Sunday, 14 Jul 2024

Supply Fears Drive Crude Oil Prices To 10-month High

Boston Scientific To Acquire Relievant Medsystems

Medical technology company Boston Scientific Corp. (BSX) announced Tuesday it has entered into a definitive agreement to acquire Relievant Medsystems, Inc., a privately-held peer. The transaction includes an upfront cash payment of $850 million and undisclosed additional contingent payments based on sales performance over the next three years.

Relievant Medsystems has developed and commercialized the Intracept Intraosseous Nerve Ablation System to treat vertebrogenic pain, a form of chronic low back pain.

As the only U.S. Food and Drug Administration-cleared system for vertebrogenic pain, the Intracept system is a minimally invasive, implant-free outpatient procedure. The therapy uses targeted radiofrequency energy to stop the basivertebral nerve from transmitting pain signals to the brain and is designed to improve function and provide long-term relief.

Boston Scientific expects to close the transaction in the first half of 2024, subject to satisfaction of customary closing conditions.

Relievant is expected to generate sales in excess of $70 million in 2023 and to deliver year-over-year growth in excess of 50% in 2024. On an adjusted basis, the transaction is expected to be immaterial to adjusted earnings per share (EPS) in 2024, slightly accretive in 2025, and increasingly accretive thereafter.

On a GAAP basis, the transaction is expected to be more dilutive due to amortization expense and acquisition-related charges.

Apogee Enterprises Q2 Profit Tops Estimates

Apogee Enterprises, Inc. (APOG) reported second quarter net earnings of $33.3 million, down 10.9% from last year. Earnings per share was $1.52 compared to $1.68. Adjusted EPS grew 28% to $1.36. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $1.12, for the quarter. Analysts’ estimates typically exclude special items.

Net sales were $353.7 million compared to $372.1 million, a year ago, primarily reflecting lower volumes in Architectural Services and Architectural Framing Systems, partially offset by strong growth in Architectural Glass. Analysts on average had estimated $372.01 million in revenue.

The company most recently provided an outlook for full-year GAAP EPS in the range of $4.15 to $4.45. The company now expects full-year adjusted EPS in the range of $4.35 to $4.65. Including the extra week of operations, the company continues to expect flat to slightly declining net sales.

Shares of Apogee Enterprises are up 3% in pre-market trade on Tuesday.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

Kohl's Unveils Top 20 Toys Of 2023 Holiday Season

Retailer Kohl’s Corp. has unveiled the list of top 20 toys as the 2023 holiday season is kicking off.

The top 20 toys include Squishmallows, Magic Mixies Genie Lamp, Magic Whispers Lune and Skye, Little Live Pets My Puppy’s Home, Disney Princess Royal Adventures Castle and LEGO Ariel’s Treasure Chest, among others.

The company noted that all these toys are available at select Kohl’s stores and on Kohls.com, while eight of which are only available at Kohl’s.

Kohl’s said 25% of holiday season assortment is exclusive to Kohl’s, with great prices on hundreds of new and must-have products.

Throughout the season, Kohl’s will also offer hundreds of other toys including holiday favorite categories such as arts & crafts, action toys & vehicles, outdoor toys, NERF, LEGOS & building sets, and more.

Kohl’s further said that throughout the month of October, customers will find new weekly deals on select LEGO sets in stores and online, plus additional digital-only offers each week.

Nick Jones, Kohl’s chief merchandising and digital officer, said, “As parents and loved ones start building their holiday lists, our top toys list is the perfect tool to make shopping easy and inspire confidence that they’re getting the most sought-after toys that every kid will be asking for this year.”

Merck: FDA Grants Priority Review For SNDA Seeking Approval For WELIREG

Merck (MRK) announced the FDA has accepted and granted priority review for a supplemental new drug application seeking approval for WELIREG for the treatment of adult patients with advanced renal cell carcinoma following immune checkpoint and anti-angiogenic therapies. The FDA has set a PDUFA, or target action, date of January 17, 2024.

WELIREG was the first HIF-2a inhibitor therapy approved in the U.S. It is currently approved for the treatment of adult patients with von Hippel-Lindau disease who require therapy for associated RCC, central nervous system hemangioblastomas, or pancreatic neuroendocrine tumors, not requiring immediate surgery.

For More Such Health News, visit rttnews.com.

Supply Fears Drive Crude Oil Prices To 10-month High

Crude oil prices extended gains on Tuesday, touching levels last seen in November 2022, driven overwhelmingly by fears of a supply deficit. Saudi Arabia and Russia extending supply cuts to the end of the year continued to haunt market sentiment.

The Dollar’s mild weakness also supported crude oil prices. The Dollar Index, a measure of the Dollar’s relative strength against a basket of 6 currencies slipped 0.24 percent overnight to 104.95.

Industry level crude oil inventory data is slated for release later in the day by the American Petroleum Institute. Markets expect the crude oil inventories in the U.S. to shrink by 2.67 million barrels in the week ended September 15. Crude oil inventories had increased by 1.17 million barrels in the previous week.

Official data by the Energy Information Administration due on Wednesday is also expected to show a decline of 2.7 million barrels in crude oil inventories during the week ended September 15. Data from the EIA had shown U.S. crude oil inventories rising by 3.95 million barrels in the week ended September 8.

Brent Oil Futures for November settlement which had finished previous day’s trading at $94.43, ranged between $95.33 and $93.79 on Tuesday. It is currently trading at $94.83, having gained 0.42 percent from the previous close.

West Texas Intermediate Crude Oil Futures for November settlement added 0.62 percent from the previous close of $90.58 to trade at $91.14. Prices ranged between a high of $91.68 and a low of $90.89.

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