84,817,571Cost of revenues(50,814,352)(38,536,228)(125,694,296)(78,027,185)Gross profit5,535,3083,884,64210,851,6626,790,386Operating expenses:Research and development expenses(2,299,466)(2,980,718)(5,612,590)(5,436,046)Sales and marketing expenses(697,664)(963,588)(1,527,338)(1,684,592)General and administrative expenses(2,453,515)(3,582,893)(4,690,889)(6,062,028)Recovery of (provision for) doubtful    accounts59,826(130,493)(211,617)(261,660)Total operating expenses(5,390,819)(7,657,692)(12,042,434)(13,444,326)Operating income (loss)144,489(3,773,050)(1,190,772)(6,653,940)Finance (expenses) income, net(620,490)252,472(615,476)257,783Other (expenses) income, net(458,946)238,040(173,742)421,253Change in fair value of warrants2,131,00036,0003,763,000121,000Income before income tax1,196,053(3,246,538)1,783,010(5,853,904)Income tax (expenses) credit(179,788)307,311(86,242)710,195Net income (loss)1,016,265(2,939,227)1,696,768$(5,143,709)Less: Net (income) loss attributable    to non-controlling interest(211,075)304,237(447,125)1,128,364Net income (loss) attributable to    CBAK Energy Technology, Inc.$805,190$(2,634,990)$1,249,643$(4,015,345)Net income (loss)1,016,265(2,939,227)1,696,768(5,143,709)Other comprehensive loss   – Foreign currency translation    adjustment(7,126,920)(6,639,109)(6,694,727)(5,890,330)Comprehensive loss(6,110,655)(9,578,336)(4,997,959)(11,034,039)Less: Comprehensive (loss) income    attributable to non-controlling    interest(205,075)643,620(482,134)1,373,641Comprehensive loss attributable to    CBAK Energy Technology, Inc.$(6,315,730)$(8,934,716)$(5,480,093)$(9,660,398)Income (loss) per share    – Basic$0.00*$(0.03)$0.01$(0.05)    – Diluted$0.00*$(0.03)$0.01$(0.05)Weighted average number of shares    of common stock:    – Basic89,007,92489,030,13788,852,59489,021,795    – Diluted89,019,81889,030,13788,865,26389,021,795 CisionView original content:https://www.prnewswire.com/news-releases/cbak-energy-reports-second-quarter-and-first-half-2023-unaudited-financial-results-301895474.htmlSOURCE CBAK Energy Technology, Inc.

PR Newswire

CBAK Energy Reports Second Quarter and First Half 2023 Unaudited Financial Results

https://finance.yahoo.com/news/cbak-energy-reports-second-quarter-103000012.html

19b2844e-cd15-3143-ba4f-5b8b885f0b16

CBAT

By Brian Lantier, CFANASDAQ:CBATREAD THE FULL CBAT RESEARCH REPORTInitiating CoverageWe are initiating coverage of CBAK Energy Technology, Inc. (NASDAQ:CBAT) with a valuation of $1.80. CBAK is an integrated lithium-ion battery company with manufacturing and raw materials divisions in China. The company operates manufacturing facilities in Dalian and Nanjing where they manufacture cylindrical lithium-ion battery cells principally for companies serving the energy storage and portable power markets. The company has just begun an ambitious expansion plan that will continue through 2027.Energy Storage Markets Are Driving DemandDemand for energy storage has ramped significantly in recent years and as industrial and grid storage needs emerge demand should accelerate further. The company’s Dalian facility has 1 GW of current annual manufacturing capacity with plans to expand to 16 GWh by 2027 (mostly for larger cylindrical cells including 46-series cells). The majority of the cells produced at this plant today are the company’s most popular model - 26650/26700 cells – produced for the energy storage market. The company’s Nanjing facility is expected to reach 2 GWh of capacity by the end of 2023 (up from 0.7 GWh at the end of 2022) with plans in place to expand to 20 GWh by 2027.New Products Hold Substantial PromiseThe company has reached the prototyping stage with their new 46-series lithium-ion batteries of various lengths (most likely initial models are the 46115 or 46157) and mass production could begin by the end of 2023. We believe the company remains in conversations with several potential customers regarding the possibility of bringing a 46800 cylindrical cell to market in 2024. The company also recently announced plans to begin large-scale production of sodium-ion cells which would make CBAK one of the first companies to commercialize this technology. We believe the company is exploring strategic partnerships to speed up the process of bringing these cells to the market. Valuations of sodium-ion startups are elevated right now and we think there is a good deal of untapped value potentially in the company’s new sodium-ion business.Story continuesThe Future of the Raw Materials Business is UnclearThe company acquired Zhejiang Hitrans, a battery raw materials supplier, in 2021 when a dispute among Hitrans shareholders created what management felt was an attractive opportunity. We believe that the volatile nature of the commodity business and the thin margins in this business have made it difficult for investors to evaluate the CBAK core battery business. CBAK’s most recent conference call focused almost exclusively on the company’s battery business so we think the company may choose to explore strategic options to unlock the value of Hitrans.CBAK Needs to Regain Investor ConfidenceThe company has a long history as a public company and frankly, it has overpromised and underdelivered too often during that period. We believe that is why the market is taking a "wait and see" attitude regarding the announced capacity expansions, the new 46-series cells, and the sodium-ion cell commercialization. Converting press releases into tangible results will be critical to convincing investors that this time is indeed different for CBAK.ValuationCBAK has successfully launched lithium-ion battery manufacturing operations and now has a stable battery business. In Q2 2023, uninterruptible battery sales of $21 million nearly equaled the total battery sales of the company for the full year of 2020 ($23 million). As new capacity comes online, adding roughly 75% of additional capacity in 2023 (going from 1.7 GWh to 3 GWh) and 67% of additional capacity in 2024 (going from 3 GWh to 5 GWh) we believe the company is about to enter a period of significant growth. If the company can reach its aggressive expansion goals and achieve 36 GWh of capacity by 2027 the implications for our model are significant. The challenge with valuing CBAK is that the company is significantly smaller than most public battery manufacturers today, its cells are not principally sold to the EV market and the majority of the comparable public companies are profitable. We believed that the revenue mix at CBAK also impacts the valuation as raw material sales are not highly valued by investors and the volatile nature of pricing in that market has made it difficult to build reliable projections.We are forecasting a return of growth in the battery business for the balance of 2023 and 2024 with total battery sales over $141 million in 2024. Since the Viessmann order for 2024 was equal to $125 million we believe our estimates are very achievable. Discounting the revenues by 10% given CBAK’s size and lack of profitability we arrive at a valuation of $1.45/share for the battery business. We believe the Hitrans business has likely appreciated since the acquisition in 2021 and could be worth over $50 million today, meaning CBAK’s stake of 67% is likely worth roughly $0.35 per share. The value of Hitrans to a strategic investor could be much higher than this estimate, but again we are attempting to be conservative with our forecast. Combining these two figures we arrive at our initial target valuation of $1.80/share or roughly 65% above current trading levels.If the company completes the first stages of its capacity expansion, we believe our forecasts will likely prove conservative. Additionally, as we enter 2024, investor focus may shift to our 2025 battery revenue forecast which stands at nearly $300 million.One additional wild card is the company’s sodium-ion battery business which we believe is attracting some attention from outside investors. If the company sold a stake in that business for a substantial sum (recent VC investments in sodium-ion battery startups have had eye-popping valuations) it could materially impact our valuation.SUBSCRIBE TO ZACKS SMALL CAP RESEARCH to receive our articles and reports emailed directly to you each morning. Please visit our website for additional information on Zacks SCR. DISCLOSURE: Zacks SCR has received compensation from the issuer directly, from an investment manager, or from an investor relations consulting firm, engaged by the issuer, for providing research coverage for a period of no less than one year. Research articles, as seen here, are part of the service Zacks SCR provides and Zacks SCR receives quarterly payments totaling a maximum fee of up to $40,000 annually for these services provided to or regarding the issuer. Full Disclaimer HERE.

Zacks Small Cap Research

CBAT: Recharging its batteries for future growth

https://finance.yahoo.com/news/cbat-recharging-batteries-future-growth-115300175.html

fc85b773-9ad1-35d9-a32d-6cf871f54ea6

CBL

Second Quarter Operating Metrics Demonstrate Portfolio Strength;Low-End of Full-Year Guidance Range RaisedCHATTANOOGA, Tenn., August 09, 2023--(BUSINESS WIRE)--CBL Properties (NYSE: CBL) announced results for the second quarter ended June 30, 2023. Results of operations as reported in the consolidated financial statements for these periods are prepared in accordance with GAAP. A description of each supplemental non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is located at the end of this news release.Three Months EndedJune 30,Six Months EndedJune 30,2023202220232022Net loss attributable to common shareholders$(0.67)$(1.34)$(0.61)$(2.83)Funds from Operations ("FFO")$1.01$0.97$2.87$2.20FFO, as adjusted (1)$1.56$1.88$3.12$3.92(1)For a reconciliation of FFO to FFO, as adjusted, for the periods presented, please refer to the footnotes to the Company’s reconciliation of net loss attributable to common shareholders to FFO allocable to Operating Partnership common unitholders on page 8 of this news release.KEY TAKEAWAYS:Over 875,000 square feet of leases were executed in the second quarter, including comparable leases of approximately 411,000 square feet signed at 9.1% higher average rents versus the prior leases.Portfolio occupancy increased 20 basis points to 89.7% as of June 30, 2023, compared with portfolio occupancy of 89.5% as of June 30, 2022. Same-center occupancy for malls, lifestyle centers and outlet centers was 88.5% as of June 30, 2023, a 50-basis-point increase from 88.0% as of June 30, 2022.Same-center NOI declined 0.8% during the second quarter 2023 as compared with the prior-year quarter near the high end of the full-year guidance range. As anticipated due to the moderation in tenant sales, percentage rent declined $0.9 million. For the six months ended June 30, 2023, same-center NOI declined 2.7%, near the mid-point of the previously issued guidance range.FFO, as adjusted, per share for the second quarter 2023, was $1.56, in-line with expectations. FFO, as adjusted, per share was $1.88 for the second quarter 2022.CBL increased the low end of its 2023 FFO, as adjusted, per share, guidance to a range of $6.00 - $6.47 and 2023 same-center NOI guidance to the range of $423 million - $440 million.Same-center tenant sales per square foot for the second quarter 2023 declined 7.1%. Same-center tenant sales per square foot for the 12-months ended June 30, 2023, declined 3.8% to $425, compared with $442 for the prior period.As of June 30, 2023, the Company had $279.8 million of unrestricted cash and marketable securities.CBL's Board of Directors declared a regular cash dividend for the second quarter 2023 of $0.375 per share, representing an annualized dividend of $1.50 per share.Story continues"Strong leasing was the highlight of our second quarter results as the CBL team successfully leveraged healthy tenant demand for our portfolio," said Stephen D. Lebovitz, CBL's chief executive officer. "Leasing metrics were the strongest in several years, with healthy positive new and renewal lease spreads and year-over-year occupancy growth, providing solid evidence of the constructive environment. We intend to take advantage of the more favorable supply/demand dynamic in our leasing negotiations going forward."Second quarter same-center NOI was near the high-end of our full-year guidance range. As a result of the year-to-date performance and our expectations for the remainder of the year, we raised the low-end of our FFO, as adjusted and same-center NOI guidance ranges. Leasing-led revenue gains were offset by an expected reduction in percentage rent. We successfully managed inflationary pressure on costs, generating a modest reduction in operating expense for the quarter on a same-center basis."We are also making progress addressing our loan maturities and de-risking our balance sheet. During the quarter, we closed a two-year extension on the loan secured by Cross Creek Mall and are currently in process on the refinancing of the loan secured by The Outlet Shoppes at Atlanta. While the financing markets remain challenging, we are encouraged by the reception we are seeing in the market. As we move into the second half of 2023, we remain focused on achieving further operational improvement, generating greater free cash flow and maintaining a disciplined approach to capital allocation."Same-center Net Operating Income ("NOI") (1):Three Months Ended June 30,20232022Total Revenues$159,872$161,006Total Expenses$(52,798)$(53,054)Total portfolio same-center NOI$107,074$107,952Total same-center NOI percentage change(0.8)%Estimate for uncollectable revenues (recovery)$2,134$(841)(1)CBL’s definition of same-center NOI excludes the impact of lease termination fees and certain non-cash items such as straight-line rents and reimbursements, write-offs of landlord inducements and net amortization of above and below market leases.Same-center NOI for the second quarter 2023 declined by $0.9 million. Major variances impacting the quarter included a $3.0 million favorable variance from a year-end utility reimbursement accrual adjustment, offset by a $3.0 million unfavorable variance in the estimate for uncollectable revenues and a $0.9 million decline in percentage rents.Six Months Ended June 30,20232022Total Revenues$323,549$325,667Total Expenses$(110,952)$(107,265)Total portfolio same-center NOI$212,597$218,402Total same-center NOI percentage change(2.7)%Estimate for uncollectable revenues (recovery)$968$(2,985)Same-center NOI for six months ended June 30, 2023, declined by $5.8 million or 2.7% from the prior-year period. The decline was driven by a $3.9 million unfavorable variance in the estimate for uncollectable revenues, a $2.8 million decline in percentage rents and a $3.7 million increase in operating expense, partially offset by a favorable variance from a year-end utility reimbursement accrual adjustment.PORTFOLIO OPERATIONAL RESULTSOccupancy(1):As of June 30,20232022Total portfolio89.7%89.5%Malls, Lifestyle Centers and Outlet Centers:Total malls88.0%87.9%Total lifestyle centers92.7%89.4%Total outlet centers88.4%87.5%Total same-center malls, lifestyle centers and outlet centers88.5%88.0%All Other:Total open-air centers94.7%94.4%Total other74.2%91.7%(1)Occupancy for malls, lifestyle centers and outlet centers represent percentage of in-line gross leasable area under 20,000 square feet occupied. Occupancy for open-air centers represents percentage of gross leasable area occupied. The decline in total other occupancy was related to approximately 52,000-square-feet of vacancy at an office building.New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet:% Change in Average Gross Rent Per Square Foot:Three Months EndedJune 30,Six Months EndedJune 30,20232023All Property Types9.1%5.1%Stabilized Malls, Lifestyle Centers and Outlet Centers7.2%3.5%New leases29.6%24.9%Renewal leases4.8%1.7%Same-Center Sales Per Square Foot for In-line Tenants 10,000 Square Feet or Less:Sales Per Square Foot for the Trailing Twelve Months Ended June 30,20232022% ChangeMall, Lifestyle Center and Outlet Center same-center sales per square foot$425$442(3.8)%DIVIDENDOn August 9, 2023, CBL’s Board of Directors declared a regular quarterly cash dividend for the three months ended September 30, 2023, of $0.375 per share. The dividend, which equates to an annual dividend payment of $1.50 per share, is payable on September 29, 2023, to shareholders of record as of September 15, 2023.FINANCING ACTIVITYYear-to-date, CBL has completed more than $406.0 in financing activity.On June 9, 2023, CBL closed on the extension and modification of the $94.8 million loan secured by Cross Creek Mall in Fayetteville, NC. The newly modified loan has a maturity date of June 9, 2025, and carries a fixed interest rate of 8.19%.On March 16, 2023, CBL and its 50% joint venture partner closed on the extension and modification of the $161.9 million loan ($80.9 million at CBL’s 50% share) secured by West County Center, a high-performing enclosed mall in St. Louis, MO. At closing, the newly modified non-recourse loan had a principal balance of $156.9 million ($78.5 million at CBL’s share) and was extended for an initial term of two years to December 2024, with one two-year conditional extension available upon meeting certain requirements. The loan maintained the existing fixed interest rate of 3.4%.On April 4, 2023, CBL and its 50% joint venture partner closed a new $148.0 million loan ($74.0 million at CBL’s 50% share) secured by Friendly Center and The Shops at Friendly Center, the premier lifestyle center located in Greensboro, NC. The new non-recourse five-year loan bears a fixed interest rate of 6.44% and replaces two loans with an aggregate balance of $145.2 million ($72.6 million at CBL’s share) that were set to mature in April 2023.On April 28, 2023, CBL and its joint venture partner retired the $7.2 million (at 100%) recourse loan secured by Phase II of The Outlet Shoppes of the Bluegrass in Louisville, KY. The venture anticipates securing new financing for the entire project to coincide with the December 2024 maturity of the $64.5 million (at 100%) loan secured by Phase I.On May 4, 2023, CBL entered into a $32.0 million swap to fix the interest rate on a portion of its $360.0 million loan secured by open-air centers and outparcels. The swap fixed the rate to 7.3975% through the initial maturity in June 2027. Collectively, $212.0 million of the $360.0 million loan has been fixed at a weighted average interest rate of 7.02%.CBL is cooperating with the foreclosure or conveyance of Westgate Mall in Spartanburg, SC, ($28.7 million) and Alamance Crossing East in Burlington, NC, ($41.1 million). In March, Alamance Crossing East was placed into receivership and deconsolidated.DISPOSITIONSDuring the second quarter 2023, CBL completed the sale of one land parcel generating $0.4 million in gross proceeds at CBL's share. Year-to-date through the second quarter end, CBL has grossed more than $5.3 million from dispositions.DEVELOPMENT AND REDEVELOPMENT ACTIVITYDetailed project information is available in CBL’s Financial Supplement for Q2 2023, which can be found in the Invest – Financial Reports section of CBL’s website at cblproperties.com.OUTLOOK AND GUIDANCEBased on second quarter 2023 results and Management's expectations for the second half of 2023, CBL is providing the following guidance for FFO, as adjusted, and same-center NOI for full-year 2023. Guidance excludes the impact of any unannounced transactions.Reconciliation of GAAP Earnings Per Share to 2023 FFO, as Adjusted, Per Share:LowHigh2023 FFO, as adjusted$193 million$208 million2023 FFO, as adjusted, per share$6.00$6.47Weighted Average Common Shares Outstanding32.1 million32.1 million2023 Same-Center NOI ("SC NOI")$423 million$440 million2023 Change in Same-Center NOI(4.5)%(0.7)%LowHighExpected diluted earnings per common share$(1.95)$(1.48)Depreciation and amortization6.766.76Dividends allocable to unvested restricted stock0.040.04Debt discount accretion, net of noncontrolling interests' share1.931.93Adjustment for unconsolidated affiliates with negative investment0.080.08Non-cash default interest expense0.020.02Gain on deconsolidation(0.88)(0.88)Expected FFO, as adjusted, per diluted, fully converted common share$6.00$6.472023 Estimate of Capital Items:LowHigh2023 Estimated maintenance capital/tenant allowances$40 million$55 million2023 Estimated development/redevelopment expenditures$15 million$22 million2023 Estimated principal amortization (including est. term loan ECF)$75 million$85 millionTotal Estimate$130 million$162 millionABOUT CBL PROPERTIESHeadquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s owned and managed portfolio is comprised of 94 properties totaling 58.5 million square feet across 22 states, including 56 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 30 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.NON-GAAP FINANCIAL MEASURESFunds From OperationsFFO is a widely used non-GAAP measure of the operating performance of real estate companies that supplements net income (loss) determined in accordance with GAAP. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss) (computed in accordance with GAAP) excluding gains or losses on sales of depreciable operating properties and impairment losses of depreciable properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests. Adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests are calculated on the same basis. We define FFO as defined above by NAREIT. The Company’s method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.The Company believes that FFO provides an additional indicator of the operating performance of its properties without giving effect to real estate depreciation and amortization, which assumes the value of real estate assets declines predictably over time. Since values of well-maintained real estate assets have historically risen with market conditions, the Company believes that FFO enhances investors’ understanding of its operating performance. The use of FFO as an indicator of financial performance is influenced not only by the operations of the Company’s properties and interest rates, but also by its capital structure.The Company believes FFO allocable to Operating Partnership common unitholders is a useful performance measure since it conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company’s common shareholders and the noncontrolling interest in the Operating Partnership.In the reconciliation of net income (loss) attributable to the Company’s common shareholders to FFO allocable to Operating Partnership common unitholders, located in this earnings release, the Company makes an adjustment to add back noncontrolling interest in income (loss) of its Operating Partnership in order to arrive at FFO of the Operating Partnership common unitholders.FFO does not represent cash flows from operations as defined by GAAP, is not necessarily indicative of cash available to fund all cash flow needs and should not be considered as an alternative to net income (loss) for purposes of evaluating the Company’s operating performance or to cash flow as a measure of liquidity.The Company believes that it is important to identify the impact of certain significant items on its FFO measures for a reader to have a complete understanding of the Company’s results of operations. Therefore, the Company has also presented adjusted FFO measures excluding these items from the applicable periods. Please refer to the reconciliation of net income (loss) attributable to common shareholders to FFO allocable to Operating Partnership common unitholders on page 8 of this news release for a description of these adjustments.Same-center Net Operating IncomeNOI is a supplemental non-GAAP measure of the operating performance of the Company’s shopping centers and other properties. The Company defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs).The Company computes NOI based on the Operating Partnership’s pro rata share of both consolidated and unconsolidated properties. The Company believes that presenting NOI and same-center NOI (described below) based on its Operating Partnership’s pro rata share of both consolidated and unconsolidated properties is useful since the Company conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company’s common shareholders and the noncontrolling interest in the Operating Partnership. The Company's definition of NOI may be different than that used by other companies and, accordingly, the Company's calculation of NOI may not be comparable to that of other companies.Since NOI includes only those revenues and expenses related to the operations of the Company’s shopping center properties, the Company believes that same-center NOI provides a measure that reflects trends in occupancy rates, rental rates, sales at the malls and operating costs and the impact of those trends on the Company’s results of operations. The Company’s calculation of same-center NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-off of landlord inducement assets in order to enhance the comparability of results from one period to another. A reconciliation of same-center NOI to net income (loss) is located at the end of this earnings release.Pro Rata Share of DebtThe Company presents debt based on the carrying value of its pro rata ownership share (including the carrying value of the Company’s pro rata share of unconsolidated affiliates and excluding noncontrolling interests’ share of consolidated properties) because it believes this provides investors a clearer understanding of the Company’s total debt obligations which affect the Company’s liquidity. A reconciliation of the Company’s pro rata share of debt to the amount of debt on the Company’s condensed consolidated balance sheet is located at the end of this earnings release.Information included herein contains "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including without limitation the Company’s Annual Report on Form 10-K, and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" included therein, for a discussion of such risks and uncertainties.Consolidated Statements of Operations(Unaudited; in thousands, except per share amounts)Three Months EndedJune 30,Six Months EndedJune 30,2023202220232022REVENUES:Rental revenues$124,842$131,832$255,166$267,164Management, development and leasing fees1,8221,7864,2563,555Other3,2033,4006,8046,401Total revenues129,867137,018266,226277,120EXPENSES:Property operating(21,507)(21,312)(46,121)(44,656)Depreciation and amortization(49,742)(64,476)(103,011)(133,419)Real estate taxes(14,481)(14,254)(29,269)(28,689)Maintenance and repairs(9,991)(10,230)(21,515)(20,796)General and administrative(16,156)(18,450)(35,385)(36,524)Loss on impairment—(252)—(252)Litigation settlement7465118146Other—(834)(198)(834)Total expenses(111,803)(129,743)(235,381)(265,024)OTHER INCOME (EXPENSES):Interest and other income2,9679105,6321,064Interest expense(44,173)(55,117)(87,697)(145,776)Gain on deconsolidation——28,15136,250(Loss) gain on sales of real estate assets(114)31,48219Reorganization items, net—613—(958)Income tax (provision) benefit(219)472(118)(329)Equity in earnings (losses) of unconsolidated affiliates8122,039(444)10,606Total other expenses(40,727)(51,080)(52,994)(99,124)Net loss(22,663)(43,805)(22,149)(87,028)Net loss attributable to noncontrolling interests in:Operating Partnership—44—59Other consolidated subsidiaries1,8752,3733,6204,859Net loss attributable to the Company(20,788)(41,388)(18,529)(82,110)Dividends allocable to unvested restricted stock(281)(210)(561)(210)Net loss attributable to common shareholders$(21,069)$(41,598)$(19,090)$(82,320)Basic and diluted per share data attributable to common shareholders:Basic earnings per share$(0.67)$(1.34)$(0.61)$(2.83)Diluted earnings per share(0.67)(1.34)(0.61)(2.83)Weighted-average basic shares31,31330,97331,30929,091Weighted-average diluted shares31,31330,97331,30929,091The Company's reconciliation of net loss attributable to common shareholders to FFO allocable to Operating Partnership common unitholders is as follows:(in thousands, except per share data)Three Months EndedJune 30,Six Months EndedJune 30,2023202220232022Net loss attributable to common shareholders$(21,069)$(41,598)$(19,090)$(82,320)Noncontrolling interest in loss of Operating Partnership—(44)—(59)Dividends allocable to unvested restricted stock281210561210Depreciation and amortization expense of:Consolidated properties49,74264,476103,011133,419Unconsolidated affiliates4,4338,8199,07117,339Non-real estate assets(304)(203)(452)(401)Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries(708)(938)(1,373)(1,837)Loss on impairment, net of taxes—186—186Gain on depreciable property———(629)FFO allocable to Operating Partnership common unitholders32,37530,90891,72865,908Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share (1)16,57450,03633,190128,499Adjustment for unconsolidated affiliates with negative investment (2)888(10,460)2,479(23,007)Senior secured notes fair value adjustment (3)—(593)—(395)Litigation settlement (4)(74)(65)(118)(146)Non-cash default interest expense (5)287(9,344)781(18,220)Gain on deconsolidation (6)——(28,151)(36,250)Reorganization items, net (7)—(613)—958FFO allocable to Operating Partnership common unitholders, as adjusted$50,050$59,869$99,909$117,347FFO per diluted share$1.01$0.97$2.87$2.20FFO, as adjusted, per diluted share$1.56$1.88$3.12$3.92Weighted-average common and potential dilutive common shares outstanding with Operating Partnership units fully converted32,07131,82232,00029,926(1)In conjunction with fresh start accounting upon emergence from bankruptcy, the Company recognized debt discounts equal to the difference between the outstanding balance of mortgage notes payable and the estimated fair value of such mortgage notes payable. The debt discounts are accreted as additional interest expense over the terms of the respective mortgage notes payable using the effective interest method.(2)Represents the Company’s share of the earnings (losses) before depreciation and amortization expense of unconsolidated affiliates where the Company is not recognizing equity in earnings (losses) because its investment in the unconsolidated affiliate is below zero.(3)Represents the fair value adjustment recorded on the senior secured notes as interest expense.(4)Represents a credit to litigation settlement expense in each of the three- and six-month periods ended June 30, 2023 and 2022 related to claim amounts that were released pursuant to the terms of the settlement agreement related to the settlement of a class action lawsuit.(5)The three and six months ended June 30, 2023 includes default interest on loans past their maturity dates. The three and six months ended June 30, 2022 includes the reversal of default interest expense when waivers or forbearance agreements were obtained.(6)For the six months ended June 30, 2023, the Company deconsolidated Alamance Crossing East due to a loss of control when the property was placed into receivership in connection with the foreclosure process. For the six months ended June 30, 2022, the Company deconsolidated Greenbrier Mall due to a loss of control when the property was placed into receivership in connection with the foreclosure process.(7)Represents costs incurred subsequent to the Company filing the chapter 11 cases associated with the Company's reorganization efforts, which consists of professional fees, legal fees and U.S. Trustee fees.Three Months EndedJune 30,Six Months EndedJune 30,2023202220232022Diluted EPS attributable to common shareholders$(0.67)$(1.34)$(0.61)$(2.83)Add amounts per share included in FFO:Unvested restricted stock0.020.040.030.08Eliminate amounts per share excluded from FFO:Depreciation and amortization expense, including amounts fromconsolidated properties, unconsolidated affiliates, non-real estateassets and excluding amounts allocated to noncontrollinginterests1.662.263.454.96Loss on impairment, net of taxes—0.01—0.01Gain on depreciable property———(0.02)FFO per diluted share$1.01$0.97$2.87$2.20Three Months Ended June 30,Six Months Ended June 30,2023202220232022SUPPLEMENTAL FFO INFORMATION:Lease termination fees$793$1,052$1,954$2,448Straight-line rental income adjustment$1,722$4,425$3,355$7,342Gain on outparcel sales, net of taxes and noncontrolling interests' share$725$3$2,305$19Net amortization of acquired above- and below-market leases$(5,123)$(4,892)$(10,445)$(11,049)Income tax (provision) benefit$(219)$472$(118)$(329)Abandoned projects expense$—$(834)$(17)$(834)Interest capitalized$111$147$217$375Estimate of uncollectable revenues$(2,375)$940$(1,616)$3,301As of June 30,20232022Straight-line rent receivable$18,902$9,440Same-center Net Operating Income(Dollars in thousands)Three Months Ended June 30,Six Months Ended June 30,2023202220232022Net loss$(22,663)$(43,805)$(22,149)$(87,028)Adjustments:Depreciation and amortization49,74264,476103,011133,419Depreciation and amortization from unconsolidated affiliates4,4338,8199,07117,339Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries(708)(938)(1,373)(1,837)Interest expense44,17355,11787,697145,776Interest expense from unconsolidated affiliates18,53121,66036,05640,157Noncontrolling interests' share of interest expense in other consolidated subsidiaries(1,918)(2,525)(3,961)(5,095)Abandoned projects expense—83417834Loss (gain) on sales of real estate assets, net of taxes and noncontrolling interests' share59(3)(1,537)(19)Gain on sales of real estate assets of unconsolidated affiliates(784)—(768)(629)Adjustment for unconsolidated affiliates with negative investment888(10,460)2,479(23,007)Gain on deconsolidation——(28,151)(36,250)Loss on impairment, net of taxes—186—186Litigation settlement(74)(65)(118)(146)Reorganization items, net—(613)—958Income tax provision (benefit)219(472)118329Lease termination fees(793)(1,052)(1,954)(2,448)Straight-line rent and above- and below-market lease amortization3,4014677,0903,707Net loss attributable to noncontrolling interests in other consolidated subsidiaries1,8752,3733,6204,859General and administrative expenses16,15618,45035,38536,524Management fees and non-property level revenues(5,038)(525)(10,018)(1,049)Operating Partnership's share of property NOI107,499111,924214,515226,580Non-comparable NOI(425)(3,972)(1,918)(8,178)Total same-center NOI (1)$107,074$107,952$212,597$218,402Total same-center NOI percentage change(0.8)%(2.7)%(1)CBL defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income), less property operating expenses (property operating, real estate taxes and maintenance and repairs). NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-offs of landlord inducement assets. We include a property in our same-center pool when we own all or a portion of the property as of June 30, 2023, and we owned it and it was in operation for both the entire preceding calendar year and the current year-to-date reporting period ending June 30, 2023. New properties are excluded from same-center NOI, until they meet these criteria. Properties excluded from the same-center pool that would otherwise meet these criteria are properties which are under major redevelopment or being considered for repositioning, where we intend to renegotiate the terms of the debt secured by the related property or return the property to the lender.Same-center Net Operating Income(Continued)Three Months EndedJune 30,Six Months EndedJune 30,2023202220232022Malls$73,660$75,491$145,697$153,693Outlet centers5,3014,89410,4159,529Lifestyle centers8,8988,72718,09917,830Open-air centers13,58013,17727,56226,259Outparcels and other5,6355,66310,82411,091Total same-center NOI (1)$107,074$107,952$212,597$218,402Percentage Change:Malls(2.4)%(5.2)%Outlet centers8.3%9.3%Lifestyle centers2.0%1.5%Open-air centers3.1%5.0%Outparcels and other(0.5)%(2.4)%Total same-center NOI (1)(0.8)%(2.7)%(1)CBL defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income), less property operating expenses (property operating, real estate taxes and maintenance and repairs). NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-offs of landlord inducement assets. We include a property in our same-center pool when we own all or a portion of the property as of June 30, 2023, and we owned it and it was in operation for both the entire preceding calendar year and the current year-to-date reporting period ended June 30, 2023. New properties are excluded from same-center NOI, until they meet these criteria. Properties excluded from the same-center pool that would otherwise meet these criteria are properties which are under major redevelopment or being considered for repositioning, where we intend to renegotiate the terms of the debt secured by the related property or return the property to the lender.Company's Share of Consolidated and Unconsolidated Debt(Dollars in thousands)As of June 30, 2023FixedRateVariableRateTotal perDebtScheduleUnamortizedDeferredFinancingCostsUnamortizedDebtDiscounts (1)TotalConsolidated debt$963,501$1,048,478$2,011,979$(15,407)$(54,523)$1,942,049Noncontrolling interests' share of consolidated debt(25,222)(13,177)(38,399)2984,680(33,421)Company's share of unconsolidated affiliates' debt622,02262,919684,941(3,397)—681,544Other debt (2)41,122—41,122——41,122Company's share of consolidated, unconsolidated and other debt$1,601,423$1,098,220$2,699,643$(18,506)$(49,843)$2,631,294Weighted-average interest rate5.18%8.15%6.39%As of June 30, 2022FixedRateVariableRateTotal perDebtScheduleUnamortizedDeferredFinancingCostsUnamortizedDebtDiscounts (1)TotalConsolidated debt$881,513$1,270,871$2,152,384$(16,028)$(100,967)$2,035,389Noncontrolling interests' share of consolidated debt(32,771)(13,597)(46,368)9215,424(30,852)Company's share of unconsolidated affiliates' debt627,43471,786699,220(2,490)—696,730Other debt (2)153,719—153,719——153,719Company's share of consolidated, unconsolidated and other debt$1,629,895$1,329,060$2,958,955$(18,426)$(85,543)$2,854,986Weighted-average interest rate4.67%4.44%4.57%(1)In conjunction with fresh start accounting, the Company estimated the fair value of its mortgage notes with the assistance of a third-party valuation advisor. This resulted in recognizing debt discounts upon emergence from bankruptcy. The debt discounts are accreted over the term of the respective debt using the effective interest method.(2)Represents the outstanding loan balance for properties that were deconsolidated due to a loss of control when the properties were placed into receivership in connection with the foreclosure process.Consolidated Balance Sheets(Unaudited; in thousands, except share data)June 30,December 31,20232022ASSETSReal estate assets:Land$589,557$596,715Buildings and improvements1,200,0961,198,5971,789,6531,795,312Accumulated depreciation(183,529)(136,901)1,606,1241,658,411Developments in progress6,4315,576Net investment in real estate assets1,612,5551,663,987Cash and cash equivalents24,91944,718Restricted cash88,67497,231Available-for-sale securities - at fair value (amortized cost of $255,412 and $293,476 as of June 30, 2023 and December 31, 2022, respectively)254,872292,422Receivables:Tenant34,76440,620Other3,3183,876Investments in unconsolidated affiliates74,13877,295In-place leases, net197,245247,497Above market leases, net143,453171,265Intangible lease assets and other assets41,47439,332$2,475,412$2,678,243LIABILITIES AND EQUITYMortgage and other indebtedness, net$1,942,049$2,000,186Below market leases, net94,180110,616Accounts payable and accrued liabilities114,082200,312Total liabilities2,150,3112,311,114Shareholders' equity:Common stock, $.001 par value, 200,000,000 shares authorized, 32,054,421 and 31,780,075 issued and outstanding as of June 30, 2023, and December 31, 2022, respectively (in each case, excluding 34 treasury shares)3232Additional paid-in capital715,163710,497Accumulated other comprehensive income (loss)339(1,054)Accumulated deficit(381,509)(338,934)Total shareholders' equity334,025370,541Noncontrolling interests(8,924)(3,412)Total equity325,101367,129$2,475,412$2,678,243View source version on businesswire.com: https://www.businesswire.com/news/home/20230809471891/en/ContactsKatie Reinsmidt, Executive Vice President - Chief Operating Officer, 423.490.8301, [email protected]

Business Wire

CBL Properties Reports Results for Second Quarter 2023

https://finance.yahoo.com/news/cbl-properties-reports-results-second-201500825.html

9ccdd1ce-11ca-3fc4-81cd-efd414980951

CBL

CHATTANOOGA, Tenn., August 10, 2023--(BUSINESS WIRE)--CBL Properties (NYSE:CBL) today announced that its Board of Directors authorized a stock repurchase program for the Company to buy up to $25 million of its common stock."Authorizing a repurchase program provides us with an additional tool to allocate our capital effectively and capture an attractive opportunity when our stock is trading at a significant discount," said Stephen Lebovitz, chief executive officer. "This action demonstrates our commitment to maximizing shareholder returns as well as our confidence in CBL’s current and future value. Our strong cash balance and significant cash flow generation provide an ongoing source to support this program and other opportunities."Repurchase ProgramThe Company plans to repurchase shares from time to time on the open market, in privately negotiated transactions or otherwise, depending on market prices and other conditions and all in compliance with the rules of the United States Securities and Exchange Commission and other applicable legal requirements.The size and timing of any purchases will depend on a number of factors, including share price, general business and market conditions, and other factors. The repurchase program does not obligate the Company to acquire any particular amount of shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. Purchases may be made through the program by August 10, 2024.About CBL PropertiesHeadquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s owned and managed portfolio is comprised of 94 properties totaling 58.5 million square feet across 22 states, including 56 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 30 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.Story continuesInformation included herein contains "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including without limitation the Company’s Annual Report on Form 10-K and the "Management’s Discussion and Analysis of Financial Condition and Results of Operations" included therein, for a discussion of such risks and uncertainties.CBL_CorpView source version on businesswire.com: https://www.businesswire.com/news/home/20230810748795/en/ContactsInvestor Contact: Katie Reinsmidt, Executive Vice President & Chief Operating Officer, 423.490.8301, [email protected]

Business Wire

CBL Properties Announces a $25 Million Stock Repurchase Plan

https://finance.yahoo.com/news/cbl-properties-announces-25-million-123000463.html

f9bdfc64-ac91-3e0b-a503-7a6ca66c3a92

CBOE

CHICAGO , Sept. 6, 2023 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today reported August monthly trading volume statistics across its global business lines.(PRNewsfoto/Cboe Global Markets, Inc.)The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain August trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines. Average Daily Trading Volume (ADV) by Month Year-To-Date Aug 2023 Aug 2022% Chg Jul 2023% Chg Aug 2023Aug 2022% Chg Multiply-listed options (contracts, k) 11,00710,4645.2 %11,037-0.3 %10,88810,5703.0 %Index options (contracts, k) 3,8252,71540.9 %3,44411.1 %3,6412,57841.3 %Futures (contracts, k) 24019225.4 %21213.3 %218225-3.3 %U.S. Equities - On-Exchange (matched shares, mn) 1,3461,409-4.5 %1,360-1.1 %1,4141,683-16.0 %U.S. Equities - Off-Exchange (matched shares, mn) 7284-15.0 %701.8 %8196-15.5 %Canadian Equities1 (matched shares, k) 118,919115,8192.7 %119,105-0.2 %132,90071,54585.8 %European Equities (€, mn) 7,2428,377-13.6 %8,258-12.3 %9,65211,168-13.6 %Cboe Clear Europe Cleared Trades2 (k)  85,010106,020-19.8 %83,5481.7 %803,4961,032,659-22.2 %Cboe Clear Europe Net Settlements2 (k)858883-2.8 %7987.6 %6,7196,992-3.9 %Australian Equities (AUD, mn) 661706-6.4 %6236.0 %699812-13.9 %Japanese Equities (JPY, bn) 1761647.9 %79122.3 %17015311.5 %Global FX ($, mn) 42,13938,03110.8 %44,948-6.2 %43,66440,2018.6 %1 Canadian Equities data includes MATCHNow and NEO (now operating as Cboe Canada) from June 2022 onwards. Before June 2022 it included MATCHNow only.2 Cboe Clear Europe figures are totals (not ADV) for the months and years-to-date. As of April 2023, data has been restated to reflect both On-Book and Off-Book cleared trades.Story continuesAugust 2023 Trading Volume HighlightsU.S. OptionsTotal volume across Cboe's four options exchanges was more than 341.1 million contracts in August, the highest month on recordTrading in S&P 500 Index (SPX) options set multiple new volume records for the month, including:About Cboe Global Markets, Inc.Cboe Global Markets (Cboe: CBOE), the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, FX, and digital assets, across North America, Europe and Asia Pacific. Above all, we are committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more about the Exchange for the World Stage, visit www.cboe.com.Media ContactsAnalyst ContactAngela Tu Tim CaveKenneth Hill, CFA+1-646-856-8734+44 (0) [email protected] [email protected] [email protected]  CBOE-VCboe®, Cboe Global Markets®, Cboe Volatility Index®, and VIX® are registered trademarks of Cboe Exchange, Inc. or its affiliates. Standard & Poor's®, S&P®, SPX®, and S&P 500® are registered trademarks of Standard & Poor's Financial Services, LLC, and have been licensed for use by Cboe Exchange, Inc. All other trademarks and service marks are the property of their respective owners.Any products that have the S&P Index or Indexes as their underlying interest are not sponsored, endorsed, sold or promoted by Standard & Poor's or Cboe and neither Standard & Poor's nor Cboe make any representations or recommendations concerning the advisability of investing in products that have S&P indexes as their underlying interests. All other trademarks and service marks are the property of their respective owners.Cboe Global Markets, Inc. and its affiliates do not recommend or make any representation as to possible benefits from any securities, futures or investments, or third-party products or services. Cboe Global Markets, Inc. is not affiliated with S&P. Investors should undertake their own due diligence regarding their securities, futures, and investment practices. This press release speaks only as of this date. Cboe Global Markets, Inc. disclaims any duty to update the information herein.Nothing in this announcement should be considered a solicitation to buy or an offer to sell any securities or futures in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction. Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.Cboe Global Markets, Inc. and its affiliates make no warranty, expressed or implied, including, without limitation, any warranties as of merchantability, fitness for a particular purpose, accuracy, completeness or timeliness, the results to be obtained by recipients of the products and services described herein, or as to the ability of the indices referenced in this press release to track the performance of their respective securities, generally, or the performance of the indices referenced in this press release or any subset of their respective securities, and shall not in any way be liable for any inaccuracies, errors. Cboe Global Markets, Inc. and its affiliates have not calculated, composed or determined the constituents or weightings of the securities that comprise the third-party indices referenced in this press release and shall not in any way be liable for any inaccuracies or errors in any of the indices referenced in this press release. Options involve risk and are not suitable for all market participants. Prior to buying or selling an option, a person should review the Characteristics and Risks of Standardized Options (ODD), which is required to be provided to all such persons. Copies of the ODD are available from your broker or from The Options Clearing Corporation, 125 S. Franklin Street, Suite 1200, Chicago, IL 60606. Futures trading is not suitable for all investors and involves the risk of loss. That risk of loss can be substantial and can exceed the amount of money deposited for a futures position. You should, therefore, carefully consider whether futures trading is suitable for you in light of your circumstances and financial resources. You should put at risk only funds that you can afford to lose without affecting your lifestyle. For additional information regarding futures trading risks, see the Risk Disclosure Statement set forth in Appendix A to CFTC Regulation 1.55(c) and the Risk Disclosure Statement for Security Futures Contracts.CisionView original content to download multimedia:https://www.prnewswire.com/news-releases/cboe-global-markets-reports-trading-volume-for-august-2023-301919843.htmlSOURCE Cboe Global Markets

PR Newswire

Cboe Global Markets Reports Trading Volume for August 2023

https://finance.yahoo.com/news/cboe-global-markets-reports-trading-203000172.html

e3fcdf29-627e-3e1e-bb84-b9302567da2c

CBOE

Cboe Global Markets Inc (CBOE) recently gained 1.93% in a single trading day, and it has witnessed a 14.84% increase over the past three months. Additionally, it has an Earnings Per Share (EPS) (EPS) of 6.1. But the question that arises is - is the stock significantly overvalued? This article aims to answer that question by providing an in-depth analysis of the company's valuation.Company OverviewWarning! GuruFocus has detected 5 Warning Signs with MCK. Click here to check it out. CBOE 30-Year Financial DataThe intrinsic value of CBOECboe Global Markets Inc (CBOE) is a leading provider of market infrastructure and tradable products, delivering innovative trading, clearing, and investment solutions to market participants worldwide. The company is committed to operating a trusted, inclusive global marketplace and providing top-tier products, technology, and data solutions that enable participants to shape a sustainable financial future. Cboe offers trading solutions and products in multiple asset classes, including equities, derivatives, FX, and digital assets, across North America, Europe, and Asia Pacific.Unveiling Cboe Global Markets (CBOE)'s Value: Is It Really Priced Right? A Comprehensive GuideUnderstanding the GF ValueThe GF Value is a unique measure that calculates the intrinsic value of a stock based on historical trading multiples, GuruFocus adjustment factors, and future business performance estimates. It provides a fair value for the stock, around which the price is expected to fluctuate. If the stock price is significantly above the GF Value Line, it indicates overvaluation, and the future returns may be poor. However, if the price is significantly below the GF Value Line, the stock may be undervalued, and the future returns could be higher.According to GuruFocus' valuation method, Cboe Global Markets (CBOE) appears to be significantly overvalued. The stock's current price of $152.88 per share gives Cboe Global Markets a market cap of $16.10 billion, which is significantly higher than our estimated fair value. Consequently, the long-term return of its stock is likely to be much lower than its future business growth.Story continuesUnveiling Cboe Global Markets (CBOE)'s Value: Is It Really Priced Right? A Comprehensive GuideFinancial StrengthInvesting in companies with low financial strength could result in permanent capital loss. Therefore, it's crucial to review a company's financial strength before investing. Cboe Global Markets has a cash-to-debt ratio of 0.3, ranking worse than 81.22% of companies in the Capital Markets industry. Based on this, GuruFocus ranks Cboe Global Markets' financial strength as 7 out of 10, indicating a fair balance sheet.Unveiling Cboe Global Markets (CBOE)'s Value: Is It Really Priced Right? A Comprehensive GuideProfitability and GrowthInvesting in profitable companies, especially those with consistent profitability over the long term, is less risky. Cboe Global Markets has been profitable for 10 out of the past 10 years. Over the past twelve months, the company had a revenue of $3.90 billion and Earnings Per Share (EPS) of $6.1. Its operating margin is 25.46%, ranking better than 66.82% of companies in the Capital Markets industry. Overall, the profitability of Cboe Global Markets is ranked 10 out of 10, indicating strong profitability.Growth is a crucial factor in a company's valuation. The 3-year average annual revenue growth rate of Cboe Global Markets is 18.4%, ranking better than 70.63% of companies in the Capital Markets industry. However, the 3-year average EBITDA growth rate is -1.2%, which ranks worse than 70.51% of companies in the Capital Markets industry.ROIC vs WACCComparing a company's return on invested capital (ROIC) to its weighted cost of capital (WACC) is another way to evaluate its profitability. ROIC measures how well a company generates cash flow relative to the capital it has invested in its business. WACC is the rate that a company is expected to pay on average to all its security holders to finance its assets. If the ROIC is higher than the WACC, it indicates that the company is creating value for shareholders. Over the past 12 months, Cboe Global Markets' ROIC was 9.98, while its WACC came in at 7.16.ConclusionIn conclusion, the stock of Cboe Global Markets (CBOE) is estimated to be significantly overvalued. The company's financial condition is fair, and its profitability is strong. However, its growth ranks worse than 70.51% of companies in the Capital Markets industry. To learn more about Cboe Global Markets stock, you can check out its 30-Year Financials here.To find high-quality companies that may deliver above-average returns, please check out the GuruFocus High Quality Low Capex Screener.This article first appeared on GuruFocus.

GuruFocus.com

Unveiling Cboe Global Markets (CBOE)'s Value: Is It Really Priced Right? A Comprehensive Guide

https://finance.yahoo.com/news/unveiling-cboe-global-markets-cboe-153306095.html

d4f89f49-14e5-3e8b-8028-a4a8e95f2f02

CBRE

Richard Barkham, global chief economist and head of Americas research at CBRE. Photo: CBREElevated interest rates are undoubtedly weighing heavily on commercial real estate investment across the globe, but a recovery could be around the corner. Cross-regional capital flows between North America, Europe and Asia-Pacific were down 52 percent in the first half of 2023 with $30.5 billion in total transaction volume, according to a new CBRE (CBRE) report released Friday. While rising interest rates have slowed investor demand in the CRE market, worldwide interest is expected to pick up again early next year, the CBRE research predicts. “Global investors likely will remain cautious for the rest of this year due to high interest rates and economic uncertainty,” Richard Barkham, global chief economist for CBRE, said in a statement. “Nevertheless, it appears that inflation has peaked globally and central banks are either at or near the end of their rate-hiking cycles. Therefore, we expect the global investment market to begin recovering in the first half of 2024.”In addition to higher interest rates, the big dip from global CRE investors in 2023 has also been triggered by “softer real estate fundamentals” coupled with a mismatch in pricing expectations between buyers and sellers, according to CBRE.  Cross-regional investment in North America increased by 5 percent compared to the first half of 2022 largely aided by two large acquisitions by Asian investors, CBRE noted. This included Singapore-based GIC’s contribution toward a $14 billion buyout of real estate investment trust Store Capital in partnership with Chicago-based Oak Street Real Estate Capital. Unnamed Japanese investors also made a large acquisition involving the New York City office sector, according to CBRE. By property sector, industrial and logistics were the most sought-after assets globally, accounting for 37 percent of all global cross-regional investment in the first half of 2023. This marked the highest half-year share of any asset type on record, CBRE said. Story continuesAndrew Coen can be reached at [email protected] Commercial Observer StoriesMargaritaville Resort in SoFlo Nabs $140MJPMorgan Pays $745 a Foot for Activision Blizzard HQ In Santa MonicaNYU Buys Kips Bay Residential Tower for $210MNew Yorker Hotel’s $106M Note Sells to Yellowstone Real Estate Investments Who Owns the Most Apartments in Los Angeles?Read the original story Global CRE Capital Flows Way Down, But Poised for Upswing: CBRE  and others by Andrew Coen at Commercial Observer.

Commercial Observer

Global CRE Capital Flows Way Down, But Poised for Upswing: CBRE

https://finance.yahoo.com/news/global-cre-capital-flows-way-213158634.html

97c4b51a-5aed-3632-b38d-fa6f824d9df4

CBRE

DALLAS, September 06, 2023--(BUSINESS WIRE)--Event time in first paragraph of release should read 10:30 am (instead of 10 am).The updated release reads:CBRE GROUP, INC. TO PRESENT AT THE BARCLAYS 2023 GLOBAL FINANCIAL SERVICES CONFERENCECBRE Group, Inc. (NYSE:CBRE) announced today that Emma Giamartino, CBRE’s Chief Financial Officer, will participate in a fireside chat at the Barclays 2023 Global Financial Services Conference on Wednesday, September 13, 2023 at 10:30 am Eastern time.A live audio webcast of the presentation will be accessible via the Investor Relations section of the company’s web site at https://ir.cbre.com. An audio replay of the webcast will be posted within 24 hours of the live event and will be available for 90 days thereafter.About CBRE GroupCBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com. We routinely post important information on our website, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in the Investor Relations section of our website at https://ir.cbre.com. Accordingly, investors should monitor such portion of our website, in addition to following our press releases, Securities and Exchange Commission filings and public conference calls and webcasts.Story continuesView source version on businesswire.com: https://www.businesswire.com/news/home/20230906750284/en/ContactsBrad [email protected] [email protected]

Business Wire

CORRECTING and REPLACING CBRE Group, Inc. to Present at the Barclays 2023 Global Financial Services Conference

https://finance.yahoo.com/news/cbre-group-inc-present-barclays-120000430.html

82dbffde-2fb9-3219-b98d-998a6ede7b31

CBSH

The board of Commerce Bancshares, Inc. (NASDAQ:CBSH) has announced that it will pay a dividend on the 25th of September, with investors receiving $0.27 per share. Including this payment, the dividend yield on the stock will be 2.2%, which is a modest boost for shareholders' returns. See our latest analysis for Commerce Bancshares Commerce Bancshares' Dividend Forecasted To Be Well Covered By EarningsIf it is predictable over a long period, even low dividend yields can be attractive.Having distributed dividends for at least 10 years, Commerce Bancshares has a long history of paying out a part of its earnings to shareholders. Based on Commerce Bancshares' last earnings report, the payout ratio is at a decent 26%, meaning that the company is able to pay out its dividend with a bit of room to spare.EPS is set to fall by 9.0% over the next 12 months. But assuming the dividend continues along recent trends, we believe the future payout ratio could be 32%, which we are pretty comfortable with and we think would be feasible on an earnings basis.historic-dividendCommerce Bancshares Has A Solid Track RecordThe company has an extended history of paying stable dividends. Since 2013, the dividend has gone from $0.538 total annually to $1.08. This works out to be a compound annual growth rate (CAGR) of approximately 7.2% a year over that time. Dividends have grown at a reasonable rate over this period, and without any major cuts in the payment over time, we think this is an attractive combination as it provides a nice boost to shareholder returns.The Dividend Has Growth PotentialThe company's investors will be pleased to have been receiving dividend income for some time. Commerce Bancshares has seen EPS rising for the last five years, at 7.9% per annum. Growth in EPS bodes well for the dividend, as does the low payout ratio that the company is currently reporting.Commerce Bancshares Looks Like A Great Dividend StockOverall, we like to see the dividend staying consistent, and we think Commerce Bancshares might even raise payments in the future. The earnings easily cover the company's distributions, and the company is generating plenty of cash. However, it is worth noting that the earnings are expected to fall over the next year, which may not change the long term outlook, but could affect the dividend payment in the next 12 months. Taking this all into consideration, this looks like it could be a good dividend opportunity.Market movements attest to how highly valued a consistent dividend policy is compared to one which is more unpredictable. Meanwhile, despite the importance of dividend payments, they are not the only factors our readers should know when assessing a company. For instance, we've picked out 1 warning sign for Commerce Bancshares that investors should take into consideration. Is Commerce Bancshares not quite the opportunity you were looking for? Why not check out our selection of top dividend stocks. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

Commerce Bancshares (NASDAQ:CBSH) Will Pay A Dividend Of $0.27

https://finance.yahoo.com/news/commerce-bancshares-nasdaq-cbsh-pay-100735314.html

5911ceee-8442-3860-8b21-2e2a33a499c8

CBSH

Readers hoping to buy Commerce Bancshares, Inc. (NASDAQ:CBSH) for its dividend will need to make their move shortly, as the stock is about to trade ex-dividend. The ex-dividend date is usually set to be one business day before the record date which is the cut-off date on which you must be present on the company's books as a shareholder in order to receive the dividend. It is important to be aware of the ex-dividend date because any trade on the stock needs to have been settled on or before the record date. In other words, investors can purchase Commerce Bancshares' shares before the 5th of September in order to be eligible for the dividend, which will be paid on the 25th of September.The company's next dividend payment will be US$0.27 per share. Last year, in total, the company distributed US$1.08 to shareholders. Calculating the last year's worth of payments shows that Commerce Bancshares has a trailing yield of 2.2% on the current share price of $49.33. Dividends are a major contributor to investment returns for long term holders, but only if the dividend continues to be paid. So we need to investigate whether Commerce Bancshares can afford its dividend, and if the dividend could grow. Check out our latest analysis for Commerce Bancshares Dividends are typically paid out of company income, so if a company pays out more than it earned, its dividend is usually at a higher risk of being cut. That's why it's good to see Commerce Bancshares paying out a modest 26% of its earnings.When a company paid out less in dividends than it earned in profit, this generally suggests its dividend is affordable. The lower the % of its profit that it pays out, the greater the margin of safety for the dividend if the business enters a downturn.Click here to see the company's payout ratio, plus analyst estimates of its future dividends.historic-dividendHave Earnings And Dividends Been Growing?Businesses with strong growth prospects usually make the best dividend payers, because it's easier to grow dividends when earnings per share are improving. If earnings decline and the company is forced to cut its dividend, investors could watch the value of their investment go up in smoke. Fortunately for readers, Commerce Bancshares's earnings per share have been growing at 12% a year for the past five years.Story continuesMany investors will assess a company's dividend performance by evaluating how much the dividend payments have changed over time. Since the start of our data, 10 years ago, Commerce Bancshares has lifted its dividend by approximately 7.2% a year on average. We're glad to see dividends rising alongside earnings over a number of years, which may be a sign the company intends to share the growth with shareholders.To Sum It UpHas Commerce Bancshares got what it takes to maintain its dividend payments? When companies are growing rapidly and retaining a majority of the profits within the business, it's usually a sign that reinvesting earnings creates more value than paying dividends to shareholders. This strategy can add significant value to shareholders over the long term - as long as it's done without issuing too many new shares. Commerce Bancshares ticks a lot of boxes for us from a dividend perspective, and we think these characteristics should mark the company as deserving of further attention.With that in mind, a critical part of thorough stock research is being aware of any risks that stock currently faces. In terms of investment risks, we've identified 1 warning sign with Commerce Bancshares and understanding them should be part of your investment process.A common investing mistake is buying the first interesting stock you see. Here you can find a full list of high-yield dividend stocks.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

Here's What We Like About Commerce Bancshares' (NASDAQ:CBSH) Upcoming Dividend

https://finance.yahoo.com/news/heres-commerce-bancshares-nasdaq-cbsh-100303248.html

42f1b3fd-e53e-3145-bb39-38fc85631f97

CCB

Community banks have had a tough year as the collapse of Silicon Valley Bank, First Republic Bank and Signature Bank sent shockwaves through the domestic banking industry.One standout that has weathered the storm is Coastal Financial Corp. (NASDAQ:CCB), which is a bank holding company for Coastal Community Bank, a large community bank that provides banking products and services to businesses, professionals and individuals in the Puget Sound region os Washington, including the cities of Seattle and Tacoma. Products include checking and savings offerings, commercial and industrial loans, residential real estate loans and many other offering and banking products.Warning! GuruFocus has detected 3 Warning Signs with CCB. Click here to check it out. CCB 30-Year Financial DataThe intrinsic value of CCBAdditionally, Coastal Financial provides banking-as-a-service to digital financial services companies and broker dealers through its CCBX segment. With assets totaling over $3.5 billion, the company operates 14 branches throughout the greater Seattle-MSA region, making these services readily available. The company proudly touts its credentials as the largest community bank based on deposit market share.Coastal Financial Corporation was founded in 1997 and is headquartered in Everett, Washington. It currently has a market capitalization of $583 million.CCBX segmentThe company recently created CCBX, which is a fintech company that provides a full suite of banking-as-a-service (BaaS) offerings that enable customers to create digital financial services. Key services offered include debit and credit card BIN sponsorship, compliance oversight, financial transactions clearing, deposit services, lending solutions, and overall banking industry consulting. CCBX currently has 18 clients and 3 more in testing or implementation phase. Fee income in this division grew over 30% in the 2nd quarter. Net loan income was $31.6 million in the 2nd quarter. The company continues to refine the criteria for CCBX clients and are exiting relationships where it makes sense for both parties and are now focusing on selecting larger and more established partners with experienced management teams.Story continuesFinancial reviewThe company recently reported second-quarter financial results, which showed solid deposit growth and as well as earnings per share growth. Total revenue increased 16.5% during the quarter while deposits rose from $67.3 million to $3.16 billion. Net income was $12.9 million, or 95 cents per share, which compares to $12.4 million, or 91 cents, for the prior-year period.Return on average assets was 1.52% for the quarter and return on average equity was 19.53%, which were both improvements over the prior-year period. Total assets increased 2.4% to $3.54 billion for the quarter, which compares to $3.45 billion as of March 31. Net loan growth increased 6% to $3.01 billion during the quarter.Cash balances were $6.8 million as of June 30, which is retained for general operating purposes, including debt repayment and for funding $763,000 in commitments to bank technology funds. Total shareholders equity increased $13.9 million to $272.7 million. The company remains well capitalized with all relevant capital ratios exceeding the minimum requirements by regulators.In a statement, CEO Eric Sprink said, We understand that there continues to be uncertainty and concern surrounding the current economic environment; and as such we work hard to ensure that we are serving our customers and shareholders in the best way possible. Building a company that we believe can withstand the challenges of our time, growing in strength and size, through thoughtful and strategic management of growth, resources and opportunities. Net income for the quarter ended June 30, 2023 was adversely impacted by elevated legal & professional fees which increased $1.6 million compared to the quarter ended March 31, 2023. Nearly all of the increase in professional fees is related to enhancing or expanding our CCBX business, which we view as a strategic priority, by further developing our risk management system to support growth of the CCBX business as well as evaluating new Fintech partnerships and acquisitions of technology platforms and related assets. We continue to remain true to our 'un-Bankey' roots by looking for and finding new opportunities to survive and thrive in the changing banking world, while still maintaining the community bank mentality and feel."ValuationA discounted cash flow calculation does not work for banks due to the inherent lumpiness and cyclicality of the industry. Historical and relative price-book ratios are common measures of valuation. The company is currently selling at a price-book ratio of approximately 1.95 based on consensus estimates of shareholders equity. The price-book ratio of the industry is currently about 1.00 times due to the doldrums affecting regional banks. The ratio for Coastal Financial stock in recent years has ranged from 1 times to 2.34 times.Banks are also measure on important metrics such as return on equity and return on assets. Return on average assets in the second quarter for the company was 1.52% compared to a sector average of approximately 1.15%. Return on common equity was 19.53%, which is substantially about their cost of equity. Average ROE for the sector is approximately 11.0%.There are two Wall Street analysts that cover the company with an average price target of $58.50 , a target of $60 and a low target of $57.Unlike many bank holding companies, the company has not historically paid a dividend and has no immediate plans to pay a dividend.Guru tradesThe top three institutional owners of the company with stakes above 5% include T. Rowe Price Investment Management, BlackRock Inc. and Endeavour Capital Advisors Inc. with each holding 6.18%, 5.65% and 5.48% of total outstanding shares respectively. The latest guru trade was from Jim Simons (Trades, Portfolio)' Renaissance Technologies, which reduced his position by 7.38%.SummaryFor those looking for small-cap bank exposure, or community bank exposure, Coastal Financial may be a good long-term bet. The un-banky roots may pay off over the long term as the company diversifies into other areas besides traditional banking services.This article first appeared on GuruFocus.

GuruFocus.com

Coastal Financial: A Community Bank With Growth Opportunities

https://finance.yahoo.com/news/coastal-financial-community-bank-growth-221939122.html

72481b13-2ab0-3c0a-a5af-8a04f0a95bb8

CCB

In the last year, multiple insiders have substantially increased their holdings of Coastal Financial Corporation (NASDAQ:CCB) stock, indicating that insiders' optimism about the company's prospects has increased.While we would never suggest that investors should base their decisions solely on what the directors of a company have been doing, logic dictates you should pay some attention to whether insiders are buying or selling shares. See our latest analysis for Coastal Financial The Last 12 Months Of Insider Transactions At Coastal FinancialThe Independent Director Steven Hovde made the biggest insider purchase in the last 12 months. That single transaction was for US$1.1m worth of shares at a price of US$37.71 each. Although we like to see insider buying, we note that this large purchase was at significantly below the recent price of US$44.05. Because the shares were purchased at a lower price, this particular buy doesn't tell us much about how insiders feel about the current share price.In the last twelve months insiders purchased 38.03k shares for US$1.4m. But they sold 27.32k shares for US$1.3m. In total, Coastal Financial insiders bought more than they sold over the last year. You can see the insider transactions (by companies and individuals) over the last year depicted in the chart below. If you click on the chart, you can see all the individual transactions, including the share price, individual, and the date!insider-trading-volumeThere are plenty of other companies that have insiders buying up shares. You probably do not want to miss this free list of growing companies that insiders are buying.Coastal Financial Insiders Are Selling The StockOver the last three months, we've seen significant insider selling at Coastal Financial. In total, CEO & Director Eric Sprink dumped US$904k worth of shares in that time, and we didn't record any purchases whatsoever. Overall this makes us a bit cautious, but it's not the be all and end all.Story continuesInsider OwnershipMany investors like to check how much of a company is owned by insiders. A high insider ownership often makes company leadership more mindful of shareholder interests. Coastal Financial insiders own 19% of the company, currently worth about US$109m based on the recent share price. Most shareholders would be happy to see this sort of insider ownership, since it suggests that management incentives are well aligned with other shareholders.So What Does This Data Suggest About Coastal Financial Insiders?An insider sold Coastal Financial shares recently, but they didn't buy any. On the other hand, the insider transactions over the last year are encouraging. We are also comforted by the high levels of insider ownership. So we're not too bothered by recent selling. In addition to knowing about insider transactions going on, it's beneficial to identify the risks facing Coastal Financial. Every company has risks, and we've spotted 2 warning signs for Coastal Financial you should know about.Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions, but not derivative transactions.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

Bullish Coastal Financial Insiders Loaded Up On US$1.4m Of Stock

https://finance.yahoo.com/news/bullish-coastal-financial-insiders-loaded-101739030.html

f778e663-235b-307a-9a30-aba75480d57b

CCCS

CHICAGO, August 01, 2023--(BUSINESS WIRE)--CCC Intelligent Solutions Holdings Inc. ("CCC" or the "Company") (NASDAQ: CCCS), a leading SaaS platform for the P&C insurance economy, today announced its financial results for the three months ended June 30, 2023."CCC delivered strong second quarter results, highlighted by 10% year-over-year revenue growth and 38% adjusted EBITDA margin. The strong performance in the first half of 2023 included multiple large renewals and relationship expansions that reinforce our confidence in our ability to deliver on our strategic and financial objectives," said Githesh Ramamurthy, Chairman & CEO of CCC."We estimate that as a result of the continued macro pressures facing our customers, the cumulative annual cycle time for automotive claims in the U.S. increased to more than 2 billion days in 2022," continued Ramamurthy. "This staggering figure underscores the importance of delivering effective and integrated state-of-the-art capabilities to help our clients in the P&C insurance economy address operational efficiency. Our solutions and use of AI are helping to do just that by helping customers to reduce the cycle time, administrative cost, and environmental impact of the claims process."Second Quarter 2023 Financial HighlightsRevenueTotal revenue was $211.7 million for the second quarter of 2023, an increase of 10% from $192.8 million for the second quarter of 2022.ProfitabilityGAAP gross profit was $152.6 million, representing a gross margin of 72%, for the second quarter of 2023, compared with $139.9 million, representing a gross margin of 73%, for the second quarter of 2022. Adjusted gross profit was $162.0 million, representing an adjusted gross profit margin of 77%, for the second quarter of 2023, compared with $148.4 million, representing an adjusted gross profit margin of 77%, for the second quarter of 2022.GAAP operating loss was $73.2 million for the second quarter of 2023, compared with GAAP operating income of $12.5 million for the second quarter of 2022. Adjusted operating income was $71.8 million for the second quarter of 2023, compared with adjusted operating income of $66.7 million for the second quarter of 2022.Story continuesGAAP net loss was $97.3 million for the second quarter of 2023, compared with GAAP net income of $15.6 million for the second quarter of 2022. Adjusted net income was $47.8 million for the second quarter of 2023, compared with adjusted net income of $37.4 million for the second quarter of 2022.Adjusted EBITDA was $80.9 million for the second quarter of 2023, compared with adjusted EBITDA of $73.4 million for the second quarter of 2022. Adjusted EBITDA grew 10% in the second quarter of 2023 compared with the second quarter of 2022.LiquidityCCC had $403.6 million in cash and cash equivalents and $788.0 million of total debt on June 30, 2023. The Company generated $69.6 million in cash from operating activities and had free cash flow of $55.0 million during the second quarter of 2023, compared with $40.8 million generated in cash from operating activities and $29.6 million in free cash flow in the second quarter of 2022.The information presented above includes non-GAAP financial measures such as "adjusted EBITDA," "adjusted net income," "adjusted operating income," "adjusted gross profit," "adjusted gross profit margin," and "free cash flow." Refer to "Non-GAAP Financial Measures" for a discussion of these measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure.2nd Quarter and Recent Business HighlightsA top-20 auto insurer and long-time customer of CCC’s Casualty solutions added CCC’s full suite of Automobile Physical Damage ("APD") solutions in the second quarter of 2023, including CCC® Estimate-STP. The client will be transitioning services from multiple vendors onto CCC’s platform and reflects the significant opportunity and numerous ways available to CCC to expand its solutions with the U.S.’s largest insurers.CCC is a leader in the Casualty solutions market and recently rolled out a new computer vision AI technology for Casualty claims that can predict potential physical injuries to the occupants of a vehicle involved in an accident based on photos of the damaged vehicles. In the second quarter of 2023, CCC added and expanded Casualty relationships with new and existing customers.CCC continued to grow the breadth and depth of its network during the second quarter of 2023 by expanding the participation of 2 leading OEMs and signing a multi-year extension with one of the leading aftermarket parts suppliers. In addition, CCC has added nearly 1,000 repair facilities year to date. CCC’s total customer count now exceeds 35,000 and includes over 29,000 repair facilities, over 4,500 parts suppliers, more than 300 insurers, and 13 of the top-15 automotive OEMs. By connecting these companies and digitizing processes across the ecosystem, CCC’s platform increases their ability to be productive, reduce leakage, and improve communication throughout the P&C insurance economy – which ultimately can result in claims being resolved faster.Business OutlookBased on information as of today, August 1, 2023, the Company is issuing the following financial guidance:Third Quarter Fiscal 2023Full Year Fiscal 2023Revenue$215 million to $217 million$851 million to $855 millionAdjusted EBITDA$86 million to $88 million$337 million to $341 millionConference Call InformationCCC will host a conference call today, August 1, 2023, at 5:00 p.m. (Eastern Time) to discuss the Company’s financial results and financial guidance. A live webcast of this conference call will be available on the "Investor Relations" page of the Company’s website at https://ir.cccis.com, and a replay will be archived on the website as well.About CCC Intelligent SolutionsCCC Intelligent Solutions Inc., a subsidiary of CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS), is a leading SaaS platform for the multi-trillion-dollar P&C insurance economy powering operations for insurers, repairers, automakers, part suppliers, lenders, and more. CCC cloud technology connects more than 35,000 businesses digitizing mission-critical workflows, commerce, and customer experiences. A trusted leader in AI, IoT, customer experience, network and workflow management, CCC delivers innovations that keep people’s lives moving forward when it matters most. Learn more about CCC at www.cccis.com.Forward Looking StatementsThis press release contains forward-looking statements that are based on beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing" or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Forward-looking statements in this press release include, but are not limited to, future events, goals, plans and projections regarding the Company’s financial position, results of operations, market position, product development and business strategy. Such differences may be material. We cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward looking statements are subject to a number of risks and uncertainties, including, among others, our revenues, the concentration of our customers and the ability to retain our current customers; our ability to negotiate with our customers on favorable terms; our ability to maintain and grow our brand and reputation cost-effectively; the execution of our growth strategy; our projected financial information, growth rate and market opportunity; the health of our industry, claim volumes, and market conditions; changes in the insurance and automotive collision industries, including the adoption of new technologies; global economic conditions and geopolitical events; competition in our market and our ability to retain and grow market share; our ability to develop, introduce and market new enhanced versions of our solutions and products; our sales and implementation cycles; the ability of our research and development efforts to create significant new revenue streams; changes in applicable laws or regulations; changes in international economic, political, social and governmental conditions and policies, including corruption risks in China and other countries; currency fluctuations; our reliance on third-party data, technology and intellectual property; our ability to protect our intellectual property; our ability to keep our data and information systems secure from data security breaches; our ability to acquire or invest in companies or pursue business partnerships; our ability to raise financing in the future and improve our capital structure; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; our estimates regarding expenses, future revenue, capital requirements and needs for additional financing; our ability to expand or maintain our existing customer base; our ability to service our indebtedness; and other risks and uncertainties, including those included under the header "Risk Factors" in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the Securities and Exchange Commission ("SEC"), which can be obtained, without charge, at the SEC’s website (www.sec.gov), and in our other filings with the SEC. The forward-looking statements in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.Non-GAAP Financial MeasuresThis press release includes certain financial measures not presented in accordance with generally accepted accounting principles in the U.S. ("GAAP"), including, but not limited to, "adjusted EBITDA," "adjusted net income," "adjusted operating income," "adjusted gross profit," "adjusted gross profit margin," "adjusted operating expenses," and "free cash flow" in each case presented on a non-GAAP basis, and certain ratios and other metrics derived therefrom. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to other measures of profitability, liquidity or performance under GAAP. You should be aware that the Company’s calculation of these non-GAAP measures may not be comparable to similarly-titled measures used by other companies.The Company believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in and in comparing the Company’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Please refer to the reconciliations of these measures below to what the Company believes are the most directly comparable measures evaluated in accordance with GAAP.This press release also includes certain projections of non-GAAP financial measures. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included for these projections.CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data)June 30,December 31,20232022(Unaudited)ASSETSCURRENT ASSETS:Cash and cash equivalents$403,577$323,788Accounts receivable—Net of allowances of $5,874 and $5,339 as of June 30, 2023 andDecember 31, 2022, respectively96,13998,353Income taxes receivable5,8304,015Deferred contract costs16,87116,556Other current assets29,24036,358Total current assets551,657479,070SOFTWARE, EQUIPMENT, AND PROPERTY—Net153,539146,443OPERATING LEASE ASSETS31,64732,874INTANGIBLE ASSETS—Net1,064,0641,118,819GOODWILL1,417,7241,495,129DEFERRED FINANCING FEES, REVOLVER—Net1,9792,286DEFERRED CONTRACT COSTS19,48020,161EQUITY METHOD INVESTMENT10,22810,228OTHER ASSETS52,07245,911TOTAL$3,302,390$3,350,921LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITYCURRENT LIABILITIES:Accounts payable$19,084$27,599Accrued expenses54,71171,445Income taxes payable3,509922Current portion of long-term debt8,0008,000Current portion of long-term licensing agreement—Net2,9672,876Operating lease liabilities7,0495,484Deferred revenues40,06435,239Total current liabilities135,384151,565LONG-TERM DEBT—Net770,787774,132DEFERRED INCOME TAXES—Net217,907241,698LONG-TERM LICENSING AGREEMENT—Net29,24630,752OPERATING LEASE LIABILITIES52,43154,245WARRANT LIABILITIES55,58536,405OTHER LIABILITIES1,5502,658Total liabilities1,262,8901,291,455COMMITMENTS AND CONTINGENCIES (Notes 19 and 20)MEZZANINE EQUITY:Redeemable non-controlling interest14,49414,179STOCKHOLDERS’ EQUITY:Preferred stock—$0.0001 par; 100,000,000 shares authorized; no shares issued or outstanding——Common stock—$0.0001 par; 5,000,000,000 shares authorized; 631,982,491 and622,072,905 shares issued and outstanding at June 30, 2023 and December 31,2022, respectively6362Additional paid-in capital2,829,1842,754,055Accumulated deficit(803,106)(707,946)Accumulated other comprehensive loss(1,135)(884)Total stockholders’ equity2,025,0062,045,287TOTAL$3,302,390$3,350,921CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (In thousands, except share and per share data) (Unaudited)For the Three Months EndedFor the Six Months EndedJune 30,June 30,2023202220232022REVENUES$211,710$192,786$416,630$379,609COST OF REVENUESCost of revenues, exclusive of amortization and impairment of acquired technologies52,04746,095102,49488,795Amortization of acquired technologies6,6466,75013,33113,445Impairment of acquired technologies431—431—Total cost of revenues59,12452,845116,256102,240GROSS PROFIT152,586139,941300,374277,369OPERATING EXPENSES:Research and development43,36338,75884,35974,438Selling and marketing35,93631,09169,46757,894General and administrative46,14139,50988,00683,717Amortization of intangible assets18,02218,06636,08836,146Impairment of goodwill77,405—77,405—Impairment of intangible assets4,906—4,906—Total operating expenses225,773127,424360,231252,195OPERATING (LOSS) INCOME(73,187)12,517(59,857)25,174INTEREST EXPENSE(14,014)(7,944)(27,846)(15,285)INTEREST INCOME4,023—7,282—CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS3,613—1,009—CHANGE IN FAIR VALUE OF WARRANT LIABILITIES(20,375)21,004(19,180)23,140GAIN ON SALE OF COST METHOD INVESTMENT———3,578OTHER INCOME—Net315112368194PRETAX (LOSS) INCOME(99,625)25,689(98,224)36,801INCOME TAX BENEFIT (PROVISION)2,281(10,125)3,064(9,262)NET (LOSS) INCOME INCLUDING NON-CONTROLLINGINTEREST(97,344)15,564(95,160)27,539LESS: ACCRETION OF REDEEMABLE NON-CONTROLLING INTEREST(315)—(315)—NET (LOSS) INCOME ATTRIBUTABLE TO CCC INTELLIGENTSOLUTIONS HOLDINGS INC. COMMON STOCKHOLDERS$(97,659)$15,564$(95,475)$27,539Net (loss) income per share attributable to common stockholders:Basic$(0.16)$0.03$(0.15)$0.05Diluted$(0.16)$0.02$(0.15)$0.04Weighted-average shares used in computing net (loss) income per shareattributable to common stockholders:Basic621,235,776605,948,628618,740,340604,534,589Diluted621,235,776639,964,696618,740,340640,650,297COMPREHENSIVE (LOSS) INCOME:Net (loss) income including non-controlling interest(97,344)15,564(95,160)27,539Other comprehensive income (loss)—Foreign currency translationadjustment(285)(303)(251)(294)COMPREHENSIVE (LOSS) INCOME INCLUDINGNON-CONTROLLING INTEREST(97,629)15,261(95,411)27,245Less: accretion of redeemable non-controlling interest(315)—(315)—COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO CCCINTELLIGENT SOLUTIONS HOLDINGS INC. COMMON STOCKHOLDERS$(97,944)$15,261$(95,726)$27,245CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)For the Six Months EndedJune 30,20232022CASH FLOWS FROM OPERATING ACTIVITIES:Net (loss) income$(95,160)$27,539Adjustments to reconcile net (loss) income to net cash provided by operating activities:Depreciation and amortization of software, equipment, and property17,96613,490Amortization of intangible assets49,41949,591Impairment of goodwill and intangible assets82,742—Deferred income taxes(23,791)(43,703)Stock-based compensation64,72052,047Amortization of deferred financing fees851949Amortization of discount on debt111131Change in fair value of derivative instruments(1,009)—Change in fair value of warrant liabilities19,180(23,140)Non-cash lease expense1,2322,152Loss on disposal of software, equipment and property—795Gain on sale of cost method investment—(3,578)Other11547Changes in:Accounts receivable—Net2,322(4,027)Deferred contract costs(315)(952)Other current assets7,11615,463Deferred contract costs—Non-current6812,248Other assets(5,267)(9,935)Operating lease assets(5)1,576Income taxes77213,851Accounts payable(8,534)3,204Accrued expenses(14,975)(7,949)Operating lease liabilities(249)(4,308)Deferred revenues4,8252,256Other liabilities(115)(62)Net cash provided by operating activities102,63287,685CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of software, equipment, and property(29,084)(25,469)Acquisition of Safekeep, Inc., net of cash acquired—(32,242)Proceeds from sale of cost method investment—3,892Net cash used in investing activities(29,084)(53,819)CASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from exercise of stock options20,82715,511Proceeds from employee stock purchase plan1,326—Payments for employee taxes withheld upon vesting of equity awards(11,539)—Principal payments on long-term debt(4,000)(4,000)Net cash provided by financing activities6,61411,511NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS(373)(281)NET CHANGE IN CASH AND CASH EQUIVALENTS79,78945,096CASH AND CASH EQUIVALENTS:Beginning of period323,788182,544End of period$403,577$227,640NONCASH INVESTING AND FINANCING ACTIVITIES:Noncash purchases of software, equipment, and property$550$—Contingent consideration related to business acquisition$—$200SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:Cash paid for interest$26,946$14,153Cash paid for income taxes—Net$19,954$38,946CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIESRECONCILIATION OF GROSS PROFIT TO ADJUSTED GROSS PROFIT(In thousands, except profit margin percentage data)(Unaudited)Three Months Ended June 30,Six Months Ended June 30,(amounts in thousands, except percentages)2023202220232022Gross Profit$152,586$139,941$300,374$277,369Amortization of acquired technologies6,6466,75013,33113,445Impairment of acquired technologies431—431—Stock-based compensation and related employer payroll tax2,3581,6804,4732,613Adjusted Gross Profit$162,021$148,371$318,609$293,427Gross Profit Margin72%73%72%73%Adjusted Gross Profit Margin77%77%76%77%CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIESRECONCILIATION OF GAAP OPERATING EXPENSES TO ADJUSTED OPERATING EXPENSES(In thousands)(Unaudited)Three Months Ended June 30,Six Months Ended June 30,(dollar amounts in thousands)2023202220232022Operating expenses$225,773$127,424$360,231$252,195Amortization of intangible assets(18,022)(18,066)(36,088)(36,146)Impairment of goodwill(77,405)—(77,405)—Impairment of intangible assets(4,906)—(4,906)—Stock-based compensation expense and related employer payroll tax(33,706)(26,973)(62,799)(50,695)Plaintiff litigation costs(1,537)—(2,523)—M&A and integration costs—(348)—(1,756)Lease overlap costs———(1,222)Lease abandonment———(1,338)Business Combination transaction and related costs—(324)—(1,056)Net costs related to divestiture—6—(53)Adjusted operating expenses$90,197$81,719$176,510$159,929CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIESRECONCILIATION OF GAAP OPERATING (LOSS) INCOME TO ADJUSTED OPERATING INCOME(In thousands)(Unaudited)Three Months Ended June 30,Six Months Ended June 30,(dollar amounts in thousands)2023202220232022Operating (loss) income$(73,187)$12,517$(59,857)$25,174Amortization of intangible assets18,02218,06636,08836,146Amortization of acquired technologies—Cost of revenue6,6466,75013,33113,445Impairment of acquired technologies—Cost of revenue431—431—Impairment of goodwill77,405—77,405—Impairment of intangible assets4,906—4,906—Stock-based compensation expense and related employer payroll tax36,06428,65367,27253,308Plaintiff litigation costs1,537—2,523—M&A and integration costs—348—1,756Lease overlap costs———1,222Lease abandonment———1,338Business Combination transaction and related costs—324—1,056Net costs related to divestiture—(6)—53Adjusted operating income$71,824$66,652$142,099$133,498CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIESRECONCILIATION OF GAAP NET (LOSS) INCOME TO ADJUSTED EBITDA(In thousands, except for EBITDA margin percentage data)(Unaudited)Three Months Ended June 30,Six Months Ended June 30,(dollar amounts in thousands)2023202220232022Net (loss) income$(97,344)$15,564$(95,160)$27,539Interest expense14,0147,94427,84615,285Interest income(4,023)—(7,282)—Income tax (benefit) provision(2,281)10,125(3,064)9,262Amortization of intangible assets18,02218,06636,08836,146Amortization of acquired technologies—Cost of revenue6,6466,75013,33113,445Depreciation and amortization of software, equipment and property2,1872,4444,4145,407Depreciation and amortization of software, equipment and property—Cost of revenue6,5734,23913,5528,083EBITDA(56,206)65,132(10,275)115,167Stock-based compensation expense and related employer payroll tax36,06428,65367,27253,308Impairment of acquired technologies—Cost of revenue431—431—Impairment of goodwill77,405—77,405—Impairment of intangible assets4,906—4,906—Change in fair value of derivative instruments(3,613)—(1,009)—Plaintiff litigation costs1,537—2,523—Change in fair value of warrant liabilities20,375(21,004)19,180(23,140)M&A and integration costs—348—1,756Lease overlap costs———1,222Lease abandonment———1,338Business Combination transaction and related costs—324—1,056Net costs related to divestiture—(6)—53Gain on sale of cost method investment———(3,578)Adjusted EBITDA$80,899$73,447$160,433$147,182Adjusted EBITDA Margin38%38%39%39%CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIESRECONCILIATION OF GAAP NET (LOSS) INCOME TO ADJUSTED NET INCOME(In thousands, except share and per share data)(Unaudited)Three Months Ended June 30,Six Months Ended June 30,(dollar amounts in thousands)2023202220232022Net (loss) income$(97,344)$15,564$(95,160)$27,539Amortization of intangible assets18,02218,06636,08836,146Amortization of acquired technologies—Cost of revenue6,6466,75013,33113,445Impairment of acquired technologies—Cost of revenue431—431—Impairment of goodwill77,405—77,405—Impairment of intangible assets4,906—4,906—Stock-based compensation expense and related employer payroll tax36,06428,65367,27253,308Change in fair value of derivative instruments(3,613)—(1,009)—Plaintiff litigation costs1,537—2,523—Change in fair value of warrant liabilities20,375(21,004)19,180(23,140)M&A and integration costs—348—1,756Lease overlap costs———1,222Lease abandonment———1,338Business Combination transaction and related costs—324—1,056Net costs related to divestiture—(6)—53Gain on sale of cost method investment———(3,578)Tax effect of adjustments(16,587)(11,287)(30,633)(22,867)Adjusted net income$47,842$37,408$94,334$86,278Adjusted net income per share attributable to common stockholders:Basic$0.08$0.06$0.15$0.14Diluted$0.07$0.06$0.15$0.13Weighted average shares outstanding:Basic621,235,776605,948,628618,740,340604,534,589Diluted651,427,506639,964,696648,887,781640,650,297CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIESRECONCILIATION OF NET CASH FLOW FROM OPERATING ACTIVITIES TO FREE CASH FLOW(In thousands)(Unaudited)Three Months Ended June 30,Six Months Ended June 30,(dollar amounts in thousands)2023202220232022Net cash provided by operating activities$69,554$40,820$102,632$87,685Less: Purchases of software, equipment, and property(14,560)(11,189)(29,084)(25,469)Free Cash Flow$54,994$29,631$73,548$62,216View source version on businesswire.com: https://www.businesswire.com/news/home/20230731741923/en/ContactsInvestor: Bill WarmingtonVP, Investor Relations, CCC Intelligent Solutions [email protected] Media: Michelle HellyarSenior Director, Public Relations, CCC Intelligent Solutions [email protected]

Business Wire

CCC Intelligent Solutions Holdings Inc. Announces Second Quarter 2023 Financial Results

https://finance.yahoo.com/news/ccc-intelligent-solutions-holdings-inc-200500812.html

05233843-4d98-3ed2-ac1f-788ff4ae6a16

CCCS

CHICAGO, August 30, 2023--(BUSINESS WIRE)--CCC Intelligent Solutions Holdings Inc. (CCC) (NASDAQ: CCCS), a leading SaaS platform for the P&C insurance economy, today announced that management will present at the following investor conferences:The Citi Global Technology Conference in New York, NY. The presentation is scheduled for Wednesday, September 6, 2023, at 7:30 a.m. ET.The Goldman Sachs Communacopia & Technology Conference in San Francisco, CA. The presentation is scheduled for Thursday, September 7, 2023, at 10:50 a.m. PT / 1:50 p.m. ET.The presentations will be webcast live and replay will be available for a limited time under the "Events & Presentations" section of CCC’s investor relations website at https://ir.cccis.com/.About CCC Intelligent SolutionsCCC Intelligent Solutions Inc., a subsidiary of CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS), is a leading SaaS platform for the multi-trillion-dollar P&C insurance economy powering operations for insurers, repairers, automakers, part suppliers, lenders, and more. CCC cloud technology connects more than 35,000 businesses digitizing mission-critical workflows, commerce, and customer experiences. A trusted leader in AI, IoT, customer experience, network and workflow management, CCC delivers innovations that keep people’s lives moving forward when it matters most. Learn more about CCC at www.cccis.com.View source version on businesswire.com: https://www.businesswire.com/news/home/20230830529148/en/ContactsInvestor Contact: Bill WarmingtonVP, Investor Relations, CCC Intelligent Solutions [email protected] Contact: Michelle HellyarSenior Director, Public Relations, CCC Intelligent Solutions [email protected]

Business Wire

CCC Intelligent Solutions Inc. to Present at Upcoming Investor Conferences

https://finance.yahoo.com/news/ccc-intelligent-solutions-inc-present-120000119.html

5406d944-e7ff-3388-8be6-3562b14ed33b

CCI

An increasingly connected world continues to demand lower latency from its devices. That demand sets up a positive situation for investors in 5G stocks. Companies that can supply services and products that answer that demand stand to grow very rapidly. In fact, the 5G services sector is expected to grow at nearly 60% annually between this year and 2030. That equates to a doubling in market value every 1.2 years throughout that period. Investors in 5G stocks will see their capital grow at exceptional rates. It’s a matter of identifying strong firms in the sector and remaining patient enough to reap the rewards.InvestorPlace - Stock Market News, Stock Advice & Trading TipsEricsson (ERIC)Ericsson (ERIC) logo on a smartphone screen.Source: rafapress / Shutterstock.comEricsson (NASDAQ:ERIC) is a Swedish telecommunications networking stock in firm providing equipment and services to network operators and one of the more solid 5G stocks out there. The company recognizes the opportunity it has to provide networks the ability to deliver data 100 times faster than 4G does. Ericsson is a relatively inexpensive investment costing less than $5 per share. The company is not large but its revenues are growing moderately and increased by 3% in Q2. Ericsson is a very global firm and it opportunity in 5G means that it develops in spurts in certain geographies. A few years ago it was making strong efforts to move into the U.S. as government backlash against Huawei opened opportunities stateside. In Q2 the firm’s U.S. sales declined while it simultaneously grew in India offsetting the decline. Enterprise sales were a particularly bright spot for the firm with sales growing by 20%. Ericsson is smaller and riskier than many other 5G plays as it continues to search for stable profitability. Investing in ERIC includes a nice dividend that offsets some of that risk and the small size of the company also helps to make its growth narrative more attractive. American Tower REIT (AMT)Antenna Telephone and communication towers have a sunset background. American Tower (AMT) is one of the largest 4G tower operators in the U.S.Source: SERDTHONGCHAI / Shutterstock.comStory continuesAmerican Tower REIT (NYSE:AMT) stock represents an adage that investors hear increasingly more often these days: Invest in assets, not liabilities. The assets for discussion in this case are the leasing rights to cellphone towers. American Tower REIT provides income and potential appreciation to investors through that business model. Let’s discuss the income side of that equation first because as a REIT AMT stock can be a bit confusing. When I say confusing I’m referring to the payout ratio. The general rule of thumb is that a healthy dividend has a payout ratio somewhere between 35% and 55%. That means up to 55% of earnings get returned to investors as dividends. REITs however, are obligated by law to return at least 90% of their earnings as a dividend. Thus, American Tower REIT’s payout ratio of 3 isn’t unhealthy and its 3.6% yield is comfortable. It’s actually stable, having last been reduced more than a decade ago. The payout ratio calculation is different for REITs and those interested in the mechanics should read this article. Overall, AMT is among the 5G stocks that provide access to assets in 5G for investors. Crown Castle (CCI)image of small toy homes with a red arrow pointing up to represent reits to buySource: ShutterstockCrown Castle (NYSE:CCI) is another cell tower REIT stock investors ought to consider. It offers many of the same general benefits that AMT does. Let me start by expanding upon the idea that REIT dividends aren’t as they seem by explaining Crown Castle’s. Its payout ratio of 1.57 looks entirely unsustainable at first blush. Any investor would logically conclude that no firm can pay 157% of earnings back to investors as dividends for long. It would cause the business to shrink indefinitely and ultimately collapse. What we really want to look at here is the FFO payout ratio. It’s a simple calculation of dividends paid/funds from operations that gives a more accurate reading of dividend health for REITs. In Crown Castle’s case, it stands at 82.8% presently. That’s in the healthy 75% to 85% range for REITs making CCI another asset-first investment for income investors in the 5G space.  AT&T (T)AT&T logo on wooden backgroundSource: Lester Balajadia / Shutterstock.comAT&T (NYSE:T) is one of the largest and best-known 5G networks. Its stock is bound to come up in discussions about the 5G opportunity. Its dividend is almost certainly bound to enter those discussions as well which is where we should start because it is one of the primary reasons to invest in T shares. That dividend is the only realistic reason investors should consider AT&T. The actual stock returns have been abysmally low over the past decade at 1.76% annually. However, the dividend yields 7.85% presently and makes those returns effectively much higher. The dividend was reduced in 2022 but the Q2 payout ratio was a healthy 47%. AT&T is a sound choice for income investors who have the patience to stick with the company as it finds its footing on the promise of a 5G boom. Take the income, be patient, and hope that the stock can appreciate in time. Qualcomm (QCOM)Qualcomm (QCOM) logo on the side of a building in San Jose, CA.Source: jejim / Shutterstock.comQualcomm (NASDAQ:QCOM) is primarily known by investors as a chip stock. Of course, semiconductors are in everything including 5G-enabled devices. The company’s Snapdragon 5G platforms are comprehensive meaning its chips are found in everything 5G from modems to antennas. Qualcomm provides chipsets across the technology sector so it isn’t a pureplay 5G firm by any means. However, that means it is an investment that broadly benefits form the incoming opportunities throughout the tech sector. Whether that’s IoT, AI, augmented reality or anything else, Qualcomm is likely touching that opportunity in some form. Investors are right to be concerned about Qualcomm’s latest earnings release. Revenues fell by 23% and earnings dropped 52%. Handset sales drive the majority of the firm’s business and consumers are reticent to buy phones at the moment. That said, analysts see share prices increasing by $30 beyond their current $109 price. There’s a 2.9% dividend for those who make that bet right now.  Cisco (CSCO)cisco (CSCO) logo on an office buildingSource: Ken Wolter / Shutterstock.comCisco (NASDAQ:CSCO) is a networking form with obvious connections to the growth potential in 5G stocks. It’s also lagged behind the AL-led wave of growth and has been a laggard relative to the Nasdaq. In other words, it’s arguably undervalued given all of the positives underpinning the stock. 5G growth is a clear opportunity for the firm and its ability to sell networking equipment. I don’t necessarily believe that Cisco should increase dramatically in price soon. It’s fairly valued relative to historical prices based on earnings. However, CSCO shares offer exposure to tech in general, a beta that is low for its sector and generally moderate, and a dividend yielding 3%. Cisco plainly did well per its most recent earnings report. Sales increased by 16% and EPS jumped up by 43%. The rest of the tech sector is enamored with AI and the tremendous growth it has provided a few firms. I believe it has also overlooked the other tech winners who haven’t suffered a contraction including Cisco. Marvell Technology (MRVL)image of the marvell (MRVL) technologies office campusSource: Michael Vi / Shutterstock.comMarvell Technology (NASDAQ:MRVL) sells chips and hardware into several verticals including 5G. The stock is falling as I write this even though revenues were $1 million higher than expected and earnings 1 cent better than anticipated. The reaction is because MRVL shares have risen by 55% year-to-date while the sector has grown by 39%. Given that Marvell Technology didn’t blow expectations out of the water when others have, investors may be punishing the firm. That sets up an opportunity based on the consensus views of Wall Street which has the shares valued at more than $70 while trading at $53. Investors have arguably grown greedy in relation to all things AI. They seem to be expecting every firm to provide Nvidia (NASDAQ:NVDA) type gains because of the general AI opportunity. It doesn’t work like that but Marvell Technology is certainly leveraging that opportunity as the 5G opportunity. On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.Alex Sirois is a freelance contributor to InvestorPlace whose personal stock investing style is focused on long-term, buy-and-hold, wealth-building stock picks. Having worked in several industries from e-commerce to translation to education and utilizing his MBA from George Washington University, he brings a diverse set of skills through which he filters his writing.More From InvestorPlaceChatGPT IPO Could Shock the World, Make This Move Before the AnnouncementMusk’s “Project Omega” May Be Set to Mint New Millionaires. Here’s How to Get In.The Rich Use This Income Secret (NOT Dividends) Far More Than Regular InvestorsThe post 7 Up-and-Coming 5G Stocks to Put on Your Must-Buy List appeared first on InvestorPlace.

InvestorPlace

7 Up-and-Coming 5G Stocks to Put on Your Must-Buy List

https://finance.yahoo.com/news/7-coming-5g-stocks-put-114618125.html

6b19d011-31ba-3790-9e1f-0e55fc43ad64

CCI

Crown Castle (CCI) closed at $99.99 in the latest trading session, marking a +0.22% move from the prior day. This move outpaced the S&P 500's daily loss of 0.42%. Meanwhile, the Dow lost 0.56%, and the Nasdaq, a tech-heavy index, lost 0.08%.Coming into today, shares of the operator of wireless communications towers had lost 3.93% in the past month. In that same time, the Finance sector lost 0.81%, while the S&P 500 gained 1.02%.Crown Castle will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of $1.80, down 2.7% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.72 billion, down 1.63% from the year-ago period.For the full year, our Zacks Consensus Estimates are projecting earnings of $7.56 per share and revenue of $7.05 billion, which would represent changes of +2.44% and +0.87%, respectively, from the prior year.Any recent changes to analyst estimates for Crown Castle should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.03% lower within the past month. Crown Castle is currently sporting a Zacks Rank of #4 (Sell).Looking at its valuation, Crown Castle is holding a Forward P/E ratio of 13.2. Its industry sports an average Forward P/E of 11.09, so we one might conclude that Crown Castle is trading at a premium comparatively.Story continuesThe REIT and Equity Trust - Other industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 191, which puts it in the bottom 25% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportCrown Castle Inc. (CCI) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Crown Castle (CCI) Gains As Market Dips: What You Should Know

https://finance.yahoo.com/news/crown-castle-cci-gains-market-220013457.html

4930c195-7500-3178-9772-a437eaf4a81c

CCL

Carnival's dedication, Costco's constancy, and Chewy's innovation make compelling investments this month.Continue reading

Motley Fool

3 Top Stocks to Buy in September

https://finance.yahoo.com/m/2b15b2a1-e655-3985-822b-914cfc0aadcf/3-top-stocks-to-buy-in.html

2b15b2a1-e655-3985-822b-914cfc0aadcf

CCL

In this piece, we will take a look at ten travel stocks billionaires are loading up on. If you want to skip our analysis of the recent events in the travel industry, then take a look at 5 Travel Stocks Billionaires Are Loading Up On. The travel industry has seen disruption in one form or the other over the past four years, and a tough economic environment after the coronavirus pandemic has hampered recovery. Some sectors, such as airlines that were forced to fly routes just to keep them running and cruise companies that saw ships stranded at ports, faced crises that perhaps few would believe were possible before they happened.Like the broader economy, such as industrial production and logistics, the global benchmark crude oil prices determine the ease of the cost of doing business for travel companies as well. These prices have been fluctuating since the start of 2022 and after a respite earlier this year as oil investors remained optimistic about sufficient demand for their products, the latter half of 2023 is seeing oil prices soar again. A big reason behind the high oil prices is the need for oil producing countries to balance their budgets as demand expectations from China start to wither down. The world's second largest economy in nominal terms and the biggest in purchasing power parity is dealing with a set of problems that are worrying investors.The travel industry depends on discretionary income, and recent trends indicate that consumers might start having less of this since gas prices in America have risen. To understand the impact that all these events have made, consider the story of Expedia Group, Inc. (NASDAQ:EXPE). Ever since inflation started to rise in early 2022, Expedia's shares started on a downward run. These troubles are also visible when looking at the stock of Airbnb, Inc. (NASDAQ:ABNB). While the stock has still performed better than Expedia, the shares nevertheless have posted a 4.72% gain over the past five years. During the same time period, the S&P 500 is up by a strong 53%, gains that outpace the return offered by major airlines such as Delta Air Lines, Inc. (NYSE:DAL) (down 29.54%) and American Airlines Group Inc. (NASDAQ:AAL) (down 64.82%).Story continuesThe turmoil faced by the airlines and the hospitality firms is nothing when we take a look at cruise ship operators. Shares of Royal Caribbean Cruises Ltd. (NYSE:RCL) still haven't recovered from the coronavirus-induced sell off, and are down 24.7% over the past five years. However, if you think this is bad, then you'd be glad you hadn't bought Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) in 2020 since its stock is down by a stunning 70% over the past five years. We've covered the shock to the cruise ship industry in detail as part of our coverage of 10 Best Cruise Stocks To Buy Now so check it out if you want to see just how bad things were for the companies, their employees, and the travelers stuck on vessels.Yet, even though the travel industry is down, it doesn't mean it's dusted for. The global economy should recover at some point in time, even as China struggles to move to pre-coronavirus levels and Europe - led by Germany - struggles to find economic stability. International tourism is expected to touch 95% of pre-pandemic levels this year, and Europe is one of the regions that is leading the recovery. Data from the United Nations' World Tourism Organization (WTO) shows that while international tourism had recovered to 65% of pre pandemic levels in 2022, the European sector had recovered to 80% and Western Europe to 87%.This recovery is also affecting the ticket prices between Europe and the U.S. Combined with high fuel prices, airlines and other firms have to scale up their operations as product demand increases. This scaling costs money, which is why prices go up during periods of high demand. As to what the situation in the industry was as the second half of 2023 kicked off, here's what the management of American Express Company (NYSE:AXP) had to say during the firm's second quarter of 2023 earnings call:We continue to see strong growth in Travel and Entertainment spending, which increased by double-digits in the quarter and remains strong across customer categories and geographies. Q2 was a record quarter for restaurant reservations through our Resy platform and bookings through our consumer travel business reached their highest levels since before the pandemic.. . . And look, I mean, just look at consumer, right? I mean consumer in the U.S. is up at 10%. T&E is still very, very strong. We talked about travel bookings, travel bookings more than one month out are higher than they’ve been pre-pandemic. They are higher than they were at this time last year. They were higher than they were, obviously, in 2019. International is really coming back strong for us. And as we said, it’s a fastest growing part of our business. And the other thing I’ll point out is you just had — you had a little hangover of noise from Omicron in this quarter because last year, you had a little bit of spending that was pushed from the first quarter to the second quarter. And if you look at — if you go back and look sequentially last year was a huge increase sequentially quarter-over-quarter.So, with these details in mind, we decided to take a look at which travel stocks billionaires are buying. Some top stock picks are Expedia Group, Inc. (NASDAQ:EXPE), Airbnb, Inc. (NASDAQ:ABNB), and Booking Holdings Inc. (NASDAQ:BKNG).Travel Stocks Billionaires Are Loading Up OnPhoto by Artur Voznenko on UnsplashOur Methodology To compile our list of travel stocks being bought by billionaires, we first compiled a list of the largest companies categorized as travel services by Yahoo Finance. Then, the number of billionaires that had bought their shares during Q1 2023 was determined through Insider Monkey's research, and for updated coverage, the number of hedge funds that had bought their shares as of Q2 2023 is also provided. The stocks are listed according to the number of hedge fund investors since this is the more up to date data set.10 Travel Stocks Billionaires Are Loading Up On10. Sabre Corporation (NASDAQ:SABR)Number of Billionaire Investors: 8Number of Hedge Fund Investors: 28Sabre Corporation (NASDAQ:SABR) is a technology company that allows business travelers to plan their trips and hotels to manage their operations. Its stock is down 18% year to date and analysts have rated the shares as Hold on average.During this year's first quarter, eight billionaires had bought Sabre Corporation (NASDAQ:SABR)'s shares and in the next quarter, 28 out of the 910 hedge funds part of Insider Monkey's database were shareholders. Out of these, the company's largest investor is Terry Smith's Fundsmith LLP since it owns 22 million shares that are worth $72 million.Along with Airbnb, Inc. (NASDAQ:ABNB), Expedia Group, Inc. (NASDAQ:EXPE), and Booking Holdings Inc. (NASDAQ:BKNG), Sabre Corporation (NASDAQ:SABR is a travel stock that billionaires are loading up on.9. Travel + Leisure Co. (NYSE:TNL)Number of Billionaire Investors: 10 Number of Hedge Fund Investors: 33 Travel + Leisure Co. (NYSE:TNL) operates travel businesses and runs other operations. The firm's second quarter earnings results show that revenue and operating income dropped by 5% and 3% respectively. The stock also has a strong 4.59% dividend yield due to its 45 cent dividend.By the end of 2023's second quarter, 33 hedge funds out of the 910 that were surveyed by Insider Monkey had invested in Travel + Leisure Co. (NYSE:TNL)8. Tripadvisor, Inc. (NASDAQ:TRIP)Number of Billionaire Investors: 9 Number of Hedge Fund Investors: 33 Tripadvisor, Inc. (NASDAQ:TRIP) enables travelers to plan and execute their itineraries. Like other travel companies, its shares are also down by 14% year to date, and the second quarter didn't help either since core revenue struggled.After sifting through 910 hedge funds for their Q2 2023 shareholdings, Insider Monkey discovered that 33 had held a stake in the company. Tripadvisor, Inc. (NASDAQ:TRIP)'s biggest hedge fund shareholder is Paul Reeder and Edward Shapiro's PAR Capital Management due to its $89 million investment.7. Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH)Number of Billionaire Investors: 7 Number of Hedge Fund Investors: 35The first cruise company stock on our list, Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH), is up by 37% year to date but down by a whopping 70% over the past five years. The stock tanked in January 2020 and as is evident, it still hasn't recovered.As of June 2023, 35 out of the 910 hedge funds profiled by Insider Monkey were Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) investors. John W. Rogers' Ariel Investments is the firm's biggest stakeholder, through a stake worth $144 million.6. Carnival Corporation & plc (NYSE:CCL)Number of Billionaire Investors: 7 Number of Hedge Fund Investors: 40 Carnival Corporation & plc (NYSE:CCL) is one of the biggest cruise companies in the world with close to a hundred ships in its fleet. Its stock has done rather well this year, as the shares have gained 91% year to date. However, insiders have sold more than $1 million of shares over the past year or so, in a worrying development.Insider Monkey dug through 910 hedge funds for their second quarter of 2023 shareholdings and discovered that 40 had bought Carnival Corporation & plc (NYSE:CCL)'s shares. Out of these, the largest shareholder is Josh Overdeck and David Siegel's Two Sigma Advisors since it owns $192 million of shares.Expedia Group, Inc. (NASDAQ:EXPE), Carnival Corporation & plc (NYSE:CCL), Airbnb, Inc. (NASDAQ:ABNB), and Booking Holdings Inc. (NASDAQ:BKNG) are some top travel stocks billionaires are buying. Click to continue reading and see 5 Travel Stocks Billionaires Are Loading Up On. Suggested articles:12 Cheap Travel Stocks to Buy Now10 Biotech Stocks with Biggest Upside20 Most Dangerous Countries for LGBTQ+ American TravelersDisclosure: None. 10 Travel Stocks Billionaires Are Loading Up On in 2023 in 2023 is originally published on Insider Monkey.

Insider Monkey

10 Travel Stocks Billionaires Are Loading Up On

https://finance.yahoo.com/news/10-travel-stocks-billionaires-loading-192322831.html

47853206-9231-3f0d-b16e-d3ceee39b709

CCO

SAN ANTONIO, Aug. 16, 2023 /PRNewswire/ -- Clear Channel Outdoor Holdings, Inc., (NYSE:CCO) announced today that Scott Wells, Chief Executive Officer of Clear Channel Outdoor Holdings, Inc., and Brian Coleman, Chief Financial Officer of Clear Channel Outdoor Holdings, Inc., are scheduled to present at Citi's 2023 Global Technology and GEMS Conference on Thursday, September 7, 2023, at 3:15 p.m., Eastern Time.  The live audio webcast, as well as the replay, will be available on Clear Channel Outdoor Holdings' investor website at www.investor.clearchannel.com.About Clear Channel Outdoor Holdings, Inc.Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is at the forefront of driving innovation in the out-of-home advertising industry. Our dynamic advertising platform is broadening the pool of advertisers using our medium through the expansion of digital billboards and displays and the integration of data analytics and programmatic capabilities that deliver measurable campaigns that are simpler to buy. By leveraging the scale, reach and flexibility of our diverse portfolio of assets, we connect advertisers with millions of consumers every month across more than 470,000 print and digital displays in 21 countries.Clear Channel Outdoor Holdings, Inc. (PRNewsfoto/Clear Channel Outdoor)CisionView original content to download multimedia:https://www.prnewswire.com/news-releases/clear-channel-outdoor-holdings-inc-to-participate-in-citis-2023-global-technology-and-gems-conference-301901039.htmlSOURCE Clear Channel Outdoor Holdings, Inc.

PR Newswire

CLEAR CHANNEL OUTDOOR HOLDINGS, INC. TO PARTICIPATE IN CITI'S 2023 GLOBAL TECHNOLOGY AND GEMS CONFERENCE

https://finance.yahoo.com/news/clear-channel-outdoor-holdings-inc-110000688.html

acfbf0ac-0425-35a1-afb8-93d134389b28

CCO

If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after briefly looking over the numbers, we don't think Clear Channel Outdoor Holdings (NYSE:CCO) has the makings of a multi-bagger going forward, but let's have a look at why that may be.Understanding Return On Capital Employed (ROCE)For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for Clear Channel Outdoor Holdings:Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)0.058 = US$223m ÷ (US$4.8b - US$965m) (Based on the trailing twelve months to June 2023).Therefore, Clear Channel Outdoor Holdings has an ROCE of 5.8%. In absolute terms, that's a low return and it also under-performs the Media industry average of 8.2%. Check out our latest analysis for Clear Channel Outdoor Holdings roceIn the above chart we have measured Clear Channel Outdoor Holdings' prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Clear Channel Outdoor Holdings here for free.What Can We Tell From Clear Channel Outdoor Holdings' ROCE Trend?Over the past five years, Clear Channel Outdoor Holdings' ROCE and capital employed have both remained mostly flat. This tells us the company isn't reinvesting in itself, so it's plausible that it's past the growth phase. With that in mind, unless investment picks up again in the future, we wouldn't expect Clear Channel Outdoor Holdings to be a multi-bagger going forward.Story continuesWhat We Can Learn From Clear Channel Outdoor Holdings' ROCEWe can conclude that in regards to Clear Channel Outdoor Holdings' returns on capital employed and the trends, there isn't much change to report on. And in the last five years, the stock has given away 69% so the market doesn't look too hopeful on these trends strengthening any time soon. Therefore based on the analysis done in this article, we don't think Clear Channel Outdoor Holdings has the makings of a multi-bagger.One more thing: We've identified 3 warning signs with Clear Channel Outdoor Holdings (at least 2 which are a bit unpleasant) , and understanding these would certainly be useful.While Clear Channel Outdoor Holdings isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

The Returns At Clear Channel Outdoor Holdings (NYSE:CCO) Aren't Growing

https://finance.yahoo.com/news/returns-clear-channel-outdoor-holdings-111851012.html

5ceaa305-51c3-3d04-b1a2-9045b71bbeb6

CDAY

Ceridian HCM Holding Inc.TORONTO and MINNEAPOLIS, Sept. 06, 2023 (GLOBE NEWSWIRE) -- Ceridian HCM Holding Inc. (NYSE: CDAY; TSX: CDAY), a global leader in human capital management (HCM) technology, today announced a new milestone for Ceridian’s market-leading on-demand pay solution, Dayforce Wallet. As of August 2023, Dayforce Wallet has delivered more than $2 billion in earned wages to users across the solution’s global footprint since launching in 2020.Today's boundless workforce, which is fluid, always-on and borderless, adds opportunity and complexity for business leaders. To operate in this dynamic global environment marked by an ever-changing labor pool, organizations are increasingly adopting modern solutions like on-demand pay to find and keep the right talent. Giving them greater control over their financial lives, on-demand pay is attractive to workers as well as employers that want to stand out in a competitive job market.According to Ceridian’s second quarter 2023 results, the company has seen adoption of Dayforce Wallet rise with more than 1,640 customers signed onto the platform as of June 30, 2023. The average sign-up rate for Dayforce Wallet is above 50% across all eligible employees, and the typical Dayforce Wallet user transacts, on average, 25 times per month throughout a calendar year.“On the heels of announcing delivery of $1 billion in earned wages earlier this year, Dayforce Wallet’s $2 billion mark milestone reflects the solution’s increasing momentum within our customer community,” said Deepa Chatterjee, COO, Dayforce Consumer Services, Ceridian. “It's clear that employers are challenged to maximize the impact and well-being of their people, all within a workforce that looks nothing like the past. Those that lead the way are offering modern benefits, like on-demand pay, to better address the needs of employees today – and well into the future.”Dayforce Wallet has proven to be a strategic asset that addresses specific business needs, including efficiently delivering pay to workers without traditional bank accounts, attracting seasonal workers, or paying out tips at the end of each workday.Story continues“Dayforce Wallet proved to be one of the best tools in our arsenal during COVID and has continued to be a powerful employee benefit and retention strategy for our team,” said Brandon Arment, Manager of Employee Solutions and Technology at Danone North America. “Providing on-demand pay as an employee benefit has helped drive stability in our workforce and showed our employees that we have their best interests at heart.”Dayforce Wallet customers, including Mister Car Wash, JTEKT, and Spring Edu Group, will be on stage at Ceridian’s annual INSIGHTS conference on Oct. 2-5 at Wynn Las Vegas to share their experiences deploying on-demand pay and the role it played in their talent strategies. To learn more about how Dayforce Wallet can drive value for organizations and their people, visit: https://www.ceridian.com/products/dayforce/payroll/wallet-on-demand-pay.About CeridianCeridian. Makes Work Life Better™.Ceridian HCM Holding Inc. is a global human capital management software company. Dayforce, its flagship cloud HCM platform, provides human resources, payroll, benefits, workforce management, and talent management functionality. The Dayforce platform is used to optimize management of the entire employee lifecycle, including attracting, engaging, paying, deploying, and developing people. Ceridian has solutions for organizations of all sizes. Visit Ceridian.com or follow us @Ceridian.Media ContactHyeri [email protected]

GlobeNewswire

Dayforce Wallet Surpasses $2B In Earned Wages Delivered

https://finance.yahoo.com/news/dayforce-wallet-surpasses-2b-earned-120000605.html

2128b2af-4279-316e-834f-fc6d1adb655e

CDAY

On September 7, 2023, Co-CEO Leagh Turner sold 6,000 shares of Ceridian HCM Holding Inc (NYSE:CDAY). This move comes as part of a series of transactions by the insider over the past year, during which Turner has sold a total of 63,084 shares and purchased none.Warning! GuruFocus has detected 4 Warning Signs with CDAY. Click here to check it out. CDAY 30-Year Financial DataThe intrinsic value of CDAYLeagh Turner is the Co-CEO of Ceridian HCM Holding Inc, a global human capital management software company. Ceridian provides solutions for managing and engaging the entire workforce, from recruitment to retirement. Their flagship cloud HCM platform, Dayforce, provides human resources, payroll, benefits, workforce management, and talent management functionality.The insider's recent sell-off is part of a broader trend within the company. Over the past year, there have been 35 insider sells and no insider buys. This trend is illustrated in the following chart:Co-CEO Leagh Turner Sells 6,000 Shares of Ceridian HCM Holding Inc (CDAY)On the day of the insider's recent sell, shares of Ceridian HCM Holding Inc were trading at $72.68, giving the company a market cap of $11.38 billion. This price represents a significant discount to the GuruFocus Value of $112.28, resulting in a price-to-GF-Value ratio of 0.65. This suggests that the stock may be a possible value trap, and investors should think twice before buying.Co-CEO Leagh Turner Sells 6,000 Shares of Ceridian HCM Holding Inc (CDAY)The GF Value is a proprietary estimate of intrinsic value developed by GuruFocus. It is calculated based on historical multiples that the stock has traded at, a GuruFocus adjustment factor based on the company's past returns and growth, and future estimates of business performance from Morningstar analysts.The relationship between insider selling and stock price can be complex. While it's not uncommon for insiders to sell shares for personal reasons, such as diversifying their portfolio or meeting financial obligations, a high volume of insider selling can sometimes signal a lack of confidence in the company's future prospects. However, given the stock's current valuation, it's also possible that the insider simply believed that the stock was overvalued and decided to take profits.In conclusion, while the recent insider selling at Ceridian HCM Holding Inc is noteworthy, it's important for investors to consider the broader context. The stock's current valuation suggests that it may be a possible value trap, and investors should carefully consider their investment strategy before buying shares.This article first appeared on GuruFocus.

GuruFocus.com

Co-CEO Leagh Turner Sells 6,000 Shares of Ceridian HCM Holding Inc (CDAY)

https://finance.yahoo.com/news/co-ceo-leagh-turner-sells-050249534.html

69e34b81-6086-35f8-a05a-1e7a78c017fa

CDE

In this piece, we will take a look at ten metals stocks with insider buying. If you want to skip out the introduction of the metals industry and insider transactions, then head on over to 5 Metals Stocks with Insider Buying. The metals industry is one of the most important sectors that you might come across if the world is to shift to using renewable vehicles and power generation at a large scale. This is because of lithium, a material that is primarily used in battery production due to its suitability for battery performance. Australia and Chile have the largest lithium reserves in the world, and the Oceanic nation benefits, particularly from having a large share of global lithium production. Australia accounted for 47% of the global lithium production in 2022, courtesy of the six mining operations located there. Chile and Australia together account for most of the world's lithium output, with the South American country exporting large amounts of lithium to the U.S. as well. For more details, you can check out 10 Most Profitable Lithium Stocks Now and Lithium Reserves by Country: Top 15 Countries.The surge in demand for lithium that is expected to come into play over the course of the next several years as countries lay down plans to gradually phase out internal combustion vehicles might outstrip the ability of the industry to supply the metal. Estimates from McKinsey show that global lithium demand is expected to rise from 500 thousand metric tons of lithium carbonate equivalent (LCE) in 2021 to as much as five million metric tons by as soon as 2030. To meet this demand, the consulting firm believes that the lithium industry has to use currently nascent technologies such as direct lithium extraction (LTE). The adoption of these technologies and the lithium mining firms' ability to meet demand are also hampered by the years of lead times between the discovery of lithium reserves and production output.Considering this hype around lithium, one would believe that the metal is not only essential for electric vehicle production but also for the global shift to renewable power sources. However, this is not the case when we take a look at the list of materials that are crucial to the development of ten industries that will cumulatively drive fossil fuels away from the global economy. The list of industries includes hydrogen power, wind power, nuclear power, and other common names. It shows that iron is the most important metal for the shift to renewable energy since it is required in all of the ten industries through high steel demand. To see which countries produce the most iron ore, which is the backbone of modern day steel, do check out 16 Largest Iron Ore Producing Countries In The World.Story continuesLooking at these details, it's clear that the metals industry is crucial not only for today's world but also for the world of the future. While iron and lithium are primarily known for their industrial uses, another metal, gold, is used by both consumers and financial institutions. One of the oldest currencies in the world is gold, and it was also the standard behind the U.S. dollar until very recently. Gold is held by central banks as a reserve asset to maintain monetary liquidity, and its prices are often quite volatile as they are used as one of the handfuls of global economic barometers. We took a look at the companies part of the VanEck Gold Miners ETF and gathered the number of hedge funds that had invested in them as of Q1 2023 end to determine that Newmont Corporation (NYSE:NEM), Agnico Eagle Mines Limited (NYSE:AEM), and Barrick Gold Corporation (NYSE:GOLD) were some top hedge fund gold company stock picks. Shifting gears to stock investing, there are several ways in which one can invest in the market. Any investing decision involves integrating various factors into the bigger picture about a firm and its shares. One such factor is insider transactions. Public reporting requirements make it mandatory for all stock purchases by directors and insiders with significant shareholdings in a firm to disclose these transactions. Directors are not allowed to trade stocks based on non public information, as doing so would otherwise distort the market, influence the fair price, and create an uneven balance of information between participants. Directors and others can however buy stock in 'window periods' which are typically decided on by the company. The SEC tracks insider stock transactions through multiple reporting requirements, and these are typically monitored by investors to gauge management's own sentiment towards their company. For some interesting insider transactions which came right before shares dropped, you should read 11 Stocks with Heavy Insider Buying in 2023.As to how companies manage a tricky lithium market, here's what Tesla, Inc. (NASDAQ:TSLA)'s former chief financial officer had to say during the firm's latest earnings call:On the commodity side, we are continuing to see improvements there, as we’ve discussed previously. Lithium is the most notable improvement so far. I think I commented on this on the last call, because typically, we see this coming about a quarter before it actually is realized in our financials.And also just as a reminder, we’re not fully exposed to the price of lithium. Our supply chain team has done a terrific job in partnership with another – a bunch of other companies to put in place some long-term agreements here, but we do have some exposure that moves up and down. We’re also seeing benefits in aluminum and steel, which I think is great. Not as large as the lithium impacts, but they contribute nonetheless.With this context, let's take a look at some metals stocks with an uptick in insider buying. The firms that top the list are Trilogy Metals Inc. (NYSE:TMQ), Paramount Gold Nevada Corp. (NYSE:PZG), and TMC the metals company Inc. (NASDAQ:TMC).10 Metals Stocks with Insider BuyingOur Methodology We used Insider Monkey’s insider trading screener to make our list of metals stocks with the highest insider buying and ranked the companies according to insider ownership percentage change. Steel companies are also included in the list since their main product requires iron for manufacturing.10 Metals Stocks with Insider Buying10. Piedmont Lithium Inc. (NASDAQ:PLL)6-Month Insider Ownership Change:  0.19% Piedmont Lithium Inc. (NASDAQ:PLL) is an American lithium company headquartered in North Carolina. Most of its insider transactions have been sales this year, and only a director bought $105,000 worth of shares in March.Insider Monkey took a look at 943 hedge funds for their first quarter of 2023 investments and discovered that 13 had owned Piedmont Lithium Inc. (NASDAQ:PLL)'s shares.Along with Paramount Gold Nevada Corp. (NYSE:PZG), Trilogy Metals Inc. (NYSE:TMQ),  and TMC the metals company Inc. (NASDAQ:TMC), Piedmont Lithium Inc. (NASDAQ:PLL) is a metals stock with insider buying in 2023.9. Coeur Mining, Inc. (NYSE:CDE)6-Month Insider Ownership Change:  0.85%Coeur Mining, Inc. (NYSE:CDE) is an American gold mining company with operations in New Mexico, Alaska, South Dakota, and Canada. Its directors, chairman, and exploration and logistics executives have bought more than $100,000 worth of shares between February and April.As of Q1 2023 end, 17 of. the 943 hedge funds part of Insider Monkey's database had invested in Coeur Mining, Inc. (NYSE:CDE).  Out of these, the firm's largest investor is Paul Marshall and Ian Wace's Marshall Wace LLP through a stake worth $27 million.8. U.S. GoldMining Inc. (NASDAQ:USGO)6-Month Insider Ownership Change:  1.25%U.S. GoldMining Inc. (NASDAQ:USGO) is an American gold exploration firm with an operational presence in its home state, Alaska. It held its IPO in April 2023, and since then, insiders and a director have bought more than a million dollars of stock. Since the IPO was held in April, no hedge fund had invested in U.S. GoldMining Inc. (NASDAQ:USGO) during this year's first quarter. With second quarter filings out soon, be on the lookout to see if this changes.7. Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP)6-Month Insider Ownership Change:  1.73%Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP) is a metalwork company that manufactures various kinds of steel alloys. It's one of the hidden stocks of 2023 when it comes to market performance since the shares are up by 100% year to date  -  a nice way to double your money. The stock price also makes it unsurprising that several directors have bought the shares this year, with some tens of thousands of dollars of purchases taking place in February before the shares took off.Insider Monkey's March quarter of 2023 survey covering 943 hedge funds revealed that four had held a stake in the company. Out of these, Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP)'s largest investor is the firm Minerva Advisors since it owns 738,427 shares that are worth $6.7 million.6. Friedman Industries, Incorporated (NYSE:FRD)6-Month Insider Ownership Change:  1.87%Friedman Industries, Incorporated (NYSE:FRD) is a steel manufacturer that supplies products to different industrial sectors such as transportation and construction. Its director Dr. Durga Agarwal bought 5,000 shares for $81,600 in July 2023.Three of the 943 hedge funds part of Insider Monkey's Q1 2023 research had invested in Friedman Industries, Incorporated (NYSE:FRD). Jim Simons' Renaissance Technologies is the biggest stakeholder out of these due to its $4.5 million investment.Trilogy Metals Inc. (NYSE:TMQ), Friedman Industries, Incorporated (NYSE:FRD), Paramount Gold Nevada Corp. (NYSE:PZG), and TMC the metals company Inc. (NASDAQ:TMC) are some metals stocks with insider buying.Click to continue reading and see 5 Metals Stocks with Insider Buying.Suggested Articles:11 Stocks with Heavy Insider Buying10 Large-Cap Stocks with Insider Buying10 Energy Stocks with Insider BuyingDisclosure: None. 10 Metals Stocks with Insider Buying is originally published on Insider Monkey.

Insider Monkey

10 Metals Stocks with Insider Buying

https://finance.yahoo.com/news/10-metals-stocks-insider-buying-213445446.html

304028ad-b740-3751-8eb5-37a8d7b76c86

CDE

Coeur Mining, Inc. (NYSE:CDE) Q2 2023 Earnings Call Transcript August 10, 2023Operator: Hello and welcome to the Coeur Mining Second Quarter 2023 Financial Results Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to CEO, Mitch Krebs. Please go ahead.Mitchell Krebs: Good day, everyone. And thanks for joining our second quarter 2023 earnings call. Before we start, please note our cautionary language on forward-looking statements in today's slide deck and refer to our SEC filings on our website. I'll kick things off with a review of the main quarterly highlights on Slide 3, before turning the call over to Mic, Tom, and Aoife. Quarterly revenue totaled $177 million, with production of approximately 68,000 ounces of gold and 2.4 million ounces of silver. The quarter was underpinned by strong performances at a Rochester and Wharf operations offset by a weaker than planned quarter at our Kensington mine in Alaska. Through the first six months, we produced about 42% of our full year gold production guidance, and about 45% of our full year silver production guidance, which highlights our expectations for a strong second half.The company's two key drivers for the second six months of the year are expected to be the ramp up of Rochester as construction and commissioning activities wrap up and a stronger second half from Kensington. Water and weather impacted both Rochester and Kensington during the second quarter. Out in Nevada at Rochester, we're very pleased to report that the expansion was approximately 97% complete as of July 31, and is moving quickly toward completion. However, downtime from lightning and rain in Northern Nevada combined with an ongoing shortage of skilled labor and related productivity challenges is driving an increase in the number of contractor hours required to finish up the project this quarter. Meanwhile, heavy spring snowmelt and runoff in southeast Alaska along with some pace backfield challenges led to a poor quarter at Kensington, which negatively impacted our company wide gold production and financial results.Story continuesThe team has largely addressed these challenges, and we look forward to a stronger back half of the year there. Both Nick and Tom will provide some additional color on these two operations in a few minutes. At Rochester, the focus is quickly shifting to commissioning and ramp up efforts now that construction activities are beginning to wind down. We are now just weeks away from delivering initial silver and gold production from the new Stage VI leach pad at Merrill-Crowe facility, which will be quickly followed by construction completion of the new III Stage crushing circuit. The site photo on Slide 10 of today's presentation shows the tremendous progress made to-date. The team managing this project has done an incredible job under challenging circumstances over the past three years.After visiting there, a couple of weeks ago, I was impressed once again by the sheer scale of this operation. Once ramped up, Rochester will be one of the largest open pit heap leach mines in the world. Projected to deliver lower cost silver and gold ounces at production levels 2.5 times higher than recent rates for many years to come. Well, Rochester is our clear near term catalyst we see the development and drilling at Kensington as the next leg of lower cost production growth for the company. Drilling results, they're point to a continuation of key mineralized zones, and the potential for a longer mined life in Alaska. And just earlier this week, we issued an update on the excellent exploration results from Palmarejo in Mexico, with recent assays returning the highest gold grades that we've ever had there.Aoife will provide some additional details in a few minutes. Through significant multiyear investments in expansions and exploration at our North American assets, we're rapidly nearing the point where we expect to see the benefits of these investments accrue to our stockholders. With that, I'll now turn the call over to Mick.Michael Routledge: Thanks, Mitch. Across our whole asset portfolio, we see a great track record of excellence including long-term trusted relationships with our key stakeholders that allow us to continue to develop our mines and secure key permits like the recent Boston Expansion success at Wharf, providing great opportunities for further growth within our operating footprints. Getting into quarterly operating details on Slide six and starting with Palmarejo. Goods, silver and gold grades led to solid production for the quarter, with the team overcoming a four-day power outage due to wildfires. On the cost side, the strengthening peso continued to create pressure, resulting in approximately $5 million of additional costs. Moving on to Rochester.Better than anticipated production was driven by continued positive residual ounce production from legacy leach pads with the majority of ore placement now occurring on the new Pad 6, gold and silver production decreased as expected compared to the first quarter. Production rates will remain depressed during this transition period until first solution through the metal core plant is processed next month. Looking ahead, we expect the cushion we built up during Rochester strong first half performance to sustain the mine over the course of pre commissioning, commissioning and ramp up activities during the second half, helping to keep Rochester production on track for 2023 guidance. Getting into a bit more detail with a summary of recent milestones and what remains ahead at Rochester.mining mine gold mine mining companiesPhoto by Ricardo Gomez Angel on UnsplashFollowing on schedule, first quarter mechanical completion of Pad 6 and the metal core process plant, we are currently finishing wet commissioning and getting ready to start. Work on the Merrill Crusher Corridor is progressing well. Prescreen equipment and piping construction as well advanced. The stacker and feed conveyors have been erected including core sale, secondary and tertiary stockpile stackers as well as the secondary feed conveyor. The 63 KV power transmission lines to the crusher substation have been energized, secondary and tertiary crushers are in the final stages of electrical construction and programming of the crusher process control systems is also complete. On the mining side of the project looking at Slide 9, mining rates are scheduled to increase from 65,000 tonnes per day to 155,000 tonnes per day.Capacity for drilling and loading is already in place and no additional equipment is needed. The whole truck fleet will go from 14 trucks to 29 trucks. And we are currently right on plan to be 22 trucks by the end of 2023 and the full complement by the end of 2024. Headcount for the expansion is less than a 20% increase, and all additional people for the processing plant are already on board. Much like the first quarter, poor whether continue to affect overall project progress during the second quarter. The frequent periods of lightning creating a particular safety challenge. Considering the numerous work streams involving steel erection at heights and crane operations on the crusher corridor. Taken together with ongoing inflationary pressures and skilled labor availability and productivity challenges.We expect the total project capital to come in between $710 million to $730 million, or about 6% to 9% above the previously estimated $607 million discussed in last quarters call. Capital pressures notwithstanding, the pace of project development continues to advance. With mechanical completion of the crusher circuit expected in the current quarter and ramp up to take place over the remainder of this year and into early 2024. In the near term, we expect second half production at Rochester to form more evenly between the third and fourth quarters. Additionally, we anticipate costs in the second half of the year to be similar to the first half of the year as we complete the project and begin ramping up. Turning to Kensington. The slow start to the year persisted in the second quarter with higher than expected water flows in key production areas further impacting a planned return to optimal stock sequencing.We have worked with the team at the site to develop a solid main plan for the second half. And recent performance indicators are looking more favorable. But improved performance is not expected to meet the original 2023 production guidance. As a result, full year guidance has been revised to between 84,000 and 95,000 ounces. Lastly, at Wharf. Results were slightly ahead of plan with the second quarter benefiting from high grade material and tons placed earlier in the year. We're very proud to mark two big milestones at Wharf. Firstly, on July 28, the State of South Dakota approved the permit allowing for mining of the Boston expansion. A nearly 50-acre parcel immediately to the south of Wharfs current permitted operations, giving us more flexibility and providing additional opportunities for mine life growth going forward.Another milestone, the team at Wharf produced its 3 million ounces of gold on June 23. Since Coeur acquired Wharf back in 2015, the mine has generated free cash flow for the company of approximately $360 million and continues to play a key role as a cornerstone of stable gold production in the heart of the United States. Looking to the balance of the year, the ounces deferred Kensington have resulted in overall gold production guidance decreasing slightly to between 304,00 and 352,500 ounces of gold. While silver production guidance remains unchanged at between 10 to 12 million ounces. Coeur remains in a strong position midway through this critical year for the company. With that, I'll pass the call over to Tom.Thomas Whelan: Thanks, Mick. I will begin with a brief review of our second quarter financial results before providing a balance sheet update. Turning to the financial highlights on Slide 4. Operating cash flow in the second quarter swung to a positive $39 million compared to a negative $35 million during Q1 driven by solid operating performance at Palmarejo, Rochester and Wharf as well as favorable changes in working capital. Our Q2 2023 adjusted EBITDA was impacted by the challenges at Kensington that Nick discussed. However, we are set for a strong second half of the year at all sites, including Kensington, which should lead to significantly higher EBITDA levels. Turning to costs on Slide 5. We continue to see inflationary pressures on labor and power costs.These inflationary headwinds, combined with a stronger Mexican peso have been partially offset by lower diesel costs which have decreased 26% versus Q2 2022. Maintaining our balance sheet flexibility throughout the POA 11 construction ramp-up remains one of our top priorities. We are in the last weeks of heavy spending at Rochester, while we continue to invest in other organic growth opportunities across our portfolio, including our Kensington multiyear development plan and a resumption of drilling at Silvertip. As highlighted on Slide 11, some key features of our financial flexibility include, we ended the quarter with only $80 million drawn on our revolving credit facility, leaving over $280 million of available credit capacity. We worked with our banks to complete an amendment to our revolver to provide additional flexibility on our key financial ratios through the first quarter of 2024.We'd like to thank our syndicate banks for their continued support and confidence. We completed an innovative financing of Canadian flow-through shares during the second quarter, raising just under $30 million at a 21% premium to the market price, which will be allocated to fund exploration activities at Silvertip. Our hedge book remains a key price risk mitigation tool during this period of capital intensity and ramp-up at Rochester. We have almost 70% of our non-Franco-Nevada related second half gold production hedged at $1,977 per ounce and approximately 50% of our second half silver production hedged at $25.41 per ounce. And we have established a new ATM program for gross potential proceeds of up to $50 million. You add this all up, and we have approximately $415 million of total potential liquidity leaving us confident that the actions we're taking will not only see Rochester through the finish line but will also support Coeur's entire suite of high-value organic growth projects.I'll now pass the call to Aoife.Aoife McGrath: Thanks, Tom. As Mitch said earlier, we have had some great results from our exploration program at Palmarejo. Palmarejo is our largest mine with a land package of roughly 27,000 hectares of which only 7% has been drilled to date. The Hidalgo deposit was defined in 2019 and has since grown continuously to now be the second largest reserve after Guadalupe. At Hidalgo, we recently intersected the highest gold grades ever at Palmarejo, discovered two new veins and drilling is continuing to extend mineralization along strike with 800 meters of additional strike length added over the last 15 months. The pace of drilling is expected to increase in the second half of the year and we are confident that further extensions to this deposit will result.In addition to drilling, a large-scale mapping and sampling program has been underway in East Palmarejo, an area that has seen very little expiration or drilling. Two high-priority mineralized trends covering a combined 20 kilometers of strike length and containing multiple targets have been outlined for drilling in 2024 and beyond. Earlier in the quarter, we also issued a news release on Silvertip, our high-grade polymetallic carbonate replacement deposit in Northern British Columbia. Since the project was acquired in 2017, the measured and indicated resource base has nearly tripled to over 7 million tonnes and grades continue to be amongst the highest in the world for similar type deposits. During the quarter, detailed logging of the geology intersected in the deep hole, testing the hub or mineralizing source showed geological evidence of proximity to porphyry and we plan to continue to test for skarn and porphyry style mineralization over the next few years.However, the main aims of drilling over the next 18 to 24 months will be to continue growing the resource base to test additional carbonate units in the stratigraphy and to test Silvertip look-alike targets in the district. I will now pass the call back to Mitch.Mitchell Krebs: Thanks, Aoife. Slide 13 summarizes our top priorities for the remainder of the year, which starts with a safe and efficient commissioning and ramp-up of the expansion project at Rochester to set up the operation for a solid 2024 and beyond. Although Rochester is a primary focus in the second half, delivering stronger performance at Kensington and generating results from the development and drilling program there is a close second. Together with steady performance from Palmarejo and Wharf, we should end 2023 well positioned to begin delivering the benefits of these multiyear investments, which include higher production particularly for silver, lower costs, free cash flow and lower debt levels. With a constructive macro backdrop for both gold and silver, we believe our strategy is well timed and well suited to drive outperformance for our stockholders in coming years. With that, let's go ahead and open it up for questions.See also 10 Oversold Healthcare Stocks to Buy and 25 Most Congested Cities in the US.To continue reading the Q&A session, please click here.

Insider Monkey

Coeur Mining, Inc. (NYSE:CDE) Q2 2023 Earnings Call Transcript

https://finance.yahoo.com/news/coeur-mining-inc-nyse-cde-132908051.html

5b28dcc5-e7fa-3a0e-aea7-e39675f3dacf

CDLX

Cardlytics, Inc.Ushering in a New Era of Regional Retailer and Advertiser CollaborationATLANTA, Aug. 17, 2023 (GLOBE NEWSWIRE) -- Bridg, a division of Cardlytics, Inc. (NASDAQ: CDLX), today announced the launch of Rippl, a data and media network, in order to unlock collaborative and profitable retail media partnerships for regional retailers and advertisers.Powered by Bridg’s unique identity resolution technology, Rippl is built to amplify and enrich regional retailers’ first party data so that advertisers can access a national footprint of individual shoppers characterized by both scale and enhanced insights.Rippl provides a single point of access to anonymized shopper profiles enriched with SKU-level data across retailers. Working with our campaign partner Universal Media Inc. (UMI), Rippl is designed to enable advertisers to leverage these unique insights, create tailored audiences and execute unified campaigns spanning multiple retailers. Advertisers can consistently and transparently measure the real impact on sales, aiming to deliver a new level of accountability to campaigns.Rippl’s advantages are also intended to extend to retailers. Increased campaign investment, new monetization opportunities in both data and media, and refined synergies in partner collaboration encompassing trade and media spend, product innovation, and messaging are all part of Rippl’s value proposition.“Historically, regional retailers have struggled to capture advertiser investment given a lack of first party data scale, while advertisers have wasted resources on non-verified modeled audiences and aggregated data. In an economic environment where every dollar counts, we knew there was a need and the means to drive enhanced collaboration between regional retailers and advertisers, producing significant improvements in ROI for both parties,” said Amit Gupta, Cardlytics Chief Operating Officer & Bridg GM.“Rippl is a game-changing introduction to the market that gives our advertiser partners a level of granularity and transparency to their shopper data that is far beyond what they are receiving from their existing investments in retail data and media,” said Tom Henry, Chief Data and Deputy Chief Information Officer, Schnucks Markets. “Rippl will forge productive new partnerships between regional retailers like Schnucks and some of the most prominent advertisers today, improving the shopper experience, unlocking new revenue streams, and resulting in a win for all involved parties.”Story continues“Because National Retail Solutions (NRS) is focused on arming independent retailers with innovative solutions to compete with larger chain stores, we see Rippl as an exciting addition that is highly aligned with our mission,” said Eli Korn, Chief Operating Officer, NRS. “Advertisers will leverage shopper data from our 20,000+ convenience store partners across the U.S., helping them uncover consumer insights from audiences that are often difficult to reach. Our retailer partners will benefit from advertiser investments that drive increased visits and spend.”Access to the Rippl data and media network is available today.About BridgBridg, a division of Cardlytics, Inc. (NASDAQ: CDLX), is a data and audience platform that, using our exclusive identity resolution capabilities, helps retailers significantly expand their first party data and create new monetization opportunities working with their advertiser partners. Advertisers in turn gain access to individual shopper profiles across loyalty and non-loyalty, with SKU-level purchase data that enables previously unavailable insights, precision targeting, and transparent measurement. Bridg is headquartered in Los Angeles. Learn more at www.bridg.com.About CardlyticsCardlytics, Inc. (NASDAQ: CDLX) is a digital advertising platform. We partner with financial institutions to run their banking rewards programs that promote customer loyalty and deepen relationships. In turn, we have a secure view into where and when consumers are spending their money. We use these insights to help marketers identify, reach, and influence likely buyers at scale, as well as measure the true sales impact of marketing campaigns. Headquartered in Atlanta, Cardlytics has offices in Menlo Park, Los Angeles, New York, and London. Learn more at www.cardlytics.com.Cautionary Language Concerning Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to forward-looking statements related to the Rippl media and data network and the benefits thereof. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as "expect," "anticipate," "should," "believe," "hope," "target," "project," "goals," "estimate," "potential," "predict," "may," "will," "might," "could," "intend," or variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control.Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to the risks detailed in the “Risk Factors” section of our Form 10-Q filed with the Securities and Exchange Commission on August 1, 2023 and in subsequent periodic reports that we file with the Securities and Exchange Commission. Past performance is not necessarily indicative of future results.The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.ContactPublic Relations: Robert Robinson [email protected] Relations: Robert Robinson [email protected]

GlobeNewswire

Bridg Launches Rippl Data and Media Network

https://finance.yahoo.com/news/bridg-launches-rippl-data-media-130000992.html

1b768713-6dba-32df-b9e0-fc0cb65f5660

CDLX

Cardlytics, Inc.ATLANTA, Sept. 06, 2023 (GLOBE NEWSWIRE) -- Cardlytics, Inc. (NASDAQ: CDLX), a digital advertising platform, is excited to announce the appointment of Scott A. Hill to its Board of Directors. In connection with his appointment to the Board of Directors, Hill was also appointed to the Board’s Audit Committee.Hill brings over 30 years of finance and accounting experience to Cardlytics’ Board of Directors. Notably, he served as Chief Financial Officer at Intercontinental Exchange, Inc. (NYSE: ICE) from 2007 to 2021. Hill joined ICE shortly after its IPO in 2007, where he helped the business grow into a Fortune 500 company.At ICE, Hill led finance and accounting, treasury, tax, audit and controls, human resources and investor relations. He also played an integral role in mergers and acquisitions and, at various times during his tenure, provided operational leadership in global clearing and other areas of the business.In his career, Hill has led acquisitions totaling over $30 billion, including ICE’s $11 billion acquisition of NYSE Euronext. His prior experience includes roles at IBM, where he served for 16 years in accounting, financial and strategy leadership positions in the U.S., Europe and Japan. He is currently member of the boards of directors of CS Disco (NYSE: LAW) and of VVC Exploration (TSXV: VVC.V)."We continue to shape the Board of Directors to align with our product-led vision and long-term goals,” said CEO Karim Temsamani. “Scott brings valuable CFO-level insights and experience to Cardlytics. His perspectives will help us build a robust financial strategy that can responsibly scale and support the business in the coming years.”Hill earned his Bachelor of Business Administration with High Honors from the University of Texas at Austin in 1990. He also holds a Masters of Business Administration from New York University, where he was distinguished as a Stern Scholar in 1999.About CardlyticsCardlytics (NASDAQ: CDLX) is a digital advertising platform. We partner with financial institutions to run their banking rewards programs that promote customer loyalty and deepen banking relationships. In turn, we have a secure view into where and when consumers are spending their money. We use these insights to help marketers identify, reach, and influence likely buyers at scale, as well as measure the true sales impact of marketing campaigns. Headquartered in Atlanta, Cardlytics has offices in Menlo Park, New York, Los Angeles, and London. Learn more at www.cardlytics.com.Story continuesCautionary Language Concerning Forward-Looking StatementsThis press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to forward-looking statements related to the benefits of Hill’s appointment to the Board of Directors and Cardlytics’ future growth. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as "expect," "anticipate," "should," "believe," "hope," "target," "project," "goals," "estimate," "potential," "predict," "may," "will," "might," "could," "intend," or variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control.Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to the risks detailed in the “Risk Factors” section of our Form 10-Q filed with the Securities and Exchange Commission on August 1, 2023 and in subsequent periodic reports that we file with the Securities and Exchange Commission. Past performance is not necessarily indicative of future results.The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.Contacts:Public Relations:Robert [email protected] Relations:Robert [email protected]

GlobeNewswire

Finance Veteran Scott A. Hill appointed to Cardlytics Board of Directors

https://finance.yahoo.com/news/finance-veteran-scott-hill-appointed-200500295.html

94e17605-8c52-3daa-bd16-ad80ce1c5296

CDMO

ParticipantsDaniel R. Hart; CFO; Avid Bioservices, Inc.Matthew Kwietniak; Chief Commercial Officer; Avid Bioservices, Inc.Nicholas Stewart Green; President, CEO & Director; Avid Bioservices, Inc.Jacob K. Johnson; MD & Analyst; Stephens Inc., Research DivisionMatthew Gregory Hewitt; Senior Research Analyst; Craig-Hallum Capital Group LLC, Research DivisionSean Wilfred Dodge; Analyst; RBC Capital Markets, Research DivisionTim Brons; EVP; Vida Strategic Partners Inc.PresentationOperatorGood day, ladies and gentlemen, and welcome to the Avid Bioservices First Quarter 2024 Financial Results Conference Call. (Operator Instructions) As a reminder, this conference call may be recorded. I would now like to hand the conference over to Tim Brons of Avid's Investor Relations Group. Please go ahead.Tim BronsThank you. Good afternoon and thank you for joining us. On today's call, we have Nick Green, President and CEO; Dan Hart, Chief Financial Officer; and Matt Kwietniak, Avid's Chief Commercial Officer. Today, we will be providing an overview of Avid Bioservices contract development and manufacturing business, including updates on corporate activities and financial results for the quarter ended July 31, 2023. After our prepared remarks, we will welcome your questions. Before we begin, I'd like to caution that comments made during this conference call today, September 7, 2023, will contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning the current belief of the company, which involves a number of assumptions, risks and uncertainties.Actual results could differ from these statements, and the company undertakes no obligation to revise or update any statement made today. I encourage you to review all the company's filings with the Securities and Exchange Commission concerning these and other matters. Our earnings press release and this call will include discussion of certain non-GAAP information. You can find our earnings press release, including relevant non-GAAP reconciliations, on our corporate website at avidbio.com.With that, I will turn the call over to Nick Green, Avid's President and CEO.Story continuesNicholas Stewart GreenThank you, Tim, and thank you to everyone participating today via webcast. The first quarter of fiscal 2024 was busy and productive. During the period, we continued to execute, winning multiple new projects. These signings have enabled the business to effectively maintain the record backlog, which was built during fiscal 2023, which in the current climate, we see as a significant achievement.As highlighted at the end of last year, our new capabilities and capacity continue to attract attention from new and existing customers, particularly those in later stages of clinical development or seeking commercial manufacture. And it has been pleasing to see increased utilization of the new mammalian line fleet, previously referred to as Myford South, as well as more clients in the pipeline.We continue to successfully onboard new business won during the second half of fiscal '23, and our revenues during the period remained strong. In operations, the cell and gene therapy facility continues to progress according to plan, and we remain on schedule to complete this facility later this year. Matt and I will provide additional details on the business development and operations for the period following an overview of our first quarter 2024 financial results.And for that, I'll turn the call over to Dan.Daniel R. HartThank you, Nick. Before I begin, in addition to the brief financial overview I'll provide on the call today, additional details on our financial results are included in our press release issued prior to this call and in our Form 10-Q, which was filed today with the SEC.I'll now provide an overview of our financial results from operations for the quarter ended July 31, 2023. Revenues for the first quarter of fiscal 2024 were $37.7 million, representing a 3% increase over revenues of $36.7 million recorded in the prior year period. The increase in revenue was primarily attributed to an increase in manufacturing revenues from late-stage programs.Gross profit for the 3 months ended July 31, 2023, was $4.1 million or 11% gross margin compared to $9.1 million gross profit or 25% gross margin for the same period in the prior year. The decrease in margin during the 3 months ended July 31, 2023, as compared to the prior year period was primarily driven by costs related to ongoing expansions of both our capacity and our technological capabilities.This included adding staff and associated overhead, including depreciation expense, that will provide critical capacity for near- and medium-term growth. Margins during the quarter were also impacted by a terminated project related to the insolvency of one of our smaller customers and a delay in our ability to recognize the revenues of one product pending the implementation of a process change.As disclosed previously, we expect the expansion-related costs incurred to date will continue to affect near-term margins, especially in the related increase in depreciation costs. Importantly, as we increase our capacity utilization, we will begin to absorb these increased expansion-related costs, leading to improved gross margins.Total SG&A expenses for the first quarter of fiscal 2024 were $6.3 million, largely consistent as compared to $6.4 million recorded in the first quarter of fiscal 2023. During the first quarter of 2024, the company's net loss was approximately $2.1 million or $0.03 per basic and diluted share compared to net income of $1.6 million or $0.03 per basic and $0.02 per diluted share for the first quarter of fiscal 2023.For the first quarter of '24, the company achieved an adjusted EBITDA of $2.8 million. Our cash and cash equivalents on July 31, 2023, were $24.9 million compared to $38.5 million on April 30, 2023. This concludes my financial overview. I'll now turn the call over to Matt for an update on commercial activities during the quarter.Matthew KwietniakThanks, Dan. During fiscal 2023, our commercial team significantly expanded our visibility and standing in the industry, and we continued to build on that momentum during the first quarter of fiscal '24. During the quarter, Avid recorded bookings of $36 million and ended the quarter with a backlog of $189 million, representing an increase of 20% as compared to $157 million at the end of the first quarter of fiscal 2023.While these signings and new projects span the company's capabilities, the majority of the bookings came from later-stage and commercial products, which is a testament to the company's commercial pedigree and the quality of the new capacities we brought online a few months ago. As discussed previously, today's challenging financial environment has forced many companies to focus financial resources on later-stage and commercial projects versus investing in earlier-stage, higher-risk projects.These later-stage projects are generally larger and take longer to complete as compared to earlier-stage programs. For that reason, we expect that recognition of our backlog will extend beyond 1 year. These later-stage projects have a much higher probability of regulatory approval, potentially leading to future recurring and ramping commercial revenues associated with each approval.While there remains some risk and time between late-phase manufacturer, BLA submission and regulatory approval, this dynamic should drive medium- to long-term growth for Avid. This fits well with the company's objective of establishing a larger, more diversified and predictable revenue base.Our team has been extremely active with client engagement in anticipation of a return in funding that will support our customers' pipelines and, in turn, our own pipeline. We continue to be optimistic for the year ahead, and at the time that the financing environment improves, we will be well positioned with both capacity and capabilities to supplement our late-stage and commercial revenue base with the early-stage programs that are currently being deferred.This concludes my overview of commercial activities. I will now turn the call back over to Nick for an update on operations and other achievements during the period.Nicholas Stewart GreenThanks, Matt. I will provide an overview of the company's progress with its expansion efforts. During fiscal '23, Avid completed construction of and opened multiple mammalian business expansions. As -- we are very proud of the fact that the timing of each opening was aligned precisely with the period during which the company's backlog exceeded its prior capacity.As a result, we began fiscal '24 with more than 20,000 liters of state-of-the-art capacity and a fully disposable platform. We continue to build the company's new cell and gene therapy facility, which will support early-stage development to commercial manufacturing.In late calendar 2021, the company announced its intent to expand its CDMO offering into the rapidly growing cell and gene therapy market. Only 8 months after this announcement, Avid opened its analytical and process development suites within the new cell and gene therapy development and GMP manufacturing facility, providing the company with its first opportunity to engage with drug developers in this area and sign initial agreements to support these programs.Today, the company remains on track to launch its GMP manufacturing suites by the end of the third quarter of calendar 2023. And while these expansions and the associated hiring have impacted our current margins in the near term, the announced capabilities and added capacity establish an essential infrastructure and foundation from which to expand Avid's footprint in the industry.Importantly, upon completion of the cell and gene therapy facility, we estimate that our combined facilities will have a potential to bring our total revenue generating capacity up to $400 million annually, representing a significant transformation from only 2 years ago.Our 30 years of experience in biologics and almost 2 decades of commercial manufacturing experience has resulted in a business today that has more than 50% of its revenues and backlog associated with late-phase and/or commercial programs. The new capabilities and capacities, we believe, will continue to attract customers who seek not only clinical manufacturer but also a CDMO with a pedigree to take them through the approval process and subsequent commercial supply.The strategy employed over recent years to build the capabilities and capacity for clients who seek a partner who can take them through the entire life cycle of their product is already paying off, with multiple clients already using the new mammalian capacity and more scheduled to enter this space in coming quarters.In closing, the first quarter was a continuation of the trajectory established during fiscal 2023. During the period, Avid continued to successfully navigate what has been a challenging financing environment for our customers. as our revenues and backlog remained strong and our commercial team continued to win new projects. Fortunately, Avid has continued to attract and sign later-phase and commercial business during the period, which has the potential to add significant upside in the medium to longer term.On the operational front, we continue to make progress with the build-out of our cell and gene manufacturing facility. We remain on track to bring this new building and capability online by the end of the third quarter of calendar 2023, at which time the company's state-of-the-art facilities will have a revenue-generating capacity of approximately $400 million.This concludes my prepared remarks for today. We can now open the call for questions. Operator?Question and Answer SessionOperator(Operator Instructions) And our first question comes from Jacob Johnson from Stephens.Jacob K. JohnsonMaybe, Nick, first on the cell and gene therapy side. With that facility seemingly opening up sometime, I guess, in the next couple of weeks, just curious your kind of latest thoughts about how we should think about the revenue contribution when that opens; and then two, maybe just kind of demand trends as it relates to that end market.Nicholas Stewart GreenYes. So I think in terms of opening up, Jacob, we're looking at the end of quarter 3. It will obviously then, as we said before, once it's open, I think that's the real time when we can start to bring clients in. So I think this is probably more of a 2024 revenue stream that we'll start to see.The one thing that we have seen in -- I think in recent, well, I would say weeks, even months now, is just starting to see an increase in the amount of interest quite significantly in the area. So in terms of proposals being made and site visits and engagement, that's picking up quite nicely.So I think really looking to see what -- once we've got the facility open, converting those interesting conversations into revenues. Difficult to guide at this moment in time towards revenue. I think that will be something that we'll do in the next fiscal year in terms of revenue guidance for that part of the business maybe.Jacob K. JohnsonGot it. That's helpful. And then maybe just on the -- you called out in your prepared comments and in the press release this rev rec delay, I guess, due to the implementation of a process change. Is there any way to frame up kind of magnitude of that? And is that something that could persist as a headwind? Or is it something that could be resolved sooner rather than later?Nicholas Stewart GreenI'll let Dan answer the magnitude. But it's -- I don't think it's going to be a persist per se. Exactly when the revenue gets recognized, I would expect would be within this fiscal year would be my best estimate, hopefully sooner rather than later, to be frank. But it's not something that we see as something that would be repetitive in any way. It's a one-off event in this case, I think, in terms of what we see here is once the change is made, we're back to normal.Daniel R. HartYes. Jacob, the impact of the quarter was approximately 3 percentage points.OperatorAnd our next question comes from Matt Hewitt from Craig-Hallum Capital Group.Matthew Gregory HewittMaybe just to touch a little bit on the environment. Obviously, it's been challenging yet you guys are still able to win new business. Has there been any changes, I guess, over the past couple of months here since you reported your Q4 in the tone or the dialogue that you're having with customers? What are you hearing from them as far as you look out into calendar year '24? Is there an expectation that things are going to improve? Or just any details along those lines.Nicholas Stewart GreenYes. I mean what I would say, Matt, first and foremost, is that summer is never the best quarter for assessing activity levels, because I think what we've seen in the past and I've seen throughout my life is that sometimes people will get to move things ahead because they're trying to get things done before they go on vacation. Sometimes they get delayed because they're going on vacation.So it's always a little bit of a less-than-ideal environment. I think it's a little bit like the financial markets. Everybody kind of looks towards the post-Labor Day period to start to see what's going on. I think one thing I would say is that I don't think we're seeing any worsening from where we were, which is obviously good. I think if we look at the commentary that we're hearing in the industry in general, there is reason for some optimism, I would say, cautious optimism.We saw obviously an uptick in the beginning of this year, and then the bank issues that we saw seemed to kill that fairly shortly thereafter. So very much looking to this post-Labor Day period and seeing what will run between now and I guess probably Thanksgiving to give us an idea of the strength of any recovery that there might be.And then the big question, obviously, as you start to fund the biotech sector, how quickly that funding turns to orders on which we can execute. So that's -- those are some of the areas that we're watching very carefully. I would say, in summary on that lot, not worse than before and some signs that things might be getting better, but I would say it's too early to call one (inaudible) summer, as it were.Matthew Gregory HewittUnderstood. And then maybe a separate question. As far as -- you reiterated or reaffirmed your guidance for the year. How should we be thinking about the cadence? Should we see sequential growth over the course of the year? Or with some normal shutdowns here in August, will there be a little bit of a step back before it ramps back in the back half of the year?Nicholas Stewart GreenYes. You -- I think you pretty much got it there, Matt. I mean we -- it's difficult to avoid anything. I mean the shutdowns is something that we have to every year. So I think you'll see the usual sort of falloff. We usually see somewhere around 15%, I think, is not untypical for quarter 2 from quarter 1. And then obviously, we pick up towards the end of the year to make the guidance. So I don't see anything this year would be any different from any other.OperatorAnd our next question comes from Sean Dodge from RBC Capital Markets.Sean Wilfred DodgeNick, the new business you signed during the quarter, you said you continue to sign later phase in commercial projects. Can you give us a little bit more detail on where those are coming from? Are these things you're winning from other CDMOs? Or are these more previously early-stage programs that you had been working on that are now progressing into later phases?Nicholas Stewart GreenPredominantly, this quarter, I think, was wins from -- i.e. not business that we brought from -- through Phase I, Phase II, Phase III. So this is a new business from elsewhere at the end of the day.Sean Wilfred DodgeOkay. Great. And then, Dan, on gross margins, if we think about the new gene therapies space that's set to open here, are you at this point kind of fully ramped on costs with respect to the new space that has opened and that will be opening? Or as we get closer to that, will there be more costs that kind of flow in?Maybe just help us think through -- you had these kind of onetime dynamics that hit gross margins in this quarter. If we think about those plus the potentially incremental gene therapy cost, what the trajectory should look like for gross margins from here.Daniel R. HartYes. Upon opening, we're essentially fully loaded with those costs, and those costs will begin to incrementally increase we bring in business.Sean Wilfred DodgeOkay. So Q1 then does not kind of fully reflect what will be like a full load of the gene therapy cost. There should be a step-up in as we think about...Daniel R. HartThere will be, Sean, but that will be over time. That's not going to be, say, in the next quarter. It will be as the bookings and the revenues increase on that side.OperatorThank you. And I'm showing no further questions. I would now like to turn the call back over to Nick Green for closing remarks.Nicholas Stewart GreenThank you, operator, and thank you to everyone participating on today's call. In closing, as we mark Avid's 30th year in business, we'd like to acknowledge the substantial progress we've made in recent years. We thank our customers for their trust and partnership and our investors for their continued support, and we wish also to recognize the exceptional employees who continue to drive this success. Thank you for participating today in today's call and for your continued support of Avid Bioservices. Thank you.OperatorThis concludes today's conference call. Thank you for participating. You may now disconnect.

Thomson Reuters StreetEvents

Q1 2024 Avid Bioservices Inc Earnings Call

https://finance.yahoo.com/news/q1-2024-avid-bioservices-inc-094734711.html

1397706e-f85e-3dbe-84e5-ebbc474da93a

CDMO

Avid Bioservices, Inc. (NASDAQ:CDMO) Q1 2024 Earnings Call Transcript September 7, 2023Avid Bioservices, Inc. beats earnings expectations. Reported EPS is $0.03, expectations were $-0.04.Operator: Good day, ladies and gentlemen and welcome to the Avid Bioservices First Quarter 2024 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference call may be recorded. I would now like to hand the conference over to Tim Brons of Avid's Investor Relations Group. Please go ahead.Tim Brons: Thank you. Good afternoon and thank you for joining us. On today's call, we have Nick Green, President and CEO; Dan Hart, Chief Financial Officer; and Matt Kwietniak, Avid's Chief Commercial Officer. Today, we will be providing an overview of Avid Bioservices contract development and manufacturing business, including updates on corporate activities and financial results for the quarter ended July 31, 2023. After our prepared remarks, we will welcome your questions. Before we begin, I'd like to caution that comments made during this conference call today, September 7, 2023, will contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning the current belief of the company which involves a number of assumptions, risks and uncertainties.Medical devices, medical equipmentCopyright: nimon / 123RF Stock PhotoActual results could differ from these statements and the company undertakes no obligation to revise or update any statement made today. I encourage you to review all the company's filings with the Securities and Exchange Commission concerning these and other matters. Our earnings press release and this call will include discussion of certain non-GAAP information. You can find our earnings press release, including relevant non-GAAP reconciliations, on our corporate website at avidbio.com. With that, I will turn the call over to Nick Green, Avid's President and CEO.Story continuesNick Green: Thank you, Tim and thank you to everyone participating today via webcast. The first quarter of fiscal 2024 was busy and productive. During the period, we continued to execute, winning multiple new projects. These signings have enabled the business to effectively maintain the record backlog which was built during fiscal 2023 which in the current climate, we see as a significant achievement. As highlighted at the end of last year, our new capabilities and capacity continue to attract attention from new and existing customers, particularly those in later stages of clinical development or seeking commercial manufacture. And it has been pleasing to see increased utilization of the new mammalian line fleet, previously referred to as Myford South, as well as more clients in the pipeline.We continue to successfully onboard new business won during the second half of fiscal '23 and our revenues during the period remained strong. In operations, the cell and gene therapy facility continues to progress according to plan and we remain on schedule to complete this facility later this year. Matt and I will provide additional details on the business development and operations for the period following an overview of our first quarter 2024 financial results. And for that, I'll turn the call over to Dan.Dan Hart: Thank you, Nick. Before I begin, in addition to the brief financial overview I'll provide on the call today, additional details on our financial results are included in our press release issued prior to this call and in our Form 10-Q which was filed today with the SEC. I'll now provide an overview of our financial results from operations for the quarter ended July 31, 2023. Revenues for the first quarter of fiscal 2024 were $37.7 million, representing a 3% increase over revenues of $36.7 million recorded in the prior year period. The increase in revenue was primarily attributed to an increase in manufacturing revenues from late-stage programs. Gross profit for the 3 months ended July 31, 2023, was $4.1 million or 11% gross margin compared to $9.1 million gross profit or 25% gross margin for the same period in the prior year.The decrease in margin during the 3 months ended July 31, 2023, as compared to the prior year period was primarily driven by costs related to ongoing expansions of both our capacity and our technological capabilities. This included adding staff and associated overhead, including depreciation expense, that will provide critical capacity for near- and medium-term growth. Margins during the quarter were also impacted by a terminated project related to the insolvency of one of our smaller customers and a delay in our ability to recognize the revenues of one product pending the implementation of a process change. As disclosed previously, we expect the expansion-related costs incurred to date will continue to affect near-term margins, especially in the related increase in depreciation costs.Importantly, as we increase our capacity utilization, we will begin to absorb these increased expansion-related costs, leading to improved gross margins. Total SG&A expenses for the first quarter of fiscal 2024 were $6.3 million, largely consistent as compared to $6.4 million recorded in the first quarter of fiscal 2023. During the first quarter of 2024, the company's net loss was approximately $2.1 million or $0.03 per basic and diluted share compared to net income of $1.6 million or $0.03 per basic and $0.02 per diluted share for the first quarter of fiscal 2023. For the first quarter of '24, the company achieved an adjusted EBITDA of $2.8 million. Our cash and cash equivalents on July 31, 2023, were $24.9 million compared to $38.5 million on April 30, 2023.This concludes my financial overview. I'll now turn the call over to Matt for an update on commercial activities during the quarter.Matt Kwietniak: Thanks, Dan. During fiscal 2023, our commercial team significantly expanded our visibility and standing in the industry and we continued to build on that momentum during the first quarter of fiscal '24. During the quarter, Avid recorded bookings of $36 million and ended the quarter with a backlog of $189 million, representing an increase of 20% as compared to $157 million at the end of the first quarter of fiscal 2023. While these signings and new projects span the company's capabilities, the majority of the bookings came from later-stage and commercial products which is a testament to the company's commercial pedigree and the quality of the new capacities we brought online a few months ago. As discussed previously, today's challenging financial environment has forced many companies to focus financial resources on later-stage and commercial projects versus investing in earlier-stage, higher-risk projects.These later-stage projects are generally larger and take longer to complete as compared to earlier-stage programs. For that reason, we expect that recognition of our backlog will extend beyond 1 year. These later-stage projects have a much higher probability of regulatory approval, potentially leading to future recurring and ramping commercial revenues associated with each approval. While there remains some risk and time between late-phase manufacturer, BLA submission and regulatory approval, this dynamic should drive medium- to long-term growth for Avid. This fits well with the company's objective of establishing a larger, more diversified and predictable revenue base. Our team has been extremely active with client engagement in anticipation of a return in funding that will support our customers' pipelines and, in turn, our own pipeline.We continue to be optimistic for the year ahead and at the time that the financing environment improves, we will be well positioned with both capacity and capabilities to supplement our late-stage and commercial revenue base with the early-stage programs that are currently being deferred. This concludes my overview of commercial activities. I will now turn the call back over to Nick for an update on operations and other achievements during the period.Nick Green: Thanks, Matt. I will provide an overview of the company's progress with its expansion efforts. During fiscal '23, Avid completed construction of and opened multiple mammalian business expansions. As -- we are very proud of the fact that the timing of each opening was aligned precisely with the period during which the company's backlog exceeded its prior capacity. As a result, we began fiscal '24 with more than 20,000 liters of state-of-the-art capacity and a fully disposable platform. We continue to build the company's new cell and gene therapy facility which will support early-stage development to commercial manufacturing. In late calendar 2021, the company announced its intent to expand its CDMO offering into the rapidly growing cell and gene therapy market.Only 8 months after this announcement, Avid opened its analytical and process development suites within the new cell and gene therapy development and GMP manufacturing facility, providing the company with its first opportunity to engage with drug developers in this area and sign initial agreements to support these programs. Today, the company remains on track to launch its GMP manufacturing suites by the end of the third quarter of calendar 2023. And while these expansions and the associated hiring have impacted our current margins in the near term, the announced capabilities and added capacity establish an essential infrastructure and foundation from which to expand Avid's footprint in the industry. Importantly, upon completion of the cell and gene therapy facility, we estimate that our combined facilities will have a potential to bring our total revenue generating capacity up to $400 million annually, representing a significant transformation from only 2 years ago.Our 30 years of experience in biologics and almost 2 decades of commercial manufacturing experience has resulted in a business today that has more than 50% of its revenues and backlog associated with late-phase and/or commercial programs. The new capabilities and capacities, we believe, will continue to attract customers who seek not only clinical manufacturer but also a CDMO with a pedigree to take them through the approval process and subsequent commercial supply. The strategy employed over recent years to build the capabilities and capacity for clients who seek a partner who can take them through the entire life cycle of their product is already paying off, with multiple clients already using the new mammalian capacity and more scheduled to enter this space in coming quarters.In closing, the first quarter was a continuation of the trajectory established during fiscal 2023. During the period, Avid continued to successfully navigate what has been a challenging financing environment for our customers. as our revenues and backlog remained strong and our commercial team continued to win new projects. Fortunately, Avid has continued to attract and sign later-phase and commercial business during the period which has the potential to add significant upside in the medium to longer term. On the operational front, we continue to make progress with the build-out of our cell and gene manufacturing facility. We remain on track to bring this new building and capability online by the end of the third quarter of calendar 2023, at which time the company's state-of-the-art facilities will have a revenue-generating capacity of approximately $400 million.This concludes my prepared remarks for today. We can now open the call for questions. Operator?See also 60 Highest Rated Beers in America and 25 Most Illiterate Cities in America.Q&A SessionOperator: [Operator Instructions] And our first question comes from Jacob Johnson from Stephens.Jacob Johnson: Maybe, Nick, first on the cell and gene therapy side. With that facility seemingly opening up sometime, I guess, in the next couple of weeks, just curious your kind of latest thoughts about how we should think about the revenue contribution when that opens; and then two, maybe just kind of demand trends as it relates to that end market.Nick Green: Yes. So I think in terms of opening up, Jacob, we're looking at the end of quarter 3. It will obviously then, as we said before, once it's open, I think that's the real time when we can start to bring clients in. So I think this is probably more of a 2024 revenue stream that we'll start to see. The one thing that we have seen in -- I think in recent, well, I would say weeks, even months now, is just starting to see an increase in the amount of interest quite significantly in the area. So in terms of proposals being made and site visits and engagement, that's picking up quite nicely. So I think really looking to see what -- once we've got the facility open, converting those interesting conversations into revenues. Difficult to guide at this moment in time towards revenue. I think that will be something that we'll do in the next fiscal year in terms of revenue guidance for that part of the business maybe.Jacob Johnson: Got it. That's helpful. And then maybe just on the -- you called out in your prepared comments and in the press release this rev rec delay, I guess, due to the implementation of a process change. Is there any way to frame up kind of magnitude of that? And is that something that could persist as a headwind? Or is it something that could be resolved sooner rather than later?Nick Green: I'll let Dan answer the magnitude. But it's -- I don't think it's going to be a persist per se. Exactly when the revenue gets recognized, I would expect would be within this fiscal year would be my best estimate, hopefully sooner rather than later, to be frank. But it's not something that we see as something that would be repetitive in any way. It's a one-off event in this case, I think, in terms of what we see here is once the change is made, we're back to normal.Dan Hart: Yes. Jacob, the impact of the quarter was approximately 3 percentage points.Operator: And our next question comes from Matt Hewitt from Craig-Hallum Capital Group.Matt Hewitt: Maybe just to touch a little bit on the environment. Obviously, it's been challenging yet you guys are still able to win new business. Has there been any changes, I guess, over the past couple of months here since you reported your Q4 in the tone or the dialogue that you're having with customers? What are you hearing from them as far as you look out into calendar year '24? Is there an expectation that things are going to improve? Or just any details along those lines.Nick Green: Yes. I mean what I would say, Matt, first and foremost, is that summer is never the best quarter for assessing activity levels, because I think what we've seen in the past and I've seen throughout my life is that sometimes people will get to move things ahead because they're trying to get things done before they go on vacation. Sometimes they get delayed because they're going on vacation. So it's always a little bit of a less-than-ideal environment. I think it's a little bit like the financial markets. Everybody kind of looks towards the post-Labor Day period to start to see what's going on. I think one thing I would say is that I don't think we're seeing any worsening from where we were which is obviously good. I think if we look at the commentary that we're hearing in the industry in general, there is reason for some optimism, I would say, cautious optimism.We saw obviously an uptick in the beginning of this year and then the bank issues that we saw seemed to kill that fairly shortly thereafter. So very much looking to this post-Labor Day period and seeing what will run between now and I guess probably Thanksgiving to give us an idea of the strength of any recovery that there might be. And then the big question, obviously, as you start to fund the biotech sector, how quickly that funding turns to orders on which we can execute. So that's -- those are some of the areas that we're watching very carefully. I would say, in summary on that lot, not worse than before and some signs that things might be getting better but I would say it's too early to call one [indiscernible] summer, as it were.Matt Hewitt: Understood. And then maybe a separate question. As far as -- you reiterated or reaffirmed your guidance for the year. How should we be thinking about the cadence? Should we see sequential growth over the course of the year? Or with some normal shutdowns here in August, will there be a little bit of a step back before it ramps back in the back half of the year?Nick Green: Yes. You -- I think you pretty much got it there, Matt. I mean we -- it's difficult to avoid anything. I mean the shutdowns is something that we have to every year. So I think you'll see the usual sort of falloff. We usually see somewhere around 15%, I think, is not untypical for quarter 2 from quarter 1. And then obviously, we pick up towards the end of the year to make the guidance. So I don't see anything this year would be any different from any other.Operator: And our next question comes from Sean Dodge from RBC Capital Markets.Sean Dodge: Nick, the new business you signed during the quarter, you said you continue to sign later phase in commercial projects. Can you give us a little bit more detail on where those are coming from? Are these things you're winning from other CDMOs? Or are these more previously early-stage programs that you had been working on that are now progressing into later phases?Nick Green: Predominantly, this quarter, I think, was wins from -- i.e. not business that we brought from -- through Phase I, Phase II, Phase III. So this is a new business from elsewhere at the end of the day.Sean Dodge: Okay, great. And then, Dan, on gross margins, if we think about the new gene therapies space that's set to open here, are you at this point kind of fully ramped on costs with respect to the new space that has opened and that will be opening? Or as we get closer to that, will there be more costs that kind of flow in? Maybe just help us think through -- you had these kind of onetime dynamics that hit gross margins in this quarter. If we think about those plus the potentially incremental gene therapy cost, what the trajectory should look like for gross margins from here.Dan Hart: Yes. Upon opening, we're essentially fully loaded with those costs and those costs will begin to incrementally increase we bring in business.Sean Dodge: Okay. So Q1 then does not kind of fully reflect what will be like a full load of the gene therapy cost. There should be a step-up in as we think about...Dan Hart: There will be, Sean but that will be over time. That's not going to be, say, in the next quarter. It will be as the bookings and the revenues increase on that side.Operator: Thank you. And I'm showing no further questions. I would now like to turn the call back over to Nick Green for closing remarks.Nick Green: Thank you, operator and thank you to everyone participating on today's call. In closing, as we mark Avid's 30th year in business, we'd like to acknowledge the substantial progress we've made in recent years. We thank our customers for their trust and partnership and our investors for their continued support and we wish also to recognize the exceptional employees who continue to drive this success. Thank you for participating today in today's call and for your continued support of Avid Bioservices. Thank you.Operator: This concludes today's conference call. Thank you for participating. You may now disconnect.

Insider Monkey

Avid Bioservices, Inc. (NASDAQ:CDMO) Q1 2024 Earnings Call Transcript

https://finance.yahoo.com/news/avid-bioservices-inc-nasdaq-cdmo-122730951.html

66800a69-62f8-372f-9b8a-7f5aaffc8377

CDNS

For Immediate ReleaseChicago, IL – September 8, 2023 – Zacks Market Edge is a podcast hosted weekly by Zacks Stock Strategist Tracey Ryniec. Every week, Tracey will be joined by guests to discuss the hottest investing topics in stocks, bonds and ETFs and how it impacts your life. To listen to the podcast, click here:  https://www.zacks.com/stock/news/2146241/how-to-invest-in-nvidias-ai-revolution)How to Invest in NVIDIA's AI RevolutionWelcome to Episode #372 of the Zacks Market Edge Podcast.This content is not available due to your privacy preferences.Update your settings here to see it.(1:30) - Nvidia Continues To Surge: What Should Investors Know Right Now?(9:15) - Where Else Should Investors Be Looking to Invest To Benefit From Nvidia?(17:30) - What Are These Corporations Doing With All The Data Collection?(21:10) - Stocks To Keep On Your Radar Right Now(27:40) - Nvidia And The Importance of Software For Hardware(33:20) - Episode Roundup: NVVDA, STRL, MOD, VRT, CDNS [email protected] week, host and Zacks stock strategist, Tracey Ryniec, will be joined by guests to discuss the hottest investing topics in stocks, bonds and ETFs and how it impacts your life.This week, Tracey is joined by Zacks Senior Stock Strategist, Kevin Cook, who is the Editor of Zacks TAZR and Healthcare Innovators newsletter and portfolio, to discuss what is going on with the AI revolution, NVIDIA and the derivative companies also getting a boost.The growth in NVIDIA's revenue and earnings due to the surge in data center business has been remarkable. But it's not the only one seeing a catalyst from the AI data center boom. Some other companies are also expected to have double, and triple, digit earnings growth this year thanks to the heating up of the data center business.And, no, they aren't all making the chips.5 Stocks to Play the AI Revolution 1.      NVIDIA Corp. NVDAWho can't stop talking about NVIDIA? This Zacks #1 Rank (Strong Buy) has posted 2 amazing quarterly results in a row.Story continuesNVIDIA is expected to grow fiscal 2024 revenue by 96.7% to $53.07 billion from $26.97 billion last year. Earnings are soaring. Earnings are expected to jump 213.2% year-over-year as well.With numbers like these, should every investor own NVIDIA no matter what the price?2.      Cadence Design Systems CDNSCadence Design Systems is a software company that offers semiconductor and system companies integrated end-to-end solutions.Revenue and earnings are both expected to be up double digits in 2023. Cadence Design Systems earnings are forecast to rise 19.2% year-over-year while revenue jumps 14.5% to $4.08 billion from $3.56 billion.Cadence Design Systems is up 53% year-to-date.Should Cadence Design Systems still be on your short list?3.      Vertiv Holdings Co. VRTVertiv is involved in the challenges facing data centers, communication networks and commercial and industrial facilities. It has customers in 130+ countries.Vertiv's revenue is expected to jump 20.1% in 2023 to $6.8 billion from $5.7 billion last year. Earnings are expected to skyrocket 200% to $1.59 from $0.53 last year.Shares of Vertiv have been on a tear all year, up 181% year-to-date but it still has an attractive valuation at 24x.Should Vertiv be on your watch list?4.      Sterling Infrastructure STRLSterling Infrastructure operates in three segments specializing in E-Infrastructure, Transportation and Building Solutions. E-Infrastructure Solutions provides large-scale site development services for data centers, manufacturing, energy and more.On Aug 7, 2023, Sterling reported a record second quarter and raised full year 2023 guidance. Earnings are expected to rise 29.4% in 2023 to $4.09 from $3.16 last year.Shares of Sterling are up 144% year-to-date but remain attractively valued with a forward P/E of 19.7.Is Sterling Infrastructure a top investment idea in data centers?5.      Modine Manufacturing MODModine operates in thermal management. What area is represented? Data centers. On Aug 2, 2023, Modine reported fiscal first quarter results and saw another record quarter and raised full year fiscal 2024 guidance.Modine said orders in data centers were materializing sooner than expected.Earnings are now expected to jump 39.5% in fiscal 2024 to $2.72 from $1.95 last year. Modine is trading at just 17x and is a Zacks Rank #1 (Strong Buy).Is Modine a stealth way to play the AI revolution?What Else Should You Know About NVIDIA and the AI Revolution?   Listen, or watch, this week's podcast to find out.[In full disclosure, the Zacks Value Investor portfolio owns VRT, STRL and MOD while the TAZR portfolio owns NVDA and CDNS.]Why Haven't You Looked at Zacks' Top Stocks? Since 2000, our top stock-picking strategies have blown away the S&P's +6.2 average gain per year. Amazingly, they soared with average gains of +46.4%, +49.5% and +55.2% per year. Today you can access their live picks without cost or obligation.See Stocks Free >>Follow us on Twitter:  https://twitter.com/zacksresearchJoin us on Facebook:  https://www.facebook.com/ZacksInvestmentResearch/Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates.Media ContactZacks Investment Research800-767-3771 ext. [email protected]://www.zacks.com/performancePast performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performancefor information about the performance numbers displayed in this press release.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportNVIDIA Corporation (NVDA) : Free Stock Analysis ReportCadence Design Systems, Inc. (CDNS) : Free Stock Analysis ReportSterling Infrastructure, Inc. (STRL) : Free Stock Analysis ReportModine Manufacturing Company (MOD) : Free Stock Analysis ReportVertiv Holdings Co. (VRT) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Zacks Market Edge Highlights: NVIDIA, Cadence Design Systems, Vertiv Holdings, Sterling Infrastructure and Modine Manufacturing

https://finance.yahoo.com/news/zacks-market-edge-highlights-nvidia-120000155.html

760084b2-4d9d-3a11-a31e-6c5415d737f5

CDNS

Cadence Design Systems (CDNS) closed at $237.99 in the latest trading session, marking a -1.44% move from the prior day. This change lagged the S&P 500's 0.14% gain on the day. At the same time, the Dow added 0.22%, and the tech-heavy Nasdaq gained 0.09%.Coming into today, shares of the maker of hardware and software products for validating chip designs had gained 7.03% in the past month. In that same time, the Computer and Technology sector gained 0.07%, while the S&P 500 lost 1.27%.Wall Street will be looking for positivity from Cadence Design Systems as it approaches its next earnings report date. The company is expected to report EPS of $1.21, up 14.15% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $1 billion, up 10.9% from the prior-year quarter.CDNS's full-year Zacks Consensus Estimates are calling for earnings of $5.09 per share and revenue of $4.08 billion. These results would represent year-over-year changes of +19.2% and +14.49%, respectively.Investors should also note any recent changes to analyst estimates for Cadence Design Systems. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Cadence Design Systems is currently sporting a Zacks Rank of #3 (Hold).Valuation is also important, so investors should note that Cadence Design Systems has a Forward P/E ratio of 47.48 right now. This represents a premium compared to its industry's average Forward P/E of 28.75.Story continuesInvestors should also note that CDNS has a PEG ratio of 2.59 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. CDNS's industry had an average PEG ratio of 2.48 as of yesterday's close.The Computer - Software industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 103, which puts it in the top 41% of all 250+ industries.The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.You can find more information on all of these metrics, and much more, on Zacks.com.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportCadence Design Systems, Inc. (CDNS) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Cadence Design Systems (CDNS) Stock Sinks As Market Gains: What You Should Know

https://finance.yahoo.com/news/cadence-design-systems-cdns-stock-214519728.html

154ab2e9-5bf0-3caf-b0fd-ec8df93a25a4

CDRE

JACKSONVILLE, Fla., August 28, 2023--(BUSINESS WIRE)--Cadre Holdings, Inc. (NYSE: CDRE) ("Cadre" or "the Company"), a global leader in the manufacturing and distribution of safety and survivability equipment for first responders, announced today that Brad Williams, President, and Blaine Browers, Chief Financial Officer, are scheduled to participate in the following investor conferences:Jefferies Industrials ConferenceDate: Thursday, September 7, 2023Location: New York, NYPresentation Time: 11:30 a.m. ETThe presentation will be available via a live listen-only webcast and can be accessed through the Investor Relations section of Cadre’s website, https://www.cadre-holdings.com.B. Riley Securities Consumer ConferenceDate: Thursday, September 14, 2023Location: New York, NYPresentation Time: 1:15 p.m. ETCadre management will also participate in investor meetings held in conjunction with both conferences. For more information or to schedule 1x1 meetings, please contact your respective conference representative.About CadreHeadquartered in Jacksonville, Florida, Cadre is a global leader in the manufacturing and distribution of safety and survivability products for first responders. Cadre's equipment provides critical protection to allow users to safely and securely perform their duties and protect those around them in hazardous or life-threatening situations. The Company's core products include body armor, explosive ordnance disposal equipment, and duty gear. Our highly engineered products are utilized in over 100 countries by federal, state and local law enforcement, fire and rescue professionals, explosive ordnance disposal teams, and emergency medical technicians. Our key brands include Safariland® and Med-Eng®, amongst others.View source version on businesswire.com: https://www.businesswire.com/news/home/20230828907671/en/ContactsContact: Gray HudkinsCadre Holdings, Inc.203 550 [email protected] Investor Relations: The IGB GroupLeon Berman / Matt Berkowitz212 477 8438 / 212 227 [email protected] / [email protected] Media Contact: Jonathan Keehner / Andrew SiegelJoele Frank, Wilkinson Brimmer Katcher212 355 4449

Business Wire

Cadre Holdings Announces Participation at Upcoming Investor Conferences

https://finance.yahoo.com/news/cadre-holdings-announces-participation-upcoming-201500115.html

67ed8d93-582b-3dfb-93fa-38ffd4fb7f89

CDRE

The Industrial Products group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Cadre Holdings, Inc. (CDRE) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Industrial Products peers, we might be able to answer that question.Cadre Holdings, Inc. is one of 223 companies in the Industrial Products group. The Industrial Products group currently sits at #5 within the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Cadre Holdings, Inc. is currently sporting a Zacks Rank of #1 (Strong Buy).Over the past three months, the Zacks Consensus Estimate for CDRE's full-year earnings has moved 10.5% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.According to our latest data, CDRE has moved about 29.2% on a year-to-date basis. Meanwhile, stocks in the Industrial Products group have gained about 12.7% on average. As we can see, Cadre Holdings, Inc. is performing better than its sector in the calendar year.Circor (CIR) is another Industrial Products stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 132%.The consensus estimate for Circor's current year EPS has increased 12.6% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).To break things down more, Cadre Holdings, Inc. belongs to the Security and Safety Services industry, a group that includes 21 individual companies and currently sits at #151 in the Zacks Industry Rank. This group has gained an average of 1.9% so far this year, so CDRE is performing better in this area.Story continuesCircor, however, belongs to the Metal Products - Procurement and Fabrication industry. Currently, this 13-stock industry is ranked #89. The industry has moved +25.1% so far this year.Investors interested in the Industrial Products sector may want to keep a close eye on Cadre Holdings, Inc. and Circor as they attempt to continue their solid performance.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportCadre Holdings, Inc. (CDRE) : Free Stock Analysis ReportCIRCOR International, Inc. (CIR) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Is Cadre Holdings, Inc. (CDRE) Stock Outpacing Its Industrial Products Peers This Year?

https://finance.yahoo.com/news/cadre-holdings-inc-cdre-stock-134008061.html

9a36419c-1502-367e-a6de-edbe0104e29c

CDTX

Cidara Therapeutics, Inc.SAN DIEGO, Sept. 06, 2023 (GLOBE NEWSWIRE) -- Cidara Therapeutics, Inc. (NASDAQ: CDTX), a biotechnology company using its proprietary Cloudbreak® platform to develop drug-Fc conjugate (DFC) immunotherapies designed to save lives and improve the standard of care for patients facing serious diseases, today announced that Jeffrey Stein, Ph.D., President and Chief Executive Officer, will present at the 25th Annual H.C. Wainwright Global Investment Conference.Presentation details are as follows:Event: 25th Annual H.C. Wainwright Global Investment Conference Date: Monday, September 11, 2023Time: 10:00m ET Webcast: https://journey.ct.events/view/d6eea6e4-f704-4857-80b1-def62bc206ecCidara’s presentation will be available on-demand from the above date/time in the investors section on the Company’s website at www.cidara.com. The replay of the presentation will be available for 90 days.About Cidara TherapeuticsCidara Therapeutics is using its proprietary Cloudbreak® platform to develop novel drug-Fc conjugates (DFCs). These targeted immunotherapies offer the unique opportunity to create “single molecule cocktails” comprised of targeted small molecules and peptides coupled to a human antibody fragment (Fc). DFCs are designed to save lives and improve the standard of care for patients facing cancers and other serious diseases by inhibiting specific disease targets while simultaneously engaging the immune system. In addition, Cidara received FDA approval for REZZAYO™ (rezafungin for injection), which it has licensed to multiple partners to commercialize in the U.S. and ex-U.S. Cidara is headquartered in San Diego, California. For more information, please visit www.cidara.com.INVESTOR CONTACT:Brian RitchieLifeSci Advisors(212) [email protected] CONTACT:Veronica EamesLifeSci [email protected]

GlobeNewswire

Cidara to Present at the 25th Annual H.C. Wainwright Global Investment Conference

https://finance.yahoo.com/news/cidara-present-25th-annual-h-200500767.html

36112894-fe6d-3a1b-bf34-54ec413c311e

CDTX

Cidara Therapeutics, Inc.• Update on Phase 2a data for JNJ-0953 (CD388) for universal prevention of seasonal influenza from Janssen Pharmaceuticals, Inc. leadership following Election to Proceed notification• Detailed overview of potential role of Drug-Fc Conjugates (DFCs) in oncology; Cidara to present clinical development strategy for DFCs, focusing on CD73, chemokine receptors, and multispecific DFCs targeting solid tumors• Formal Q&A session with KOL’s to follow presentationsSAN DIEGO, Sept. 07, 2023 (GLOBE NEWSWIRE) -- Cidara Therapeutics, Inc. (Nasdaq: CDTX), a biotechnology company using its proprietary Cloudbreak® platform to develop drug-Fc conjugate (DFC) immunotherapies designed to save lives and improve the standard of care for patients facing serious diseases, today announced it will host a virtual R&D Day on Thursday, September 21, 2023 at 12:00 PM ET. To register for the event, click here.Penny Heaton, MD (Global Therapeutic Area Head, Infectious Diseases & Vaccines, Janssen Pharmaceuticals) and Jorge Villacian, MD (Compound Development Lead, Janssen Pharmaceuticals), will present an update of the Phase 2a data from the Janssen collaboration study of the JNJ-0953 (CD388) drug candidate in development for the universal prevention of seasonal influenza, and discuss potential opportunities for the clinical program.Cidara leadership will provide an update on its Cloudbreak® pipeline using its oncology DFCs and will provide insight into clinical development considerations for DFCs, focusing on CD73, chemokine receptors, and multispecific DFCs targeting solid tumors.Stephen Schoenberger, PhD (La Jolla Institute for Immunology) will discuss the unmet needs in cancer immunotherapy.Ezra Cohen, MD (Chief Medical Officer, Tempus) will highlight the potential role of drug-Fc conjugates (DFCs) to transform the oncology therapeutic landscape.A live question and answer session will follow the formal presentations.About Penny Heaton, MDDr. Heaton is the Global Therapeutic Area Head, Infectious Diseases & Vaccines at Janssen Research & Development. In this role, she leads a global team focused on developing transformational prevention methods, vaccines and treatments for some of the world’s most threatening infectious diseases. Penny holds two decades of infectious diseases and vaccine research and development experience. Prior to this role, she served as the Chief Executive Officer for the Bill & Melinda Gates Medical Research Institute (Gates MRI), where she led the development of investigational products from pre‐clinical through late‐stage development against multiple diseases including TB, malaria and enteric diseases and also served as Director of Vaccine Development at the Gates Foundation, working to address additional infectious diseases including HIV, pneumonia and polio. She has also led vaccine clinical research and development for companies including Novartis and Merck, where she co‐developed a rotavirus vaccine that has been universally recommended by the World Health Organization for infants worldwide. A graduate of the University of Louisville School of Medicine in Kentucky, Penny is board‐certified in Pediatrics and Pediatric Infectious Diseases.Story continuesAbout Jorge Villacian, MDDr. Villacian is the Compound Development Leader for JNJ-0953 (CD388) at Janssen R&D, where he has led the Janssen team in collaboration with Cidara to move this compound forward. Jorge has held several positions since joining Johnson and Johnson in 2006, including Chief Medical Officer of the Janssen Diagnostics organization, where he and his team developed and managed global research and development collaborations for a variety of diagnostic and companion diagnostic programs in different Therapeutic Areas at Janssen. Before joining J&J, he led Phase 3 studies for anti-HIV treatments at Boehringer Ingelheim. Jorge has also served on steering and advisory committees concerning HIV and antimicrobial resistance and has led and participated in multiple EU-funded projects on rapid diagnostic test development and adoption, as well as pandemic preparedness. Prior to joining industry, he worked as a Consultant Physician in Micronesia and later in Singapore at the Communicable Diseases Center where he played a significant role in the management of the 2003 SARS outbreak. After receiving his M.D. from the National Autonomous University in Mexico City, he trained at Mount Sinai Medical Center in Miami and the Mayo Clinic in Rochester and is Board Certified in Internal Medicine and Infectious Diseases.About Stephen Schoenberger, PhDDr. Schoenberger is a translational immunologist working in the area of precision cancer immunotherapy. Leveraging insights made over more than 30 years of fundamental studies on the immuno-biology of CD4+ and CD8+ T cells, he now guides an integrated research consortium involving research scientists, physicians, and bioinformaticians working to identify neoantigens (NeoAg) through a novel functional strategy based on validation, rather than prediction. Dr. Schoenberger is an investigator on 3 clinical trials involving personalized NeoAg-specific immunotherapy now underway at the UCSD Moores Cancer Center, with additional IIT’s scheduled for 2024. Dr. Schoenberger holds Professorships at the La Jolla Institute for Immunology and the UCSD Moores Cancer Center.About Ezra Cohen, MDDr. Cohen is a leading medical oncologist and cancer researcher who brings a unique combination of extensive clinical and research experience to Tempus’ leadership team. He was most recently the Chief of the Division of Hematology-Oncology as well as the Associate Director of Clinical Science at UC San Diego (UCSD) Moores Cancer Center. Dr. Cohen also led the Precision Immunotherapy Clinic and co-directed the San Diego Center for Precision Immunotherapy at UCSD. Before UCSD, Dr. Cohen spent 15 years at the University of Chicago, where he was the co-director of the Head and Neck Cancer Program as well as Hematology/Oncology Fellowship Program Director.About Cidara TherapeuticsCidara Therapeutics is using its proprietary Cloudbreak® platform to develop novel drug-Fc conjugates (DFCs). These targeted immunotherapies offer the unique opportunity to create “single molecule cocktails” comprised of targeted small molecules and peptides coupled to a human antibody fragment (Fc). DFCs are designed to save lives and improve the standard of care for patients facing cancers and other serious diseases by inhibiting specific disease targets while simultaneously engaging the immune system. In addition, Cidara received FDA approval for REZZAYO™ (rezafungin for injection), which it has licensed to multiple partners to commercialize in the U.S. and ex-U.S. Cidara is headquartered in San Diego, California. For more information, please visit www.cidara.com.Forward-Looking StatementsThis release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “anticipates,” “believe,” “could,” “expect,” “may,” “plan” or “will”. Forward-looking statements in this release include, but are not limited to, statements related to whether Janssen or an assignee or sublicensee will continue clinical development of CD388, whether oncology DFCs we have developed will be safe for testing in humans, whether we will be able to identify new DFCs directed to additional cancer targets, and whether any DFC will ever be demonstrated to be safe and effective for treatment of any oncology indication. Such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements. These and other risks are identified under the caption “Risk Factors” in Cidara’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and other filings subsequently made with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. Cidara does not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.INVESTOR CONTACT:Brian RitchieLifeSci Advisors(212) [email protected] CONTACT:Veronica EamesLifeSci [email protected]

GlobeNewswire

Cidara Therapeutics to Host Virtual Research & Development Day on its Cloudbreak® Development Pipeline on September 21, 2023

https://finance.yahoo.com/news/cidara-therapeutics-host-virtual-research-120000342.html

0399cdf8-d640-36c6-9936-c5c0fb94d203

CDW

CDW Corp (NASDAQ:CDW), a leading player in the software industry, is currently trading at $198.41 with a market capitalization of $26.76 billion. The company's stock price has seen a gain of 5.91% today and an impressive 8.10% over the past four weeks. CDW Corp's GF Score stands at 92 out of 100, indicating the highest outperformance potential. The GF Score is a comprehensive stock performance ranking system developed by GuruFocus, which is closely correlated with the long-term performance of stocks. It takes into account five key aspects: Financial Strength, Profitability Rank, Growth Rank, GF Value Rank, and Momentum Rank.Warning! GuruFocus has detected 3 Warning Sign with CDW. Click here to check it out. CDW 30-Year Financial DataThe intrinsic value of CDWCDW Corp: A High-Performing Software Giant with a GF Score of 92Financial Strength AnalysisCDW Corp's Financial Strength rank is 5 out of 10. This rank measures the robustness of a company's financial situation, considering factors such as interest coverage (7.18), debt to revenue ratio (0.26), and Altman Z score (3.52). A higher score indicates a stronger financial position. However, the rank of 5 out of 10 suggests that CDW Corp has a moderate financial strength.Profitability Rank AnalysisThe company's Profitability Rank is 9 out of 10, indicating high profitability. This rank is based on factors such as Operating Margin (7.44%), Piotroski F-Score (6 out of 9), and a consistent profitability trend over the past 10 years as shown by its business predictability rank of 4 stars out of 5. The high profitability rank suggests that CDW Corp's business is likely to remain profitable.Growth Rank AnalysisCDW Corp's Growth Rank is a perfect 10 out of 10, reflecting strong revenue and profitability growth. This rank is calculated using criteria such as 5-year revenue growth rate (12.50%), 3-year revenue growth rate (12.40%), and 5-year EBITDA growth rate (15.70%). The high growth rank indicates that CDW Corp has demonstrated robust growth in its business operations.Story continuesGF Value Rank AnalysisThe company's GF Value Rank is 5 out of 10, suggesting a fair valuation. This rank is determined by the price-to-GF-Value ratio, a proprietary metric calculated based on historical multiples and an adjustment factor based on a company's past returns and growth and future estimates of the business' performance.Momentum Rank AnalysisCDW Corp's Momentum Rank is 8 out of 10, indicating strong price momentum. This rank is determined using the standardized momentum ratio and other momentum indicators, suggesting that CDW Corp's stock price has a strong upward trend.Competitive AnalysisWhen compared to its main competitors in the software industry, CDW Corp holds a competitive position. Gartner Inc (NYSE:IT) has a GF Score of 91, Broadridge Financial Solutions Inc (NYSE:BR) has a GF Score of 92, and Cognizant Technology Solutions Corp (NASDAQ:CTSH) has a GF Score of 93. This comparison suggests that CDW Corp is a strong contender in the software industry. For more details, please visit our competitors page.In conclusion, CDW Corp's high GF Score, strong profitability, and robust growth make it an attractive investment option. However, investors should also consider the company's moderate financial strength and fair valuation before making investment decisions.This article first appeared on GuruFocus.

GuruFocus.com

CDW Corp: A High-Performing Software Giant with a GF Score of 92

https://finance.yahoo.com/news/cdw-corp-high-performing-software-174116555.html

17a9ac02-675a-3d3d-afd8-cc736b486a54

CDW

Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks' without any revenue, let alone profit. But the reality is that when a company loses money each year, for long enough, its investors will usually take their share of those losses. Loss making companies can act like a sponge for capital - so investors should be cautious that they're not throwing good money after bad.If this kind of company isn't your style, you like companies that generate revenue, and even earn profits, then you may well be interested in CDW (NASDAQ:CDW). Now this is not to say that the company presents the best investment opportunity around, but profitability is a key component to success in business. See our latest analysis for CDW How Fast Is CDW Growing?The market is a voting machine in the short term, but a weighing machine in the long term, so you'd expect share price to follow earnings per share (EPS) outcomes eventually. Therefore, there are plenty of investors who like to buy shares in companies that are growing EPS. CDW managed to grow EPS by 16% per year, over three years. That growth rate is fairly good, assuming the company can keep it up.It's often helpful to take a look at earnings before interest and tax (EBIT) margins, as well as revenue growth, to get another take on the quality of the company's growth. Despite consistency in EBIT margins year on year, CDW has actually recorded a dip in revenue. While this may raise concerns, investors should investigate the reasoning behind this.You can take a look at the company's revenue and earnings growth trend, in the chart below. For finer detail, click on the image.earnings-and-revenue-historyOf course the knack is to find stocks that have their best days in the future, not in the past. You could base your opinion on past performance, of course, but you may also want to check this interactive graph of professional analyst EPS forecasts for CDW.Story continuesAre CDW Insiders Aligned With All Shareholders?We would not expect to see insiders owning a large percentage of a US$27b company like CDW. But thanks to their investment in the company, it's pleasing to see that there are still incentives to align their actions with the shareholders. To be specific, they have US$49m worth of shares. This considerable investment should help drive long-term value in the business. Despite being just 0.2% of the company, the value of that investment is enough to show insiders have plenty riding on the venture.Should You Add CDW To Your Watchlist?One important encouraging feature of CDW is that it is growing profits. If that's not enough on its own, there is also the rather notable levels of insider ownership. That combination is very appealing. So yes, we do think the stock is worth keeping an eye on. However, before you get too excited we've discovered 1 warning sign for CDW that you should be aware of.The beauty of investing is that you can invest in almost any company you want. But if you prefer to focus on stocks that have demonstrated insider buying, here is a list of companies with insider buying in the last three months.Please note the insider transactions discussed in this article refer to reportable transactions in the relevant jurisdiction.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

With EPS Growth And More, CDW (NASDAQ:CDW) Makes An Interesting Case

https://finance.yahoo.com/news/eps-growth-more-cdw-nasdaq-150625064.html

fb1df06c-3cab-3e5e-899e-184b717690d3

CE

Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is for those who would like to learn about Return On Equity (ROE). To keep the lesson grounded in practicality, we'll use ROE to better understand Celanese Corporation (NYSE:CE).ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In simpler terms, it measures the profitability of a company in relation to shareholder's equity. View our latest analysis for Celanese How To Calculate Return On Equity?ROE can be calculated by using the formula:Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' EquitySo, based on the above formula, the ROE for Celanese is:21% = US$1.3b ÷ US$6.1b (Based on the trailing twelve months to June 2023).The 'return' is the amount earned after tax over the last twelve months. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.21.Does Celanese Have A Good Return On Equity?Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. Pleasingly, Celanese has a superior ROE than the average (14%) in the Chemicals industry.roeThat's what we like to see. However, bear in mind that a high ROE doesn’t necessarily indicate efficient profit generation. Especially when a firm uses high levels of debt to finance its debt which may boost its ROE but the high leverage puts the company at risk. You can see the 3 risks we have identified for Celanese by visiting our risks dashboard for free on our platform here.How Does Debt Impact Return On Equity?Companies usually need to invest money to grow their profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. In the case of the first and second options, the ROE will reflect this use of cash, for growth. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.Story continuesCombining Celanese's Debt And Its 21% Return On EquityCelanese does use a high amount of debt to increase returns. It has a debt to equity ratio of 2.34. There's no doubt its ROE is decent, but the very high debt the company carries is not too exciting to see. Investors should think carefully about how a company might perform if it was unable to borrow so easily, because credit markets do change over time.ConclusionReturn on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. In our books, the highest quality companies have high return on equity, despite low debt. If two companies have the same ROE, then I would generally prefer the one with less debt.Having said that, while ROE is a useful indicator of business quality, you'll have to look at a whole range of factors to determine the right price to buy a stock. The rate at which profits are likely to grow, relative to the expectations of profit growth reflected in the current price, must be considered, too. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

Can Celanese Corporation (NYSE:CE) Maintain Its Strong Returns?

https://finance.yahoo.com/news/celanese-corporation-nyse-ce-maintain-173852572.html

509b79ef-c992-308f-81a8-8fc9d93e4346

CE

A month has gone by since the last earnings report for Celanese (CE). Shares have added about 0.8% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Celanese due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.Celanese’s Q2 Earnings and Sales Fall Short of EstimatesCelanese reported second-quarter 2023 earnings from continuing operations of $2 per share, which declined from $4.03 in the prior-year quarter.Adjusted earnings in the second quarter were $2.17 per share, down 56.5% from $4.99 reported a year ago. The bottom line lagged the Zacks Consensus Estimate of $2.46.Revenues of $2,795 million increased roughly 12.4% year over year. However, revenues missed the Zacks Consensus Estimate of $2,838.4 million.Celanese’s second-quarter results were impacted by a drop in Acetyl Chain net sales due to slow demand recovery. Strategic initiatives, like boosting volume during industry turnarounds and emphasizing higher-margin downstream derivatives, led to improved margins and sequential earnings growth. In the Engineered Materials segment, market challenges and intense competition led to actions such as production cuts and sales focus shifts. Despite reduced sales, the segment achieved profitability through cost control and synergies.Segment HighlightsNet sales in the Engineered Materials unit were $1,585 million in the reported quarter, up around 67% year over year. It beat our estimate of $1,222.9 million. The segment reported an operating profit of $158 million and an adjusted EBIT of $205 million in the second quarter.The Acetyl Chain segment posted net sales of $1,233 million, down roughly 20.9% year over year. It lagged our estimate of $1,262.1 million. The segment generated an operating profit of $295 million and an adjusted EBIT of $332 million in the second quarter.Story continuesFinancialsCelanese ended the quarter with cash and cash equivalents of $1,296 million, up roughly 11% sequentially. Long-term debt was down around 3.8% to $12,889 million.Cash provided by operating activities was $762 million and free cash flow was $611 million in the reported quarter. Capital expenditures were $145 million in the quarter.OutlookCelanese sees adjusted earnings in the range of $2-$2.50 per share for the third quarter of 2023. The projection includes the expected roughly 30 cents impact from the M&M amortization. Moreover, for the full year, Celanese anticipates adjusted earnings in the range of $9-$10, which includes approximately $1.20 per share of M&M transaction amortization.Recognizing the volatility and unpredictability of the current market landscape and competitive environment, the company is proactively implementing strategic initiatives. These actions involve strengthening its commercial teams, aligning production and inventory levels with prevailing demand, implementing cost-saving measures, and optimizing cash flow. These endeavors are anticipated to result in robust cash generation throughout 2023 and a continuation of earnings growth during the second half of the year.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.The consensus estimate has shifted -25.85% due to these changes.VGM ScoresAt this time, Celanese has an average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Celanese has a Zacks Rank #5 (Strong Sell). We expect a below average return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportCelanese Corporation (CE) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Celanese (CE) Up 0.8% Since Last Earnings Report: Can It Continue?

https://finance.yahoo.com/news/celanese-ce-0-8-since-153032717.html

bf03d6c7-0f6f-3b6a-8939-a96272b3db8f

CEAD

CEA Industries Inc.- Management to Host Conference Call Today at 4:15pm E.T. -Louisville, Colorado, Aug. 14, 2023 (GLOBE NEWSWIRE) -- CEA Industries Inc. (NASDAQ: CEAD, CEADW) (“CEA Industries” or the “Company”), is reporting results for the three months ended June 30, 2023.“The cannabis market environment continues to present challenges as operators contend with the prolonged effects of pricing and inflationary pressure,” said Tony McDonald, Chairman and CEO of CEA Industries. “The controlled agricultural sector is also experiencing reorganization and reduced investment. As a result, capital expenditures across both sectors remain suppressed, which is impacting our net bookings. To offset these headwinds, we preemptively implemented a series of cost-cutting initiatives that have reduced our operating expenses by more than 60% compared to the year-ago period. We plan to maintain this lean cost structure moving forward, while targeting new contracts in both the cannabis and traditional agriculture sectors.“In addition to pursuing new contracts, given the current environment we have begun to review strategic alternatives, including a sale, merger or other potential strategic or financial transaction, to protect and maximize shareholder value. We will pursue a path that we believe will maximize value for our shareholders and ensure a successful outcome for our customers and employees.”The Company’s Board of Directors has retained Roth Capital Partners as financial advisor to assist in its review of strategic alternatives. There can be no assurance regarding the results or outcome of this review.McDonald continued, “Between our robust balance sheet and prudent approach to capital allocation, we are well positioned to navigate this environment and deliver value to our shareholders and customers alike.”Second Quarter 2023 Financial Summary (in $ thousands, excl. margin items): Q2 2023Q1 2023Q2 2022Revenue$1,064 $4,683 $3,015 Gross Profit$79 $853 $306 Gross Margin 7.4% 18.2% 10.2%Operating Expenses$783 $1,299 $2,077 Net Income/(Loss)$(694)$(431)$(1,761)Second Quarter 2023 Financial ResultsRevenue in the second quarter of 2023 was $1.1 million compared to $3.0 million for the same period in 2022. The decrease was primarily attributed to lower revenue recognition from the Company’s backlog and an overall reduction in capital expenditures by cannabis operators.Story continuesNet bookings in the second quarter of 2023 were $0.2 million compared to $1.5 million in the year-ago period. The Company’s quarter-end backlog was $1.1 million compared to $9.7 million for the same period in 2022. The decrease in the Company’s net bookings and backlog for the second quarter of 2023 was primarily driven by fewer capital projects and expenditures by cannabis operators.Gross profit in the second quarter of 2023 was $79,000 compared to $0.3 million for the same period in 2022. Gross margin was 7.4% compared to 10.2% in the prior year period. The decrease in gross margin was primarily driven by an increase in fixed costs as a percentage of revenue, which include the cost of services, engineering, manufacturing and project management.Operating expenses in the second quarter of 2023 decreased 62% to $0.8 million compared to $2.1 million for the same period in 2022. The decrease was primarily driven by lower product development expenses, reduced personnel and marketing costs, as well as a $0.6 million goodwill impairment that occurred in the year-ago period.Net loss in the second quarter of 2023 improved to $0.7 million or $(0.09) per share, compared to a net loss of $1.8 million or $(0.23) per share for the same period in 2022.Cash and cash equivalents were $14.2 million on June 30, 2023, compared to $18.6 million on December 31, 2022, while working capital decreased by $0.9 million during this period. At June 30, 2023, the Company remained debt free.Conference CallCEA Industries management will host a conference call today to discuss its financial and operating results, followed by a question-and-answer session.Date: Monday, August 14, 2023Time: 4:15 p.m. ETDial: 1-973-528-0008Access Code: 168922Webcast URL: https://www.webcaster4.com/Webcast/Page/2893/48719Interested parties may submit questions to the Company prior to the call by emailing [email protected]. For those unable to participate in the conference call at that time, a replay will be available for two weeks in the Investors section of the Company’s website at www.ceaindustries.com beginning on August 14, 2023, at 5:15 p.m. ET.About CEA Industries Inc.CEA Industries Inc. (www.ceaindustries.com) is home to industry leaders that provide a suite of complementary and adjacent offerings to the controlled environment agriculture industry. The Company’s comprehensive solutions, when aligned with industry operators’ product and sales initiatives, support the development of the global ecosystem for indoor cultivation.Headquartered in Louisville, Colorado, CEA Industries knows that growth is a team sport. Through future partnerships and mergers and acquisitions, both financial and strategic, CEA Industries will continue its pursuit of companies and products that bring accretive value to its customers.Forward Looking StatementsThis press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect our current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release, including the factors set forth in “Risk Factors” set forth in our annual and quarterly reports filed with the Securities and Exchange Commission (“SEC”), and subsequent filings with the SEC. Please refer to our SEC filings for a more detailed discussion of the risks and uncertainties associated with our business, including but not limited to the risks and uncertainties associated with our business prospects and the prospects of our existing and prospective customers; the inherent uncertainty of product development; regulatory, legislative and judicial developments, especially those related to changes in, and the enforcement of, cannabis laws; increasing competitive pressures in our industry; and relationships with our customers and suppliers. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. The reference to CEA’s website has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.Non-GAAP Financial MeasuresTo supplement our financial results on U.S. generally accepted accounting principles (“GAAP”) basis, we use non-GAAP measures including net bookings and backlog, as well as other significant non-cash expenses such as stock-based compensation and depreciation expenses. We believe these non-GAAP measures are helpful in understanding our past performance and are intended to aid in evaluating our potential future results. The presentation of these non-GAAP measures should be considered in addition to our GAAP results and are not intended to be considered in isolation or as a substitute for financial information prepared or presented in accordance with GAAP. We believe these non-GAAP financial measures reflect an additional way to view aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business.Investor Contact:Sean Mansouri, CFAElevate [email protected](720) 330-2829CEA Industries Inc.Condensed Consolidated Balance Sheets(in US Dollars except share numbers) June 30, December 31,  2023   2022  (Unaudited)  ASSETS   Current Assets   Cash and cash equivalents$14,197,485  $18,637,114 Accounts receivable, net 293,767   2,649 Inventory, net 397,155   348,411 Prepaid expenses and other 520,256   1,489,921 Total Current Assets 15,408,663   20,478,095 Noncurrent Assets   Property and equipment, net 53,225   68,513 Intangible assets, net 1,830   1,830 Deposits 14,747   14,747 Operating lease right-of-use asset 409,981   462,874 Total Noncurrent Assets 479,783   547,964     TOTAL ASSETS$15,888,446  $21,026,059     LIABILITIES AND SHAREHOLDERS’ EQUITY       LIABILITIES   Current Liabilities   Accounts payable and accrued liabilities$798,624  $1,207,258 Deferred revenue 625,911   4,338,570 Accrued equity compensation -   89,970 Current portion of operating lease liability 122,272   118,235 Total Current Liabilities 1,546,807   5,754,033     Noncurrent Liabilities   Operating lease liability, net of current portion 319,247   376,851 Total Noncurrent Liabilities 319,247   376,851     TOTAL LIABILITIES 1,866,054   6,130,884     Commitments and Contingencies (Note 6) -   -     SHAREHOLDERS’ EQUITY    Preferred stock, $0.00001 par value; 25,000,000 shares authorized; 0 shares issued and outstanding -   - Common stock, $0.00001 par value; 200,000,000 authorized; 8,076,372 and 7,953,974 shares issued and outstanding, respectively 81   80 Additional paid in capital 49,426,065   49,173,836 Accumulated deficit (35,403,754)  (34,278,741)Total Shareholders’ Equity 14,022,392   14,895,175     TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $15,888,446  $21,026,059 CEA Industries Inc.Condensed Consolidated Statements of Operations(in US Dollars except share numbers)(Unaudited) For the Three Months Ended June 30,  For the Six Months Ended June 30,   2023   2022   2023   2022 Revenue, net$1,063,714  $3,014,885  $5,746,287  $4,759,312         Cost of revenue 985,021   2,708,646   4,814,318   4,362,565         Gross profit 78,693   306,239   931,969   396,747         Operating expenses:       Advertising and marketing expenses 33,091   309,690   235,414   560,705 Product development costs 74   56,577   76,487   195,495 Selling, general and administrative expenses 750,156   1,080,094   1,770,858   2,391,871 Goodwill impairment charges -   631,064   -   631,064 Total operating expenses 783,321   2,077,425   2,082,759   3,779,135         Operating loss (704,628)  (1,771,186)  (1,150,790)  (3,382,388)        Other income (expense):       Other income (expense), net 2,074   -   7,778   185,000 Interest income (expense), net 8,979   10,600   17,999   13,860 Total other income (expense) 11,053   10,600   25,777   198,860         Loss before provision for income taxes (693,575)  (1,760,586)  (1,125,013)  (3,183,528)        Income taxes -   -   -   -         Net loss$(693,575) $(1,760,586) $(1,125,013) $(3,183,528)        Convertible preferred series B stock dividends  -    -   -   (35,984)Deemed dividend on convertible preferred series B stock on down round -   -   -   (439,999)        Net loss available to common shareholders$(693,575) $(1,760,586) $(1,125,013) $(3,659,511)        Loss per common share – basic and diluted$(0.09) $(0.23) $(0.14) $(0.59)        Weighted average number of common shares outstanding, basic and diluted 8,076,372   7,801,211   8,074,064   6,220,600 CEA Industries Inc.Condensed Consolidated Statements of Cash Flows (in US Dollars except share numbers)(Unaudited) For the Six Months Ended June 30,   2023   2022 Cash Flows From Operating Activities:   Net loss$(1,125,013) $(3,183,528)Adjustments to reconcile net loss to net cash provided by (used in) operating activities:   Depreciation and intangible asset amortization expense 14,988   16,697 Share-based compensation 162,260   225,396 Provision for doubtful accounts 2,096   (9,182)Provision for excess and obsolete inventory 60,574   (34,417)Loss on disposal of assets 100   4,060 Amortization of operating lease ROU asset 52,893   51,061 Goodwill impairment charges -   631,064     Changes in operating assets and liabilities:   Accounts receivable (293,214)  48,153 Inventory (109,318)  10,986 Prepaid expenses and other 969,665   (1,692,816)Accounts payable and accrued liabilities (408,634)  (317,453)Deferred revenue (3,712,659)  3,095,431 Operating lease liability, net (53,567)  (39,870)Accrued equity compensation -   (37,251)Net cash provided by (used in) operating activities (4,439,829)  (1,231,669)    Cash Flows From Investing Activities   Purchases of property and equipment -   (13,948)Proceeds from the sale of property and equipment 200   2,250 Net cash provided by (used in) investing activities 200   (11,698)    Cash Flows From Financing Activities   Payment of dividends on series B preferred stock -   (35,984)Redemption of series B preferred stock -   (1,980,000)Net cash proceeds on sale of common stock and warrants, net of expenses -   21,711,131 Net cash provided by financing activities -   19,695,147     Net change in cash and cash equivalents (4,439,629)  18,451,781 Cash and cash equivalents, beginning of period 18,637,114   2,159,608 Cash and cash equivalents, end of period$14,197,485  $20,611,388     Supplemental cash flow information:   Interest paid$-  $- Income taxes paid$-  $-     Non-cash investing and financing activities:   Unpaid purchases of equipment and other assets$-  $16,400 Conversion of series B preferred stock -  $1,980,000 Deemed dividend on series B preferred stock arising on down round -  $439,999 Cashless exercise of prefunded warrants  $2 Options issued for accrued equity compensation liability$89,970  $83,625 

GlobeNewswire

CEA Industries Inc. Reports Second Quarter 2023 Results and Initiates Review of Strategic Alternatives

https://finance.yahoo.com/news/cea-industries-inc-reports-second-200500755.html

5a2d2411-53e1-3cb1-95ad-829a6204f54d

CEAD

CEA Industries Inc. (NASDAQ:CEAD) Q2 2023 Earnings Call Transcript August 14, 2023Operator: Good afternoon, ladies and gentlemen, and welcome to the CEA Industries Q2 2023 Earnings Conference Call. Joining us today are the Company’s Chairman and CEO, Tony McDonald, as well as the Company’s CFO, Ian Patel. At this time, all participants have been placed in a listen-only mode. And we will open the floor for your questions at the end. [Operator Instructions] Before we begin, please be advised that this call may contain statements of a forward-looking nature relating to future events. These forward-looking statements are based on what we believe are reasonable assumptions, which ultimately could prove to be inaccurate, and are subject to the inherent uncertainties in predicting the future results and conditions.These statements reflect CEA Industries’ current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this call, including the risk factors set forth in the Company’s Form 10-K, which was previously filed with the SEC. Please refer to their SEC filings for a more detailed discussion of the risks and uncertainties associated their business. The forward-looking statements that the Company has made are intended to be with the meaning of forward-looking statements in Section 27A of the Securities Act of 1933 as amended. Also, please note that the Company filed its quarterly report on Form 10-Q and issued a press release announcing second quarter results earlier today. These documents can be found on the Investor Relations section of the Company’s website at ceaindustries.com.If you would like to be added to the Company’s email distribution list, please send an email to [email protected]. It is now my pleasure to turn the floor over to Tony McDonald, Chairman and CEO of CEA Industries. Sir, the floor is yours.Tony McDonald: Thank you and good afternoon everyone. The volatility in the broader cannabis environment has continued as operators contend with the prolonged effects of pricing and inflationary pressures. We have also witnessed a reduction in investment in and reorganization within the controlled environment agricultural sector. As a result, capital expenditures across both sectors remain reduced, resulting in delayed, reduced or eliminated construction projects. These conditions have had an adverse impact on our net bookings and revenue over the last year. As a result of the challenges this year, we preemptively implemented a series of cost cutting initiatives that have reduced our operating expenses by more than 60% compared to the year ago period.Story continuesWe have taken a disciplined approach to capital allocation with respect to product development, marketing, and personnel. We plan to identify additional savings opportunities in the months ahead as we remain intently focused on maintaining this lean cost structure without compromising the high level of service our customers expect. Despite dialing back our marketing spend, we are well equipped to continue sourcing and evaluating new opportunities as well as servicing our current contracts as we further diversify our customer base across the cannabis and traditional agricultural sectors. As we announced alongside our Q2 results earlier today, we have initiated a review of strategic alternatives, including a sale, merger, or other potential strategic or financial transaction to protect and maximize shareholder value.Our Board of Directors has retained Roth Capital Partners as our financial advisor to assist in the review process. We are committed to executing on the best path forward for our shareholders, customers, and employees. We will not be commenting further on this until the Board has concluded that disclosure is appropriate or required. Looking ahead, we’ll be mindful of the challenging environment as we seek additional cost savings and secure new contract wins in the cannabis and traditional agriculture verticals. We have taken the necessary measures to navigate these uncertain times, and we believe these initiatives coupled with our strong balance sheet will enable us to continue servicing our customers while we seek to maximize shareholder value.I will now hand it over to Ian Patel, our Chief Financial Officer, to discuss financial highlights for the quarter before wrapping up with closing remarks. Ian?5 Best Medical Specialties for Female Doctors and MomsCopyright: stokkete / 123RF Stock PhotoIan Patel: Thanks Tony, and good afternoon everyone. Jumping right into our results. Q2 revenue was $1.1 million compared to $3 million in a year ago period. The decrease was primarily attributed to lower revenue recognition from our backlog and an overall reduction in capital expenditures by cannabis and controlled agricultural operators. Net bookings in the second quarter were approximately $200,000 compared to $1.5 million in the same period in 2022. Our quarter end backlog was $1.1 million compared to $9.7 million in the year ago quarter. The decrease in net bookings and backlog was again primarily driven by fewer capital projects and expenditures in the industry. Gross profit for the second quarter of 2023 was approximately $79,000 or 7.4% of revenue compared to $300,000 or 10.2% of revenue for the same period in 2022.The decrease in gross margin was primarily driven by an increase in fixed costs as a percentage of revenue, which includes the cost of services, engineering, manufacturing, and project management. Operating expenses in the second quarter decreased 62% to approximately $800,000, compared to $2.1 million the year ago quarter. The decrease was primarily driven by lower product development expenses, reduced personnel and marketing costs as well as a $632,000 goodwill impairment that occurred in the year ago period. It’s worth noting that our OpEx decreased 38% from Q1 of 2023, reflecting a continued benefit from the cost saving initiatives implemented over the past few months. Net loss for the second quarter of 2023 improved to approximately $700,000 or negative $0.09 per share compared to a net loss of $1.8 million or negative $0.23 per share in the year ago quarter.As of June 30, 2023, cash and cash equivalents were $14.2 million compared to $18.6 million as of December 31, 2022, while working capital decreased by approximately $900,000 during this period. At June 30, 2023, we remain debt free. This concludes my prepared remarks. I will pass it back to you, Tony.Tony McDonald: Thank you, Ian. As we look to the back half of the year, we will continue to run the lean operation while targeting new contract wins in both the cannabis and traditional agriculture verticals, between our robust balance sheet, optimized cost structure, and prudent approach to capital allocation, we are well-positioned to navigate this challenging environment and deliver value to our customers and shareholders alike. Operator, at this time, we will open the floor for questions.Operator: [Operator Instructions]See also 15 Best Places to Retire in the Caribbean and 25 Best For-Profit Hospitals in the US.To continue reading the Q&A session, please click here.

Insider Monkey

CEA Industries Inc. (NASDAQ:CEAD) Q2 2023 Earnings Call Transcript

https://finance.yahoo.com/news/cea-industries-inc-nasdaq-cead-154403988.html

7cb1440d-75d7-3af3-b1a7-e54142881c93

CEG

Company says new guidelines reflect investments many power generators are already making and urges industry peers to reject efforts to block the measureBALTIMORE, August 07, 2023--(BUSINESS WIRE)--Constellation (Nasdaq: CEG), the nation’s largest producer of carbon-free energy and the third largest energy producer overall, will file comments with the U.S. Environmental Protection Agency (EPA) tomorrow offering strong support for the agency’s recently proposed guidelines for reducing carbon emissions from fossil power plants. In the comments, Constellation offers suggestions to further improve the guidelines and presents a contrary view to major electric producers who have rejected EPA’s efforts to address the industry’s emissions."Anyone who has lived through this record-shattering summer can plainly see that we need to move faster to address the climate crisis, and these guidelines offer a roadmap for the electric industry to step up its efforts," said Joe Dominguez, president and CEO of Constellation. "Far from being too restrictive, the guidelines offer flexibility and build on technology and processes that the industry is already putting in use to great effect today. I am disappointed to see many of my peers represented by the Edison Electric Institute and others working to block these very practical measures rather than offering constructive solutions and recognizing the imperative of moving our industry toward a carbon-free future, as we inevitably must do."In its proposal, EPA acknowledges that fossil generation will be required for many years to come in order to maintain grid reliability, and it offers flexible solutions to gradually lower emissions. The guidelines also reflect measures many energy companies – including Constellation – have already announced they will take in response to market factors and to advance their own sustainability and climate goals. For example, the proposal leans on technologies such as clean hydrogen blending and carbon capture, utilization and storage, or CCUS, to meet the new standards. Constellation has already invested in these technologies to make natural gas generation cleaner. In May, the company set an industry record for blending hydrogen with natural gas at the Hillabee Generating Station in Alabama. Our testing at Hillabee showed that with minimal modifications, an existing gas plant can safely operate on a blend of nearly 40 percent clean hydrogen, demonstrating that this technology can be used today to meaningfully reduce emissions. In addition, the company is a strategic investor in NET Power Inc, which employs a technology capable of capturing nearly 100 percent of carbon dioxide emissions from natural gas generation. Numerous other major power producers have announced similar investments, showing how the industry is capable of meeting the EPA’s proposed timeline using existing technology.Story continuesAbout ConstellationA Fortune 200 company headquartered in Baltimore, Constellation Energy Corporation (Nasdaq: CEG) is the nation’s largest producer of clean, carbon-free energy and a leading supplier of energy products and services to businesses, homes, community aggregations and public sector customers across the continental United States, including three fourths of Fortune 100 companies. With annual output that is nearly 90% carbon-free, our hydro, wind and solar facilities paired with the nation’s largest nuclear fleet have the generating capacity to power the equivalent of 15 million homes, providing about 10% of the nation’s clean energy. We are further accelerating the nation’s transition to a carbon-free future by helping our customers reach their sustainability goals, setting our own ambitious goal of achieving 100% carbon-free generation by 2040, and by investing in promising emerging technologies to eliminate carbon emissions across all sectors of the economy. Follow Constellation on LinkedIn and Twitter.View source version on businesswire.com: https://www.businesswire.com/news/home/20230807391859/en/ContactsPaul AdamsCorporate [email protected]

Business Wire

Constellation to File Comments Offering Support for New EPA Guidelines to Reduce Carbon Emissions From Power Plants

https://finance.yahoo.com/news/constellation-file-comments-offering-support-120000703.html

a26e9857-5a5c-3834-af9e-835238374259

CEG

Designation is based on recent survey of about 5,000 employees, with large majority of respondents rating Constellation a great place to workBALTIMORE, August 30, 2023--(BUSINESS WIRE)--Constellation (Nasdaq: CEG), the nation’s largest producer of carbon-free energy and a leading supplier of energy products and services, announced today it has been Certified™ by Great Place To Work®. The designation is based on how employees rate their experience working at Constellation. In a survey of about 5,000 Constellation employees, 81 percent of those who responded said it is a great place to work – about 24 points higher than the average U.S. company.Great Place To Work® is acknowledged worldwide as a global benchmark for workplace culture, employee experience and the leadership behaviors proven to deliver strong market performance, employee retention and increased innovation."Our people are talented, hard-working and passionate about our purpose — providing clean, reliable energy to millions of American families and businesses and helping our country move toward a carbon-free future." said Joe Dominguez, president and CEO of Constellation. "We know that when our employees are motivated by a shared mission, fulfilled by their work and encouraged to grow and contribute, we can accomplish anything."Ninety-one percent of Constellation employees who completed the survey said they feel good about the ways the company contributes to the community. The same percentage said that people at Constellation are given a lot of responsibility.Constellation employees also value the company’s competitive benefits and interactive learning opportunities for managers and employees to sharpen their skills, achieve professional goals and advance in their careers. In addition, the company has established partnerships with universities and technical colleges for those who want to further develop their skills, and also offers tuition reimbursement and scholarship programs, particularly in STEM-related fields. The company also partners with customers, suppliers, national labs, government entities and startups to foster an atmosphere of innovation.Story continues"Great Place To Work Certification is a highly coveted achievement that requires consistent and intentional dedication to the overall employee experience," says Sarah Lewis-Kulin, the Vice President of Global Recognition at Great Place To Work. She emphasizes that Certification is the sole official recognition earned by the real-time feedback of employees regarding their company culture. "By successfully earning this recognition, it is evident that Constellation stands out as one of the top companies to work for, providing a great workplace environment for its employees."According to Great Place To Work research, job seekers are 4.5 times more likely to find a great boss at a Certified great workplace. Additionally, employees at Certified workplaces are 93 percent more likely to look forward to coming to work, and are twice as likely to be compensated fairly, and benefit from the company’s success.Learn more about career opportunities at Constellation here.About ConstellationA Fortune 200 company headquartered in Baltimore, Constellation Energy Corporation (Nasdaq: CEG) is the nation’s largest producer of clean, carbon-free energy and a leading supplier of energy products and services to businesses, homes, community aggregations and public sector customers across the continental United States, including three fourths of Fortune 100 companies. With annual output that is nearly 90% carbon-free, our hydro, wind and solar facilities paired with the nation’s largest nuclear fleet have the generating capacity to power the equivalent of 15 million homes, providing about 10% of the nation’s clean energy. We are further accelerating the nation’s transition to a carbon-free future by helping our customers reach their sustainability goals, setting our own ambitious goal of achieving 100% carbon-free generation by 2040, and by investing in promising emerging technologies to eliminate carbon emissions across all sectors of the economy. Follow Constellation on LinkedIn and Twitter.About Great Place to Work Certification™Great Place To Work® Certification™ is the most definitive "employer-of-choice" recognition that companies aspire to achieve. It is the only recognition based entirely on what employees report about their workplace experience – specifically, how consistently they experience a high-trust workplace. Great Place to Work Certification is recognized worldwide by employees and employers alike and is the global benchmark for identifying and recognizing outstanding employee experience. Every year, more than 10,000 companies across 60 countries apply to get Great Place To Work-Certified.About Great Place To Work®As the global authority on workplace culture, Great Place To Work® brings 30 years of groundbreaking research and data to help every place become a great place to work for all. Their proprietary platform and For All™ Model helps companies evaluate the experience of every employee, with exemplary workplaces becoming Great Place To Work Certified™ or receiving recognition on a coveted Best Workplaces™ List.View source version on businesswire.com: https://www.businesswire.com/news/home/20230830106994/en/ContactsPaul AdamsConstellation [email protected]

Business Wire

Constellation Earns 2023 Great Place to Work Certification

https://finance.yahoo.com/news/constellation-earns-2023-great-place-120000872.html

0fce5583-b4d8-3923-9526-753c575762bb

CELL

Acquisition initiates Bruker’s entry into functional single-cell biology research solutionsBILLERICA, Mass. & EMERYVILLE, Calif., August 17, 2023--(BUSINESS WIRE)--Bruker Corporation (Nasdaq: BRKR) and PhenomeX Inc. (Nasdaq: CELL) today announced that they have signed a definitive agreement for Bruker to acquire PhenomeX for $1.00 per share in an all-cash transaction. The proposed acquisition values PhenomeX at a total equity value of approximately $108 million. PhenomeX is a functional cell biology company that provides single-cell biology research tools to deliver deep insights into cellular function and new perspectives on phenomes and genotype-to-phenotype linkages.This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230817308539/en/PhenomeX was formed in early 2023 through the combination of Berkeley Lights and IsoPlexis, and PhenomeX currently has an installed base of more than 400 instruments. PhenomeX provides single-cell biology workflows with instruments, software and molecular biology reagents. The PhenomeX products include the key Beacon® Optofluidic platform, as well as the IsoLight® and IsoSpark® proteomics barcoding platform. The Beacon Optofluidic system enables researchers to accelerate biologics product development by functional characterization of tens of thousands of single cells in parallel, while maintaining the cells in a healthy state for further genomic and proteomic profiling, connecting phenotype with genotype and other multiomic information. The Protein Barcoding Suite includes the IsoLight® and IsoSpark® instruments, which automate multiplexed measurements of the extracellular proteome and of the intracellular proteome of single cells for translational research.Dr. Mark R. Munch, President of the Bruker NANO Group, commented: "The unique single-cell analysis platforms of PhenomeX are enabling researchers to more rapidly and precisely unlock new insights in functional cell biology research leading to important discoveries across the large and rapidly growing markets of antibody therapeutics, cell line development, cell therapy and gene therapy. This acquisition will mark Bruker’s entry into single-cell biology research tools, which complements Bruker’s emerging spatial biology business - in support of our transformational Project Accelerate 2.0 strategy."Story continues"This is an important next step for PhenomeX as we bring together two companies passionate about innovating for our customers to support human health," said Siddhartha Kadia, PhD, Chief Executive Officer and Director of PhenomeX. "By joining forces with Bruker, a respected and innovative global leader in life science research tools, we will not only enhance PhenomeX’s differentiated, high-value technologies but also our customers’ abilities to discover novel antibodies and accelerate development and manufacturing of cell and gene therapies. I am very proud of the PhenomeX team, and excited to work with our new colleagues at Bruker as we enter our next phase of growth."For Bruker, Perella Weinberg Partners acted as financial advisor and Morgan Lewis as legal advisor. For PhenomeX, William Blair & Company, L.L.C. acted as financial advisor and Freshfields Bruckhaus Deringer LLP as legal advisor.Terms of the AgreementBruker will commence a tender offer to acquire all outstanding shares of PhenomeX for a purchase price of $1.00 per share in cash, for a total equity value of approximately $108 million. The transaction is not subject to any financing conditions and is expected to close in the fourth quarter of 2023, subject to customary closing conditions. After the tender offer closes, PhenomeX will merge into a wholly owned subsidiary of Bruker, and any shares of PhenomeX that were not tendered in the tender offer will be converted into the right to receive the same per-share consideration as paid in the tender offer.About PhenomeXPhenomeX is empowering scientists to leverage the full potential of each cell and drive the next era of functional cell biology that will advance human health. We enable scientists to reveal the most complete insights on cell function and obtain a full view of the behavior of each cell. Our unique suite of proven high-throughput tools and services offer unparalleled resolution and speed, accelerating the insights that are key to advancing discoveries that can profoundly improve the prevention and treatment of disease. Our award-winning platforms are used by researchers across the globe, including those at the top 15 global pharmaceutical companies and approximately 85% of leading U.S. comprehensive cancer centers.About BrukerBruker is enabling scientists to make breakthrough discoveries and develop new applications that improve the quality of human life. Bruker’s high performance scientific instruments and high value analytical and diagnostic solutions enable scientists to explore life and materials at molecular, cellular, and microscopic levels. In close cooperation with our customers, Bruker is enabling innovation, improved productivity, and customer success in life-science molecular and cell biology research, in applied and pharma applications, in microscopy and nanoanalysis, as well as in industrial research, semiconductor metrology and cleantech applications. Bruker offers differentiated, high-value life science and diagnostics systems and solutions in preclinical imaging, clinical phenomics research, proteomics and multiomics, spatial and single-cell biology, functional structural and condensate biology, as well as in clinical microbiology and molecular diagnostics. For more information, please visit: www.bruker.com.Cautionary Statement Regarding Forward-Looking StatementsThis communication contains "forward-looking statements" regarding the potential acquisition of PhenomeX.All statements, other than statements of historical facts, including statements concerning Bruker’s and PhenomeX’s plans, objectives, goals, beliefs, strategy and strategic objectives, future events, business conditions, results of operations, financial position, business outlook, business trends and other information, may be forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "goal," "intend," "may," "plan," "potential" "predict," "project," "seek," "should," "strategy," "target," or "will" or the negatives of these terms or variations of them or similar terminology.Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those currently anticipated due to a number of risks and uncertainties.Risks and uncertainties include, but are not limited to: the risk that the closing conditions for the proposed transaction will not be satisfied; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement entered into in accordance with the proposed transaction; uncertainty as to the percentage of PhenomeX stockholders that will support the proposed transaction and tender their shares in the offer; the risk of stockholder litigation relating to the proposed transaction, including resulting expense or delay; the possibility that the proposed transaction will not be completed in the expected timeframe or at all; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of PhenomeX's common stock; and the risk that the proposed transaction and its announcement could have an adverse effect on the ability of PhenomeX to retain and hire key personnel and to maintain relationships with customers, vendors, employees, stockholders and other business partners and on its operating results and business generally.For further discussion of these and other risks and uncertainties, see Bruker’s and PhenomeX’s most recent Form 10-K and Form 10-Q filings with the SEC. Except as required by law, neither Bruker nor PhenomeX undertakes any duty to update forward-looking statements to reflect events after the date of this press release.Additional Information about the Acquisition and Where to Find ItThe tender offer described in this communication has not yet commenced, and this communication is neither an offer to purchase nor a solicitation of an offer to sell securities. At the time the tender offer is commenced, Bruker and its acquisition subsidiary will file a tender offer statement on Schedule TO with the SEC, and PhenomeX will file a solicitation/recommendation statement on Schedule 14D-9 with the SEC.Investors and PhenomeX security holders are strongly advised to read the tender offer statement (including the offer to purchase, letter of transmittal and related tender offer documents) that will be filed by Bruker and its acquisition subsidiary with the SEC and the related solicitation/recommendation statement on Schedule 14D-9 that will be filed by PhenomeX with the SEC, in their entirety when they become available, because they will contain important information, including the terms and conditions of the offer.Once filed, these documents will be available at no charge on the SEC’s website at www.sec.gov or from the information agent that will be named in the tender offer materials. In addition, a copy of the tender offer statement and other related documents filed with or furnished to the SEC by Bruker or its acquisition subsidiary may be obtained free of charge on Bruker’s website at ir.bruker.com, and a copy of the solicitation/recommendation statement and other related documents filed with or furnished to the SEC may be obtained free of charge on PhenomeX’s website at investors.phenomex.com.View source version on businesswire.com: https://www.businesswire.com/news/home/20230817308539/en/ContactsInvestor Contact:Justin WardSr. Director, Investor Relations & Corporate DevelopmentBruker CorporationT: +1 (978) 313-5800E: [email protected] Investor Contact:[email protected]

Business Wire

Bruker Corporation and PhenomeX Inc. Announce Definitive Agreement for Bruker to Acquire PhenomeX in All-Cash Transaction

https://finance.yahoo.com/news/bruker-corporation-phenomex-inc-announce-130000553.html

0bb95918-3c55-39f3-8d49-73dd1141cdc1

CELL

EMERYVILLE, Calif., Sept. 5, 2023 /PRNewswire/ -- PhenomeX Inc. (Nasdaq: CELL) today announced that Bruker Corporation (Nasdaq: BRKR) has commenced, through its wholly owned subsidiary, Bird Mergersub Corporation, a cash tender offer to purchase all outstanding shares of common stock of PhenomeX for $1.00 per share. The tender offer is being made pursuant to the previously announced merger agreement between PhenomeX and Bruker entered into on August 17, 2023. Following the successful closing of the tender offer, Bird Mergersub Corporation will be merged into PhenomeX with PhenomeX becoming a wholly owned subsidiary of Bruker.PhenomeX (Nasdaq: CELL) is empowering scientists to leverage the full potential of each cell and drive the next era of functional cell biology that will advance human health. We enable scientists to reveal the most complete insights on cell function and obtain a full view of the behavior of each cell. (PRNewsfoto/PhenomeX)On August 31, 2023, Bruker filed with the U.S. Securities and Exchange Commission (the "SEC") a tender offer statement on Schedule TO that provides the terms of the tender offer. Additionally, PhenomeX has filed with the SEC a solicitation/recommendation statement on Schedule 14D-9 that includes the recommendation of the PhenomeX board of directors that PhenomeX stockholders accept the tender offer and tender their shares.The tender offer will expire one minute after 11:59 p.m., Eastern Time, on September 28, 2023, unless extended in accordance with the merger agreement and the applicable rules and regulations of the SEC. The closing of the tender offer is subject to certain conditions, including the tender of shares representing at least a majority of the total number of PhenomeX's outstanding shares.PhenomeX has no affiliation with Phenomenex, Inc., and Phenomenex, Inc. has no involvement in the transaction with Bruker. PhenomeX will be changing its name. All inquiries regarding Phenomenex, Inc. and/or its products should be directed to [email protected] PhenomeXPhenomeX is empowering scientists to leverage the full potential of each cell and drive the next era of functional cell biology that will advance human health. We enable scientists to reveal the most complete insights on cell function and obtain a full view of the behavior of each cell. Our unique suite of proven high-throughput tools and services offer unparalleled resolution and speed, accelerating the insights that are key to advancing discoveries that can profoundly improve the prevention and treatment of disease. Our award-winning platforms are used by researchers across the globe, including those at the top 15 global pharmaceutical companies and approximately 85% of leading U.S. comprehensive cancer centers.Story continuesAbout BrukerBruker is enabling scientists to make breakthrough discoveries and develop new applications that improve the quality of human life. Bruker's high performance scientific instruments and high value analytical and diagnostic solutions enable scientists to explore life and materials at molecular, cellular, and microscopic levels. In close cooperation with our customers, Bruker is enabling innovation, improved productivity, and customer success in life-science molecular and cell biology research, in applied and pharma applications, in microscopy and nanoanalysis, as well as in industrial research, semiconductor metrology and cleantech applications. Bruker offers differentiated, high-value life science and diagnostics systems and solutions in preclinical imaging, clinical phenomics research, proteomics and multiomics, spatial and single-cell biology, functional structural and condensate biology, as well as in clinical microbiology and molecular diagnostics. For more information, please visit: www.bruker.com.Additional Information about the Tender Offer and Where to Find ItThis communication is neither an offer to purchase nor a solicitation of an offer to sell securities. Bruker and its acquisition subsidiary have filed a tender offer statement on Schedule TO with the SEC, and PhenomeX has filed a solicitation/recommendation statement on Schedule 14D-9 with the SEC.Investors and PhenomeX security holders are strongly advised to read the tender offer statement (including the offer to purchase, letter of transmittal and related tender offer documents) that have been filed by Bruker and its acquisition subsidiary with the SEC and the related solicitation/recommendation statement on Schedule 14D-9 that has been filed by PhenomeX with the SEC, in their entirety, because they contain important information, including the terms and conditions of the offer. These documents are available at no charge on the SEC's website at www.sec.gov or from the information agent that will be named in the tender offer materials.  In addition, a copy of the tender offer statement and other related documents filed with or furnished to the SEC by Bruker or its acquisition subsidiary may be obtained free of charge on Bruker's website at ir.bruker.com, and a copy of the solicitation/recommendation statement and other related documents filed with or furnished to the SEC may be obtained free of charge on PhenomeX's website at investors.phenomex.com.CisionView original content to download multimedia:https://www.prnewswire.com/news-releases/phenomex-inc-announces-commencement-of-cash-tender-offer-by-bruker-301918180.htmlSOURCE PhenomeX

PR Newswire

PhenomeX Inc. Announces Commencement of Cash Tender Offer by Bruker

https://finance.yahoo.com/news/phenomex-inc-announces-commencement-cash-200200558.html

8cbe6ea2-46b0-345c-af95-b56fa302f3bc

CELU

Celularity, Inc.Celularity to provide research support for Regeneron's targeted, allogeneic, chimeric antigen receptor (CAR) T-cell therapyAgreement underscores Celularity's demonstrated expertise in cell therapy researchFLORHAM PARK, N.J., Aug. 29, 2023 (GLOBE NEWSWIRE) -- Celularity Inc. (Nasdaq: CELU) (Celularity), a biotechnology company developing allogeneic cell therapies and biomaterial products, announced today a multi-year Research Collaboration Services Agreement with Regeneron Pharmaceuticals, Inc. (Regeneron) to support the research of Regeneron’s allogeneic cell therapy candidates.The agreement’s initial focus is the research on a targeted allogeneic gamma delta chimeric antigen receptor (CAR) T-cell therapy owned by Regeneron designed to enhance proliferation and potency against solid tumors. The research will take place at Celularity’s state-of-the-art facility located in Florham Park, N.J. Financial terms were not disclosed.“The agreement with Regeneron announced today is an important milestone for Celularity that recognizes our expertise in the research of cellular therapies, including the engineering of CAR-T cells. We believe that this relationship paves the way for future industry collaborations leveraging our world class cell therapy facilities and capabilities,” said Robert J. Hariri, M.D., Ph.D., Celularity’s CEO, Chairman and Founder. “We have long admired the exceptional scientific legacy at Regeneron and welcome the opportunity to collaborate with a world leader in innovative medicines.”About CelularityCelularity Inc. (Nasdaq: CELU) headquartered in Florham Park, N.J., is a biotechnology company leading the next evolution in cellular and regenerative medicine by developing allogeneic cryopreserved off-the-shelf placental-derived cell therapies, including therapeutic programs using mesenchymal-like adherent stromal cells (MLASCs), T-cells engineered with CAR (CAR T-cells), and genetically modified and unmodified natural killer (NK) cells. These therapeutic programs target indications in autoimmune, infectious and degenerative diseases, and cancer. In addition, Celularity develops, manufactures and commercializes innovative biomaterial products also derived from the postpartum placenta. Celularity believes that by harnessing the placenta’s unique biology and ready availability, it can develop therapeutic solutions that address significant unmet global needs for effective, accessible, and affordable therapies.Story continuesTo learn more, visit www.celularity.com.Celularity’s Forward-Looking StatementsThis press release includes “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995, as well as within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts are “forward-looking statements,” including those relating to future events. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “can,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intends,” “may,” “might,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “strive,” “target,” “will,” “would” and the negative of terms like these or other comparable terminology, and other words or terms of similar meaning. The forward-looking statements in this press release include statements regarding the research collaboration services agreement with Regeneron and the anticipated benefits of such collaboration, among others. Many factors could cause actual results to differ materially from those described in these forward-looking statements, including but not limited to the risk that the research collaboration with Regeneron is unsuccessful; the inherent risks in biotechnological development; the risks associated with Celularity’s current liquidity; developments relating to the biotechnology industry, along with those risk factors set forth under the caption “Risk Factors” in Celularity’s annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 31, 2023, and other filings with the SEC. These risks and uncertainties may be amplified by current economic situations, including inflation, supply chain issues and overall economic uncertainty. If any of these risks materialize or underlying assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Celularity does not presently know, or that Celularity currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, these forward-looking statements reflect Celularity’s current expectations, plans, or forecasts of future events and views as of the date of this communication. Subsequent events and developments could cause assessments to change. Accordingly, forward-looking statements should not be relied upon as representing Celularity’s views as of any subsequent date, and Celularity undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.Celularity Investor Contact:Carlos Ramirez, Senior Vice PresidentCelularity [email protected] Media Contact:Factory [email protected]

GlobeNewswire

Celularity Announces Multi-Year Research Collaboration Services Agreement With Regeneron

https://finance.yahoo.com/news/celularity-announces-multi-research-collaboration-130000885.html

b9d36dc4-86a5-3567-b851-05c7dad34133

CELU

Celularity, Inc.Pharmaceutical and Academic Veteran Brings Significant Innovative Technology and Development Expertise Launching New Cellular TherapiesFLORHAM PARK, N.J., Sept. 07, 2023 (GLOBE NEWSWIRE) -- Celularity Inc. (Nasdaq: CELU) (Celularity), a biotechnology company developing placental-derived off-the-shelf allogeneic cell therapies and advanced biomaterial products, today announced the appointment of Geoffrey Shiu Fei Ling, M.D., Ph.D. to its Board of Directors. Dr. Ling, a distinguished academic and military physician-scientist with a strong background in regenerative medicine and a deep commitment to advancing healthcare, will bring invaluable expertise and insights to Celularity as it continues to pioneer innovative therapies for patients in need.Throughout his career, Dr. Ling has made significant contributions to regenerative medicine and stem cell therapy, earning him recognition as a thought leader in these areas. He has published numerous research papers on innovative cellular therapies. His profound understanding of the intricate biological processes underpinning cell-based treatments makes him an ideal addition to Celularity's Board of Directors. Leveraging Dr. Ling’s outside perspective and deep expertise in stem cell therapy, Celularity hopes to unlock the full potential of placental-derived cells and tissues.“We are honored to welcome Geoff to the Celularity Board of Directors,” said Robert J. Hariri, M.D., Ph.D., founder, Chairman and Chief Executive Officer of Celularity. “We believe Geoff’s decades-long success record in academia, the military, government and the biopharmaceutical industry will serve Celularity well as we look to progress our pipeline of investigational products to deliver ‘off-the-shelf’ cellular and regenerative therapies faster, more reliably, and at greater scale to more patients. I have long admired Geoff’s career and contributions to medicine and biotechnology, his service to our nation, and have been privileged to share some common background in our careers.”Story continuesDr. Ling commented on his new role, "I am thrilled to join the board of Celularity, a company known for its groundbreaking work in cellular therapies. I look forward to collaborating with my fellow board members and the talented team at Celularity to further advance the development of transformative treatments that have the potential to change lives."Dr. Ling brings more than 30 years of experience in pharmaceutical, governmental, and academic organizations to his new role. Most recently, he co-founded On Demand Pharmaceuticals – developing advanced, miniaturized, and automated pharmaceutical manufacturing systems that create from precursors to final formulated drugs. He also serves as a Professor of Neurology and an Attending Neurocritical Care physician at Johns Hopkins University and Hospital and the Uniformed Services University of the Health Science (USUHS). Dr. Ling previously served as the Founding Director of the Biological Technologies Office at the Defense Advanced Research Projects Agency (DARPA) and as Assistant Director for Medical Innovation of the Science Division in President Obama’s White House Office of Science and Technology Policy (OSTP). He is a retired U.S. Army colonel who served for 27 years and was deployed to Iraq and Afghanistan.Dr. Ling obtained his medical degree from Georgetown University and his doctorate in Pharmacology is from Cornell University. He was a postdoctoral research fellow at Memorial Sloan Kettering Cancer Center, completed his neurology residency at Walter Reed Army Medical Center, and his Neuro Critical Care fellowship at Johns Hopkins. Dr. Ling has published over two hundred peer-reviewed articles, book chapters and reviews. He is a member of the honor societies of Alpha Omega Alpha, Sigma Xi, and the Military Medical Order of Merit. He is a fellow of the American Neurological Association, American Academy of Neurology and Neurocritical Care Society. Dr. Ling is a member of the Society for Critical Care Medicine, the American Society of Pharmacology and Experimental Therapeutics, and AMSUS (the Association of Military Surgeons of the United States).Celularity also announced today that Andrew von Eschenbach, M.D., will step down from his position on the Board of Directors. “I want to thank Andy for his service as a director since Celularity’s formation and for his advice and guidance during this important period of the company,” said Hariri. “Celularity would not exist had I not had the support and counsel of Dr. von Eschenbach and for that I am deeply grateful. We have made significant clinical and therapeutic advancements in the last six years and are indebted for the role he helped to play in positioning Celularity for continued success.”About CelularityCelularity Inc. (Nasdaq: CELU) headquartered in Florham Park, N.J., is a biotechnology company leading the next evolution in cellular and regenerative medicine by developing allogeneic cryopreserved off-the-shelf placental-derived cell therapies, including therapeutic programs using mesenchymal-like adherent stromal cells (MLASCs), T-cells engineered with CAR (CAR T-cells), and genetically modified and unmodified natural killer (NK) cells. These therapeutic programs target indications in autoimmune, infectious and degenerative diseases, and cancer. In addition, Celularity develops, manufactures and commercializes innovative biomaterial products also derived from the postpartum placenta. Celularity believes that by harnessing the placenta’s unique biology and ready availability, it can develop therapeutic solutions that address significant unmet global needs for effective, accessible, and affordable therapies.Forward-Looking StatementsThis press release includes “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995, as well as within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts are “forward-looking statements,” including those relating to future events. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “can,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intends,” “may,” “might,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “strive,” “target,” “will,” “would” and the negative of terms like these or other comparable terminology, and other words or terms of similar meaning. The forward-looking statements in this press release include statements regarding Celularity’s ability to progress its pipeline of investigational products to deliver ‘off-the-shelf’ cellular and regenerative therapies faster, more reliably, and at greater scale to more patients, among others. Many factors could cause actual results to differ materially from those described in these forward-looking statements, including the inherent risks in biotechnological development, the risks associated with Celularity’s current liquidity, developments relating to the biotechnology industry, along with those risk factors set forth under the caption “Risk Factors” in Celularity’s annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 31, 2023, and other filings with the SEC. These risks and uncertainties may be amplified by current economic situations, including inflation, supply chain issues and overall economic uncertainty. If any of these risks materialize or underlying assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Celularity does not presently know, or that Celularity currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, these forward-looking statements reflect Celularity’s current expectations, plans, or forecasts of future events and views as of the date of this communication. Subsequent events and developments could cause assessments to change. Accordingly, forward-looking statements should not be relied upon as representing Celularity’s views as of any subsequent date, and Celularity undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.To learn more, visit celularity.comCelularity Media/Investor Contact:Carlos Ramirez, SVP Investor [email protected] [email protected]

GlobeNewswire

Celularity Appoints Geoffrey Shiu Fei Ling, M.D., Ph.D. to its Board of Directors

https://finance.yahoo.com/news/celularity-appoints-geoffrey-shiu-fei-201000680.html

5bb0bec2-e985-3c45-a33e-d67ee8887ae3

CELZ

PHOENIX, AZ / ACCESSWIRE / July 13, 2023 / Creative Medical Technology Holdings, Inc. ("Creative Medical Technology") (NASDAQ:CELZ) recently released an update on their drug pipeline and financial standing going into Q3 2023. The biotechnology company is known for its regenerative approach to immunotherapy, endocrinology, urology, gynecology and orthopedics.Creative Medical Technology Holdings, Inc., Thursday, July 13, 2023, Press release pictureIn March of 2023, the company reported that it no longer held any long-term debt, had cash and certificates of deposit of $14.6 million, and working capital of $14.4 million. These numbers and the company's confidence in its drug pipeline lead the board to project that the company will have enough money to meet anticipated operating costs and capital expenditures through 2024. Creative Medical Technology is not pursuing any other sources of funding at this time, which is relatively rare for a company at this stage in development.Creative Medical Technology has achieved significant milestones in its efforts to develop innovative treatments for type 1 diabetes. In November 2022, the U.S. Food and Drug Administration granted clearance to the company's Investigational New Drug (IND) application, allowing them to initiate a phase 1/2 clinical trial for type 1 diabetes using CELZ-201 (AlloStemTM). This trial, the first of its kind in the country, is a crucial step in evaluating the effectiveness of the treatment.The company received Institutional Review Board (IRB) approval in February 2023 to proceed with the clinical trial, further underscoring the credibility and ethical integrity of its research. They also announced their collaboration with Syneos Health as the contract research organization for the trial, ensuring the highest standards of quality and expertise in conducting the study.In March, Creative Medical Technology made another significant announcement regarding the FDA filing for Orphan Drug Designation (ODD) for the treatment of type 1 brittle diabetes. They are combining their innovative ImmCelz® product with islet transplantation to provide targeted treatment. These efforts have the potential to not only benefit type 1 diabetes patients but also expand to other cell and organ transplants, presenting a promising avenue for reducing rejection rates and improving patient outcomes.Story continuesThe company's discussions with the FDA have instilled confidence in the ImmCelz Program's potential for broad application in various transplant procedures. As a result, Creative Medical Technology is accelerating the development of the ImmCelz program, with plans to file an IND later in the year.In April 2023, the company announced that the use of CELZ-001 cells on patients with type 2 diabetes showed a significant reduction in insulin requirement. These results are based on follow-up data from patients who received the treatment over six months, which demonstrated an impressive overall efficacy of 93%.One of the key highlights from the trial is that there were no safety concerns related to the use of CELZ-001. This therapy utilizes the same infusion procedure as the current U.S. FDA-cleared CELZ-201 clinical trial for type 1 diabetes. The lack of safety concerns is a strong indication of the treatment's effectiveness in treating type 2 diabetes, offering patients a viable alternative to traditional insulin therapy.The patients who received the treatment also demonstrated a considerable decrease in their insulin requirement, which is a key metric for evaluating treatments for diabetes. Creative Medical Technology's CELZ-001 treatment had achieved at least a 50% reduction in insulin requirement in treated patients. These results are a promising development in the ongoing fight against diabetes, and the company is committed to continuing its research to provide patients with effective and safe treatments.The company also recently announced positive results from a pilot study conducted in May. The study focused on the StemSpine® procedure, which uses a proprietary allogenic (donor) cell called AlloStem to treat chronic lower back pain. This approach is similar to other companies like BioRestorative Therapies, but it seems like Creative Medical Technology is further along in development.The study data revealed promising outcomes for the treated patients. These patients experienced a significant reduction in narcotic usage by more than 90%, a decrease in pain score of over 80%, and improved functionality measured by a decrease of more than 50% in the Oswestry Score. Importantly, none of the patients required additional treatments or surgical intervention after six months, and there were no safety concerns.What sets this pilot study apart is that it demonstrated the safety and effectiveness of injecting donor cells around the disc, which has the potential to repair, remodel and improve blood supply in the lower back area. This innovative approach may have a positive impact in addressing chronic lower back pain and could provide a non-surgical alternative for patients, contributing to the alleviation of the current opioid crisis.The company provided updates on its ImmCelz (CELZ-100) platform, a cell-free system designed to enhance a patient's own cells for treating immune disorders. It reported that independent studies have confirmed the benefits of the ImmCelz platform. ImmCelz requires 75% fewer donor patient cells compared to industry standards, ensuring a more efficient process. The platform also achieves a purity level greater than 95%, surpassing the industry standard of 80%. Additionally, it demonstrated a remarkable over 200% reduction in functional suppression of effector T cells, which are especially problematic for patients with autoimmune conditions. Importantly, the platform consistently yields a high number of functional T regulatory cells.By reducing the number of donor patient cells required and producing a more effective product, Creative Medical Technology believes that it can reach a larger number of patients, including those who may be more seriously ill.Lastly, in May 2023, Creative Medical Technology announced a significant achievement in collaboration with Greenstone Biosciences Inc. They successfully developed a human-induced pluripotent stem cell (iPSC) pipeline for the Company's ImmCelz platform. This collaboration, known as the iPScelzTM program, has made it possible to enhance the scalability of the ImmCelz Immunotherapy Platform.The development of this cell line has numerous benefits for Creative Medical Technology. It is expected to save the company two to three years in research and development time, along with associated expenses. Additionally, it will accelerate its drug discovery program by leveraging artificial intelligence.Overall, Creative Medical Technology is making impressive strides in the field of regenerative medicine and has a strong focus on addressing critical medical conditions. Their achievements in obtaining regulatory clearance, securing collaborations and expanding treatment possibilities highlight the company's dedication to improving the lives of patients with various diseases and advancing the field of transplant medicine.Featured photo by Solen Feyissa on Unsplash.Contact:Apex The Equity Group Inc., Devin [email protected]: Creative Medical Technology Holdings, Inc.View source version on accesswire.com: https://www.accesswire.com/767612/Creative-Medical-Technology-Reports-Advancements-In-Regenerative-Medicine-And-Improvements-In-Financial-Position-In-Corporate-Update

ACCESSWIRE

Creative Medical Technology Reports Advancements In Regenerative Medicine And Improvements In Financial Position In Corporate Update

https://finance.yahoo.com/news/creative-medical-technology-reports-advancements-130000711.html

7430435e-bd42-364a-8e2e-ec0acb9a10bf

CELZ

PHOENIX, AZ / ACCESSWIRE / August 24, 2023 / Biotechnology company Creative Medical Technology Holdings, Inc. (NASDAQ:CELZ) seems to be witnessing success in the allogeneic cell therapy market.Creative Medical Technology Holdings, Inc., Thursday, August 24, 2023, Press release pictureIn Q4 2022, the company - best known for its regenerative approach to immunotherapy, endocrinology, urology, gynecology and orthopedics - made a significant announcement regarding the successful development of an allogeneic cell line known as AlloStem™. AlloStem™ is a cell line that is derived from human perinatal tissue and includes a Master Cell Bank and a Drug Master File. Following FDA approval, the program - referred to as CELZ-201 - is now being utilized in an early type 1 diabetes clinical trial. It will continue to undergo development for the treatment of both type 1 and type 2 Diabetes.The company has also started using its AlloStem™ line to help treat chronic back pain for its StemSpine® procedure. It reports that this combination resulted in a greater than 90% reduction in narcotic usage associated with chronic back pain, a greater than 80% reduction in pain score and a greater than 50% reduction in the Oswestry score in patients treated with AlloStem™.So what is allogeneic cell therapy? Allogeneic cell therapy is a type of treatment that uses cells donated by a healthy person to treat a patient with an otherwise untreatable disease. These cells can come from different sources, including bone marrow, blood or umbilical cord blood. These types of therapies have shown immense promise in the medical community.Allogeneic cell therapy can provide patients with a potentially curative treatment option where other traditional therapies have been unsuccessful. As a relatively new field, research into allogeneic cell therapies is ongoing, and the future seems promising for patients who suffer from these diseases. Companies like Argan Inc are also exploring the potential benefits of allogeneic cells.With the necessary endorsement from the FDA and an ongoing clinical trial, Creative Medical Technology's recent developments set the stage for innovative treatment options that could significantly improve the lives of patients grappling with diabetes and other diseases. The global market size for allogeneic cell therapy was $255.6 million in 2022, and it is expected to grow at a CAGR of 27.4% from 2023 to 2030, highlighting the value of ongoing research. As the company remains steadfast in its commitment to medical innovation, its efforts have the potential to yield enhanced health outcomes for individuals worldwide.Story continuesFeatured photo by Diabetesmagazijn.nl on Unsplash.Contact:Apex The Equity Group Inc., Devin [email protected]: Creative Medical Technology Holdings, Inc.View source version on accesswire.com: https://www.accesswire.com/776624/What-Is-Allogeneic-Cell-Therapy-And-Whats-Driving-This-Markets-25-Annual-Global-Growth

ACCESSWIRE

What Is Allogeneic Cell Therapy, And What’s Driving This Market’s 25%+ Annual Global Growth?

https://finance.yahoo.com/news/allogeneic-cell-therapy-driving-market-144500677.html

4d80f1ab-6f4a-380a-9534-48cf5b45a4fd

CENX

Viewing insider transactions for Century Aluminum Company's (NASDAQ:CENX ) over the last year, we see that insiders were net buyers. This means that a larger number of shares were purchased by insiders in relation to shares sold.Although we don't think shareholders should simply follow insider transactions, we would consider it foolish to ignore insider transactions altogether. See our latest analysis for Century Aluminum Century Aluminum Insider Transactions Over The Last YearIn the last twelve months, the biggest single purchase by an insider was when Senior Vice President of Strategy & Business Development Matthew Aboud bought US$131k worth of shares at a price of US$7.25 per share. That implies that an insider found the current price of US$7.72 per share to be enticing. Of course they may have changed their mind. But this suggests they are optimistic. We do always like to see insider buying, but it is worth noting if those purchases were made at well below today's share price, as the discount to value may have narrowed with the rising price. The good news for Century Aluminum share holders is that an insider was buying at near the current price. Matthew Aboud was the only individual insider to buy shares in the last twelve months.You can see the insider transactions (by companies and individuals) over the last year depicted in the chart below. If you want to know exactly who sold, for how much, and when, simply click on the graph below!insider-trading-volumeThere are plenty of other companies that have insiders buying up shares. You probably do not want to miss this free list of growing companies that insiders are buying.Insider Ownership Of Century AluminumMany investors like to check how much of a company is owned by insiders. Usually, the higher the insider ownership, the more likely it is that insiders will be incentivised to build the company for the long term. Insiders own 0.9% of Century Aluminum shares, worth about US$6.3m, according to our data. We do generally prefer see higher levels of insider ownership.Story continuesSo What Do The Century Aluminum Insider Transactions Indicate?The fact that there have been no Century Aluminum insider transactions recently certainly doesn't bother us. On a brighter note, the transactions over the last year are encouraging. The transactions are fine but it'd be more encouraging if Century Aluminum insiders bought more shares in the company. So these insider transactions can help us build a thesis about the stock, but it's also worthwhile knowing the risks facing this company. In terms of investment risks, we've identified 1 warning sign with Century Aluminum and understanding this should be part of your investment process.But note: Century Aluminum may not be the best stock to buy. So take a peek at this free list of interesting companies with high ROE and low debt.For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions, but not derivative transactions.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

One Century Aluminum Insider Raised Their Stake In The Previous Year

https://finance.yahoo.com/news/one-century-aluminum-insider-raised-184052882.html

58b01911-ffa5-378f-8161-37ec3204dd69

CENX

It has been about a month since the last earnings report for Century Aluminum (CENX). Shares have lost about 11.2% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Century due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.Century Aluminum's Q2 Earnings & Sales Beat EstimatesCentury Aluminum logged second-quarter 2023 earnings of 7 cents per share compared with the year-ago quarter's earnings of 36 cents.Barring one-time items, earnings per share were 16 cents in the reported quarter against the Zacks Consensus Estimate of a loss of 12 cents. The company benefited from decreased energy prices, which were somewhat countered by an unfavorable sales mix and operational expenditures aimed at ensuring stability.Revenues and ShipmentsThe company generated net sales of $575.5 million in the reported quarter, down around 32.8% year over year. The figure however beat the Zacks Consensus Estimate of $521.2 million.Primary aluminum shipments were 173,649 tons, down around 18.8% year over year. It lagged our estimate of 189,200 tons.FinancialsAt the end of the quarter, the company had cash and cash equivalents of $50.6 million, up 68.7% year over year.Net cash used by operating activities was $1.9 million in the six-month period (ended Jun 30, 2023) against net cash provided of $68.6 million in the year-ago period.OutlookCentury expects adjusted EBITDA in the third quarter to be in the range of $10-$20 million, factoring in the impact of lower LME aluminum prices and value-added premium sales, partially mitigated by higher volume, as well as reduced costs for raw materials and operations.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.Story continuesThe consensus estimate has shifted -3100% due to these changes.VGM ScoresCurrently, Century has a great Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. Following the exact same course, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of this revision indicates a downward shift. Notably, Century has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportCentury Aluminum Company (CENX) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Why Is Century (CENX) Down 11.2% Since Last Earnings Report?

https://finance.yahoo.com/news/why-century-cenx-down-11-153028803.html

1e667479-942b-3c0f-bfc6-a2776eb50994

CET

NEW YORK, May 24, 2023--(BUSINESS WIRE)--The Board of Directors of Central Securities Corporation (NYSE American: CET), a closed-end investment company, today declared the following dividend:RecordPaymentClass of StockRateDateDateCommon Stock$0.206/12/236/27/23Of the $0.20 per share to be paid on June 27, 2023, $0.05 is expected to be taxable as ordinary income (which includes $0.0004 per share of short-term capital gain) and $0.15 is expected to be taxable as long-term capital gain. The final tax breakdown of all amounts paid during 2023 will be available after year end.View source version on businesswire.com: https://www.businesswire.com/news/home/20230524005911/en/ContactsCentral Securities CorporationMarlene A. Krumholz, Secretary212-698-2020

Business Wire

Central Securities Corporation Declares Dividend

https://finance.yahoo.com/news/central-securities-corporation-declares-dividend-202000793.html

e65e62f4-ff69-3e28-b920-74b762f8dd51

CET

NEW YORK, August 04, 2023--(BUSINESS WIRE)--Central Securities Corporation (NYSE American: CET), a closed-end investment company, today released its Report to Stockholders for the six months ended June 30, 2023.Figures as of June 30, 2023 compared with those of one year ago, are as follows:June 30,June 30,20232022Net assets per common share$44.18$40.42Net assets$1,235,924,219$1,102,270,791Shares outstanding27,7,976,38627,269,884Additional details are available at www.centralsecurities.com.View source version on businesswire.com: https://www.businesswire.com/news/home/20230804586494/en/ContactsCentral Securities CorporationMarlene A. Krumholz, Secretary212-698-2020

Business Wire

Central Securities Corporation Releases Report to Stockholders

https://finance.yahoo.com/news/central-securities-corporation-releases-report-200500353.html

f5e4c666-031e-3cdf-a021-22fb46d38f73

CETY

Clean Energy Technologies, Inc.- Renewable Power Purchase Agreement Anticipated Value of $53MCOSTA MESA, CA., Sept. 07, 2023 (GLOBE NEWSWIRE) -- Clean Energy Technologies, Inc. (NASDAQ: CETY), today announced a 20-year Power Purchase Agreement (PPA) between Vermont Renewable Gas, LLC (VRG), a limited liability company affiliated with CETY and VEPP, Inc., a not-for-profit corporation that administers two of Vermont’s Renewable Energy Programs under contract with the Vermont Public Utility Commission. VRG will exclusively sell all electric power and other related benefits from its 2.2-megawatt biogas facility in Lyndonville, Vermont, to VEPP, Inc. The deal, anchored by the Lyndonville project's anticipated generator availability, is valued at $53 million.VRG Lyndonville has been qualified as a Farm Methane project under Vermont’s Standard Offer Program. VEPP, Inc., acting as the Program Facilitator, will distribute renewable energy and other benefits from the VRG project to Vermont’s 17 electric distribution companies.CETY will spearhead the facility's design, construction, and operation, leveraging its innovative high temperature ablative fast pyrolysis reactor (HTAP Biomass Reactor). Located in Lyndonville, Vermont, this facility will convert agriculturally derived organic material into renewable fuel gas and BioChar fertilizer as a byproduct. The produced renewable gas will be converted into renewable electricity and heat. Expected outputs are over 18,000 MWh of renewable electricity and 1,500 tons of BioChar annually, with a projected commission timeline within 12 months. Site permitting and final engineering for the Lyndonville project has commenced.CETY’s existing Heat Recovery Solutions business will also capitalize on each biomass project, with its unique technology potentially boosting the energy value of such projects by 15%. These biomass endeavors will spur both top and bottom-line growth for CETY, forging steady, high-return income channels with high IRR cash flows.Story continues“This project is the first of many anticipated renewable biomass projects and is expected to serve as a model for developing new projects to capture market share in this highly profitable and growing industry. By vertically integrating the biomass projects into our business, we are also able to grow our heat recovery business horizontally,” stated Kam Mahdi, CEO of CETY. “Our new renewable energy biomass projects are expected to further expand our goal of becoming a complete solution for industrial and municipal scale projects in the strategic markets we are targeting.”About Clean Energy Technologies, Inc. (CETY)Headquartered in Costa Mesa, California, Clean Energy Technologies (CETY) is a rising leader in the zero-emission revolution by offering recyclable energy solutions, clean energy fuels and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. We deliver power from heat and biomass with zero emission and low cost. The Company's principal products are Waste Heat Recovery Solutions using our patented Clean Cycle TM generator to create electricity. Waste to Energy Solutions converting waste products created in manufacturing, agriculture, wastewater treatment plants and other industries to electricity and BioChar. Engineering, Consulting and Project Management Solutions providing expertise and experience in developing clean energy projects for municipal and industrial customers and Engineering, Procurement and Construction (EPC) companies. Our NG trading operations in China is to source and supply Natural Gas to industries and municipalities located in China.For more information, visit www.cetyinc.com.Follow CETY on our social media channels: Twitter | LinkedIn | FacebookSafe Harbor StatementThis news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the Company's analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the "Safe Harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions regarding the future of CETY’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company's control. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements can be identified by words such as: "anticipate," "plan," "expect," "estimate," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Any forward-looking statement made by the Company in this press release is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.Clean Energy Technologies, Inc. Investor and Investment Media inquiries:[email protected]: Clean Energy Technologies, Inc.

GlobeNewswire

Clean Energy Technologies Affiliate Enters Into Power Purchase Agreement With VEPP, Inc.

https://finance.yahoo.com/news/clean-energy-technologies-affiliate-enters-123000487.html

5dc2fba0-a053-3943-9e33-6d851aa4e8f1

CETY

Clean Energy Technologies, Inc.COSTA MESA, Calif., Sept. 08, 2023 (GLOBE NEWSWIRE) -- Clean Energy Technologies, Inc. (Nasdaq: CETY) (the “Company”), a clean energy manufacturing and services company, offering recyclable energy solutions, clean energy fuels, and alternative electric power for small and mid-sized projects in North America, Europe, and Asia, is excited to announce that its Chief Executive Officer Kam Mahdi will be presenting at the H.C. Wainwright 25th Annual Global Investment Conference, being held virtually and in person on September 11-13, 2023, at Lotte New York Palace Hotel in New York City.Event: H.C. Wainwright Presentation On-DemandDate: September 11, 2023Time: 4:30 PM Eastern Standard TimeWebcast: https://journey.ct.events/view/24a5f4d6-b708-4af7-b6f5-a31aaec97bd1Please be advised that the presentation schedule is subject to change. More information can be found within the event's program agenda. Once the presentation is available on-demand, registered attendees are invited to submit their Q&A for the Company. For those interested in scheduling a one-on-one investor meeting with CEO Kam Mahdi, kindly direct your requests via email to the following address: [email protected] Clean Energy Technologies, Inc. (CETY)Headquartered in Costa Mesa, California, Clean Energy Technologies (CETY) is a rising leader in the zero-emission revolution by offering recyclable energy solutions, clean energy fuels and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. We deliver power from heat and biomass with zero emission and low cost. The Company's principal products are Waste Heat Recovery Solutions using our patented Clean Cycle TM generator to create electricity. Waste to Energy Solutions converting waste products created in manufacturing, agriculture, wastewater treatment plants and other industries to electricity and BioChar. Engineering, Consulting and Project Management Solutions providing expertise and experience in developing clean energy projects for municipal and industrial customers and Engineering, Procurement and Construction (EPC) companies. Our NG trading operations in China is to source and supply Natural Gas to industries and municipalities located in China.Story continuesFor more information, visit www.cetyinc.com.Follow CETY on our social media channels: Twitter | LinkedIn | FacebookClean Energy Technologies, Inc.Investor and Investment Media inquiries:[email protected]

GlobeNewswire

Clean Energy Technologies to Present at H.C. Wainwright 25th Annual Global Investment Conference September 11-13

https://finance.yahoo.com/news/clean-energy-technologies-present-h-180000801.html

db0be173-6ca2-3c22-9b21-821ae9c1dde5

CEVA

ROCKVILLE, Md., Aug. 14, 2023 /PRNewswire/ -- CEVA, Inc. (NASDAQ: CEVA), the leading licensor of wireless connectivity and smart sensing technologies and custom SoC solutions, today announced that it has joined the Samsung Advanced Foundry Ecosystem (SAFE™) to streamline chip design and accelerate time-to-market for CEVA licensees using Samsung's advanced foundry processes.CEVA - a global leader in signal processing IP for everything smart and connected. (PRNewsFoto/CEVA, Inc.)Samsung Foundry is offering competitive processes, design technologies, IP, and high-volume manufacturing capability for customers. The full suite of advanced process technologies includes 28FD-SOI, 14/10/8/5/4nm FinFet, and 3nm GAA with EUV technology from 5nm. CEVA's IPs are already in production at Samsung's foundries in multiple process technologies for a wide range of end markets, including 5G infrastructure, automotive, surveillance and consumer electronics. The collaboration further aims to reduce supply chain risks by expanding the advanced manufacturing process options available to CEVA customers, certifying CEVA's industry-leading wireless connectivity and sensing AI IPs for Samsung's foundry offerings to enable seamless integration into chip and chiplet designs."Our collaboration with Samsung Foundry through the SAFE™ program brings together a world-leading foundry service and one of the most widely used silicon IP suppliers, to help ensure faster silicon success for our customers in the AI era," said Moshe Sheier, Vice President of Marketing at CEVA. "Our IPs for 5G, Wi-Fi, DSP and generative AI at the edge are experiencing exceptional demand globally, and through this partnership we can help drive the proliferation of intelligent connected devices that leverage our industry-leading power efficiency and performance capabilities and Samsung's state-of-the-art foundry process technologies."The Samsung SAFE™ IP Partner Program is the key part of Samsung Advanced Foundry Ecosystem (SAFE™) aiming to create a strong ecosystem between Samsung Foundry and IP partners, to provide diverse IP portfolios in various application fields, based on customer's requirements. The portfolio consists of dedicated as well as foundation IPs designed for performance-intensive applications.  For more information, visit https://semiconductor.samsung.com/us/foundry/safe/ip/Story continuesCEVA's industry-leading wireless connectivity and sensing AI IPs power billions of devices around the world, spanning a diverse range of end markets, including, mobile, consumer IoT, PCs, infrastructure and industrial. For more information, visit https://www.ceva-dsp.com/products-catalog/.About CEVA, Inc. CEVA is the leading licensor of wireless connectivity and smart sensing technologies and custom SoC solutions for a smarter, safer, connected world. We provide Digital Signal Processors, AI engines, wireless platforms, cryptography cores and complementary embedded software for sensor fusion, image enhancement, computer vision, spatial audio, voice input and artificial intelligence. These technologies are offered in combination with our Intrinsix IP integration services, helping our customers address their most complex and time-critical integrated circuit design projects. Leveraging our technologies and chip design skills, many of the world's leading semiconductors, system companies and OEMs create power-efficient, intelligent, secure and connected devices for a range of end markets, including mobile, consumer, automotive, robotics, industrial, aerospace & defense and IoT.Our DSP-based solutions include platforms for 5G baseband processing in mobile, IoT and infrastructure, advanced imaging and computer vision for any camera-enabled device, audio/voice/speech and ultra-low-power always-on/sensing applications for multiple IoT markets. For motion sensing solutions, our Hillcrest Labs sensor processing technologies provide a broad range of sensor fusion software and inertial measurement unit ("IMU") solutions for markets including hearables, wearables, AR/VR, PC, robotics, remote controls and IoT. For wireless IoT, our platforms for Bluetooth connectivity (low energy and dual mode), Wi-Fi 4/5/6 (802.11n/ac/ax), Ultra-wideband (UWB), NB-IoT and GNSS are the most broadly licensed connectivity platforms in the industry.Visit us at www.ceva-dsp.com and follow us on Twitter, YouTube, Facebook,, LinkedIn and Instagram.Logo: https://mma.prnewswire.com/media/74483/ceva__inc__logo.jpgCisionView original content to download multimedia:https://www.prnewswire.com/news-releases/ceva-joins-samsung-safe-foundry-program-to-accelerate-chip-design-for-the-mobile-consumer-automotive-wireless-infrastructure-and-iot-markets-301899455.htmlSOURCE CEVA, Inc.

PR Newswire

CEVA Joins Samsung SAFE™ Foundry Program to Accelerate Chip Design for the Mobile, Consumer, Automotive, Wireless Infrastructure and IoT Markets

https://finance.yahoo.com/news/ceva-joins-samsung-safe-foundry-110000993.html

5c1aa235-3d8f-307f-ad78-a1d0b482d4a6

CEVA

Ultra-low power RivieraWaves Bluetooth 5.4 IP platform qualified for all features, including Periodic Advertising with Response (PAwR) required for ESL tagsROCKVILLE, Md., Sept. 6, 2023 /PRNewswire/ -- CEVA, Inc. (NASDAQ: CEVA), the leading licensor of wireless connectivity, smart sensing technologies and custom SoC solutions, today announced that its RivieraWaves Bluetooth® 5.4 Platform is SIG qualified and already licensed to several customers, including to those addressing the rapidly expanding Electronic Shelf Label (ESL) market. Global technology intelligence firm ABI Research forecasts that the ESL market will grow from nearly 185 million annual shipments in 2022 to nearly 560 million units by 2027, with Bluetooth-enabled ESLs accounting for a growing portion of the overall market.Tal Shalev, Vice President and General Manager of the Wireless IoT BU at CEVA, commented: "The RivieraWaves Bluetooth 5.4 IP provides our customers with a SIG qualified platform on which to build the lowest power Bluetooth 5.4 SoCs, including those wishing to target the rapidly expanding electronic shelf label market. Our leadership in wireless connectivity IPs is built on more than two decades of ultra-low power wireless expertise spanning Bluetooth, Wi-Fi, cellular IoT and UWB, serving hundreds of customers and powering more than 4.5 billion wireless IoT devices. Yet again, we are the first IP provider to achieve Bluetooth SIG qualification for the latest standard including all optional features, ensuring our customers can get to market quickly, with less risk and lowest cost."CEVA's RivieraWaves Bluetooth 5.4 is the first IP platform to achieve SIG qualification that includes all features of the standard, including Periodic Advertising with Responses (PAwR) and Encrypted Advertising Data (EAD), both of which are required to address the ESL market opportunity. Smart Retail is increasingly adopting ESLs that contain information such as pricing, offers and promotions, inventory status, and product details. This adoption will be greatly accelerated by the availability of a low cost, standard-based communication technology. With Bluetooth 5.4, the mature Bluetooth connectivity technology is enhanced to deliver an optimized, secure and energy-efficient network to accommodate potentially thousands of ESLs and other authenticated devices, delivering substantial real-world economic benefits in the process.Story continuesAbout RivieraWaves BluetoothCEVA's RivieraWaves Bluetooth IP platforms provide comprehensive solutions for both Bluetooth LE and Bluetooth dual mode connectivity, spanning RF, Modem, Baseband Controller, and complete Host and Profile software stacks. All the latest features of Bluetooth are supported, including LE Audio / Auracast, Periodic Advertising with Response, and other enhancements such as Channel Sounding. With more than 3.5 billion devices shipped to date and dozens of licensees, the RivieraWaves Bluetooth IP is widely deployed in consumer, automotive, industrial and IoT devices with many of the world's leading semiconductors companies and OEMs, including smartphones, tablets, beacons, wireless speakers, wireless headsets and earbuds, hearing aids and other wearables. For more information on RivieraWaves Bluetooth IP platforms, go to https://www.ceva-dsp.com/product/rivierawaves-bluetooth-platforms/.About CEVA, Inc. CEVA is the leading licensor of wireless connectivity and smart sensing technologies and custom SoC solutions for a smarter, safer, connected world. We provide Digital Signal Processors, AI engines, wireless platforms, cryptography cores and complementary embedded software for sensor fusion, image enhancement, computer vision, spatial audio, voice input and artificial intelligence. These technologies are offered in combination with our Intrinsix IP integration services, helping our customers address their most complex and time-critical integrated circuit design projects. Leveraging our technologies and chip design skills, many of the world's leading semiconductors, system companies and OEMs create power-efficient, intelligent, secure and connected devices for a range of end markets, including mobile, consumer, automotive, robotics, industrial, aerospace & defense and IoT.Our DSP-based solutions include platforms for 5G baseband processing in mobile, IoT and infrastructure, advanced imaging and computer vision for any camera-enabled device, audio/voice/speech and ultra-low-power always-on/sensing applications for multiple IoT markets. For motion sensing solutions, our Hillcrest Labs sensor processing technologies provide a broad range of sensor fusion software and inertial measurement unit ("IMU") solutions for markets including hearables, wearables, AR/VR, PC, robotics, remote controls and IoT. For wireless IoT, our platforms for Bluetooth connectivity (low energy and dual mode), Wi-Fi 4/5/6 (802.11n/ac/ax), Ultra-wideband (UWB), NB-IoT and GNSS are the most broadly licensed connectivity platforms in the industry.Visit us at www.ceva-dsp.com and follow us on Twitter, YouTube, Facebook,, LinkedIn and Instagram.Logo: https://mma.prnewswire.com/media/74483/ceva__inc__logo.jpg CisionView original content:https://www.prnewswire.com/news-releases/ceva-bluetooth-5-4-ip-achieves-sig-qualification-includes-new-features-to-address-rapidly-growing-electronic-shelf-label-esl-market-301918837.htmlSOURCE CEVA, Inc.

PR Newswire

CEVA Bluetooth® 5.4 IP Achieves SIG Qualification, Includes New Features to Address Rapidly Growing Electronic Shelf Label (ESL) Market

https://finance.yahoo.com/news/ceva-bluetooth-5-4-ip-110000306.html

82d98e19-9730-3a83-94d8-20699dc0bf76

CF

CF Industries Holdings Inc (NYSE:CF) has experienced a daily gain of 4.36% and a 3-month gain of 30%. With an Earnings Per Share (EPS) (EPS) of 12.08, the question arises: is the stock fairly valued? This article will delve into a detailed valuation analysis of CF Industries Holdings, providing valuable insights for potential investors.Company IntroductionCF 30-Year Financial DataThe intrinsic value of CFCF Industries Holdings Inc, a leading producer and distributor of nitrogen fertilizers, operates seven nitrogen facilities in North America and holds joint venture interests in the United Kingdom and Trinidad and Tobago. The company primarily uses low-cost U.S. natural gas as its feedstock, making it one of the lowest-cost nitrogen producers globally. CF Industries Holdings is also investing in carbon-free blue and green ammonia, an alternative fuel to hydrogen or a means to transport hydrogen.At its current price of $82.66 per share, CF Industries Holdings has a market cap of $15.90 billion. The GF Value, an estimation of the company's fair value, is $89.07. This comparison sets the stage for a deeper exploration of the company's value.CF Industries Holdings (CF): A Comprehensive Analysis of Its Market ValueSummarizing the GF ValueThe GF Value represents the current intrinsic value of a stock, derived from GuruFocus' exclusive method. It is calculated based on historical trading multiples, the GuruFocus adjustment factor based on the company's past returns and growth, and future estimates of the business performance. The GF Value Line on our summary page gives an overview of the fair value that the stock should be traded at.CF Industries Holdings (NYSE:CF) stock is estimated to be fairly valued based on the GuruFocus Value calculation. If the price of a stock is significantly above the GF Value Line, it is overvalued and its future return is likely to be poor. On the other hand, if it is significantly below the GF Value Line, its future return will likely be higher. Therefore, as CF Industries Holdings is fairly valued, the long-term return of its stock is likely to be close to the rate of its business growth.Story continuesCF Industries Holdings (CF): A Comprehensive Analysis of Its Market ValueLink: These companies may deliver higher future returns at reduced risk.Financial StrengthInvesting in companies with poor financial strength has a higher risk of permanent loss of capital. Thus, it is important to carefully review the financial strength of a company before deciding whether to buy its stock. Looking at the cash-to-debt ratio and interest coverage is a great starting point for understanding the financial strength of a company. CF Industries Holdings has a cash-to-debt ratio of 0.99, which is better than 57.81% of 237 companies in the Agriculture industry. GuruFocus ranks the overall financial strength of CF Industries Holdings at 7 out of 10, which indicates that the financial strength of CF Industries Holdings is fair.CF Industries Holdings (CF): A Comprehensive Analysis of Its Market ValueProfitability and GrowthCompanies that have been consistently profitable over the long term offer less risk for investors who may want to purchase shares. Higher profit margins usually dictate a better investment compared to a company with lower profit margins. CF Industries Holdings has been profitable 9 over the past 10 years. Over the past twelve months, the company had a revenue of $8.70 billion and Earnings Per Share (EPS) of $12.08. Its operating margin is 41.09%, which ranks better than 95.63% of 229 companies in the Agriculture industry. Overall, the profitability of CF Industries Holdings is ranked 9 out of 10, which indicates strong profitability.Growth is probably the most important factor in the valuation of a company. GuruFocus research has found that growth is closely correlated with the long term stock performance of a company. A faster growing company creates more value for shareholders, especially if the growth is profitable. The 3-year average annual revenue growth of CF Industries Holdings is 38.3%, which ranks better than 83.49% of 218 companies in the Agriculture industry. The 3-year average EBITDA growth rate is 53.9%, which ranks better than 84.13% of 208 companies in the Agriculture industry.ROIC vs WACCOne can also evaluate a company's profitability by comparing its return on invested capital (ROIC) to its weighted average cost of capital (WACC). Return on invested capital (ROIC) measures how well a company generates cash flow relative to the capital it has invested in its business. The weighted average cost of capital (WACC) is the rate that a company is expected to pay on average to all its security holders to finance its assets. If the return on invested capital exceeds the weighted average cost of capital, the company is likely creating value for its shareholders. During the past 12 months, CF Industries Holdings's ROIC is 28.16 while its WACC came in at 10.19.CF Industries Holdings (CF): A Comprehensive Analysis of Its Market ValueConclusionIn short, the stock of CF Industries Holdings (NYSE:CF) is estimated to be fairly valued. The company's financial condition is fair and its profitability is strong. Its growth ranks better than 84.13% of 208 companies in the Agriculture industry. To learn more about CF Industries Holdings stock, you can check out its 30-Year Financials here.To find out the high quality companies that may deliver above average returns, please check out GuruFocus High Quality Low Capex Screener.This article first appeared on GuruFocus.

GuruFocus.com

CF Industries Holdings (CF): A Comprehensive Analysis of Its Market Value

https://finance.yahoo.com/news/cf-industries-holdings-cf-comprehensive-153344797.html

4d59b210-128e-3de7-bae1-b1f7630fe71f

CF

CF Industries Holdings Inc (NYSE:CF) has recently been in the spotlight, drawing interest from investors and financial analysts due to its robust financial stance. With shares currently priced at $82.33, CF Industries Holdings Inc has witnessed a surge of 3.94% over a period, marked against a three-month change of 30%. A thorough analysis, underlined by the GuruFocus Score Rating, suggests that CF Industries Holdings Inc is well-positioned for substantial growth in the near future.Warning! GuruFocus has detected 4 Warning Signs with COO. Click here to check it out. CF 30-Year Financial DataThe intrinsic value of CFUnveiling the Investment Potential of CF Industries Holdings Inc (CF): A Comprehensive AnalysisDecoding the GF ScoreThe GF Score is a stock performance ranking system developed by GuruFocus using five aspects of valuation, which has been found to be closely correlated to the long-term performances of stocks by backtesting from 2006 to 2021. The stocks with a higher GF Score generally generate higher returns than those with a lower GF Score. Therefore, when picking stocks, investors should invest in companies with high GF Scores. The GF Score ranges from 0 to 100, with 100 as the highest rank.CF Industries Holdings Inc has been assigned the following ranks:1. Financial strength rank: 7/102. Profitability rank: 9/103. Growth rank: 10/104. GF Value rank: 6/105. Momentum rank: 5/10Each one of these components is ranked and the ranks also have positive correlation with the long term performances of stocks. The GF score is calculated using the five key aspects of analysis. Through backtesting, we know that each of these key aspects has a different impact on the stock price performance. Thus, they are weighted differently when calculating the total score. With high ranks in financial strength, profitability, and growth, and moderate ranks in GF value and momentum, GuruFocus assigned CF Industries Holdings Inc the GF Score of 93 out of 100, which signals the highest outperformance potential.Understanding CF Industries Holdings Inc BusinessCF Industries is a leading producer and distributor of nitrogen fertilizers. The company operates seven nitrogen facilities in North America and holds joint venture interests in further production capacity in the United Kingdom and Trinidad and Tobago. CF makes nitrogen primarily using low-cost U.S. natural gas as its feedstock, making CF one of the lowest-cost nitrogen producers globally. The company is also investing in carbon-free blue and green ammonia, which can be used an alternative fuel to hydrogen or as a means to transport hydrogen.Story continuesWith a market cap of $15.89 billion and sales of $8.72 billion, CF Industries Holdings Inc has an operating margin of 41.09%. This robust financial position is reflected in the company's income breakdown:Unveiling the Investment Potential of CF Industries Holdings Inc (CF): A Comprehensive AnalysisFinancial Strength BreakdownAccording to the Financial Strength rating, CF Industries Holdings Inc's robust balance sheet exhibits resilience against financial volatility, reflecting prudent management of capital structure. The Interest Coverage ratio for CF Industries Holdings Inc stands impressively at 39.35, underscoring its strong capability to cover its interest obligations. With a favorable Debt-to-Revenue ratio of 0.37, CF Industries Holdings Inc's strategic handling of debt solidifies its financial health.Profitability Rank BreakdownThe Profitability Rank shows CF Industries Holdings Inc's impressive standing among its peers in generating profit. CF Industries Holdings Inc Operating Margin has increased (205.51%) over the past five years. Furthermore, CF Industries Holdings Inc's Gross Margin has seen a consistent rise over the past five years, underscoring the company's growing proficiency in transforming revenue into profit.Growth Rank BreakdownRanked highly in Growth, CF Industries Holdings Inc demonstrates a strong commitment to expanding its business. The company's 3-Year Revenue Growth Rate is 38.3%, which outperforms better than 83.49% of 218 companies in the Agriculture industry. Moreover, CF Industries Holdings Inc has seen a robust increase in its earnings before interest, taxes, depreciation, and amortization (EBITDA) over the past few years.Unveiling the Investment Potential of CF Industries Holdings Inc (CF): A Comprehensive AnalysisConclusionWith its strong financial strength, profitability, and growth metrics, the GuruFocus Score Rating highlights CF Industries Holdings Inc's unparalleled position for potential outperformance. This analysis suggests that CF Industries Holdings Inc is a promising investment opportunity for value investors seeking robust returns.GuruFocus Premium members can find more companies with strong GF Scores using the following screener link: GF Score ScreenThis article first appeared on GuruFocus.

GuruFocus.com

Unveiling the Investment Potential of CF Industries Holdings Inc (CF): A Comprehensive Analysis

https://finance.yahoo.com/news/unveiling-investment-potential-cf-industries-160324451.html

e4fdd056-0a92-3401-bdb1-659b7a67a0a9

CFB

ParticipantsBenjamin Russell Clouse; CFO; CrossFirst Bankshares, Inc.Michael J. Maddox; President, CEO & Director; CrossFirst Bankshares, Inc.Michael John Daley; CAO; CrossFirst Bankshares, Inc.W. Randall Rapp; President & Director; CrossFirst BankAndrew Brian Liesch; MD & Senior Research Analyst; Piper Sandler & Co., Research DivisionBrady Matthew Gailey; MD; Keefe, Bruyette, & Woods, Inc., Research DivisionMatthew Covington Olney; MD & Analyst; Stephens Inc., Research DivisionMichael Edward Rose; MD of Equity Research; Raymond James & Associates, Inc., Research DivisionPresentationOperatorGood day, and welcome to the CrossFirst Bankshares, Inc. Second Quarter 2023 Earnings Conference Call. (Operator Instructions) I would now like to turn the conference over to Mike Daley, Chief Accounting Officer and Head of Investor Relations. Please go ahead.Michael John DaleyGood morning, and welcome to CrossFirst Bankshares Second Quarter 2023 Earnings Conference Call.Before we begin, please be aware this call will include forward-looking statements, including statements about our business plans, expansion and growth opportunities, expected acquisition of Canyon Bancorporation, Inc. and our future financial performance. These comments are based on our current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from these statements. Our forward-looking statements are as of the date of this call, and we do not assume any obligation to update or revise them, except as required by law. Statements made on this call should be considered together with the risk factors identified in our earnings release and our other filings with the SEC. We may also refer to adjusted or non-GAAP financial measures. A reconciliation of non-GAAP financial measures to GAAP financial measures can be found in our earnings release. These non-GAAP financial measures are not meant to be a substitute for or superior to financial measures prepared in accordance with GAAP. Our presentation will include prepared remark from Mike Maddox, President and CEO of CrossFirst Bankshares; Randy Rapp, President of CrossFirst Bank; and Ben Clouse, CFO of CrossFirst Bankshares. At the conclusion of our prepared remarks, our operator, Betsy, will facilitate a Q&A session. At this time, I would like to turn the call over to Mike, who will begin on Slide 4 of the presentation available on our website and filed with our earnings release. Mike?Story continuesMichael J. MaddoxThank you, Mike. I look forward to this opportunity to share an update on our second quarter results. It has been an unprecedented and challenging time for the banking industry. But despite all the recent turmoil, we continue to focus on delivering value to our clients, employees, shareholders and communities. Deposit stability and liquidity are top of mind for investors, and our financial results reflect the benefits of our relationship-driven business model, balanced business mix, high-quality client base, desirable growing markets and the relentless efforts of our extraordinary team. During the past quarter, we delivered a consistent level of earnings, grew our capital, managed our growth and optimized our expense base, all focused toward delivering long-term value and making our company even stronger. We will continue to take a measured approach to expenses to drive efficiency improvement and gain additional operating leverage as we grow. Our team delivered adjusted net income of $17.3 million or $0.35 per share for the quarter. Margin was compressed as cost of funds increased higher than our earning asset yields. As the Federal Reserve continues to rein in inflation, we expect that margin will continue to be pressured. However, we remain optimistic that we will see margins stabilize, given our largely variable loan portfolio and expectations for slower asset growth the rest of this year. As expected, our loan growth moderated this quarter as the economy slows and we become even more selective on new lending opportunities. Our deposit base remains stable despite the volatility in the industry. Our focus on relationship banking and building strong customer relationships continues to serve us well. We had a nice increase in fee-based revenue this quarter, led by our new SBA lending team, a highlight of the acquisition we completed last year. While our loan and deposit growth have historically been very strong, strategically, we continue to focus on fee income generation to diversify our revenue and enhance our profitability. We are monitoring our loan portfolio for signs of stress and are pleased with the stability of our credit quality this quarter. We also continue to build reserves and Randy will cover more details on credit in his remarks. Our team remains focused on serving our clients, monitoring credit quality and executing our strategic initiatives. We started the year with a successful implementation of our digital banking platform, completing the system conversion for our Colorado and New Mexico acquisition and immediately following entered into a definitive agreement with Canyon Community Bancorporation and its wholly owned subsidiary, Canyon Community Bank in Tucson, Arizona. I am excited to share that we have received regulatory approval to close on the acquisition of Canyon. We are working towards closing and planning for integration and look forward to welcoming new clients and team members. We believe the acquisition of Canyon will be complementary to our existing geographic footprint in the Arizona market. The acquisition is expected to provide liquidity, lower cost deposits and an attractive means to further expansion goals in Arizona. In June, we opened our fourth bank in the Dallas area, conveniently located in Preston Center where we see an opportunity to build relationships and grow deposits. Since we entered the Texas market in 2016, we continue to expand our presence to serve the greater metropolitan area, which also includes bank locations in Frisco and Fort Worth. We will continue to work towards scaling and optimizing the investments we have made and remain focused on driving long-term profitability and shareholder return. Our focus continues to be on efficiency and driving operating leverage. We have made the investments in people, technology and locations necessary to drive strong, continued organic growth. We are working through a challenging time in the overall banking industry, but I am confident in our team's ability to deliver for our clients while building franchise value. Optimizing our investments is important and we made progress in the second quarter that should provide for continued earnings improvement in the quarters to come. And now I'd like to turn the call over to our President of CrossFirst Bank, Randy Rapp.W. Randall RappThanks, Mike, and good morning, everyone. In Q2, we continued to intentionally slow loan growth and remained highly focused on deposit generation and fee income. We operated for a full quarter with our new digital banking platform and a full quarter integrated with our Colorado and New Mexico teams, which includes SBA and residential mortgage. We are actively monitoring our loan portfolio and market conditions to assess the impact of higher interest rates on our borrowers. Turning to Q2 highlights. We slowed our loan growth activity but still reported total loan growth of $149 million, a growth rate of almost 3% for the quarter or 11% on an annualized basis. The increase was balanced across C&I, owner-occupied real estate and energy. Year-to-date, loans have increased 8% with the growth well diversified across our lending areas of focus. During the quarter, we continued to see growth from areas we have recently made investments in talent, including restaurant finance, energy, Phoenix and the Colorado markets. Although we had strong loan activity, we are strictly adhering to our underwriting standards, incorporating the impact of higher interest rate environment and continued economic uncertainty. Approximately 70% of the loan portfolio is on floating rates that continues to reprice as market rates increase, and we have completed the transition of nearly all transactions tied to a LIBOR index. We continue to see opportunities to price loans at widened spreads while maintaining our underwriting standards. Average C&I line utilization for the quarter was 46%, consistent with the prior quarter, and portfolio churn increased slightly and is now at the historical average level. We expect portfolio churn to increase slightly over the next several quarters. Our loan portfolio continues to remain diversified with a 42% concentration in commercial real estate and 45% concentration in C&I and owner-occupied real estate. Energy exposure is now $233 million or 4% of the total portfolio. This portfolio remains approximately 60% weighted to oil with the remaining exposure primarily in natural gas. Turning to Slide 6. There remains good diversity within each of those portfolios with the highest CRE property type, industrial, accounting for 17% of total CRE exposure and the largest industry segment in C&I being manufacturing at 11% of C&I exposure. Total office exposure is $312 million or 5% of total loans. The average office loan is $7 million, and the largest is $25 million. The average loan to value is 58%, and the majority of this portfolio is suburban office. Although we follow our strongest sponsors to other markets, the majority of the exposure is in footprint, centered in North Texas, Kansas City and Colorado. For the quarter, deposits increased 4.5% to $6.1 billion, up $263 million from the previous quarter. Ben will cover additional deposit portfolio statistics in his remarks. Client deposit generation with an emphasis on demand deposits remains a key area of focus for our company. We are executing a multifaceted strategy that consists of targeted calling efforts in our markets and lines of business, continued investment in treasury management products and personnel, investments in new locations like Preston Center in Dallas, increasing deposit penetration in newer markets like Phoenix and Denver and enhanced incentive compensation tied directly to deposit generation while evaluating potential new deposit verticals. In short, our growth to this point has been built on the foundation of relationship banking, and that remains a strength going forward. Moving to credit highlights. On Slide 7. For Q2, we reported an increase in nonperforming assets of $2.1 million to $13.3 million, resulting in a nonperforming asset to total asset ratio of 0.19%. The increase was due primarily to 2 C&I credits moving to nonperforming. The nonperforming portfolio is primarily C&I with very minimal energy exposure. This ratio remains down from 0.54% from the same period in 2022. During the quarter, we sold the only remaining ORE property and now have no ORE. Classified assets to capital plus combined reserves ended Q2 at 9.6%, which is relatively flat compared to the end of Q1. For the quarter, we reported net charge-offs of $603,000, resulting in a net charge-off rate of 4 basis points on an annualized basis and 7 basis points on a trailing 12-month basis. On Slide 7, at quarter end, we reported an allowance for credit loss to total loan ratio of 1.17%, and combined allowance for credit loss and reserve for unfunded commitments of 1.3%. For the quarter, we reported provision expense of $2.6 million, resulting in a provision to charge-off rate of 438%. Provision was slightly lower than Q1 driven primarily by lower loan growth during the quarter and improved credit metrics. With a total ACL of $68 million, our current ACL to nonperforming loan ratio is 508%. We remain highly focused on maintaining good credit metrics moving forward. We continue to heavily scrutinize the loan portfolio to assess the impact of higher interest rates and inflation on our clients. We are confident in our underwriting standards and proven sponsors who have significant equity contributions, but could see some grade migration in certain sectors of the CRE portfolio as many projects are faced with higher interest rates, operating costs and property taxes. We expect our loan growth rate to continue to moderate in the last half of 2023 and will remain focused on deposit generation and fee income growth. I will now turn the call over to Ben to cover the financial results in more detail. Ben?Benjamin Russell ClouseThanks, Randy, and good morning, everyone. GAAP net income this quarter was $16 million or $0.33 per share, which included some acquisition and severance costs. Adjusted net income was $17.3 million or $0.35 per share. Both GAAP and adjusted net income were consistent with the prior quarter as margin pressure was offset by lower provision and noninterest expenses as well as higher noninterest income. Our adjusted return on average assets was 1% and adjusted return on average equity was 10.7%. We acknowledged the profitability compression from the lower margin and took several expense actions in the quarter to drive higher profitability in the future. Net interest income on a fully tax equivalent basis declined $3.7 million or 6% from the first quarter due to higher cost of funds outpacing the benefits of higher average earning assets, higher loan yields and 1 additional day. Average earning assets increased $222 million compared to the prior quarter. The yield on loans increased 31 basis points due to repricing as well as higher yields on new loans. The cost of funds increased 75 basis points due to continued pressure on deposits as well as the mix of deposits shifting into higher cost products as anticipated. As I noted last quarter, we had the benefit of some additional noninterest-bearing deposits through most of the first quarter that were deployed by clients. The change in those balances was a contributor to the decline in net interest income. Fully tax equivalent net interest margin narrowed 38 basis points compared to the prior quarter to 3.27%. We expect margin to remain in a range of 3.2% to 3.35% for the full year. Our balance sheet is only slightly sensitive through the anticipated 25 to 50 basis point rate moves expected this year and with lower anticipated loan growth, we don't expect as great of a need to add higher cost deposits going forward. We updated our presentation of loan categories this quarter to better reflect how we manage the portfolios and better align with peers. Turning to Slide 9. Our percentage of demand deposits declined slightly this quarter and was 15% of total deposits at quarter end. The balance of noninterest-bearing deposits held up fairly well with the decline in the ratio partially attributable to the growth of our balance sheet. As I noted, we had a level of elevated demand deposits through most of the first quarter, but we continue to experience good client retention with no significant client losses this quarter. Our total cost of funds was 3.41% for the quarter. Our total non-maturity deposit beta against rate increases through the second quarter remained about 65%, in line with our expectations. Our deposit base remained consistent with the prior quarter in terms of diversification and composition. Our effective uninsured deposits percentage improved slightly from 35% to 32% when considering pass-through accounts. Our deposit concentration across the top 25 clients also improved to 20% this quarter from 23%. As we have managed through this rate cycle, we have realized the majority of our deposit beta expectations in our results already. While we acknowledge competition for deposits will persist, we believe we are nearing the peak of deposit pricing, allowing us to defend our NIM as we move forward from here. Noninterest income was $5.8 million for the quarter, increasing 31% or $1.4 million from first quarter. The primary drivers were gains on SBA loan sales and growth of fee income from both the acquisition and our legacy markets. The market was not favorable for SBA loan sales heading into 2023, but it has improved, and we are moving back to an originate and sell model with our enhanced SBA capabilities. Moving to Slide 12. Excluding acquisition and severance expenses in both the first and second quarters, noninterest expense declined $800,000 or 2%. Going forward, we are focused on driving additional efficiencies and gaining operating leverage. At the end of the quarter, we reduced head count by about 5% and have also identified additional anticipated net savings in noninterest expense. Accordingly, we anticipate noninterest expenses to be in a range of $34 million to $35 million per quarter for the back half of 2023. Our tax rate was 21% for the quarter, and we expect the tax rate to remain in the range of 20% to 22% for the year. At the end of the quarter, stockholders' equity totaled $651 million, with the increase being driven by earnings, partially offset by an increase in the unrealized loss on available-for-sale securities. As of quarter end, we are well capitalized under all capital ratios. We were able to advance our goal of building capital this quarter as we saw moderating asset growth, strong earnings and an anticipated decline in unfunded commitments. We are continuing to work toward 11% total risk-based capital and 10% CET1 ratios. Our liquidity remains strong, consistent with the prior quarter with some modest improvement to 36% of assets. As we outlined on Slide 13, we have significant liquidity of approximately $2.6 billion from on- and off-balance sheet sources. In addition to our cash on the balance sheet, our 100% AFS investment portfolio includes $282 million that can be pledged to the FHLB and we have an additional $169 million of securities we could sell today at a net gain. We also have multiple sources of additional off-balance sheet liquidity, including capacity at the FHLB, Federal Reserve, Fed funds and other wholesale funding sources, totaling approximately $1.5 billion. Slide 14 outlines the composition of our investment portfolio. We have continued to increase the liquidity in our portfolio with an ongoing moderate shift in the ratio of munis. Lastly, as Mike mentioned, we anticipate closing the acquisition of Canyon in the third quarter and are actively working on post-closing integration efforts. We expect the deal will provide additional liquidity, continued partnership opportunity with the seller and earnings accretion of $0.02 to $0.03 on a run rate basis. The consideration for this deal is expected to be less than book value with about 1% tangible book value dilution and an anticipated earn back of about a year. It will add about $200 million in assets and will have a minimal impact on our capital ratios. In summary, for the quarter, we shifted our cost base to fit a lower growth environment, continued to see steady credit quality and held our client deposits stable, leading to a consistent level of earnings in a tough environment. Operator, we are now ready to begin the question-and-answer portion of the call.Question and Answer SessionOperatorWe will now begin the question-and-answer session. (Operator Instructions) The first question today comes from Brady Gailey with KBW.Brady Matthew GaileyIf you look in fee income, the gain on the sale of loans was up pretty nicely. I think I heard Ben say you've shifted SBA to an originate and sell model now. So that $1.2 million, is that -- was that like a really good quarter? Or is that a good run rate? Like how do you think about gain on the sale of loans going forward?Benjamin Russell ClouseBrady, it's Ben. That -- you're correct, about $1.2 million. That was a really good quarter with a little bit of pent-up demand and our expectation would be about half of that on a run rate basis for the next couple of quarters.Brady Matthew GaileyOkay. All right. And then I heard -- I know energy is not huge at CrossFirst. I think it's only like 4% of loans. And then I think I heard it's 60% oil, 40% nat gas. And we are seeing some lenders to the nat gas space that they're seeing some credit quality issues. Are you also -- I know that's a pretty small percent of your loan book, especially when you're looking just at natural gas. Are you all seeing any sort of credit weakness there? .W. Randall RappBrady, this is Randy. No, we're really not. I mean the energy portfolio is -- credit metrics are holding in very well. And one thing that I think you'll see in our portfolio is a little bit lower advance rate, a little higher hedging percentage to try and take some of that price movement off the table. So Brady, we're really not seeing migration there.Brady Matthew GaileyOkay. And then growth is slowing. So you guys are seeing increases in your capital ratios. I think you're only like 30 basis points away from your targeted 11% total risk base and about 50 basis points away from your targeted 10% common equity Tier 1. So as you get closer to those targets, do you start to consider a share buyback just given the stock is trading at roughly 90% of tangible book value?Michael J. MaddoxYes, Brady, I think that's a good question. And we have an authorized buyback plan. And as you've said, I mean, right now, we're focused on building capital and being fairly conservative. But once we get to kind of some of those levels, we will certainly consider that. And if our stock continues to trade at a discounted rate, we will take advantage of that.Brady Matthew GaileyOkay. All right. Great. Thanks for the color.OperatorThe next question comes from Michael Rose with Raymond James.Michael Edward RoseJust wanted to go back to some of the commentary around the margin to kind of square it with kind of the guidance for the year. So I appreciate the revised outlook for the margin. I understand there's a lot of moving pieces, but the range is still pretty wide, and we have 2 quarters left for the year. You did talk about betas reaching kind of terminal values here in the relatively short term, slowing loan growth, which obviously would help a little bit, but it still has a pretty wide range of outcomes, just given the range. Can you just help us walk through kind of what your base case would be? And then what would cause you to be kind of above or below? I think I can guess, but we'd just love to put a finer point on it.Benjamin Russell ClouseYes. Michael, it's Ben. So our model, I would tell you is in the upper end of that range on a static balance sheet. So the biggest question mark would be, can we hold our current deposit base and mix. And then as you well know, DDA is incredibly important. And so we had some clients deploy some DDA at the very end of the first quarter. We haven't seen DDA frankly move a whole lot this whole quarter, which is great and would support us being toward the upper end of our range. I'll let Mike or Randy comment further on loan growth, of course, which is the other piece of that equation. But as we've said, we really expect that to moderate and the other impact that will have on NIM is we won't need to be as aggressive on adding deposits at the top end of the price range to fund loan growth like we had to certainly in first quarter and then a little bit of momentum into the second quarter. Mike or Randy, I don't know if you want to say anything further?Michael J. MaddoxMichael, I'd just add on a positive note on NIM, I feel like our DDA balances have stabilized. As Ben talked about, we had 2 large customers who had exits of their businesses in the first quarter. We had a lot of DDA sitting there. We knew that was going to transition out into other investments and it did. So that changed our mix a bit in the second quarter. But I do think our DDA balances have stabilized. I think some of our loan yields will catch up as we have renewals and refinancing. So I anticipate our loan yields ought to improve through the rest of the year. So I'm hopeful that we've kind of seen a bottoming of margin and that we may be able to get it going back the same direction. The other thing is I feel like we're getting closer to the end of the rate hiking cycle. And I think banks will be less -- there'll be less pressure on raising deposit costs. So I'm hopeful we can continue to keep our beta below where it's at today.W. Randall RappAnd then Michael, this is Randy. Finish it out on the loan yield side. As we're being more selective and slowing our loan growth, we really are focusing on spread. And where you saw spreads dip into the mid- to low 2s, you're now seeing those in the low to mid-3s. And so the loans we're adding to the portfolio now are at wider spreads than we've seen in the last 18 months.Michael Edward RoseVery helpful. I appreciate it. Just as a separate topic, I know you guys had done some trimming here in the quarter on the staffing levels. But in the slide, and as you mentioned, there's additional savings that you've identified. Just wanted to get a sense for color around what those are and what the magnitude could be both on a gross and then on a net basis, just I assume some of the savings will be redeployed in the franchise.Benjamin Russell ClouseYes. So Michael, all of that's incorporated in the guidance I gave, the $34 million to $35 million range. We obviously do have some costs that are escalating going against the gross number. But those are all inclusive. We were really focused on, obviously, things that are discretionary. So what are we doing in the marketing and business development space that could naturally slow down with lower asset growth. We're being very selective on training, travel, meeting costs, those sort of things and trying to be as efficient as we possibly can. So it's really across those categories. Going the other direction, we have a little bit higher FDIC assessment rate that we got at the beginning of the year. So that's pressure in the other direction. And then, of course, our balance sheet is bigger, so higher transaction volume, larger client base, in particular, as we fold in Central. So we have some costs there going the other way. But again, the $34 million to $35 million is all inclusive there. I think we had mentioned previously the compensation run rate adjustment was about $4 million on a run rate basis will, of course, only obtain $2 million of that savings in the second half of the year but have a little bit more opportunity as we think about 2024.Michael J. MaddoxYes, Mike, just to add, we've looked at every expense line item, and we are working hard to continue to improve our efficiency. That's going to happen in 2 ways. One, we're going to continue to take advantage of the operating leverage opportunity we have in our new markets. But we're also going to be very, very prudent on expenses. And we are very, very committed to getting that efficiency ratio down to a run rate in the low, low 50s by the end of the year, and we think we'll get there.Michael Edward RoseVery helpful. And then maybe just one final one for me. This is related to the acquisition. I assume it's going to close in the next couple of weeks, just given that you've gotten regulatory approval. But do you have a sense for what the accretable yield addition would be and if you have any sort of expectations for what the run rate would be for that once the deal closes over the next couple of quarters?Benjamin Russell ClouseYes, we anticipate closing here in the early part of August. As you said, we got regulatory approval, and we're lined up to do that. Our modeled expectation, of course, we haven't done a final valuation of the loan book, is about $4 million mark on their portfolio, and I would probably initially think about that over a 5-year period. I'm not smart enough to do that math in my head, but that would be essentially what our expectation would be out of the gate, Michael.OperatorThe next question comes from Matt Olney with Stephens.Matthew Covington OlneyI want to focus on the loan growth side. I appreciate Randy's comments on the pipelines and be more selective at this point. One of the things Randy mentioned was commentary around the portfolio churn. It sounds like that churn has moved higher, a little bit in the second quarter, now in line with historical levels. I think you also mentioned expectations for this to increase over the next few quarters. Just looking for any kind of additional color around that commentary?W. Randall RappMatt, it's Randy. We expect the churn to increase a bit in the CRE book. We're seeing the capital markets in that space a little more active, some of the refinance activity picking up, and we just know that from -- we have some visibility when clients call and say, hey, we're scheduled to pay this transaction off in 30 days, 60 days, a little more visibility into what that looks like moving forward. And we just see a little bit more of that activity than we had seen previously this year.Matthew Covington OlneyAnd just staying with that, Randy, any specific loan types or any kind of themes you can pick up on as far as the improved activity in that market? .W. Randall RappThe multifamily market seems to be pretty active. The agencies are -- have some good programs out there. And so some of the multifamily is churning a bit faster than it has so far this year.Matthew Covington OlneyOkay. I appreciate that. And then I guess on impact on the margin. I appreciate the commentary you guys (inaudible) there previously. Any more color on the incremental funding costs you're seeing today as you grow the loan book with the deposit specials or any color there?Benjamin Russell ClouseWell, I'll start. This is Ben, and Randy or Mike, please chime in. We're really focused on money market, which is primarily what our client base utilizes. We're obviously very, very commercial. We have done some CD specials and we've raised a little bit of money in CDs, but that's never been our primary focus. We're really concentrating on money market and DDA. Maybe I'll give the incremental color run rate or beginning rate out of the gate at the end of June on our current balance sheet is about $350 million for incremental deposits. And as I said, with a lower level of balance sheet growth, we don't anticipate as great of a need to add deposits at the higher cost range as we've had in the beginning of the year. .W. Randall RappMatt, it's Randy. I would just add, obviously, the deposit environment is highly competitive and we really think about -- you've got to pull multiple levers here. And with an emphasis on client deposits, and we have, as Ben said, run some CD specials that have been successful, making sure we're competitive in money market rates. First half of the year, we saw some rotation into the ICS product. That growth and rotation has slowed. And in the quarter, we opened net 1,100 new deposit accounts. So there's multiple channels there to look at as we grow our deposit base.Matthew Covington OlneyOkay. That's helpful. I appreciate the commentary. And then just lastly for me, on the Canyon deal, I think you mentioned that EPS impact upon closing something around $0.02 or $0.03 on an annualized basis, I assume. I thought we were looking for something previously a little bit north of that originally. Just any color on Canyon overall as far as their recent performance or recent fundamental trends.Benjamin Russell ClouseYes, they have remained very consistent. Their balance sheet has not changed with any significance. That's a very conservative number on their current balance sheet. I'll let Mike and Randy talk about the market a little bit further, but we think there's very significant opportunity for expansion within the Tucson market itself, just given their historical business model.Michael J. MaddoxMatt, I'd just say that's a pretty conservative number. We've been conservative on cost takeouts, and we've been very conservative on growth. We think we'll do better than that. But that's where we're modeling it today. And I think there's a great opportunity in Tucson. Tucson is 1 million people, and I think it's going to be a good banking market for us to compete in. And that market is seeing a lot of growth. So I think with our increased capacity and products that we'll be able to grow there faster than we're modeling.Operator(Operator Instructions) The next question comes from Andrew Liesch with Piper Sandler.Andrew Brian LieschI just wanted to touch base on the wholesale funding that was added late in the quarter. Just curious where -- what rates those were added at. And maybe if there's any full quarter effect on that, that could affect the margin here in the third quarter?Benjamin Russell ClouseAndrew, it's Ben. Wholesale is primarily for us. We're doing brokered deposits wherever we can find those on the most cost-effective basis. And for the quarter, those were happening in the 5s, in the low 5s. And so that's what I was referring to as funding for us on the top end of the pricing scale. We don't anticipate those will increase in the remainder of the year and will be steady or lower.Andrew Brian LieschGot it. You also mentioned that loan spreads though up to the low 3s. So I mean if I use this funding, are you saying maybe that you're getting loans yielding in the low 8s at this point? .W. Randall RappYes, this is Randy. Yes, that's correct. We're trying to make sure that the new loan production has an 8 in front of it.Andrew Brian LieschGot it. So I mean, if you saw the growth a little bit, loans in the low 8s, but then incremental funding may not be at the low 5s anymore, could see presumably some -- a lot less margin compression that we saw in the last quarter, which I think you were alluding to earlier, but am I looking at the math the right way?Michael J. MaddoxYou got it right, Andrew.Andrew Brian LieschGot it. Got it. You've covered all my other questions. I will step back, thanks.Michael J. MaddoxAll right. Thank you.OperatorThis concludes our question-answer session. I would like to turn the conference back over to Mike Maddox, President and CEO, for any closing remarks.Michael J. MaddoxWell, I just want to thank everybody for joining us this morning. We feel really good about our quarter amongst a lot of challenging backdrop in the macro environment. But really proud of our continued growth, our work on efficiency and operating leverage and our continued improvement in profitability. And also credit quality continues to be a highlight for us. So really proud of our team and the job everybody has done and really, really feel good about where we're positioned for the third and fourth quarters. So thank you, everybody, for joining us, and have a great day.OperatorThe conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Thomson Reuters StreetEvents

Q2 2023 CrossFirst Bankshares Inc Earnings Call

https://finance.yahoo.com/news/q2-2023-crossfirst-bankshares-inc-062602400.html

baeb6eb3-1eeb-3d19-b890-1df9fbae35b2

CFB

Value investing is easily one of the most popular ways to find great stocks in any market environment. After all, who wouldn’t want to find stocks that are either flying under the radar and are compelling buys, or offer up tantalizing discounts when compared to fair value?One way to find these companies is by looking at several key metrics and financial ratios, many of which are crucial in the value stock selection process. Let’s put CrossFirst Bankshares CFB stock into this equation and find out if it is a good choice for value-oriented investors right now, or if investors subscribing to this methodology should look elsewhere for top picks:PE RatioA key metric that value investors always look at is the Price to Earnings Ratio, or PE for short. This shows us how much investors are willing to pay for each dollar of earnings in a given stock, and is easily one of the most popular financial ratios in the world. The best use of the PE ratio is to compare the stock’s current PE ratio with: a) where this ratio has been in the past; b) how it compares to the average for the industry/sector; and c) how it compares to the market as a whole.On this front, CrossFirst Bankshares has a trailing twelve months PE ratio of 7.67, as you can see in the chart below:Zacks Investment ResearchImage Source: Zacks Investment ResearchThis level actually compares pretty favorably with the market at large, as the PE for the S&P 500 stands at about 20.99. If we focus on the long-term PE trend, CrossFirst Bankshares’ current PE level puts it below its midpoint (which is 11.97) over the past five years. Moreover, the current level stands well below the highs for the stock, suggesting that it can be a solid entry point.Zacks Investment ResearchImage Source: Zacks Investment ResearchFurther, the stock’s PE also compares favorably with the Zacks classified Finance sector’s trailing twelve months PE ratio, which stands at 14.35. At the very least, this indicates that the stock is relatively undervalued right now, compared to its peers.Story continuesZacks Investment ResearchImage Source: Zacks Investment ResearchWe should also point out that CrossFirst Bankshares has a forward PE  ratio (price relative to this year’s earnings) of just 7.82, which is higher than the current level. So, it is fair to expect an increase in the company’s share price in the near term.P/S RatioAnother key metric to note is the Price/Sales ratio. This approach compares a given stock’s price to its total sales, where a lower reading is generally considered better. Some people like this metric more than other value-focused ones because it looks at sales, something that is far harder to manipulate with accounting tricks than earnings.Right now, CrossFirst Bankshares has a P/S ratio of about 1.43. This is a bit lower than the S&P 500 average, which comes in at 3.76 right now. Also, as we can see in the chart below, this is well below the highs for this stock in particular over the past few years.Zacks Investment ResearchImage Source: Zacks Investment ResearchIf anything, this suggests some level of undervalued trading—at least compared to historical norms.Broad Value OutlookIn aggregate, CrossFirst Bankshares currently has a Zacks Value Style Score of ‘B’, putting it into the top 40% of all stocks we cover from this look. This makes CrossFirst Bankshares a solid choice for value investors, and some of its other key metrics make this pretty clear too.For example, the P/CF ratio (another great indicator of value) comes in at 6.59, which is far better than the industry average of 6.74. Clearly, CFB is a solid choice on the value front from multiple angles.What About the Stock Overall?Though CrossFirst Bankshares might be a good choice for value investors, there are plenty of other factors to consider before investing in this name. In particular, it is worth noting that the company has a Growth grade of ‘F’ and a Momentum score of ‘D’. This gives CFB a Zacks VGM score—or its overarching fundamental grade—of‘D’. (You can read more about the Zacks Style Scores here >>)Meanwhile, the company’s recent earnings estimates have been mixed at best. The current quarter has seen one estimate go higher in the past sixty days compared to one lower, while the full year estimate has seen one up and one down in the same time period.This has had just a small impact on the consensus estimate though as the current quarter consensus estimate remained unchanged in the past two months, while the full year estimate has inched lower by 0.7%. You can see the consensus estimate trend and recent price action  for the stock in the chart below:CrossFirst Bankshares, Inc. Price and ConsensusCrossFirst Bankshares, Inc. Price and ConsensusCrossFirst Bankshares, Inc. price-consensus-chart | CrossFirst Bankshares, Inc. QuoteThis somewhat mixed trend is why the stock has just a Zacks Rank #3 (Hold) and why we are looking for in-line performance from the company in the near term.Bottom LineCrossFirst Bankshares is an inspired choice for value investors, as it is hard to beat its incredible lineup of statistics on this front. However, with a sluggish industry rank (among Bottom 10% of more than 250 industries) and a Zacks Rank #3, it is hard to get too excited about this company overall. In fact, over the past two years, the Zacks Banks – Northeast industry has clearly underperformed the broader market, as you can see below:Zacks Investment ResearchImage Source: Zacks Investment ResearchSo, value investors might want to wait for estimates and analyst sentiment to turn around in this name first, but once that happens, this stock could be a compelling pick.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportCrossFirst Bankshares, Inc. (CFB) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Can Value Investors Choose CrossFirst Bankshares (CFB) Stock?

https://finance.yahoo.com/news/value-investors-choose-crossfirst-bankshares-133500350.html

0a925534-b6fe-3ed7-a0af-76093961f4b2

CFFN

Capitol Federal Financial (CFFN) came out with quarterly earnings of $0.06 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.16 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this holding company for Capitol Federal Savings Bank would post earnings of $0.10 per share when it actually produced earnings of $0.11, delivering a surprise of 10%.Over the last four quarters, the company has surpassed consensus EPS estimates just once.Capitol Federal , which belongs to the Zacks Financial - Savings and Loan industry, posted revenues of $40.56 million for the quarter ended June 2023, missing the Zacks Consensus Estimate by 5.95%. This compares to year-ago revenues of $56.1 million. The company has not been able to beat consensus revenue estimates over the last four quarters.The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.Capitol Federal shares have lost about 23.7% since the beginning of the year versus the S&P 500's gain of 19%.What's Next for Capitol Federal?While Capitol Federal has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.Story continuesAhead of this earnings release, the estimate revisions trend for Capitol Federal: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.05 on $40.25 million in revenues for the coming quarter and $0.34 on $181.6 million in revenues for the current fiscal year.Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Savings and Loan is currently in the bottom 3% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.Another stock from the same industry, New York Community Bancorp (NYCB), has yet to report results for the quarter ended June 2023. The results are expected to be released on July 27.This bank holding company is expected to post quarterly earnings of $0.32 per share in its upcoming report, which represents a year-over-year change of -8.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.New York Community Bancorp's revenues are expected to be $851.59 million, up 125.9% from the year-ago quarter.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportCapitol Federal Financial (CFFN) : Free Stock Analysis ReportNew York Community Bancorp, Inc. (NYCB) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

Zacks

Capitol Federal Financial (CFFN) Matches Q3 Earnings Estimates

https://finance.yahoo.com/news/capitol-federal-financial-cffn-matches-142502001.html

06913c60-a5e7-3d74-aeba-8f0633888805

CFFN

Key InsightsInstitutions' substantial holdings in Capitol Federal Financial implies that they have significant influence over the company's share priceThe top 5 shareholders own 50% of the company Insiders have bought recently To get a sense of who is truly in control of Capitol Federal Financial, Inc. (NASDAQ:CFFN), it is important to understand the ownership structure of the business. And the group that holds the biggest piece of the pie are institutions with 81% ownership. Put another way, the group faces the maximum upside potential (or downside risk).Since institutional have access to huge amounts of capital, their market moves tend to receive a lot of scrutiny by retail or individual investors. Therefore, a good portion of institutional money invested in the company is usually a huge vote of confidence on its future.In the chart below, we zoom in on the different ownership groups of Capitol Federal Financial. View our latest analysis for Capitol Federal Financial ownership-breakdownWhat Does The Institutional Ownership Tell Us About Capitol Federal Financial?Institutional investors commonly compare their own returns to the returns of a commonly followed index. So they generally do consider buying larger companies that are included in the relevant benchmark index.As you can see, institutional investors have a fair amount of stake in Capitol Federal Financial. This implies the analysts working for those institutions have looked at the stock and they like it. But just like anyone else, they could be wrong. If multiple institutions change their view on a stock at the same time, you could see the share price drop fast. It's therefore worth looking at Capitol Federal Financial's earnings history below. Of course, the future is what really matters.earnings-and-revenue-growthInstitutional investors own over 50% of the company, so together than can probably strongly influence board decisions. Hedge funds don't have many shares in Capitol Federal Financial. BlackRock, Inc. is currently the largest shareholder, with 15% of shares outstanding. In comparison, the second and third largest shareholders hold about 12% and 12% of the stock. In addition, we found that John Dicus, the CEO has 1.1% of the shares allocated to their name.Story continuesTo make our study more interesting, we found that the top 5 shareholders control more than half of the company which implies that this group has considerable sway over the company's decision-making.Researching institutional ownership is a good way to gauge and filter a stock's expected performance. The same can be achieved by studying analyst sentiments. While there is some analyst coverage, the company is probably not widely covered. So it could gain more attention, down the track.Insider Ownership Of Capitol Federal FinancialThe definition of company insiders can be subjective and does vary between jurisdictions. Our data reflects individual insiders, capturing board members at the very least. The company management answer to the board and the latter should represent the interests of shareholders. Notably, sometimes top-level managers are on the board themselves.Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group.We can report that insiders do own shares in Capitol Federal Financial, Inc.. In their own names, insiders own US$18m worth of stock in the US$850m company. Some would say this shows alignment of interests between shareholders and the board. But it might be worth checking if those insiders have been selling. General Public OwnershipThe general public, who are usually individual investors, hold a 11% stake in Capitol Federal Financial. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run.Next Steps:While it is well worth considering the different groups that own a company, there are other factors that are even more important. For example, we've discovered 2 warning signs for Capitol Federal Financial (1 shouldn't be ignored!) that you should be aware of before investing here.If you are like me, you may want to think about whether this company will grow or shrink. Luckily, you can check this free report showing analyst forecasts for its future.NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

With 81% ownership of the shares, Capitol Federal Financial, Inc. (NASDAQ:CFFN) is heavily dominated by institutional owners

https://finance.yahoo.com/news/81-ownership-shares-capitol-federal-104720136.html

890102b3-bdac-3ff0-90bc-64160a140648

CFG

(Bloomberg) -- US regional banks may need to raise significant amounts of additional debt to comply with new regulatory requirements, but the extra capital might not be enough to prevent future failures, according to research published Wednesday.Most Read from BloombergIndia’s Moment Has Arrived, and Modi Wants a New Global OrderFed Set to Double Its Economic Growth Forecast After Strong US DataSoaring US Dollar Raises Alarm as China, Japan Escalate FX PushbackStocks Retreat After Hot ISM Fuels Fed-Hike Wagers: Markets WrapImprisoned Billionaire’s Wealth Soars on 919% EV Stock RallyEighteen regional lenders might need $63 billion of new holding-company debt to comply with rules by the Federal Deposit Insurance Corp., the Federal Reserve and the Office of the Comptroller of the Currency, according to a note by Bloomberg Intelligence analysts Arnold Kakuda and Nicholas Beckwith.The regulations were drafted by the three agencies to safeguard financial institutions after a series of regional bank failures that began in March. The debt deficit of the banks — including the likes of Truist Financial Corp., PNC Financial Services Group and M&T Bank Corp. — could climb to $75 billion if regulators’ overhaul of Basel III is implemented, according to BI, referring to the international banking supervision group’s effort to refine its approach to capital rules.Under the new rules, banks with $100 billion of assets or more will need to issue enough long-term debt to cover capital losses in times of severe stress, requirements that previously only applied to bigger financial institutions. Regional banks with more than $250 billion of assets may have a $17 billion bail-in debt shortfall. Midsized regional banks with $100 billion to $250 billion of assets may also become more active debt issuers to tackle their potential debt shortfall of $46 billion.The rules are less onerous than previously expected, as regional firms won’t have to meet total loss-absorbing capacity requirements, which could have led to a shortfall of about $157 billion, according to BI. Still, impacted lenders will likely need to issue more bonds to meet the new regulations, with Truist, PNC, Citizens Financial Group Inc., M&T and First Citizens expected to lead the pack, they said.Story continuesA buffer of long-term debt like the one proposed by regulators would likely have prevented the collapse of Silicon Valley Bank earlier this year, FDIC Chairman Martin Gruenberg said during a public meeting at the end of August when regulators unveiled the proposals. “The agencies believe that the presence of a substantial layer of liabilities that absorbs losses ahead of uninsured depositors could have reduced the likelihood of those depositors running,” the FDIC and Fed said in a joint notice at the time.However, that logic assumes depositors understand and stay up-to-date on the bank’s capital structure, CreditSights strategist Jesse Rosenthal wrote in a note.“When panic strikes and there’s effectively zero cost for switching banks in the digital age, are fiduciaries (loosely defined) really going to take the risk?” Rosenthal wrote. “[Long-term debt] should lower the risk of uninsured depositors being locked out of their funds on the Monday after failure, but it doesn’t reduce it to zero by any stretch.”In other words, long-term debt requirements likely would not have prevented Silicon Valley Bank from collapsing, he wrote, nor would they have a significant or lasting impact on bank liquidity. The impact of the new regulations will more likely be felt in post-failure resolution by insulating the FDIC from losses after the bank has failed, according to Rosenthal.Truist, PNC, Citizens, M&T and First Citizens did not respond to requests for comment.Most Read from Bloomberg BusinessweekLyme Disease Has Exploded, and a New Vaccine Is (Almost) HereIs Carlos Alcaraz the Next Billion-Dollar Tennis Player?How a Tiny Mexican Border City Built a Budget Dental EmpireThe Hostile Takeover of Blue Cities by Red StatesCan You Name These Cities?©2023 Bloomberg L.P.

Bloomberg

Regional Banks May Need to Sell $63 Billion in Bonds Under Rule

https://finance.yahoo.com/news/regional-banks-may-sell-63-201810289.html

d11d3462-dc9d-3d34-9390-9fd839f20667

CFG

It looks like Citizens Financial Services, Inc. (NASDAQ:CZFS) is about to go ex-dividend in the next four days. The ex-dividend date is usually set to be one business day before the record date which is the cut-off date on which you must be present on the company's books as a shareholder in order to receive the dividend. The ex-dividend date is an important date to be aware of as any purchase of the stock made on or after this date might mean a late settlement that doesn't show on the record date. This means that investors who purchase Citizens Financial Services' shares on or after the 14th of September will not receive the dividend, which will be paid on the 29th of September.The company's next dividend payment will be US$0.49 per share, and in the last 12 months, the company paid a total of US$1.92 per share. Looking at the last 12 months of distributions, Citizens Financial Services has a trailing yield of approximately 3.8% on its current stock price of $51.11. Dividends are a major contributor to investment returns for long term holders, but only if the dividend continues to be paid. So we need to investigate whether Citizens Financial Services can afford its dividend, and if the dividend could grow. See our latest analysis for Citizens Financial Services Dividends are typically paid from company earnings. If a company pays more in dividends than it earned in profit, then the dividend could be unsustainable. That's why it's good to see Citizens Financial Services paying out a modest 43% of its earnings.When a company paid out less in dividends than it earned in profit, this generally suggests its dividend is affordable. The lower the % of its profit that it pays out, the greater the margin of safety for the dividend if the business enters a downturn.Click here to see how much of its profit Citizens Financial Services paid out over the last 12 months.historic-dividendHave Earnings And Dividends Been Growing?Companies that aren't growing their earnings can still be valuable, but it is even more important to assess the sustainability of the dividend if it looks like the company will struggle to grow. If earnings fall far enough, the company could be forced to cut its dividend. It's not encouraging to see that Citizens Financial Services's earnings are effectively flat over the past five years. We'd take that over an earnings decline any day, but in the long run, the best dividend stocks all grow their earnings per share.Story continuesMany investors will assess a company's dividend performance by evaluating how much the dividend payments have changed over time. Citizens Financial Services has delivered an average of 6.5% per year annual increase in its dividend, based on the past 10 years of dividend payments.To Sum It UpIs Citizens Financial Services an attractive dividend stock, or better left on the shelf? Citizens Financial Services has seen its earnings per share stagnate in recent years, although the company reinvests more than half of its profits in the business, which could bode well for its future prospects. Citizens Financial Services ticks a lot of boxes for us from a dividend perspective, and we think these characteristics should mark the company as deserving of further attention.So while Citizens Financial Services looks good from a dividend perspective, it's always worthwhile being up to date with the risks involved in this stock. In terms of investment risks, we've identified 4 warning signs with Citizens Financial Services and understanding them should be part of your investment process.If you're in the market for strong dividend payers, we recommend checking our selection of top dividend stocks.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

Citizens Financial Services (NASDAQ:CZFS) Could Be A Buy For Its Upcoming Dividend

https://finance.yahoo.com/news/citizens-financial-services-nasdaq-czfs-121102742.html

7c26faf3-2ba5-383f-bf5a-cf7d7809de8e

CFLT

MercadoLibre upgraded, PagerDuty downgraded: Wall Street's top analyst callsThe most talked about and market moving research calls around Wall Street are now in one place. Here are today's research calls that investors need to know, as compiled by The Fly.Top 5 Upgrades: New Street upgraded MercadoLibre (MELI) to Buy from Neutral with a price target of $1,650, up from $1,400. The analyst says the company remains a "uniquely well positioned asset" across e-commerce. MercadoLibre's market share gains in Brazil, its core market, have been material in the last 12 months and there is more to come with domestic players struggling to compete, the analyst tells investors in a research note. The firm says talk of Chinese vendor competition is likely overdone.DA Davidson upgraded AppFolio (APPF) to Buy from Neutral with a price target of $230, up from $155. The firm transitioned coverage to a new analyst with the upgrade. AppFolio holds a competitive advantage in the user-friendliness of its software and has multiple growth drivers from both expansion among existing clients and market penetration, the analyst tells investors in a research note.Citi upgraded Aramark (ARMK) to Buy from Neutral with a price target of $47, up from $45. With the stock down 6% in the last month, Aramark's valuation is attractive and the upcoming Uniforms spinoff event is a potentially positive catalyst, the analyst tells investors in a research note. Although execution risk remains in the context of the Uniforms separation and the "impressive rate" of new contract growth acting as a near-term margin drag, offsetting this is that the inflationary environment seems on the cusp of inflecting into favorable territory for Aramark, contends Citi.Guggenheim upgraded Eos Energy (EOSE) to Buy from Neutral with a $10 price target following yesterday's news that the Department of Energy has provided a $400M conditional loan commitment to the company. The "long-awaited" announcement marks the end of a lengthy technical and due diligence process and the loan guarantee should underpin an expansion to 8GWh in annual production capacity by mid-2026, the analyst tells investors. The firm's price target reflects its updated revenue and EBITDA outlook for 2025, arguing that the conditional commitment is significant as it signals that Eos has passed the LPO's due diligence process.Wedbush upgraded Papa John's (PZZA) to Outperform from Neutral with a price target of $95, up from $80. The firm's checks point to North America same-store sales growth trending above consensus in Q3 and beyond the quarter the firm views Papa's forward domestic same-store sales growth expectations as "realistic," the analyst tells investors. The margin trajectory could deliver operating margins ahead of current expectations and the firm is "not overly concerned" about Papa's medium- to longer-term unit growth trajectory, the analyst added.Story continuesTop 5 Downgrades: Telsey Advisory downgraded Dollar General (DG) to Market Perform from Outperform with a price target of $145, down from $185. The analyst is "disappointed" by the Q2 results, which the firm says reflected soft sales, poor execution, and ongoing investments. Telsey cites Dollar General's softer comp and profit outlook for the second half of 2023, which it believes is likely to continue into 2024, for the downgrade. Meanwhile, Loop Capital also downgraded Dollar General to Hold from Buy with a price target of $140, down from $200. The company "continued a troubling recent trend" in Q2 with the company's second "miss and lower" print of fiscal 2023, the analyst tells investors in a research note. In addition, Evercore ISI downgraded Dollar General to In Line from Outperform with a price target of $150, down from $185, and Raymond James downgraded Dollar General to Outperform from Strong Buy with a price target of $160, down from $200, following the Q2 report.Argus downgraded British American Tobacco (BTI) to Hold from Buy with no price target. While the management expects global tobacco volume to be down 2% in 2024, the stock has outperformed relative to the broader index and the Consumer Staples ETF (IYK) over the past three months, the analyst tells investors in a research note. The firm adds that it would consider returning British American Tobacco to the Buy list on signs of stronger sustained earnings growth from new categories.Baird downgraded PagerDuty (PD) to Neutral from Outperform with a price target of $25, down from $32. The company reported mixed Q2 results, with a revenue and earnings beat while billings were below guidance, the analyst tells investors in a research note. The revenue beat was not passed though and Q3 billings were guided weaker, says the firm. Baird cites the company's slower implied second half of fiscal 2024 growth and tougher first half of fiscal 2025 compares likely limiting upside for the downgrade.B. Riley downgraded Hersha Hospitality Trust (HT) to Neutral from Buy with a price target of $10, up from $9, after the company agreed to be acquired and taken private by KSL Partners for $10 per share in cash.Northland downgraded Allot Ltd. (ALLT) to Market Perform from Outperform with a price target of $3, down from $8. Despite an in-line topline report for Q2, Allot is lowering the midpoint calendar 2023 revenue guidance and the second half guidance indicates that DPI's "cash cow status has become questionable," the analyst tells investors. Verizon (VZ) SMB uptake as a catalyst to SECaaS ARR acceleration "remains possible," but looks "highly uncertain," the analyst added.Top 5 Initiations:Canaccord initiated coverage of Confluent (CFLT) with a Buy rating and $40 price target. In a rapidly growing, highly fragmented data streaming landscape, Confluent "stands out" with its Apache Kafka, a "ubiquitous open-source event streaming technology," the analyst tells investors. The vast majority of data streams in Confluent Cloud are linked downstream to some form of application code processing or reacting to that stream of data and the opportunity in stream processing with Flink "could be as large" as the core market, the analyst added.Needham initiated coverage of Veeco (VECO) with a Buy rating and $35 price target. The company's turnaround efforts are succeeding and the long-term growth driven by the adoption of Veeco's unique technologies such as laser anneal, ion beam deposition and advanced packaging lithography is transforming the company, the analyst tells investors in a research note. Investors should take a "fresh look" at Veeco shares as the company will look very different as its strategic turnaround progresses, the firm added.Raymond James initiated coverage of Ferguson (FERG) with an Outperform rating and $175 price target. Ferguson is a well positioned industrial distributor, with leading market positioning and scale advantages across "fragmented, complementary, and growing industries," the analyst tells investors in a research note. The firm believes the company's out-year growth will be supported by secular tailwinds and consistent demonstrated market outgrowth.Loop Capital initiated coverage of Builders FirstSource (BLDR) with a Buy rating and $180 price target. The company has a number of catalysts that support a "sustainable valuation re-rating moving forward," the analyst tells investors in a research note. Builders FirstSource' recent improvement in single-family housing starts will be a meaningful demand tailwind into 2024 and more than offset any moderation in multi-family construction next year, says the firm.BTIG initiated coverage of P3 Health Partners (PIII) with a Buy rating and $5 price target. P3 is a value-based-care organization that focuses exclusively on the Medicare Advantage space, the analyst tells investors in a research note. The firm believes the company is better positioned than some others because expectations for EBITDA are low and the P3 was already EBITDA-positive in Q2. In addition, since the company focuses exclusively on Medicare, and not Medicaid, its margin potential is much higher than some peers, contends BTIG.

The Fly

MercadoLibre upgraded, PagerDuty downgraded: Wall Street's top analyst calls

https://finance.yahoo.com/news/mercadolibre-upgraded-pagerduty-downgraded-wall-140007004.html

cdf16459-d0d9-3767-8be8-cfcf473e3bdd

CFLT

Data is the lifeblood of modern businesses, and the ability to process and analyze it in real time can give companies a competitive edge in the digital economy. The company is a leading provider of a data streaming platform that enables companies to analyze this kind of data in real time. It believes this new infrastructure is the key for companies to develop a competitive advantage in the digital economy.Continue reading

Motley Fool

Confluent: A Phenomenal Investment Opportunity You Don't Want to Miss

https://finance.yahoo.com/m/ace0e75f-20da-34ea-afbf-862dc09b823c/confluent-a-phenomenal.html

ace0e75f-20da-34ea-afbf-862dc09b823c

CFR

Quite a few insiders have dramatically grown their holdings in Cullen/Frost Bankers, Inc. (NYSE:CFR) over the past 12 months. An insider's optimism about the company's prospects is a positive sign.While insider transactions are not the most important thing when it comes to long-term investing, we would consider it foolish to ignore insider transactions altogether. View our latest analysis for Cullen/Frost Bankers Cullen/Frost Bankers Insider Transactions Over The Last YearIn the last twelve months, the biggest single purchase by an insider was when Chairman of the Board & CEO Phillip Green bought US$1.0m worth of shares at a price of US$107 per share. That means that even when the share price was higher than US$95.16 (the recent price), an insider wanted to purchase shares. Their view may have changed since then, but at least it shows they felt optimistic at the time. To us, it's very important to consider the price insiders pay for shares. Generally speaking, it catches our eye when insiders have purchased shares at above current prices, as it suggests they believed the shares were worth buying, even at a higher price.Over the last year, we can see that insiders have bought 28.20k shares worth US$2.9m. On the other hand they divested 1.94k shares, for US$294k. In total, Cullen/Frost Bankers insiders bought more than they sold over the last year. The chart below shows insider transactions (by companies and individuals) over the last year. If you click on the chart, you can see all the individual transactions, including the share price, individual, and the date!insider-trading-volumeThere are plenty of other companies that have insiders buying up shares. You probably do not want to miss this free list of growing companies that insiders are buying.Does Cullen/Frost Bankers Boast High Insider Ownership?Another way to test the alignment between the leaders of a company and other shareholders is to look at how many shares they own. Usually, the higher the insider ownership, the more likely it is that insiders will be incentivised to build the company for the long term. Cullen/Frost Bankers insiders own about US$186m worth of shares (which is 3.0% of the company). This kind of significant ownership by insiders does generally increase the chance that the company is run in the interest of all shareholders.Story continuesSo What Does This Data Suggest About Cullen/Frost Bankers Insiders?There haven't been any insider transactions in the last three months -- that doesn't mean much. On a brighter note, the transactions over the last year are encouraging. It would be great to see more insider buying, but overall it seems like Cullen/Frost Bankers insiders are reasonably well aligned (owning significant chunk of the company's shares) and optimistic for the future. So these insider transactions can help us build a thesis about the stock, but it's also worthwhile knowing the risks facing this company. While conducting our analysis, we found that Cullen/Frost Bankers has 1 warning sign and it would be unwise to ignore this.If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions, but not derivative transactions.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

Insider Stock Buying Reaches US$2.9m On Cullen/Frost Bankers

https://finance.yahoo.com/news/insider-stock-buying-reaches-us-131739216.html

41e4227b-e4a1-33af-9227-8d49a1746c1a

CFR

Cullen/Frost Bankers, Inc.'s (NYSE:CFR) dividend will be increasing from last year's payment of the same period to $0.92 on 15th of September. This takes the annual payment to 3.8% of the current stock price, which is about average for the industry. See our latest analysis for Cullen/Frost Bankers Cullen/Frost Bankers' Dividend Forecasted To Be Well Covered By EarningsWe aren't too impressed by dividend yields unless they can be sustained over time.Cullen/Frost Bankers has a long history of paying out dividends, with its current track record at a minimum of 10 years. Taking data from its last earnings report, calculating for the company's payout ratio shows 33%, which means that Cullen/Frost Bankers would be able to pay its last dividend without pressure on the balance sheet.Over the next 3 years, EPS is forecast to fall by 18.2%. However, as estimated by analysts, the future payout ratio could be 44% over the same time period, which we think the company can easily maintain.historic-dividendCullen/Frost Bankers Has A Solid Track RecordEven over a long history of paying dividends, the company's distributions have been remarkably stable. The dividend has gone from an annual total of $1.92 in 2013 to the most recent total annual payment of $3.68. This means that it has been growing its distributions at 6.7% per annum over that time. Dividends have grown at a reasonable rate over this period, and without any major cuts in the payment over time, we think this is an attractive combination as it provides a nice boost to shareholder returns.The Dividend Looks Likely To GrowInvestors could be attracted to the stock based on the quality of its payment history. We are encouraged to see that Cullen/Frost Bankers has grown earnings per share at 11% per year over the past five years. A low payout ratio and decent growth suggests that the company is reinvesting well, and it also has plenty of room to increase the dividend over time.Story continuesCullen/Frost Bankers Looks Like A Great Dividend StockOverall, a dividend increase is always good, and we think that Cullen/Frost Bankers is a strong income stock thanks to its track record and growing earnings. The company is generating plenty of cash, and the earnings also quite easily cover the distributions. If earnings do fall over the next 12 months, the dividend could be buffeted a little bit, but we don't think it should cause too much of a problem in the long term. All in all, this checks a lot of the boxes we look for when choosing an income stock.Investors generally tend to favour companies with a consistent, stable dividend policy as opposed to those operating an irregular one. Meanwhile, despite the importance of dividend payments, they are not the only factors our readers should know when assessing a company. Taking the debate a bit further, we've identified 1 warning sign for Cullen/Frost Bankers that investors need to be conscious of moving forward. Looking for more high-yielding dividend ideas? Try our collection of strong dividend payers.Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Simply Wall St.

Cullen/Frost Bankers (NYSE:CFR) Has Announced That It Will Be Increasing Its Dividend To $0.92

https://finance.yahoo.com/news/cullen-frost-bankers-nyse-cfr-100539224.html

3ae630bf-3de9-39a3-81c8-aac45e48db00

CFRX

By David Bautz, PhDNASDAQ:CFRXREAD THE FULL CFRX RESEARCH REPORTBusiness UpdateUpdate on CF-370CF-370 is the company’s lead engineered lysin development candidate targeting Gram-negative bacterial species. The following figure shows how lysins are effective against Gram-positive bacteria due to their ability to easily interact with the peptidoglycan layer. However, Gram-negative bacteria have an outer membrane that acts as a barrier against most lysins, thus preventing them from reaching the peptidoglycan layer. While the majority of purified Gram-negative lysins have no antimicrobial activity, there are a select few that have some activity in low ionic strength buffers (indicated by the asterisk in the following figure on the right). It is these lysins that ContraFect used as lead compounds to modify in order to increase their anti-microbial activity, with CF-370 emerging as the lead candidate from this research.The following slide gives an overview of the planned early stage clinical trials for CF-370 following submission of the IND, which we expect to occur in the third quarter of 2023. While a Phase 2 proof-of-concept trial is currently planned in patients with cystic fibrosis, the broad spectrum activity of CF-370 means it could likely be used for treating various types of infections, including pneumonia, urinary tract infections, wound infections, and bacteremia caused by susceptible organisms.Phase 1b/2 Trial for Exebacase in Chronic Knee Prosthetic Joint Infections Continuing EnrollmentIn April 2023, ContraFect Corp. (NASDAQ:CFRX) announced the first patient had been dosed in the Phase 1b/2 clinical trial of exebacase in the setting of a minimally-invasive arthroscopic debridement, antibiotics, irrigation, and retention (DAIR) procedure in patients with chronic prosthetic joint infection (PJI) of the knee due to Staphylococcus aureus or Coagulase-Negative Staphylococci (CoNS).The trial is a randomized, double blind, placebo controlled two-part study of exebacase to assess its safety and efficacy. Part I of the study will evaluate the safety, pharmacokinetics (PK), clinical outcomes, and microbiologic response in patients through Day 42. The study allows for up to two doses of intra-articularly administered exebacase in addition to systemic antibiotics in up to two patient cohorts. Part II of the trial will be a long-term follow-up study of safety and efficacy parameters in patients who complete Part 1 of the trial. The follow-up assessments will be performed on Days 90, 180, 360, and 720.Story continuesThe following slide gives a summary of the compassionate use data for exebacase for prosthetic joint infections. One cohort of four patients were treated similarly to the clinical study population. Favorable outcomes were noted for all four patients, with two of the patients having a 24-month follow up with continued positive outcomes. Three hip replacement patients were included in a separate study and all had previous iterative hip prosthesis exchange, a high total number of surgeries (6-10), and recent persistent or intermittent fistula. At two years follow up, all patients had resolution of fistula and no clinical signs of infection on suppressive antimicrobial therapy.PJI carry a high economic burden. Of the approximately 1.5 million hip and knee joint arthroplasties performed in the U.S. each year, approximately 2% will be associated with a concurrent infection. The rate of arthroplasties is estimated to at least double by the year 2030, thus representing approximately 65,000 cases of knee and hip infections in that year. Unfortunately, antibiotic treatment alone is typically unsuccessful due to the formation of biofilms in the joint, thus necessitating a two-stage revision (joint removal, antibiotics, then joint replacement), which is both costly and debilitating. The costs to U.S. hospitals in the year 2030 for prosthetic joint infections is estimated to be approximately $1.8 billion (Premkumar et al., 2021).Financial UpdateOn August 14, 2023, ContraFect announced financial results for the second quarter of 2023. As expected, the company did not report any revenues for the three months ending June 30, 2023. Net loss for the second quarter of 2023 was $7.6 million, or $1.94 per share, compared to a net loss of $18.1 million, or $36.79 per share, for the second quarter of 2022. R&D expenses for the second quarter of 2023 were $4.9 million, compared to $16.8 million for the second quarter of 2022. The decrease was primarily due to significantly reduced expenditures on late-stage development activities to support the continued closure of the Phase 3 DISRUPT trial, CMC activities for exebacase, external clinical consultants, and headcount as a result of restructuring. G&A expenses for the second quarter of 2023 were $3.1 million, compared to $3.3 million for the second quarter of 2022. The decrease was primarily due to a decrease in personnel costs and related expenses.As of June 30, 2023, ContraFect had approximately $14.4 million in cash and cash equivalents. In June 2023, the company entered into a warrant exercise agreement with an existing accredited investor to exercise certain outstanding warrants to purchase an aggregate of 7.0 million shares of the company’s stock. In consideration, the exercising holder received new unregistered warrants to purchase an aggregate of 7.0 million shares, each with an exercise price of $1.36 and an expiration date five years from issuance. Gross proceeds from the transaction were approximately $9.6 million. As of August 10, 2023, the company had approximately 10.7 million shares outstanding and, when factoring stock options and warrants, a fully diluted share count of approximately 10.8 million.ConclusionWe anticipate the IND for CF-370 being filed in the third quarter of 2023 and we look forward to clinical trials initiating shortly thereafter. Exebacase has been successful in the compassionate use setting for treating PJIs, and we look forward to additional updates from the company as that study continues enrolling patients. We have made no changes to our model and our valuation remains at $7.00 per share.SUBSCRIBE TO ZACKS SMALL CAP RESEARCH to receive our articles and reports emailed directly to you each morning. Please visit our website for additional information on Zacks SCR. DISCLOSURE: Zacks SCR has received compensation from the issuer directly, from an investment manager, or from an investor relations consulting firm, engaged by the issuer, for providing research coverage for a period of no less than one year. Research articles, as seen here, are part of the service Zacks SCR provides and Zacks SCR receives quarterly payments totaling a maximum fee of up to $40,000 annually for these services provided to or regarding the issuer. Full Disclaimer HERE.

Zacks Small Cap Research

CFRX: CF-370 IND to be Filed in 3Q23…

https://finance.yahoo.com/news/cfrx-cf-370-ind-filed-134100971.html

72f75237-27c5-36d1-be1b-9cbff1961865

CFRX

ContraFect CorporationYONKERS, N.Y., Aug. 28, 2023 (GLOBE NEWSWIRE) -- ContraFect Corporation (Nasdaq: CFRX), a clinical-stage biotechnology company focused on the discovery and development of direct lytic agents (DLAs), including lysins and amurin peptides, today announces that Garrett Nichols, M.D., M.S., the Company’s Interim Chief Medical Officer, will be presenting an updated overview of the Company’s DLA programs that target antibiotic-resistant pathogens at the World Anti-Microbial (AMR) Congress 2023, which will be held in Philadelphia, PA from September 7-8, 2023.Dr. Nichols’ presentation will discuss the upcoming IND submission for CF-370, our engineered lysin with significant activity against the most antibiotic-resistant Gram-negative pathogens, the clinical results of exebacase in the Phase 3 DISRUPT study and the data supporting the study of exebacase in a Phase 1b/2 trial in patients with chronic prosthetic joint infections (PJI) of the knee due to Staphylococcus aureus (S. aureus) or Coagulase-Negative Staphylococci (CoNS).Presentation Details: Presentation Title: Direct Lytic Agents (DLAs) to Combat AMRTime and Date: Thursday, September 7, 2023, 2:15 pm ETAbout ContraFectContraFect is a biotechnology company focused on the discovery and development of DLAs, including lysins and amurin peptides, as new medical modalities for the treatment of life-threatening, antibiotic-resistant infections. An estimated 700,000 deaths worldwide each year are attributed to antimicrobial-resistant infections. We intend to address life threatening infections using therapeutic product candidates generated from our proprietary platform of DLAs. Lysins are a new class of DLAs which are recombinantly produced antimicrobial proteins with a novel mechanism of action associated with the rapid killing of target bacteria, eradication of biofilms and synergy with conventional antibiotics. Amurin peptides are a novel class of DLAs which exhibit broad-spectrum activity against a wide range of antibiotic-resistant Gram-negative pathogens. We believe that the properties of our lysins and amurin peptides will make them suitable for targeting antibiotic-resistant organisms, such as MRSA, Pseudomonas aeruginosa and Acinetobacter baumannii, which can cause serious infections such as bacteremia and pneumonia. We are currently enrolling patients in a Phase 1b/2 of exebacase being conducted in France in the setting of an arthroscopic debridement, antibiotics, irrigation, and retention (DAIR) procedure in patients with chronic prosthetic joint infections (PJI) of the knee due to Staphylococcus aureus (S. aureus) or Coagulase-Negative Staphylococci (CoNS).Story continuesFollow ContraFect on Twitter @ContraFectCorp and LinkedIn.Forward-Looking StatementsThis press release contains, and our officers and representatives may make from time to time, “forward-looking statements” within the meaning of the U.S. federal securities laws. Forward-looking statements can be identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential,” “promise” or similar references to future periods. Examples of forward-looking statements in this release include, without limitation, ContraFect’s anticipated presentation at the World AMR Congress, ContraFect’s ability to discover and develop DLAs as new medical modalities for the treatment of life-threatening, antibiotic-resistant infections, whether direct lytic agents, including CF-370, show significant activity and potency against the most drug resistant Gram-negative pathogens, whether the ContraFect platform represents one of the last remaining paths towards conquering antimicrobial resistance, whether ContraFect will address life-threatening infections using therapeutic candidates from its DLA platform, whether lysins are a new class of DLAs which are recombinantly produced, antimicrobial proteins with a novel mechanism of action associated with the rapid killing of target bacteria, eradication of biofilms and synergy with conventional antibiotics, whether amurins are a novel class of DLAs which exhibit broad-spectrum activity against a wide range of antibiotic-resistant Gram-negative pathogens, whether the properties of ContraFect’s lysins and amurins will make them suitable for targeting antibiotic-resistant organisms, such as MRSA, Pseudomonas aeruginosa and Acinetobacter baumannii and statements made regarding the Phase 1b/2 trial in France. Forward-looking statements are statements that are not historical facts, nor assurances of future performance. Instead, they are based on ContraFect’s current beliefs, expectations and assumptions regarding the future of its business, future plans, strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict and many of which are beyond ContraFect’s control, including, without limitation, that ContraFect has and expects to continue to incur significant losses, ContraFect’s need for additional funding, which may not be available, the occurrence of any adverse events related to the discovery, development and commercialization of ContraFect’s product candidates such as unfavorable clinical trial results, insufficient supplies of drug products, the lack of regulatory approval, or the unsuccessful attainment or maintenance of patent protection, changes in management may negatively affect ContraFect’s business and other important risks detailed under the caption “Risk Factors” in ContraFect's Quarterly Report on Form 10-Q for the year ended June 30, 2023 and its other filings with the Securities and Exchange Commission. Actual results may differ from those set forth in the forward-looking statements. Any forward-looking statement made by ContraFect in this press release is based only on information currently available and speaks only as of the date on which it is made. Except as required by applicable law, ContraFect expressly disclaims any obligations to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.Investor Relations Contacts:Michael MessingerContraFect CorporationEmail: [email protected]

GlobeNewswire

ContraFect to Present at the World Anti-Microbial Resistance Congress 2023

https://finance.yahoo.com/news/contrafect-present-world-anti-microbial-120000694.html

53e3bdf2-4a05-3aa2-a6a6-3c2481ba6646

CGBD

Carlyle Secured Lending, Inc.NEW YORK, July 13, 2023 (GLOBE NEWSWIRE) -- Carlyle Secured Lending, Inc. (“Carlyle Secured Lending”) (NASDAQ: CGBD) will host a conference call at 10:00 a.m. EDT on Wednesday, August 9, 2023 to announce its second quarter 2023 financial results. A news release containing the quarterly results will be issued after market close on Tuesday, August 8, 2023.The conference call will be available via public webcast via a link on Carlyle Secured Lending’s website at carlylesecuredlending.com and will also be available on the website soon after the call’s completion.About Carlyle Secured Lending, Inc.Carlyle Secured Lending, Inc. is a publicly traded (NASDAQ: CGBD) business development company (“BDC”) which began investing in 2013. Carlyle Secured Lending focuses on providing directly originated, financing solutions across the capital structure, with a focus on senior secured lending to middle-market companies primarily located in the United States. Carlyle Secured Lending is externally managed by Carlyle Global Credit Investment Management L.L.C., an SEC-registered investment adviser and wholly owned subsidiary of Carlyle.Web: carlylesecuredlending.comAbout CarlyleCarlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $381 billion of assets under management as of March 31, 2023, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.Contacts:Investors:Media:Daniel HahnKristen Greco+1-212-813-4900+1-212-813-4763publicinvestor@[email protected]

GlobeNewswire

Carlyle Secured Lending, Inc. Schedules Second Quarter 2023 Financial Results and Investor Conference Call

https://finance.yahoo.com/news/carlyle-secured-lending-inc-schedules-203100514.html

09f98bae-958e-3f43-b83e-17de406b5a5c

CGBD

Carlyle Secured Lending, Inc.NEW YORK, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CSL” or the “Company”) (NASDAQ: CGBD) today announced its financial results for its second quarter ended June 30, 2023. The full detailed presentation of CSL’s second quarter 2023 results can be viewed here.Aren LeeKong, CSL’s Chief Executive Officer said, “In spite of a complex economic backdrop, our portfolio continues to generate attractive income for our investors and remained stable throughout the second quarter. With traditional deal flow in the market continuing to maintain a sluggish pace, we have focused on leveraging Carlyle relationships for unique deal flow and working with existing borrowers to address their needs, while improving pricing and documentation. This backdrop allows us to be highly selective and committed to disciplined credit underwriting, while capturing attractive terms and pricing.”Net investment income for the second quarter of 2023 was $0.52 per common share, and net asset value per common share decreased by 2.1% for the second quarter to $16.73 from $17.09 as of March 31, 2023. The total fair value of our investments was $1.9 billion as of June 30, 2023.DividendsOn August 3, 2023, the Board of Directors declared a base quarterly common dividend of $0.37 plus a supplemental common dividend of $0.07, which are payable on October 17, 2023 to common stockholders of record on September 29, 2023.On June 27, 2023, the Company declared and paid a cash dividend on the Preferred Stock for the period from April 1, 2023 to June 30, 2023 in the amount of $0.438 per Preferred Share to the holder of record on June 30, 2023.Conference CallThe Company will host a conference call at 10:00 a.m. EDT on Wednesday, August 9, 2023 to discuss these quarterly financial results. The conference call will be available via public webcast via a link on Carlyle Secured Lending’s website and will also be available on our website soon after the call’s completion.Story continuesCarlyle Secured Lending, Inc.CSL is an externally managed specialty finance company focused on lending to middle-market companies. CSL is managed by Carlyle Global Credit Investment Management L.L.C., an SEC-registered investment adviser and a wholly owned subsidiary of The Carlyle Group Inc. Since it commenced investment operations in May 2013 through June 30, 2023, CSL has invested approximately $7.9 billion in aggregate principal amount of debt and equity investments prior to any subsequent exits or repayments. CSL’s investment objective is to generate current income and capital appreciation primarily through debt investments in U.S. middle market companies. CSL has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended.Web: carlylesecuredlending.comAbout CarlyleCarlyle (“Carlyle,” or the “Adviser”) (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $385 billion of assets under management as of June 30, 2023, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTSThis press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may,” “plans,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors. There may be events in the future, however, that we are not able to predict accurately or control. You should not place undue reliance on these forward-looking statements, which speak only as of the date on which we make it. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in filings we make with the Securities and Exchange Commission, and it is not possible for us to predict or identify all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.Contacts:Investors:Media:Daniel HahnKristen [email protected][email protected]

GlobeNewswire

Carlyle Secured Lending, Inc. Announces Second Quarter 2023 Financial Results, Declares Third Quarter 2023 Dividends of $0.44 Per Common Share

https://finance.yahoo.com/news/carlyle-secured-lending-inc-announces-202400029.html

5daafec7-ee6f-3178-a1dc-fb458216be7d

CGNX

Sunrun upgraded, Texas Instruments downgraded: Wall Street's top analyst callsThe most talked about and market moving research calls around Wall Street are now in one place. Here are today's research calls that investors need to know, as compiled by The Fly. Top 5 Upgrades: Goldman Sachs upgraded PDD Holdings (PDD) to Buy from Neutral with a price target of $129, up from $99, following what the firm calls a "significant" Q2 earnings beat, driven mostly from domestic online ad revenue being up 50% year-over-year.Citi upgraded Sunrun (RUN) to Buy from Neutral with a price target of $21, down from $25. While headwinds from higher interest rates and net energy metering impacts appear to be largely priced into the shares, Sunrun is not getting due credit for its market share gains from third party owner shift, path to free cash flow generation, no corporate level equity raises, projected component cost deflation, and success in selling battery storage, the firm says.Scotiabank upgraded UDR (UDR) to Outperform from Sector Perform with a price target of $45, up from $44. The firm sees a relative valuation discount in UDR shares that "offers an attractive entry point."Compass Point upgraded Hercules Capital (HTGC) to Buy from Neutral with a price target of $17.50, up from $17. Hercules raised $108M in fresh capital through a syndicated equity offering of 6.5M shares in early August and the "only reason to do a syndicated equity offering is that originations are accelerating faster than expected," the firm notes.JPMorgan upgraded Cemig (CIG) to Overweight from Neutral with a price target of R$16, up from R$14.50. The firm believes state-owned utilities controlled by the state of Minas Gerais are being mispriced by the market. Top 5 Downgrades:Bernstein downgraded Texas Instruments (TXT) to Underperform from Market Perform with an unchanged price target of $145. The firm says Street models do not appear to contemplate the consequences of Texas Instruments' capex and inventory plans. TD Cowen downgraded Ambarella (AMBA) to Market Perform from Outperform with a price target of $65, down from $90, following the Q2 report. The company announced "another hard expectation cut" as customer inventory burn accelerates, leaving Ambarella with little visibility in the near and intermediate term, the firm notes.Craig-Hallum downgraded Box (BOX) to Hold from Buy with a price target of $30, down from $35. Growth at Box is slowing to a halt as customers continue to lower their rate of seat expansion, the firm says.Morgan Stanley downgraded Centene (CNC) to Equal Weight from Overweight with a price target of $73, down from $94. The firm has lowered confidence in the visibility and stability of the company's long term earnings growth profile. Barclays downgraded Rockwell Automation (ROK) to Underweight from Equal Weight with a price target of $287, down from $300. The company has attractive end market exposures and an un-levered balance sheet, but the stock's valuation is "quite rich" after rallying 20% year-to-date, the firm argues.Top 5 Initiations: WestPark Capital initiated coverage of Palo Alto Networks (PANW) with a Buy rating and $340 price target. The firm believes Palo Alto is "leaving competitors far behind" and that the company's growing scale will provide additional competitive benefits versus smaller point solutions.HSBC initiated coverage of Align Technology (ALGN) with a Buy rating and $450 price target. The firm believes the dental market is under-penetrated, with an addressable size of $20B and a solid growth profile, and says ageing demographics and consumer spending patterns are long- and mid-term drivers of growth.Citi initiated coverage of Cognex (CGNX) with a Neutral rating and $52 price target. The firm says softer near-term demand trends across most of the company's end markets and its "still relatively elevated" valuation could keep shares relatively range-bound in the near-term.B. Riley initiated coverage of AZZ Inc. (AZZ) with a Buy rating and $64 price target.  The firm believes the company has "several compelling investment attributes," including the durability of cash flows, a leading position in its respective markets, and disciplined capital allocation.Janney Montgomery Scott initiated coverage of BCB Bancorp (BCBP) with a Buy rating and $18.50 fair value estimate. The traditional lender focused on commercial lending, not thrift-related assets, in Northern New Jersey is an "inexpensive community bank" that currently trades at a 30% discount to tangible book value, or TBV, per share, the firm tells investors.

The Fly

Sunrun upgraded, Texas Instruments downgraded: Wall Street's top analyst calls

https://finance.yahoo.com/news/sunrun-upgraded-texas-instruments-downgraded-134953584.html

10d8ada0-d07f-3d0b-8043-658c53c800db

CGNX

In other words, they can grow through expansions in their end markets (cyclical) and also grow as a consequence of increasing adoption of their technologies. It also shows a long-term uptrend that comes from the increasing adoption of machine vision in technology.Continue reading

Motley Fool

Prediction: 2 Growth Stocks That Could Trounce the Market

https://finance.yahoo.com/m/8408281a-2298-317a-a0f6-6e9f961454f9/prediction-2-growth-stocks.html

8408281a-2298-317a-a0f6-6e9f961454f9