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By Ross Douthat

Opinion Columnist

Pre-market Movers: SHFS, GRNA, TOPS, AERC, BNGO…

The following are some of the stocks making big moves in Wednesday’s pre-market trading (as of 07.35 A.M. ET).

In the Green

SHF Holdings, Inc. (SHFS) is up over 46% at $7.40
GreenLight Biosciences Holdings (GRNA) is up over 20% at $2.88
Top Ships Inc. (TOPS) is up over 16% at $6.35
Bionano Genomics, Inc. (BNGO) is up over 13% at $2.32
Acumen Pharmaceuticals, Inc. (ABOS) is up over 12% at $10.71
Vertical Aerospace Ltd. (EVTL) is up over 6% at $11.48
Denali Therapeutics Inc. (DNLI) is up over 5% at $34.00

In the Red

AeroClean Technologies, Inc. (AERC) is down over 16% at $4.95
Ollie’s Bargain Outlet Holdings, Inc. (OLLI) is down over 12% at $48.15
Adeia Inc. (ADEA) is down over 10% at $7.54
Medifast, Inc. (MED) is down over 9% at $105.64
InMed Pharmaceuticals Inc. (INM) is down over 9% at $6.50
Borr Drilling Limited (BORR) is down over 5% at $3.59

Oil Prices Little Changed Ahead Of OPEC+ Decision

Oil prices were subdued on Wednesday after Russia resumed gas supplies to Italy via Austria, bringing some temporary relief to gas prices in Europe.

The downside remained capped ahead of a key meeting of the Organization of Petroleum Exporting Countries and its allies later today, with OPEC+ expected to deliver a substantial slash in crude output to support prices after a drastic fall since the middle of the year.

Benchmark Brent crude futures slipped 0.1 percent to $91.72 a barrel, while WTI crude futures were down 0.3 percent at $86.24.

Russia will resume gas deliveries to Italy following the resolution of a dispute over transit flows with Austrian regulators, Russian energy giant Gazprom said in a statement today.

“Transportation of Russian gas through the territory of Austria is resuming,” Gazprom said, adding that a “solution” was found with Italian buyers following regulatory changes in Austria.

The oil group, known as OPEC+, meets later today amid expectations of a large cut in crude output.

Media reports suggest that oil output may be slashed by more than 1 million barrels a day, the biggest since the start of the pandemic.

Meanwhile, after industry body American Petroleum Institute (API) reported a surprise draw this week for crude oil of 1.770 million barrels, traders now await data from the U.S. Energy Information Administration (EIA) for further direction.

RPM International Q1 Results Top Estimate; Guides Q2 Sales

RPM International, Inc. (RPM) reported Wednesday that net income attributable to RPM for the first quarter grew to $169.01 million or $1.31 per share from $134.58 million or $1.04 per share in the prior-year quarter.

Excluding special items, adjusted earnings for the quarter was $1.47 per share, compared to $1.08 per share in the year-ago quarter.

Net sales for the quarter increased 17.1 percent to $1.93 billion from $1.65 billion in the same quarter last year.

On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $1.33 per share on net sales of $1.89 billion for the quarter. Analysts’ estimates typically exclude special items.

Looking ahead to the second quarter, the company now projects consolidated sales growth of 9 to 12 percent and consolidated adjusted EBIT growth of 30 to 40 percent. The Street is looking for net sales of $1.79 billion for the quarter.

SPS Commerce Acquires InterTrade For Approx. $49 Mln – Quick Facts

SPS Commerce, Inc. (SPSC) announced the acquisition of InterTrade Systems Inc., a subsidiary of mdf commerce inc., and a provider of technical solutions for product, information and transaction data exchange between retailers and suppliers.

“With the acquisition of InterTrade, SPS Commerce expands its network to thousands of businesses across North America, including marquee retailers and brands in apparel and general merchandise,” said Archie Black, CEO of SPS Commerce.

For the fourth quarter of 2022, SPS Commerce expects the acquisition will add approximately $1.7 million of revenue and expects adjusted EBITDA to be negatively impacted by approximately $200 thousand.

For fiscal 2023, the company expects the acquisition will add approximately $8.5 million in revenue and approximately $500 thousand to adjusted EBITDA.

The company estimates the acquisition to contribute approximately $2.5 million in adjusted EBITDA in fiscal 2024.

Quest To Buy Outreach Lab Services Business Of Summa Health For Undisclosed Terms

Quest Diagnostics (DGX), a provider of diagnostic information services, and Summa Health, a large integrated healthcare delivery system in Ohio, announced Wednesday a definitive agreement for Quest to acquire select assets of Summa Health’s outreach laboratory services business, referred to as LabCare Plus, in an all-cash transaction.

The aim of the transaction is to broaden access to innovative, quality and cost-effective laboratory services powering affordable care for communities in Ohio.

Under the agreement, Quest’s laboratories in Twinsburg, Ohio, and Pittsburgh will provide testing for physicians and patients serviced by LabCare Plus.

Summa Health will continue to wholly own and operate its hospital labs providing laboratory services for inpatient and hospital-based outpatient care, along with its anatomic pathology services.

Summa Health selected Quest Diagnostics following a competitive bid. The parties expect to complete the transaction in the fourth quarter of 2022, subject to customary regulatory approvals. Financial details of the transaction were not disclosed.