Sunday, 19 May 2024

Pre-market Movers: UHG, PALI, CSSE, GMVD, XYF…

Prince Harry accused of acting like a ‘rottweiler’ in court battle

Prince Harry arrives at the High Court in London

Prince Harry has been warned by a royal expert that his “rottweiler behaviour” in court is not going to help repair his relationship with the Royal Family. The prince made an unexpected trip to London this week for a High Court hearing against Associated Newspapers Limited, who have had a case brought against them by Harry and other celebrities for privacy breaches.

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Searchlight Funds To Partner With Providence Funds In Offer For Hyve Group Plc

Providence Equity Partners L.L.C. entered into an agreement with funds managed or advised by Searchlight Capital Partners UK LLP, pursuant to which the Searchlight Funds have agreed to partner with the Providence Funds by acquiring a 40% indirect equity interest in Heron UK Bidco, an entity formed by Providence Funds for the purposes of making an offer for Hyve Group plc (HYVE.L).

On 15 March 2023, the boards of Hyve and Heron UK Bidco announced, that they had agreed the terms of a recommended cash offer to be made by Bidco for the entire issued and to be issued share capital of Hyve at a price of 108 pence per Hyve share. The subscription agreement between Providence Funds and Searchlight Funds will follow the receipt of regulatory approval and completion of the acquisition. Providence Funds and the Searchlight Funds will jointly be treated as offerors. There is no change to the terms or conditions of the acquisition.

Distribution Solutions To Acquire His Co. For Up To $319 Mln

Specialty distribution company Distribution Solutions Group, Inc. (DSGR) announced Friday that it reached a definitive agreement to acquire HIS Co., Inc., a leading distributor of specialty products serving high growth industrial technology applications.

In connection with this transaction, DSG will combine the operations of TestEquity and His Co., creating one of the largest suppliers serving the electronics design, production, and repair industries.

His Co., an employee-owned company, operates in 38 locations across North America, including its Precision Converting facilities that provide value-added fabrication and its Adhesive Materials Group that provides an array of custom repackaging solutions.

In connection with the transaction, DSG has agreed to pay $269.1 million at closing, with a potential additional earn-out payment of up to $12.6 million, subject to Hisco achieving certain performance targets.

DSG will also pay $37.5 million in cash or DSG common stock in retention bonuses to certain Hisco employees that remain employed with Hisco or its affiliates for twelve or more months after the closing of the transaction.

DSG anticipates funding the transaction using a combination of its expanded committed credit facility and approximately $100 million of equity to be raised in a rights offering to existing stockholders.

The transaction is expected to close in the second quarter of 2023, subject to regulatory and customary closing conditions.

Oil Prices Subdued As China Reports Mixed Data

Oil prices were subdued on Friday as investors digested mixed data out of China, the world’s largest crude importer, and awaited key U.S. inflation data later in the day for additional clues to the U.S. rate outlook.

Benchmark Brent crude futures slipped 0.3 percent to $78.34 a barrel, while WTI crude futures were down 0.1 percent at $74.30.

Official data showed China’s manufacturing activity rose in March at a slower pace, but still exceeded expectations.

Services activity expanded at the fastest pace in nearly 12 years and construction activity remained strong, boosting the outlook for growth this year.

Investors also exercised caution following tough talk by Fed officials on the rate outlook.

While Boston Fed President Susan Collins expects one more quarter-point rate increase, Richmond Fed President Thomas Barkin said he remains undecided on how to adjust rates at the May meeting.

Minneapolis Fed President Neel Kashkari said the Fed needs to focus on lowering inflation back to 2 percent and that it’s not yet fully clear what impact the collapse of Silicon Valley Bank will have on the economy.

Key U.S. inflation data due later in the day is expected to provide additional clues on the Fed’s monetary policy path.

Earlier today, data showed Eurozone inflation eased more than expected in March as a result of lower energy prices.

Gold Holds Steady Ahead Of US Inflation Data

Gold prices were little changed on Friday after three Fed officials kept the door open to more rate hikes to lower high levels of inflation.

Spot gold slipped 0.1 percent to $1,978.92 per ounce, while U.S. gold futures were down 0.1 percent at $1,996.15.

While Boston Fed President Susan Collins expects one more quarter-point rate increase, Richmond Fed President Thomas Barkin said he remains undecided on how to adjust rates at the May meeting.

Minneapolis Fed President Neel Kashkari said the Fed needs to focus on lowering inflation back to 2 percent and that it’s not yet fully clear what impact the collapse of Silicon Valley Bank will have on the economy.

The U.S. inflation reading contained in the personal income and spending report is likely to be in the spotlight today, along with other reports on consumer sentiment and Chicago-area business activity.

Markets currently see a 52.2 percent chance of the Fed standing pat on interest rates in May, according to the CME FedWatch tool.

Earlier today, data showed Eurozone inflation eased more than expected in March as a result of lower energy prices.

Pre-market Movers: UHG, PALI, CSSE, GMVD, XYF…

The following are some of the stocks making big moves in Friday’s pre-market trading (as of 06.55 A.M. ET).

In the Green

United Homes Group, Inc (UHG) is up over 191% at $37.02.
Palisade Bio, Inc. (PALI) is up over 28% at $3.40.
G Medical Innovations Holdings Ltd (GMVD) is up over 21% at $2.02.
X Financial (XYF) is up over 16% at $3.80.
Permianville Royalty Trust (PVL) is up over 16% at $2.78.
Rumble Inc. (RUM) is up over 15% at $10.78.
Metropolitan Bank Holding Corp. (MCB) is up over 14% at $28.93.
Sonida Senior Living, Inc. (SNDA) is up over 13% at $7.90.
Baosheng Media Group Holdings Limited (BAOS) is up over 13% at $4.00.
TORM plc (TRMD) is up over 8% at $30.93.
POSCO Holdings Inc. (PKX) is up over 7% at $70.44.
Weibo Corporation (WB) is up over 7% at $21.50.

In the Red

Chicken Soup for the Soul Entertainment, Inc. (CSSE) is down over 27% at $2.32.
Nogin, Inc. (NOGN) is down over 16% at $2.90.
Chanson International Holding Class A Ordinary Shares (CHSN) is down over 10% at $2.20.
Vicarious Surgical Inc. (RBOT) is down over 5% at $2.07.

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