Southern Power Acquires Millers Branch Solar Facility From EDF Renewables For Undisclosed Sum

The Southern Co. (SO), an electric utility company, announced on Thursday that its unit Southern Power has acquired its 29th solar project from EDF Renewables. The financial details of the transaction were not divulged.

The Millers Branch Solar Facility is a 200-megawatt project that is in the early stages of development and has the capacity to expand to 500 megawatts.

The project is located in Haskell County, Texas, and is expected to become commercially operational in the fourth quarter of 2025.

As per the company, the project aligns with Southern Power’s overall business strategy of strengthening its wholesale business by purchasing and developing assets that are covered by long-term contracts with counterparties with strong credit support.

“Once operational, the electricity and associated renewable energy credits generated by the facility will be sold under a 20-year virtual power purchase agreement with Thermo Fisher Scientific,” the company said.

Currently, shares of Southern Company are trading at $70.88 down 0.45%, on the New York Stock Exchange.

Oil Extends Loses On Demand Worries

Oil prices fell sharply on Thursday to extend losses from the previous session on fears that higher interest rates could potentially impact crude demand adversely.

Benchmark Brent crude futures dropped 0.9 percent to $92.73 a barrel, while WTI crude futures were down 0.8 percent at $88.91.

A stronger dollar weighed on oil prices after the U.S. Federal Reserve warned that interest rates will stay higher for longer to combat stubborn inflation.

Also, the Fed’s hawkish tone on inflation and interest rates indicated that the U.S. central bank may not cut interest rates next year by as much as it was earlier thought.

Elsewhere, the Swiss National Bank held rates unchanged earlier today, but warned that more increases may still be needed.

Sweden’s Riksbank has raised borrowing costs by a quarter point and said it might need to do more to bring inflation back to its 2 percent target.

Norway’s central bank raised its benchmark interest rate by 25 basis points and indicated another rate hike in December to curb inflation.

The Bank of England will announce its rate decision later today, with most economists expecting the central bank to deliver another 25- bps hike, lifting interest rate to 5.50 percent.

Murphy Canyon Shares Rise On Combination With Conduit Pharmaceuticals Limited

Shares of Murphy Canyon Acquisition Corp. (MURF) are up 50% on Thursday following the announcement that stockholders had approved the proposed combination with Conduit Pharmaceuticals Limited and the related proposals.

MURF is trading on the Nasdaq at $18.01, up 40.27% or $5.17 per share. It has traded between $9.80 and $25.00 in the past 52-week period.

The company stated that the completion of the Business Combination is expected to happen as soon as possible, subject to the satisfaction or waiver of remaining closing conditions.

Furthermore, after the completion of the Business Combination, the newly combined company will operate as Conduit Pharmaceuticals Inc. and its common stock and public warrants will trade on The Nasdaq Global Market switching from the symbols “MURF” and “MURFW” to the new symbols “CDT” and “CDTTW”, respectively, at the open of trading on September 22, 2023.

Honda Recalls 391K Lawnmowers And Pressure Washer Engines

American Honda Motor has recalled about 391,800 units of lawnmowers and pressure washer engines due to faulty camshafts that could lead to injury.

According to the Consumer Product Safety Commission, the improperly manufactured camshafts in the engines can cause the starter rope to suddenly retract when pulling to start, posing an injury hazard.

Honda said it has received 2,197 reports of incidents related to camshaft failures, including seven reports of minor injuries.

The company has asked its customers to immediately stop using the recalled lawnmowers and pressure washers equipped with recalled engines and contact an authorized Honda Power Equipment dealer to schedule an appointment for a free inspection and repair.

The recall involves Honda HRN216 and HRX217K6 lawnmowers and the GCV170/200 G5B pressure washer engines. The gas-fueled walk-behind lawn mowers are red and black with “HONDA” written on the clipping collection bag. The model and serial number are printed on a label located on the upper rear of the mower deck.

The recalled lawnmowers were sold at Honda Power Equipment dealers, Ace Hardware, Home Depot, Lowes, Northern Tool and various farm, agricultural and rental stores nationwide from May 2022 to June 2023 for between $550 and $1,100.

Pressure washer engines were sold at Lowes, Home Depot and other retail stores nationwide from June 2022 to August 2023 for between $370 and $550.

W. P. Carey Slides After Announcing Spin-Off Of 59 Office Properties

W. P. Carey Inc. (WPC) shares are currently down more than 6 percent in the morning trade after the company announced its strategic plan to spin off 59 office properties portfolio into a separate publicly traded REIT. The Spin-Off is expected to close on or around November 1, 2023, and all sales under the Office Sale Program are targeted to be completed by January 2024.

Currently, shares are at $60.03, down 6.16 percent from the previous close of $63.95 on a volume of 1,368,552.

Transcat Stock Down 11% After Pricing Secondary Offering At $95 Per Share

Shares of Transcat, Inc. (TRNS) tanked over 11% on Thursday morning after the company priced its public offering of common shares below market price.

TRNS is currently trading at $96.57, down $12.10 or 11.14%, on the Nasdaq. The stock opened its trading at $96.54 after closing Wednesday’s trading at $108.67. The stock has traded between $65.60 and $115.41 in the past 52-week period.

Transcat priced its public offering of 736,845 common shares at a price of $95.00 per share.

Transcat expects the proceeds from this offering to be about $65.2 million and intends to use it to repay its credit facility with Manufacturers and Traders Trust Company, for working capital, and for other general corporate purposes.