European Economic News Preview: Italy Final Inflation Data Due

Final consumer price data from Italy is the major economic report due on Thursday, headlining a light day for the European economic news.

At 2.00 am ET, Statistics Norway publishes consumer and producer price data for July. Inflation is expected to slow to 5.7 percent in July from 6.4 percent in June.

In the meantime, industrial production, new orders and household consumption figures are due from Sweden. Economists expect orders to grow 1.5 percent annually after rising 14.9 percent in May.

At 3.00 am ET, the Czech Statistical Office is set to issue consumer prices for July. Inflation is forecast to slow to 8.8 percent from 9.7 percent in June.

At 4.00 am ET, Italy’s statistical office ISTAT is scheduled to publish consumer price data for July. Final inflation is seen at 6.0 percent in July, unchanged from the flash estimate, and down from 6.4 percent in June.

At 5.00 am ET, industrial production data is due from Greece.

DLocal Stock Surges 43% On Reports Of Exploring A Potential Sale

Shares of DLocal Limited (DLO) are surging over 43% on Wednesday morning on reports that the South American payments platform is exploring a potential sale. The company also reported its second-quarter results, with earnings beating Street view.

DLO is currently trading at $22.24, up $6.74 or 43.48%, on a volume of 13 million shares, above average volume of 1.9 million, on the Nasdaq. The stock opened its trading at $13.42 after closing Tuesday’s trading at $15.50. The stock has traded between $9.03 and $30.50 in the past 52-week period.

According to Bloomberg, citing people familiar with the matter, the Uruguay-based company is working with a financial adviser and has talked to potential buyers as it explores its options.

Further, the company reported second-quarter revenues of $161.1 million, up 59% year-over-year compared to $101.2 million last year.

Profit for the second quarter was $44.8 million or $0.15 per share, up 46% compared to a profit of $30.7 million or $0.10 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.13 per share for the quarter.

Progressive Climbs 8% On Higher Net Premiums In July

Progressive Corp. (PGR) shares are gaining more than 8 percent on Wednesday morning trade after the company reported 20 percent increase in net premiums earned for July to $5.65 million compared to $4.69 million a year ago. Net premiums written for July 2023 increased 21 percent compared to the same period last year.

Currently, shares are at $135.60, up $135.47, up 8.33 percent from the previous close of $125.05 on a volume of 1,800,646.

Tower Semiconductor Slips 8% After Intel Terminates Merger Deal Due To Regulatory Approval Issues

Shares of Tower Semiconductor Ltd. (TSEM) are slipping over 8% on Wednesday morning after chip giant Intel Corp. (INTC) terminated its deal to acquire the Israeli chipmaker due to the inability to obtain regulatory approvals in a timely manner.

TSEM is currently trading at $30.89, down $2.89 or 8.57%, on a volume of 6.7 million shares, above average volume of 1 million, on the Nasdaq. The stock opened its trading at $29.97 after closing Tuesday’s trading at $33.78. The stock has traded between $29.86 and $47.62 in the past 52-week period.

According to the merger agreement dated February 15, 2022, Intel will pay a termination fee of $353 million to Tower.

Intel would drop the deal once its contract expired without regulatory approval from China.

Arhaus Stock Slips 12%

Shares of Arhaus, Inc. (ARHS) are slipping over 12% on Wednesday morning after the company announced that certain selling stockholders affiliated with Freeman Spogli & Co. have commenced a secondary offering of 12 million shares of class A common stock.

Meanwhile, analysts at Telsey Advisory Group reaffirmed its “outperform” rating for Arhaus. They now have a $15.00 price target on the stock.

ARHS is currently trading at $10.65, down $1.56 or 12.82%, on the Nasdaq. The stock opened its trading at $10.57 after closing Tuesday’s trading at $12.21. The stock has traded between $6.75 and $15.27 in the past 52-week period.

Increased traffic expected starting Monday with CU Boulder move-in

People driving in or around Boulder should expect increased traffic beginning Monday through the end of next week due to student move-in at the University of Colorado Boulder.

The move-in process is spread out over several days to lessen the traffic impact in and around Boulder. However, U.S. 36, Baseline Road, Broadway and Arapahoe Avenue in the areas around campus often have more congestion during the move-in process.

Big box stores and grocery stores near campus may also be busier than usual as students pick up any move-in essentials.

Classes for the fall semester at CU Boulder begin on Aug. 28.

Novo Gains On Providing Certain Updates

Shares of Novo Integrated Sciences, Inc. (NVOS) are gaining over 87% on Wednesday after the company provided updates on certain actions and events which were previously announced on Tuesday.

NVOS is trading on the Nasdaq at $0.21, up 86.44% or $0.10 per share. It has traded between $0.06 and $1.81 in the past 52-week period.

The company provided an update on the share purchase agreement with SwagCheck, Inc. pursuant to which it agreed to purchase 100% of SWAG’s outstanding shares. Novo stated that although the SWAG Agreement has not yet closed, the companies are working together to close the transaction.

It also expects to receive approximately $57 million RC Notes as previously disclosed, with a maturity date of April 26, 2038. Furthermore, its board is considering a potential share repurchase initiative.

The company said that the GIMEG project, involving a $40 million investment commitment from Sheikh Khaled bin Mohammad bin Fahad Al Thanayan, is still in the early stages of development and implementation. This is expected to facilitate project-specific joint ventures for creating elder care and senior living community facilities in Canada.