Liberty Global Announces Intended Offer For Telenet

Liberty Global plc (LBTYA, LBTYB and LBTYK) announced that, through its subsidiary Liberty Global Belgium Holding B.V., it plans to launch a voluntary and conditional public takeover bid for all the shares of Telenet Group Holding NV that it does not already own or that are not held by Telenet. The intended offer would be an offer in cash at a price of 22.00 euros per share.

Liberty Global currently owns 59.18% of Telenet’s outstanding issued share capital. Telenet owns 3.12% of the outstanding issued share capital in treasury.

Liberty Global has been the controlling shareholder of Telenet since February
2007. Telenet’s board unanimously recommended the intended offer.

European Economic News Preview: Germany ZEW Economic Sentiment Data Due

Economic confidence from Germany and public sector finances from the UK are due on Tuesday, headlining a light day for the European economic news.

At 3.00 am ET, the Office for National Statistics releases UK public sector finance data for February. Public sector net borrowing is seen at GBP 10.1 billion compared to a surplus of GBP 6.24 billion in January.

In the meantime, the European Automobile Manufacturers’ Association is scheduled to issue Europe new car registrations data for February.

At 5.00 am ET, retail sales data is due from Poland. Sales are forecast to fall 1.4 percent on year in February, following a 0.3 percent drop in January.

At 6.00 am ET, Germany ZEW economic confidence survey data is due. The economic sentiment index is forecast to fall to 17.1 percent in March from 28.1 in February.

Also, Eurozone construction output data is due for January. Output had decreased 1.3 percent annually in December.

Corbus Pharmaceuticals Stock Jumps 11%

Shares of Corbus Pharmaceuticals Holdings, Inc. (CRBP) are gaining over 11% on Tuesday morning, despite no stock related news release from the company.

CRBP is currently trading at $7.69, up $0.78 or 11.29%, on the Nasdaq. The stock opened its trading at $7.49 after closing Monday’s trading at $6.91. The stock has traded between $2.11 and $18.72 in the past 52-week period.

Corbus Pharmaceuticals is a biopharmaceutical company that focuses on the development of immune modulators for immuno-oncology and fibrosis diseases.

First Majestic Silver Falls After Suspending Mining Activity At Jerritt Canyon

First Majestic Silver Corp. (AG) shares are sliding more than 21 percent on Tuesday morning trade after the company temporarily suspended mining activities and reduced the workforce at Jerritt Canyon to reduce overall costs.

Jerritt Canyon represented around 21 percent of the company’s revenue last year. First Majestic Silver said since the acquisition of Jerritt Canyon in 2021, it has been focused on increasing underground mining rates.

Currently, shares are at $5.64, down 24.13 percent from the previous close of $7.44 on a volume of 11,153,079.

Knight-Swift To Acquire U.S. Xpress Enterprises For Enterprise Value Of $808 Mln

Knight-Swift Transportation Holdings Inc. (KNX) Tuesday announced that it will acquire U.S. Xpress Enterprises, Inc. (USX) for a total enterprise value of about $808 million, including debt, leases, etc.

As per the agreement, the U.S. Xpress stockholders will receive $6.15 per share in cash for each outstanding share of Class A and Class B common stock. The U.S. Xpress stockholders will receive 310 percent premium over U.S. Xpress’ closing stock price on Monday.

The transaction is expected to be accretive to Knight-Swift’s adjusted earnings per share starting in 2024 and is expected to increase Knight-Swift’s revenue base by nearly 30 percent. The deal might be closed by late second quarter or early third quarter 2023.

U.S. Xpress CEO, Eric Fuller said U.S. Xpress will continue to operate as an independent brand.

While revealing the agreement, Knight-Swift said the transaction has been unanimously approved by both the Board.

Max Fuller, Executive Chairman of U.S. Xpress, and Eric Fuller and related entities will roll over a portion of their shares of U.S. Xpress into an approximately 10 percent interest in a new Knight-Swift subsidiary formed to hold the U.S. Xpress business post-closing.

On Holding Spikes On Narrower Q4 Loss Supported By Surge In Revenue

On Holding AG (ONON) shares are surging more than 23 percent on Tuesday morning trade after the company reported a narrower net loss for the fourth quarter earnings, on 91.9 percent increase in revenue.

The company reported net loss of CHF 26.4 million or CHF 0.08 per share, narrower than net loss of CHF 187.0 million or CHF 0.60 per share last year.

Revenue for the quarter surged to CHF 366.8 million from CHF 191.1 million in the prior year.

Currently, shares are at $27.38, up 26.94 percent from the previous close of $21.57 on a volume of 8,565,303.

Bank Of Hawaii Continues To Gain

Bank of Hawaii Corp. (BOH) shares are gaining more than 5 percent on Tuesday morning trade, continuing an uptrend since March 15. There were no corporate announcements today to influence the stock movement.

Currently, shares are at $53.70, up 5.36 percent from the previous close of $50.97 on a volume of 270,249.

Aehr Test Systems Stock Gains 10% As It Gets Volume Production Order For WaferPak

Shares of Aehr Test Systems (AEHR) are gaining over 10% on Tuesday morning after the company announced it received volume production order for WaferPak full wafer Contactors from major silicon carbide semiconductor customer for test and burn-in of silicon carbide semiconductor wafers.

AEHR is currently trading at $35.38, up $3.37 or 10.52%, on the Nasdaq. The stock opened its trading at $32.36 after closing Monday’s trading at $32.01. The stock has traded between $6.71 and $37.57 in the past 52-week period.

Aehr Test Systems announced it has received an order from its second major silicon carbide semiconductor customer for production quantities of WaferPak full wafer Contactors to be used with previously ordered FOX-XP systems for test and burn-in of silicon carbide semiconductor wafers in their production facility.

Shipments of these WaferPaks will begin in Aehr’s current fiscal fourth quarter that began March 1, 2023.