FuelCell Energy Inc. Q4 Loss increases, misses estimates

FuelCell Energy Inc. (FCEL) reported Loss for its fourth quarter that increased from the same period last year and missed the Street estimates.

The company’s earnings came in at -$43.267 million, or -$0.11 per share. This compares with -$24.981 million, or -$0.07 per share, in last year’s fourth quarter.

Analysts on average had expected the company to earn -$0.07 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 181.3% to $39.201 million from $13.935 million last year.

FuelCell Energy Inc. earnings at a glance (GAAP) :

-Earnings (Q4): -$43.267 Mln. vs. -$24.981 Mln. last year.
-EPS (Q4): -$0.11 vs. -$0.07 last year.
-Analyst Estimate: -$0.07
-Revenue (Q4): $39.201 Mln vs. $13.935 Mln last year.

Ritchie Bros., IAA Receive Regulatory Clearance With Respect To Pending Acquisition

Ritchie Bros. Auctioneers Incorporated (RBA, RBA.TO) and IAA, Inc. (IAA) have received all necessary regulatory clearance required pursuant to the Agreement and Plan of Merger and Reorganization between the parties. The deal is expected to close in the first half of 2023, subject to approval by Ritchie Bros. shareholders, adoption of the merger agreement by IAA stockholders, and other customary closing conditions.

On Tuesday, the companies announced expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and receipt of a no-action letter from the Canadian Commissioner of Competition with respect to the acquisition.

Pre-market Movers: ICCM, VRNA, MNPR, MRDB, HOV…

The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 07.00 A.M. ET).

In the Green

IceCure Medical Ltd (ICCM) is up over 179% at $2.62
Verona Pharma plc (VRNA) is up over 25% at $16.95
Monopar Therapeutics Inc. (MNPR) is up over 25% at $3.10
Adamas One Corp. (JEWL) is up over 16% at $4.24
Mitsubishi UFJ Financial Group, Inc. (MUFG) is up over 14% at $6.34
Sumitomo Mitsui Financial Group, Inc. (SMFG) is up over 12% at $7.74
Celestica Inc. (CLS) is up over 6% at $11.50
Coeur Mining, Inc. (CDE) is up over 6% at $3.34
Fortuna Silver Mines Inc. (FSM) is up over 5% at $3.82

In the Red

MariaDB PLC (MRDB) is down over 19% at $5.42
Hovnanian Enterprises, Inc. (HOV) is down over 15% at $38.79
NantHealth, Inc. (NH) is down over 15% at $3.54
Caravelle International Group Ordinary Shares (CACO) is down over 12% at $4.20
Terns Pharmaceuticals, Inc. (TERN) is down over 10% at $8.00
BlueLinx Holdings Inc. (BXC) is down over 8% at $63.00
Cryo-Cell International, Inc. (CCEL) is down over 6% at $4.08
Gaotu Techedu Inc. (GOTU) is down over 6% at $3.04
Ra Medical Systems, Inc. (RMED) is down over 5% at $5.03
Kineta Inc (KA) is down over 5% at $4.71

U.S. Housing Market Index Unexpectedly Drops For 12th Straight Month In December

Homebuilder confidence in the U.S. has unexpectedly seen a continued deterioration in the month of December, according to a report released by the National Association of Home Builders on Monday.

The report showed the NAHB/Wells Fargo Housing Market Index fell to 31 in December from 33 in November. The decreased surprised economists, who had expected the index to rise to 36.

The housing market index declined for the twelfth straight month, falling to its lowest reading since mid-2012, with the exception of the onset of the pandemic in the spring of 2020.

“The silver lining in this HMI report is that it is the smallest drop in the index in the past six months, indicating that we are possibly nearing the bottom of the cycle for builder sentiment,” said NAHB Chief Economist Robert Dietz.

He added, “Mortgage rates are down from above 7% in recent weeks to about 6.3% today, and for the first time since April, builders registered an increase in future sales expectations.”

The NAHB said the index gauging current sales conditions dropped to 36 in December from 39 in November, while traffic of prospective buyers index held steady at 20.

Meanwhile, the report showed the component charting sales expectations in the next six months climbed to 35 in December from 31 in November.

The Commerce Department is scheduled to release a separate report on new residential construction in the month of November on Tuesday.

Embecta Slips To Loss In Q4

Diabetes management company Embecta Corp. (EMBC), which listed on the NASDAQ on Apr.1, 2022 after spinning-off from medical technology company Becton, Dickinson and Co. (BDX), announced Tuesday a net loss of $17.2 million or $0.30 per share, compared to net income of $97.1 million or $1.70 per share in the prior-year quarter.

Revenues for the quarter decreased 8.7 percent to $274.6 million from $300.8 million in the same quarter last year. It was also down 4.2 percent on a constant currency basis.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.66 per share on revenues of $261.01 million for the quarter. Analysts’ estimates typically exclude special items.

Looking ahead to fiscal 2023, the company now projects adjusted earnings in a range of $1.75 to $2.00 per share on revenues between $1.050 billion and $1.073 billion. The Street is looking for earnings of $3.11 per share on revenues of 1.11 billion for the year.

The Company’s Board of Directors also declared a quarterly cash dividend of $0.15 for each issued and outstanding share of the Company’s common stock, payable on January 11, 2023 to stockholders of record at the close of business on December 30, 2022.