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Stockwinners Market Radar for April 28, 2024 - Earnings, Upgrades downgrades, option trades, Best Stock Advisory Service |
| FSLR... | Hot Stocks20:06 EDT Fly Intel: Top five weekend stock stories - Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Zoetis (ZTS) and Phibro Animal Health (PAHC) announced that they have entered into a definitive agreement where Phibro Animal Health will acquire Zoetis' medicated feed additive product portfolio, certain water soluble products and related assets for $350M, subject to customary closing adjustments. This transaction is expected to be complete in the second half of calendar year 2024. 2. U.S. regulators have seized Republic First Bancorp (FRBK) and agreed to sell it to Fulton Bank (FULT), underscoring the challenges facing regional banks a year after the collapse of three peers, Reuters reports. Republic First, which had abandoned funding talks with a group of investors, was seized by the Pennsylvania Department of Banking and Securities. The Federal Deposit Insurance Corp, appointed as a receiver, said on Friday Fulton Bank, a unit of Fulton Financial Corp, will assume substantially all deposits and purchase all the assets of Republic Bank, which is the operating name for Republic First, to "protect depositors." 3. Lithium, a key ingredient of electric vehicles, has plunged in price as electric-vehicle sales growth has slowed. Lithium prices are down more than 80% since peaking in 2022. And Albemarle (ALB) happens to be the world's largest producer of the stuff, Jacob Sonenshine writes in this week's edition of Barron's. But now, lithium prices show signs of stabilizing. If that holds, Albemarle's battered stock could soon get a nice lift, the author says. 4. Zendaya's romance-tennis drama "'Challengers" won the weekend at the box office with a $15M debut after MGM Amazon Studios (AMZN) decided to open nationwide instead of giving it a platform release. Overseas, the movie earned $9M from 52 markets for a global total of $25M. Warner Bros. International is handling the release offshore for MGM. "Challengers" sports a B+ CinemaScore. 5. Extra Space Storage (EXR), Xylem (XYL), and First Solar (FSLR) saw positive mentions in this week's edition of Barron's.
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| ZTS PAHC | Hot Stocks18:53 EDT Zoetis to sell medicated feed additive portfolio to Phibro Animal Health - Zoetis (ZTS) and Phibro Animal Health (PAHC) announced that they have entered into a definitive agreement where Phibro Animal Health will acquire Zoetis' medicated feed additive product portfolio, certain water soluble products and related assets for $350M , subject to customary closing adjustments. This transaction is expected to be complete in the second half of calendar year 2024. Both Zoetis and Phibro Animal Health have a longstanding commitment to the production animal health sector. The acquired product portfolio, which generated approximately $400M in revenue in 2023, is comprised of more than 37 product lines that are sold in approximately 80 countries. Also included in the agreement are six manufacturing sites, four in the U.S., one in Italy and one in China. More than 300 Zoetis colleagues who support manufacturing, distribution and commercial activities are expected to transition to Phibro Animal Health. On a combined basis for the acquisition, Phibro Animal Health sales in the last twelve months would have been approximately $1.4B. The portfolio is expected to boost Phibro Animal Health's profitability and EBITDA margin and be accretive to its Adjusted Earnings Per Share. The acquisition is expected to be funded primarily with debt, and Phibro Animal Health has received financing commitments from a number of key relationship banks. Phibro Animal Health expects to have net leverage of 3.5-4.0x Debt / Adjusted EBITDA at close and will target net leverage of below 3.0x by its fiscal year end June 30, 2027.
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| CTSH | Hot Stocks17:01 EDT Cognizant enters into strategic partnership with Telstra - Cognizant announced a five-year strategic partnership with Telstra as part of the Australian telecommunications and technology company's strategy for growth. Cognizant will introduce new ways of working to accelerate Telstra's software engineering and IT capabilities and leverage modern technologies, such as artificial intelligence, to drive innovation and improve operational efficiency. The strategic partnership seeks to accelerate Telstra's technology outcomes with Cognizant implementing modern product engineering practices that will enable Telstra to further improve its customer experience and speed to market. Leveraging its global capabilities, Cognizant will support Telstra's strategy to enable more efficient software engineering and IT operations and decommission legacy systems. Moreover, the strategic partnership aims to support employee experience by building a superior engineering experience, further fostering a modern and innovative culture within Telstra.
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