Univar Solutions Agrees To Be Taken Private By Apollo Global In $8.1 Bln Deal
Caleres Q4 Profit Matches Estimates; Net Sales Up 2.5%
Caleres (CAL) reported fourth-quarter net earnings of $40.8 million, or earnings per share of $1.13, compared to $33.9 million, or earnings per share of $0.88, a year ago. Adjusted net earnings was $23.4 million, or adjusted earnings per share was $0.65, compared to $34.9 million, or adjusted earnings per share of $0.91, prior year. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.65, for the quarter. Analysts’ estimates typically exclude special items.
Net sales were $696.4 million, up 2.5 percent from the fourth quarter of 2021. Analysts on average had estimated $689.71 million in revenue.
For fiscal 2023, Caleres expects consolidated net sales to be flat to up 2 percent,
including the 53rd week. Earnings per share is projected to be in the range of $4.10 to $4.30.
For first quarter, the company expects: consolidated net sales down 4 percent to 6 percent, due to timing of wholesale shipments in the Brand Portfolio in first quarter 2022 to satisfy customer restocking efforts. Earnings per share is projected in a range of $0.92 to $0.97.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
Gold Edges Lower Ahead Of US CPI Data
Gold prices fell on Tuesday after rallying sharply the previous day on concerns over the fallout from the collapse of Silicon Valley Bank and Signature Bank.
Spot gold dropped 0.7 percent to $1,901.13 per ounce, while U.S. gold futures were down 0.6 percent at $1,905.80.
Worries of a wider contagion persist despite the Biden administration assuring that there won’t be a relapse of the financial crisis from 15 years ago.
The dollar rebounded slightly after hitting a one-month low in the previous session.
Bond yields also rebounded a little bit as investors await key U.S. consumer price inflation data later in the day for clues on the path for interest rates.
The consumer price index is expected to have risen by 6 percent year-over-year in February compared to 6.4 percent in January.
Traders shifted back to betting Fed rate cuts amid the fallout from SVB and lingering worries about contagion.
Some economists now expect no rate increase at all when the Federal Reserve delivers its interest-rate decision later this month.
Rate hike expectations for the ECB this week and the BOE next week have also been pared.
The Joy of Zero-Waste Cooking
In Tamar Adler’s “The Everlasting Meal Cookbook” and other thrifty cookbooks, recipes that use up leftovers and waste less food lead to a richer relationship with cooking.
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By Tejal Rao
Oil Extends Losses On SVB Fallout Concerns
Oil prices maintained their downward trajectory on Tuesday amid fears that a fresh financial crisis in the United States following the collapse of Silicon Valley Bank (SVB) and Signature Bank would dent demand for fuel.
Traders also fretted about the prospect of higher interest rates leading to a recession.
Benchmark Brent crude futures fell 1.9 percent to $79.25 a barrel, while WTI crude futures were down 2.2 percent at $73.15.
Worries of a wider contagion persist despite the Biden administration assuring that there won’t be a relapse of the financial crisis from 15 years ago.
Amid growing expectations for a pause in U.S. rate hikes, investors awaited the U.S. consumer price inflation report later in the day for further clarity on the rate outlook.
The consumer price index is expected to have risen by 6 percent year-over-year in February compared to 6.4 percent in January.
Some economists now expect no rate increase at all when the Federal Reserve delivers its interest-rate decision later this month.
Rate hike expectations for the ECB this week and the BOE next week have also been pared.
Pre-market Movers: CARA, SFR, WW, SQSP, SLND…
The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 07.30 A.M. ET).
In the Green
WW International, Inc. (WW) is up over 16% at $4.49.
Squarespace, Inc. (SQSP) is up over 14% at $27.55.
Southland Holdings, Inc. (SLND) is up over 14% at $10.55.
Nyxoah S.A. (NYXH) is up over 14% at $6.10.
Semantix, Inc. (STIX) is up over 14% at $4.99.
ZyVersa Therapeutics, Inc. (ZVSA) is up over 12% at $2.44.
Biomea Fusion, Inc. (BMEA) is up over 11% at $14.77.
MariaDB plc (MRDB) is up over 11% at $2.78.
American Well Corporation (AMWL) is up over 9% at $2.92.
Anghami Inc. (ANGH) is up over 8% at $1.99.
In the Red
Cara Therapeutics, Inc. (CARA) is down over 27% at $7.28.
Appreciate Holdings, Inc. (SFR) is down over 20% at $2.43.
Harbor Custom Development, Inc. (HCDI) is down over 14% at $7.00.
Tremor International Ltd (TRMR) is down over 13% at $6.52.
Zynex, Inc. (ZYXI) is down over 11% at $11.00.
Orchestra BioMed Holdings, Inc. (OBIO) is down over 9% at $16.50.
Ambrx Biopharma Inc. (AMAM) is down over 9% at $11.33.
Yiren Digital Ltd. (YRD) is down over 9% at $2.50.
ProPetro Holding Corp. (PUMP) is down over 6% at $9.01.
Nutanix, Inc. (NTNX) is down over 5% at $27.09.
BioRestorative Therapies, Inc. (BRTX) is down over 5% at $3.39.
Univar Solutions Agrees To Be Taken Private By Apollo Global In $8.1 Bln Deal
Univar Solutions Inc. (UNVR) agreed to be taken private by Apollo Global Management Inc. (APO) in an all-cash transaction that values the chemical company at about $8.1 billion. The transaction includes a minority investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority.
The agreement provides that Univar Solutions shareholders will receive $36.15 per share in cash, which represents a 20.6% premium to the Company’s undisturbed closing stock price on November 22, 2022.
The transaction consideration also represents a premium of 33.6% to the volume-weighted average price of Univar Solutions for the 30 trading days ending on November 22, 2022.
The transaction is expected to close in the second half of 2023.
Upon completion of the transaction, shares of Univar Solutions common stock will no longer trade on the New York Stock Exchange, and Univar Solutions will become a privately held company. Univar Solutions will continue to operate under the Univar Solutions name and brand and maintain a global presence, Univar said in a statement.
In early January, German chemicals distributor Brenntag (BNTGF.PK) said it terminated its preliminary buy-out discussions with Univar Solutions. But Univar then said it would continue discussions relating to other indications of interest that have been received with respect to a potential transaction.