UK's Rishi Sunak To Visit White House On June 8

UK Prime Minister Rishi Sunak will pay an Official Working Visit to the White House on June 8.

Announcing this, White House Press Secretary Karine Jean-Pierre said Sunak’s visit is aimed at further deepening the close and historic partnership between the United States and the United Kingdom.

Building on their recent engagements, the two leaders will review a range of global issues, including their steadfast support for Ukraine as it defends itself against Russia’s brutal war of aggression, as well as further action to bolster energy security and address the climate crisis, Jean-Pierre said.

The President and the Prime Minister will discuss efforts to continue strengthening U.S.-U.K economic relationship as the two allied nations confront shared economic and national security challenges.

They will also review developments in Northern Ireland as part of their shared commitment to preserving the gains of the Belfast/Good Friday Agreement.

Pre-market Movers: CJET, MOND, YEXT, CD, NAMS…

The following are some of the stocks making big moves in Wednesday’s pre-market trading (as of 07.20 A.M. ET).

In the Green

Chijet Motor Company, Inc. (CJET) is up over 39% at $5.87.
Yext, Inc. (YEXT) is up over 18% at $11.36.
Chindata Group Holdings Limited (CD) is up over 15% at $7.26.
Novonix Limited (NVX) is up over 13% at $3.02.
The Lovesac Company (LOVE) is up over 9% at $26.90.
Forza X1, Inc. (FRZA) is up over 8% at $3.11.
agilon health, inc. (AGL) is up over 6% at $22.00.
TransCode Therapeutics, Inc. (RNAZ) is up over 6% at $3.43.

In the Red

Mondee Holdings, Inc. (MOND) is down over 20% at $10.16.
NewAmsterdam Pharma Company N.V. (NAMS) is down over 14% at $11.79.
Zai Lab Limited (ZLAB) is down over 10% at $29.95.
Hoth Therapeutics, Inc. (HOTH) is down over 9% at $3.02.
Brera Holdings PLC (BREA) is down over 5% at $2.24.

Farmer Brothers To Divest Direct Ship Business And Northlake, Texas Facility To TreeHouse Foods

Coffee roaster Farmer Brothers Co. (FARM) announced Wednesday it has entered into a definitive agreement to sell its direct ship business, including its Northlake, Texas facility to TreeHouse Foods, Inc. (THS) for approximately $100 million, subject to customary purchase price adjustments.

The company expects to use the proceeds from the sale to pay down outstanding debt associated with its asset-based lending (ABL) and retire its term loan.

The sale will increase Farmer Brothers’ balance sheet flexibility and allow it to focus on execution, improving margins and driving strategic growth in the direct store delivery (DSD) and key account sales channels.

The sale is subject to customary closing conditions and is currently expected to close within the next 60 days. It will include the transition of approximately 180 Farmer Brothers team members to TreeHouse Foods as TreeHouse Foods moves to begin operations at the Northlake, Texas facility.

At closing, Farmer Brothers will transition the entirety of its DSD production operations to its Portland, Oregon roasting and production facility and will continue existing relationships with third-party roasters for additional capacity.

The company’s corporate headquarters will remain in Northlake, Texas, where it will continue to lease office space at its current location.

Couchbase Slides 21%

Couchbase, Inc. (BASE) shares are declining more than 21 percent on Wednesday morning trade after the company announced first-quarter loss, wider than the prior year.

The quarterly loss was $21.88 million, compared to $19.83 million in the previous year. On an adjusted basis, loss was $12.28 million or $0.27 per share.

Currently, shares are at $17.49, down 21.32 percent from the previous close of $22.23 on a volume of 996,210.

Dave & Buster's Stock Jumps 26% On Q1 Results

Shares of Dave & Buster’s Entertainment, Inc. (PLAY) are gaining ove 26% on Wednesday morning after the company reported its first-quarter results, with earnings beating Street estimates.

PLAY is currently trading at $42.58, up $8.84 or 26.20%, on the Nasdaq. The stock opened its trading at $37.58 after closing Tuesday’s trading at $33.74. The stock has traded between $29.60 and $45.51 in the past 52-week period.

The company reported a net income of $70.1 million or $1.45 per share for the quarter, compared to the income of $67.0 million or $1.35 per share one year earlier. Analysts polled by Thomson Reuters had expected a mean average of $1.24 per share.

Revenue increased 32.4% to $597.3 million from $451.1 million the previous year.

Ionis Pharma Down 6%

Shares of Ionis Pharmaceuticals, Inc. (IONS) are down 6% on Wednesday morning trade on proposing a private placement offering of $500 million Convertible Senior Notes due 2028.

IONS is trading on the Nasdaq at $40.38, down 6.80% or $2.95 per share. It has traded between $32.69 and $48.82 in the past 52-week period.

Ionis also intends to grant the initial purchasers of the notes an option to purchase, up to an additional $75.0 million principal number of notes.

The company also expects to use a portion of the net proceeds from the offering to repurchase 0.125% Convertible Senior Notes due 2024.

Chindata Group Up 14% On Brian Capital's Offer

Shares of Chindata Group Holdings Limited (CD) rose up 14% on Wednesday after the announcement that the investor Bain Capital has offered to take the Chinese data center operator private in a deal valuing the company at $2.93 billion.

CD is trading on the Nasdaq at $7.16, up 14.01% or $0.88 per share. It has traded between $4.86 and $9.21 in the past 52-week period.

Bain Capital’s proposal values each ADS of Chindata at $8, representing a premium of more than 27% to its last closing price.

According to Bain Capital, the firm already owns a 42.2% stake in Chindata.