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NEWS_400 | SANDUSKY, Ohio, Jan. 6, 2023 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ:CIVB) ("Civista") announced today that it will issue its fourth quarter 2022 financial results prior to market open on Tuesday, February 7, 2023.
Civista Bancshares, Inc.
Civista Bancshares, Inc. will also host a conference call and webcast at 1:00 p.m. Eastern Time on Tuesday, February 7, 2023, to discuss its financial results. Analysts may participate in the question-and-answer session.
Conference Call, Replay and Webcast Information:
Date: Tuesday, February 7, 2023
Time: 1:00 p.m. Eastern Time
Telephone Access: (855) 238-2712; ask to be joined into the Civista Bancshares, Inc. earnings call.
Webcast Access: A live webcast will be available on the Webcasts and Presentations page in the Company's website. An archived version of the webcast will be available in the same location shortly after the live call has ended.
About Civista Bancshares, Inc. :
Civista Bancshares, Inc., is a $3.2 billion financial services holding company headquartered in Sandusky, Ohio. Its primary subsidiary, Civista Bank, was founded in 1884 and provides full-service banking, commercial lending, mortgage, and wealth management services. Today, Civista Bank operates 43 locations across Ohio, Southeastern Indiana and Northern Kentucky. Civista Bank also offers commercial equipment leasing services for businesses nationwide through its bank subsidiary, Vision Financial Group, Inc. (VFG), centered in Pittsburgh, Pennsylvania. Civista Bancshares' common shares are traded on the NASDAQ Capital Market under the symbol "CIVB". Learn more at www.civb.com.This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of Civista. For these statements, Civista claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Civista, including the information in the filings we make with the Securities and Exchange Commission.
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SOURCE Civista Bancshares, Inc. |
NEWS_401 | Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.
Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.
Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.
One stock to keep an eye on is CI Financial (CIXX). CIXX is currently sporting a Zacks Rank of #1 (Strong Buy), as well as an A grade for Value. The stock has a Forward P/E ratio of 4.56. This compares to its industry's average Forward P/E of 10.81. CIXX's Forward P/E has been as high as 8.61 and as low as 3.38, with a median of 4.40, all within the past year.
Investors will also notice that CIXX has a PEG ratio of 0.57. 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. CIXX's PEG compares to its industry's average PEG of 0.93. Over the past 52 weeks, CIXX's PEG has been as high as 1.08 and as low as 0.42, with a median of 0.55.
We should also highlight that CIXX has a P/B ratio of 1.50. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 2.99. Within the past 52 weeks, CIXX's P/B has been as high as 3.30 and as low as 1.29, with a median of 1.65.
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Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. CIXX has a P/S ratio of 0.98. This compares to its industry's average P/S of 1.92.
Finally, investors will want to recognize that CIXX has a P/CF ratio of 4.89. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 14.96. Within the past 12 months, CIXX's P/CF has been as high as 10.50 and as low as 3.73, with a median of 5.03.
Another great Financial - Miscellaneous Services stock you could consider is Intercorp Financial Services (IFS), which is a # 2 (Buy) stock with a Value Score of A.
Intercorp Financial Services is currently trading with a Forward P/E ratio of 7.18 while its PEG ratio sits at 0.58. Both of the company's metrics compare favorably to its industry's average P/E of 10.81 and average PEG ratio of 0.93.
Over the past year, IFS's P/E has been as high as 9.34, as low as 5.33, with a median of 6.36; its PEG ratio has been as high as 0.63, as low as 0.39, with a median of 0.55 during the same time period.
Furthermore, Intercorp Financial Services holds a P/B ratio of 1.18 and its industry's price-to-book ratio is 2.99. IFS's P/B has been as high as 1.77, as low as 0.95, with a median of 1.19 over the past 12 months.
These are only a few of the key metrics included in CI Financial and Intercorp Financial Services strong Value grade, but they help show that the stocks are likely undervalued right now. When factoring in the strength of its earnings outlook, CIXX and IFS look like an impressive value stock at the moment.
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Zacks Investment Research |
NEWS_402 | NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
TORONTO, January 06, 2023--(BUSINESS WIRE)--CI Global Asset Management ("CI GAM") announces the following reinvested distributions (the "Reinvested Distributions") for JFT Strategies Fund (the "Fund") for the year ending December 31, 2022. Estimated reinvested distributions for the Fund were previously announced on December 5, 2022.
Reinvested Distributions
The Reinvested Distributions will be paid on or before January 13, 2023, to holders of record on December 30, 2022. The Reinvested Distributions will be paid by the issuance of securities of the Fund, and immediately thereafter, the issued and outstanding capital of the Fund will be consolidated such that the number of issued and outstanding securities of the Fund does not change.
Name TSX Symbol Confirmed Reinvested Distribution (per unit) JFT Strategies Fund – Class A JFS.UN $2.0671 JFT Strategies Fund – Class F n/a $2.4325
The actual taxable amounts of all distributions for 2022, including the tax characteristics of the distributions, will be reported to brokers (through CDS Clearing and Depository Services Inc. or "CDS") and will be posted on www.ci.com in early 2023.
About CI Global Asset Management
CI Global Asset Management is one of Canada’s largest investment management companies. It offers a wide range of investment products and services and is on the web at www.ci.com. CI Global Asset Management is a subsidiary of CI Financial Corp. (TSX: CIX, NYSE: CIXX), an integrated global asset and wealth management company with approximately $384.9 billion in assets as of November 30, 2022.
This communication is intended for informational purposes only. You will usually pay brokerage fees to your dealer if you purchase or sell securities of the investment fund on the TSX. If the securities are purchased or sold on the TSX, investors may pay more than the current net asset value when buying securities of the investment fund and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning securities of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the fund in these documents. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. The CI investment fund is managed by CI Global Asset Management.
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CI Global Asset Management is a registered business name of CI Investments Inc.
©CI Investments Inc. 2023. All rights reserved.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230106005037/en/
Contacts
Murray Oxby
Vice-President, Corporate Communications
CI Global Asset Management
416-681-3254
moxby@ci.com |
NEWS_403 | PHILADELPHIA, Miss., January 10, 2023--(BUSINESS WIRE)--The Citizens Bank of Philadelphia announced today that its long serving President and CEO, Greg Mckee will retire on January 31, 2023. He will continue as a member of the Board of Directors.
Mckee will remain as President and CEO of Citizens Holding Company and a member of that Board of Directors.
This announcement is made at the conclusion of a diligent and thorough succession search that was done by a nationally recognized executive search firm engaged by the Bank’s Board of Directors. It is anticipated that a public announcement regarding the appointment of a new Chief Executive Officer of the bank will be made within the next two weeks.
Mckee joined the Bank in 1982 and has been President and CEO since 2002.
McKee stated "I am very appreciative of the loyalty and support of employees, customers, and shareholders. Without that, my career, and the things that have been accomplished would be considerably different. I look forward to the successes and accomplishments that the Bank and its management will achieve in the future."
"On behalf of the Board of Directors and our Shareholders, I would like to thank Greg for his decades of loyal service and servant leadership to this institution, enabling the Bank to grow and serve Mississippi communities across our footprint," said Herbert King, Chairman of the Board. "During his over 20-year tenure, the bank’s assets have grown $400 million to over $1.4 billion and has attracted and retained an outstanding group of leaders and staff that are dedicated to our mission."
The Citizens Bank of Philadelphia is headquartered in Philadelphia, Mississippi. The Bank currently has twenty-eight banking locations in fourteen counties throughout the state of Mississippi. In addition to full service commercial banking, the Company offers mortgage loans, title insurance services through its affiliate, Title Services, LLC and a full range of Internet banking services including online banking, bill pay and cash management services for businesses.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20230110005231/en/
Contacts
Citizens Holding Company, Philadelphia
Phillip R. Branch, 601/656-4692
Phillip.branch@thecitizensbank.bank |
NEWS_404 | KENNEBUNK, Maine, Jan. 4, 2023 /PRNewswire/ -- Tom's of Maine today announced the five winning members of the 2022 Tom's of Maine Incubator, including Aliyah Collins (24), Wawa Gatheru (24), Alexia Leclercq (22), Bodhi Patil (20), and Sanjana Paul (25).
Each recipient has been awarded $20,000 in funding to help support their work, plus access to expert mentors and opportunities to collaborate with and receive support from Tom's of Maine in amplifying their work in sustainability.
"The Tom's of Maine Incubator was created to elevate the next generation of BIPOC climate leaders who are rarely reflected or engaged in finding climate change solutions. Each of our winners have already accomplished so much, and we are honored to work with them toward even more impact," said Cristiane Martini, General Manager, Tom's of Maine. "With the additional funding and mentorship our Incubator provides, Tom's of Maine looks forward to helping our Incubator members drive environmental solutions and empower others to make a positive impact."
"The Incubator showcases the brand's priorities of doing good for people and the planet. Doing good isn't new—it's been a part of who we are since 1970. And it's been just as important for the brand to continuously evolve and do better," says Michelle Theodat Waring, Steward for Sustainability and Everyday Good, Tom's of Maine. "So, to advance the brand's sustainability commitment, we also revisited our goals this year and refined them to guide further efforts. The result is the Tom's of Maine 2022 Goodness Report."
The 2022 Goodness Report surfaces how Tom's commitment to the planet, people, and health intersects with their mission to create a healthy future for all people. And it shows up in everything they do. Climate change will ultimately impact everyone, but communities of color and those with less economic advantages are likely to bear the biggest burden. Tom's wants to address the intersection of diversity and equity with climate change and the environment, and the Incubator is a component of that work.
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The Tom's of Maine Incubator is a seven-month program designed to propel the next generation of BIPOC leaders driving environmental solutions. The program provides funding, mentorship, amplification, and support to young changemakers, helping them Do Good. For Real. Throughout the winter and spring, the members will participate in multiple virtual workshops and trainings, plus one-on-one meetings with their mentors to continue collaboration and amplification efforts, all designed to propel their work.
Incubator members are also invited to the Tom's of Maine Incubator In-Person Summit in Kennebunk, Maine this spring. The three-day event will provide one-on-one interactions with mentors and Tom's leadership as well as an opportunity to workshop each member's vision and action plan for creating impact.
Meet the 2022 Tom's of Maine Incubator members:
Name: Aliyah Collins
Age: 24
City: Somerville, MA
Bio: Aliyah has worked with communities in Nashville, Chicago and Boston, connecting environmental justice to spiritual care.
Name: Wawa Gatheru
Age: 24
City: Pomfret Center, CT
Bio: Founder of Black Girl Environmentalist and Narrative Fellow at the All We Can Save Project, Wanjiku "Wawa" Gatheru is a Kenyan-American storyteller whose work exists at the intersections of climate, culture and policy.
Name: Alexia Leclercq
Age: 22
City: Austin, TX
Bio: Alexia is the co-founder of the Colorado River Conservancy and Start: Empowerment and has led dozens of environmental justice campaigns.
Name: Bodhi Patil
Age: 20
City: Arlington, VA
Bio: As the founder of Inner Light and co-creator of @oceanuprise, Bodhi believes in the power that young people have to create impact at scale.
Name: Sanjana Paul
Age: 25
City: Cambridge, MA
Bio: Sanjana Paul is the executive director and co-founder of The Earth Hacks Foundation and holds a bachelor's degree in electrical engineering and physics.
The mentors working with these Tom's of Maine Incubator members include:
Ciara Imani May - CEO and founder of Rebundle , a beauty company that is revolutionizing hair extensions with more comfort and less waste.
Kristy Drutman – Climate activist and co-founder of Green Jobs Board, a job site made for those looking for sustainability and environmental careers.
Lizzie Horvitz - CEO and founder of Finch , a company that incentivizes consumers to make better purchasing decisions by rating products based on their environmental footprint.
Isaias Hernandez – Environmental educator and creator of QueerBrownVegan where he creates introductory forms of environmentalism through colorful graphics, illustrations, and videos.
Michelle Theodat Waring – Steward for Sustainability and Everyday Good at Tom's of Maine where she helps ensure the brand stays true to sustainability commitments, from ingredient sourcing to community engagement. Michelle formerly led Communications Partnerships for the Natural Resources Defense Council.
To learn more about the Tom's of Maine Incubator, members and more, visit https://www.tomsofmaine.com/incubator.
About Tom's of Maine
Tom's of Maine, Colgate-Palmolive (NYSE: CL) company, has been making natural, safe, and effective personal care products for 50 years. It all began when Tom and Kate Chappell moved to Maine in 1968 looking for a healthier, simpler life for their growing family. And when they couldn't find personal care products that were free from artificial flavors, fragrances, sweeteners, colors and preservatives, they decided to make their own. Tom's of Maine products – including toothpaste, deodorant, mouthwash, bar soap, body wash, dental floss, and toothbrushes – are made from naturally sourced and naturally derived ingredients and never tested on animals. A Certified B Corporation, Tom's of Maine is committed to upholding a purpose-driven business and has a long-standing commitment to supporting nature and healthy families. Tom's of Maine has supported hundreds of nonprofits by giving back 10% of its profits, and employees are encouraged to use 5% of their paid time (12 days) volunteering for causes they are passionate about. All of Tom's products are cruelty-free and most products are vegan, kosher, halal-certified and gluten-free. Visit us online at http://www.tomsofmaine.com/ or at http://www.facebook.com/TomsofMaine .
Media Contact
Alejandra Arias – Alejandra.Arias@bcw-global.com - 212.601.3011
(PRNewsfoto/Tom's of Maine)
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SOURCE Tom's of Maine |
NEWS_405 | Victoria's Secret VSCO shares ended the last trading session 12.4% higher at $38.50. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 17.4% loss over the past four weeks.
Victoria’s Secret’s rally is buoyed by optimism regarding the company’s new share repurchase program announcement and a better than expected retail environment. The company expects to reward investors with $250 million in the form of share repurchases. The program will be initiated in open market and will likely be exhausted by fiscal 2023-end.
This retailer of lingerie, pajamas and beauty products is expected to post quarterly earnings of $2.31 per share in its upcoming report, which represents a year-over-year change of -14.4%. Revenues are expected to be $2.01 billion, down 7.8% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Victoria's Secret, the consensus EPS estimate for the quarter has been revised marginally higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on VSCO going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Victoria's Secret is part of the Zacks Leisure and Recreation Products industry. Clarus Corporation (CLAR), another stock in the same industry, closed the last trading session 4.6% higher at $8.86. CLAR has returned 3.4% in the past month.
Clarus Corporation's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.22. Compared to the company's year-ago EPS, this represents a change of -51.1%. Clarus Corporation currently boasts a Zacks Rank of #3 (Hold).
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Clarus Corporation (CLAR) : Free Stock Analysis Report
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Zacks Investment Research |
NEWS_406 | With its stock down 35% over the past three months, it is easy to disregard Clarus (NASDAQ:CLAR). However, the company's fundamentals look pretty decent, and long-term financials are usually aligned with future market price movements. Particularly, we will be paying attention to Clarus' ROE today.
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.
See our latest analysis for Clarus
How Do You Calculate Return On Equity?
Return on equity can be calculated by using the formula:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for Clarus is:
7.1% = US$26m ÷ US$363m (Based on the trailing twelve months to September 2022).
The 'return' refers to a company's earnings over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.07 in profit.
Why Is ROE Important For Earnings Growth?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company’s earnings growth potential. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
Clarus' Earnings Growth And 7.1% ROE
When you first look at it, Clarus' ROE doesn't look that attractive. Next, when compared to the average industry ROE of 29%, the company's ROE leaves us feeling even less enthusiastic. In spite of this, Clarus was able to grow its net income considerably, at a rate of 40% in the last five years. We reckon that there could be other factors at play here. 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.
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We then performed a comparison between Clarus' net income growth with the industry, which revealed that the company's growth is similar to the average industry growth of 34% in the same period.
Earnings growth is a huge factor in stock valuation. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. If you're wondering about Clarus''s valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
Is Clarus Efficiently Re-investing Its Profits?
Clarus' ' three-year median payout ratio is on the lower side at 15% implying that it is retaining a higher percentage (85%) of its profits. So it looks like Clarus is reinvesting profits heavily to grow its business, which shows in its earnings growth.
Additionally, Clarus has paid dividends over a period of four years which means that the company is pretty serious about sharing its profits with shareholders. Our latest analyst data shows that the future payout ratio of the company is expected to drop to 6.8% over the next three years. Despite the lower expected payout ratio, the company's ROE is not expected to change by much.
Summary
In total, it does look like Clarus has some positive aspects to its business. With a high rate of reinvestment, albeit at a low ROE, the company has managed to see a considerable growth in its earnings. That being so, a study of the latest analyst forecasts show that the company is expected to see a slowdown in its future earnings growth. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page 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.
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NEWS_407 | AMSTERDAM, Jan. 4, 2023 /PRNewswire/ -- Core Laboratories (NYSE: "CLB US" and Euronext Amsterdam: "CLB NA") will broadcast its fourth quarter 2022 conference call over the Internet at 7:30 a.m. CST / 2:30 p.m. CET on February 2, 2023.
Larry Bruno, Chairman and CEO, Chris Hill, CFO, and Gwen Gresham, SVP Corporate Development and Investor Relations, will discuss financial and operational results. An earnings press release will be issued after market close on February 1st and may be accessed through the Company's website at www.corelab.com.
To participate in the live webcast, simply log on to www.corelab.com at least fifteen minutes prior to the start of the call. For those who are not available to listen to the live webcast, a Podcast will be available immediately following the conference call and a replay will be available on Core's website shortly after the call which will remain on the site for 10 days.
To listen to the conference call via telephone, please contact Lena Brennan at lena.brennan@corelab.com for the dial-in number.
Core Laboratories N.V. (www.corelab.com) is a leading provider of proprietary and patented reservoir description and production enhancement services and products used to optimize petroleum reservoir performance. The Company has over 70 offices in more than 50 countries and is located in every major oil-producing province in the world.
Core Laboratories N.V. logo (PRNewsFoto/Core Laboratories N.V.)
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SOURCE Core Laboratories N.V. |
NEWS_408 | Cellebrite DI Ltd
Veteran HR professional brings over 20 years of experience leading business-driven teams
CPO Announcement 2023
Zohar Tadmor-Eilat Joins Cellebrite as Chief People Officer
PETAH TIKVA, Israel and TYSONS CORNER, Va., Jan. 02, 2023 (GLOBE NEWSWIRE) -- Cellebrite DI Ltd. (Nasdaq: CLBT), a global leader in Digital Intelligence (DI) solutions for the public and private sectors (“Cellebrite” or “Company”), today announced that Zohar Tadmor-Eilat has been named Chief People Officer (CPO), effective February 1, 2023.
Zohar will report to Yossi Carmil, Chief Executive Officer of Cellebrite, and will be a member of the Company’s executive management team. She succeeds Osnat Tirosh, who is leaving Cellebrite after ten years to pursue other career and professional growth opportunities.
As CPO, Zohar will be responsible for leading Cellebrite’s human resources (HR) and people functions, including executive recruitment, talent management, organizational and leadership development. She brings over 20 years of experience as a senior HR leader and expertise in all HR and People & Culture domains.
Zohar Tadmor-Eilat said, “I am excited to join and support Cellebrite’s innovative team and look forward to continuing to foster a culture that helps everyone at Cellebrite learn, grow and thrive, as the company delivers on its purpose-driven mission of creating a safer world. Our people are our most valuable asset, and I look forward to empowering our team to unlock their full potential.”
Prior to joining Cellebrite, Zohar served as the Global Vice President of Human Resources at CyberArk, an identity security company. Earlier in her career, Zohar served as the Global Vice President of Human Resources at BitTech, a provider of bespoke technology solutions and services; the General Manager of HRISRAEL, a professional community for HR professionals; and as Vice President of Human Resources at Cal-Auto Group. Zohar received her B.A. from the Hebrew University of Jerusalem and earned an M.A. in Labor Studies - Organizational Consulting and Human Resources Management from Tel Aviv University.
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“Maintaining an engaged, ethical and innovative culture is critical to Cellebrite’s ability to attract and retain the best talent,” said Yossi Carmil, Chief Executive Officer of Cellebrite. “I am pleased to welcome Zohar to Cellebrite and am confident that under her seasoned leadership, our People function will continue to provide our team with the support and tools they need to unlock their full potential. I also want to thank Osnat for her substantial contributions and commitment to Cellebrite over the past decade, as she helped to grow and scale our organization from a start-up to an industry-leading global corporation,” Carmil concluded.
About Cellebrite
Cellebrite’s (Nasdaq: CLBT) mission is to enable its customers to protect and save lives, accelerate justice, and preserve privacy in communities around the world. We are a global leader in Digital Intelligence solutions for the public and private sectors, empowering organizations in mastering the complexities of legally sanctioned digital investigations by streamlining intelligence processes. Trusted by thousands of leading agencies and companies worldwide, Cellebrite’s Digital Intelligence platform and solutions transform how customers collect, review, analyze and manage data in legally sanctioned investigations. To learn more visit us at www.cellebrite.com, https://investors.cellebrite.com, or follow us on Twitter at @Cellebrite.
Cellebrite Contacts
Media
Victor Cooper
Public Relations and Corporate Communications Director
Victor.cooper@cellebrite.com
+1 404.804.5910
Investors
Investor Relations
investors@cellebrite.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e39b2e65-a59c-4206-be9f-ec33e6df7837
|
NEWS_409 | Cellebrite DI Ltd
PETAH TIKVAH, Israel and TYSONS CORNER, Va., Jan. 10, 2023 (GLOBE NEWSWIRE) -- Cellebrite DI Ltd. (NASDAQ: CLBT) (the “Company”), a global leader in Digital Intelligence (DI) solutions for the public and private sectors, today announced that it will report its fourth quarter and fiscal year 2022 financial results before market open on Wednesday, February 15, 2023.
On that day, management will host a conference call and webcast to discuss the Company's financial results at 8:30 a.m. ET.
Telephone participants are advised to register in advance at: https://register.vevent.com/register/BIa98ecd8f02c04567a1515497e1f850c8.
Upon registration, participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique registrant ID.
The live conference call will be webcast in listen-only mode at: https://edge.media-server.com/mmc/p/6j7zngzy.
The webcast will remain available after the call at: https://investors.cellebrite.com/events-presentations.
About Cellebrite
Cellebrite’s (NASDAQ: CLBT) mission is to enable its customers to protect and save lives, accelerate justice, and preserve privacy in communities around the world. We are a global leader in Digital Intelligence solutions for the public and private sectors, empowering organizations in mastering the complexities of legally sanctioned digital investigations by streamlining intelligence processes. Trusted by thousands of leading agencies and companies worldwide, Cellebrite’s Digital Intelligence platform and solutions transform how customers collect, review, analyze and manage data in legally sanctioned investigations. To learn more visit us at www.cellebrite.com, https://investors.cellebrite.com, or follow us on Twitter at @Cellebrite.
Caution Regarding Forward Looking Statements
This document includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “will,” “appear,” “approximate,” “foresee,” “might,” “possible,” “potential,” “believe,” “could,” “predict,” “should,” “could,” “continue,” “expect,” “estimate,” “may,” “plan,” “outlook,” “future” and “project” and other similar expressions that predict, project or indicate future events or trends or that are not statements of historical matters. Such forward looking statements include estimated financial information. Such forward looking statements with respect to revenues, earnings, performance, strategies, prospects, and other aspects of Cellebrite’s business are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements. These factors include, but are not limited to: Cellebrite’s ability to keep pace with technological advances and evolving industry standards; Cellebrite’s material dependence on the acceptance of its solutions by law enforcement and government agencies; real or perceived errors, failures, defects or bugs in Cellebrite’s DI solutions; Cellebrite’s failure to maintain the productivity of sales and marketing personnel, including relating to hiring, integrating and retaining personnel; uncertainties regarding the impact of macroeconomic and/or global conditions, including COVID-19 and military actions involving Russia and Ukraine; intense competition in all of Cellebrite’s markets; the inadvertent or deliberate misuse of Cellebrite’s solutions; political and reputational factors related to Cellebrite’s business or operations; risks relating to estimates of market opportunity and forecasts of market growth; Cellebrite’s ability to properly manage its growth; risks associated with Cellebrite’s credit facilities and liquidity; Cellebrite’s reliance on third-party suppliers for certain components, products, or services; challenges associated with large transactions and long sales cycle; risks that Cellebrite’s customers may fail to honor contractual or payment obligations; risks associated with a significant amount of Cellebrite’s business coming from government customers around the world; risks related to Cellebrite’s intellectual property; security vulnerabilities or defects, including cyber-attacks, information technology system breaches, failures or disruptions; the mishandling or perceived mishandling of sensitive or confidential information; the complex and changing regulatory environments relating to Cellebrite’s operations and solutions; the regulatory constraints to which we are subject; risks associated with different corporate governance requirements applicable to Israeli companies and risks associated with being a foreign private issuer and an emerging growth company; market volatility in the price of Cellebrite’s shares; changing tax laws and regulations; risks associated with joint, ventures, partnerships and strategic initiatives; risks associated with Cellebrite’s significant international operations; risks associated with Cellebrite’s failure to comply with anti-corruption, trade compliance, anti-money-laundering and economic sanctions laws and regulations; risks relating to the adequacy of Cellebrite’s existing systems, processes, policies, procedures, internal controls and personnel for Cellebrite’s current and future operations and reporting needs; and other factors, risks and uncertainties set forth in the section titled “Risk Factors” in Cellebrite’s annual report on Form 20-F filed with the SEC on March 29, 2022, as amended on April 14, 2022 and in other documents filed by Cellebrite with the U.S. Securities and Exchange Commission (“SEC”), which are available free of charge at www.sec.gov. You are cautioned not to place undue reliance upon any forward looking statements, which speak only as of the date made, in this communication or elsewhere. Cellebrite undertakes no obligation to update its forward looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.
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Investors
Investor Relations
investors@cellebrite.com
Media
Victor Cooper
Public Relations and Corporate Communications Director
+1 404 804 5910
Victor.cooper@cellebrite.com
|
NEWS_410 | WEST PALM BEACH, Fla., January 13, 2023--(BUSINESS WIRE)--Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels and owns 39 hotels, today announced that it will report fourth quarter 2022 financial results on Thursday, February 23, 2023, before the opening of the market. That same day at 10:00 a.m. ET, Jeffrey H. Fisher, Chatham’s chief executive officer, Dennis M. Craven, executive vice president and chief operating officer, and Jeremy Wegner, senior vice president and chief financial officer, will host a conference call to review fourth quarter 2022 financial results.
Shareholders and other interested parties may listen to a simultaneous webcast of the conference call on the Internet by logging onto Chatham’s Web site, http://chathamlodgingtrust.com/, or may participate in the conference call by dialing 1-877-407-0789 and referencing Chatham Lodging Trust. A recording of the call will be available by telephone until Thursday, March 2, 2023 at 11:59 pm ET, by dialing 1-844-512-2921, reference number 13735590. A replay of the conference call will be posted on Chatham’s website.
About Chatham Lodging Trust
Chatham Lodging Trust is a self-advised, publicly-traded real estate investment trust focused primarily on investing in upscale, extended-stay hotels and premium-branded, select-service hotels. The company owns interests in 39 hotels totaling 5,914 rooms/suites in 16 states and the District of Columbia. Additional information about Chatham may be found at chathamlodgingtrust.com.
Included in this press release are certain "non-GAAP financial measures," within the meaning of Securities and Exchange Commission (SEC) rules and regulations, that are different from measures calculated and presented in accordance with GAAP (generally accepted accounting principles). The company considers the following non-GAAP financial measures useful to investors as key supplemental measures of its operating performance: (1) FFO, (2) Adjusted FFO, (3) EBITDA, and (4) Adjusted EBITDA. These non-GAAP financial measures could be considered along with, but not as alternatives to, net income or loss, cash flows from operations or any other measures of the company’s operating performance prescribed by GAAP.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20230113005091/en/
Contacts
Company:
Chatham Lodging Trust
Dennis Craven
561-227-1386
dcraven@cl-trust.com |
NEWS_411 | Cleveland-Cliffs (CLF) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.
Over the past month, shares of this mining company have returned +22.8%, compared to the Zacks S&P 500 composite's +1% change. During this period, the Zacks Mining - Miscellaneous industry, which Cleveland-Cliffs falls in, has gained 7.5%. The key question now is: What could be the stock's future direction?
While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.
Revisions to Earnings Estimates
Rather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.
Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.
For the current quarter, Cleveland-Cliffs is expected to post a loss of $0.27 per share, indicating a change of -115.2% from the year-ago quarter. The Zacks Consensus Estimate has changed +126.3% over the last 30 days.
The consensus earnings estimate of $2.63 for the current fiscal year indicates a year-over-year change of -55.2%. This estimate has changed +59.8% over the last 30 days.
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For the next fiscal year, the consensus earnings estimate of $1.71 indicates a change of -35.1% from what Cleveland-Cliffs is expected to report a year ago. Over the past month, the estimate has changed +59.8%.
With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #1 (Strong Buy) for Cleveland-Cliffs.
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
12-month consensus EPS estimate for CLF _12MonthEPSChartUrl
Projected Revenue Growth
Even though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.
In the case of Cleveland-Cliffs, the consensus sales estimate of $5.38 billion for the current quarter points to a year-over-year change of +0.6%. The $23.31 billion and $19.6 billion estimates for the current and next fiscal years indicate changes of +14% and -15.9%, respectively.
Last Reported Results and Surprise History
Cleveland-Cliffs reported revenues of $5.65 billion in the last reported quarter, representing a year-over-year change of -5.9%. EPS of $0.29 for the same period compares with $2.33 a year ago.
Compared to the Zacks Consensus Estimate of $5.81 billion, the reported revenues represent a surprise of -2.65%. The EPS surprise was -35.56%.
Over the last four quarters, the company surpassed EPS estimates just once. The company topped consensus revenue estimates two times over this period.
Valuation
No investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.
Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.
As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
Cleveland-Cliffs is graded A on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
Conclusion
The facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Cleveland-Cliffs. However, its Zacks Rank #1 does suggest that it may outperform the broader market in the near term.
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Zacks Investment Research |
NEWS_412 | Investors may be looking for stocks that are bargains following a year that saw hefty declines across the broader market.
Here are two highly-ranked stocks that could end up being bargains from their current levels as we progress through 2023.
American Airlines AAL
The first stock on the list might stick out to investors from a price perspective as American Airlines stock still trades around $14 per share. Making its stock price look more attractive is the fact that American Airlines is the largest domestic airline carrier in terms of passengers carried.
American Airlines stock is currently sporting a Zacks Rank #1 (Strong Buy) with earnings estimates on the rise for its current fiscal year 2022 and fiscal 2023. This year’s earnings are now forecasted to be -$0.17 per share compared to an adjusted loss of -$8.38 a share in 2021. Fiscal 2023 earnings are anticipated to be back in the black at $1.73 per share with earnings estimate revisions continuing to trend higher for both FY22 and FY23 over the last week.
Zacks Investment Research
Image Source: Zacks Investment Research
On the top line, sales are projected to climb 62% in FY22 and rise another 6% in FY23 at $51.29 billion. Top line estimates have also continued to trend higher. With 2019 sales at $45.7 billion, FY23 would represent 11% growth from pre-pandemic levels.
Along with its “V” like post-pandemic recovery in revenue, American Airlines’ valuation also makes the stock look attractive trading at just 8.2X forward earnings. This is nicely below the industry average of 12X and 61% beneath its decade-long high of 21.1X.
American Airlines also has an overall “A” VGM Style Scores grade for the combination of value, growth, and momentum. Shares of AAL have now rallied more than 20% off of their October lows and its Transportation-Airline Industry is currently in the top 32% of over 250 Zacks Industries.
Zacks Investment Research
Image Source: Zacks Investment Research
ClevelandCliffs CLF
Cleveland-Cliffs is the largest producer of iron ore pellets and the biggest flat-rolled steel producer in North America. The company is part of the Zacks Mining-Miscellaneous Industry which is also in the top 32% of all Zacks Industries.
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After seeing its stock soar in the first half of 2022, CLF stock cooled off as iron and steel prices began to decline following multi-year highs as shown in the nearby chart. Shares of CLF now trade around $18 per share and 46% from their highs.
U.S. Bureau of Labor Statistics
Image Source: U.S. Bureau of Labor Statistics
However, considering Cleveland-Cliffs valuation the stock is starting to look attractive again trading at just 10.9X forward earnings. This is below the industry average of 11.1X. Even better, CLF stock trades 91% below its decade-high of 134X and closer to the median of 6.1X.
Cleveland-Cliffs carries an “A” Style Scores grade for Value and an overall “A” VGM grade, this combination partly attributes to the stock landing a Zacks Rank #1 (Strong Buy) with earnings estimates revisions starting to trend higher again for FY23 as well. Cleveland-Cliffs annual EPS estimates are still well above pre-pandemic levels.
Zacks Investment Research
Image Source: Zacks Investment Research
Cleveland-Cliffs earnings are now expected to drop -55% in its current fiscal 2022 after a very impressive FY21 that saw EPS of $5.87 a share in correlation with soaring iron and steel prices. Fiscal 2023 earnings are expected to decline another -35%. Still, fiscal 2023 earnings of $1.71 per share would be 52% above pre-pandemic levels with CLF’s EPS at $1.12 a share in 2019.
Cleveland-Cliffs stock has now rallied more than 53% off of its November lows and the stock’s valuation could support more upside with iron and steel prices also remaining high despite falling from their multi-year peaks.
Zacks Investment Research
Image Source: Zacks Investment Research
Bottom Line
American Airlines (AAL) and Cleveland-Cliffs (CLF) valuations support that their stocks could still be “cheap” and that more upside may be ahead. For now, the risk to reward appears to remain favorable for investors to buy both stocks at under $20 a share.
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ClevelandCliffs Inc. (CLF) : Free Stock Analysis Report
American Airlines Group Inc. (AAL) : Free Stock Analysis Report
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Zacks Investment Research |
NEWS_413 | Does the January share price for Cleveland-Cliffs Inc. (NYSE:CLF) reflect what it's really worth? Today, we will estimate the stock's intrinsic value by projecting its future cash flows and then discounting them to today's value. This will be done using the Discounted Cash Flow (DCF) model. Before you think you won't be able to understand it, just read on! It's actually much less complex than you'd imagine.
Remember though, that there are many ways to estimate a company's value, and a DCF is just one method. If you want to learn more about discounted cash flow, the rationale behind this calculation can be read in detail in the Simply Wall St analysis model.
See our latest analysis for Cleveland-Cliffs
Is Cleveland-Cliffs Fairly Valued?
We're using the 2-stage growth model, which simply means we take in account two stages of company's growth. In the initial period the company may have a higher growth rate and the second stage is usually assumed to have a stable growth rate. To begin with, we have to get estimates of the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.
A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we discount the value of these future cash flows to their estimated value in today's dollars:
10-year free cash flow (FCF) estimate
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Levered FCF ($, Millions) US$1.52b US$1.75b US$1.69b US$1.66b US$1.65b US$1.66b US$1.67b US$1.69b US$1.71b US$1.74b Growth Rate Estimate Source Analyst x4 Analyst x2 Est @ -3.30% Est @ -1.71% Est @ -0.61% Est @ 0.17% Est @ 0.71% Est @ 1.09% Est @ 1.36% Est @ 1.55% Present Value ($, Millions) Discounted @ 10% US$1.4k US$1.4k US$1.3k US$1.1k US$1.0k US$931 US$852 US$783 US$721 US$665
("Est" = FCF growth rate estimated by Simply Wall St)
Present Value of 10-year Cash Flow (PVCF) = US$10b
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We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. For a number of reasons a very conservative growth rate is used that cannot exceed that of a country's GDP growth. In this case we have used the 5-year average of the 10-year government bond yield (2.0%) to estimate future growth. In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 10%.
Terminal Value (TV)= FCF 2032 × (1 + g) ÷ (r – g) = US$1.7b× (1 + 2.0%) ÷ (10%– 2.0%) = US$22b
Present Value of Terminal Value (PVTV)= TV / (1 + r)10= US$22b÷ ( 1 + 10%)10= US$8.4b
The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is US$19b. In the final step we divide the equity value by the number of shares outstanding. Compared to the current share price of US$18.7, the company appears quite good value at a 48% discount to where the stock price trades currently. Valuations are imprecise instruments though, rather like a telescope - move a few degrees and end up in a different galaxy. Do keep this in mind.
dcf
The Assumptions
We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows. If you don't agree with these result, have a go at the calculation yourself and play with the assumptions. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Cleveland-Cliffs as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 10%, which is based on a levered beta of 1.345. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.
SWOT Analysis for Cleveland-Cliffs
Strength
Earnings growth over the past year exceeded the industry.
Debt is well covered by earnings and cashflows.
Weakness
Earnings growth over the past year is below its 5-year average.
Shareholders have been diluted in the past year.
Opportunity
Good value based on P/E ratio and estimated fair value.
Threat
Annual earnings are forecast to decline for the next 3 years.
Looking Ahead:
Whilst important, the DCF calculation ideally won't be the sole piece of analysis you scrutinize for a company. It's not possible to obtain a foolproof valuation with a DCF model. Rather it should be seen as a guide to "what assumptions need to be true for this stock to be under/overvalued?" For instance, if the terminal value growth rate is adjusted slightly, it can dramatically alter the overall result. What is the reason for the share price sitting below the intrinsic value? For Cleveland-Cliffs, we've compiled three essential items you should assess:
Risks: For instance, we've identified 3 warning signs for Cleveland-Cliffs (1 is a bit concerning) you should be aware of. Future Earnings: How does CLF's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with our free analyst growth expectation chart. Other Solid Businesses: Low debt, high returns on equity and good past performance are fundamental to a strong business. Why not explore our interactive list of stocks with solid business fundamentals to see if there are other companies you may not have considered!
PS. The Simply Wall St app conducts a discounted cash flow valuation for every stock on the NYSE every day. If you want to find the calculation for other stocks just search here.
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.
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NEWS_414 | Cleveland-Cliffs (CLF) closed at $20.92 in the latest trading session, marking a +0.1% move from the prior day. This change lagged the S&P 500's 0.4% gain on the day. Meanwhile, the Dow gained 0.33%, and the Nasdaq, a tech-heavy index, lost 1.1%.
Heading into today, shares of the mining company had gained 39.15% over the past month, outpacing the Basic Materials sector's gain of 5.7% and the S&P 500's loss of 0.01% in that time.
Cleveland-Cliffs will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of -$0.27, down 115.17% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.38 billion, up 0.63% from the year-ago period.
It is also important to note the recent changes to analyst estimates for Cleveland-Cliffs. These recent revisions tend to reflect the evolving nature of short-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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 59.81% higher. Cleveland-Cliffs currently has a Zacks Rank of #1 (Strong Buy).
Valuation is also important, so investors should note that Cleveland-Cliffs has a Forward P/E ratio of 12.25 right now. This valuation marks a premium compared to its industry's average Forward P/E of 11.89.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 70, which puts it in the top 28% of all 250+ industries.
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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.
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Zacks Investment Research |
NEWS_415 | Investors may be looking for stocks that are bargains following a year that saw hefty declines across the broader market.
Here are two highly-ranked stocks that could end up being bargains from their current levels as we progress through 2023.
American Airlines AAL
The first stock on the list might stick out to investors from a price perspective, as American Airlines stock still trades around $14 per share. Making its stock price look more attractive is the fact that American Airlines is the largest domestic airline carrier in terms of passengers carried.
American Airlines stock is currently sporting a Zacks Rank #1 (Strong Buy) with earnings estimates on the rise for its current fiscal year 2022 and fiscal 2023. This year’s earnings are now forecasted to be -$0.17 per share compared to an adjusted loss of -$8.38 a share in 2021. Fiscal 2023 earnings are anticipated to be back in the black at $1.73 per share with earnings estimate revisions continuing to trend higher for both FY22 and FY23 over the last week.
Zacks Investment Research
Image Source: Zacks Investment Research
On the top line, sales are projected to climb 62% in FY22 and rise another 6% in FY23 at $51.29 billion. Top line estimates have also continued to trend higher. With 2019 sales at $45.7 billion, FY23 would represent 11% growth from pre-pandemic levels.
Along with its “V” like post-pandemic recovery in revenue, American Airlines’ valuation also makes the stock look attractive trading at just 8.2X forward earnings. This is nicely below the industry average of 12X and 61% beneath its decade-long high of 21.1X.
American Airlines also has an overall “A” VGM Style Scores grade for the combination of value, growth, and momentum. Shares of AAL have now rallied more than 20% off of their October lows and its Transportation-Airline Industry is currently in the top 32% of over 250 Zacks Industries.
Zacks Investment Research
Image Source: Zacks Investment Research
ClevelandCliffs CLF
Cleveland-Cliffs is the largest producer of iron ore pellets and the biggest flat-rolled steel producer in North America. The company is part of the Zacks Mining-Miscellaneous Industry which is also in the top 32% of all Zacks Industries.
Story continues
After seeing its stock soar in the first half of 2022, CLF stock cooled off as iron and steel prices began to decline following multi-year highs as shown in the nearby chart. Shares of CLF now trade around $18 per share and 46% from their highs.
U.S. Bureau of Labor Statistics
Image Source: U.S. Bureau of Labor Statistics
However, considering Cleveland-Cliffs valuation the stock is starting to look attractive again trading at just 10.9X forward earnings. This is below the industry average of 11.1X. Even better, CLF stock trades 91% below its decade-high of 134X and closer to the median of 6.1X.
Cleveland-Cliffs carries an “A” Style Scores grade for Value and an overall “A” VGM grade, this combination partly attributes to the stock landing a Zacks Rank #1 (Strong Buy) with earnings estimates revisions starting to trend higher again for FY23 as well. Cleveland-Cliffs annual EPS estimates are still well above pre-pandemic levels.
Zacks Investment Research
Image Source: Zacks Investment Research
Cleveland-Cliffs earnings are now expected to drop -55% in its current fiscal 2022 after a very impressive FY21 that saw EPS of $5.87 a share in correlation with soaring iron and steel prices. Fiscal 2023 earnings are expected to decline another -35%. Still, fiscal 2023 earnings of $1.71 per share would be 52% above pre-pandemic levels with CLF’s EPS at $1.12 a share in 2019.
Cleveland-Cliffs stock has now rallied more than 53% off of its November lows and the stock’s valuation could support more upside with iron and steel prices also remaining high despite falling from their multi-year peaks.
Zacks Investment Research
Image Source: Zacks Investment Research
Bottom Line
American Airlines (AAL) and Cleveland-Cliffs (CLF) valuations support that their stocks could still be “cheap” and that more upside may be ahead. For now, the risk to reward appears to remain favorable for investors to buy both stocks at under $20 a share.
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ClevelandCliffs Inc. (CLF) : Free Stock Analysis Report
American Airlines Group Inc. (AAL) : Free Stock Analysis Report
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Zacks Investment Research |
NEWS_416 | Clearfield, Inc.
MINNEAPOLIS, Jan. 12, 2023 (GLOBE NEWSWIRE) -- Clearfield, Inc. (NASDAQ: CLFD), the specialist in fiber management for communications providers, will hold a conference call on Thursday, February 2, 2023 at 5:00 p.m. Eastern time (4:00 p.m. Central time) to discuss its financial results for the fiscal first quarter ended December 31, 2022.
Financial results will be issued in a press release and the company’s FieldReport prior to the call, which will be available in the Investor Relations section of the company’s website. Comprised of presentation slides that will be used throughout the call, the FieldReport will provide additional insight into the company’s financial and operational performance.
Clearfield’s President and CEO Cheri Beranek and CFO Dan Herzog will host the presentation, followed by a question-and-answer period.
Date: Thursday, February 2, 2023
Time: 5:00 p.m. Eastern time (4:00 p.m. Central time)
U.S. dial-in: 1-877-407-0792
International dial-in: 1-201-689-8263
Conference ID: 13735394
The conference call will be webcast live and available for replay here.
Please call the conference telephone number 10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway at 1-949-574-3860.
A replay of the call will be available after 8:00 p.m. Eastern time on the same day through February 16, 2023.
U.S. replay dial-in: 1-844-512-2921
International replay dial-in: 1-412-317-6671
Replay ID: 13735394
About Clearfield, Inc.
Clearfield, Inc. (NASDAQ: CLFD) designs, manufactures, and distributes fiber optic management, protection, and delivery products for communications networks. Our “fiber to anywhere” platform serves the unique requirements of leading incumbent local exchange carriers (traditional carriers), competitive local exchange carriers (alternative carriers), and MSO/cable TV companies, while also catering to the broadband needs of the utility/municipality, enterprise, data center, and military markets. Headquartered in Minneapolis, MN, Clearfield deploys more than a million fiber ports each year. For more information, visit www.SeeClearfield.com.
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Investor Relations Contact:
Matt Glover and Jackie Keshner
Gateway Group, Inc.
949-574-3860
CLFD@gatewayir.com
|
NEWS_417 | MINNEAPOLIS, January 05, 2023--(BUSINESS WIRE)--Clearfield, Inc. (NASDAQ: CLFD), the specialist in fiber management for communications providers, will participate in the 25th Annual Needham Growth Conference on January 10-11, 2023. The conference will be held at the Lotte New York Palace Hotel in New York City.
Clearfield’s President and CEO, Cheri Beranek, is scheduled to participate in a fireside chat on Tuesday, January 10 at 11:00 a.m. Eastern time. The fireside chat will be webcast and available for replay here.
Clearfield will also hold one-on-one investor meetings at the conference on January 10-11. For additional information or to schedule a one-on-one meeting with Clearfield management, please contact your Needham representative or Clearfield’s investor relations team at (949) 574-3860 or CLFD@gatewayir.com.
About Clearfield, Inc.
Clearfield, Inc. (NASDAQ: CLFD) designs, manufactures, and distributes fiber optic management, protection, and delivery products for communications networks. Our "fiber to anywhere" platform serves the unique requirements of leading incumbent local exchange carriers (traditional carriers), competitive local exchange carriers (alternative carriers), and MSO/cable TV companies, while also catering to the broadband needs of the utility/municipality, enterprise, data center, and military markets. Headquartered in Minneapolis, MN, Clearfield deploys more than a million fiber ports each year. For more information, visit www.SeeClearfield.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230105005671/en/
Contacts
Investor Relations Contact:
Matt Glover and Jackie Keshner
Gateway Group, Inc.
949-574-3860
CLFD@gatewayir.com |
NEWS_418 | 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. Unfortunately, these high risk investments often have little probability of ever paying off, and many investors pay a price to learn their lesson. While a well funded company may sustain losses for years, it will need to generate a profit eventually, or else investors will move on and the company will wither away.
So if this idea of high risk and high reward doesn't suit, you might be more interested in profitable, growing companies, like Clearfield (NASDAQ:CLFD). While this doesn't necessarily speak to whether it's undervalued, the profitability of the business is enough to warrant some appreciation - especially if its growing.
View our latest analysis for Clearfield
Clearfield's Improving Profits
Over the last three years, Clearfield has grown earnings per share (EPS) at as impressive rate from a relatively low point, resulting in a three year percentage growth rate that isn't particularly indicative of expected future performance. Thus, it makes sense to focus on more recent growth rates, instead. In impressive fashion, Clearfield's EPS grew from US$1.48 to US$3.25, over the previous 12 months. Year on year growth of 119% is certainly a sight to behold. Shareholders will be hopeful that this is a sign of the company reaching an inflection point.
One way to double-check a company's growth is to look at how its revenue, and earnings before interest and tax (EBIT) margins are changing. Clearfield shareholders can take confidence from the fact that EBIT margins are up from 18% to 24%, and revenue is growing. That's great to see, on both counts.
The chart below shows how the company's bottom and top lines have progressed over time. To see the actual numbers, click on the chart.
The trick, as an investor, is to find companies that are going to perform well in the future, not just in the past. While crystal balls don't exist, you can check our visualization of consensus analyst forecasts for Clearfield's future EPS 100% free.
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Are Clearfield Insiders Aligned With All Shareholders?
It should give investors a sense of security owning shares in a company if insiders also own shares, creating a close alignment their interests. Clearfield followers will find comfort in knowing that insiders have a significant amount of capital that aligns their best interests with the wider shareholder group. We note that their impressive stake in the company is worth US$218m. Coming in at 15% of the business, that holding gives insiders a lot of influence, and plenty of reason to generate value for shareholders. Very encouraging.
While it's always good to see some strong conviction in the company from insiders through heavy investment, it's also important for shareholders to ask if management compensation policies are reasonable. Our quick analysis into CEO remuneration would seem to indicate they are. Our analysis has discovered that the median total compensation for the CEOs of companies like Clearfield with market caps between US$1.0b and US$3.2b is about US$5.5m.
Clearfield's CEO took home a total compensation package of US$1.5m in the year prior to September 2021. That's clearly well below average, so at a glance that arrangement seems generous to shareholders and points to a modest remuneration culture. CEO remuneration levels are not the most important metric for investors, but when the pay is modest, that does support enhanced alignment between the CEO and the ordinary shareholders. It can also be a sign of a culture of integrity, in a broader sense.
Should You Add Clearfield To Your Watchlist?
Clearfield's earnings have taken off in quite an impressive fashion. The sweetener is that insiders have a mountain of stock, and the CEO remuneration is quite reasonable. The drastic earnings growth indicates the business is going from strength to strength. Hopefully a trend that continues well into the future. Clearfield is certainly doing some things right and is well worth investigating. You still need to take note of risks, for example - Clearfield has 3 warning signs (and 1 which can't be ignored) we think you should know about.
Although Clearfield certainly looks good, it may appeal to more investors if insiders were buying up shares. If you like to see insider buying, then this free list of growing companies that insiders are buying, could be exactly what you're looking for.
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.
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NEWS_419 | Clearfield (CLFD) closed the most recent trading day at $93.15, moving -1.08% from the previous trading session. This change was narrower than the S&P 500's daily loss of 1.17%. At the same time, the Dow lost 1.02%, and the tech-heavy Nasdaq lost 2.45%.
Coming into today, shares of the maker of fiber optic management products had lost 9.02% in the past month. In that same time, the Computer and Technology sector lost 8.27%, while the S&P 500 lost 5.25%.
Wall Street will be looking for positivity from Clearfield as it approaches its next earnings report date. In that report, analysts expect Clearfield to post earnings of $1.02 per share. This would mark year-over-year growth of 36%. Meanwhile, our latest consensus estimate is calling for revenue of $85 million, up 66.31% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $4.95 per share and revenue of $386.5 million, which would represent changes of +39.44% and +42.68%, respectively, from the prior year.
Any recent changes to analyst estimates for Clearfield should also be noted by investors. Recent revisions tend to reflect the latest near-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. 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 remained stagnant. Clearfield currently has a Zacks Rank of #1 (Strong Buy).
Investors should also note Clearfield's current valuation metrics, including its Forward P/E ratio of 19.02. This represents a premium compared to its industry's average Forward P/E of 16.73.
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The Wireless Equipment industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 192, putting it in the bottom 24% 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.
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Clearfield, Inc. (CLFD) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research |
NEWS_420 | Company's first bioink available in powder form provides enhanced operational flexibility to support a wide range of 3D bioprinting applications
Collink.3D™ 50L strengthens CollPlant's platform of bioink solutions to biopharma and academic customers seeking animal-free alternatives with improved bio-functionality, safety and reproducibility
REHOVOT, Israel, Jan. 3, 2023 /PRNewswire/ -- CollPlant (Nasdaq: CLGN), a regenerative and aesthetics medicine company developing innovative human collagen-based technologies and products for tissue regeneration and organ manufacturing, today announced the launch of Collink.3DTM 50L, a recombinant human collagen (rhCollagen)-based bioink in a powder form for use in a wide range of 3D bioprinting applications, including drug discovery, drug screening, tissue testing as well as the development of transplantable tissues and organs.
CollPlant launches Collink.3D 50L, rhCollagen-based bioink in a powder form (Credit: Valerie Arad)
Collink.3DTM 50L, the result of a comprehensive development effort, is a tunable bioink that can be easily reconstituted to form solutions with application-specific concentrations, formulated with other components and crosslinked to form hydrogels that meet the demand for specific geometric, physical and biological properties of different 3D constructs. Collink.3D™ 50L adds to CollPlant's growing portfolio of commercial bioinks launched over the last year, Collink.3DTM 50 and Collink.3DTM 90.
"We continue to innovate and support the biopharma and academia with their 3D bioprinting applications by offering a commercial bioink in powder form that improves operational flexibility, including more convenient shipment, handling and storage of the product," said CollPlant CEO, Yehiel Tal. "Much like our other bioinks, Collink.3DTM 50L provides a state-of-the-art animal-free alternative to existing commercial bioinks, enabling high-resolution, scalable and reproduceable bioprinting of scaffolds that accurately mimic the physical properties of human tissues and organs. Our bioink platform is intended to enable our customers to streamline the process of new product development while also accelerating timelines and reducing overall costs," added Tal.
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Biofabricated constructs composed of Collink.3DTM offer superior biological performance, consistency and safety. The Collink.3D™ platform is compatible with major 3D bioprinting technologies and cell types.
More information can be found on https://bit.ly/3YTUVvN
Contact us for more details collink.3d@collplant.com
About CollPlant
CollPlant is a regenerative and aesthetic medicine company focused on 3D bioprinting of tissues and organs, and medical aesthetics. The Company's products are based on its rhCollagen (recombinant human collagen) produced with CollPlant's proprietary plant based genetic engineering technology. These products address indications for the diverse fields of tissue repair, aesthetics, and organ manufacturing, and are ushering in a new era in regenerative and aesthetic medicine.
In 2021 CollPlant entered into a development and global commercialization agreement for dermal and soft tissue fillers with Allergan, an AbbVie company, the global leader in the dermal filler market. For more information about CollPlant, visit http://www.collplant.com
Safe Harbor Statements
This press release may include forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to CollPlant's objectives plans and strategies, as well as statements, other than historical facts, that address activities, events or developments that CollPlant intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as "believes," "hopes," "may," "anticipates," "should," "intends," "plans," "will," "expects," "estimates," "projects," "positioned," "strategy" and similar expressions and are based on assumptions and assessments made in light of management's experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Many factors could cause CollPlant's actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the following: the Company's history of significant losses, its ability to continue as a going concern, and its need to raise additional capital and its inability to obtain additional capital on acceptable terms, or at all; the impact of the COVID-19 pandemic; the Company's expectations regarding the timing and cost of commencing clinical trials with respect to tissues and organs which are based on its rhCollagen based BioInk and products for medical aesthetics; the Company's ability to obtain favorable pre-clinical and clinical trial results; regulatory action with respect to rhCollagen based BioInk and medical aesthetics products including but not limited to acceptance of an application for marketing authorization review and approval of such application, and, if approved, the scope of the approved indication and labeling; commercial success and market acceptance of the Company's rhCollagen based products in 3D Bioprinting and medical aesthetics; the Company's ability to establish sales and marketing capabilities or enter into agreements with third parties and its reliance on third party distributors and resellers; the Company's ability to establish and maintain strategic partnerships and other corporate collaborations; the Company's reliance on third parties to conduct some or all aspects of its product manufacturing; the scope of protection the Company is able to establish and maintain for intellectual property rights and the Company's ability to operate its business without infringing the intellectual property rights of others; the overall global economic environment; the impact of competition and new technologies; general market, political, and economic conditions in the countries in which the Company operates; projected capital expenditures and liquidity; changes in the Company's strategy; and litigation and regulatory proceedings. More detailed information about the risks and uncertainties affecting CollPlant is contained under the heading "Risk Factors" included in CollPlant's most recent annual report on Form 20-F filed with the SEC, and in other filings that CollPlant has made and may make with the SEC in the future. The forward-looking statements contained in this press release are made as of the date of this press release and reflect CollPlant's current views with respect to future events, and CollPlant does not undertake and specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact at CollPlant:
Eran Rotem
Deputy CEO & CFO
Tel: + 972-73-2325600
Email: Eran@CollPlant.com
Photo - https://mma.prnewswire.com/media/1976093/Collink_3D_50L.jpg
Cision
View original content to download multimedia:https://www.prnewswire.com/news-releases/collplant-enriches-portfolio-of-rhcollagen-based-bioinks-with-launch-of-collink3dtm-50l-in-powder-form-301712219.html
SOURCE CollPlant |
NEWS_421 | Study demonstrated progressive stages of tissue regeneration as highlighted by the formation of maturing connective tissue and neovascular networks within the implants
No indication of adverse reaction was noted
Promising results support continued development of rhCollagen-based regenerative breast implants as a revolutionary and potentially safer and more natural alternative for aesthetic and reconstructive procedures, including postmastectomy for cancer patients
rhCollagen-based regenerative breast implants address $2.5 billion global breast implant market
REHOVOT, Israel, Jan. 4, 2023 /PRNewswire/ -- CollPlant (Nasdaq: CLGN), a regenerative and aesthetics medicine company developing innovative technologies and products for tissue regeneration and organ manufacturing, announced that it has successfully completed a large animal study for its recombinant human collagen (rhCollagen)-based 3D bioprinted regenerative breast implants, addressing the $2.5 billion global breast implant market. Supported by these promising results, the Company is planning to initiate a follow-up large animal study during 2023 using commercial-size implants to support subsequent human studies and future product commercialization.
CollPlant's R&D team showcases bioprinted breast implants (Credit: Collplant)
The objectives of the study were fully achieved, including the evaluation of the safety and efficacy of the bioprinted breast implants. The histological analysis of the implants demonstrated progressive stages of tissue regeneration after three months, as indicated by the formation of maturing connective tissues and neovascular networks. The development of native tissue was synchronized with the degradation process of the implant, which was consistent with the desired outcome observed during the trial. There was also no indication of adverse reaction noted within the implants and the surrounding tissue.
"We are very enthusiastic with the results of the study and the achievement of its primary objectives, including the clear demonstration of implant replacement by newly grown, native tissue," said Yehiel Tal, CollPlant's Chief Executive Officer. "Our regenerative breast implants have the potential to address the safety challenges associated with silicone implants while providing a more natural looking and feeling aesthetic result. We are now preparing for a follow-up large animal study using implants that mimic existing commercial-size products, helping us advance into human clinical trials and then product commercialization," he added.
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CollPlant's bioprinted regenerative implants aim to overcome the challenges of existing breast procedures using silicone implants or autologous fat transfer. According to the U.S. Food and Drug Administration, approximately 350,000 people have reported adverse events involving breast implants between 2009 and 2019. Reports range from autoimmune symptoms to breast implant-associated anaplastic large cell lymphoma (BIA-ALCL). CollPlant's regenerative breast implants are comprised of the Company's proprietary plant-derived rhCollagen, an ideal building block for regenerative medicine implants attributed to better bio-functionality, superior homogeneity, and improved safety. The printed implant is designed to degrade over time while promoting natural tissue regeneration and integration with host tissue. 3D bioprinting technology enables scalable production of highly precise and repeatable constructs which can be customized to the individual anatomy of patients.
In the product development process, CollPlant uses modeling tools that enable an optimal design of the implant in terms of geometry, materials, physical properties, and biological environment. The modeling takes into consideration the internal anatomy of the breast tissue and the implant environment post-implantation. The implant testing is rigorous and includes static and dynamic loading in order to mimic breast tissue behavior under different conditions and comply with the most stringent safety requirements. The implants are designed to withstand physiological loads and to provide what CollPlant believes is a safer, more natural, and long-lasting alternative to current breast reconstruction and augmentation procedures.
About CollPlant
CollPlant is a regenerative and aesthetic medicine company focused on 3D bioprinting of tissues and organs, and medical aesthetics. The Company's products are based on its rhCollagen (recombinant human collagen) produced with CollPlant's proprietary plant based genetic engineering technology. These products address indications for the diverse fields of tissue repair, aesthetics, and organ manufacturing, and are ushering in a new era in regenerative and aesthetic medicine.
In 2021 CollPlant entered into a development and global commercialization agreement for dermal and soft tissue fillers with Allergan, an AbbVie company, the global leader in the dermal filler market. For more information about CollPlant, visit http://www.collplant.com
Safe Harbor Statements
This press release may include forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to CollPlant's objectives plans and strategies, as well as statements, other than historical facts, that address activities, events or developments that CollPlant intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as "believes," "hopes," "may," "anticipates," "should," "intends," "plans," "will," "expects," "estimates," "projects," "positioned," "strategy" and similar expressions and are based on assumptions and assessments made in light of management's experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Many factors could cause CollPlant's actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the following: the Company's history of significant losses, its ability to continue as a going concern, and its need to raise additional capital and its inability to obtain additional capital on acceptable terms, or at all; the impact of the COVID-19 pandemic; the Company's expectations regarding the timing and cost of commencing clinical trials with respect to tissues and organs which are based on its rhCollagen based BioInk and products for medical aesthetics; the Company's ability to obtain favorable pre-clinical and clinical trial results; regulatory action with respect to rhCollagen based BioInk and medical aesthetics products including but not limited to acceptance of an application for marketing authorization review and approval of such application, and, if approved, the scope of the approved indication and labeling; commercial success and market acceptance of the Company's rhCollagen based products in 3D Bioprinting and medical aesthetics; the Company's ability to establish sales and marketing capabilities or enter into agreements with third parties and its reliance on third party distributors and resellers; the Company's ability to establish and maintain strategic partnerships and other corporate collaborations; the Company's reliance on third parties to conduct some or all aspects of its product manufacturing; the scope of protection the Company is able to establish and maintain for intellectual property rights and the Company's ability to operate its business without infringing the intellectual property rights of others; the overall global economic environment; the impact of competition and new technologies; general market, political, and economic conditions in the countries in which the Company operates; projected capital expenditures and liquidity; changes in the Company's strategy; and litigation and regulatory proceedings. More detailed information about the risks and uncertainties affecting CollPlant is contained under the heading "Risk Factors" included in CollPlant's most recent annual report on Form 20-F filed with the SEC, and in other filings that CollPlant has made and may make with the SEC in the future. The forward-looking statements contained in this press release are made as of the date of this press release and reflect CollPlant's current views with respect to future events, and CollPlant does not undertake and specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Photo - https://mma.prnewswire.com/media/1977044/CollPlant_RD_team.jpg
Contact at CollPlant:
Eran Rotem
Deputy CEO & CFO
Tel: + 972-73-2325600
Email: Eran@CollPlant.com
Cision
View original content to download multimedia:https://www.prnewswire.com/news-releases/collplant-announces-successful-pre-clinical-results-in-3d-bioprinted-regenerative-breast-implants-porcine-study-and-full-achievement-of-objectives-301713173.html
SOURCE CollPlant |
NEWS_422 | Shares of Clean Harbors, Inc. CLH have gained 28.4% in the past six months compared with 2.2% rise of the industry it belongs to.
Zacks Investment Research
Image Source: Zacks Investment Research
The upside was primarily driven by solid capital investments and strong shareholder-friendly measures.
Reasons for Upside
We are impressed with Clean Harbors’ consistent record of returning value to shareholders in the form of share repurchases. In 2021, 2020 and 2019, the company had repurchased shares worth $54.4 million, $74.8 million and $21.4 million, respectively.
Such moves indicate the company’s commitment to create value for shareholders and underline its confidence in its business. These initiatives not only instill investors’ confidence but also positively impact earnings per share.
Clean Harbors continues to make capital investments to enhance its quality and comply with government and local regulations. The current regulatory requirements are cost intensive and complicated for in-house disposal facilities. These, in turn, compel most companies to outsource their hazardous waste disposal needs.
This is where Clean Harbors steps in with its suitable disposal firms in Canada and the United States. Moreover, Clean Harbors has a diversified customer base ranging from Fortune 500 companies to midsize and small public and private entities, which provide it with stable and recurring sources of revenues.
Favorable Estimate Revision
Driven by the above tailwinds, the Zacks Consensus Estimate for current-year earnings has moved up 7.1% to $7.26 per share in the past 90 days.
Zacks Rank and Stocks to Consider
Clean Harbors currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks in the broader Zacks Business Services sector are Booz Allen Hamilton Holding Corporation BAH and Cross Country Healthcare, Inc. CCRN.
Booz Allen carries a Zacks Rank #2 (Buy) at present. BAH has a long-term earnings growth expectation of 8.9%.
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Booz Allen delivered a trailing four-quarter earnings surprise of 8.8%, on average.
Cross Country Healthcare is currently Zacks #2 Ranked. CCRN has a long-term earnings growth expectation of 6%.
CCRN delivered a trailing four-quarter earnings surprise of 10.1%, on average.
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Clean Harbors, Inc. (CLH) : Free Stock Analysis Report
Booz Allen Hamilton Holding Corporation (BAH) : Free Stock Analysis Report
Cross Country Healthcare, Inc. (CCRN) : Free Stock Analysis Report
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Zacks Investment Research |
NEWS_423 | NORWELL, Mass., January 03, 2023--(BUSINESS WIRE)--Clean Harbors, Inc. ("Clean Harbors") (NYSE: CLH), the leading provider of environmental and industrial services throughout North America, today announced that Chief Financial Officer Michael L. Battles and SVP Investor Relations Jim Buckley will be presenting at the following investor conferences in January:
25th Annual Needham Growth Conference
Tuesday, January 10, 2023
12:45 p.m. ET
CJS 23rd Annual Virtual New Ideas Conference for the New Year
Wednesday, January 11, 2023
1:35 p.m. ET
To access the live or archived webcasts of these events, visit the "Investor Relations" portion of Clean Harbors’ website at www.cleanharbors.com.
About Clean Harbors
Clean Harbors (NYSE: CLH) is North America’s leading provider of environmental and industrial services. The Company serves a diverse customer base, including a majority of Fortune 500 companies. Its customer base spans a number of industries, including chemical, energy and manufacturing, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling services. Through its Safety-Kleen subsidiary, Clean Harbors also is North America’s largest re-refiner and recycler of used oil and a leading provider of parts washers and environmental services to commercial, industrial and automotive customers. Founded in 1980 and based in Massachusetts, Clean Harbors operates in the United States, Canada, Mexico, Puerto Rico and India. For more information, visit www.cleanharbors.com and follow us on LinkedIn, Facebook and Twitter.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230103005064/en/
Contacts
Michael L. Battles
EVP and Chief Financial Officer
Clean Harbors, Inc.
781.792.5100
InvestorRelations@cleanharbors.com
Jim Buckley
SVP Investor Relations
Clean Harbors, Inc.
781.792.5100
Buckley.James@cleanharbors.com |
NEWS_424 | The most you can lose on any stock (assuming you don't use leverage) is 100% of your money. But on a lighter note, a good company can see its share price rise well over 100%. For instance, the price of Clean Harbors, Inc. (NYSE:CLH) stock is up an impressive 120% over the last five years. We note the stock price is up 5.5% in the last seven days.
The past week has proven to be lucrative for Clean Harbors investors, so let's see if fundamentals drove the company's five-year performance.
Check out our latest analysis for Clean Harbors
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
During five years of share price growth, Clean Harbors achieved compound earnings per share (EPS) growth of 153% per year. The EPS growth is more impressive than the yearly share price gain of 17% over the same period. So one could conclude that the broader market has become more cautious towards the stock.
The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).
We like that insiders have been buying shares in the last twelve months. Having said that, most people consider earnings and revenue growth trends to be a more meaningful guide to the business. It might be well worthwhile taking a look at our free report on Clean Harbors' earnings, revenue and cash flow.
A Different Perspective
We're pleased to report that Clean Harbors shareholders have received a total shareholder return of 26% over one year. That gain is better than the annual TSR over five years, which is 17%. Therefore it seems like sentiment around the company has been positive lately. Given the share price momentum remains strong, it might be worth taking a closer look at the stock, lest you miss an opportunity. It's always interesting to track share price performance over the longer term. But to understand Clean Harbors better, we need to consider many other factors. Case in point: We've spotted 2 warning signs for Clean Harbors you should be aware of.
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There 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.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on US exchanges.
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.
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NEWS_425 | Cellectis Inc.
• Maximum Potential Dilution of Approximately 23.04%, Based on Share Capital of Cellectis as of September 30, 2022
NEW YORK, Jan. 04, 2023 (GLOBE NEWSWIRE) -- Cellectis S.A. (“Cellectis” or the “Company”) (Euronext Growth: ALCLS - NASDAQ: CLLS), a clinical-stage biotechnology company using its pioneering gene-editing platform to develop life-saving cell and gene therapies, today announced that it has filed a prospectus supplement with the Securities and Exchange Commission (“SEC”), pursuant to which it may offer and sell to eligible investors a maximum gross amount of up to $60.0 million of American Depositary Shares (“ADS”), each representing one ordinary share of Cellectis, nominal value €0.05 per share, from time to time in sales deemed to be an “at the market offering” pursuant to the terms of a sales agreement with Jefferies LLC (“Jefferies”), acting as sales agent. The timing of any sales will depend on a variety of factors. The at-the-market (“ATM”) program is presently intended to be effective through the expiration of the existing registration statement, i.e. July 6, 2025, unless terminated prior to such date in accordance with the sales agreement or the maximum amount of the program has been reached.
The ADSs are listed on the Nasdaq Global Market under the symbol “CLLS”, and the Company’s ordinary shares are listed on Euronext Growth in Paris under the symbol “ALCLS”.
The Company plans to use the net proceeds, if any, of sales of ADSs issued under the ATM program to fund the continued clinical development of UCART 123, UCART22, UCART20x22, and UCARTCS1, and any remainder for working capital and other general corporate purposes.
Jefferies, as sales agent, will use commercially reasonable efforts to arrange on the Company’s behalf for the sale of all ADSs requested to be sold by the Company, consistent with Jefferies’ normal sales and trading practices. Sales prices may vary based on market prices and other factors. Only eligible investors (as described in greater detail below) may purchase ADSs under the ATM program. In any case, the corresponding sales price of the new ordinary shares underlying the ADSs will not be less than the volume weighted-average of the trading prices of the Company’s ordinary shares on Euronext Growth in Paris over the three trading days prior to the relevant pricing date, subject to a maximum discount to such volume weighted-average price of 15%.
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The ADSs and the underlying ordinary shares will be issued through a capital increase without shareholders’ preferential subscription rights under the provisions of Article L. 225-138 of the French Commercial Code (Code de commerce) as decided by the board of directors (the “Board”) of Cellectis on December 15, 2022 pursuant to the 11th and/or 13th resolutions adopted by the Combined General Meeting of Shareholders held on June 28, 2022 (or any substitute resolutions, adopted from time to time), within the limit of a maximum number of 13,645,293 ordinary shares (being the maximum authorized by the shareholders for each such resolution), representing a maximum potential dilution of approximately 23.04% based on the share capital of the Company as of September 30, 2022.
The ATM program may only be issued to the categories of investors defined in the 11th and/or 13th resolutions (or any similar resolutions that may be substituted to them in the future), comprising (i) any person or legal entity, whether French or foreign (i.e., non-French), that invests on a regular basis or has invested at least €5 million over the preceding 36 months in the health or biotechnology sector and/or (ii) any industrial company, institution or entity, whether French or foreign (i.e., non-French), active in the health or biotechnology sectors or any affiliate thereof. The new ordinary shares will be admitted to trading on the market of Euronext Growth in Paris and the issued ADSs will trade on Nasdaq.
During the term of the ATM program, the Company will include, in the publication of its quarterly results, information about its use of the program during the preceding quarter and will also provide an update after each capital increase on a dedicated location on its corporate website in order to inform investors about the main features of each issue that may be completed under the ATM program from time to time and, as the case may be, will publish a press release if required by applicable law or regulation.
A shelf registration statement on Form F-3 (including a prospectus) relating to Cellectis’ ADSs was filed with the SEC and was declared effective on July 7, 2022. Before purchasing ADSs in the ATM program, prospective investors should read the prospectus supplement and the accompanying prospectus, together with the documents incorporated by reference therein. Prospective investors may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, a copy of the prospectus supplement (and accompanying prospectus) relating to the ATM program may be obtained from Jefferies LLC, 520 Madison Avenue, New York, NY 10022 or by telephone at +1 (877) 821-7388 or by email at Prospectus_Department@Jefferies.com. There will be no prospectus subject to the approval of the Autorité des Marchés Financiers. The Company disclosed in a press release on December 28, 2022 that it entered into a finance contract with the European Investment Bank (“EIB”) on December 28, 2022, which is further described, in particular with respect to the warrants to be issued to the EIB, if any, in a report on Form 6-K dated January 4, 2023 and incorporated by reference in the prospectus supplement, and which is available on the Company’s website at https://cellectis.com/en/investors/sec-filings/. Further, the prospectus supplement also incorporates by reference a report on Form 6-K dated January 4, 2022 that on December 31, 2022, Alain Godard informed the Board of his resignation as a member of the Board, effective immediately. Mr. Godard’s resignation from the Board did not result from any disagreement with Cellectis.
About Cellectis
Cellectis is a clinical-stage biotechnology company using its pioneering gene-editing platform to develop life-saving cell and gene therapies. Cellectis utilizes an allogeneic approach for CAR-T immunotherapies in oncology, pioneering the concept of off-the-shelf and ready-to-use gene-edited CAR T-cells to treat cancer patients, and a platform to make therapeutic gene editing in hemopoietic stem cells for various diseases. As a clinical-stage biopharmaceutical company with over 22 years of experience and expertise in gene editing, Cellectis is developing life-changing product candidates utilizing TALEN®, its gene editing technology, and PulseAgile, its pioneering electroporation system to harness the power of the immune system in order to treat diseases with unmet medical needs. Cellectis’ headquarters are in Paris, France, with locations in New York, New York and Raleigh, North Carolina. Cellectis is listed on the Nasdaq Global Market (ticker: CLLS) and on Euronext Growth (ticker: ALCLS).
Special Note Regarding 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, statements regarding Cellectis’ proposed securities offering by way of an ATM program and Cellectis’ intended use of proceeds, if any, from sales of ADSs issued under the ATM program. Words such as “anticipates,” “believes,” “expects,” “intends,” “projects,” “anticipates,” and, “future” or,”, “can,” “could,”, “is designed to,” “may,” “might,” “plan,” “potential,” “predict,” “objective,”, “scheduled,” “should,” and “will,” or the negative of these and similar expressions are intended to identify forward-looking statements. These forward-looking statements, which are based on our management’s current expectations and assumptions and on information currently available to management. These forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those implied by the forward-looking statements, such as: market conditions, including the trading price and volatility of Cellectis’ ADSs and ordinary shares, and risks related to Cellectis’ business and financial performance. Further information on the risk factors that may affect company business and financial performance is included in Cellectis’ Annual Report on Form 20-F for the year ended December 31, 2021 and subsequent filings Cellectis makes with the SEC from time to time which are available on the SEC’s (website at www.sec.gov). The forward-looking statements included in this press release speak only as of the date of this press release, and except as required by law, Cellectis assumes no obligation to update these forward-looking statements publicly.
CONTACT:
Cellectis S.A.
Media contacts:
Pascalyne Wilson, Director, Communications, +33 (0)7 76 99 14 33, media@cellectis.com
Margaret Gandolfo, Senior Manager, Communications +1 (646) 628 0300,
Margaret.gandolfo@cellectis.com
Investor Relations contact:
Arthur Stril, Chief Business Officer, +1 (347) 809 5980, investors@cellectis.com
Ashley R. Robinson, LifeSci Advisors, +1 617 430 7577
Disclaimers
This press release does not constitute an offer to sell nor a solicitation of an offer to buy, nor shall there be any sale of ordinary shares or ADSs in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The distribution of this document may, in certain jurisdictions, be restricted by local legislations. Persons into whose possession this document comes are required to inform themselves about and to observe any such potential local restrictions.
This document does not constitute an offer to the public in France (except for public offerings defined in Article L.411-2 1° of the French Monetary and Financial Code) and the securities referred to in this document can only be offered or sold in France pursuant to Article L. 411-2 1° of the French Monetary and Financial Code to (i) qualified investors (investisseurs qualifiés) (as such term is defined in Article 2(e) of Regulation (EU) 2017/1129, as amended (the “Prospectus Regulation”)) and/or (ii) a limited group of investors (cercle restreint d’investisseurs) acting for their own account, all as defined in and in accordance with articles L. 411-1, L. 411-2 and D. 411-2 to D. 411-4 and D. 744-1, D. 754-1 and D. 764-1 of the French Monetary and Financial Code.
This announcement is not an advertisement and not a prospectus within the meaning of Prospectus Regulation.
With respect to the member States of the European Economic Area, no action has been undertaken or will be undertaken to make an offer to the public of the securities referred to herein requiring a publication of a prospectus in any relevant member State. As a result, the securities may not and will not be offered in any relevant member State except in accordance with the exemptions set forth in Article 1 (4) of the Prospectus Regulation or under any other circumstances which do not require the publication by the Company of a prospectus pursuant to Article 3 of the Prospectus Regulation and/or to applicable regulations of that relevant member State.
This document is only being distributed to, and is only directed at, persons in the United Kingdom that (i) are “investment professionals” falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Order”), (ii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations, etc.”) of the Order, or (iii) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of Article 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “Relevant Persons”). This document is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.
MIFID II product governance / Retail investors, professional investors and ECPs only target market - Solely for the purposes of each manufacturer’s product approval process, the target market assessment in respect of the new shares has led to the conclusion that: (i) the target market for the new shares is retail investors, eligible counterparties and professional clients, each as defined in MiFID II; and (ii) all channels for distribution of the new shares to retail investors, eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the new shares (a “distributor”) should take into consideration the manufacturers’ target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the new shares (by either adopting or refining the manufacturers’ target market assessment) and determining appropriate distribution channels. For the avoidance of doubt, even if the target market includes retail investors, the manufacturers have decided that the new shares will be offered, as part of the ATM program, only to eligible counterparties and professional clients.
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NEWS_426 | Cellectis Inc.
(Article 223-16 of General Regulation of the French financial markets authority)
NEW YORK, Jan. 09, 2023 (GLOBE NEWSWIRE) --
Listing market: Euronext Growth
ISIN code: FR0010425595
Date Total number of shares
in the capital Total number of voting
rights 12/31/2022 45,677,679 51,744,775
About Cellectis
Cellectis is a clinical-stage biotechnology company using its pioneering gene-editing platform to develop life-saving cell and gene therapies. Cellectis utilizes an allogeneic approach for CAR-T immunotherapies in oncology, pioneering the concept of off-the-shelf and ready-to-use gene-edited CAR T-cells to treat cancer patients, and a platform to make therapeutic gene editing in hemopoietic stem cells for various diseases. As a clinical-stage biopharmaceutical company with over 22 years of expertise in gene editing, Cellectis is developing life-changing product candidates utilizing TALEN®, its gene editing technology, and PulseAgile, its pioneering electroporation system to harness the power of the immune system in order to treat diseases with unmet medical needs. As part of its commitment to a cure, Cellectis remains dedicated to its goal of providing lifesaving UCART product candidates for multiple cancers including acute myeloid leukemia (AML), B-cell acute lymphoblastic leukemia (B-ALL) and multiple myeloma (MM). HEAL is a new platform focusing on hemopoietic stem cells to treat blood disorders, immunodeficiencies and lysosomal storage diseases.
Cellectis’ headquarters are in Paris, France, with locations in New York, New York and Raleigh, North Carolina.
Cellectis is listed on the Nasdaq Global Market (ticker: CLLS) and on Euronext Growth (ticker: ALCLS).
For more information, visit www.cellectis.com
Follow Cellectis on social media: @cellectis, LinkedIn and YouTube.
For further information, please contact:
Media contacts:
Pascalyne Wilson, Director, Communications, +33776991433, media@cellectis.com
Investor Relation contact:
Arthur Stril, Chief Business Officer, +1 (347) 809 5980, investors@cellectis.com
Ashley R. Robinson, LifeSci Advisors, +1 (617) 430 7577
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NEWS_427 | 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 as Peter Lynch said in One Up On Wall Street, 'Long shots almost never pay off.' Loss-making companies are always racing against time to reach financial sustainability, so investors in these companies may be taking on more risk than they should.
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 Climb Global Solutions (NASDAQ:CLMB). Even if this company is fairly valued by the market, investors would agree that generating consistent profits will continue to provide Climb Global Solutions with the means to add long-term value to shareholders.
See our latest analysis for Climb Global Solutions
How Fast Is Climb Global Solutions 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. So it makes sense that experienced investors pay close attention to company EPS when undertaking investment research. Shareholders will be happy to know that Climb Global Solutions' EPS has grown 20% each year, compound, over three years. If the company can sustain that sort of growth, we'd expect shareholders to come away satisfied.
One way to double-check a company's growth is to look at how its revenue, and earnings before interest and tax (EBIT) margins are changing. Climb Global Solutions maintained stable EBIT margins over the last year, all while growing revenue 4.5% to US$291m. That's progress.
The chart below shows how the company's bottom and top lines have progressed over time. To see the actual numbers, click on the chart.
Since Climb Global Solutions is no giant, with a market capitalisation of US$151m, you should definitely check its cash and debt before getting too excited about its prospects.
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Are Climb Global Solutions Insiders Aligned With All Shareholders?
As a general rule, it's worth considering how much the CEO is paid, since unreasonably high rates could be considered against the interests of shareholders. The median total compensation for CEOs of companies similar in size to Climb Global Solutions, with market caps between US$100m and US$400m, is around US$1.7m.
Climb Global Solutions' CEO took home a total compensation package worth US$1.0m in the year leading up to December 2021. That seems pretty reasonable, especially given it's below the median for similar sized companies. While the level of CEO compensation shouldn't be the biggest factor in how the company is viewed, modest remuneration is a positive, because it suggests that the board keeps shareholder interests in mind. Generally, arguments can be made that reasonable pay levels attest to good decision-making.
Is Climb Global Solutions Worth Keeping An Eye On?
You can't deny that Climb Global Solutions has grown its earnings per share at a very impressive rate. That's attractive. With swiftly growing earnings, the best days may still be to come, and the modest CEO pay suggests the company is careful with cash. We think that based on its merits alone, this stock is worth watching into the future. What about risks? Every company has them, and we've spotted 2 warning signs for Climb Global Solutions (of which 1 is a bit concerning!) you should know about.
Although Climb Global Solutions certainly looks good, it may appeal to more investors if insiders were buying up shares. If you like to see insider buying, then this free list of growing companies that insiders are buying, could be exactly what you're looking for.
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.
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NEWS_428 | Climb Global Solutions (CLMB) shares soared 6.7% in the last trading session to close at $37.15. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 8% gain over the past four weeks.
The stock is benefiting from the company’s consistent organic growth from new and existing vendors, and contribution from the Spinnaker acquisition.
This computer software reseller is expected to post quarterly earnings of $0.78 per share in its upcoming report, which represents no change from the year-ago quarter. Revenues are expected to be $84.64 million, up 12.1% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Climb Global, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CLMB going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Climb Global belongs to the Zacks Technology Services industry. Another stock from the same industry, First Advantage (FA), closed the last trading session 5.5% lower at $13.13. Over the past month, FA has returned 3%.
For First Advantage , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.30. This represents a change of -3.2% from what the company reported a year ago. First Advantage currently has a Zacks Rank of #3 (Hold).
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 report
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Climb Global Solutions, Inc. (CLMB) : Free Stock Analysis Report
First Advantage Corporation (FA) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research |
NEWS_429 | Investment management company Cove Street Capital recently released its “Small Cap Value Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 7.82% compared to 6.23% for the Russell 2000 Index and 8.42% for the Russell 2000 Value Index. In 2022, the fund returned -10.34% compared to -20.44% decline for the Russell 2000 Index and -14.48% decline for the Russell 2000 Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Cove Street Capital highlighted stocks like Climb Global Solutions, Inc. (NASDAQ:CLMB) in its Q4 2022 investor letter. Headquartered in Eatontown, New Jersey, Climb Global Solutions, Inc. (NASDAQ:CLMB) is a value-added information technology company. On January 11, 2023, Climb Global Solutions, Inc. (NASDAQ:CLMB) stock closed at $34.82 per share. One-month return of Climb Global Solutions, Inc. (NASDAQ:CLMB) was 7.80%, and its shares gained 3.74% of their value over the last 52 weeks. Climb Global Solutions, Inc. (NASDAQ:CLMB) has a market capitalization of $155.915 million.
Cove Street Capital made the following comment about Climb Global Solutions, Inc. (NASDAQ:CLMB) in its Q4 2022 investor letter:
“Climb Global Solutions, Inc. (NASDAQ:CLMB), formerly known as Wayside Technology Group, is a software and hardware distributor that helps new-to-market software companies sell to Value Added Resellers (VARs) and IT solution providers such as CDW, who then sell to the end user. In January 2020, the company promoted Dale Foster to CEO, and since then, he has put the company on a great trajectory to grow market share. The top four biggest software distributors generate over $100 billion in sales per year, while Climb has only ~$300 million in revenue. The company is small enough to not be on the larger players’ radar, which is advantageous to Foster as he continues to execute his strategy of growing the company’s revenue and profit by focusing on emerging technology players."
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Hand touching brain of AI, Symbolic, Machine learning, artificial intelligence of futuristic technology. AI network of brain on business analysis, innovative and business growth development.
Climb Global Solutions, Inc. (NASDAQ:CLMB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 4 hedge fund portfolios held Climb Global Solutions, Inc. (NASDAQ:CLMB) at the end of the third quarter, which was 3 in the previous quarter.
We discussed Climb Global Solutions, Inc. (NASDAQ:CLMB) in another article and shared Cove Street Capital's views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey. |
NEWS_430 | A look at the shareholders of Clean Energy Fuels Corp. (NASDAQ:CLNE) can tell us which group is most powerful. The group holding the most number of shares in the company, around 48% to be precise, is institutions. In other words, the group stands to gain the most (or lose the most) from their investment into the company.
Because institutional owners have a huge pool of resources and liquidity, their investing decisions tend to carry a great deal of weight, especially with individual investors. Hence, having a considerable amount of institutional money invested in a company is often regarded as a desirable trait.
Let's delve deeper into each type of owner of Clean Energy Fuels, beginning with the chart below.
Check out our latest analysis for Clean Energy Fuels
What Does The Institutional Ownership Tell Us About Clean Energy Fuels?
Many institutions measure their performance against an index that approximates the local market. So they usually pay more attention to companies that are included in major indices.
Clean Energy Fuels already has institutions on the share registry. Indeed, they own a respectable stake in the company. This suggests some credibility amongst professional investors. But we can't rely on that fact alone since institutions make bad investments sometimes, just like everyone does. It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. So it is worth checking the past earnings trajectory of Clean Energy Fuels, (below). Of course, keep in mind that there are other factors to consider, too.
We note that hedge funds don't have a meaningful investment in Clean Energy Fuels. TotalEnergies SE is currently the company's largest shareholder with 19% of shares outstanding. The second and third largest shareholders are Grantham Mayo Van Otterloo & Co. LLC and BlackRock, Inc., with an equal amount of shares to their name at 5.7%. Additionally, the company's CEO Andrew Littlefair directly holds 0.6% of the total shares outstanding.
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After doing some more digging, we found that the top 11 have the combined ownership of 50% in the company, suggesting that no single shareholder has significant control over the company.
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. Quite a few analysts cover the stock, so you could look into forecast growth quite easily.
Insider Ownership Of Clean Energy Fuels
The definition of company insiders can be subjective and does vary between jurisdictions. Our data reflects individual insiders, capturing board members at the very least. Management ultimately answers to the board. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO.
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.
Shareholders would probably be interested to learn that insiders own shares in Clean Energy Fuels Corp.. The insiders have a meaningful stake worth US$20m. Most would see this as a real positive. It is good to see this level of investment by insiders. You can check here to see if those insiders have been buying recently.
General Public Ownership
The general public-- including retail investors -- own 32% stake in the company, and hence can't easily be ignored. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run.
Public Company Ownership
We can see that public companies hold 19% of the Clean Energy Fuels shares on issue. This may be a strategic interest and the two companies may have related business interests. It could be that they have de-merged. This holding is probably worth investigating further.
Next Steps:
While it is well worth considering the different groups that own a company, there are other factors that are even more important. Take risks for example - Clean Energy Fuels has 1 warning sign we think you should be aware of.
If you would prefer discover what analysts are predicting in terms of future growth, do not miss this free report on analyst forecasts.
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.
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NEWS_431 | Clene Inc.
SALT LAKE CITY, Jan. 11, 2023 (GLOBE NEWSWIRE) -- Clene Inc. (Nasdaq: CLNN) (along with its subsidiaries, “Clene”) and its wholly owned subsidiary Clene Nanomedicine Inc., a clinical-stage biopharmaceutical company today announced that it will participate in Renmark Financial Communications Inc.’s Virtual Non-Deal Roadshow Series on January 18 and January 23. The Company welcomes stakeholders, investors, and other interested parties to register and attend these free live events.
Rob Etherington, Chief Executive Officer, and Morgan Brown, Chief Financial Officer, will deliver the latest investor presentation followed by a live Q&A session. Individuals can register by using the link below. As a reminder, registration for the live events may be limited but access to the replays will be posted to the Company’s Investor website within a few days of the events.
REGISTER HERE AND EVENT DETAILS:
January 18, 2023 – 2 pm E.T., https://www.renmarkfinancial.com/events/renmark-virtual-non-deal-roadshow-nasdaq-clnn-2023-01-18-120000
January 23, 2023 – Noon E.T., https://www.renmarkfinancial.com/events/renmark-virtual-non-deal-roadshow-nasdaq-clnn-2023-01-23-120000
To ensure smooth connectivity, please access this link using the latest version of Google Chrome.
About Clene
Clene is a clinical-stage biopharmaceutical company focused on revolutionizing the treatment of neurodegenerative disease by targeting energetic failure, an underlying cause of many neurological diseases. The company is based in Salt Lake City, Utah, with R&D and manufacturing operations in Maryland. For more information, please visit www.clene.com or follow us on Twitter, LinkedIn and Facebook.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the “safe harbor” provisions created by those laws. Clene’s forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding our future operations. In addition, any statements that refer to future events or circumstances, including any underlying assumptions, are forward-looking statements. These forward-looking statements represent our views as of the date of this document and involve a number of judgments, risks and uncertainties. We anticipate that subsequent events and developments will cause our views to change. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date.
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Contacts:
Renmark Financial Communications Inc.
James R. Kautz: jkautz@renmarkfinancial.com
Tel.: (416) 644-2020 or (212) 812-7680
www.renmarkfinancial.com
Media Contact
Ignacio Guerrero-Ros, Ph.D., or David Schull
Russo Partners, LLC
Ignacio.guerrero-ros@russopartnersllc.com
David.schull@russopartnersllc.com
(858) 717-2310 Investor Contact
Kevin Gardner
LifeSci Advisors
kgardner@lifesciadvisors.com
617-283-2856
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NEWS_432 | Clover Health Investments, Corp.
FRANKLIN, Tenn., Jan. 10, 2023 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (NASDAQ: CLOV) (“Clover,” “Clover Health” or the “Company”), a physician enablement company committed to bringing access to great healthcare to everyone on Medicare, today provides a business update and announces partial guidance for full-year 2023.
“2023 will be a pivotal year for Clover Health and I believe we will prove out the strength of our approach to managing care for Medicare beneficiaries. It’s an exciting time for me to transition into the role of Chief Executive Officer, working with our team to deliver results for our members, our physician network partners, and our shareholders”, said Andrew Toy, Chief Executive Officer of Clover Health.
“We expect to build upon our positive momentum from 2022 to deliver continued improvement in our financial performance across both our Insurance and Non-Insurance lines. During the most recent Medicare Advantage Annual Enrollment Period, we intentionally priced our Insurance plans with profitability in mind as opposed to growth. Due to this strategic shift, we expect to start 2023 with Insurance membership approximately in line with our Insurance membership as of January 1, 2022, and we expect favorability in 2023 MCR and growth in 2023 Insurance top-line revenue. On our Non-Insurance business, we are continuing with our previously disclosed strategic shift to reduce the number of participant providers we accept into the program in connection with an increased prioritization of profitability”, said Mr. Toy.
“The resulting improvement in the returning member mix for both lines of business is expected to further improve our financial profile. We intend to issue additional guidance for full-year 2023 at a later date. However, the partial guidance for full-year 2023 we are issuing today highlights the anticipated favorable impact of our ongoing strategy to prioritize profitability”, said Mr. Toy.
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“We continue to prioritize operating efficiencies to reduce adjusted SG&A and optimize liquidity. We also continue to feel comfortable with the Company’s current liquidity position, which helps to insulate us against a challenging market environment”, said Scott Leffler, Chief Financial Officer of Clover Health.
For full-year 2023, Clover Health issues its partial guidance as follows:
Insurance Segment:
Insurance revenues are expected to be in the range of $1.15 billion to $1.20 billion in 2023, as compared to our most recently issued 2022 guidance range ( 1) of $1.0 billion to $1.1 billion.
Insurance MCR is expected to be in the range of 89% - 91% in 2023.
Non-Insurance Segment:
Non-Insurance revenues are expected to be in the range of $0.75 billion to $0.80 billion in 2023.
Non-Insurance MCR is expected to be in the range of 98% - 100% in 2023.
(1) For comparison purposes, we have included the 2022 projected financial metrics based on guidance provided in the Company’s November 7, 2022 press release, which has not been updated since issued.
Forward-Looking Statements
Please note that this press 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. Forward-looking statements include Clover Health’s partial guidance for full-year 2023 and any other statements regarding future events and Clover Health’s future results of operations, financial position, business strategy and future plans. Forward-looking statements are not guarantees of future performance, and you are cautioned not to place undue reliance on such statements. In some cases, you can identify forward looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "can," "could," "should," "would," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," "outlook," "forecast," "guidance," "objective," "plan," "seek," "grow," "target," "if," "continue," or the negative of these words or other similar terms or expressions that concern Clover Health's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding expectations relating to Insurance Revenues, Non-Insurance Revenues, Insurance MCR, Non-Insurance MCR, as well as the statements contained in the quotations of our executive officers, including expectations related to Clover Health's liquidity, future performance, future operations and future results. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied in this press release. Additional information concerning these and other risk factors is contained in Clover Health’s latest Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2022, including the Risk Factors section therein, and in its other filings with the SEC. The forward-looking statements included in this press release are made as of the date hereof. Except as required by law, Clover Health undertakes no obligation to update any of these forward-looking statements after the date of this press release or to conform these statements to actual results or revised expectations.
About Clover Health:
Clover Health (Nasdaq: CLOV) is a physician enablement company committed to bringing access to great healthcare to everyone on Medicare. This includes a health equity-based focus on seniors who have historically lacked access to affordable, high-quality healthcare. Our strategy is powered by our software platform, Clover Assistant, which is designed to aggregate patient data from across the healthcare ecosystem to support clinical decision-making and improve health outcomes. We operate two distinct lines of business: Insurance and Non-Insurance. Through our Insurance line of business, we provide PPO and HMO Medicare Advantage plans in several states, with a differentiated focus on our flagship wide-network, high-choice PPO plans. Our Non-Insurance line of business similarly aims to reduce cost-of-care while enhancing the quality of care for patients enrolled in Original Medicare.
Press Contact:
Andrew Still-Baxter
Emma Baron
press@cloverhealth.com
Investor Relations Contact:
Ryan Schmidt
investors@cloverhealth.com
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NEWS_433 | Clover Health Investments, Corp.
FRANKLIN, Tenn., Jan. 04, 2023 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (NASDAQ: CLOV) (“Clover,” “Clover Health” or the “Company”), a physician enablement company committed to improving health equity for seniors, today announced that its CEO, Andrew Toy, will present at the 41st Annual J.P. Morgan Healthcare Conference on Wednesday, January 11, 2023, at 4:30 p.m. Eastern Time.
A live webcast of the presentation will be accessible from Clover Health's investor relations website at https://investors.cloverhealth.com/ . An archived replay of the presentation will be available from the same website for 12 months following the live presentation.
About Clover Health:
Clover Health (Nasdaq: CLOV) is a physician enablement company focused on seniors who have historically lacked access to affordable, high-quality healthcare. Our strategy is underpinned by our proprietary software platform, Clover Assistant, which is designed to aggregate patient data from across the health ecosystem to support clinical decision-making and improve health outcomes. We operate two distinct lines of business: Insurance and Non-Insurance. Through our Insurance line of business, we provide PPO and HMO plans to Medicare Advantage members in several states. Our Non-Insurance line of business aims to reduce expenditures and enhance the quality of care for patients enrolled in fee-for-service Medicare. Clover’s corporate headquarters are in Franklin, Tenn.
Press Contact:
Andrew Still-Baxter
Emma Baron
press@cloverhealth.com
Investor Relations Contact:
Ryan Schmidt
investors@cloverhealth.com
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NEWS_434 | ClearPoint Neuro, Inc.
SOLANA BEACH, Calif., Jan. 11, 2023 (GLOBE NEWSWIRE) -- ClearPoint Neuro, Inc. (Nasdaq: CLPT) (the “Company”), a global therapy-enabling platform company providing navigation and delivery to the brain, today announced preliminary, unaudited financial results for its fourth quarter and full year ended December 31, 2022.
Fourth Quarter 2022 Preliminary Unaudited Financial Highlights
Preliminary unaudited revenue of $5.2 million, a 21% year-over-year increase;
Increased biologics and drug delivery revenue to $2.3 million, a 37% year-over-year increase;
Increased functional neurosurgery products and services to $2.3 million, a 7% year-over-year increase;
Cash burn of approximately $3.0 million in the fourth quarter. The Company had approximately $37.5 million in cash, cash equivalents and short-term investments at December 31, 2022.
Full Year 2022 Preliminary Unaudited Financial Highlights
Achieved preliminary unaudited record revenue of $20.6 million, a 26% year-over-year increase, versus most recent guidance of $21.0 - $22.0 million;
Increased biologics and drug delivery revenue to $9.1 million, a 34% year-over-year increase;
Increased functional neurosurgery products and services revenue to $9.1 million, a 13% year-over-year increase;
Added multiple new biologics and drug delivery partners in the year to bring the total to more than 50 partners.
Business Outlook and Planned Value Creating Milestones
The Company estimates revenue in 2023 to be between $25.0 million and $27.0 million, representing growth between 22% and 31%;
Submission to the FDA of a Biologics License Application (BLA) by PTC Therapeutics for Upstaza ™ , using the ClearPoint SmartFlow ® Cannula, for minimally invasive infusion of the gene therapy;
Initiation of multiple pharmaceutical partner clinical trials globally;
Expansion of the installed base to approximately 10 additional centers worldwide;
Revenue growth from international customers driven by 8 active centers installed in the E.U. and U.K.;
Commercialization of the ClearPoint PRISM ™ Neuro Laser Therapy System and expansion into limited market release centers;
Completion of Phase 1 safety study in Lund, Sweden, for the use of PRISM ™ to treat brain lesions;
Up to 8 FDA submissions for new hardware and software products in our portfolio;
Production of first devices at our new expanded manufacturing facility in California.
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“Our team made tremendous progress toward our four-pillar growth strategy in 2022 and finished the year with approximately 26% growth in revenue, driven by the 34% revenue growth in our biologics and drug delivery business, and 11 new centers installed worldwide,” commented Joe Burnett, President and CEO of ClearPoint Neuro. “While recognized revenue in the fourth quarter was below our expectations based on timing and delivery for certain products and services, our backlog of received purchase orders grew to the highest level in our history setting us up for a strong 2023. We are forecasting revenue for 2023 in the range of $25.0 million to $27.0 million, representing growth of between 22% and 31% percent. Our team has done a great job managing our cash position in the past year by pausing less crucial programs while continuing to invest in our supply chain to ensure product availability to hospitals and our pharmaceutical partners. As a result, our cash burn in the fourth quarter was approximately $3.0 million, which was the lowest in several quarters, bringing our current cash, cash equivalents, and short-term investments balance at year end to approximately $37.5 million.”
The preliminary unaudited financial results described in the press release are estimates only and subject to revision until we report our full financial results for the fourth quarter and full year 2022 during our upcoming earnings announcement.
About ClearPoint Neuro
ClearPoint Neuro’s mission is to improve and restore quality of life to patients and their families by enabling therapies for the most complex neurological disorders with pinpoint accuracy. Applications of the Company’s current product portfolio include deep brain stimulation, laser ablation, biopsy, and delivery of drugs, biologics, and gene therapy to the brain. The ClearPoint® Neuro Navigation System has FDA clearance, is CE-marked, and is installed in more than 65 sites in the United States, Canada, and Europe. ClearPoint Neuro is partnered with more than 50 biologics/pharmaceutical companies and academic centers, providing solutions for direct CNS delivery of therapeutics in pre-clinical studies and clinical trials worldwide. To date, more than 5,000 cases have been performed and supported by the Company’s field-based clinical specialist team, which offers support and services to our customers and partners. For more information, please visit www.clearpointneuro.com.
Forward-Looking Statements
Statements in this press release covering preliminary financial results for completed periods and expected results in future periods, and statements concerning the Company’s plans, growth and strategies may include forward-looking statements within the context of the federal securities laws. Statements regarding the Company's future events, developments and future performance, the size of total addressable markets or the market opportunity for the Company’s products and services, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. Uncertainties and risks may cause the Company's actual results to differ materially from those expressed in or implied by forward-looking statements. Particular uncertainties and risks include those relating to: the impact of the COVID-19 pandemic, global instability, supply chain disruptions, labor shortages, and macroeconomic and inflationary conditions; future revenue from sales of the Company’s ClearPoint Neuro Navigation System and other new products offered by the Company; the Company’s ability to market, commercialize and achieve broader market acceptance for the Company’s ClearPoint Neuro Navigation System and other new products offered by the Company; the ability of our biologics and drug delivery partners to achieve commercial success, including their use of our products and services in their delivery of therapies; and risks inherent in the research, development, and regulatory approval of new products. More detailed information on these and additional factors that could affect the Company’s actual results are described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and the Company’s Quarterly Report on Form 10-Q for the three months ended September 30, 2022, both of which have been filed with the Securities and Exchange Commission, and the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which the Company intends to file with the Securities and Exchange Commission on or before March 31, 2023.
CONTACT: Contact: Danilo D’Alessandro, Chief Financial Officer (888) 287-9109 info@clearpointneuro.com Caroline Corner, Investor Relations ir@clearpointneuro.com
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NEWS_435 | Celestica International LP
TORONTO, Jan. 05, 2023 (GLOBE NEWSWIRE) -- Celestica’s third quarter financial results and conference call will take place on Thursday, January 26. The conference call start time is 8:00am ET. Financial results will be released after market close on Wednesday, January 25.
Participants are invited to join the live webcast at: https://viavid.webcasts.com/starthere.jsp?ei=1592033&tp_key=456f273f42
For those unable to participate, a recorded webcast will be available approximately two hours after completion of the call. To access the recorded webcast visit www.celestica.com.
Contact
Celestica Investor Relations
(416) 448-2211
clsir@celestica.com
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NEWS_436 | Company hits new daily production high of 22 bitcoin; Mines a record 4,621 bitcoin for calendar year 2022, up 200% from the prior calendar year
LAS VEGAS, Jan. 04, 2023 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), America’s Bitcoin Miner™, today released its unaudited bitcoin mining and operations update for the month ending December 31, 2022.
“Calendar year 2022 has been an incredible year of growth for CleanSpark and I’m so grateful to the teams that have made it all possible. Among our many accomplishments this year, I’m most proud of increasing our annual bitcoin production by over 200% as we expanded our fleet and the number of mining campuses we own and operate throughout Georgia,” said Zach Bradford, CEO. “These accomplishments were helped along by a capital strategy that allowed us to take full advantage of the bear market, making us one of the few public miners to dramatically expand our fleet. Even in this down market, we are committed to the promise of bitcoin and are proud to be part of the global network that keeps it secure for millions of users across the world.
“This year’s incredible growth was marginally impacted by winter storm Elliot. It forced us to curtail for a few days for the safety of our people and our infrastructure, and to protect the public good by ensuring grid stability during the most dramatic temperatures caused by the polar vortex. While we did not know exactly when the freezing temperatures would hit, they weren’t unexpected, so we were able to prepare our operations well in advance. That preparation allowed us to safely power down our operations and to therefore expertly manage our bitcoin production margins in response to unusually high power rates and the extreme cold. The overall effect was a slight decline in our monthly production from November. Since last week, all machines are back up and running at our full fleet capacity of 6.2 EH/s.”
December Bitcoin Mining Update (unaudited)
Bitcoin mined in December: 464
2022 Calendar year bitcoin mined: 4,621
Total BTC holdings as of December 31: 228
Total BTC converted for operations and growth in December: 517
Currently deployed fleet of about 63,700 latest-generation bitcoin miners with a hashrate of 6.2 EH/s, up 13% from November 2022 and up 225% from December 2021
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The Company funded growth and operations through the sale of 517 bitcoins in December 2022 at an average of approximately $17K per BTC. Sales of BTC equated to proceeds of approximately $8.7 million. December daily BTC mined averaged about 15 and reached a high of 22.
Operational Updates
Winter Storm Elliot. A severe weather event in late December impacted most of the Company’s operations in Georgia, forcing the powering down of 98% of its machines from December 23 to mid-day December 28. The fleet was gradually powered back on when temperatures and humidity made it safe to do so.
While the Company’s Norcross site, which deploys indoor immersion cooling, was not immediately impacted by the weather, the Company’s commitment to curtailing for the public good combined with the variable power rates associated with the facility, resulted in those machines also coming offline.
In addition to the Company’s Georgia facilities, there was also an impact to its hosted machines in upstate New York during the same period.
CleanSpark closely monitors severe weather events for the health and safety of its teams, infrastructure, and the greater grid.
About CleanSpark
CleanSpark (NASDAQ: CLSK) is America’s bitcoin miner. Since 2014, we’ve helped people achieve energy independence for their homes and businesses. In 2020, we transitioned that expertise to develop sustainable infrastructure for Bitcoin, an essential tool for financial independence and inclusion. We strive to leave the planet better than we found it by sourcing and investing in low-carbon energy, like wind, solar, nuclear, and hydro. We cultivate trust and transparency among our employees, the communities we operate in, and the people around the world who depend on Bitcoin. CleanSpark holds the 44th spot on the Financial Times' 2022 List of the 500 Fastest Growing Companies in the Americas and ranks thirteenth on Deloitte’s Fast 500. For more information about CleanSpark, please visit our website at www.cleanspark.com.
Investor Relations Contact:
Matt Schultz
ir@cleanspark.com
Media Contacts:
Isaac Holyoak
pr@cleanspark.com
BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com
CONTACT: Isaac Holyoak CleanSpark Inc. 702-989-7694 pr@cleanspark.com
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NEWS_437 | The recognition comes on the heels of an anonymous companywide employee survey
LAS VEGAS, Jan. 11, 2023 (GLOBE NEWSWIRE) -- CleanSpark Inc., America’s Bitcoin Miner™, announced today that it has achieved the Great Place to Work® certification. Company employees submitted answers to an anonymous survey about their experiences working for CleanSpark. Approximately 97% of employees said CleanSpark is a great place to work.
“I’m proud of our management teams for working so hard to create a culture where employees feel at home,” said Zach Bradford, CleanSpark’s CEO. “Our teams have achieved incredible milestones over the last year and this certification underscores the fact that at CleanSpark we are embodying the values of grit and fairness.”
The survey covered workplace culture and retention, leadership behaviors, development opportunities, compensation and benefits, diversity and fairness, trust and transparency, general employee experience, and company innovation.
Highlights from open-ended employee responses included:
“This company truly values each and every one of its employees. They know how to celebrate accomplishments, no matter how small!”
“Great executive management, great co-workers, and an overall fun and rewarding place to work.”
“This company goes above and beyond to make sure all employees feel at home, are treated fairly, and given equal opportunities to learn and advance themselves professionally while also compensating them fairly at the same time.”
“We continually strive to make CleanSpark a great place to work by supporting our people and rolling out initiatives that impact our teams in meaningful ways,” said Zurii D’Ambra, director of human resources. “A few of our recent enhancements to the employee experience include financial preparedness seminars and generous stipends for employee development so they can continue their education. In addition, employees receive generous PTO, company shares, health care, and performance bonuses among other benefits.”
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Great Place to Work Certification™ is based entirely on what employees report about their workplace experience.
“It isn’t something that comes easily – it takes ongoing dedication to the employee experience,” said Sarah Lewis-Kulin, vice president of global recognition at Great Place to Work. “It’s the only official recognition determined by employees’ real-time reports of their company culture. Earning this designation means that CleanSpark is one of the best companies to work for in the country.”
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 CleanSpark
CleanSpark (NASDAQ: CLSK) is America’s bitcoin miner. Since 2014, we’ve helped people achieve energy independence for their homes and businesses. In 2020, we transitioned that expertise to develop sustainable infrastructure for Bitcoin, an essential tool for financial independence and inclusion. We strive to leave the planet better than we found it by sourcing and investing in low-carbon energy, like wind, solar, nuclear, and hydro. We cultivate trust and transparency among our employees, the communities we operate in, and the people around the world who depend on Bitcoin. CleanSpark holds the 44th spot on the Financial Times' 2022 List of the 500 Fastest Growing Companies in the Americas and ranks thirteenth on Deloitte’s Fast 500. For more information about CleanSpark, please visit our website at www.cleanspark.com.
Investor Relations Contact
Matt Schultz
ir@cleanspark.com
Media Contacts
Isaac Holyoak
pr@cleanspark.com
BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com
CONTACT: Isaac Holyoak CleanSpark Inc. 702-989-7694 pr@cleanspark.com
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NEWS_438 | Shares of Clarivate PLC (CLVT) have gained 2.7% over the past four weeks to close the last trading session at $9.49, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $13.21 indicates a potential upside of 39.2%.
The average comprises seven short-term price targets ranging from a low of $11 to a high of $16, with a standard deviation of $1.73. While the lowest estimate indicates an increase of 15.9% from the current price level, the most optimistic estimate points to a 68.6% upside. More than the range, one should note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.
While the consensus price target is a much-coveted metric for investors, solely banking on this metric to make an investment decision may not be wise at all. That's because the ability and unbiasedness of analysts in setting price targets have long been questionable.
But, for CLVT, an impressive average price target is not the only indicator of a potential upside. Strong agreement among analysts about the company's ability to report better earnings than they predicted earlier strengthens this view. While a positive trend in earnings estimate revisions doesn't gauge how much a stock could gain, it has proven to be powerful in predicting an upside.
Price, Consensus and EPS Surprise
Zacks Price, Consensus and EPS Surprise Chart for CLVT
Here's What You May Not Know About Analysts' Price Targets
According to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.
While Wall Street analysts have deep knowledge of a company's fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?
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They usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.
However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock's price movement. While that doesn't necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.
That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.
Here's Why There Could be Plenty of Upside Left in CLVT
There has been increasing optimism among analysts lately about the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher. And that could be a legitimate reason to expect an upside in the stock. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
The Zacks Consensus Estimate for the current year has increased 1.2% over the past month, as one estimate has gone higher compared to no negative revision.
Moreover, CLVT currently has a Zacks Rank #1 (Strong Buy), which means it is in the top 5% of more than the 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock's potential upside in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Therefore, while the consensus price target may not be a reliable indicator of how much CLVT could gain, the direction of price movement it implies does appear to be a good guide.
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NEWS_439 | Selecting significant research specialties in sciences and social sciences
LONDON, Jan. 3, 2023 /CNW/ -- Clarivate Plc (NYSE: CLVT), a global leader in providing trusted information and insights to accelerate the pace of innovation, and the Chinese Academy of Sciences (CAS) today released Research Fronts 2022, their ninth annual collaborative report. The report identifies significant areas in the world of sciences and social sciences as to where the scientific community is focusing its attention, including several COVID-related fronts and areas mirrored by the research fields of Noble Prize in recent years.
In the report, "Research Fronts" are defined when scientists undertake the fundamental scholarly act of citing one another's work, reflecting a specific commonality in their research – sometimes experimental data, or a method, a concept or hypothesis. Research Fronts are discovered by tracking the world's most significant scientific and scholarly literature and the patterns and groupings of how papers are cited – in particular, clusters of papers that are frequently cited together over a five-year period. A Research Front is then formed when such a group of highly cited papers attains a certain level of activity and coherence.
For the report, experts used the Clarivate Essential Science Indicators (ESI)™ database which is built on the foundation of the Web of Science™ index, to conduct co-citation analysis. The 2022 report starts with 12,610 Research Fronts in the ESI™ from 2016 to 2021 and aims to discover which Research Fronts were most active or developing most rapidly.
Research Fronts offer a unique vantage point from which to watch science unfold – not relying on the possibly subjective judgments of an indexer or cataloguer, but instead on the cognitive and social connections that scientists themselves forge when citing one another's work. Analysis of the associated citing papers also provides a tool for unveiling the latest progress and the evolving direction of scientific fields.
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This year's report identified 165 Research Fronts, including 110 'hot' and 55 'emerging' fronts spanning in 11 broad areas. As with last year, more than one third of the Research Fronts identified this year are related to COVID-19, such as 'side effects and effectiveness of COVID-19 vaccines against variants'. Several Research Fronts well reflected the research fields of Noble Prize recipients in the recent years, such as 'the properties of GW190814's secondary component with 2.6 solar mass'. Experts at CAS analyzed and interpreted all the Research Fronts to further highlight 32 key Research Fronts and one key Research Front group.
"It has truly been a privilege for us to work with the Chinese Academy of Sciences on this important report since 2014. Identification of these significant research specialties provides a distinct advantage for those who seek to monitor, support and advance the conduct of the research, often in the face of finite resources," said Steen Lomholt-Thomsen, Chief Revenue Officer, Clarivate. "At Clarivate, our vision is to improve the way the world creates, protects and advances innovation. We look forward to continuing working in partnership with global research organizations to advance the world of sciences."
Gao Hongjun, Vice President of CAS said: "The world is facing unprecedented changes and a new round of revolution in science and technology and transformation in industries. We need to strengthen collaboration to address to the key global issues. The Chinese Academy of Sciences will enhance its role as a national strategic science and technology force and high-level think tank, focus on strategic research, and better support China's objectives in improving its science and technology levels continually."
In conjunction with the Research Fronts 2022 report, Clarivate and CAS also published 2022 Research Fronts: Active Fields, Leading Countries to examine and compare national performance across the 165 Research Fronts. It reveals that the US remains the leading nation for research in 11 areas of sciences and social sciences. The gap between the US and China has been reduced. Other top 10 countries in terms of performance in these Research Fronts are UK, Germany, France, Italy, Australia, Spain, Canada, and Switzerland.
Learn more about this year's report and the highlighted Research Fronts here.
About Clarivate
Clarivate™ is a global leader in providing solutions to accelerate the pace of innovation. Our bold mission is to help customers solve some of the world's most complex problems by providing actionable information and insights that reduce the time from new ideas to life-changing inventions in the areas of Academia & Government, Life Sciences & Healthcare, Professional Services and Consumer Goods, Manufacturing & Technology. We help customers discover, protect and commercialize their inventions using our trusted subscription and technology-based solutions coupled with deep domain expertise. For more information, please visit clarivate.com.
About the Chinese Academy of Sciences
The Chinese Academy of Sciences (CAS) is the linchpin of China's drive to explore and harness high technology and the natural sciences for the benefit of China and the world. Comprising a comprehensive research and development network, a merit-based learned society and a system of higher education, CAS brings together scientists and engineers from China and around the world to address both theoretical and applied problems using world-class scientific and management approaches. Since its founding, CAS has fulfilled multiple roles — as a national team and a locomotive driving national technological innovation, a pioneer in supporting nationwide S&T development, a think tank delivering S&T advice, and a community for training young S&T talent. For more information, please visit http://english.cas.cn/.
Media contact:
Jack Wan, Director, External Communications
newsroom@clarivate.com
Cision
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SOURCE Clarivate Plc
Cision
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NEWS_440 | Clearwater Paper Corporation (NYSE:CLW), might not be a large cap stock, but it saw significant share price movement during recent months on the NYSE, rising to highs of US$44.48 and falling to the lows of US$34.81. Some share price movements can give investors a better opportunity to enter into the stock, and potentially buy at a lower price. A question to answer is whether Clearwater Paper's current trading price of US$35.92 reflective of the actual value of the small-cap? Or is it currently undervalued, providing us with the opportunity to buy? Let’s take a look at Clearwater Paper’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change.
See our latest analysis for Clearwater Paper
What Is Clearwater Paper Worth?
According to my valuation model, Clearwater Paper seems to be fairly priced at around 0.3% below my intrinsic value, which means if you buy Clearwater Paper today, you’d be paying a fair price for it. And if you believe that the stock is really worth $36.02, then there’s not much of an upside to gain from mispricing. Furthermore, Clearwater Paper’s low beta implies that the stock is less volatile than the wider market.
What does the future of Clearwater Paper look like?
Investors looking for growth in their portfolio may want to consider the prospects of a company before buying its shares. Buying a great company with a robust outlook at a cheap price is always a good investment, so let’s also take a look at the company's future expectations. Though in the case of Clearwater Paper, it is expected to deliver a relatively unexciting top-line growth of 4.0% over the next year, which doesn’t help build up its investment thesis. Growth doesn’t appear to be a main reason for a buy decision for the company, at least in the near term.
What This Means For You
Are you a shareholder? It seems like the market has already priced in CLW’s future outlook, with shares trading around its fair value. However, there are also other important factors which we haven’t considered today, such as the track record of its management team. Have these factors changed since the last time you looked at the stock? Will you have enough confidence to invest in the company should the price drop below its fair value?
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Are you a potential investor? If you’ve been keeping tabs on CLW, now may not be the most advantageous time to buy, given it is trading around its fair value. However, the positive outlook means it’s worth diving deeper into other factors such as the strength of its balance sheet, in order to take advantage of the next price drop.
So while earnings quality is important, it's equally important to consider the risks facing Clearwater Paper at this point in time. You'd be interested to know, that we found 1 warning sign for Clearwater Paper and you'll want to know about this.
If you are no longer interested in Clearwater Paper, you can use our free platform to see our list of over 50 other stocks with a high growth potential.
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.
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NEWS_441 | In the latest trading session, Clearwater Paper (CLW) closed at $37.19, marking a +0.76% move from the previous day. The stock lagged the S&P 500's daily gain of 2.28%. Elsewhere, the Dow gained 2.13%, while the tech-heavy Nasdaq added 5.02%.
Coming into today, shares of the maker of pulp-based products had lost 6.49% in the past month. In that same time, the Basic Materials sector lost 2.28%, while the S&P 500 lost 4.61%.
Investors will be hoping for strength from Clearwater Paper as it approaches its next earnings release. The company is expected to report EPS of $0.46, down 43.9% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $539 million, up 10.04% from the year-ago period.
Investors might also notice recent changes to analyst estimates for Clearwater Paper. 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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Clearwater Paper is holding a Zacks Rank of #3 (Hold) right now.
Digging into valuation, Clearwater Paper currently has a Forward P/E ratio of 10.14. For comparison, its industry has an average Forward P/E of 8, which means Clearwater Paper is trading at a premium to the group.
The Paper and Related Products industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 21, which puts it in the top 9% of all 250+ industries.
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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.
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 report
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NEWS_442 | TORONTO, Jan. 4, 2023 /CNW/ - CIBC (TSX: CM) (NYSE: CM) announced that it intends to appeal the New York Court decision released after close of business on January 3, 2023 finding CIBC liable for damages in the lawsuit brought by a special purpose vehicle controlled by Cerberus Capital Management L.P. ("Cerberus"), in the amount of US$491 million, plus pre-judgment interest that is currently being assessed by both parties. CIBC expects that the total amount of damages, inclusive of such pre-judgment interest, will be approximately US$848 million through to December 1, 2022. CIBC previously disclosed on December 2, 2022 that the Court issued a liability ruling in this matter against CIBC. CIBC strongly disagrees with the legal and factual basis for the Court's decision.
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CIBC expects to record a pre-tax provision of approximately CAD$1,160 million or CAD$850 million after tax, including estimated pre-judgment interest through December 1, 2022, in its first quarter 2023 results. The application of the after tax charge is expected to result in an approximate 30 basis point reduction in CIBC's CET1 capital ratio, which was 11.7% as at October 31, 2022.
About CIBC
CIBC is a leading North American financial institution with 13 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre.
A NOTE ABOUT FORWARD-LOOKING STATEMENTS:
From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this news release, in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission, in other reports to shareholders, and in other communications. All such statements are made pursuant to the "safe harbour" provisions of, and are intended to be forward-looking statements under, applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release may include, but are not limited to, CIBC's intention to contest or appeal the verdict. Forward-looking statements are typically identified by the words "believe", "expect", "anticipate", "intend", "estimate", "forecast", "target", "objective" and other similar expressions or future or conditional verbs such as "will", "should", "would" and "could". By their nature, these statements require us to make assumptions, and are subject to inherent risks and uncertainties that may be general or specific. The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to: the final outcome of the Cerberus matter; legal and other developments in litigation, such as judicial rulings or findings or any resolution of litigation that differs from what is anticipated or expected. These and other factors should be considered carefully, and readers should not place undue reliance on our forward-looking statements. Any forward-looking statements contained in this news release represent the views of management only as of the date hereof and are presented for the purpose of assisting our shareholders and financial analysts in understanding our financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. We do not undertake to update any forward-looking statement that is contained in this news release or in other communications except as required by law.
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NEWS_443 | /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Jan. 13, 2023 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced a domestic public offering of $1.0 billion of 5.33% Debentures due January 20, 2033 (Non-Viability Contingent Capital (NVCC)) (subordinated indebtedness). The Debentures will be issued in Canada and sold through a dealer syndicate led by CIBC Capital Markets.
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The Debentures will bear interest at a fixed rate of 5.33% per annum (paid semi-annually) until January 20, 2028, and at Daily Compounded CORRA plus 2.37% per annum (paid quarterly) thereafter until their maturity on January 20, 2033. The expected closing date is January 20, 2023.
CIBC may, at its option, with the prior approval of the Office of the Superintendent of Financial Institutions Canada, redeem the Debentures on or after January 20, 2028 at par, together with accrued and unpaid interest, in whole at any time or in part from time to time, on not less than 10 days' and not more than 60 days' prior notice to registered holders of the Debentures.
The net proceeds from this transaction will be used for general purposes of CIBC.
The Debentures will be offered by way of a prospectus supplement to the bank's short form base shelf prospectus dated September 23, 2022, to be filed on or about January 16, 2023 with the securities commissions and other similar regulatory authorities in each of the provinces and territories of Canada.
The Debentures being offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or an invitation to purchase or subscribe for any securities in the United States or in any other jurisdiction where such offer is unlawful.
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About CIBC
CIBC is a leading North American financial institution with 13 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at https://www.cibc.com/en/about-cibc/media-centre.html.
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NEWS_444 | (Bloomberg) -- Canadian Imperial Bank of Commerce plans to set aside C$850 million ($628 million) to cover damages in a lawsuit with Cerberus Capital Management LP that it’s still fighting.
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The after-tax provision will reduce the bank’s Common Equity Tier 1 capital ratio by about 30 basis points, the Toronto-based bank said Wednesday. CIBC reiterated that it plans to appeal the court’s decision.
CIBC shares rose 1% to C$55.94 at 3:09 p.m. in Toronto. The stock slid 26% in 2022, including a 15% drop in December after the ruling was disclosed.
The judgment against CIBC threatens to push the bank’s capital levels closer to the minimum mandated by Canada’s banking regulator, which unexpectedly raised those requirements about a week after the ruling. CIBC’s CET1 ratio was 11.7% as of Oct. 31, and the minimum required is 11% as of Feb. 1.
Bank of Montreal raised C$2.6 billion in a stock sale to bolster its capital levels in the weeks after the regulator’s decision.
The lawsuit, which Cerberus filed in 2015, accuses CIBC of defaulting on payments related to a limited-recourse note that the bank issued to Cerberus to reduce its exposure to the US residential real estate market. CIBC issued the note in 2008 and sold a residual interest in the specified payment streams to Cerberus in 2011.
Cerberus has claimed damages of $1.07 billion in the case. CIBC said Wednesday that it expects the total amount of damages, including pre-judgment interest, to be about $848 million through Dec. 1, 2022. It will take the provision in its fiscal first quarter ending Jan. 31.
CIBC didn’t immediately provide comment Wednesday on whether it will seek to sell equity.
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The provision is in line with what Mike Rizvanovic, an analyst at Keefe, Bruyette & Woods, had estimated the bank would set aside. It’s difficult to say whether CIBC will follow Bank of Montreal and sell shares to bolster its capital levels, though it’s the most likely big Canadian bank to do so in response to recent moves by the Office of the Superintendent of Financial Institutions, he said in an interview.
CIBC also has options for bolstering its capital ratio other than selling equity, such as slowing certain kinds of lending, and much of the measure is based on its assumptions about the economy and the potential for loan losses, Rizvanovic said.
“I wouldn’t suggest they’re imminently preparing to issue equity, but it certainly is a possibility,” he said. “They have a 40 basis-point buffer, which is not a huge buffer, but the closer they get to 11%, the more likely they would be to issue equity.”
(Updates with analyst’s comments starting in ninth paragraph.)
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©2023 Bloomberg L.P. |
NEWS_445 | Clients can set, track and keep sight of goals through new digital tool
TORONTO, Jan. 9, 2023 /CNW/ - As many Canadians set their financial goals for the year ahead, CIBC announced today the launch of CIBC Smart Planner, an easy to use, self-serve digital tool that takes the complexity out of managing finances and offers personalized advice.
CIBC Logo (CNW Group/CIBC)
CIBC Smart Planner helps clients easily set, track and keep sight of their goals through the CIBC Mobile Banking® App. Once clients set up a goal in the tool, they begin to receive tailored advice from the CIBC Coach which serves as a digital money mentor, helping clients where they are today and with planning for tomorrow.
"While managing finances may feel overwhelming to many people, CIBC Smart Planner makes it easy to set clear financial goals, and track progress towards achieving your ambitions," said Laura Dottori-Attanasio, Group Head, Personal and Business Banking, CIBC. "Whether your ambition is a short-term goal such as saving for a trip or a long-term goal like buying a home or saving for retirement, CIBC Smart Planner gives you the ability to map out goals in a simple way, and helps you get there with tailored advice."
CIBC Smart Planner has a number of interactive features that enable clients to customize their goals and the road to achieving them such as setting up push notifications to keep their goals on track or creating automatic contributions towards their goals.
Clients are also able to book an appointment to get in-person support at a CIBC Banking Centre at any time through CIBC Smart Planner. The tool helps simplify the banking experience for clients by enabling CIBC banking representatives to easily view a client's goals and engage in expert advice about progress or challenges to achieving those goals.
"We're excited to help further simplify managing finances for Canadians, and offer clients a unique way to plan for their future wherever and whenever best meets their needs," added Ms. Dottori-Attanasio.
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CIBC Smart Planner adds to the suite of digital self-serve tools that CIBC has launched in the mobile banking app to help clients do more with their finances including:
CIBC Smart Balance Alerts™, which enable clients to avoid negative account balances, declined payments and NSF fees through proactive alerts;
CIBC Virtual Assistant, which can help clients perform banking transactions and answer questions about everyday banking;
CIBC Insights, which offers clients personalized and actionable recommendations based on their financial transactions.
About CIBC
CIBC is a leading North American financial institution with 13 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre.
SOURCE CIBC
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NEWS_446 | The new Canadian Imperial Bank of Commerce (CIBC) logo is seen on a building in Toronto
By Jonathan Stempel
NEW YORK (Reuters) -Canadian Imperial Bank of Commerce plans to appeal a New York judge's order that it pay about $848 million in damages to private equity firm Cerberus Capital Management, in a contract dispute tied to the 2008 global financial crisis.
In a statement on Wednesday, the Toronto-based bank said it expects to take a C$1.16 billion pretax charge, or about C$850 million ($631 million) after taxes, in its first-quarter results, reducing its ratio of capital to assets.
It also said it "strongly disagrees" with the legal and factual bases underlying Tuesday's award to Cerberus by Justice Joel Cohen of a New York state court in Manhattan of $491 million in damages plus an estimated $357 million in interest.
Banks struggled during and after the financial crisis to contain their exposure to mounting defaults and falling securities prices as the U.S. housing market collapsed and credit conditions tightened.
The dispute between Cerberus and CIBC stemmed from a complex 2008 structured note transaction in which CIBC received a $571 million loan intended to reduce its U.S. residential real estate exposure, in exchange for payments to a Cerberus entity.
Cerberus sued CIBC in November 2015, claiming that the bank underpaid some amounts it owed, and stopped making some payments altogether after a group of credit default swaps went into default and the underlying bonds were liquidated.
CIBC countered that New York-based Cerberus misread the underlying agreements, and had been accepting the alleged underpayments for several years.
On Dec. 1, after a non-jury trial, Cohen had found CIBC liable for breach of contract and rejected the bank's counterclaims, which included that Cerberus acted with fraudulent intent.
"The evidence did not ... show that CIBC was a hapless rube led astray," Cohen wrote.
In a statement on Wednesday, Cerberus said "ample evidence" supported Cohen's findings, and that it expected his decisions would be "fully upheld" in an appeal.
Story continues
The judge asked Cerberus and CIBC to submit a proposed judgment by Jan. 13.
The case is Securitized Asset Funding 2011-2 Ltd v Canadian Imperial Bank of Commerce et al, New York State Supreme Court, New York County, No. 653911/2015.
($1 = 1.348 Canadian dollars)
(Reporting by Jonathan Stempel in New York and Niket Nishant in Bengaluru; Editing by Elaine Hardcastle and Matthew Lewis) |
NEWS_447 | (Adds CIBC comment, details from decision, earlier liability finding, NEW YORK dateline)
NEW YORK, Jan 4 (Reuters) - Canadian Imperial Bank of Commerce plans to appeal a New York judge's order that it pay about $848 million in damages to an entity controlled by private equity firm Cerberus Capital Management, the bank said on Wednesday.
The lawsuit stemmed from a 2008 transaction in which CIBC issued a form of debt to the Cerberus entity, in exchange for an investment to help reduce the bank's exposure to U.S. residential real estate during the financial crisis.
Justice Joel Cohen of a New York state court in Manhattan had found CIBC liable on Dec. 1 after a non-jury trial, and on Tuesday ordered it to pay $491 million in damages plus interest. CIBC estimated a total payout of $848 million through Dec. 1.
The bank said it expects to take a C$1.16 billion, or about US$850 million, pre-tax charge in its first-quarter results for the payout. It said it strongly disagrees with the legal and factual bases for Cohen's decision. (Reporting by Jonathan Stempel in New York and Niket Nishant in Bengaluru; Editing by Emelia Sithole-Matarise) |
NEWS_448 | TORONTO, Jan. 13, 2023 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced that Laura Dottori-Attanasio, Senior Executive Vice-President and Group Head, Personal and Business Banking, Canada, will retire from the bank on February 1, 2023 after 14 years at CIBC and more than two decades in financial services.
CIBC Logo / Logo de CIBC (CNW Group/CIBC)
"Under Laura's leadership, our Personal and Business Banking team has made tremendous progress and truly lived our purpose as they made our clients' ambitions real," said Victor Dodig, President and CEO of CIBC. "Her leadership with our bank has spanned Corporate Banking, Risk Management and most recently our retail bank, and in each role she has brought a clear focus on results, and care for her colleagues, our clients and communities. As Laura retires from financial services, she leaves a lasting legacy and we wish her the very best in her future endeavours as a proud CIBC alumni."
Jon Hountalas, Group Head, Commercial Banking and Wealth Management, Canada, has been appointed Senior Executive Vice-President and Group Head, Canadian Banking. With this appointment, Mr. Hountalas will assume the leadership of CIBC's Personal and Business Banking, Commercial Banking and Wealth Management businesses in Canada.
Mr. Hountalas joined CIBC in 2010 and has held progressively senior roles, including leading Business Banking and Corporate Banking before being appointed to his current role in 2017 and becoming a member of the bank's Executive Committee. Before joining CIBC, Mr. Hountalas spent 25 years in client-facing and executive roles at HSBC Canada.
"Jon is an exceptional leader with a proven track record of strong business performance," said Mr. Dodig. "He is incredibly client-focused and is known for building deep and long lasting relationships. This, together with his broad industry experience, sound judgment, and ability to build and lead high performing teams position him well to take on the leadership of our Canadian Banking businesses. I look forward to continuing to work closely with Jon and our leadership team as we execute our strategy, bring the best of our bank to our clients and deliver value to our stakeholders."
Story continues
About CIBC
CIBC is a leading North American financial institution with 13 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre.
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NEWS_449 | (Bloomberg) -- Oil’s losses deepened, with thin liquidity exacerbating sharp swings, as China’s mounting death toll overshadowed the country’s resolve to boost its economy.
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West Texas Intermediate fell 5.3% to settle below $73, with crude dropping 9.5% in the past two sessions. China’s unwinding of its Covid Zero policy is expected to eventually resuscitate demand in one of the world’s biggest energy importers. However, the explosion in infections has extended the timeline for recovery. Deepening contango in front-month oil spreads reflects the dour near-term view.
“The disconnect between how forward-looking assets like energy equities anticipated a China recovery does not translate to immediate crude strength as there is a lot near-term risk to demand before we see recovery take hold,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management.
Crude’s dwindling levels of open interest have left it open to sharp swings in recent months, and a failed attempt to break above its 50-day moving average this week has compounded the weak technical picture. While sanctions against Moscow over Russia’s war in Ukraine dragged its oil flows to 2022 lows late last month, that’s been of little relief to bulls so far this year.
Also weighing on prices, a pre-holiday freeze that hobbled refinery capacity in some parts of the US has lowered crude processing capacity in North America.
“There’s a few more weeks of softness I would think,” Amrita Sen, chief oil analyst at consultant Energy Aspects Ltd., said in a Bloomberg TV interview.
Elements, Bloomberg’s daily energy and commodities newsletter, is now available. Sign up here.
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©2023 Bloomberg L.P. |
NEWS_450 | TORONTO, Jan. 3, 2023 /CNW/ - Victor Dodig, President and Chief Executive Officer, CIBC (TSX: CM) (NYSE: CM) will speak at the RBC Capital Markets 2023 Canadian Bank CEO Conference on Monday January 9, 2023. Mr. Dodig is scheduled to address the conference at 12:35 p.m. ET.
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Interested parties may access the live audio webcast at https://www.cibc.com/ca/investor-relations/exctv-prsntatns-wbcsts.html. An archived version of the audio webcast will be available at the same location.
About CIBC
CIBC is a leading North American financial institution with 13 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre.
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NEWS_451 | (Adds Cerberus statement, updates amount of expected CIBC one-time charge to reflect currency changes)
By Jonathan Stempel
NEW YORK, Jan 4 (Reuters) - Canadian Imperial Bank of Commerce plans to appeal a New York judge's order that it pay about $848 million in damages to private equity firm Cerberus Capital Management, in a contract dispute tied to the 2008 global financial crisis.
In a statement on Wednesday, the Toronto-based bank said it expects to take a C$1.16 billion pretax charge, or about C$850 million ($631 million) after taxes, in its first-quarter results, reducing its ratio of capital to assets.
It also said it "strongly disagrees" with the legal and factual bases underlying Tuesday's award to Cerberus by Justice Joel Cohen of a New York state court in Manhattan of $491 million in damages plus an estimated $357 million in interest.
Banks struggled during and after the financial crisis to contain their exposure to mounting defaults and falling securities prices as the U.S. housing market collapsed and credit conditions tightened.
The dispute between Cerberus and CIBC stemmed from a complex 2008 structured note transaction in which CIBC received a $571 million loan intended to reduce its U.S. residential real estate exposure, in exchange for payments to a Cerberus entity.
Cerberus sued CIBC in November 2015, claiming that the bank underpaid some amounts it owed, and stopped making some payments altogether after a group of credit default swaps went into default and the underlying bonds were liquidated.
CIBC countered that New York-based Cerberus misread the underlying agreements, and had been accepting the alleged underpayments for several years.
On Dec. 1, after a non-jury trial, Cohen had found CIBC liable for breach of contract and rejected the bank's counterclaims, which included that Cerberus acted with fraudulent intent.
"The evidence did not ... show that CIBC was a hapless rube led astray," Cohen wrote.
Story continues
In a statement on Wednesday, Cerberus said "ample evidence" supported Cohen's findings, and that it expected his decisions would be "fully upheld" in an appeal.
The judge asked Cerberus and CIBC to submit a proposed judgment by Jan. 13.
The case is Securitized Asset Funding 2011-2 Ltd v Canadian Imperial Bank of Commerce et al, New York State Supreme Court, New York County, No. 653911/2015. ($1 = 1.348 Canadian dollars) (Reporting by Jonathan Stempel in New York and Niket Nishant in Bengaluru; Editing by Elaine Hardcastle and Matthew Lewis) |
NEWS_452 | MIAMI, January 03, 2023--(BUSINESS WIRE)--CareMax, Inc. ("CareMax") (NASDAQ: CMAX; CMAXW), a leading technology-enabled provider of value-based care to seniors, announced today that Chief Executive Officer Carlos de Solo, Chief Operating Officer Albert de Solo, and Chief Financial Officer Kevin Wirges will present at the 41st Annual J.P. Morgan Healthcare Conference on Thursday, January 12, 2023, at 11:15 am Eastern Time.
A live webcast and replay of the event will be available on CareMax’s investor relations website at ir.caremax.com.
About CareMax
Founded in 2011, CareMax is a value-based care delivery system that utilizes a proprietary technology-enabled platform and multi-specialty, whole person health model to deliver comprehensive, preventative and coordinated care for its members. With over 2,000 employed and affiliated providers across 10 states, and fully integrated, Five-Star Quality rated health and wellness centers, CareMax is redefining healthcare across the country by reducing costs, improving overall outcomes and promoting health equity for seniors. Learn more at www.caremax.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include statements regarding our future growth, strategy and financial performance, the closing of the Steward transaction and the benefits thereof, and the filing of the Company’s periodic reports. Words such as "anticipate," "believe," "budget," "contemplate," "continue," "could," "envision," "estimate," "expect," "guidance," "indicate," "intend," "may," "might," "plan," "possibly," "potential," "predict," "probably," "pro forma," "project," "seek," "should," "target," or "will," or the negative or other variations thereof, and similar words or phrases or comparable terminology, are intended to identify forward-looking statements. These forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.
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Important risks and uncertainties that could cause the Company's actual results and financial condition to differ materially from those indicated in forward-looking statements include, among others, the Company’s ability to integrate acquired businesses, including the ability to implement business plans, forecasts, and other expectations after the completion of the Steward transaction, the failure to realize anticipated benefits of the Steward transaction or to realize estimated pro forma results and underlying assumptions,, the impact of COVID-19 or any variant thereof on the Company's business and results of operation; the availability of sites for de novo centers and the costs of opening such de novo centers; changes in market or industry conditions, regulatory environment, competitive conditions, and receptivity to the Company's services; the Company's ability to continue its growth, including in new markets; changes in laws and regulations applicable to the Company's business, in particular with respect to Medicare Advantage and Medicaid; the Company's ability to maintain its relationships with health plans and other key payers; any delay, modification or cancellation of government contracts; the Company's future capital requirements and sources and uses of cash, including funds to satisfy its liquidity needs and the Company’s ability to comply with the covenants under its credit agreement; the Company's ability to recruit and retain qualified team members and independent physicians; and risks related to future acquisitions. For a detailed discussion of the risk factors that could affect the Company's actual results, please refer to the risk factors identified in the Company's reports filed with the SEC. All information provided in this press release is as of the date hereof, and the Company undertakes no duty to update or revise this information unless required by law, and forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230103005166/en/
Contacts
Investor Relations
Samantha Swerdlin
VP Investor Relations
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NEWS_453 | Commercial Metals (NYSE:CMC) First Quarter 2023 Results
Key Financial Results
Revenue: US$2.23b (up 12% from 1Q 2022).
Net income: US$261.8m (up 12% from 1Q 2022).
Profit margin: 12% (in line with 1Q 2022).
EPS: US$2.23 (up from US$1.92 in 1Q 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Commercial Metals Revenues and Earnings Beat Expectations
Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates by 17%.
Looking ahead, revenue is forecast to decline by 6.6% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the US are expected to remain flat.
Performance of the American Metals and Mining industry.
The company's shares are up 5.2% from a week ago.
Risk Analysis
We should say that we've discovered 1 warning sign for Commercial Metals that you should be aware of before investing here.
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.
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NEWS_454 | Momentum investing is essentially an exception to the idea of "buying low and selling high." Investors following this style of investing are usually not interested in betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time.
Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves ahead of their future growth potential. In such a situation, investors find themselves loaded up on expensive shares with limited to no upside or even a downside. So, going all-in on momentum could be risky at times.
It could be safer to invest in bargain stocks that have been witnessing price momentum recently. While the Zacks Momentum Style Score (part of the Zacks Style Scores system), which pays close attention to trends in a stock's price or earnings, is pretty useful in identifying great momentum stocks, our 'Fast-Paced Momentum at a Bargain' screen comes handy in spotting fast-moving stocks that are still attractively priced.
There are several stocks that currently pass through the screen and Commercial Metals (CMC) is one of them. Here are the key reasons why this stock is a great candidate.
Investors' growing interest in a stock is reflected in its recent price increase. A price change of 17.7% over the past four weeks positions the stock of this manufacturer and recycler of steel and metal products well in this regard.
While any stock can see a spike in price for a short period, it takes a real momentum player to deliver positive returns for a longer time frame. CMC meets this criterion too, as the stock gained 30.1% over the past 12 weeks.
Moreover, the momentum for CMC is fast paced, as the stock currently has a beta of 1.3. This indicates that the stock moves 30% higher than the market in either direction.
Story continues
Given this price performance, it is no surprise that CMC has a Momentum Score of A, which indicates that this is the right time to enter the stock to take advantage of the momentum with the highest probability of success.
In addition to a favorable Momentum Score, an upward trend in earnings estimate revisions has helped CMC earn a Zacks Rank #1 (Strong Buy). Our research shows that the momentum-effect is quite strong among Zacks Rank #1 and #2 stocks. That's because as covering analysts raise their earnings estimates for a stock, more and more investors take an interest in it, helping its price race to keep up. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Most importantly, despite possessing fast-paced momentum features, CMC is trading at a reasonable valuation. In terms of Price-to-Sales ratio, which is considered as one of the best valuation metrics, the stock looks quite cheap now. CMC is currently trading at 0.72 times its sales. In other words, investors need to pay only 72 cents for each dollar of sales.
So, CMC appears to have plenty of room to run, and that too at a fast pace.
In addition to CMC, there are several other stocks that currently pass through our 'Fast-Paced Momentum at a Bargain' screen. You may consider investing in them and start looking for the newest stocks that fit these criteria.
This is not the only screen that could help you find your next winning stock pick. Based on your personal investing style, you may choose from over 45 Zacks Premium Screens that are strategically created to beat the market.
However, keep in mind that the key to a successful stock-picking strategy is to ensure that it produced profitable results in the past. You could easily do that with the help of the Zacks Research Wizard. In addition to allowing you to backtest the effectiveness of your strategy, the program comes loaded with some of our most successful stock-picking strategies.
Click here to sign up for a free trial to the Research Wizard today.
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 report
Commercial Metals Company (CMC) : Free Stock Analysis Report
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Zacks Investment Research |
NEWS_455 | Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.
Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.
Below, we take a look at Commercial Metals (CMC), a company that currently holds a Momentum Style Score of B. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score.
It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Commercial Metals currently has a Zacks Rank of #1 (Strong Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of A or B outperform the market over the following one-month period.
You can see the current list of Zacks #1 Rank Stocks here >>>
Set to Beat the Market?
Let's discuss some of the components of the Momentum Style Score for CMC that show why this manufacturer and recycler of steel and metal products shows promise as a solid momentum pick.
Looking at a stock's short-term price activity is a great way to gauge if it has momentum, since this can reflect both the current interest in a stock and if buyers or sellers have the upper hand at the moment. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area.
Story continues
For CMC, shares are up 4.78% over the past week while the Zacks Steel - Producers industry is up 4.88% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 5.5% compares favorably with the industry's 5.5% performance as well.
While any stock can see its price increase, it takes a real winner to consistently beat the market. That is why looking at longer term price metrics -- such as performance over the past three months or year -- can be useful as well. Over the past quarter, shares of Commercial Metals have risen 22.78%, and are up 42.12% in the last year. In comparison, the S&P 500 has only moved 4.48% and -15.69%, respectively.
Investors should also pay attention to CMC's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. CMC is currently averaging 988,912 shares for the last 20 days.
Earnings Outlook
The Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with CMC.
Over the past two months, 1 earnings estimate moved higher compared to none lower for the full year. These revisions helped boost CMC's consensus estimate, increasing from $6.30 to $6.94 in the past 60 days. Looking at the next fiscal year, 1 estimate has moved upwards while there have been no downward revisions in the same time period.
Bottom Line
Given these factors, it shouldn't be surprising that CMC is a #1 (Strong Buy) stock and boasts a Momentum Score of B. If you're looking for a fresh pick that's set to soar in the near-term, make sure to keep Commercial Metals on your short list.
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Commercial Metals Company (CMC) : Free Stock Analysis Report
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Zacks Investment Research |
NEWS_456 | First quarter net earnings of $261.8 million, or $2.20 per diluted share, increased 12% compared with $232.9 million, or $1.90 per diluted share, in the prior year period
Core EBITDA of $425.0 million increased 30% from the prior year period
Continued year-over-year growth in North America downstream backlog and project bidding volumes
Historically strong Europe segment profitability benefiting from favorable cost structure driving market share gains
Good progress on strategic growth initiatives; Arizona 2 project on target for spring 2023 start-up, announced fourth micro mill location in West Virginia
IRVING, Texas, Jan. 9, 2023 /PRNewswire/ -- Commercial Metals Company (NYSE: CMC) today announced financial results for its fiscal first quarter ended November 30, 2022. Net earnings were $261.8 million, or $2.20 per diluted share, on net sales of $2.2 billion, compared to prior year period net earnings of $232.9 million, or $1.90 per diluted share, on net sales of $2.0 billion.
During the first quarter of fiscal 2023, the Company recorded net after-tax costs of $4.4 million associated with pre-commissioning activities at its Arizona 2 micro mill project. Excluding these items, first quarter adjusted earnings were $266.2 million, or $2.24 per diluted share, compared to adjusted earnings of $199.2 million, or $1.62 per diluted share, in the prior year period. The first quarter of fiscal 2022 included a net after-tax benefit of $33.7 million, primarily related to an international tax restructuring transaction. "Adjusted EBITDA," "core EBITDA," "adjusted earnings" and "adjusted earnings per diluted share" are non-GAAP financial measures. Details, including a reconciliation of each such non-GAAP financial measure to the most directly comparable measure prepared and presented in accordance with GAAP, can be found in the financial tables that follow.
Barbara R. Smith, Chairman of the Board, President and Chief Executive Officer, said, "CMC's outstanding financial performance during fiscal 2023's first quarter was made possible through strong execution by our North America and Europe teams who navigated very different market environments. In North America, we again benefited from strong demand, enabling us to achieve near record quarterly segment adjusted EBITDA. Our Europe operations leveraged their excellent relative cost position to gain market share, shipping high volumes despite dynamic and uncertain market conditions. CMC's fiscal first quarter results provide another clear demonstration of how our ongoing strategic actions have positioned the company to perform well throughout the economic cycle, generating superior value for shareholders."
Ms. Smith continued, "We continue to make solid progress on the strategic initiatives that are expected to drive CMC's next phase of growth. Work at the Arizona 2 site remains on schedule, and we expect a spring 2023 start-up. The commissioning of this exciting project is well-timed, as we anticipate construction activity related to the Infrastructure Investment and Jobs Act will begin ramping up during 2023. Additionally, last month CMC announced the location of our fourth micro mill in Berkeley County, West Virginia. Once complete, we expect this investment will enhance our production flexibility and customer service capabilities, generate attractive returns, and improve our sustainable, through-the-cycle earnings and cash flows."
The Company's balance sheet and liquidity position remained strong as of November 30, 2022. Cash and cash equivalents ended the quarter with a balance of $582.1 million, while available liquidity totaled $1.5 billion. CMC repurchased approximately 1.3 million shares of common stock during the quarter, returning $49.1 million of cash to shareholders. As of November 30, 2022, $139.0 million remained under the current share repurchase authorization.
On January 5, 2023, the board of directors declared a quarterly dividend of $0.16 per share of CMC common stock payable to stockholders of record on January 19, 2023. The dividend to be paid on February 2, 2023, marks the 233rd consecutive quarterly payment by the Company, and represents a 14% increase from the dividend paid in February 2022.
Business Segments - Fiscal First Quarter 2023 Review
Demand for CMC's finished steel products in North America remained healthy during the quarter. Domestic consumption of rebar increased year-over-year, and key internal measures point toward solid demand for the balance of the fiscal year. Downstream bid volumes, a significant indicator of the construction project pipeline, improved from a year ago, resulting in expansion of contract backlog levels compared to the prior year period. Demand from industrial end markets, which are important for merchant products, was stable on both a sequential quarter and year-over-year basis.
The North America segment reported adjusted EBITDA of $378.0 million for the first quarter of fiscal 2023, an improvement of 2% and 41% on a sequential quarter and year-over-year basis, respectively. The year-over-year improvement was driven by expanded margins over scrap cost on shipments of steel and downstream products. The spread between average downstream selling price and underlying scrap costs increased by over $400 per ton from the prior year period, significantly enhancing the profitability on shipments of downstream products. Controllable costs per ton of finished steel were relatively flat compared to the fourth quarter of fiscal 2022 but increased relative to the prior year period, primarily as a result of higher per unit purchase costs for energy, alloys, and freight. Signs emerged during the first quarter of fiscal 2023 that per unit costs for certain consumables may have peaked, with electricity and alloys costs declining modestly as the period progressed.
Shipment volumes of finished steel, which include steel products and downstream products, followed typical seasonal patterns and were relatively unchanged from the prior year period. Volume growth remained constrained by the slower pace of construction on numerous job sites stemming from staffing and material supply challenges. The average selling price for steel products increased by $44 per ton compared to the first quarter of fiscal 2022, while the cost of scrap utilized declined $103 per ton, resulting in a year-over-year increase of $147 per ton in steel products margin over scrap. The average selling price for downstream products increased by $307 per ton from the prior year period and $51 per ton on a sequential quarter basis. The margin of downstream average selling price over underlying scrap cost was $1,074 per ton during the first quarter, compared to a trailing 10-year average of $625 per ton. Future pricing indicators on new work entering the backlog remain positive, as average price levels for bids and new awards climbed significantly from the prior year period.
The Europe segment reported adjusted EBITDA of $64.5 million for the first quarter of fiscal 2023, down 19% compared to adjusted EBITDA of $79.8 million for the prior year period. The decline was driven by modestly lower margin over scrap costs, higher costs for energy, the receipt of a $9.5 million CO 2 energy credit in the current year in comparison to $15.5 million in the prior year period, and the impact of the weakening Polish Zloty in relation to the U.S. Dollar. Despite headwinds, earnings levels remained historically strong: fiscal 2023's first quarter result was more than double the quarterly average adjusted EBITDA of the previous 10 fiscal years, excluding the impact of the energy credit received during the quarter.
Average selling price decreased by $77 per ton in the first quarter compared to the prior year period, while the cost of scrap utilized declined $68 per ton. The result was a year-over-year decline in margin over scrap of $9 per ton. Average selling price and margin over scrap also decreased on a sequential basis by $96 per ton and $27 per ton, respectively.
Europe end market demand was mixed during the quarter. Polish construction activity continued to grow modestly on a year-over-year basis, while industrial production across Central Europe has contracted for several months. CMC's advantageous cost position has provided the ability to profitably gain market share and maintain strong shipment levels. First quarter of fiscal 2023 volume of 473,000 tons was the second highest quarterly volume on record and was made possible by the addition of a third rolling line commissioned in July 2021, which has enhanced CMC's ability to serve the market through improved operational and commercial flexibility.
The Company's new Tensar business generated EBITDA of $11.4 million during the first quarter of fiscal 2023, yielding an EBITDA margin of 18.9%. This was below the historical average of 25% as a result of temporary production challenges in North America that have required sourcing from overseas operations, leading to increased logistics costs and slower delivery times. Tensar's financial performance is included within CMC's existing operating segments, with North American results incorporated into CMC's North America segment and all other operations included in the Europe segment.
Outlook
Ms. Smith said, "We remain confident regarding our outlook for financial performance in fiscal 2023. Volumes and average pricing within CMC's North America downstream backlog are at historically high levels, and we continue to experience a robust inflow of bidding activity on new projects. While we anticipate some sectors of the construction market will likely be impacted by the changing interest rate environment, current and new reshoring projects, as well as rising levels of infrastructure spending, are expected to support CMC's North America volumes in the quarters ahead. The commissioning of Arizona 2 and the addition of Tensar will provide our Company with greater ability to capitalize on these emerging structural economic trends. Over the last several quarters, our Europe segment has demonstrated its operational and commercial agility within a tumultuous marketplace. We remain confident that CMC's favorable relative cost position within Europe will continue to benefit our financial performance."
Ms. Smith added, "Looking ahead, we anticipate good financial results in the second quarter compared to historical standards. Finished steel volumes in North America and Europe are expected to follow typical seasonal patterns, which have historically declined from our first quarter levels due to weather conditions and holidays. Additionally, volumes in Europe may be impacted by economic uncertainty. While we anticipate margins over scrap in both North America and Europe to remain elevated in relation to historical levels, we expect they will compress from first quarter levels."
Conference Call
CMC invites you to listen to a live broadcast of its first quarter fiscal 2023 conference call today, Monday, January 9, 2023, at 11:00 a.m. ET. Barbara R. Smith, Chairman of the Board, President and Chief Executive Officer, and Paul Lawrence, Senior Vice President and Chief Financial Officer, will host the call. The call is accessible via our website at www.cmc.com. In the event you are unable to listen to the live broadcast, the call will be archived and available for replay on our website on the next business day. Financial and statistical information presented in the broadcast are located on CMC's website under "Investors."
About Commercial Metals Company
Commercial Metals Company and its subsidiaries manufacture, recycle and fabricate steel and metal products and provide related materials and services through a network of facilities that includes seven electric arc furnace ("EAF") mini mills, two EAF micro mills, one rerolling mill, steel fabrication and processing plants, construction-related product warehouses and metal recycling facilities in the United States and Poland. Through its Tensar operations, CMC is a leading global provider of innovative ground and soil stabilization solutions selling into more than 80 national markets through two major product lines: Tensar® geogrids and Geopier® foundation systems.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws with respect to general economic conditions, key macro-economic drivers that impact our business, the effects of ongoing trade actions, the effects of continued pressure on the liquidity of our customers, potential synergies and organic growth provided by acquisitions and strategic investments, demand for our products, shipment volumes, metal margins, the effect of COVID-19 and related governmental and economic responses thereto, the ability to operate our steel mills at full capacity, future availability and cost of supplies of raw materials and energy for our operations, share repurchases, legal proceedings, construction activity, international trade, the impact of the Russian invasion of Ukraine, capital expenditures, tax credits, our liquidity and our ability to satisfy future liquidity requirements, estimated contractual obligations, the expected capabilities and benefits of new facilities, the timeline for execution of our growth plan, and our expectations or beliefs concerning future events. The statements in this release that are not historical statements, are forward-looking statements. These forward-looking statements can generally be identified by phrases such as we or our management "expects," "anticipates," "believes," "estimates," "future," "intends," "may," "plans to," "ought," "could," "will," "should," "likely," "appears," "projects," "forecasts," "outlook" or other similar words or phrases, as well as by discussions of strategy, plans, or intentions.
Our forward-looking statements are based on management's expectations and beliefs as of the time this news release was prepared. Although we believe that our expectations are reasonable, we can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Except as required by law, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, new information or circumstances or any other changes. Important factors that could cause actual results to differ materially from our expectations include those described in our filings with the Securities and Exchange Commission, including, but not limited to, in Part I, Item 1A, "Risk Factors" of our annual report on Form 10-K for the fiscal year ended August 31, 2022 as well as the following: changes in economic conditions which affect demand for our products or construction activity generally, and the impact of such changes on the highly cyclical steel industry; rapid and significant changes in the price of metals, potentially impairing our inventory values due to declines in commodity prices or reducing the profitability of our downstream contracts due to rising commodity pricing; impacts from COVID-19 on the economy, demand for our products, global supply chain and on our operations, including the responses of governmental authorities to contain COVID-19 and the impact of various COVID-19 vaccines; excess capacity in our industry, particularly in China, and product availability from competing steel mills and other steel suppliers including import quantities and pricing; the impact of the Russian invasion of Ukraine on the global economy, inflation, energy supplies and raw materials, which is uncertain, but may prove to negatively impact our business and operations; increased attention to environmental, social and governance ("ESG") matters, including any targets or other ESG or environmental justice initiatives; compliance with and changes in existing and future laws, regulations and other legal requirements and judicial decisions that govern our business, including increased environmental regulations associated with climate change and greenhouse gas emissions; involvement in various environmental matters that may result in fines, penalties or judgments; evolving remediation technology, changing regulations, possible third-party contributions, the inherent uncertainties of the estimation process and other factors that may impact amounts accrued for environmental liabilities; potential limitations in our or our customers' abilities to access credit and non-compliance of their contractual obligations, including payment obligations; activity in repurchasing shares of our common stock under our repurchase program; financial covenants and restrictions on the operation of our business contained in agreements governing our debt; our ability to successfully identify, consummate and integrate acquisitions and realize any or all of the anticipated synergies or other benefits of acquisitions; the effects that acquisitions may have on our financial leverage; risks associated with acquisitions generally, such as the inability to obtain, or delays in obtaining, required approvals under applicable antitrust legislation and other regulatory and third party consents and approvals; operating and startup risks, as well as market risks associated with the commissioning of new projects could prevent us from realizing anticipated benefits and could result in a loss of all or a substantial part of our investments; lower than expected future levels of revenues and higher than expected future costs; failure or inability to implement growth strategies in a timely manner; impact of goodwill or other indefinite lived intangible asset impairment charges; impact of long-lived asset impairment charges; currency fluctuations; global factors, such as trade measures, military conflicts and political uncertainties, including changes to current trade regulations, such as Section 232 trade tariffs and quotas, tax legislation and other regulations which might adversely impact our business; availability and pricing of electricity, electrodes and natural gas for mill operations; ability to hire and retain key executives and other employees; competition from other materials or from competitors that have a lower cost structure or access to greater financial resources; information technology interruptions and breaches in security; ability to make necessary capital expenditures; availability and pricing of raw materials and other items over which we exert little influence, including scrap metal, energy and insurance; unexpected equipment failures; losses or limited potential gains due to hedging transactions; litigation claims and settlements, court decisions, regulatory rulings and legal compliance risks; risk of injury or death to employees, customers or other visitors to our operations; and civil unrest, protests and riots.
COMMERCIAL METALS COMPANY FINANCIAL & OPERATING STATISTICS (UNAUDITED)
Three Months Ended (in thousands, except per ton amounts)
11/30/2022
8/31/2022
5/31/2022
2/28/2022
11/30/2021 North America
Net sales
$ 1,816,899
$ 1,997,636
$ 2,033,150
$ 1,614,224
$ 1,653,622 Adjusted EBITDA
377,956
370,516
379,355
535,463
268,524
External tons shipped
Raw materials
316
359
353
329
334 Rebar
461
451
505
407
442 Merchant and other
243
249
274
245
257 Steel products
704
700
779
652
699 Downstream products
382
432
399
327
400
Average selling price per ton
Raw materials
$ 824
$ 950
$ 1,207
$ 1,103
$ 1,034 Steel products
1,020
1,104
1,110
1,041
976 Downstream products
1,399
1,348
1,244
1,169
1,092
Cost of raw materials per ton
$ 598
$ 717
$ 908
$ 834
$ 766 Cost of ferrous scrap utilized per ton
$ 325
$ 387
$ 472
$ 436
$ 428
Steel products metal margin per ton
$ 695
$ 717
$ 638
$ 605
$ 548
Europe
Net sales
$ 406,513
$ 412,264
$ 484,564
$ 395,758
$ 329,056 Adjusted EBITDA
64,505
64,096
120,974
81,149
79,832
External tons shipped
Rebar
204
177
170
172
103 Merchant and other
269
251
306
278
262 Steel products
473
428
476
450
365
Average selling price per ton
Steel products
$ 792
$ 888
$ 967
$ 851
$ 869
Cost of ferrous scrap utilized per ton
$ 366
$ 435
$ 530
$ 444
$ 434
Steel products metal margin per ton
$ 426
$ 453
$ 437
$ 407
$ 435
COMMERCIAL METALS COMPANY BUSINESS SEGMENTS (UNAUDITED)
Three Months Ended (in thousands)
11/30/2022
8/31/2022
5/31/2022
2/28/2022
11/30/2021 Net sales
North America
$ 1,816,899
$ 1,997,636
$ 2,033,150
$ 1,614,224
$ 1,653,622 Europe
406,513
412,264
484,564
395,758
329,056 Corporate and Other
3,901
(2,835)
(1,987)
(1,094)
(877) Total net sales
$ 2,227,313
$ 2,407,065
$ 2,515,727
$ 2,008,888
$ 1,981,801
Adjusted EBITDA
North America
$ 377,956
$ 370,516
$ 379,355
$ 535,463
$ 268,524 Europe
64,505
64,096
120,974
81,149
79,832 Corporate and Other
(39,725)
(32,227)
(35,049)
(52,493)
(34,334) Total adjusted EBITDA
$ 402,736
$ 402,385
$ 465,280
$ 564,119
$ 314,022
COMMERCIAL METALS COMPANY CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
Three Months Ended November 30, (in thousands, except share and per share data)
2022
2021 Net sales
$ 2,227,313
$ 1,981,801 Costs and operating expenses:
Cost of goods sold
1,719,414
1,586,410 Selling, general and administrative expenses
156,355
122,595 Interest expense
13,045
11,035
1,888,814
1,720,040 Earnings before income taxes
338,499
261,761 Income taxes
76,725
28,872 Net earnings
$ 261,774
$ 232,889
Earnings per share:
Basic
$ 2.23
$ 1.92 Diluted
$ 2.20
$ 1.90
Cash dividends per share
$ 0.16
$ 0.14 Average basic shares outstanding
117,273,743
121,129,679 Average diluted shares outstanding
118,925,442
122,797,738
COMMERCIAL METALS COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share data)
November 30, 2022
August 31, 2022 Assets
Current assets:
Cash and cash equivalents
$ 582,069
$ 672,596 Accounts receivable (less allowance for doubtful accounts of $4,901 and $4,990)
1,287,286
1,358,907 Inventories, net
1,102,774
1,169,696 Prepaid and other current assets
251,985
240,269 Total current assets
3,224,114
3,441,468 Property, plant and equipment, net
2,028,955
1,910,871 Intangible assets, net
251,819
257,409 Goodwill
277,453
249,009 Other noncurrent assets
491,626
378,270 Total assets
$ 6,273,967
$ 6,237,027 Liabilities and stockholders' equity
Current liabilities:
Accounts payable
$ 396,560
$ 428,055 Accrued expenses and other payables
441,586
540,136 Current maturities of long-term debt and short-term borrowings
239,406
388,796 Total current liabilities
1,077,552
1,356,987 Deferred income taxes
283,754
250,302 Other noncurrent liabilities
235,280
230,060 Long-term debt
1,093,146
1,113,249 Total liabilities
2,689,732
2,950,598 Stockholders' equity:
Common stock, par value $0.01 per share; authorized 200,000,000 shares; issued
129,060,664 shares; outstanding 117,291,637 and 117,496,053 shares
1,290
1,290 Additional paid-in capital
361,199
382,767 Accumulated other comprehensive loss
(10,189)
(114,451) Retained earnings
3,555,425
3,312,438 Less treasury stock, 11,769,027 and 11,564,611 shares at cost
(323,722)
(295,847) Stockholders' equity
3,584,003
3,286,197 Stockholders' equity attributable to non-controlling interests
232
232 Total stockholders' equity
3,584,235
3,286,429 Total liabilities and stockholders' equity
$ 6,273,967
$ 6,237,027
COMMERCIAL METALS COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended November 30, (in thousands)
2022
2021 Cash flows from (used by) operating activities:
Net earnings
$ 261,774
$ 232,889 Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization
51,183
41,226 Deferred income taxes and other long-term taxes
16,744
(5,099) Stock-based compensation
16,675
9,619 Other
5,967
(583) Changes in operating assets and liabilities, net of acquisitions
20,027
(252,273) Net cash flows from operating activities
372,370
25,779 Cash flows from (used by) investing activities:
Capital expenditures
(133,052)
(70,150) Acquisitions, net of cash acquired
(63,745)
— Proceeds from insurance
1,460
— Proceeds from the sale of property, plant and equipment and other
303
1,418 Other
(516)
— Net cash flows used by investing activities
(195,550)
(68,732) Cash flows from (used by) financing activities:
Repayments of long-term debt
(154,631)
(6,556) Debt issuance costs
(1,800)
— Debt extinguishment costs
(69)
— Repayments under accounts receivable facilities
(25,914)
(144,706) Proceeds from accounts receivable facilities
49
150,664 Treasury stock acquired
(49,149)
(5,311) Tax withholdings related to share settlements, net of purchase plans
(23,513)
(16,371) Dividends
(18,787)
(17,025) Net cash flows used by financing activities
(273,814)
(39,305) Effect of exchange rate changes on cash
5,139
(550) Decrease in cash, restricted cash, and cash equivalents
(91,855)
(82,808) Cash, restricted cash and cash equivalents at beginning of period
679,243
501,129 Cash, restricted cash and cash equivalents at end of period
$ 587,388
$ 418,321
Supplemental information:
Cash paid for income taxes
$ 15,694
$ 15,296 Cash paid for interest
22,201
8,794
Cash and cash equivalents
$ 582,069
$ 415,055 Restricted cash (included in Prepaid and other current assets)
5,319
3,266 Total cash, restricted cash and cash equivalents
$ 587,388
$ 418,321
COMMERCIAL METALS COMPANY
NON-GAAP FINANCIAL MEASURES (UNAUDITED)
This press release contains financial measures not derived in accordance with U.S. generally accepted accounting principles ("GAAP"). Reconciliations to the most comparable GAAP measure are provided below.
Adjusted EBITDA, core EBITDA and adjusted earnings are non-GAAP financial measures. Adjusted earnings per diluted share is defined as adjusted earnings on a diluted per share basis.
Non-GAAP financial measures should be viewed in addition to, and not as alternatives for, the most directly comparable measures derived in accordance with GAAP and may not be comparable to similar measures presented by other companies. However, we believe that the non-GAAP financial measures provide relevant and useful information to management, investors, analysts, creditors and other interested parties in our industry as they allow: (i) comparison of our earnings to those of our competitors; (ii) a supplemental measure of our underlying business operational performance; and (iii) the assessment of period-to-period performance trends. Management uses non-GAAP financial measures to evaluate financial performance and set target benchmarks for annual and long-term cash incentive performance plans.
A reconciliation of net earnings to adjusted EBITDA and core EBITDA is provided below:
Three Months Ended (in thousands) 11/30/2022
8/31/2022
5/31/2022
2/28/2022
11/30/2021 Net earnings $ 261,774
$ 288,630
$ 312,429
$ 383,314
$ 232,889 Interest expense 13,045
14,230
13,433
12,011
11,035 Income taxes 76,725
49,991
92,590
126,432
28,872 Depreciation and amortization 51,183
49,081
43,583
41,134
41,226 Asset impairments 9
453
3,245
1,228
— Adjusted EBITDA 402,736
402,385
465,280
564,119
314,022 Non-cash equity compensation 16,675
9,122
11,986
16,251
9,619 Mill operational start-up costs(1) 5,574
—
—
—
— Acquisition and integration related costs and other —
1,008
4,478
—
3,165 Purchase accounting effect on inventory —
6,506
2,169
—
— Gain on sale of assets —
—
—
(273,315)
— Loss on debt extinguishment —
—
—
16,052
— Core EBITDA $ 424,985
$ 419,021
$ 483,913
$ 323,107
$ 326,806
(1) Net of depreciation and non-cash equity compensation.
A reconciliation of net earnings to adjusted earnings is provided below:
Three Months Ended (in thousands) 11/30/2022
8/31/2022
5/31/2022
2/28/2022
11/30/2021 Net earnings $ 261,774
$ 288,630
$ 312,429
$ 383,314
$ 232,889 Asset impairments 9
453
3,245
1,228
— Mill operational start-up costs 5,584
—
—
—
— Acquisition and integration related costs and other —
1,008
4,478
—
3,165 Purchase accounting effect on inventory —
6,506
2,169
—
— Gain on sale of assets —
—
—
(273,315)
— Loss on debt extinguishment —
—
—
16,052
— Total adjustments (pre-tax) $ 5,593
$ 7,967
$ 9,892
$ (256,035)
$ 3,165
Tax items
International restructuring —
—
—
—
(36,237) Related tax effects on adjustments (1,175)
(1,673)
(2,077)
60,274
(665) Total tax items (1,175)
(1,673)
(2,077)
60,274
(36,902) Adjusted earnings $ 266,192
$ 294,924
$ 320,244
$ 187,553
$ 199,152 Net earnings per diluted share $ 2.20
$ 2.40
$ 2.54
$ 3.12
$ 1.90 Adjusted earnings per diluted share $ 2.24
$ 2.45
$ 2.61
$ 1.53
$ 1.62
Cision
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SOURCE Commercial Metals Company |
NEWS_457 | How much a stock's price changes over time is important for most investors, since price performance can both impact your investment portfolio and help you compare investment results across sectors and industries.
The fear of missing out, or FOMO, also plays a factor in investing, especially with particular tech giants, as well as popular consumer-facing stocks.
What if you'd invested in Commercial Metals (CMC) ten years ago? It may not have been easy to hold on to CMC for all that time, but if you did, how much would your investment be worth today?
Commercial Metals' Business In-Depth
With that in mind, let's take a look at Commercial Metals' main business drivers.
Irving, TX- based Commercial Metals Company manufactures, recycles and markets steel and metal products, related materials and services. It provides these through a network of facilities that includes seven electric arc furnace ("EAF") mini mills, two EAF micro mills, a rerolling mill, steel fabrication and processing plants, construction-related product warehouses, and metal recycling facilities in the United States and Poland.
Commercial Metals realigned its reporting structure into two operating segments — North America and Europe — from the beginning of fourth-quarter fiscal 2020.
North America (generated 82% of fiscal 2022 revenues) segment processes scrap metals for use as a raw material by manufacturers of new metal products. This segment operates 38 scrap metal processing facilities, primarily located in the Southeast and Central United States.
The steel mill operations include six EAF mini mills, two EAF micro mills, and one rerolling mill. The fabrication operations include 56 facilities engaged in various aspects of steel fabrication. Most of these facilities engage in the general fabrication of reinforcing steel.
The steel mills manufacture finished long steel products including rebar, merchant bar, light structural and other special sections and wire rod, as well as semi-finished billets for rerolling and forging applications (collectively referred to as steel products).
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Each EAF mini mill consists of a melt shop with an electric arc furnace, continuous casting equipment that shapes molten metal into billets, a reheating furnace that prepares billets for rolling and a rolling line that forms products from heated billets. It also includes a mechanical cooling bed that receives hot products from the rolling line, finishing facilities that shear, straighten, bundle and prepare products for shipping; and supporting facilities such as maintenance, warehouse and office areas.
The Europe (generated 18% of fiscal 2022 revenues) segment is comprised of mini mill, recycling and fabrication operations located in Poland. Its 12 scrap metal recycling facilities, located throughout Poland, process ferrous scrap metals for use as raw material for the mini mill.
Bottom Line
While anyone can invest, building a lucrative investment portfolio takes research, patience, and a little bit of risk. If you had invested in Commercial Metals ten years ago, you're probably feeling pretty good about your investment today.
A $1000 investment made in January 2013 would be worth $3,256.76, or a 225.68% gain, as of January 9, 2023, according to our calculations. Investors should note that this return excludes dividends but includes price increases.
The S&P 500 rose 165.61% and the price of gold increased 8.24% over the same time frame in comparison.
Analysts are forecasting more upside for CMC too.
Robust demand in North America for each of Commercial Metals’ major product lines is expected to reflect in the company’s results. Its North America contract backlog volumes and average pricing are at historically high levels. Downstream bidding activity remains strong, indicating a strong pipeline of projects entering the market. Steel demand is expected to pick up aided by the automotive sector as well as increased investment spending under the Infrastructure Investment and Jobs Act. Backed by its strategic initiatives, including the acquisition of Tensar, the construction of Arizona 2 micro mill, and the fourth micro mill that will serve the Eastern United States, the company is well-positioned to capitalize on this demand. Reflecting these tailwinds, the earnings estimates for fiscal 2023 have undergone positive revisions lately.
The stock is up 5.50% over the past four weeks, and no earnings estimate has gone lower in the past two months, compared to 1 higher, for fiscal 2022. The consensus estimate has moved up as well.
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NEWS_458 | The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.
Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.
Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.
One stock to keep an eye on is Legato Merger (ASTL). ASTL is currently sporting a Zacks Rank of #2 (Buy) and an A for Value.
Another valuation metric that we should highlight is ASTL's P/B ratio of 0.56. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 1.39. Within the past 52 weeks, ASTL's P/B has been as high as 1.38 and as low as 0.33, with a median of 0.65.
Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. ASTL has a P/S ratio of 0.24. This compares to its industry's average P/S of 0.28.
If you're looking for another solid Steel - Producers value stock, take a look at Commercial Metals (CMC). CMC is a # 1 (Strong Buy) stock with a Value score of A.
Commercial Metals sports a P/B ratio of 1.81 as well; this compares to its industry's price-to-book ratio of 1.39. In the past 52 weeks, CMC's P/B has been as high as 1.95, as low as 1.26, with a median of 1.66.
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These are just a handful of the figures considered in Legato Merger and Commercial Metals's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that ASTL and CMC is an impressive value stock right now.
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Algoma Steel Group Inc. (ASTL) : Free Stock Analysis Report
Commercial Metals Company (CMC) : Free Stock Analysis Report
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Zacks Investment Research |
NEWS_459 | In the latest trading session, Commercial Metals (CMC) closed at $49.16, marking a +0.33% move from the previous day. This move outpaced the S&P 500's daily loss of 1.17%. At the same time, the Dow lost 1.02%, and the tech-heavy Nasdaq lost 2.45%.
Prior to today's trading, shares of the manufacturer and recycler of steel and metal products had lost 0.55% over the past month. This has was narrower than the Basic Materials sector's loss of 4.04% and the S&P 500's loss of 5.25% in that time.
Wall Street will be looking for positivity from Commercial Metals as it approaches its next earnings report date. This is expected to be January 9, 2023. In that report, analysts expect Commercial Metals to post earnings of $2.06 per share. This would mark year-over-year growth of 27.16%. Our most recent consensus estimate is calling for quarterly revenue of $2.16 billion, up 9.22% from the year-ago period.
CMC's full-year Zacks Consensus Estimates are calling for earnings of $6.94 per share and revenue of $8.02 billion. These results would represent year-over-year changes of -15.26% and -9.99%, respectively.
Any recent changes to analyst estimates for Commercial Metals should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-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. 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. Over the past month, the Zacks Consensus EPS estimate has moved 1.24% higher. Commercial Metals is currently a Zacks Rank #1 (Strong Buy).
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Valuation is also important, so investors should note that Commercial Metals has a Forward P/E ratio of 7.07 right now. This valuation marks a discount compared to its industry's average Forward P/E of 9.93.
The Steel - Producers industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 11, which puts it in the top 5% 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.
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NEWS_460 | IRVING, Texas, Jan. 5, 2023 /PRNewswire/ -- Today, January 5, 2023, the board of directors of Commercial Metals Company (NYSE: CMC) ("CMC") declared a regular quarterly cash dividend of $0.16 per share of CMC common stock. CMC's 233rd consecutive quarterly dividend will be paid on February 2, 2023, to stockholders of record as of the close of business on January 19, 2023.
About Commercial Metals Company
CMC and its subsidiaries manufacture, recycle and fabricate steel and metal products and provide related materials and services through a network of facilities that includes seven electric arc furnace ("EAF") mini mills, two EAF micro mills, one rerolling mill, steel fabrication and processing plants, construction-related product warehouses and metal recycling facilities in the United States and Poland. Through its Tensar operations, CMC is a leading global provider of innovative ground and soil stabilization solutions selling into more than 80 national markets through two major product lines: Tensar® geogrids and Geopier® foundation systems.
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SOURCE Commercial Metals Company |
NEWS_461 | Commercial Metals Company (NYSE:CMC) Q1 2023 Earnings Call Transcript January 9, 2023
Operator: Hello, and welcome, everyone, to the First Quarter Fiscal 2023 Earnings Call for Commercial Metals Company. Today's material, including the press release and supplemental slides that accompany this call can be found on the CMC Investor Relations website. Today's call is being recorded. And after the Company's remarks, we will have a question-and-answer session and we will have a few instructions at that time. I would like to remind all participants that during the course of this conference call that the Company may make statements that provide information other than historical information that will include expectations regarding the economic conditions, effects of legislation, U.S. steel import levels, U.S. construction activity, demand for finished steel products, the expected capabilities and benefits of new facilities, the Company's future operations, the time line for execution of the Company's growth plan, the Company's future results of operations, financial measures and capital spending.
These and other similar statements are considered forward-looking and may involve certain assumptions and speculation and are subject to risks and uncertainties that could cause actual results to differ materially from these expectations. These statements reflect the Company's beliefs based on the current conditions that are subject to certain risks and uncertainties, including those that are described in the risk factors and forward-looking statements section of the Company's latest filings with the Securities and Exchange Commission, including the Company's annual report on Form 10-K. Although, these statements are based on management's current expectations and beliefs, CMC offers no assurance that these expectations or beliefs will prove to be correct, and actual results may vary materially.
All statements made only of this date, except as required by law. CMC does not assume any obligation to update, amend or clarify these statements in connection with future events, changes in assumptions, the occurrence of anticipated or unanticipated events, new information or circumstances or otherwise. Some numbers presented will be non-GAAP financial measures and reconciliations for such numbers can be found in the Company's earnings release, supplemental slides, presentation or on the Company's website. Unless otherwise stated, all references made to the year or quarter end are references to the Company's fiscal year or fiscal quarter. And now for the opening remarks and introductions, I would now like to turn the call over to Chairman of the Board, President and Chief Executive Officer of Commercial Metals Company, Ms. Barbara Smith.
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Photo by Daniel Fazio on Unsplash
Barbara Smith: Good morning, everyone, and thank you for joining CMC's first quarter earnings conference call. I hope each of you had a wonderful holiday season. As we reported in our press release issued this morning, fiscal 2023's first quarter was another outstanding period, marking the second best core EBITDA performance in our company's history. I would like to thank CMC's 12,000 employees who made these results possible. Your hard work and focused efforts are appreciated and are driving the driving force behind CMC's success. I will start today's call with a few comments on CMC's first quarter performance, then discuss our key strategic growth investments and sustainability efforts before providing an update on the current market environment.
Paul Lawrence will cover the quarter's financial information in more detail, and I will then conclude with our outlook for the second fiscal quarter, after which we will open the call to questions. Before starting my prepared remarks, I would like to direct listeners to the supplemental slides that accompany this call. The presentation can be found on CMC's Investor Relations website. As I noted, CMC's first quarter fiscal 2023 earnings were among the strongest in our company's 108-year history. We achieved net earnings of $261.8 million or $2.20 per diluted share on net sales of $2.2 billion. Excluding the impact of mill operational start-up costs incurred at our Arizona 2 project, adjusted earnings from continuing operations were $266.2 million or $2.24 per diluted share.
CMC generated core EBITDA for the quarter of $425 million, an increase of 30% from a year-ago, which produced an annualized return on invested capital of 23%. Results for our North America segment were again exceptional, as our team capitalized on strong demand. Segment adjusted EBITDA was within 1% of its record, excluding the impact of our second quarter 2022 California land sale. We continue to experience strong margins on sales of steel and downstream products during the quarter, which drove meaningful year-over-year earnings growth. Our Europe segment performed well despite a challenging economic backdrop, generating adjusted EBITDA more than double the past 10 years' quarterly average. Facing well-publicized economic headwinds associated with the ongoing energy crisis, our team in Poland leveraged their excellent cost structure to profitably win share and maintain strong volume level.
Reflecting on the quarter as a whole, CMC encountered sharply different market environments within its two segments with tailwinds in North America and headwinds in Europe and demonstrated that we are capable of performing well in both environments. Our business model and well-aligned strategies have provided us the ability to fully capitalize on opportunities when they are available or adapt and adjust quickly when challenges arise. I would now like to discuss CMC's strategic growth investments, specifically our exciting greenfield mill projects. Our Arizona 2 Micro Mill project is on track for a start-up later this spring. As I mentioned previously, we incurred start-up costs during the first quarter as we train and build our crews and begin to commission the new equipment.
We are excited to begin commissioning and look forward to providing updates as the process evolves. Once AZ2 is ramped up, CMC will be operating one of the most unique steelmaking complexes anywhere in the world. Not only will we achieve another industry first by producing merchant bar on a micro mill, but we will also have co-located two of our micro mills in a unique configuration. We expect this arrangement of the two steel plants will provide synergies, including shared staff support, production optimization, improved production scheduling and shared site infrastructure. Arizona 2's commissioning looks to be well timed with the Infrastructure Investment and Jobs Act, which should begin to increase public infrastructure construction later this calendar year.
We intend to focus initially on ramping up rebar production with the commissioning of merchant products to follow soon after. Currently, we expect to produce a mix of approximately two-third's rebar and one-third merchant bar on an annual run rate basis. Of course, as we have mentioned previously, Arizona 2 will have the operational flexibility to seamlessly adjust its production mix based on market demand. Turning to CMC's other organic growth projects. We announced in early December that our fourth micro mill will be located in Berkeley County, West Virginia. The site selection process took longer than anticipated, but we are confident that CMC has chosen an excellent location within a state that is supportive of manufacturing innovation.
I'd like to thank Governor Jim Justice and the entire West Virginia economic development team and the dedicated Berkeley County staff for their support during the site selection process and their ongoing assistance as we become an important member of the community. During the planning phase, we have been referring to this growth initiative as MM4. I'm happy to say that after formalizing our site choice, we will now rebrand our mill as CMC Steel West Virginia. The mill is expected to have an annual capacity of approximately 500,000 tons and will be capable of producing both straight length and spooled rebar. The new plant will feature the latest productivity-enhancing technologies for micro mill steelmaking including Danieli's Q-One power system that we first deployed in Arizona, making CMC Steel West Virginia one of the cleanest and most energy-efficient mills in the world.
The planned site location on West Virginia's Eastern Panhandle will provide excellent access to the dense rebar consuming markets of the Northeast and Mid-Atlantic. Nearly 60 million people live within a standard shipping radius of this site, providing a variety of commercial opportunities across a number of major metropolitan areas. As can be seen on Slide 6 of the supplemental presentation, the site is also ideal for optimization of CMC's existing operational network in the Eastern United States. We expect to generate synergies through reduced logistics cost, optimized production mix across mills, lower levels of safety stock and improved customer service capabilities. The project is budgeted to have a net cost of approximately $450 million.
Based on anticipated time lines for permitting and construction, plant is scheduled to begin operation in late calendar 2025. These two projects strongly advance CMC's strategy of leadership in early phase construction reinforcement. We also believe they will provide meaningful value accretive earnings and cash flow growth for our investors. In addition to our organic growth projects, we continue to be very encouraged with the integration process of our Tensar acquisition and Paul will discuss the financial contributions a little later. During the quarter, we acquired two scrap recycling facilities and we are happy to welcome these employees to CMC. Both acquisitions support our captive scrap strategy to provide an economic supply of metallics for our mills.
Before I turn to commentary, I would also like to take a moment to emphasize the advancement of CMC's sustainability efforts. Our fiscal 2022 sustainability report published last month illustrates CMC's leadership position in environmental performance and our ongoing commitments for continued improvement. In fiscal 2022, CMC's Scope 1 and 2 greenhouse gas emissions stood at just 0.413 tons of CO2 per ton of steel produced, representing a 14% reduction from a 2019 baseline and a decline of 7% from fiscal 2021 levels. These Scope 1 and 2 emissions in intensity levels are nearly 80% below the global industry average. It may surprise some to learn that despite the heightened focus on ESG, the global steel industries emissions per ton have actually increased steadily over the last several years.
However, CMC is going in the opposite direction using innovation, process improvements and energy sourcing to make greener steel with less impact on the environment. CMC's micro mill projects will further improve our environmental footprint as this technology consumes 32% less energy and emits 30% less greenhouse gas compared to standard mini mills. Once AZ2 and Steel West Virginia are fully ramped up, roughly one-third of our products will be produced using the world's cleanest steelmaking technology. These investments are yet another example of how at CMC good business decisions and good environmental stewardship go hand in hand. As you can also read in our 2022 sustainability report, CMC is poised to meet its or exceed its 2030 environmental goals related to Scope 1 and 2 greenhouse gas emissions intensity, water usage and energy consumption intensity and renewable energy sourcing.
Soon, we will be reevaluating these goals and setting new targets. I would now like to turn to CMC's market environment starting with North America. Hopefully, it will be encouraging that my comments sound very similar to our recent updates as we continue to experience strong market conditions and see signs that strength will remain. We are well aware that recessionary concerns are growing in the investment community and being reported in the financial press, and we are monitoring conditions closely. However, looking at our business, we see no meaningful signs of a slowdown. Demand in the first quarter was stable at strong levels across our product lines and major geographies. Most key indicators that lead rebar consumption by nine to 12 months point to growth ahead.
These indicators include both external and internal metrics that have been historically reliable in our indices we've referenced in past market commentary. Let me review several of these key external indicators. The Dodge Momentum Index, which measures the value of non-residential projects entering the planning phase, reached a record high in November. The reading highlighted strong growth in both the commercial and institutional components of the index, rising 28% and 21%, respectively, from the prior year. We recently began monitoring a separate Dodge indicator that tracks the value of infrastructure projects entering the pre-design and design phases. The value of these projects is up significantly from the prior year, likely signaling that federal funding is working through the pipeline and will soon began to impact on the ground construction activity.
To give a sense of magnitude, the value of projects tracked by Dodge's Design Phase Index over the last three months was double the prior year and was 12 times higher than two years ago. CMC's own internal view also gives us confidence going forward. Our downstream bidding activity remained at historically high levels during the first quarter, driven by a broad range of project types in both the public and private sectors. As can be seen on Slide 9, our downstream backlog continues to grow on a year-over-year basis when measured in terms of both value and quantity. Beyond the near-term, we believe there are structural trends underway that will support strong domestic construction activity. The first, which I've already mentioned, is the federal infrastructure package signed into law a year ago.
At full run rate, this plan is expected to increase federal funding for core rebar consuming projects such as highways, bridges and related structures by 65% compared to the FAST Act that it replaced. We estimate the impact will be 1.5 tons of incremental annual rebar demand within a domestic market of roughly 9 million tons, representing an approximately 17% increase in consumption. Spending is expected to ramp up over five years and assuming typical time frames for project approvals, bidding and awarding, we should begin to see some impact on construction activity in calendar year 2023. The Dodge data I discussed earlier supports this view. Another meaningful structural trend is the reassuring of critical industries. We have previously mentioned the massive scale and pace of construction of new semiconductor facilities.
Currently, there are at least 11 facilities planned to be constructed with related total investment of over $275 billion. CMC is already shipping to several of these projects, but most are yet to break ground and impact rebar consumption. Semiconductor chip and wafer plants are the highest profile examples of reshoring, but other industries are also experiencing increased activity or project planning. These include LNG facilities for the export of natural gas, chemical and plastic plants as well as the automotive supply chain with a particular focus on electric vehicles and battery production. The last three years have exposed the vulnerabilities of concentrated global supply chains structured to operate under stable conditions and cooperative political regimes.
The pandemic and geopolitical turmoil have reminded us of the need for a more distributed set of sourcing options, ensuring reliability and flexibility in securing critical materials and equipment. Eventually, we expect reshoring to extend well beyond the areas we just discussed. Turning briefly to merchant bar, underlying demand conditions and end use OEM markets are generally stable. Following the destocking event that occurred during our fiscal fourth quarter, shipments to service centers stabilized at improved levels during the first quarter. We would expect real underlying demand to continue at a steady rate in the quarters ahead. As I indicated, market conditions in Europe are more challenging. Overall, construction activity continued to grow on a year-over-year basis during the first quarter.
However, residential activity, which has been strong for more than a year, is now showing signs of a slowdown due to the impact of rising mortgage interest rate. New mortgage origination has declined meaningfully over the last several months. However, programs are being developed to support first time homebuyers, which should attract more market activity by mid-calendar 2023. In addition, as a result of the ongoing energy crisis, industrial activity in Central Europe has been in contraction since the summer of 2022. This has impacted demand for merchant bar and some wire rod products. On the other hand, energy prices have moderated somewhat from recent market peaks and the current mild temperatures should also provide some relief. As illustrated on Slide 10 of the supplemental presentation, the European energy crisis, combined with trade sanctions, have has impacted historical trade flows in the region, which has benefited Poland on a relative basis.
Poland has recently moved into a net rebar export position compared to a fairly large net import position a year ago. Electricity price volatility relative to the broader EU has tended to be less extreme in Poland over the last year due to a variety of factors, which has created a favorable cost dynamic for Polish producers. Energy costs have been both lower and more stable, providing some protection from imported materials originating from other European Union countries. With regard to rebar trade with countries outside the EU, little foreign material has entered the Polish market to offset the loss of Russian and Belarusian rebar. Imports have increased into the broader EU, but this material has gone to countries that are more logistically accessible and are experiencing higher energy costs.
So while European demand is challenging at the moment, the supply side of the economic equation is helping to offset much of the detrimental impact. Within this environment, CMC has leveraged its strong relative cost position and operational flexibility to profitably win market share. Shipments of rebar, merchant bar and wire rod in the first quarter were all well above the long-term quarterly average despite a lackluster demand backdrop. We would expect these advantages to continue to favor CMC. Finally, as stated in our press release, our Board of Directors declared a quarterly cash dividend of $0.16 per share of CMC common stock for stockholders of record on January 19, 2023. The dividend will be paid on February 2, 2023. This represents CMC's 233rd consecutive quarterly dividend, with the amount paid per share increasing 14% from Q1 of fiscal 2022.
With that as an overview, I will now turn the discussion over to Paul Lawrence, Senior Vice President and Chief Financial Officer, to provide some more comments on the results for the quarter. Paul?
See also 15 Companies That Test on Animals in 2022 and 10 Cheap Hot Stocks To Buy.
Paul Lawrence: Thank you, Barbara, and happy New Year to everyone on the call. As Barbara noted, we reported fiscal first quarter 2023 net earnings of $261.8 million, or $2.20 per diluted share compared to prior year levels of $232.9 million and $1.90, respectively. Results this quarter include a net after-tax charge of $4.4 million, which was related to start-up activities at CMC Arizona's project. We expect to continue to incur start-up costs for the balance of fiscal 2023. Excluding the impact of this item, adjusted earnings were $266.2 million, or $2.24 per diluted share. Core EBITDA was $425 million for the first quarter of 2023, representing a 30% increase from the $326.8 million generated during the prior year period.
Slide 13 of the supplemental presentation illustrates the strength of CMC's quarterly results. Our North America segment drove the significant year-over-year earnings growth, while Europe experienced some pullback. Core EBITDA per ton of finished steel reached its second highest rate ever coming in at $273 compared to $223 per ton a year ago. Now I will review the results by segment. CMC's North American segment generated adjusted EBITDA of $378 million for the quarter, equal to $348 per ton of finished steel shipped. Segment adjusted EBITDA improved 41% on a year-over-year basis, driven significantly by increased margins on downstream and steel products over their underlying scrap costs. Downstream products were a particularly impactful contributor on a year-over-year basis as the average selling price improved by over $300 per ton compared to the first quarter of fiscal 2022.
Partially offsetting these benefits were lower margins on sales of raw materials as well as higher controllable costs on a per ton of finished steel basis due primarily to increased unit pricing for alloys, energy and freight. On a sequential quarter basis, controllable costs per ton were relatively unchanged with signs of pricing on some key consumable inputs have peaked and could begin declining in the quarters ahead. As we look forward, we have a number of planned maintenance outages that will not impact shipment volumes, but will result in higher controllable costs in coming quarters. Selling prices for steel products from our mills increased by $44 per ton on a year-over-year basis, but declined $84 per ton from the prior quarter. Margin over scrap on steel products increased $147 per ton from a year ago.
Comparison to our fourth quarter, metal margin decreased by $22 per ton as a decline in average pricing outpaced the reduction in scrap costs. Shipments of finished product in the first quarter were virtually unchanged from a year ago and followed a typical seasonal pattern compared to the fourth quarter. End market demand for our mill products remained healthy. Rebar consumption as tracked by the Steel Manufacturers Association is growing on a year-over-year basis. They are likely still moderated by constrained supply of labor and material in certain geographies. Demand for merchant bar is stable at good levels. Turning to Slide 15 of the supplemental deck. Our Europe segment generated adjusted EBITDA of $64.5 million for the first quarter of 2023, which included the receipt of an annual energy credit that totaled approximately $9.5 million.
The first quarter results compared to adjusted EBITDA of $79.8 million in the prior year period. The decline was driven by higher costs for energy, the negative P&L impact of selling higher cost inventory into a contracting price environment; a reduced energy credit, which was over $15 million last year as well as the weakening of the Polish Zloty relative to the U. S. dollar. CMC's energy hedge position once again paid significant dividends as actual costs were well below the levels that would have been paid had we purchased solely on the spot basis. Europe volume increased 30% compared to the prior year due to the market share gains mentioned by Barbara, as well as the impact of a planned major maintenance outage taken during the comparative period of the first quarter of fiscal 2022.
Demand conditions within Central Europe are challenging. However, the Polish construction market continue to grow by mid single-digit percentages, while industrial production has entered into contractionary phase as a result of the ongoing energy crisis. We believe CMC is well positioned for this current period of volatility in Europe. We are a low-cost industry leader with operational flexibility to adjust to and serve changing market conditions. Tensar generated $11.4 million during the first quarter, yielding an EBITDA margin of 18.9%. Margins were temporarily hampered by production issues encountered at our Morrow, Georgia geogrid plant. These issues have been addressed with equipment upgrades. However, during the first quarter, we incurred increased logistics costs and slower delivery time as a result of bringing product from our overseas operations.
As a reminder, Tensar performance is included within CMC's existing segments. Of our $11.4 million of EBITDA, $8.1 million was included in CMC's North American segment, with the remaining $3.3 million recorded in our Europe segment. Turning to the balance sheet. Moving as of November 30, 2022, cash and cash equivalents totaled $582 million. In addition to cash and equivalents, we had approximately $915 million of availability under our credit, term loan and accounts receivable facility, bringing total liquidity to $1.5 billion. During the quarter, CMC took a few financing actions worth noting. First, we repurchased $115.9 million of CMC's 2023 senior notes through a tender offer process, leaving $214.1 million outstanding, which will mature in May.
Second, our revolver was upsized to $600 million and concurrently, we canceled our U.S. accounts receivable program, which resulted in a net $50 million increase in availability. And lastly, CMC established a $200 million term loan facility that can be utilized to refinance the maturing notes if we so choose. During the quarter, we generated $372.4 million of cash from operating activities, with working capital being relatively neutral factor. Our free cash flow amounted to $239.3 million defined as our cash from operations less $133 million of capital expenditures. Our leverage metrics remain attractive and have improved significantly over the last several fiscal years. As can be seen on Slide 19, our net debt to EBITDA ratio now sits at just 0.4x.
While we believe our robust balance sheet and overall financial strength provides us flexibility to finance our strategic organic growth projects and pursue opportunistic M&A while continuing to return cash to shareholders. CMC's effective tax rate was 22.7% in the first quarter. Looking ahead to fiscal 2023, we currently expect a full-year effective tax rate of between 23% and 25%. Turning to CMC's fiscal 2023 capital spending outlook, we expect to invest between $500 million and $550 million in total. The $50 million increase to the range compared to prior guidance is driven by spending related to CMC Steel West Virginia that we now view as likely to occur this year. Lastly, CMC purchased roughly 1.3 million shares during the fiscal first quarter at an average price of $38.53 per share.
Transactions since the initiation of the buyback program through Q1 have amounted to roughly $211 million, leaving $139 million remaining under the authorization. This concludes my remarks. And I'll turn the discussion back to Barbara for comments on our outlook.
Barbara Smith: Thank you, Paul. We remain confident that fiscal 2023 will be another year of strong financial performance. Downstream backlog and bidding activity are at historically high levels and should support volumes over the near-term. Additionally, we look forward to the start-up of our newest micro mill, Arizona 2, in the spring, which will greatly enhance CMC's ability to capitalize on the strength we see in construction markets. We anticipate good financial results in the second quarter compared to historical standards, though seasonally down from the first quarter. We expect healthy demand for our products to continue in North America, while conditions in Europe are more challenging and could be impacted by customer pessimism and general uncertainty.
However, as I discussed earlier, CMC's operations in Poland are very well positioned to compete given their cost leadership position and operational flexibility. While we anticipate margins over scrap in both North America and Europe to remain elevated in relation to historical levels, they are likely to compress from the first quarter levels. Once again, I would like to thank all of our CMC employees for delivering yet another quarter of outstanding performance.
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NEWS_462 | Schnitzer Steel (SCHN) came out with a quarterly loss of $0.44 per share versus the Zacks Consensus Estimate of a loss of $0.45. This compares to earnings of $1.58 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 2.22%. A quarter ago, it was expected that this recycler of ferrous and nonferrous scrap metal would post earnings of $0.48 per share when it actually produced earnings of $0.50, delivering a surprise of 4.17%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Schnitzer Steel , which belongs to the Zacks Steel - Producers industry, posted revenues of $598.73 million for the quarter ended November 2022, missing the Zacks Consensus Estimate by 4.11%. This compares to year-ago revenues of $798.12 million. The company has topped consensus revenue estimates three times 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.
Schnitzer Steel shares have added about 2.7% since the beginning of the year versus the S&P 500's gain of 0.4%.
What's Next for Schnitzer Steel?
While Schnitzer Steel has outperformed 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.
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Ahead of this earnings release, the estimate revisions trend for Schnitzer Steel: favorable. 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 #1 (Strong Buy) for the stock. So, the shares are expected to outperform 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 $0.38 on $674.4 million in revenues for the coming quarter and $0.93 on $2.74 billion 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, Steel - Producers is currently in the top 5% 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.
Commercial Metals (CMC), another stock in the same industry, has yet to report results for the quarter ended November 2022. The results are expected to be released on January 9.
This manufacturer and recycler of steel and metal products is expected to post quarterly earnings of $2.06 per share in its upcoming report, which represents a year-over-year change of +27.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Commercial Metals' revenues are expected to be $2.16 billion, up 9.2% from the year-ago quarter.
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NEWS_463 | By Emon Reiser
Commercial Metals Co. is encountering starkly different markets across the globe for its steel products. The Irving, Texas-based metal manufacturer reports economic tailwinds in North America, while headwinds flare up in Europe. The company discussed macroeconomic factors that could drive demand for steel on its most recent earnings call.
On metals:
"While we anticipate margins over scrap in both North America and Europe to remain elevated in relation to historical levels, they are likely to compress from the first quarter levels.
"As it relates to the infrastructure bill … there has just been a massive increase year over year in infrastructure, preplanning, and then moving into the design phase. And once it's into the design phase, then of course it moves into active projects and bidding and then orders for steel.
"Beyond the near term, we believe there are structural trends underway that will support strong domestic construction activity. The first, which I've already mentioned, is the federal infrastructure package signed into law a year ago. At full run rate, this plan is expected to increase federal funding for core rebar consuming projects such as highways, bridges and related structures by 65% compared to the FAST Act that it replaced.
"We estimate the impact will be a 1.5 million tons of incremental annual rebar demand within a domestic market of roughly 9 million tons, representing an approximately 17% increase in consumption. Spending is expected to ramp up over five years and assuming typical timeframes for project approvals, bidding and awarding, we should begin to see some impact on construction activity in calendar year 2023.
"Another meaningful structural trend is the reshoring of critical industries. We have previously mentioned the massive scale and pace of construction of new semiconductor facilities. Currently, there are at least 11 facilities planned to be constructed with related total investment of over $275 billion. CMC is already shipping to several of these projects, but most are yet to break ground and impact rebar consumption.
"In the case of the war [between Russia and Ukraine], as time has gone on, we've seen the supply chain begin to adjust and in particular alloy costs have continued - have started to abate and prices have adjusted downward as we've found other sourcing options and as the uncertainty has started to become clearer.
"As a result of the ongoing energy crisis, industrial activity in Central Europe has been in contraction since the summer of 2022. This has impacted demand for merchant bar and some wire rod products. On the other hand, energy prices have moderated somewhat from recent market peaks and the current mild temperatures should also provide some relief.
"Shipments of rebar, merchant bar and wire rod in the first quarter were all well above the long term quarterly average, despite a lackluster demand backdrop [in Europe]." |
NEWS_464 | Commercial Metals (CMC) appears an attractive pick given a noticeable improvement in the company's earnings outlook. The stock has been a strong performer lately, and the momentum might continue with analysts still raising their earnings estimates for the company.
The upward trend in estimate revisions for this manufacturer and recycler of steel and metal products reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. Our stock rating tool -- the Zacks Rank -- is principally built on this insight.
The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008.
Consensus earnings estimates for the next quarter and full year have moved considerably higher for Commercial Metals, as there has been strong agreement among the covering analysts in raising estimates.
The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate:
12 Month EPS
Current-Quarter Estimate Revisions
The company is expected to earn $1.63 per share for the current quarter, which represents a year-over-year change of +6.54%.
The Zacks Consensus Estimate for Commercial Metals has increased 24.05% over the last 30 days, as one estimate has gone higher compared to no negative revisions.
Current-Year Estimate Revisions
For the full year, the company is expected to earn $7.52 per share, representing a year-over-year change of -8.18%.
In terms of estimate revisions, the trend for the current year also appears quite encouraging for Commercial Metals. Over the past month, one estimate has moved higher compared to no negative revisions, helping the consensus estimate increase 8.61%.
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Favorable Zacks Rank
Thanks to promising estimate revisions, Commercial Metals currently carries a Zacks Rank #1 (Strong Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500.
Bottom Line
Commercial Metals shares have added 17.7% over the past four weeks, suggesting that investors are betting on its impressive estimate revisions. So, you may consider adding it to your portfolio right away to benefit from its earnings growth prospects.
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NEWS_465 | Caledonia Mining Corporation Plc
ST HELIER, Jersey, Jan. 12, 2023 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc (the “Company” or “Caledonia”) (NYSE American: CMCL; AIM: CMCL; VFEX: CMCL) announces that following the maturing of long term incentive plan awards on January 11, 2023 which were made under the 2015 Omnibus Equity Incentive Compensation Plan of the Company (the “Plan”), a total of 24,389 common shares of no par value in the Company are being issued to members of staff within the Company’s group, including in the form of depositary interests and Zimbabwe depositary receipts in respect of such shares, on or about January 16, 2023. The following “Persons Discharging Managerial Responsibility” within the meaning of the Market Abuse Regulation (EU) No. 596/2014 (“PDMRs”) shall receive the securities set out below:
Name Position Number of
depositary
interests Resulting interest
in share capital of
the Company
(number and
percentage) Mark Learmonth Director and Chief Executive Officer 10,330 181,397 (1.10%) Chester Goodburn Chief Financial Officer 1,526 7,861 (0.05%)
Further details of the issues of securities to such persons are set out in the notifications below.
Application has been made by Caledonia for the admission of depositary interests representing all the issued shares to trading on AIM and it is anticipated that trading in such securities will commence on or about January 17, 2023. Following issue of all the shares, the Company will have a total number of shares in issue of 17,283,312 common shares of no par value each. Caledonia has no shares in treasury; therefore, this figure may be used by holders of securities in the Company as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company.
For further information please contact:
Caledonia Mining Corporation Plc
Mark Learmonth
Camilla Horsfall
Tel: +44 1534 679 802
Tel: +44 7817 841793 Cenkos Securities plc (Nomad and Joint Broker)
Adrian Hadden
Neil McDonald
Pearl Kellie
Tel: +44 207 397 1965
Tel: +44 131 220 9771
Tel: +44 131 220 9775 Liberum Capital Limited (Joint Broker)
Scott Mathieson/Kane Collings
Tel: +44 20 3100 2000 BlytheRay Financial PR
Tim Blythe/Megan Ray
Tel: +44 207 138 3204 3PPB
Patrick Chidley
Paul Durham
Tel: +1 917 991 7701
Tel: +1 203 940 2538 Curate Public Relations (Zimbabwe)
Debra Tatenda
Tel: +263 77802131
IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe)
Dzika Dhana
Lloyd Mlotshwa
Tel: +263 (242) 745 119/33/39
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1 Details of the person discharging managerial responsibilities/person closely associated a) Name Mark Learmonth 2 Reason for the notification a) Position/status Director and Chief Executive Officer b) Initial notification/ Amendment Initial notification 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Caledonia Mining Corporation Plc b) LEI 21380093ZBI4BFM75Y51 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial instrument, type of instrument Depositary interests representing common shares of no par value Identification code JE00BF0XVB15 b) Nature of the transaction Issue of securities c) Price(s) and volume(s)
Price(s) Volume(s) US$14.40 10,330 d) Aggregated information - Aggregated volume 10,330 - Price US$14.40 e) Date of the transaction 11 January 2023 f) Place of the transaction AIM of the London Stock Exchange plc
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1 Details of the person discharging managerial responsibilities/person closely associated a) Name Chester Goodburn 2 Reason for the notification a) Position/status Chief Financial Officer b) Initial notification/ Amendment Initial notification 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Caledonia Mining Corporation Plc b) LEI 21380093ZBI4BFM75Y51 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial instrument, type of instrument Depositary interests representing common shares of no par value Identification code JE00BF0XVB15 b) Nature of the transaction Issue of securities c) Price(s) and volume(s)
Price(s) Volume(s) US$14.40 1,526 d) Aggregated information - Aggregated volume 1,526 - Price US$14.40 e) Date of the transaction 11 January 2023 f) Place of the transaction AIM of the London Stock Exchange plc
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NEWS_466 | Caledonia Mining Corporation Plc
ST HELIER, Jersey, Jan. 13, 2023 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc (“Caledonia” or the “Company”) (NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL) announces that it received notification on January 12, 2023 from Allan Gray Proprietary Limited (“Allan Gray”), a “significant shareholder” of the Company as defined by the AIM Rules for Companies.
Upon the recent completion of the transaction to acquire Bilboes Gold Limited (see announcement by the Company on January 6, 2023), the Company issued 4,425,797 new shares representing 25.64 per cent of Caledonia’s fully diluted share capital. The Company now has three new significant shareholders, as set out in the announcement, and, as a consequence, Allan Gray’s percentage interest in the fully diluted share capital has decreased and the Company has been notified by Allan Gray accordingly.
A copy of the notification is below.
Enquiries:
Caledonia Mining Corporation Plc
Mark Learmonth
Camilla Horsfall
Tel: +44 1534 679 802
Tel: +44 7817 841793 Cenkos Securities plc (Nomad and Joint Broker)
Adrian Hadden
Neil McDonald
Pearl Kellie
Tel: +44 207 397 1965
Tel: +44 131 220 9771
Tel: +44 131 220 9775 Liberum Capital Limited (Joint Broker)
Scott Mathieson/Kane Collings
Tel: +44 20 3100 2000 BlytheRay Financial PR
Tim Blythe/Megan Ray
Tel: +44 207 138 3204 3PPB
Patrick Chidley
Paul Durham
Tel: +1 917 991 7701
Tel: +1 203 940 2538 Curate Public Relations (Zimbabwe)
Debra Tatenda
Tel: +263 77802131
TR-1: Standard form for notification of major holdings
1. Issuer Details
ISIN
JE00BF0XVB15
Issuer Name
CALEDONIA MINING CORPORATION PLC
UK or Non-UK Issuer
UK
2. Reason for Notification
An event changing the breakdown of voting rights
3. Details of person subject to the notification obligation
Name
Allan Gray Proprietary Limited
City of registered office (if applicable)
Cape Town
Country of registered office (if applicable)
South Africa
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4. Details of the shareholder
Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above
City of registered office (if applicable)
Country of registered office (if applicable)
5. Date on which the threshold was crossed or reached
10-Jan-2023
6. Date on which Issuer notified
12-Jan-2023
7. Total positions of person(s) subject to the notification obligation
. % of voting rights attached to shares (total of 8.A) % of voting rights through financial instruments (total of 8.B 1 + 8.B 2) Total of both in % (8.A + 8.B) Total number of voting rights held in issuer Resulting situation on the date on which threshold was crossed or reached 11.993200 0.000000 11.993200 2069891 Position of previous notification (if applicable) 16.129000 0.000000 16.129000
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
Class/Type of shares ISIN code(if possible) Number of direct voting rights (DTR5.1) Number of indirect voting rights (DTR5.2.1) % of direct voting rights (DTR5.1) % of indirect voting rights (DTR5.2.1) JE00BF0XVB15 2069891 11.993200 Sub Total 8.A 2069891 11.993200%
8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
Type of financial instrument Expiration date Exercise/conversion period Number of voting rights that may be acquired if the instrument is exercised/converted % of voting rights Sub Total 8.B1
8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
Type of financial instrument Expiration date Exercise/conversion period Physical or cash settlement Number of voting rights % of voting rights Sub Total 8.B2
9. Information in relation to the person subject to the notification obligation
1. Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer.
Ultimate controlling person Name of controlled undertaking % of voting rights if it equals or is higher than the notifiable threshold % of voting rights through financial instruments if it equals or is higher than the notifiable threshold Total of both if it equals or is higher than the notifiable threshold
10. In case of proxy voting
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional Information
Due to a change in voting rights, rather than a share disposal.
12. Date of Completion
12 January 2023
13. Place Of Completion
Cape Town, South Africa.
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NEWS_467 | Caledonia Mining Corporation Plc
ST HELIER, Jersey, Jan. 13, 2023 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc (“Caledonia” or the “Company”) (NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL) announces quarterly and annual production from the Blanket Mine in Zimbabwe (“Blanket”) for the quarter and year ended December 31, 2022. The Company also provides guidance for the year to 31 December 2023 in respect of production, on-mine costs and capital expenditure at Blanket and at the Bilboes oxides project. All production numbers for 2022 are expressed on a 100 per cent basis and are based on final assays from the refiner.
Production Highlights
Record gold production in 2022 of 80,775 ounces which exceeded the top end of the Company’s guidance and achieved its long-standing production target.
2022 annual production represents a 19.7 per cent increase on the 67,476 ounces produced in 2021.
Quarterly gold production of 21,049 ounces, a 13.1 per cent increase on the 18,604 ounces produced in Q4 2021.
2023 Guidance
Bilboes oxides Blanket Group consolidated Gold production (oz) 12,500 –17,0001 75,000 – 80,0002 87,500 – 97,000 On-mine cost/oz ($)3 1,200 – 1,320 770 – 850 900 – 1,000 All-in sustaining cost/oz ($)4 N/A N/A 1,150 – 1,250 Capital expenditure ($’m)5,6 0.5 28.3 30.9
Production from Bilboes Oxides
The Bilboes oxides project is a small-scale, two-to-three-year project which entails the stripping of overburden to a depth of approximately 40 meters to expose the oxidized material which will be processed on-site using an existing heap leach facility which has been in operation for the majority of the past decade. Ore production from the Bilboes oxides project is expected to start in mid-February and we anticipate recovering gold from the heap leach from March. The project had an initial capital requirement of approximately $540,000, which was expended in 2022. The operational costs to remove the overburden and the oxide material will be expensed as they are incurred. The stripping of the overburden would have been required in due course to implement the larger sulphide project and hence these costs would have been incurred in any event.
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Capital Expenditure
Capital expenditure at Blanket in 2023 includes approximately $9.6 million in respect of a new tailings facility (reflecting tightened regulatory requirements) and a further $9.8 million of deep-level capital development so that operations can be maintained in future years. In 2023, it is expected that approximately $2 million will be incurred in the preparation of a revised feasibility study for the larger sulphide project at Bilboes. It is anticipated that the cost of the projected capital expenditure for the group will be met from operating cashflows and in-country borrowings.
Commenting on the announcement, Mark Learmonth, Chief Executive Officer, said:
"In 2014, Caledonia announced a plan to sink a new shaft (Central Shaft) to 1,200 metres from surface, all funded through internal cash flow, with a long-term target of achieving an annual production rate of 80,000 ounces. I am delighted to announce today that we have now achieved this target, with 2022 annual production of 80,775 ounces - just over the top end of our guidance. This achievement is a huge milestone for the Company; it has been a tremendous team effort and I would like to thank all of our employees for their continued hard work.
“Production guidance for 2023 assumes that Blanket will broadly maintain the production rate achieved in 2022. 2023 guidance also includes the estimated production from the small oxides project at Bilboes where mining activity is expected to commence in February, and we expect to extract gold from the heap leach process in March.
“Cost guidance at Blanket and Caledonia (i.e. excluding the costs of the Bilboes oxides project) is consistent with the costs we have historically incurred. We anticipate that the inflationary pressures currently being experienced by most mining companies will be offset by efficiencies resulting from the successful implementation of Central Shaft. At the consolidated level, the all-in sustaining cost per ounce is also expected to benefit from the lower cost of electricity due to the recently installed solar plant.
“The on-mine cost of the small oxides project at Bilboes reflects the low grade of the oxide material. The oxides project is not expected to be representative of the much larger sulphide project at Bilboes in terms of grade, production levels or cost profile. Nevertheless, the oxides project is expected to contribute to the group’s cash generation whilst at the same time allowing us to pre-strip to the deeper sulphide material.
"Over the last 18 months the Company has built an attractive portfolio of assets with the acquisitions of Bilboes, Motapa and Maligreen. Blanket will continue to serve as a solid foundation for this growth, as we look to progress our assets with our long-term goal of becoming a multi asset gold producer.”
This news release has been approved by Mr Dana Roets (B Eng (Min.), MBA, Pr.Eng., FSAIMM, AMMSA), Chief Operating Officer, the Company's qualified person as defined by Canada's National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
Caledonia Mining Corporation Plc
Mark Learmonth
Camilla Horsfall
Tel: +44 1534 679 802
Tel: +44 7817 841793
Cenkos Securities plc (Nomad and Joint Broker)
Adrian Hadden
Neil McDonald
Pearl Kellie
Tel: +44 207 397 1965
Tel: +44 131 220 9771
Tel: +44 131 220 9775
Liberum Capital Limited (Joint Broker)
Scott Mathieson/Kane Collings
Tel: +44 20 3100 2000
BlytheRay Financial PR
Tim Blythe/Megan Ray
Tel: +44 207 138 3204
3PPB
Patrick Chidley
Paul Durham
Tel: +1 917 991 7701
Tel: +1 203 940 2538
Curate Public Relations (Zimbabwe)
Debra Tatenda
Tel: +263 77802131
IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe)
Dzika Dhana
Lloyd Mlotshwa
Tel: +263 (242) 745 119/33/39
Note: The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014 (“MAR”) as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
Cautionary Note Concerning Forward-Looking Information
Information and statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited, to Caledonia’s current expectations, intentions, plans, and beliefs. Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “goal”, “plan”, “target”, “intend”, “estimate”, “could”, “should”, “may” and “will” or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. The forward-looking information contained in this news release is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to: the establishment of estimated resources and reserves, the grade and recovery of minerals which are mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, the representativeness of mineralization being accurate, success of planned metallurgical test-work, capital availability and accuracy of estimated operating costs, obtaining required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and Caledonia’s experience of project development in Zimbabwe and other factors.
To the extent any forward-looking information herein constitutes a financial outlook or future oriented financial information, any such statement is made as of the date hereof and included herein to provide prospective investors with an understanding of the Company's plans and assumptions. Security holders, potential security holders and other prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to be inaccurate, fluctuations in gold price, risks and hazards associated with the business of mineral exploration, development and mining, risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations; relationships with and claims by local communities and indigenous populations; political risk; risks related to natural disasters, terrorism, civil unrest, public health concerns (including health epidemics or outbreaks of communicable diseases such as the coronavirus (COVID-19)); availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs; global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Company’s title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase and currency fluctuations. Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all reserves and resource estimates contained in this press release have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. These standards differ from the requirements of the U.S. Securities and Exchange Commission (the “SEC”), and reserve and resource information contained in this press release may not be comparable to similar information disclosed by U.S. companies. The requirements of NI 43-101 for identification of reserves and resources are also not the same as those of the SEC, and any reserves or resources reported in compliance with NI 43-101 may not qualify as “reserves” or “resources” under SEC standards. Accordingly, the mineral reserve and resource information set forth herein may not be comparable to information made public by companies that report in accordance with United States standards.
This news release is not an offer of the shares of Caledonia for sale in the United States or elsewhere. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the shares of Caledonia, in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such province, state or jurisdiction.
__________________________________________
1 Gold production will be derived from the measured mineral resources set out in the technical report entitled “BILBOES GOLD PROJECT FEASIBILITY STUDY” with effective date December 15, 2021 prepared by DRA Projects (Pty) Ltd and filed by the Company on SEDAR (www.sedar.com) on July 21, 2022.
2 Refer to the technical report entitled "Caledonia Mining Corporation Plc NI 43-101 Technical Report on the Blanket Gold Mine, Zimbabwe" dated May 17, 2021 prepared by Minxcon (Pty) Ltd and filed by the Company on SEDAR on May 26, 2021.
3 On-mine cost comprises the costs of labour, electricity, consumables and other direct costs that are directly associated with the production of gold. On-mine cost includes intercompany procurement margins and the margin on the sale of solar power from a wholly-owned subsidiary of Caledonia to Blanket.
4 All-in sustaining cost includes inter alia sustaining capital investment and the costs of the group’s offices in Jersey, London, Johannesburg and Harare but excludes intercompany margins on procurement and on the sale of solar power by a wholly-owned subsidiary of Caledonia to Blanket.
5 Capital expenditure at the mine includes intercompany margins; consolidated capital expenditure excludes intercompany margins, but includes capital expenditure at the corporate level that does not relate directly to either the Bilboes oxides project or to Blanket.
6 Group consolidated capital expenditure includes costs to perform a feasibility study on the Bilboes sulphides project, exploration at Maligreen and costs related to establishing a shared services centre in Zimbabwe.
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NEWS_468 | Caledonia Mining Corporation Plc
ST HELIER, Jersey, Jan. 06, 2023 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc (“Caledonia” or the “Company”) (NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL) is pleased to announce that, following the satisfaction of conditions precedent, it has today completed the acquisition of Bilboes Gold Limited, the parent company which owns, through its Zimbabwe subsidiary, Bilboes Holdings (Private) Limited (“Bilboes Holdings”), the Bilboes gold project in Zimbabwe (“Bilboes” or the “Project”). Please refer to Caledonia’s announcement on July, 21 2022 for further details of the Project and the Transaction.
As a reminder, the total consideration payable is, subject to adjustment (see below), 5,123,044 shares representing approximately 28.5 per cent of Caledonia’s fully diluted share capital and a 1 per cent net smelter royalty (“NSR”) on the Project’s revenues (the “Transaction”). Based on the last trading day’s closing share price on NYSE American of US$12.82 per share, the value of the maximum number of new shares that could be issued as consideration if there is no adjustment is currently US$65,677,424.
Highlights
Bilboes is a large, high grade gold deposit located approximately 75 km north of Bulawayo, Zimbabwe. Historically, it has been subject to a limited amount of open pit mining.
The Project has NI43-101 compliant proven and probable mineral reserves of 1.96 million ounces of gold in 26.64 million tonnes at a grade of 2.29 g/t and measured and indicated mineral resources of 2.56 million ounces of gold in 35.18 million tonnes at a grade of 2.26 g/t and inferred mineral resources of 577,000 ounces of gold in 9.48 million tonnes at a grade of 1.89 g/t1. The Project has produced approximately 288,000 ounces of gold since 1989.
A feasibility study prepared by the vendors (the "DRA Feasibility Study") indicates the potential for an open-pit gold mine producing an average of 168,000 ounces per year over a 10-year life of mine.
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Caledonia will conduct its own feasibility study to identify the most judicious way to commercialise the Project to optimize shareholder returns. One approach that will be considered is a phased development which would minimise the initial capital investment and reduce the need for third party funding.
Caledonia entered into a tribute arrangement with Bilboes Holdings when it entered into the share purchase agreement so that oxide operations could re-start. The tribute agreement is now unnecessary due to completion of the Transaction and oxide operations are anticipated to start from February 2023 with the expectation that Bilboes Holdings will return to profitable operations shortly thereafter. This also has the benefit of an element of pre-stripping for the main development of the Project.
Under the Transaction, 5% of the total consideration shares (256,152 shares (the “Deferred Shares”)) will be retained by Caledonia in order that any customary adjustments to the purchase price can be calculated after completion to account for any extraordinary liabilities incurred prior to completion. This calculation is expected to be completed in the next few weeks.
Furthermore, 441,095 of the total consideration shares that would have been issued to Toziyana (the “Escrow Shares”) will be withheld by Caledonia to be issued to Shining Capital in settlement of a separate commercial arrangement between Toziyana's holding company and Shining Capital’s subsidiary Infinite Treasure Limited. The issue of the Escrow Shares to Shining Capital is subject to Reserve Bank of Zimbabwe approval for the commercial arrangement between Toziyana's holding company and Infinite Treasure Limited.
Accordingly, following today’s completion, 4,425,797 new shares in Caledonia are being issued to the sellers of Bilboes (the “Completion Shares”) and up to 697,247 additional shares comprised of Deferred Shares and Escrow Shares will be issued in due course, at which time further announcements will be made.
The number of Completion Shares being issued to the sellers of Bilboes is therefore as follows:
Name Shares issued Percentage of Caledonia’s fully diluted share capital upon issue of the Completion Shares Toziyana Resources Limited (“Toziyana”) 2,279,074 13.21% Baker Steel Resources Trust Limited (“BSRT”)2 760,000 4.40% Shining Capital Holdings II LP (“Shining Capital”)3 1,386,723 8.03% TOTAL 4,425,797 25.64%
Following the issue of Completion Shares, Caledonia will have a total number of shares in issue of 17,258,923 common shares of no par value each. Caledonia has no shares in treasury; therefore, this figure may be used by holders of securities in the Company as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company.
Application has been made by Caledonia for the admission of depositary interests representing the Completion Shares to trading on AIM and it is anticipated that trading in such securities will commence on January 11, 2023.
Pursuant to the terms of the Transaction, Mr Victor Gapare, who is affiliated with Toziyana, has been appointed as an Executive Director with effect from today. Victor obtained a Masters in Business Leadership degree (MBL) from the University of South Africa in 1999 and a Bachelor of Business Studies honours degree (BBS Hon) from the University of Zimbabwe in 1986. Victor was previously the Operations Director for the gold and pyrites business of Anglo American Corporation Zimbabwe Limited when Bilboes was part of its portfolio and is a former President of the Chamber of Mines Zimbabwe. He has been the CEO of Bilboes Holdings since the management buyout of Bilboes from Anglo American Corporation Zimbabwe Limited in 2003.
Commenting on the announcement, Mark Learmonth, Chief Executive Officer, said:
“Completion of the Transaction is the cornerstone in Caledonia’s strategy to create a mid-tier, multi-asset gold producer focussed on Zimbabwe.
“Bilboes is a large, high-grade sulphide deposit which is amenable to low-cost, open-pit operations. A feasibility study on the Bilboes project which has been prepared by the Bilboes vendors envisages production of approximately 168,000 ounces of gold per annum over a 10-year life. Now that the Transaction has completed, Caledonia will commission its own feasibility study to identify the most appropriate way to commercialise this asset having regard to the availability of funding with the objective of maximising Caledonia’s net present value per share. I anticipate the feasibility study will take 12 to 14 months to complete.
“In the short term, I expect ore production from the Bilboes oxides will commence in early February and we anticipate beginning to recover gold from the heap leach from March.
“The acquisition of Bilboes should be seen in the context of the successful implementation of the Central Shaft project at Blanket Mine, which is now producing at its target production rate of 80,000 ounces per annum4, and the acquisitions of the exploration projects at Maligreen and Motapa. We recently announced an upgrade to the existing mineral resource base at Maligreen5. Motapa is at a much earlier stage but, given its large size, its attractive geological prospectivity and its contiguity with Bilboes we believe it is a highly attractive addition to our portfolio.
“I look forward to working with Victor and in particular developing Bilboes and other investments in Zimbabwe with him and the rest of the management team on behalf of Caledonia.”
Caledonia’s Chairman, Leigh Wilson, also commented on the announcement, saying:
“I am very pleased the acquisition of Bilboes has been completed. I extend my appreciation to the Bilboes vendors and their advisors for their active assistance in closing what has been a complex deal, and in particular to Victor Gapare who has been closely involved with Caledonia management in satisfying a number of key conditions to the Transaction.
“It is my pleasure to welcome Victor to the Caledonia Board. His extensive knowledge of both the Project itself and, more broadly, of mining in Zimbabwe is an invaluable addition to the Board.”
This news release has been approved by Mr Dana Roets (B Eng (Min.), MBA, Pr.Eng., FSAIMM, AMMSA), Chief Operating Officer, the Company's qualified person as defined by Canada's National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101”).
Caledonia Mining Corporation Plc
Mark Learmonth
Camilla Horsfall
Tel: +44 1534 679 802
Tel: +44 7817 841793 Cenkos Securities plc (Nomad and Joint Broker)
Adrian Hadden
Neil McDonald
Pearl Kellie
Tel: +44 207 397 1965
Tel: +44 131 220 9771
Tel: +44 131 220 9775 Liberum Capital Limited (Joint Broker)
Scott Mathieson/Kane Collings
Tel: +44 20 3100 2000 BlytheRay Financial PR
Tim Blythe/Megan Ray
Tel: +44 207 138 3204 3PPB
Patrick Chidley
Paul Durham
Tel: +1 917 991 7701
Tel: +1 203 940 2538 Curate Public Relations (Zimbabwe)
Debra Tatenda
Tel: +263 77802131
Rothschild & Co (Financial Advisor to Caledonia)
Giles Douglas
Muhammad Jaffer
Tel: +27 11 428 3700
Tel: +44 20 7280 5000 IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe)
Dzika Dhana
Lloyd Mlotshwa
Tel: +263 (242) 745 119/33/39
Appendix 1 - Current and Previous Directorships of Mr Gapare and other matters required to be notified in accordance with paragraph (g) of Schedule 2 to the AIM Rules
The names of all companies and partnerships of which Mr Gapare has been a director or partner at any time in the previous five years are set out below.
Current
African Century Limited
Bilboes Holding (Private) Limited
Clacton Investments (Private) Limited
Doctudey Investments (Private) Limited
Eastic Investments (Private) Limited
Gat Finance (Private) Limited
Gat Investments (Private) Limited
Intrachem (Private) Limited
Iron Duke Pyrites (Private) Limited
Iron Mask Aerotech (Private) Limited
Odzi Resources Zimbabwe (Private) Limited
Pokoteke (Pty) Limited
Powerspeed Electrical Limited
Rinemeck Investments (Private) Limited
Sepdom Investments (Private) Limited
Toziyana Resources Limited
Previous
Bembezi Gold Mines (Private) Limited
Bilboes Gold Limited
Maligreen Mining Company (Private) Limited
Max Mind Investments (Private) Limited
Pan African Mining (Private) Limited
R Davis (Private) Limited
Tayanna Mocambique Limited
Mr Gapare’s full name is Victor Robinson Gapare. He is 58 years old.
Mr Gapare is interested in the shares issued to Toziyana. He holds no share options in the Company.
There are no other matters which have been disclosed to the Company that are required to be announced pursuant to paragraph (g) of Schedule 2 to the AIM Rules.
Note: The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014 (“MAR”) as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
Cautionary Note Concerning Forward-Looking Information
Information and statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited, to Caledonia’s current expectations, intentions, plans, and beliefs. Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “goal”, “plan”, “target”, “intend”, “estimate”, “could”, “should”, “may” and “will” or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include: production guidance, estimates of future/targeted production rates, our plans regarding a modified development plan with a phased approach with lower initial production and a lower peak funding requirement and our plans and timing regarding further exploration and drilling and development. The forward-looking information contained in this news release is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to: the establishment of estimated resources and reserves, the grade and recovery of minerals which are mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, the representativeness of mineralization being accurate, success of planned metallurgical test-work, capital availability and accuracy of estimated operating costs, obtaining required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, the assessment of the existing capital intensity of the Bilboes gold project and Caledonia’s experience of project development in Zimbabwe and other factors.
Security holders, potential security holders and other prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Such factors include, but are not limited to: risks relating to the completion of the acquisition, risks relating to estimates of mineral reserves and mineral resources proving to be inaccurate, fluctuations in gold price, risks and hazards associated with the business of mineral exploration, development and mining, risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations; relationships with and claims by local communities and indigenous populations; political risk; risks related to natural disasters, terrorism, civil unrest, public health concerns (including health epidemics or outbreaks of communicable diseases such as the coronavirus (COVID-19)); availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs; global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Company’s title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase and currency fluctuations. Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all reserves and resource estimates contained in this press release have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. These standards differ from the requirements of the U.S. Securities and Exchange Commission (the “SEC”), and reserve and resource information contained in this press release may not be comparable to similar information disclosed by U.S. companies. The requirements of NI 43-101 for identification of reserves and resources are also not the same as those of the SEC, and any reserves or resources reported in compliance with NI 43-101 may not qualify as “reserves” or “resources” under SEC standards. Accordingly, the mineral reserve and resource information set forth herein may not be comparable to information made public by companies that report in accordance with United States standards.
This news release is not an offer of the shares of Caledonia for sale in the United States or elsewhere. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the shares of Caledonia, in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such province, state or jurisdiction.
1 Refer to the technical report entitled “BILBOES GOLD PROJECT FEASIBILITY STUDY” with effective date December 15, 2021 prepared by DRA Projects (Pty) Ltd and filed by the Company on SEDAR (www.sedar.com) on July 21, 2022 (the “DRA Feasibility Study”).
2 BSRT also entered into the NSR on completion. As stated in the July 21, 2022 announcement, the NSR is perpetual but has been capped. The parties have agreed the cap at $90million (which would require the Project to produce revenues of $9billion).
3 Parent company of Infinite Treasure Limited, the party to the share purchase agreement in respect of the Transaction, agreed by Infinite Treasure Limited to receive the shares.
4 Refer to the technical report entitled "Caledonia Mining Corporation Plc NI 43-101 Technical Report on the Blanket Gold Mine, Zimbabwe" dated May 17, 2021 prepared by Minxcon (Pty) Ltd and filed by the Company on SEDAR on May 26, 2021.
5 Refer to technical report entitled "Caledonia Mining Corporation Plc Updated NI 43-101 Mineral Resource Report on the Maligreen Gold Project, Zimbabwe" dated November 3, 2022 prepared by Minxcon (Pty) Ltd and filed on SEDAR on November 7, 2022.
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NEWS_469 | FRISCO, Texas — Universal Parks & Resorts is bringing a theme park to Texas that will focus on entertaining young children, officials announced Wednesday.
The “one-of-a-kind” park in the Dallas suburb of Frisco will include attractions, interactive shows and opportunities for meet-and-greets with characters, the company said in a news release.
It is expected to be about a quarter of the size of the company’s large Orlando theme parks, according to Page Thompson, the company’s president of new ventures.
“Even though it may be smaller in terms of acreage than our other parks, the quality of it, the level, worthy of the Universal name,” Thompson said during a news conference in Frisco.
Universal Parks & Resorts recently purchased 97 acres, where the park and a 300-room hotel will be located, officials said.
Also on Wednesday, the company announced a new permanent entertainment experience in Las Vegas that will “bring to life Universal’s vast library of classic horror films and today’s most terrifying tales,” according to a news release from the company.
The company said this is the first time it has created “a permanent horror experience beyond its theme parks.” The experience will occupy a 110,000-square foot space. It will be the anchor tenant in a new 20-acre expansion of the city’s AREA15 entertainment district, which opened to the public in 2020.
The company didn’t give a timetable for when the projects will be completed. |
NEWS_470 | (Adds details, updates headline)
By Helen Coster and Eva Mathews
Jan 11 (Reuters) - NBC News appointed New York Times Deputy Managing Editor Rebecca Blumenstein to a newly created role of president of editorial, the broadcaster announced on Wednesday.
NBC News President Noah Oppenheim, who led the division since 2017, will depart in a shake-up that includes two other executive appointments.
NBC News is part of the NBCUniversal division of Comcast Corp. It is experiencing an industry-wide decline in broadcast TV news ratings, while also seeking to capture audiences on streaming and other digital platforms.
Blumenstein spent six years at the Times. Before that, she worked for 21 years at the Wall Street Journal, where her positions included deputy editor-in-chief, page one editor, international editor and editor of WSJ.com.
As part of the restructuring, NBC News promoted Libby Leist to executive vice president, TODAY and Lifestyle, and promoted Janelle Rodriguez to executive vice president at the NBC News NOW streaming network. Leist, Rodriguez and Blumenstein will report to NBCUniversal News Group Chairman Cesar Conde.
"To prepare for a future in which we build on our role as the nation’s most viewed news organization and seize the growth opportunity in front of us, our leadership structure must also evolve and reflect these trends," Conde wrote in a memo to staff Wednesday.
Oppenheim will develop scripts and longform productions in a production deal with NBCUniversal. He is an author, producer and screenwriter who wrote the 2016 film "Jackie" and co-wrote "The Maze Runner." Prior to running NBC News, Oppenheim spent two years as executive in charge of the morning news broadcast TODAY. (Reporting by Helen Coster in New York and Eva Mathews in Bengaluru; Editing by Maju Samuel and Cynthia Osterman) |
NEWS_471 | DALLAS, January 09, 2023--(BUSINESS WIRE)--CMCT (NASDAQ: CMCT and TASE: CMCT-L) Creative Media & Community Trust Corporation ("CMCT") previously announced that it will redeem all outstanding shares of its Series L Preferred Stock in cash on January 25, 2023 at its stated value, USD 28.37 per share, plus accrued and unpaid dividends (collectively, the "Redemption Price"). There are 2,951,876 shares of Series L Preferred Stock outstanding as of the date hereof.
As required by the terms of the Series L Preferred Stock, CMCT will convert the Redemption Price from USD into ILS on January 19, 2023. CMCT will announce the result of the conversion on its website.
All holders of record of the Series L Preferred Stock on January 19, 2023 will receive the payment of the Redemption Price on January 25, 2023 in ILS, converted from USD as described in the preceding paragraph. Holders of Series L Preferred Stock who hold their shares through TASE members will receive the payment of the Redemption Price from their respective TASE members. Holders of Series L Preferred Stock who do not hold their shares of Series L Preferred Stock through a TASE member (i.e., holders of Series L Preferred Stock who hold their shares through U.S. broker dealers) must contact their broker dealers immediately and provide them with instructions on where the Redemption Price in ILS should be sent (and/or provide some other alternative instructions).
Pursuant to the terms of the Series L Preferred Stock, dividends ceased to accrue on the Series L Preferred Stock on December 31, 2022 (i.e., the Distribution Cutoff Date (as defined in the Articles Supplementary of the Series L Preferred Stock)).
In connection with the redemption in full of the Series L Preferred Stock in cash, CMCT notified Nasdaq on January 9, 2023 that it intends to delist the Series L Preferred Stock from Nasdaq by filing Form 25 with the U.S. Securities & Exchange Commission on January 19, 2023. It is expected that trading of the Series L Preferred Stock on Nasdaq will cease on that day. As shares of the Series L Preferred Stock will be redeemed in full, CMCT has not arranged for listing and/or registration of the Series L Preferred Stock on another national securities exchange or for quotation of the Series L Preferred stock in a quotation medium (as defined in § 240.15c2-11).
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ABOUT CMCT
Creative Media & Community Trust Corporation ("CMCT") is a real estate investment trust that seeks to own, operate and develop premier multifamily and creative office assets in vibrant and emerging communities throughout the United States. CMCT is a leader in creative office, acquiring and developing properties catering to rapidly growing industries such as technology, media and entertainment. CMCT seeks to apply the expertise of CIM to the acquisition, development, and operation of top-tier multifamily properties situated in dynamic markets with similar business and employment characteristics to its creative office investments. CMCT also owns one hotel in Northern California and a lending platform that originates loans under the Small Business Administration ("SBA")’s 7(a) loan program. CMCT is operated by affiliates of CIM Group, L.P., a vertically-integrated owner and operator of real assets with multi-disciplinary expertise and in-house research, acquisition, credit analysis, development, finance, leasing, and onsite property management capabilities. (www.creativemediacommunity.com).
FORWARD-LOOKING STATEMENTS
This press release contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), which are intended to be covered by the safe harbors created thereby. Such forward-looking statements can be identified by the use of forward-looking terminology such as "may," "will," "project," "target," "expect," "intend," "might," "believe," "anticipate," "estimate," "could," "would," "continue," "pursue," "potential," "forecast," "seek," "plan," or "should," or "goal" or the negative thereof or other variations or similar words or phrases. Such forward-looking statements include, among others, statements about CMCT’s plans and objectives relating to future growth and outlook. Such forward-looking statements are based on particular assumptions that management of CMCT has made in light of its experience, as well as its perception of expected future developments and other factors that it believes are appropriate under the circumstances. Forward-looking statements are necessarily estimates reflecting the judgment of CMCT’s management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include those associated with (i) the scope, severity and duration of the current pandemic of COVID-19, and actions taken to contain the pandemic or mitigate its impact,(ii) the adverse effect of COVID-19 on the financial condition, results of operations, cash flows and performance of CMCT and its tenants and business partners, the real estate market and the global economy and financial markets, among others, (iii) the timing, form, and operational effects of CMCT’s development activities, (iv) the ability of CMCT to raise in place rents to existing market rents and to maintain or increase occupancy levels, (v) fluctuations in market rents, including as a result of COVID-19, (vi) the effects of inflation and higher interest rates on the operations and profitability of CMCT and (vii) general economic, market and other conditions. Additional important factors that could cause CMCT’s actual results to differ materially from CMCT’s expectations are discussed under the section "Risk Factors" in CMCT’s Annual Report on Form 10-K for the year ended December 31, 2021 and in CMCT’s Quarterly Report on Form 10-Q for the period ended September 30, 2022. The forward-looking statements included herein are based on current expectations and there can be no assurance that these expectations will be attained. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond CMCT’s control. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that the forward-looking statements included herein will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by CMCT or any other person that CMCT’s objectives and plans will be achieved. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made. CMCT does not undertake to update them to reflect changes that occur after the date they are made.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230109005844/en/
Contacts
Media Relations:
Karen Diehl
Diehl Communications
310-741-9097
karen@diehlcommunications.com
or
Investor Relations:
Steve Altebrando, 646-652-8473
shareholders@creativemediacommunity.com |
NEWS_472 | DALLAS, January 12, 2023--(BUSINESS WIRE)--CMCT (NASDAQ: CMCT and TASE: CMCT-L) announced today that its Board of Directors has declared preferred stock dividends on its Series A, Series A1 and Series D Preferred Stock.
Series A Preferred Stock
The Board of Directors has declared a quarterly cash dividend of $0.34375 per share of CMCT's Series A Preferred Stock for the first quarter of 2023. The dividend will be payable monthly as follows: $0.114583 per share to be paid on February 15, 2023 to Series A Preferred Stockholders of record on February 5, 2023; $0.114583 per share to be paid on March 15, 2023 to Series A Preferred Stockholders of record on March 5, 2023; and $0.114583 per share to be paid on April 17, 2023 to Series A Preferred Stockholders of record on April 5, 2023.
Series A1 Preferred Stock
The Board of Directors has declared a quarterly cash dividend of $0.395625 per share of CMCT's Series A1 Preferred Stock for the first quarter of 2023. The quarterly cash dividend of $0.395625 per share represents an annualized dividend rate of 6.33% (2.5% plus the Federal Fund rate of 3.83% on the dividend determination date, which was December 1, 2022). The dividend determination date for the second quarter of 2023 will be March 1, 2023.
The terms of the Series A1 Preferred Stock provide for cumulative cash dividends (if, as and when authorized by the Board of Directors) on each share of Series A1 Preferred Stock at a quarterly rate of the greater of (i) 6.00% of the Series A1 Stated Value, divided by four (4) and (ii) the Federal Funds (Effective) Rate on the dividend determination date, plus 2.50%, of the Series A1 Stated Value, divided by four (4), up to a maximum of 2.50% of the Series A1 Stated Value per quarter.
The dividend will be payable monthly as follows: $0.131875 per share to be paid on February 15, 2023 to Series A1 Preferred Stockholders of record on February 5, 2023; $0.131875 per share to be paid on March 15, 2023 to Series A1 Preferred Stockholders of record on March 5, 2023; and $0.131875 per share to be paid on April 17, 2023 to Series A1 Preferred Stockholders of record on April 5, 2023. For shares of Series A1 Preferred Stock issued in the first quarter of 2023, the dividend will be prorated from the date of issuance, and the monthly dividend payments will reflect such proration.
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Series D Preferred Stock
The Board of Directors has declared a quarterly cash dividend of $0.353125 per share of CMCT’s Series D Preferred Stock for the first quarter of 2023. The dividend will be payable monthly as follows: $0.117708 per share to be paid on February 15, 2023 to Series D Preferred Stockholders of record on February 5, 2023; $0.117708 per share to be paid on March 15, 2023 to Series D Preferred Stockholders of record on March 5, 2023; and $0.117708 per share to be paid on April 17, 2023 to Series D Preferred Stockholders of record on April 5, 2023.
ABOUT CMCT
Creative Media & Community Trust Corporation ("CMCT") is a real estate investment trust that seeks to own, operate and develop premier multifamily and creative office assets in vibrant and emerging communities throughout the United States. CMCT is a leader in creative office, acquiring and developing properties catering to rapidly growing industries such as technology, media and entertainment. CMCT seeks to apply the expertise of CIM to the acquisition, development, and operation of top-tier multifamily properties situated in dynamic markets with similar business and employment characteristics to its creative office investments. CMCT also owns one hotel in Northern California and a lending platform that originates loans under the Small Business Administration ("SBA")’s 7(a) loan program. CMCT is operated by affiliates of CIM Group, L.P., a vertically-integrated owner and operator of real assets with multi-disciplinary expertise and in-house research, acquisition, credit analysis, development, finance, leasing, and onsite property management capabilities. (www.creativemediacommunity.com).
FORWARD-LOOKING STATEMENTS
This press release contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), which are intended to be covered by the safe harbors created thereby. Such forward-looking statements can be identified by the use of forward-looking terminology such as "may," "will," "project," "target," "expect," "intend," "might," "believe," "anticipate," "estimate," "could," "would," "continue," "pursue," "potential," "forecast," "seek," "plan," or "should," or "goal" or the negative thereof or other variations or similar words or phrases. Such forward-looking statements include, among others, statements about CMCT’s plans and objectives relating to future growth and outlook. Such forward-looking statements are based on particular assumptions that management of CMCT has made in light of its experience, as well as its perception of expected future developments and other factors that it believes are appropriate under the circumstances. Forward-looking statements are necessarily estimates reflecting the judgment of CMCT’s management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include those associated with (i) the scope, severity and duration of the current pandemic of COVID-19, and actions taken to contain the pandemic or mitigate its impact,(ii) the adverse effect of COVID-19 on the financial condition, results of operations, cash flows and performance of CMCT and its tenants and business partners, the real estate market and the global economy and financial markets, among others, (iii) the timing, form, and operational effects of CMCT’s development activities, (iv) the ability of CMCT to raise in place rents to existing market rents and to maintain or increase occupancy levels, (v) fluctuations in market rents, including as a result of COVID-19, (vi) the effects of inflation and higher interest rates on the operations and profitability of CMCT and (vii) general economic, market and other conditions. Additional important factors that could cause CMCT’s actual results to differ materially from CMCT’s expectations are discussed under the section "Risk Factors" in CMCT’s Annual Report on Form 10-K for the year ended December 31, 2021 and in CMCT’s Quarterly Report on Form 10-Q for the period ended September 30, 2022. The forward-looking statements included herein are based on current expectations and there can be no assurance that these expectations will be attained. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond CMCT’s control. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that the forward-looking statements included herein will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by CMCT or any other person that CMCT’s objectives and plans will be achieved. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made. CMCT does not undertake to update them to reflect changes that occur after the date they are made.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230112005294/en/
Contacts
Media Relations:
Karen Diehl
Diehl Communications
310-741-9097
karen@diehlcommunications.com
or
Investor Relations:
Steve Altebrando, 646-652-8473 shareholders@creativemediacommunity.com |
NEWS_473 | Derivatives giant Chicago Mercantile Exchange’s (CME) crypto-related trading volumes suffered a steep falloff in the last month of 2022.
Total crypto derivatives volume plunged 49.2% to $14.2 billion, according to CryptoCompare, the weakest since October 2020. Bitcoin futures volume was down 48.3% to $13.2 billion, with ether futures volume off 55.3% to $481 million.
Historical monthly bitcoin futures volume on the Chicago Mercantile Exchange (CryptoCompare)
The slump was in line with spot trading volumes across the industry, according to the report. That amount fell 48.4% to $544 billion, the lowest figure since December 2019.
“[The fall] coincides with the loss of users’ trust in centralized exchanges following the collapse of FTX in November, leading investors to take a cautious stance amid concerns over further contagion," the report's authors wrote.
Also at issue was a startling lack of volatility, with bitcoin (BTC) essentially flatlining during most of the month in the mid-$16,000 area. |
NEWS_474 | - Equity Index ADV grew 39% for the year and 26% in Q4
- Interest Rate ADV up 18% annually, driven by record SOFR volume and OI
- Highest-ever Q4 ADV
CHICAGO, Jan. 4, 2023 /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, today reported its full-year, Q4 and December 2022 market statistics, showing it reached a record average daily volume (ADV) of 23.3 million contracts during the year, an increase of 19% over 2021. ADV increased 6% in the fourth quarter to 21.8 million contracts, and ADV increased 7% in December to 19.2 million contracts. Annual, quarterly and monthly market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume.
Full-year 2022 highlights across asset classes include:
Equity Index ADV increased 39%
Interest Rate ADV increased 18%
Foreign Exchange ADV increased 24%
Cryptocurrency ADV increased 82%
ADV outside the United States increased 15% to 6.3 million contracts, including 30% growth in Latin America, 27% in Asia, and 10% in EMEA
Q4 2022 highlights across asset classes include:
Record SOFR futures and options ADV of 2,985,320 contracts
Equity Index ADV increased 26%
Foreign Exchange ADV increased 25%
Metals ADV increased 7%
December 2022 ADV across asset classes includes:
Interest Rate ADV of 7.9 million contracts
Equity Index ADV of 7.0 million contracts
Options ADV of 3.8 million contracts
Energy ADV of 1.8 million contracts
Agricultural ADV of 1.1 million contracts
Foreign Exchange ADV of 1.0 million contracts
Metals ADV of 409,000 contracts
Additional December year-over-year product highlights include:
Interest Rate ADV increased 12%
Metals ADV increased 22%
Foreign Exchange ADV increased 20%
Micro Products ADV
BrokerTec European Repo average daily notional value (ADNV) increased 26% to €323B and U.S. Repo increased 4% to $268B
EBS Spot FX ADNV increased 11% to $55B
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About CME Group
As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and, E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec and EBS are trademarks of BrokerTec Europe LTD and EBS Group LTD, respectively. Dow Jones, Dow Jones Industrial Average, S&P 500 and S&P are service and/or trademarks of Dow Jones Trademark Holdings LLC, Standard & Poor's Financial Services LLC and S&P/Dow Jones Indices LLC, as the case may be, and have been licensed for use by Chicago Mercantile Exchange Inc. All other trademarks are the property of their respective owners.
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SOURCE CME Group |
NEWS_475 | December’s inflation data wasn’t the only thing keeping the market on its toes on Thursday. Investors are warily watching the Federal Reserve, with three regional Fed bank presidents speaking over the course of the day.
The remarks will be the latest chapter in the central bank’s crusade to get its message across to the markets: It has no plans to reverse course on its aggressive inflation-fighting agenda.
Fed officials have indicated—almost ad nauseam—that they expect to keep raising rates until inflation was brought down to their 2% target, even if that meant pushing the federal-funds rate beyond 5%. In a speech on Thursday, St. Louis Fed president James Bullard reaffirmed the central bank’s position that rates would be “north of 5%” by the end of the year.
Markets were watching for any indication on how many more rate hikes the bank foresees, and by how much officials expect to raise rates. There is still some debate among Fed officials over whether to hike by half a percentage point—as the bank did in December—or by a quarter percentage point, at the Jan. 31-Feb. 1 meeting of the Federal Open Market Committee. If Thursday’s speeches are anything to go by, that debate has yet to be resolved.
Philadelphia Fed President Patrick Harker, on one hand, suggested that the central bank may be open to slowing the pace of rate hikes.
“I expect that we’re going to raise rates a few more times this year,” Harker said. “Though, in my view, the days of us raising them 75 basis points at a time are surely past.”
Instead, 25 basis points, or a quarter of a percentage point, will be more “appropriate” going forward, he said. Harker isn’t the only Fed official open to reevaluating the pace of rate increases. In recent remarks, Richmond Fed President Thomas Barkin said it made sense to “steer more deliberately” as the bank works to bring inflation down. Barkin is scheduled to speak at about 12:40 p.m., but his remarks will not be televised, event organizers told Barron’s.
Bullard had a more hawkish take. In his remarks on Thursday, he suggested the best approach would be to get to the final policy rate “as soon as possible,” presumably through bigger rate increases rather than smaller increases spread throughout the year.
“If we want to get to the low 5% range, we should go ahead and move to that level, then we’d get the disinflationary impact of that now as opposed to some point in the future,” Bullard said, speaking at the Wisconsin Bankers Association. “So I think the front-loading policy has served us well and will continue to serve us well going forward. I don’t really see any purpose in dragging things out through 2023.”
That said, both Bullard and Harker agreed on a final conclusion: the Fed still has quite a way to go before it is finished raising rates — and it will have to keep them elevated for some time to let the monetary policy “do its work,” Harker said.
Inflation was up 6.5% annually in December, decelerating for the sixth consecutive month. As inflation drops, markets seem to be turning a blind eye to the Fed’s messaging, says Jan Szilagyi, CEO of Toggle AI. Most Fed watchers are now betting that the Fed tops rates at 5% or under, according to the CME FedWatch Tool. That’s a problem for the central bank.
“If the Fed is saying I’m going to hike by 5% but the market isn’t looking to price that in, then in some sense your policy isn’t as tight as you want it to be,” Szilagyi says.
Bond yields won’t rise as much as the central bank would want them to, meaning the Fed will need to tighten for longer and more aggressively until they start ticking up, he added.
Thursday’s speeches cap an appearance-heavy week for the Fed as it embarks on a campaign to make its message resonate with markets. Fed Chairman Jerome Powell took to the floor earlier this week, reiterating his stance that restoring price stability was top of mind for the bank.
“Restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy,” Powell said during a panel discussion at a Tuesday event hosted by the Swedish central bank.
Some analysts believe the Fed’s barrage of information is just adding to the cacophony of economic indicators making it hard for the market to parse out what’s important.
“I don’t know that the Fed knows how to stop talking,” said Meghan Shue, executive vice president and head of investment strategy and portfolio construction at Wilmington Trust.
Nancy Tengler, CEO and CIO of Laffer Tengler Investment, agrees, adding that instead of listening to the Fed’s comments Thursday, she planned to focus on the month-over-month change in the CPI and how the bond market reacts.
Corrections & Amplifications: Chairman Jerome Powell spoke at an event hosted by the Swedish central bank on Tuesday. A previous version of this article incorrectly said the event was last week.
Write to Sabrina Escobar at sabrina.escobar@barrons.com |
NEWS_476 | Record 7,558,467 SOFR-based contracts traded, with record open interest of 35,698,298 contracts
CHICAGO, Jan. 13, 2023 /PRNewswire/ -- CME Group , the world's leading derivatives marketplace, today announced new milestones in the growth of its SOFR derivatives contracts, with a single-day record of 7,558,467 SOFR futures and options traded and record open interest (OI) of 35,698,298 contracts on January 12. Individually, SOFR futures reached a record of 4,513,725 contracts traded on the same day. SOFR options traded a record 3,044,742 contracts and reached record OI of 26,258,989 contracts on January 12.
"Our SOFR futures and options complex continues to grow, and yesterday's records in volume and open interest validate that SOFR is the most robust and well-designed U.S. dollar interest rate index available," said Agha Mirza, CME Group Global Head of Rates and OTC Products. "Looking ahead, we will continue to work with our clients worldwide in advancing SOFR futures and options among the world's deepest and most reliable interest rate liquidity pools for risk management."
In the first two weeks of January 2023, the average daily volume (ADV) of SOFR futures and options traded reached 4,674,007 contracts. Month-to-date January 2023 SOFR futures ADV is equivalent to 572% of Eurodollar futures ADV and SOFR options ADV is equivalent to 1,334% of Eurodollar options ADV.
Globally, SOFR futures and options markets include broad participation from global banks, hedge funds, asset managers, principal trading firms and other types of traders.
SOFR futures and options are listed with and subject to the rules of CME. For more information on SOFR futures and options, please visit www.cmegroup.com/sofr.
About CME Group
As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.
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CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and, E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec and EBS are trademarks of BrokerTec Europe LTD and EBS Group LTD, respectively. Dow Jones, Dow Jones Industrial Average, S&P 500 and S&P are service and/or trademarks of Dow Jones Trademark Holdings LLC, Standard & Poor's Financial Services LLC and S&P/Dow Jones Indices LLC, as the case may be, and have been licensed for use by Chicago Mercantile Exchange Inc. All other trademarks are the property of their respective owners.
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SOURCE CME Group |
NEWS_477 | The market panic that ensued after the collapse of Sam Bankman Fried's FTX exchange in early November seems to be abating.
The three-month bitcoin (BTC) futures listed on the Chicago Mercantile Exchange (CME), widely considered a proxy for institutional activity, are drawing a premium over the the cryptocurrency's going spot market price for the first time since FTX went bust.
The renewed premium indicates that institutional activity is no longer concentrated on the short side. The CME futures fell into a record discount in mid-November as sophisticated traders took bearish bets to hedge against a deeper FTX-induced slide in the leading cryptocurrency.
Bitcoin, however, has been more resilient than expected over the past two months, with the downside capped at around $16,000.
Basis refers to the difference between futures and spot prices. (Arcane Research/TradingView)
The three-month CME futures traded at an annualized premium of 0.2%, while their Binance counterparts drew a premium of 2.4%.
The CME futures term structure – the difference between futures of different maturities at a given time point – remains inverted or in backwardation, according to Arcane Research.
In other words, farther-month contracts continue to trade at prices lower than near-month contracts, an anomalous condition, considering prices are generally higher at the long end of the curve.
"While CME’s basis has recovered, the term structure remains in backwardation as institutional investors maintain a cautious view on bitcoin and less liquid further dated expiry dates," Arcane Research's Bendik Schei and Vetle Lunde wrote in a note to clients. |
NEWS_478 | Only Network to Broadcast All Six Playoff Games, from Saturday, January 14th to Monday, January 16th
NEW YORK, Jan. 12, 2023 (GLOBE NEWSWIRE) -- CUMULUS MEDIA’s (NASDAQ: CMLS) Westwood One, America’s largest audio network and the official network radio partner of the National Football League, will present live play-by-play coverage of the NFL Super Wild Card Playoffs.
Westwood One’s schedule will feature two Wild Card games on Saturday, three on Sunday, and the final Wild Card game on Monday night. Scott Graham will host the pregame/halftime/postgame shows for the Saturday and Sunday games. Rich Eisen will be the studio host for the Monday night playoff game. Westwood One’s NFL Wild Card Playoff schedule includes:
SATURDAY, JANUARY 14, 2023
4:00 p.m. ET: SEATTLE SEAHAWKS at SAN FRANCISCO 49ERS
Bill Rosinski (play-by-play), James Lofton (analyst), and Amber Theoharis (sideline reporter)
8:00 p.m. ET: LOS ANGELES CHARGERS at JACKSONVILLE JAGUARS
Ian Eagle (play-by-play), Jason McCourty (analyst), and Max Starks (sideline reporter)
SUNDAY, JANUARY 15, 2023
12:30 p.m. ET: MIAMI DOLPHINS at BUFFALO BILLS
Tom McCarthy (play-by-play), Ross Tucker (analyst), and Aditi Kinkhabwala (sideline reporter)
4:15 p.m. ET: N.Y. GIANTS at MINNESOTA VIKINGS
Kevin Harlan (play-by-play), Mike Mayock (analyst), and Scott Kaplan (sideline reporter)
8:00 p.m. ET: BALTIMORE RAVENS at CINCINNATI BENGALS
Ryan Radtke (play-by-play), Mike Golic (analyst), and Ryan Harris (sideline reporter)
MONDAY, JANUARY 16, 2023
7:30 p.m. ET: DALLAS COWBOYS at TAMPA BAY BUCCANEERS
Kevin Kugler (play-by-play), Kurt Warner (analyst), and Laura Okmin (sideline reporter)
Westwood One will broadcast every postseason NFL game, from Super Wild Card Weekend through Super Bowl LVII on February 12, 2023, at State Farm Stadium in Glendale, Arizona. Listeners can hear each of Westwood One’s NFL broadcasts on approximately 500 terrestrial radio stations nationwide as well as on westwoodonesports.com, SiriusXM, NFL+ and via the NFL App.
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About Westwood One Sports
Westwood One Sports is home to some of the most exciting sports broadcasts on radio. In addition to being the exclusive network radio partner to the NFL since 1987 – featuring regular and post-season NFL football, including the playoffs and the Super Bowl – its other extensive properties include NCAA Basketball, including the NCAA Men’s and Women’s Tournaments and the Final Four®; The Masters; NCAA Football; and other marquee sports events. Westwood One also distributes and represents CBS Sports Radio. On social media, join the Westwood One Sports community on Facebook at facebook.com/westwoodonesports and Twitter at twitter.com/westwood1sports. For more information, visit www.westwoodonesports.com.
PR Contact: Karen Glover| Westwood One | kglover@westwoodone.com
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NEWS_479 | Cumulus Media Inc.
Gorman to Continue as Host of Westwood One’s Syndicated Live Nighttime Radio Show, “Steve Gorman Rocks!”
MINNEAPOLIS, Jan. 09, 2023 (GLOBE NEWSWIRE) -- Cumulus Media (NASDAQ: CMLS) announces that it has appointed Steve Gorman, a founding member of the iconic American rock band, The Black Crowes, syndicated radio host, author, and podcaster, as On-Air Host, Mornings, on Minneapolis Classic Rock radio station, KQRS-FM. Gorman will join the established KQ Morning Show with co-hosts Brian Zepp, Tony Lee, and Candice Wheeler. He can be heard on KQRS weekdays from 6:00am-10:00am Central, beginning Monday, January 9, 2023. Gorman, the current host of live nighttime radio show Steve Gorman Rocks!, syndicated by Cumulus Media’s Westwood One, will relocate to the Twin Cities. He will continue to host his nationally syndicated five-hour Rock radio program, which airs weeknights from 7:00pm-Midnight on stations across the U.S.
Steve Gorman began his radio career in 2011 with Steve Gorman SPORTS!, which aired in Nashville. The show was later syndicated nationally on Fox Sports Radio. After leaving the Black Crowes in 2014, Gorman penned his memoir, “Hard to Handle: The Life and Death of The Black Crowes”. Gorman launched Steve Gorman Rocks! with Westwood One, America’s largest audio network, in August 2019. As a musician, Gorman toured the world relentlessly for three decades, performing as a drummer with artists who are mainstays of Classic Rock playlists today, from AC/DC to ZZ Top, including the Rolling Stones, Aerosmith, Heart, Metallica, and Jimmy Page.
Shelly Malecha Wilkes, Vice President/Market Manager, Cumulus Minneapolis, said: “We are very excited that Steve has decided to join the KQ Morning Show. Steve is intelligent, authentic, funny - everything we were looking for and more. I am very much looking forward to our next chapter.”
James Kurdziel, Vice President of Classic Rock, Cumulus Media, and Program Director, KQRS-FM, said: “When looking for someone to drive The KQ Morning Show, we needed a big personality with quick wits, brilliant storytelling, strong work ethic, will to win and most importantly, someone who wants to be a part of our community. We found all those things in Steve Gorman. Adding him to our established team of Zepp, Tony and Candice makes our show energetic, dynamic, topical, and all about Minnesota. We’re fortunate to have landed our big fish.”
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Steve Gorman commented: “When I got the call gauging my interest in the KQ Morning Show, I thought at first it must be a prank. A unique and truly iconic rock station in one of my favorite cities on Earth? Incredible. Easiest decision I’ve ever made. I can’t wait to get started.”
For more information or to stream KQRS-FM, visit: https://www.92kqrs.com/.
About Cumulus Media
Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 405 owned-and-operated radio stations across 86 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across more than 9,500 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information, visit www.cumulusmedia.com.
Contact: Lisa Dollinger, Dollinger Strategic Communication for Cumulus Media, 512.633.4084, lisa@dollcomm.com.
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NEWS_480 | All-New Live Radio Broadcast “RICH VALDÉS AMERICA AT NIGHT” Airs Weeknights from 10 p.m. to 1 a.m. ET
RICH VALDÉS AMERICA AT NIGHT Podcast Available On Demand Each Weekday
Podcast THIS IS AMERICA WITH RICH VALDÉS Joins the Cumulus Podcast Network
NEW YORK, Jan. 11, 2023 (GLOBE NEWSWIRE) -- CUMULUS MEDIA (NASDAQ: CMLS) today introduces listeners to programming from conservative commentator Rich Valdés in an all-new radio program and two different podcasts. Valdés assumed the radio time period from broadcasting legend Jim Bohannon last year and now launches his own distinct programming.
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Westwood One introduces the syndicated radio program “Rich Valdés America at Night,” an all-new live show airing each weeknight from 10 p.m. to 1 a.m. ET. Valdés brings late-night radio alive with a blend of news, entertainment, pop culture, and commentary. Valdés also talks with politicians, influencers, entertainers, and ordinary Americans from all walks of life. With an “Open Phone America” segment, the program creates a town hall format where listeners contribute their thoughts and ideas about celebrating America’s success and helping plot the right path forward. “The Best of Rich Valdés America at Night”, a compilation of the week’s finest moments, airs each Saturday from 9 p.m. to 1 a.m. ET.
The Cumulus Podcast Network introduces the new podcast Rich Valdés America at Night, which provides on-demand access to Valdés daily content following the live over-the-air show. Rich Valdés America at Night can be found here.
Valdés’ current podcast, This is America with Rich Valdés, moves to the Cumulus Podcast Network and will publish each Friday. In this podcast, Valdés breaks down American politics, taking his listeners on a journey through poverty, prosperity, and politics with humor, analysis, and a dash of sofrito. This is America with Rich Valdés can be found here.
Cumulus Media | Westwood One offer a 24-hour, Monday–Friday talk programming and on-demand podcast lineup that also features established news/talk superstars Dan Bongino, Mark Levin, Ben Shapiro, Chris Plante, and Michael Knowles.
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About Rich Valdés
Rich Valdés is a seasoned media professional with extensive experience in multiple media formats including radio, podcasting, television, and print journalism as well as a demonstrated passion for education and policy.
Valdés assumed the honorable position of hosting “The Jim Bohannon Show” when Bohannon stepped down in October 2022 after 40 years behind the mic. He had also been an associate producer and regular guest host of “The Mark Levin Show,” the second largest nationally syndicated live daily conservative talk radio program in the US. A conservative commentator, Valdés has been a frequent opinion contributor to Newsmax TV, a conference speaker at TEDx, and a regular columnist for The Washington Times, penning "A-List on Americanism,” which examined current events and social issues through the lenses of politics, entertainment, and popular culture.
Valdés’ career also includes positions as the spokesperson and head of public relations for Somerset Christian College and Pillar College; founder and school board member of BelovED Community Charter School in Jersey City, NJ; appointee to the Governor’s Advisory Committee at the New Jersey Center for Hispanic Policy Research & Development in 2017; and Advisor to President Trump’s National Diversity Coalition. Previously, Valdés was the Producer and Director of Special Operations at Project Veritas.
About Cumulus Media
Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 405 owned-and-operated radio stations across 86 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across more than 9,500 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.
Contact: Karen Glover | Westwood One | kglover@westwoodone.com
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NEWS_481 | If you love investing in stocks you're bound to buy some losers. Long term Cumulus Media Inc. (NASDAQ:CMLS) shareholders know that all too well, since the share price is down considerably over three years. Unfortunately, they have held through a 57% decline in the share price in that time. And over the last year the share price fell 37%, so we doubt many shareholders are delighted.
With that in mind, it's worth seeing if the company's underlying fundamentals have been the driver of long term performance, or if there are some discrepancies.
See our latest analysis for Cumulus Media
While the efficient markets hypothesis continues to be taught by some, it has been proven that markets are over-reactive dynamic systems, and investors are not always rational. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
Cumulus Media became profitable within the last five years. We would usually expect to see the share price rise as a result. So given the share price is down it's worth checking some other metrics too.
We think that the revenue decline over three years, at a rate of 5.3% per year, probably had some shareholders looking to sell. After all, if revenue keeps shrinking, it may be difficult to find earnings growth in the future.
The image below shows how earnings and revenue have tracked over time (if you click on the image you can see greater detail).
We know that Cumulus Media has improved its bottom line lately, but what does the future have in store? If you are thinking of buying or selling Cumulus Media stock, you should check out this free report showing analyst profit forecasts.
A Different Perspective
The last twelve months weren't great for Cumulus Media shares, which performed worse than the market, costing holders 37%. The market shed around 16%, no doubt weighing on the stock price. The three-year loss of 16% per year isn't as bad as the last twelve months, suggesting that the company has not been able to convince the market it has solved its problems. We would be wary of buying into a company with unsolved problems, although some investors will buy into struggling stocks if they believe the price is sufficiently attractive. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. Take risks, for example - Cumulus Media has 1 warning sign we think you should be aware of.
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We will like Cumulus Media better if we see some big insider buys. While we wait, check out this free list of growing companies with considerable, recent, insider buying.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on US exchanges.
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.
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NEWS_482 | NEW YORK, Jan. 13, 2023 (GLOBE NEWSWIRE) --
WHAT: Mark Levin conducted a live interview with former President Donald J. Trump for his radio program “The Mark Levin Show” and publicly reacted to the disclosure of classified documents found at an office formerly used by President Joe Biden, as well as at Biden’s Wilmington Delaware residence.
Trump said the classified documents found at Mar-A-Lago were secured, while those at Biden’s home and office were not. And he thinks more classified documents will be found. Trump said:
“We had a very well-guarded situation whereas you look at where they’re finding these documents in an office with no security, or in a garage with absolutely no security in a house that wasn’t even owned by him [Biden], it was owned by Hunter. And I think you’re gonna find a lot more because in Delaware I understand they have a tremendous stash of documents.”
Trump also referenced Biden’s connection with the University of Pennsylvania, saying that China paid the university $55 million, of which $1 million was paid by the University to Biden. Trump said:
“China gave $55 million to the University of Pennsylvania, where I went – I went to the Wharton School of Finance at Penn – and I’m disappointed in them as a school. But China was paying through that money, Biden got a million dollars a year. For a think tank, if you can believe it. So, they paid Biden a million dollars a year out of the money that China gave. Now if China wants to see those documents, I’m sure they would say ‘come on, let me show you’.”
Trump charged that Biden did not have authority to possess documents as a Vice President but as President, Trump did. Trump said:
“Biden took them [the documents], and as vice president, he doesn’t have the rights to do this. And what he did is very, you know, it’s a very serious problem, a very serious problem. But it’s not a problem for me. I’m allowed to do that.”
The former President said that when it was disclosed that documents were found at Biden’s home and former office, it changed the complexion of the treatment Trump was receiving. Trump said:
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“When all of these documents started coming out and Biden had them, it really changed the complexion and the intensity that they were showing to me. Because you know what they did is, I don’t say was far worse, I did nothing wrong. What they did is not good, what they did is bad.”
After a six-year court battle, Donald Trump’s tax returns from 2015 to 2020 were released to the House Ways and Means Committee, which made them public in late December. Trump said:
“After a number of years, very unfair, they were able to get my taxes. It shouldn’t have been allowed, but the Supreme Court allowed them to do that. And they did it, they went through them, and that was it.”
WHEN: The interviewed aired live during last night’s (January 12) broadcast of the “The Mark Levin Show”
Audio of the former President’s comments can be found below:
01-12 Trump on Levin 1.mp3
01-12 Trump on Levin 2.mp3
01-12 Trump on Levin 3.mp3
01-12 Trump on Levin 4.mp3
01-12 Trump on Levin 5.mp3
“The Mark Levin Show” is a live broadcast from Cumulus Media (NASDAQ: CMLS)’s Westwood One hosted by Mark Levin, one of America’s preeminent conservative commentators and constitutional lawyers. Levin is also the Editor-in-Chief of Conservative Review, a contributing editor for National Review Online, and writes frequently for other publications. Levin has served as a top advisor to several members of President Ronald Reagan’s Cabinet – including as Chief of Staff to the Attorney General of the United States. In 2001, the American Conservative Union named Levin the recipient of the prestigious Ronald Reagan Award. “The Mark Levin Show” airs live Monday-Friday from 6 to 9 p.m. ET and has been one of the top rated and hottest shows on Talk radio broadcasting daily on nearly 400 stations since its inception.
Contact: Karen Glover | Westwood One | kglover@westwoodone.com
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NEWS_483 | —CM-101 Met Primary Endpoint of Safety and Tolerability and Showed Positive Activity Across Multiple Liver Fibrosis Biomarkers and Physiologic Assessments—
TEL AVIV, Israel, Jan. 3, 2023 /PRNewswire/ -- Chemomab Therapeutics, Ltd. (Nasdaq: CMMB) (Chemomab), a clinical-stage biotechnology company focused on the discovery and development of innovative therapeutics for fibrotic and inflammatory diseases with high unmet need, today reported top-line results from its Phase 2a trial assessing CM-101, its first-in-class CCL24-neutralizing monoclonal antibody, in non-alcoholic steatohepatitis (NASH) patients. The trial met its primary endpoint of safety and tolerability, and CM-101 achieved reductions in secondary endpoints that include a range of liver fibrosis biomarkers and physiologic assessments measured at baseline and at week 20.
Chemomab logo (PRNewsfoto/Chemomab Therapeutics, Ltd.)
The randomized, placebo-controlled trial enrolled 23 NASH patients with stage F1c, F2 and F3 disease who were randomized to receive either CM-101 or placebo. Patients received eight doses of 5 mg/kg of CM-101 or placebo, administered by subcutaneous (SC) injection once every two weeks, for a treatment period of 16 weeks. This trial was primarily designed to assess the subcutaneous formulation of CM-101 and to evaluate the drug's impact on liver fibrosis biomarkers relevant to both NASH and the rare fibro-inflammatory conditions that represent the focus for the company, such as primary sclerosing cholangitis (PSC) and systemic sclerosis (SSc).
Dale Pfost, PhD, Chief Executive Officer of Chemomab, said, "It is noteworthy that this trial confirmed the safety and tolerability of CM-101 and the pharmacokinetics of our subcutaneous formulation, while providing biomarker data further demonstrating the anti-inflammatory and anti-fibrotic activity of CM-101. We are especially pleased with these encouraging findings given the small size of the study, the short duration of treatment and the relatively low dose of CM-101 that was administered."
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Dr. Pfost continued, "This is the third clinical trial in patients demonstrating the activity of CM-101 as measured by fibro-inflammatory biomarkers and physiological assessments. It confirms similar data we reported in our Phase 1b study in patients with non-alcoholic fatty liver disease (NAFLD) and in our recently reported investigator study of acute lung injury in COVID patients. Collectively, these data encompassing diverse organs and conditions reinforce our optimism about our ongoing Phase 2 trial in primary sclerosing cholangitis and our Phase 2 trial in systemic sclerosis that is scheduled to begin early this year."
Key findings of the CM-101 Phase 2a trial included the following.
CM-101 continues to appear safe and was well tolerated when administered subcutaneously . Most reported adverse events observed were mild, with one unrelated serious adverse event reported. No significant injection site reactions were observed and no anti-drug antibodies were detected.
CM-101 administered subcutaneously demonstrated favorable pharmacokinetics and target engagement profiles as expected; they were similar to what the company has previously reported.
CM-101-treated patients showed greater improvements than the placebo group in a number of liver fibrosis-related biomarkers , including ProC-3, ProC-4, ProC-18, TIMP-1 and ELF.
A majority of CM-101-treated patients showed improvements in more than one liver fibrosis-related biomarker—almost 60% of CM-101-treated patients responded in at least three biomarkers at week 20, compared to no patients in the placebo group.
CM-101-treated patients with higher CCL24 levels at baseline showed greater reductions in fibrosis-related biomarkers than patients with lower CCL24 levels . Patients with higher CCL24 at baseline were also more likely to be responders in multiple fibrosis-related biomarkers than patients with lower CCL24 levels, adding to the growing body of evidence validating the role of CCL24 in the pathophysiology of fibrotic liver disease.
A higher proportion of patients in the CM-101-treated group showed improvement in a physiologic measure of liver stiffness as compared to placebo (reduction of at least one grade of fibrosis score as assessed by the non-invasive elastography method known as FibroScan ® ).
After completion of the study, the unblinded data showed that patients in the CM-101-treated group had higher baseline levels of fibrosis compared to placebo-treated patients. The impact of this difference on the results, if any, is unknown.
Massimo Pinzani, MD, PhD, Professor of Medicine, Director of the University College London (UCL) Institute for Liver and Digestive Health and the Sheila Sherlock Chair of Hepatology at UCL, commented, "These encouraging Phase 2a results for CM-101 are a good example of what one is seeking in a successful biomarker study–sets of multiple biomarkers moving together in a positive direction. Based on these early findings, CM-101 may have the potential to interrupt the inflammatory and fibrotic vicious cycle characterizing conditions such as PSC, systemic sclerosis and other fibro-inflammatory diseases, providing the potential for much-needed disease-modifying therapy."
Rifaat Safadi, MD, Professor in Medicine, Gastroenterology and Hepatology, Faculty of Medicine, Hadassah University Hospital, Jerusalem; a Visiting Scholar at the Division of Liver Diseases, Mount Sinai School of Medicine in New York City, and Principal Investigator of the Phase 2a study noted, "The results from this early trial confirm previous clinical and preclinical research suggesting that neutralizing the pro-fibrotic and pro-inflammatory effects of CCL24 may have a therapeutic benefit for patients battling intractable fibro-inflammatory diseases such as PSC and systemic sclerosis, and support the conduct of additional clinical trials to address this unmet medical need. I want to thank the patients who participated in this trial and the team members at the clinical sites who helped make these encouraging results possible."
For more information on Chemomab's Phase 2 SPRING trial In patients with primary sclerosing cholangitis, visit www.chemomab.com/trials/psc/, or click here for information for potential participants.
About Chemomab Therapeutics
Chemomab is a clinical stage biotechnology company focusing on the discovery and development of innovative therapeutics for fibrotic and inflammatory diseases with high unmet need. Based on the unique and pivotal role of the soluble protein CCL24 in promoting fibrosis and inflammation, Chemomab developed CM-101, a monoclonal antibody designed to bind and block CCL24 activity. CM-101 has demonstrated the potential to treat multiple severe and life-threatening fibrotic and inflammatory diseases. A Phase 2 liver fibrosis biomarker study in NASH patients was recently completed and a Phase 2 trial in primary sclerosing cholangitis patients is ongoing. Chemomab expects to begin enrolling patients in a Phase 2 trial in systemic sclerosis early in 2023. For more information on Chemomab, visit chemomab.com.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements include, among other things, statements regarding the clinical development pathway for CM-101 and the results of the Phase 2a Liver Fibrosis Biomarker trial in NASH patients on future development plans; the future operations of Chemomab and its ability to successfully initiate and complete clinical trials and achieve regulatory milestones; the nature, strategy and focus of Chemomab; the development and commercial potential and potential benefits of any product candidates of Chemomab; and that the product candidates have the potential to address high unmet needs of patients with serious fibrosis-related diseases and conditions. Any statements contained in this communication that are not statements of historical fact may be deemed to be forward-looking statements. These forward-looking statements are based upon Chemomab's current expectations. Forward-looking statements involve risks and uncertainties. Because such statements deal with future events and are based on Chemomab's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Chemomab could differ materially from those described in or implied by the statements in this presentation, including: risks related to Chemomab's ability to effectively implement the revised clinical strategy and its ability to achieve the anticipated results; risks related to the projections and associated benefits in pursuing the contemplated changes to the clinical strategy; risks associated with the ongoing transitions of certain of our executive officers, including Chemomab's new Chief Executive Officer; the uncertain and time-consuming regulatory approval process; risks related to Chemomab's ability to correctly manage its operating expenses and its expenses; Chemomab's plans to develop and commercialize its product candidates, focusing on CM-101; the timing of initiation of Chemomab's planned clinical trials; the timing of the availability of data from Chemomab's clinical trials including any potential delays associated with Chemomab's contemplated revised clinical strategy; the timing of any planned investigational new drug application or new drug application; Chemomab's plans to research, develop and commercialize its current and future product candidates; the clinical utility, potential benefits and market acceptance of Chemomab's product candidates; Chemomab's commercialization, marketing and manufacturing capabilities and strategy; Chemomab's ability to protect its intellectual property position; and the requirement for additional capital to continue to advance these product candidates, which may not be available on favorable terms or at all. Additional risks and uncertainties relating to Chemomab's and its business can be found under the caption "Risk Factors" and elsewhere in Chemomab's filings and reports with the SEC. Chemomab expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Chemomab's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based, except to the extent required by applicable law.
Contacts:
Media: Investor Relations:
Barbara Lindheim Irina Koffler
Chemomab Therapeutics LifeSci Advisors, LLC
Consulting Vice President Phone: +1-917-734-7387
Investor & Public Relations, ir@chemomab.com
Strategic Communications
Phone: +1-917-355-9234
barbara@chemomab.com
Cision
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SOURCE Chemomab Therapeutics, Ltd. |
NEWS_484 | DUNDALK, Ireland, January 10, 2023--(BUSINESS WIRE)--Cimpress plc (Nasdaq: CMPR) announced that following the release of its Q2 FY2023 financial results at 4:05 pm EST on Wednesday, January 25, 2023, it will host a public Q&A call on Thursday, January 26, 2023 at 8:00 am EST. The live call will be accessible on ir.cimpress.com, and a replay will be available at the same link following the call. We will take live questions on the call via chat, and investors may also pre-submit questions any time before 11:00 pm EST on Wednesday, January 25, 2023 by emailing ir@cimpress.com.
About Cimpress
Cimpress plc (Nasdaq: CMPR) invests in and builds customer-focused, entrepreneurial, mass-customization businesses for the long term. Mass customization is a competitive strategy which seeks to produce goods and services to meet individual customer needs with near mass production efficiency. Cimpress businesses include BuildASign, Drukwerkdeal, Exaprint, National Pen, Pixartprinting, Printi, Vista, and WIRmachenDRUCK. To learn more, visit http://www.cimpress.com.
Cimpress and the Cimpress logo are trademarks of Cimpress plc or its subsidiaries. All other brand and product names appearing on this announcement may be trademarks or registered trademarks of their respective holders.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230110005128/en/
Contacts
Investor Relations:
Meredith Burns
ir@cimpress.com
+1.781.652.6480
Media Relations:
Paul McKinlay
mediarelations@cimpress.com |
NEWS_485 | Investors might want to bet on COMPASS Pathways PLC Sponsored ADR (CMPS), as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.
The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.
The power of a changing earnings picture in determining near-term stock price movements makes the Zacks rating system highly useful for individual investors, since it can be difficult to make decisions based on rating upgrades by Wall Street analysts. These are mostly driven by subjective factors that are hard to see and measure in real time.
Therefore, the Zacks rating upgrade for COMPASS Pathways PLC Sponsored ADR basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.
Most Powerful Force Impacting Stock Prices
The change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.
For COMPASS Pathways PLC Sponsored ADR, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.
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Harnessing the Power of Earnings Estimate Revisions
As empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>>.
Earnings Estimate Revisions for COMPASS Pathways PLC Sponsored ADR
For the fiscal year ending December 2022, this company is expected to earn -$2.04 per share, which is a change of -14% from the year-ago reported number.
Analysts have been steadily raising their estimates for COMPASS Pathways PLC Sponsored ADR. Over the past three months, the Zacks Consensus Estimate for the company has increased 7.6%.
Bottom Line
Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of 'buy' and 'sell' ratings for its entire universe of more than 4000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a 'Strong Buy' rating and the next 15% get a 'Buy' rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of COMPASS Pathways PLC Sponsored ADR to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
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 report
COMPASS Pathways PLC Sponsored ADR (CMPS) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research |
NEWS_486 | Investors interested in Medical stocks should always be looking to find the best-performing companies in the group. Is COMPASS Pathways PLC Sponsored ADR (CMPS) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Medical peers, we might be able to answer that question.
COMPASS Pathways PLC Sponsored ADR is one of 1182 individual stocks in the Medical sector. Collectively, these companies sit at #6 in 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 successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. COMPASS Pathways PLC Sponsored ADR is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for CMPS' full-year earnings has moved 10.8% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the most recent data, CMPS has returned 5% so far this year. Meanwhile, stocks in the Medical group have lost about 16.7% on average. This means that COMPASS Pathways PLC Sponsored ADR is performing better than its sector in terms of year-to-date returns.
Geron (GERN) is another Medical stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 36.4%.
In Geron's case, the consensus EPS estimate for the current year increased 1.4% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, COMPASS Pathways PLC Sponsored ADR belongs to the Medical Services industry, which includes 70 individual stocks and currently sits at #199 in the Zacks Industry Rank. This group has lost an average of 32% so far this year, so CMPS is performing better in this area.
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On the other hand, Geron belongs to the Medical - Biomedical and Genetics industry. This 560-stock industry is currently ranked #62. The industry has moved -19.3% year to date.
Investors with an interest in Medical stocks should continue to track COMPASS Pathways PLC Sponsored ADR and Geron. These stocks will be looking 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 report
COMPASS Pathways PLC Sponsored ADR (CMPS) : Free Stock Analysis Report
Geron Corporation (GERN) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research |
NEWS_487 | Compass Therapeutics
BOSTON, Jan. 06, 2023 (GLOBE NEWSWIRE) -- Compass Therapeutics, Inc. (“Compass”; Nasdaq: CMPX), a clinical-stage, oncology-focused biopharmaceutical company developing proprietary antibody-based therapeutics to treat multiple human diseases, today announced that the first patient has been dosed in the Phase 2 U.S. study of CTX-009 in patients with metastatic colorectal cancer who are being treated in the third- and fourth-line setting.
Patients enrolled in the study have received at least two previous systemic therapies and will be treated with CTX-009 monotherapy at a dose of 10 mg/kg administered every two weeks. Patients will be evaluated for safety and tolerability as well as clinical response as measured by overall response rate (ORR). The study design is an Adaptive Simon Two Stage, with Stage 1 of the study enrolling 37 patients; if there are 3 or more responses confirmed in Stage 1, then the Study will advance to Stage 2 and an additional 47 patients will be enrolled. ClinicalTrials.gov Identifier: NCT05513742
“We are very pleased to begin dosing patients with colorectal cancer in the United States. We have previously seen 2 confirmed responses among 6 patients dosed at the projected efficacious doses in a Phase 1 monotherapy study” said Thomas Schuetz, M.D., Ph.D., Chief Executive Officer and Scientific Founder of Compass. “Colorectal cancer patients in whom two of more lines of therapy have failed face very limited treatment options, and we look forward to assessing the potential of CTX-009 in those patients.” Preliminary results from this study may become available in mid-2023.
About CTX-009
CTX-009 is a bispecific antibody that simultaneously blocks Delta-like ligand 4/Notch (DLL4) and vascular endothelial growth factor A (VEGF-A) signaling pathways, which are critical to angiogenesis and tumor vascularization. Preclinical and early clinical data of CTX-009 suggest that blockade of both pathways provides robust anti-tumor activity across several solid tumors, including colorectal, gastric, cholangiocarcinoma, pancreatic and non-small cell lung cancer. Partial responses to CTX-009 as a monotherapy have been observed in heavily pre-treated cancer patients who were resistant to currently approved anti-VEGF therapies.
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About Compass Therapeutics
Compass Therapeutics, Inc. is a clinical-stage, oncology-focused biopharmaceutical company developing proprietary antibody-based therapeutics to treat multiple human diseases. Compass’s scientific focus is on the relationship between angiogenesis, the immune system, and tumor growth. Compass’s pipeline of novel product candidates is designed to target multiple critical biological pathways required for an effective anti-tumor response. These include modulation of the microvasculature via angiogenesis-targeted agents, induction of a potent immune response via activators on effector cells in the tumor microenvironment, and alleviation of immunosuppressive mechanisms used by tumors to evade immune surveillance. Compass plans to advance its product candidates through clinical development as both standalone therapies and in combination with proprietary pipeline antibodies based on supportive clinical and nonclinical data. Compass was founded in 2014 and is headquartered in Boston, Massachusetts. For more information, visit the Compass Therapeutics, Inc. website at www.compasstherapeutics.com.
Forward-Looking Statements
This press release contains forward-looking statements. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, references to Compass’s product candidate, CTX-009, its development, regulatory plans with respect thereto and therapeutic potential thereof. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, Compass’s ability to raise the additional funding it will need to continue to pursue its business and product development plans, the inherent uncertainties associated with developing product candidates and operating as a development stage company, Compass’s ability to identify additional product candidates for development, Compass’s ability to develop, complete clinical trials for, obtain approvals for and commercialize any of its product candidates, competition in the industry in which Compass operates and market conditions. These forward-looking statements are made as of the date of this press release, and Compass assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents Compass files with the SEC available at www.sec.gov, including without limitation Compass’s latest Form 10-Q and subsequent filings with the SEC.
Investor Contact
Mario Corso, Investor Relations
ir@compasstherapeutics.com
Media Contact
Anna Gifford, Communications Manager
media@compasstherapeutics.com
617-500-8099
|
NEWS_488 | Comera Life Sciences
WOBURN, Mass., Jan. 12, 2023 (GLOBE NEWSWIRE) -- Comera Life Sciences Holdings, Inc. (Nasdaq: CMRA) (“Company” or “Comera”), a life sciences company developing a new generation of bio-innovative biologic medicines to improve patient access, safety and convenience, today announced it will present at the 22nd Annual PepTalk Conference, in San Diego on Wednesday, Jan. 18, 2023 at 5:15 p.m. PT. The conference will run from Monday, Jan. 16 through Friday, Jan. 20.
Subhashchandra Naik, Ph.D., Senior Research Scientist at Comera, will share data on viscosity reduction and stabilization using Comera’s leading SQore™ platform technology excipients, which enable development of highly concentrated monoclonal antibody (mAb) formulations for subcutaneous administration. The presentation is titled “Biophysical characterization of excipient combinations for mAb formulation development.”
Robert Mahoney, Ph.D., Chief Scientific Officer at Comera, commented, “Comera’s SQore platform has more than 200 excipient compounds that have been developed with high precision science and engineering. This robust platform is being used to enable monoclonal antibodies across major therapeutic indications to be delivered subcutaneously, with the goal of providing patients the freedom of self-injectable care.”
About Comera Life Sciences
Leading a compassionate new era in medicine, Comera Life Sciences is applying a deep knowledge of formulation science and technology to transform essential biologic medicines from intravenous (IV) to subcutaneous (SQ) forms. The goal of this approach is to provide patients with the freedom of self-injectable care, reduce institutional dependency and to put patients at the center of their treatment regimen.
To learn more about the Comera Life Sciences mission, as well as the proprietary SQore™ platform, visit https://comeralifesciences.com/.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events like the anticipated use of proceeds from the private placement that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, but not limited to: risks that the recently completed business combination disrupts the Company’s current plans and ability to retain its employees; the Company’s ability to maintain the listing of its securities on the Nasdaq Capital Market; the effect of the COVID-19 pandemic on the Company’s business; the price of the Company’s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which the Company plans to operate, variations in performance across competitors, changes in laws and regulations affecting the Company’s business and changes in the capital structure; the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities; the risk of downturns and the possibility of rapid change in the highly competitive industry in which the Company operates; the risk that the Company and its current and future collaborators are unable to successfully develop and commercialize the Company’s products or services, or experience significant delays in doing so; the risk that we will be unable to continue to attract and retain third-party collaborators, including collaboration partners and licensors; the risk that the Company may never achieve or sustain profitability; the risk that the Company will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; the risk that the Company experiences difficulties in managing its growth and expanding operations; the risk that third-party suppliers and manufacturers are not able to fully and timely meet their obligations; the risk that the Company is unable to secure or protect its intellectual property; the risk that the Company is unable to secure regulatory approval for its product candidates; general economic conditions; and other risks and uncertainties indicated in the Quarterly Report on Form 10-Q filed with the SEC on November 14, 2022 under “Risk Factors” and in other filings that have been made or will be made with the SEC. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Comera’s Quarterly Report on Form 10-Q filed with the SEC on November 14, 2022, and other documents filed by Comera from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Comera assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Comera can give no assurance that it will achieve its expectations.
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Contacts
Comera Investor
John Woolford
ICR Westwicke
John.Woolford@westwicke.com
Comera Press
Jon Yu
ICR Westwicke
Jon.Yu@westwicke.com
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NEWS_489 | Comera Life Sciences
WOBURN, Mass., Jan. 05, 2023 (GLOBE NEWSWIRE) -- Comera Life Sciences Holdings, Inc. (Nasdaq: CMRA), a life sciences company developing a new generation of bio-innovative biologic medicines to improve patient delivery, access, safety and convenience, today announced that the company will present at the upcoming Biotech Showcase Conference on Tuesday, January 10, 2023 at 9:00 AM PT in San Francisco, CA.
The Company will also host one-on-one meetings with investors from Monday, January 9 through Wednesday January 11.
This year, registered Biotech Showcase attendees can view the company presentation live. Also, attendees can view recorded presentations at their convenience with 24x7 on-demand access, when scheduling does not allow viewing during the main event week.
A live webcast of the presentation and a replay of the presentation will be available for 6 months under the “Events & Presentations” page in the Investor Relations section of the Company’s website at https://ir.comeralifesciences.com/news-events/events
About Comera Life Sciences
Leading a compassionate new era in medicine, Comera Life Sciences is applying a deep knowledge of formulation science and technology to transform essential biologic medicines from intravenous (IV) to subcutaneous (SQ) forms. The goal of this approach is to provide patients with the freedom of self-injectable care, reduce institutional dependency and to put patients at the center of their treatment regimen.
To learn more about the Comera Life Sciences mission, as well as the proprietary SQore™ platform, visit https://comeralifesciences.com/.
Contacts
Comera Investor
John Woolford
ICR Westwicke
John.Woolford@westwicke.com
Comera Press
Jon Yu
ICR Westwicke
ComeraPR@westwicke.com
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NEWS_490 | Comera Life Sciences
WOBURN, Mass., Jan. 04, 2023 (GLOBE NEWSWIRE) -- Comera Life Sciences Holdings, Inc. (Nasdaq: CMRA), a life sciences company developing a new generation of bio-innovative biologic medicines to improve patient access, safety, and convenience, today announced that it has completed a private placement to existing stockholders, of 2,406,242 units, at a purchase price of $1.48 per unit, with each unit consisting of one share of the Company’s common stock and one five-year warrant to purchase two shares of the Company’s common stock at an exercise price of $1.23 per share, pursuant to the terms of a Securities Purchase Agreement entered into on January 2, 2023. Gross proceeds from the private placement of approximately $3.6 million are expected to be used for working capital and general corporate purposes.
The private placement was led by existing investors, Charles Cherington and David Soane, as well as Roopom Banerjee, Barbara Finck, Kirsten Flowers, Stuart Randle, Rev. Dr. James Sherblom and Edward Sullivan, members of the Company’s board of directors.
“We appreciate the continued support and confidence of existing investors and the members of our Board of Directors. This infusion of capital will support our efforts to leverage our SQore™ platform to transform the delivery of biologics from intravenous to subcutaneous form, and achieve our mission of improving patient quality of life by offering treatments that support greater independence,” said Jeffrey Hackman, Chairman and Chief Executive Officer of Comera.
The securities sold in the private placement, including the shares of common stock underlying the warrants, are being made in a transaction not involving a public offering and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements. Concurrently with the closing, Comera and the investors entered into a registration rights agreement pursuant to which the Company has agreed to file a registration statement with the Securities and Exchange Commission registering the resale of the securities sold in the private placement.
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This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Comera Life Sciences
Leading a compassionate new era in medicine, Comera Life Sciences is applying a deep knowledge of formulation science and technology to transform essential biologic medicines from intravenous (IV) to subcutaneous (SQ) forms. The goal of this approach is to provide patients with the freedom of self-injectable care, reduce institutional dependency and to put patients at the center of their treatment regimen. To learn more about the Comera Life Sciences mission, as well as the proprietary SQore™ platform, visit https://comeralifesciences.com/.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events like the anticipated use of proceeds from the private placement that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, but not limited to: risks that the recently completed business combination disrupts the Company’s current plans and ability to retain its employees; the Company’s ability to maintain the listing of its securities on the Nasdaq Capital Market; the effect of the COVID-19 pandemic on the Company’s business; the price of the Company’s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which the Company plans to operate, variations in performance across competitors, changes in laws and regulations affecting the Company’s business and changes in the capital structure; the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities; the risk of downturns and the possibility of rapid change in the highly competitive industry in which the Company operates; the risk that the Company and its current and future collaborators are unable to successfully develop and commercialize the Company’s products or services, or experience significant delays in doing so; the risk that we will be unable to continue to attract and retain third-party collaborators, including collaboration partners and licensors; the risk that the Company may never achieve or sustain profitability; the risk that the Company will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; the risk that the Company experiences difficulties in managing its growth and expanding operations; the risk that third-party suppliers and manufacturers are not able to fully and timely meet their obligations; the risk that the Company is unable to secure or protect its intellectual property; the risk that the Company is unable to secure regulatory approval for its product candidates; general economic conditions; and other risks and uncertainties indicated in the Quarterly Report on Form 10-Q filed with the SEC on November 14, 2022 under “Risk Factors” and in other filings that have been made or will be made with the SEC. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Comera’s Quarterly Report on Form 10-Q filed with the SEC on November 14, 2022, and other documents filed by Comera from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Comera assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Comera can give no assurance that it will achieve its expectations.
Contacts
Comera Investor
John Woolford
ICR Westwicke
John.Woolford@westwicke.com
Comera Press
Jon Yu
ICR Westwicke
comerapr@westwicke.com
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NEWS_491 | Costamare Inc
MONACO, Jan. 03, 2023 (GLOBE NEWSWIRE) -- Costamare Inc. (the “Company”) (NYSE: CMRE) has declared cash dividends of US $0.476563 per share on its 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock (the “Series B Preferred Stock”) (NYSE: CMRE PR B), US $0.531250 per share on its 8.50% Series C Cumulative Redeemable Perpetual Preferred Stock (the “Series C Preferred Stock”) (NYSE: CMRE PR C), US $0.546875 per share on its 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (the “Series D Preferred Stock”) (NYSE: CMRE PR D) and US $0.554688 per share on its 8.875% Series E Cumulative Redeemable Perpetual Preferred Stock (the “Series E Preferred Stock”) (NYSE: CMRE PR E). The dividend for the Series B Preferred Stock, the Series C Preferred Stock, the Series D Preferred Stock and the Series E Preferred Stock is for the period from October 15, 2022, to January 14, 2023. The dividend will be paid on January 17, 2023 to all holders of record as of January 13, 2023 of Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock.
The Company has also declared a quarterly dividend on its common stock of US $0.115 per share for the quarter ended December 31, 2022. The dividend for the common stock is payable on February 7, 2023, to holders of record of common stock as of January 20, 2023.
The declaration of a dividend is subject to the discretion of the Board of Directors of the Company, and accordingly will depend on, among other things, the Company’s earnings, financial condition and cash requirements and availability, the Company’s ability to obtain debt and equity financing on acceptable terms as contemplated by the Company’s growth strategy, the restrictive covenants in the Company’s existing and future debt instruments and global economic conditions.
About Costamare Inc.
Costamare Inc. is one of the world's leading owners and providers of containerships and dry bulk vessels for charter. The Company has 49 years of history in the international shipping industry and a fleet of 73 containerships, with a total capacity of approximately 537,000 TEU (including two vessels that we have agreed to sell) and 45 dry bulk vessels with a total capacity of approximately 2,436,000 DWT. Four of our containerships have been acquired pursuant to the Framework Deed with York by vessel-owning joint venture entities in which we hold a minority equity interest. The Company’s common stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock trade on the New York Stock Exchange under the symbols “CMRE”, “CMRE PR B”, “CMRE PR C”, “CMRE PR D” and “CMRE PR E”, respectively.
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Forward-Looking Statements
This press release contains “forward-looking statements”. In some cases, you can identify these statements by forward-looking words such as “believe”, “intend”, “anticipate”, “estimate”, “project”, “forecast”, “plan”, “potential”, “may”, “should”, “could” and “expect” and similar expressions. These statements are not historical facts but instead represent only the Company’s belief regarding future results, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect future results, see the discussion in the Company’s Annual Report on Form 20-F (File No. 001-34934) under the caption “Risk Factors”.
Company Contacts:
Gregory Zikos - Chief Financial Officer
Konstantinos Tsakalidis - Business Development, Investor Relations
Costamare Inc., Monaco
Tel: (+377) 93 25 09 40
Email: ir@costamare.com
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NEWS_492 | Chimerix, Inc.
DURHAM, N.C., Jan. 05, 2023 (GLOBE NEWSWIRE) -- Chimerix (NASDAQ:CMRX), a biopharmaceutical company whose mission is to develop medicines that meaningfully improve and extend the lives of patients facing deadly diseases, today announced that Mike Sherman, Chief Executive Officer, will present a corporate presentation at the 41st Annual J.P. Morgan Healthcare Conference on Thursday, January 12, 2023 at 12:00 p.m. PT in San Francisco, CA.
An audio webcast of the presentation will be available on the Investor Relations section of Chimerix's website at ir.chimerix.com, where it will be archived for approximately 90 days.
About Chimerix
Chimerix is a biopharmaceutical company with a mission to develop medicines that meaningfully improve and extend the lives of patients facing deadly diseases. The Company’s most advanced clinical-stage development program, ONC201, is in development for H3 K27M-mutant glioma.
CONTACTS:
Michelle LaSpaluto
919 972-7115
ir@chimerix.com
Will O’Connor
Stern Investor Relations
212-362-1200
will@sternir.com
Nick Lamplough / Dan Moore / Tanner Kaufman
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
|
NEWS_493 | JACKSON, Mich., Jan. 9, 2023 /PRNewswire/ -- Consumers Energy has completed its upgrade to the South Oakland Macomb Network pipeline, part of its commitment to providing safe, reliable, affordable natural gas to Michigan homes and businesses. The $164 million investment included replacing nearly 30 miles of vintage pipe and installing nearly 17 miles of new.
Consumers Energy Logo (PRNewsFoto/Consumers Energy)
"The more quickly and safely we can provide natural gas to Michiganders, the better it is for our customers and the planet," said Dennis Dobbs, Consumers Energy's vice president of gas engineering and supply. "We are aware of how important it is we do everything we can to keep costs down to ensure families and businesses have the gas they need to stay safe and warm this winter. When we invest in improvements to our pipelines what we are truly investing in is our customers."
A series of about 15 projects completed in late 2022, the South Oakland Macomb Network upgrades are part of a larger strategic commitment outlined in our 10-year Natural Gas Delivery Plan.
The four-year process was structured in a way that mitigated significant community impact, ensuring the critical pipeline updates could be made without causing disruption to residential neighborhoods. The upgrades — which largely focused on replacing lines originally been installed in the 1940s and rebuilding city gates, where gas pressure is regulated for safe delivery — will benefit nearly 2 million Michigan homes and businesses.
The new infrastructure allows Consumers Energy to move a higher volume of natural gas throughout its system more quickly, safely and efficiently, reducing costs for customers while also being better for the planet. The completion of the upgrades, which were part of the company's strategic commitment to modernizing and improving our natural gas system, better enables Consumers Energy to meet growing customer demand, even on peak days.
"This project truly embodied our commitment to people, the planet and Michigan's prosperity," added Dobbs.
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The project was also structured to create minimal impact on the environment, including a creative construction approach that reduced the need for tree removal, prevented erosion and protected wildlife.
Environmental inspectors with the company were on site daily. The workers prevented harm and ensured the use of a special pollinator mix on grounds where the pipeline was buried to create new habitat for butterflies, bees and other pollinators during the restoration process.
Consumers Energy, Michigan's largest energy provider, is the principal subsidiary of CMS Energy (NYSE: CMS), providing natural gas and/or electricity to 6.8 million of the state's 10 million residents in all 68 Lower Peninsula counties.
For more information about Consumers Energy, go to ConsumersEnergy.com.
Check out Consumers Energy on Social Media
Facebook: https://www.facebook.com/consumersenergymichigan
Twitter: https://twitter.com/consumersenergy
LinkedIn: https://linkedin.com/company/consumersenergy
Instagram: https://www.instagram.com/consumersenergy
Cision
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SOURCE Consumers Energy |
NEWS_494 | To get a sense of who is truly in control of Claros Mortgage Trust, Inc. (NYSE:CMTG), it is important to understand the ownership structure of the business. With 77% stake, institutions possess the maximum shares in the company. In other words, the group stands to gain the most (or lose the most) from their investment into the company.
Last week's US$83m market cap gain would probably be appreciated by institutional investors, especially after a year of 6.0% losses.
Let's take a closer look to see what the different types of shareholders can tell us about Claros Mortgage Trust.
See our latest analysis for Claros Mortgage Trust
What Does The Institutional Ownership Tell Us About Claros Mortgage Trust?
Many institutions measure their performance against an index that approximates the local market. So they usually pay more attention to companies that are included in major indices.
We can see that Claros Mortgage Trust does have institutional investors; and they hold a good portion of the company's stock. This suggests some credibility amongst professional investors. But we can't rely on that fact alone since institutions make bad investments sometimes, just like everyone does. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see Claros Mortgage Trust's historic earnings and revenue below, but keep in mind there's always more to the story.
Investors should note that institutions actually own more than half the company, so they can collectively wield significant power. Claros Mortgage Trust is not owned by hedge funds. The company's largest shareholder is Hyundai Investment Management Co. Ltd., with ownership of 20%. With 11% and 10% of the shares outstanding respectively, Koch Industries, Inc. and BAE Systems Pension Funds Investment Management Limited are the second and third largest shareholders. Furthermore, CEO Richard Mack is the owner of 0.8% of the company's shares.
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On looking further, we found that 55% of the shares are owned by the top 5 shareholders. In other words, these shareholders have a meaningful say in the decisions of the company.
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. Quite a few analysts cover the stock, so you could look into forecast growth quite easily.
Insider Ownership Of Claros Mortgage Trust
The definition of company insiders can be subjective and does vary between jurisdictions. Our data reflects individual insiders, capturing board members at the very least. Company management run the business, but the CEO will answer to the board, even if he or she is a member of it.
Insider ownership is positive when it signals leadership are thinking like the true owners of the company. However, high insider ownership can also give immense power to a small group within the company. This can be negative in some circumstances.
Shareholders would probably be interested to learn that insiders own shares in Claros Mortgage Trust, Inc.. The insiders have a meaningful stake worth US$22m. Most would see this as a real positive. If you would like to explore the question of insider alignment, you can click here to see if insiders have been buying or selling.
General Public Ownership
With a 10% ownership, the general public, mostly comprising of individual investors, have some degree of sway over Claros Mortgage Trust. While this size of ownership may not be enough to sway a policy decision in their favour, they can still make a collective impact on company policies.
Private Company Ownership
We can see that Private Companies own 12%, of the shares on issue. Private companies may be related parties. Sometimes insiders have an interest in a public company through a holding in a private company, rather than in their own capacity as an individual. While it's hard to draw any broad stroke conclusions, it is worth noting as an area for further research.
Next Steps:
I find it very interesting to look at who exactly owns a company. But to truly gain insight, we need to consider other information, too. For instance, we've identified 2 warning signs for Claros Mortgage Trust (1 is significant) that you should be aware of.
If you would prefer discover what analysts are predicting in terms of future growth, do not miss this free report on analyst forecasts.
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.
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NEWS_495 | Shares of Reinsurance Group of America, Incorporated RGA have rallied 29.3% in a year against the industry’s decline of 13%. The Finance sector and the Zacks S&P 500 composite have declined 14.1% and 19.3%, respectively, in the same time frame. With a market capitalization of $9.5 billion, the average volume of shares traded in the last three months was about 0.4 million.
Improved pricing, business expansion in the pension risk transfer market, solid in-force business ensuring predictable long-term earnings and effective capital deployment continue to drive this Zacks Rank #3 (Hold) insurer.
This insurer has a decent track record of beating estimates in three of the last four quarters. The Zacks Consensus Estimate for the 2023 bottom line has moved 0.5% north in the past 60 days, reflecting analyst optimism.
Zacks Investment Research
Image Source: Zacks Investment Research
RGA has a VGM Score of A. This helps to identify stocks with the most attractive value, growth and momentum.
Can RGA Retain the Momentum?
The Zacks Consensus Estimate for Reinsurance Group’s 2023 earnings is pegged at $15.49, indicating an increase of 3% on 2.9% higher revenues of $17.2 billion. It has a Growth Score of B.
RGA has a leadership position in the U.S. and Latin American traditional markets. Significant value embedded in the in-force business is anticipated to generate predictable long-term earnings. While product line expansion contributes to risk diversification, matured Individual mortality provides a base for stable earnings and capital generation.
In Canada, Reinsurance Group is a market leader with solid growth and profitability. A sizable block of in-force business ensures a significant source of future earnings. While longevity insurance provides a source of diversified income, it also acts as a hedge to a large mortality position. Increasing demand for longevity insurance is expected to drive long-term growth for the product.
Life insurers are direct beneficiaries of an improving interest rate environment. The Fed raised interest rates seven times in 2022, with more on the horizon this year. At its December meeting, the Fed indicated taking the interest rate to 5.1% in 2023 to combat its expected 3.1% inflation. RGA’s high-quality investment portfolio is well-positioned as it remains diversified across asset classes, sectors, issuers and geography. Thus, an improving interest rate environment should add to the upside.
This leading global provider of traditional life and health reinsurance and financial solutions has a solid capital position providing sufficient financial flexibility and supporting effective capital deployment. While the insurer raised its dividend by 9.6% in August 2022, it also engaged in share buyback.
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Stocks to Consider
Some better-ranked stocks from the insurance industry are Root, Inc. ROOT, Kinsale Capital Group, Inc. KNSL and CNA Financial Corporation CNA, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Root delivered a trailing four-quarter average earnings surprise of 22.44%. In the last six months period, ROOT lost 80.2%.
The Zacks Consensus Estimate for ROOT’s 2023 earnings indicates a year-over-year increase of 23.9%.
Kinsale Capital’s earnings surpassed estimates in each of the last four quarters, the average being 15.16%. In the last six months period, KNSL gained 6.9%.
The Zacks Consensus Estimate for KNSL’s 2023 earnings implies a year-over-year rise of 22.4%.
The Zacks Consensus Estimate for CNA Financial’s 2023 earnings implies a year-over-year rise of 12.5%. In the last six months period, CNA lost 3.6%.
The Zacks Consensus Estimate for CNA’s 2023 earnings has moved 2.5% north in the past 60 days.
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 report
CNA Financial Corporation (CNA) : Free Stock Analysis Report
Reinsurance Group of America, Incorporated (RGA) : Free Stock Analysis Report
Kinsale Capital Group, Inc. (KNSL) : Free Stock Analysis Report
Root, Inc. (ROOT) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research |
NEWS_496 | Investors looking for stocks in the Insurance - Property and Casualty sector might want to consider either CNA Financial (CNA) or Tokio Marine Holdings Inc. (TKOMY). But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.
Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.
CNA Financial has a Zacks Rank of #2 (Buy), while Tokio Marine Holdings Inc. has a Zacks Rank of #3 (Hold) right now. The Zacks Rank favors stocks that have recently seen positive revisions to their earnings estimates, so investors should rest assured that CNA has an improving earnings outlook. But this is just one piece of the puzzle for value investors.
Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.
The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.
CNA currently has a forward P/E ratio of 11.46, while TKOMY has a forward P/E of 47.62. We also note that CNA has a PEG ratio of 2.29. 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. TKOMY currently has a PEG ratio of 15.98.
Another notable valuation metric for CNA is its P/B ratio of 1.41. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For comparison, TKOMY has a P/B of 4.88.
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These metrics, and several others, help CNA earn a Value grade of A, while TKOMY has been given a Value grade of D.
CNA is currently sporting an improving earnings outlook, which makes it stick out in our Zacks Rank model. And, based on the above valuation metrics, we feel that CNA is likely the superior value option right now.
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CNA Financial Corporation (CNA) : Free Stock Analysis Report
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NEWS_497 | While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.
Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.
In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.
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One company to watch right now is CNA Financial (CNA). CNA is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock has a Forward P/E ratio of 10.19. This compares to its industry's average Forward P/E of 30.43. Over the last 12 months, CNA's Forward P/E has been as high as 11.41 and as low as 8.99, with a median of 10.27.
We also note that CNA holds a PEG ratio of 2.04. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. CNA's industry has an average PEG of 2.85 right now. Over the past 52 weeks, CNA's PEG has been as high as 2.28 and as low as 1.80, with a median of 2.05.
We should also highlight that CNA has a P/B ratio of 1.42. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 1.52. Over the past year, CNA's P/B has been as high as 1.43 and as low as 0.92, with a median of 1.15.
Investors could also keep in mind First American Financial (FAF), an Insurance - Property and Casualty stock with a Zacks Rank of # 2 (Buy) and Value grade of A.
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Furthermore, First American Financial holds a P/B ratio of 1.20 and its industry's price-to-book ratio is 1.52. FAF's P/B has been as high as 1.54, as low as 0.95, with a median of 1.20 over the past 12 months.
These figures are just a handful of the metrics value investors tend to look at, but they help show that CNA Financial and First American Financial are likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, CNA and FAF feels like a great value stock at the moment.
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NEWS_498 | Eligible Fresno Residents enrolled across Health Net's lines of business will have full access to Community's three major hospitals in Fresno County.
SACRAMENTO, Calif., Jan. 2, 2023 /PRNewswire/ -- Today, Health Net and Community Health System announced they will continue their long-standing partnership to serve residents of Fresno county. Community's complete continuum of services will continue to be available to existing and future Health Net members enrolled in commercial, Medicare and Medi-Cal plans.
Health Net Colored Logo (PREFERRED) (PRNewsfoto/Health Net)
Community Health System is the largest health system in the Central Valley and includes Community Medical Centers (its hospitals and clinics), as well as a health plan and a physician network of 380 and growing. Community Medical Centers operates three major, acute-care hospitals—Community Regional Medical Center in downtown Fresno, Clovis Community Medical Center in Clovis, and the Fresno Heart & Surgical Hospital in northeast Fresno, as well as Community Behavioral Health Center.
"We are proud to work with Community Health System to continue to provide vital health services to our members in the Central Valley," said Paul Pakuckas, Health Plan Development and Contracting Officer at Health Net. "This significant partnership solidifies our long-term commitment to continuity of care for residents of Fresno County."
Medi-Cal beneficiaries in Fresno, Kings and Madera Counties will continue to have access to CMC through CalViva Health. CalViva Health is the local initiative health plan for Medi-Cal managed care in Fresno, Kings and Madera counties. CalViva Health is a full-service health plan contracting with the Department of Health Care Services (DHCS) to provide services to Medi-Cal managed care enrollees under the Two-Plan model in all ZIP codes in Fresno, Kings and Madera counties. CalViva Health contracts with Health Net to provide certain administrative and health care services to CalViva Health members on CalViva's behalf.
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About Health Net:
At Health Net, we believe every person deserves a safety net for their health, regardless of age, income, employment status or current state of health. Founded in California more than 40 years ago, we're dedicated to transforming the health of our community, one person at a time. Today, Health Net's 2,600 employees and 90,000 network providers serve 3 million members. That's nearly 1 in 12 Californians. We provide health plans for individuals, families, businesses of every size and people who qualify for Medi-Cal or Medicare — Coverage for Every Stage of Life™. Health Net also offers access to substance abuse programs, behavioral health services, employee assistance programs and managed health care products related to prescription drugs. We offer these health plans and services through Health Net, LLC and its subsidiaries: Health Net of California, Inc., Health Net Life Insurance Company and Health Net Community Solutions, Inc. These entities are wholly owned subsidiaries of Centene Corporation (NYSE: CNC), a Fortune 25 company that offers affordable and high-quality products to nearly 1 in 15 individuals across the nation. For more information, visit www.HealthNet.com.
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SOURCE Health Net |
NEWS_499 | Conduent Business Services, LLC
IntelliHealth module for healthcare provider engagement brings technology-driven virtual sales models for emerging and established pharma organizations
Analytics, AI, machine learning and experienced professionals enable hyper-personalized omnichannel engagement with healthcare professionals
FLORHAM PARK, N.J., Jan. 12, 2023 (GLOBE NEWSWIRE) -- Conduent Incorporated (Nasdaq: CNDT), a global technology-led business process solutions company, today announced the launch of the IntelliHealth module for healthcare provider engagement. This new module is an end-to-end solution to help pharma organizations improve access to, and increase engagement with, healthcare professionals to drive focused pharmaceutical sales and marketing. IntelliHealth enables pharma organizations to power faster and more effective product commercialization with advanced analytics, omnichannel communication and experienced sales professionals and medical science liaisons. The robust platform delivers highly flexible hybrid engagement models that enable pharma organizations to reduce risk, manage costs and gain competitive advantages while driving ROI across the full life cycle of a drug therapy.
Pharma organizations are quickly adapting to the new normal where face-to-face contact to educate healthcare providers (HCPs) on established and emerging drug therapies has given way to remote interactions. The HCP now dictates when interactions occur across a variety of communications channels. IntelliHealth is built on state-of-the-art modular architecture and application programming interfaces that integrate with other third-party services to drive omnichannel engagement from drug launch to maturity with measurable outcomes across the product lifecycle. The next-generation technology is matched with the company’s proven experience in delivering emergent campaigns, via remote and digital engagement, to create a seamless experience for HCPs.
“Physicians and clinicians now determine when and how they engage, and new brands are quickly coming to market to increase competition across multiple therapy classes. Our pharma clients require HCP engagement models that advance their brands in a fast-changing and complex landscape,” said Randall King, President, Commercial Solutions at Conduent. “Hybrid commercialization models are now essential and the IntelliHealth module for healthcare provider engagement offers pharma leaders a complete, technology-enabled solution to customize, scale and execute their go-to-market strategies with enough agility to sustain long-term brand awareness.”
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Conduent has helped pharma organizations launch and maintain brands for more than 30 years. The company serves seven of the 10 largest pharma and life sciences organizations with focused solutions including patient access services, hub programs, global medical information and sales and marketing services that span the product life cycle. Learn more at https://www.conduent.com/industry/healthcare/pharmaceuticals-and-life-sciences/.
About Conduent
Conduent delivers mission-critical services and solutions on behalf of businesses and governments – creating exceptional outcomes for its clients and the millions of people who count on them. Through our dedicated people, processes, and technologies, Conduent solutions and services enhance customer experience, increase efficiencies, reduce costs, and improve performance for most Fortune 100 companies and more than 500 government entities. Whether it’s touching three out of every four health insured lives and delivering 45% of SNAP payments in the U.S., or enabling 1.3 billion customer service interactions and empowering 10 million employees through HR services worldwide, Conduent services and solutions interact with millions of people every day and move our clients’ operations forward. Learn more at https://www.conduent.com.
Media Contact:
Sharon Lakes, Conduent, +1-469-750-5403, sharon.lakes2@conduent.com
Investor Relations Contact:
Giles Goodburn, Conduent, +1-203-216-3546, ir@conduent.com
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Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.
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