Wednesday, 22 May 2024

Gap Up 13% On Narrower Q1 Loss

MediaAlpha Spikes On Share Purchase Offer From White Mountain Group

MediaAlpha, Inc. (MAX) shares are surging more than 29 percent on Friday morning trade after the company received a cash tender offer from White Mountain Insurance Group (WTM) together with WM Hinson (Bermuda) Ltd. for the purchase of up to 5 million shares at a price of $10 per share.

The Offer is scheduled to expire at one minute following 11:59 p.m., New York City time, on Monday, June 26, 2023.

Currently, MAX is trading at $9.85, up 29.60 percent from the previous close of $7.60 on a volume of 446,033.

Ron DeSantis To Launch Presidential Bid With Elon Musk

Florida Governor Ron DeSantis will launch his 2024 Presidential primary campaign in an online conversation with Twitter CEO Elon Musk on Wednesday.

Musk is scheduled to host a virtual conversation with DeSantis at 6 PM ET on Twitter’s audio platform, Twitter Spaces, where the 44 year-old Republican politician will announce his presidential bid.

“I will be interviewing Ron DeSantis, and he has quite an announcement to make. And it will be the first time that something like this is happening on social media and with real-time questions and answers, unscripted,” CNN quoted Musk as saying.

He added that he doesn’t intend to endorse a candidate for the time being. The event will be moderated by tech entrepreneur and Musk ally David Sacks.

The DeSantis campaign is expected to release an official launch video later in the day.

DeSantis is seen as a tough contender to challenge former President Donald Trump, who has already entered the fray for the GOP nomination.

But in national opinion polls of likely GOP primary presidential aspirants held earlier this month, Trump leads by more than 30 points over DeSantis.

Republican primaries will begin in February next year to determine the party’s candidate to fight Democrat President Joe Biden in the November 2024 election.

Opinion | My Fantasy Bookshelf

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By Ross Douthat

Opinion Columnist

Tilray Brands Falls After Announcing Pricing For $150 Mln Senior Notes

Tilray Brands, Inc. (TLRY) shares are sliding more than 20 percent on Friday morning trade after the company announced the pricing of a registered offering of $150 million of Unsecured Convertible Senior Notes.

The offering is expected to close on May 31, 2023. Tilray also granted a 30-day option to the underwriters of the Notes offering to purchase up to an additional $22.5 million aggregate principal amount of Notes.

Currently, shares are at $1.87, down 20.76 percent from the previous close of $2.36 on a volume of 32,469,007.

For a Chile Con Queso Like No Other, Head to Southern New Mexico

At Chope’s Town Bar & Cafe, one family has closely guarded a recipe that makes the most of the region’s beloved chiles.

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By Maggie Hennessy

Tilray Brands Stock Down 21% On After Pricing Senior Notes Offering

Shares of cannabis producer Tilray Brands, Inc. (TLRY) were down 21% on Friday after it priced its offering of $150 million of unsecured convertible senior notes due 2027.

TLRY is currently trading at $1.85, down 21.6% or $0.50 per share, on the Nasdaq. It has traded between $1.82 and $5.12 in the past 52-week period.

The company stated that a portion of the proceeds will be used to refinance existing debt.

Palantir Techn Stock Up 6% On New Deal With Ukraine

Shares of software company and cloud solutions provider, Palantir Technologies Inc. (PLTR) were up 6% on Friday as the tech company revealed a partnership with the Ministry of Digital Transformation of Ukraine to support the defense and reconstruction of the country.

PLTR is currently trading at $13.66, up 6.43% or $0.82 per share, on the Nasdaq. It has traded between $5.92 and $14.19 in the past 52-week period.

The deal will help Ukraine across a range of areas like enhancing the digital capabilities for electronic public services, assessing damage to buildings and infrastructure, and harnessing software to optimize reconstruction.

It will be promoting the implementation of projects with the support of the Armed Forces of Ukraine.

Gap Up 13% On Narrower Q1 Loss

Shares of Gap, Inc. (GPS) are gaining 13% on Friday after the company announced narrower loss for the first quarter, when compared to last year.

Gap is currently trading at $8.41, up 13.34 percent or $0.99, in its regular trading session. The stock opened its trading at $8.15 after closing Thursday’s trading at $7.42. The stock has traded between $7.22 and $15.49 in the past 52-week period.

Gap reported a loss of $18 million, or $0.05 per share for the first quarter, compared to a wider loss of $162 million, or $0.44 per share in the comparable quarter last year.

However, excluding one-time items, it earned $3 million or $0.01 per share, that missed the average estimate of analysts polled by Thomson Reuters of $0.16 per share.

Revenue in the quarter was $3.28 billion, down 6%, compared to $3.5 billion last year.

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