Saturday, 20 Apr 2024

Avantax To Be Acquired By Cetera Holdings For Around $1.2 Bln; Stock Up In Pre-market

PHOTOS: Denver Broncos fall to the Las Vegas Raiders in NFL Week 1, 17-16

The Denver Broncos lost their season home opener to their division rivals, the Las Vegas Raiders, Sunday, Sept. 10, 2023.

Click here to for the full rundown of how it happened.

Man arrested in Boulder, accused of burglary spree amid game day celebrations

Police in Boulder arrested a man who allegedly went on a burglary spree in the University Hill neighborhood amid game day celebrations.

A Kansas man, 50-year-old Patrick Sean Gillespie, was arrested Saturday on several charges, including five counts of burglary and theft.

Gillespie was taken into custody following a report that the suspect attempted to break into an occupied home on 10th Street around 9 a.m.

Read the full story at

Gold Edges Up On Dollar Weakness

Gold ticked higher on Monday and the dollar weakened on improved risk aversion after the latest inflation data from China stoked optimism about easing deflationary pressures in the world’s second-largest economy.

The dollar is also weakening after comments from Bank of Japan (BOJ) Governor Kazuo Ueda stoked hopes that Japan could soon herald a new era away from negative rates.

Spot gold edged up 0.4 percent to $1,926.49 per ounce, while U.S. gold futures were up 0.4 percent at $1,949.95.

China’s consumer prices returned to positive territory in August while factory-gate price declines slowed, data showed over the weekend.

China is due to unveil data on industrial output, retail sales and house sale prices this week.

This week will also see the release of key U.S. reports on consumer and producer inflation as well as data on retail sales, industrial production and consumer sentiment.

CME Group’s FedWatch Tool currently indicates a 93.0 percent chance the Federal Reserve will leave interest rates later this month but a 43.4 percent chance of another rate hike in November.

European Economic News Preview: Eurozone Final Composite PMI Data Due

Final Purchasing Managers’ survey results from the euro area and the UK are the top economic news due on Tuesday.

At 3.15 am ET, S&P Global publishes Spain’s services PMI data. The corresponding index is seen falling to 51.5 in August from 52.8 in July.

At 3.45 am ET, PMI data is due from Italy. The services PMI is forecast to drop to 50.2 in August from 51.5 in the previous month.

At 3.50 am ET, final composite PMI data is due from France. The final reading is seen at 46.6 in August, unchanged from the flash estimate.

At 3.55 am ET, S&P Global releases final PMI results for Germany. Economists expect the final composite index to match the flash score of 44.7 in August, down from 48.5 in July.

At 4.00 am ET, final composite PMI data is due from Eurozone. The flash estimate showed that the composite indicator slid to a 33-month low of 47.0 in August from 48.6 in July.

Half an hour later, the UK S&P/CIPS final composite PMI data is due. The services PMI is expected to decline to 48.7 in August, as initially estimated, from 51.5 in July.

Takeda Reports Positive Topline Results Of Phase 2b Study Of TAK-279 For Active Psoriatic Arthritis

Takeda Pharmaceutical Co. Ltd. (TAK,TKPHF.PK) announced Monday positive topline results from its randomized, double-blind, placebo-controlled, multiple-dose Phase 2b trial evaluating TAK-279, an investigational oral allosteric tyrosine kinase 2 (TYK2) inhibitor with next generation selectivity, in people with active psoriatic arthritis.

The study met its primary endpoint with a greater proportion of patients treated once-daily with TAK-279 achieving at least a 20 percent improvement in signs and symptoms of disease at week 12 compared to placebo, supporting its potential as a highly selective oral option for patients with psoriatic arthritis.

The safety and tolerability profile of TAK-279 in the Phase 2b trial was consistent with previous TAK-279 clinical trials. Analysis of the results are ongoing, and Takeda plans to present clinical results at an upcoming medical meeting.

Based on the Phase 2b results, Takeda intends to initiate a Phase 3 study of TAK-279 in psoriatic arthritis. Takeda will initiate a Phase 3 study of TAK-279 in plaque psoriasis in FY2023 and plans to evaluate TAK-279 in systemic lupus erythematosus, Crohn’s disease, ulcerative colitis and additional immune-mediated inflammatory diseases.

Oil Prices Ease On China Demand Concerns

Oil prices traded lower on Monday, after having reached 10-month highs last week as top producers Saudi Arabia and Russia announced that they will extend their supply cuts.

Benchmark Brent crude futures dropped 0.3 percent to $90.42 a barrel, while WTI crude futures were down half a percent at $87.06.

Concerns persisted over China’s economic recovery ahead of Chinese industrial output, retail sales and house sale price data due this week.

Data showed over the weekend that China’s consumer inflation returned to positive territory in August, while the factory-gate price decline moderated – helping ease concerns over deflationary pressures in the world’s second-largest economy.

Investors also looked ahead to the release of key U.S. inflation and other data this week that could have a significant impact on the outlook for interest rates.

Meanwhile, the International Energy Agency and the Organization of the Petroleum Exporting Countries are due to release their monthly reports this week, with market participants looking for comments on the outlook for fuel demand growth.

Avantax To Be Acquired By Cetera Holdings For Around $1.2 Bln; Stock Up In Pre-market

Avantax, Inc. (AVTA), a tax-focused wealth management company, announced on Monday that it has entered into a definitive agreement to be acquired by Aretec Group, Inc. dubbed as Cetera Holdings, the holding company of Cetera, a financial advisor for around $1.2 billion.

Under the agreement terms, Cetera Holdings will acquire the company in an all-cash transaction which includes Avantax’s net debt.

The transaction is expected to close by the end of the year.

Shareholders of Avantax common stock will receive $26.00 in cash per share. The purchase price represents a premium of around 30% to the closing price of shares of Avantax common stock on September 8, the last full trading day before the announcement of this acquisition.

Upon transaction close, Avantax will become a standalone business unit having 3,078 Avantax financial professionals, representing $83.8 billion in assets under administration and $42.6 billion in assets under management as of June 30, within the Cetera family.

With this acquisition, Cetera will retain Avantax’s legal entities, core technology, product offerings, and existing clearing and custody relationships.

In pre-market, shares of Avantax are trading at $25.44 up 27.32% on Nasdaq.

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