Thursday, 24 Sep 2020

Stock Alert: Moxian Touches New 52-week High On Merger News

Stock Alert: Six Flags Entertainment Jumps 10%

Shares of theme park company Six Flags Entertainment Corporation (SIX) are climbing more than 10% Thursday morning at $22.73. It has been trading in the range of $8.75- $59.52 in the last one year.

Wednesday the company said all of its incremental revolving credit lenders have agreed to extend the incremental $131 million revolving commitments by one year.

SixFlags has amended its credit facility to further extend the covenant waiver period by one year, from the fourth quarter of 2020 to the fourth quarter of 2021 and to extend the covenant modification period by one year through the fourth quarter of 2022.

“The operational actions we have taken to respond to the COVID-19 crisis, coupled with the one-year extension of both our covenant waiver period and the incremental revolving credit facility commitments, provide us with significant flexibility and financial strength as we manage through the pandemic-related disruption,” said Mike Spanos, President and CEO.

Roche to Close Puerto Rico Plant After More Than Four Decades

A Roche Holding AG manufacturing plant that has been operating in Puerto Rico for more than four decades is shutting down by 2021.

Production from the plant –- which makes glucose testing strips — will be moved to existing Roche facilities in Indianapolis and Mannheim, Germany, the company said Thursday by email, citing the need to “streamline its operations and optimize the manufacturing set-up.”

The company confirmed the move after it was announced by Puerto Rico’s Department of Economic Development and Commerce Thursday.

The Puerto Rico agency said it would work to find new jobs for the estimated 200 workers from the Roche factory in Ponce, on the island’s southern coast.

The news comes as Puerto Rico is trying to promote itself as a destination for pharmaceutical and medical-device companies that are under pressure to bring their production from Asia back to the U.S. amid the Covid-19 crisis.

Last week, the White House liaison to the U.S. territory, Peter Brown, visited several drug and medical-device manufacturing plants on the island.

Stock Alert: Carnival Corporation Rises 8%

Shares of cruise company Carnival Corporation & Plc (CCL) are climbing more than 8% Thursday morning at $16.47. It has traded in the range of $7.80- $51.94 in the past one year.

Wednesday Carnival Corporation has released annual sustainability report, which says the company has achieved progress in its key objectives.

Carnival Corporation first shared its 2020 sustainability goals in 2015, with 10 key objectives, including reducing its carbon footprint, improving the fleet’s air emissions, reducing waste generation, improving water use efficiency, and supporting guests, crew members and local communities.

The company’s latest report explains progress made in 2019 to achieve those goals, while defining a set of sustainability commitments beyond 2020.

“The annual sustainability report is critical to providing our stakeholders with a transparent view of our progress against key metrics and demonstrating our commitment to protecting the environment, supporting communities and being compliant everywhere we operate in the world,” said Bill Burke, chief maritime officer for Carnival Corporation.

Stock Alert: BMC Stock Holdings At New High On Merger News

Shares of BMC Stock Holdings, Inc. (BMCH) are rising more than 17% Thursday morning on the news of its merger with building materials maker Builders FirstSource Inc. (BLDR).

The stock hit a new high of $40.09 this morning.

Both the companies have agreed to merge in an all-stock transaction by which BMC shareholders will receive 1.3125 shares of Builders FirstSource stock for each BMC share.

The combined company expects annual cost synergies of $130 million to $150 million by third year.

Amazon launches fitness band, app

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Amazon.com Inc on Thursday launched a fitness band and app, “Halo”, as the e-commerce giant looks to take on Apple, Fitbit and Samsung in an increasingly crowded fitness tracker market.

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The Halo band would be priced at $99.99 while the app membership would cost $3.99 per month, according to Amazon.

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The market for wearables is highly crowded, with Apple Inc being the leader with a 29.3% share in the first quarter of 2020, according to data from market research firm International Data Corp.

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Rivalry for a greater share of the fitness band market has prompted Apple and Samsung to add features for health tracking, including electrocardiogram and blood pressure sensor.

Alphabet Inc-owned Google said in November it would buy Fitbit Inc for $2.1 billion. Shares of the fitness tracker maker fell marginally in morning trading.

Amazon said the water-resistant band, with a battery life of up to 7 days, contains an accelerometer, a temperature sensor and a heart rate monitor, among other features.

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Stock Alert: Moxian Touches New 52-week High On Merger News

Shares of Moxian Inc. (MOXC) are rising more than 21 percent or $0.45 in Thursday’s morning trade at $2.57, after earlier touching a new 52-week high of $3.44 as the China-based social networking platform operator agreed to merger terms with Btab Group Inc.

Wednesday, Moxian said that following a letter of intent as of August 8, it has today signed a share exchange agreement with Btab Group Inc., a Delaware corporation.

Under the deal, Moxian will issue about 59 million new shares of common stock and 50 million of Class A preferred stock with restrictive voting rights, in exchange for the entire equity of Btab, in a business combination which will value the combined entity at over $400 million and not less than $40 million in annual revenue.

Moxian has traded in a range of $0.50 to $3.44 in the past 52 weeks.

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