XPO Logistics Sells Intermodal Business For About $710 Mln, Ahead Of A Planned Spin-off

XPO Logistics, Inc. (XPO), a provider of freight transportation services, on Friday announced the divestment of its North American intermodal business to STG Logistics, Inc. for approximately $710 million in cash.

The move is a key step in preparing for XPO’s planned spin-off later this year into two publicly traded companies in less-than-truckload transportation and tech-enabled brokered transportation services.

The intermodal unit, reported as part of XPO’s Brokerage and Other Services segment, had generated $1.2 billion of revenue in 2021. XPO would be updating its guidance to reflect the divestiture also, along with the reporting of first quarter results of 2022.

Raymond James & Associates, Inc. served as financial advisor to XPO for the transaction, and Wachtell, Lipton, Rosen & Katz served as legal advisor.

Shares of XPO Logistics, Inc. (XPO) are currently trading in pre-market at $76.00, down $0.16 or 0.21 percent from previous close.

In ‘How We Roll,’ Pete Holmes Looks to Bowl Over Mainstream America

After years in stand-up and on premium cable, the wholesome and deeply spiritual comedian has a feel-good sitcom on CBS. All is right with the universe.

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By Stuart Miller

RADA Electronic Gains 13% On FY21 Results

Shares of RADA Electronic Industries Ltd. (RADA) are gaining over 13% on Friday morning after the company reported an increase in profit for the full year 2021.

RADA is currently trading at $16.17, up $1.88 or 13.13%, on the Nasdaq.

Revenues for the full year 2021 rose to $117.2 million from $76.2 million last year.

Full-year 2021 net income rose to $25.1 million or $0.50 per share from $5.6 million or $0.13 per share last year.

Höegh LNG Partners Gains 14%

Höegh LNG Partners LP (HMLP) shares are up more than 14 percent on Friday morning trade after the U.S. signed a deal with European Union to send more LNG to the region. The shares have been on an uptrend for the last several days.

Currently, the Bermuda-based energy company’s shares are at $6.28, up 14.60 percent from the previous close of $5.48 on a volume of 400,093. The shares have traded in a range of $3.77-$18.17 on average volume of 122,704.

European Economics Preview: Germany PPI Data Due

Producer prices data from Germany is due on Monday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany’s producer prices for February. Producer price inflation is forecast to rise to 26.2 percent year-on-year from 25.0 percent in January.

At 3.30 am ET, European Central Bank President Christine Lagarde is set to speak at event of Institut Montaigne.

At 5.00 am ET, retail sales data is due from Poland. Economists expect retail sales to climb 16.7 percent on a yearly basis in February after rising 20.0 percent in January.

Huntsman Down 10% After Starboard Issues Open Letter To Shareholders

Huntsman Corp. (HUN) shares are sliding more than 10 percent on Friday morning trade after shareholders voted to elect all 10 of its director nominees, while Starboard Value LP, one of the largest shareholders of Huntsman, delivered an open letter to Starboard shareholders. The letter says the company is disappointed by the results of the election and the shareholders expect the Huntsman board to fulfill its promises.

Currently, shares are at $36.04, down 10.92 percent from the previous close of $40.46 on a volume of 3,352,680. For the 52-week period, the shares have traded in a range of $24.10-$41.65 on average volume of 2,489,883.

Four Best Picture Contenders Are Remakes. Does That Matter to Oscar Voters?

Academy history offers clues about how “Nightmare Alley,” “West Side Story,” “CODA” and “Dune” might fare on Sunday.

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By Ben Zauzmer

Canopy Growth Rally Continues

Canopy Growth Corp. (CGC) shares are trading more than 6 percent higher on Friday morning, continuing a positive trend since March 7. Today, the market is generally higher in the morning. There were no corporate announcements on the day to influence the stock movement.

We can say that. However, since we are trying to reason it out for today, if the stock is trading in tandem with the market, I feel we should add that as the reason and then say on the corporate side, there have been no news

Currently, shares are at $8.39, up 6.20 percent from the previous close of $7.90 on average volume of 9,289,254. For the 52-week period, the shares have traded in a range of $5.62-$33.27 on average volume of 7,045,782.

Morphic Therapeutic Reports Initiation Of Phase 2a Trial Of MORF-057

Morphic Therapeutic (MORF) announced the initiation of MORF-057-201, the EMERALD-1 study. EMERALD-1 is a phase 2a trial of MORF-057 in patients with moderate to severe ulcerative colitis. Phase 2b EMERALD-2 clinical trial of MORF-057 is expected to begin mid-year 2022.

Praveen Tipirneni, President and CEO of Morphic Therapeutic, said: “Each of the preclinical and clinical studies of MORF-057 to date have strongly supported the potential for MORF-057 to replicate the actions of vedolizumab, an IV-infused biologic inhibitor of a4ß7. MORF-057 is designed to provide an even broader group of patients with access to this proven therapeutic mechanism in pill form.”