Sunday, 3 Mar 2024

GameStop Stock Rally Continues, Stock Up 10%

Lemonade Continues To Climb

Lemonade, Inc. (LMND) shares are gaining more than 7 percent on Wednesday morning trade, continuing a bullish trend. The stock has been aiming to reach new highs. There have been no corporate announcements today to influence the stock movement.

Currently, shares are at $19.02, up 7.95 percent from the previous close of $17.62 on a volume of 1,079,297.

LCNB Corp. To Acquire Eagle Financial Bancorp

LCNB Corp. (LCNB), a financial holding company, announced on Wednesday that it has signed a definitive merger agreement with Eagle Financial Bancorp, Inc. (EFBI) the holding company for, where it will acquire the common shares of EFBI in a stock and cash transaction.

With this transaction LCNB is expecting to increase its presence in the Cincinnati market.

As per the terms of the merger, EFBI shareholders will have the opportunity to select to receive either 1.1401 shares of LCNB stock or $19.10 per share in cash for each share of EFBI common stock held.

Based on LCNB’s closing share price of $14.65 as of November 28, and assuming 60 percent of the EFBI shares select stock, the transaction is valued at $23.1 million and has a blended value of $17.73 for each EFBI share.

LCNB is expecting the transaction to be modestly accretive in 2024 and to add value of around 11.5 percent in 2025 and around 11.1 percent in 2026 to the diluted earnings per share.

After the merger, Patricia Walter, president of EFBI and will join LCNB as an Executive Vice President.

In pre-market activity, LCNB shares are trading at $15, up 2.39% on the Nasdaq and on Tuesday, EFBI shares closed at $15.15.

Construction Partners Expects 2024 Net Income, Revenue To Rise – Update

Construction Partners, Inc. (ROAD), a civil infrastructure provider, announced in its full-year 2023 earnings report on Wednesday that it expects an increase in net profit and revenue for the full-year 2024.

For the 12-month period to September 30, 2024, the company expects to report a net income of $63 million to $70 million.

For the full-year 2023, the firm has recorded a net profit of $49.001 million.

Construction Partners projects its full-year 2024 revenue to be in the range of $1.750 billion to $1.825 billion.

On average, seven analysts polled by Thomson Reuters expect the company to generate a revenue of $1.77 billion, for the year.

For the full-year 2023, the company has posted a revenue of $1.563 billion.

European Economic News Preview: Eurozone Economic Sentiment Data Due

Economic confidence from the euro area and flash inflation from Germany are due on Wednesday, headlining a busy day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany’s import price data for October.

At 3.00 am ET, Spain’s INE releases flash consumer prices and retail sales data for November. Consumer price inflation is seen rising to 3.7 percent from 3.5 percent in October.

At 4.00 am ET, Italy’s ISTAT publishes consumer and business sentiment survey data. The consumer sentiment index is expected to rise to 102.0 in November from 101.6 in October.

Half an hour later, the Bank of England is set to release mortgage approvals for October. The number of mortgage approvals is forecast to rise to 44,300 from 43,330 in the previous month.

At 5.00 am ET, the European Commission publishes euro area economic sentiment survey results. Economists forecast the economic sentiment index to rise to 93.8 in November from 93.3 in the previous month.

At 8.00 am ET, Destatis is scheduled to issue Germany’s flash consumer and harmonized prices for November. Consumer price inflation is expected to slow to 3.5 percent from 3.8 percent in October.

AbbVie Announces Topline Results From Phase 2 LUMINOSITY Trial Of Telisotuzumab-Vedotin

Biopharmaceutical company AbbVie, Inc. (ABBV) announced Wednesday topline results from the single-arm Phase 2 LUMINOSITY trial evaluating telisotuzumab-vedotin (Teliso-V) in patients with c-Met protein overexpression, epidermal growth factor receptor (EGFR) wild type, advanced/metastatic nonsquamous non-small cell lung cancer (NSCLC). The trial demonstrated compelling clinical benefits across key endpoints.

The results demonstrated a compelling overall response rate per independent central review (ICR) of 35 percent and 23 percent across c-Met High and c-Met Intermediate patients respectively.

In addition, other endpoints demonstrated meaningful clinical outcomes including median duration of response per ICR of 9 months and 7.2 months and a median overall survival of 14.6 months and 14.2 months across c-Met High and c-Met Intermediate patients respectively.

The safety profile of Teliso-V was consistent with previous findings and no new safety concerns were identified.

Teliso-V is being evaluated as a monotherapy in patients with previously treated c-Met overexpressing EGFR wild type nonsquamous NSCLC in the randomized Phase 3 study TeliMET NSCLC-01, which is currently enrolling.

GameStop Stock Rally Continues, Stock Up 10%

Shares of GameStop Corp. (GME) jumped nearly 10% on Wednesday morning after the iconic meme stock continued to gain for the second day in a row.

GME is trading at $14.79, up $1.30 or 9.64%, on the NYSE. The stock opened its trading at $11.90 after closing Tuesday at $13.49. The stock has traded between $11.83 and $27.87 in the past 52-week period.

GameStop shares rose 13% on Tuesday and are up another 10% on Wednesday.

Retail investors have turned back to GameStop, which kicked off the meme-stock trend in early 2021, betting on the company’s earnings results, which will be released on December 6. Analysts currently expect GameStop to report a loss per share of $0.08 and revenues of $1.18 billion.

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