Pre-market Movers: ORMP, XPON, YTEN, KNOP, OPGN…

Melrose Industries Says Demerger Business Sees 6% Revenue Jump

Specialty industrial machinery business Melrose Industries PLC (MRO.L) on Thursday said that the unaudited anticipated combined adjusted result for the year ended 31 December 2022 of DemergerCo – automotive, powder metallurgy and hydrogen businesses, identified for a demerger – was ahead of expectations.

On a constant currency basis, the DemergerCo businesses recorded a 6% year-on-year rise in revenue to 5.2 billion pounds and a 21% increase in operating profit to between 320 and 330 million pounds. The results are attributed to better operational performance that successfully offset the full inflation headwinds in 2022 and achieving the planned benefits on restructuring projects.

Melrose, which plans to spin off the automotive division and smaller powder metallurgy businesses from its aerospace arm also said it expects to seek shareholder approval for the demerger at the end of March 2023 and to completing the demerger shortly thereafter.

The company added that its Aerospace division traded in line with expectations in 2022 and is experiencing continued strong momentum into 2023.

Shares of Melrose Industries closed Wednesday’s trading at 149.65 pence, down 0.55 pence or 0.37 percent from the previous close.

Marshalls Plc FY LFL Revenue Up 1%; Sees Adj. Profit Before Tax In-line With Current Market View

Marshalls plc (MSLH.L) reported Group revenue for the year ended 31 December 2022 of 719 million pounds compared to 589 million pounds, last year, a year-on-year growth of 22 percent including the benefit of the acquisition of Marley. On a like-for-like basis, Group revenue growth was one percent. Pre-IFRS16 net debt ended the year at 191 million pounds.

The Group noted that its performance in the period since the trading update on 7 October 2022 has been as anticipated. The Board expects to deliver adjusted profit before tax for the full year in-line with current market expectations.

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U.S. Homebuilder Confidence Unexpectedly Rebounds In January

After reporting decreases in U.S. homebuilder confidence for twelve straight months, the National Association of Home Builders released a report on Wednesday showing an unexpected improvement in homebuilder confidence in the month of January.

The report said the NAHB/Wells Fargo Housing Market Index climbed to 35 in January from 31 in December, while economists had expected the index to come in unchanged.

With the unexpected increase, the index rebounded from its lowest reading since mid-2012, with the exception of the onset of the pandemic in the spring of 2020.

“It appears the low point for builder sentiment in this cycle was registered in December, even as many builders continue to use a variety of incentives, including price reductions, to bolster sales,” said NAHB Chairman Jerry Konter.

He added, “The rise in builder sentiment also means that cycle lows for permits and starts are likely near, and a rebound for home building could be underway later in 2023.”

The unexpected rebound by the housing market index reflected increases by all three of the component indices.

The index gauging current sales conditions climbed to 40 in January from 36 in December, the gauge measuring traffic of prospective buyers rose to 23 from 20 and the component charting sales expectations in the next six months edged up to 37 from 35.

On Thursday, the Commerce Department is scheduled to release a separate report on new residential construction in the month of December.

Commerce Bancshares Inc. Profit Advances In Q4, Beats estimates

Commerce Bancshares Inc. (CBSH) revealed earnings for its fourth quarter that increased from last year and beat the Street estimates.

The company’s bottom line totaled $131.63 million, or $1.04 per share. This compares with $114.91 million, or $0.90 per share, in last year’s fourth quarter.

Analysts on average had expected the company to earn $1.03 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 10.2% to $391.47 million from $355.36 million last year.

Commerce Bancshares Inc. earnings at a glance (GAAP) :

-Earnings (Q4): $131.63 Mln. vs. $114.91 Mln. last year.
-EPS (Q4): $1.04 vs. $0.90 last year.
-Analyst Estimate: $1.03
-Revenue (Q4): $391.47 Mln vs. $355.36 Mln last year.

Pre-market Movers: ORMP, XPON, YTEN, KNOP, OPGN…

The following are some of the stocks making big moves in Thursday’s pre-market trading (as of 06.50 A.M. ET).

In the Green

Expion360 Inc. (xpon) is up over 53% at $2.42.
Yield10 Bioscience, Inc. (YTEN) is up over 42% at $3.00.
OpGen, Inc. (OPGN) is up over 21% at $2.80.
Bed Bath & Beyond Inc. (BBBY) is up over 18% at $4.13.
TC Biopharm (Holdings) Plc (TCBP) is up over 10% at $4.43.
LiveWire Group, Inc. (LVWR) is up over 9% at $5.90.
MercadoLibre, Inc. (MELI) is up over 6% at $1,002.10.
The Buckle, Inc. (BKE) is up over 6% at $49.60.
AvalonBay Communities, Inc. (AVB) is up over 5% at $179.86.
Mitsubishi UFJ Financial Group, Inc. (MUFG) is up over 5% at $7.20.
Standard Lithium Ltd. (SLI) is up over 5% at $4.27.

In the Red

Oramed Pharmaceuticals Inc. (ORMP) is down over 68% at $3.38.
KNOT Offshore Partners LP (KNOP) is down over 28% at $7.54.
Logitech International S.A. (LOGI) is down over 15% at $57.36.
Atlis Motor Vehicles, Inc. (AMV) is down over 15% at $8.52.
SenesTech, Inc. (SNES) is down over 15% at $3.64.
Biora Therapeutics, Inc. (BIOR) is down over 12% at $5.89.
Satixfy Communications Ltd. (SATX) is down over 5% at $6.72.