Medifast Down 9% After Signing Partnership With LifeMD For Weight Mgmt Solution

Medifast, Inc. (MED) shares are sliding more than 9 percent on Wednesday morning trade after the company agreed to partner with LifeMD for weight management solutions. As per the agreement, LifeMD will offer its patients an independent OPTAVIA Coach and other lifestyle support services.

Further, Medifast has invested $20 million into LifeMD.

Currently, MED shares are down 9.28 percent at $68.41, from its previous close of $75.41 on a volume of 133,088.

Codorus Valley Up 9% On Merger With Orrstown

Shares of Codorus Valley Bancorp, Inc. (CVLY) rose by 9% on Wednesday after the company agreed to merge with Orrstown Financial Services, Inc. in an all-stock transaction estimated to be worth $207 million.

CVLY is trading on the Nasdaq at $22.50, up 9.57% or $1.97 per share. It has traded between $16.00 and $25.95 in the past 52-week period.

The terms of the agreement state that each outstanding share of Codorus Valley common stock will be exchanged for the right to receive 0.875 shares of Orrstown common stock.

Upon completion of the transaction, Orrstown will own approximately 56% of the outstanding shares of the combined company, while Codorus Valley shareholders will own approximately 44%.

The combined company will trade on the Nasdaq Global Select Market under the ticker symbol “ORRF” and operate under the name “Orrstown Financial Services, Inc.”

The combined bank will operate under the name “Orrstown Bank” and have 51 branches with assets worth approximately $5.2 billion and a market capitalization of approximately $460 million.

The transaction is expected to close in the third quarter of 2024.

JBG SMITH Shares Rise On Plans To Build Entertainment District

Shares of JBG SMITH Properties (JBGS) are up 6% on Wednesday after the company announced that, it is partnering with Monumental Sports & Entertainment (MSE), the Commonwealth of Virginia, and the City of Alexandria to build a mixed-use Entertainment District.

JBGS is trading on the Nasdaq at $16.51, up 6.27% or $0.97 per share. It has traded between $12.63 and $20.91 in the past 52-week period.

The Entertainment District will be situated in the Potomac Yard section of National Landing and will cover approximately 9 million square feet.

Matt Kelly, CEO of JBG SMITH said, “The arrival of this powerful entertainment and technology anchor to National Landing is a dramatic game changer that will enhance resident, employer, and visitor quality of life in the neighborhood for decades to come.”

Along with the arena, the development plans include a global corporate headquarters for Monumental Sports & Entertainment, a Monumental Sports Network media studio, the Wizards practice facility, a performing arts venue, and an expanded esports facility.

European Economic News Preview: Germany Industrial Output Data Due

Industrial production from Germany and house prices from the UK are the top economic news due on Thursday.

At 2.00 am ET, Destatis is scheduled to issue Germany’s industrial production data for October. Output is expected to grow 0.2 percent on month, in contrast to the 1.4 percent fall in September.

In the meantime, UK Halifax house price data is due. Economists expect house prices to rise 0.3 percent on a monthly basis, following a 1.1 percent gain in October.

At 2.45 am ET, foreign trade and current account figures are due from France. The trade deficit is forecast to narrow to EUR 8.5 billion in October from EUR 8.9 billion in September.

At 3.00 am ET, the Czech industrial production and foreign trade figures are due. Economists forecast output to decline 0.2 percent annually after a 5.0 percent fall in September.

At 5.00 am ET, Eurostat publishes euro area GDP data for the third quarter. The previous estimate showed that gross domestic product shrunk 0.1 percent sequentially after the 0.2 percent expansion.

In the meantime, retail sales data is due from Italy. Sales are forecast to rise 0.1 percent on month in October, in contrast to the 0.3 percent decrease in September.

Adobe Inc. Q4 Profit Increases, beats estimates

Adobe Inc. (ADBE) released earnings for its fourth quarter that increased from last year and beat the Street estimates.

The company’s bottom line came in at $1.48 billion, or $3.23 per share. This compares with $1.18 billion, or $2.53 per share, in last year’s fourth quarter.

Excluding items, Adobe Inc. reported adjusted earnings of $1.96 billion or $4.27 per share for the period.

Analysts on average had expected the company to earn $4.14 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 11.5% to $5.05 billion from $4.53 billion last year.

Adobe Inc. earnings at a glance (GAAP) :

-Earnings (Q4): $1.48 Bln. vs. $1.18 Bln. last year.
-EPS (Q4): $3.23 vs. $2.53 last year.
-Analyst Estimate: $4.14
-Revenue (Q4): $5.05 Bln vs. $4.53 Bln last year.

-Guidance:
Next quarter EPS guidance: $4.35 – $4.40
Next quarter revenue guidance: $5.10 – $5.15 Bln

Bunzl Plc On Track To Deliver Moderate Adjusted Operating Profit Growth In FY23

Bunzl plc (BZLFY.PK,BNZL.L) said it expects to deliver another set of good annual results, with adjusted operating profit expected to be slightly ahead of prior guidance. Group revenue in 2023 is projected to be broadly in line with 2022, at constant exchange rates and excluding the impact of the disposal of UK healthcare business. Within this, revenue growth from acquisitions is expected to be offset by the expected underlying revenue decline, reflective of lower Covid-19 related sales, the Group noted. Inclusive of the disposal of UK healthcare business, total Group revenue in 2023 is projected to be 1 to 2% lower than in 2022, at constant exchange rates, and with currency over the year expected to have minimal impact. Bunzl plc expects Group adjusted operating profit to deliver moderate growth, with operating margin expected to be slightly ahead of the previous record level.

The Group expects some revenue growth in 2024, at constant exchange rates, driven by announced acquisitions and slightly positive organic growth. Group operating margin is anticipated to be broadly in-line with 2023, and to remain substantially higher compared to pre-pandemic levels.

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