Macy’s, Inc. (NYSE:M) disclosed plans to hire more than 31,500 full- and part-time seasonal positions this upcoming holiday season at its Macy’s, Bloomingdale’s, and Bluemercury stores, as well as its distribution centers.
Macy’s offers several convenient hiring experiences for candidates, including an online application process that takes as little as five minutes, with most job offers made within 48 hours.
Additionally, the company is holding four nationwide in-person holiday hiring events at all stores and supply chain locations. Times may vary by location.
Danielle Kirgan, Macy’s, Inc. chief human resources and corporate affairs officer, said, “We are excited to add more than 31,500 seasonal positions to help us welcome and serve our customers during the holidays.”
“Whether they are looking for extra income for the season or the start of a new career in retail, we offer an unmatched culture, competitive pay and fulfilling career opportunities.”
Also Read: Macy’s Strong Earnings Tempered By Weak Sales, But Analysts See ‘Green Shoots’ Emerging
Other major U.S. retailers are also stepping up their holiday game. Recently, Target also announced its intention to recruit approximately 100,000 seasonal employees.
Apart from this, this month, Bath & Body Works also disclosed plans to hire 30,000 seasonal employees.
Investors can gain exposure to Macy’s via Invesco S&P Midcap 400 Pure Value ETF (NYSE:RFV).
Price Action: M shares are trading higher by 0.07% at $15.34 premarket at the last check Friday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
On Thursday, September 19, U.S. markets closed higher following the Federal Reserve’s 50-basis-point rate cut, which also signaled potential further reductions.
Fed Chair Jerome Powell downplayed recession risks, while analysts remained hopeful for a soft landing amid inflation control efforts. Tesla, Apple, Meta, and Nvidia saw gains, supported by better-than-expected jobless claims and renewed market optimism.
According to economic data, the U.S. reported a Q2 current account deficit of $266.8 billion, exceeding estimates of $260 billion. Initial jobless claims fell by 12,000 to 219,000 for the week ending September 14, beating expectations of 230,000.
Most S&P 500 sectors closed positively, led by consumer discretionary, communication services, and information technology stocks. However, consumer staples and utilities stocks diverged, closing the session lower.
The Dow Jones Industrial Average was up 1.26% and closed at 42,025.19. The S&P 500 ended the day higher by 1.70% at 5,713.64, and the Nasdaq Composite rose 2.51%, finishing the session at 18,013.98.
Asian Markets Today
- On Friday, Japan’s Nikkei 225 closed the session higher by 1.67% at 37,739.50, led by gains in the Automobiles & Parts, Power and Rubber sectors.
- Australia’s S&P/ASX 200 ended the day higher by 0.21% at 8,209.50, led by gains in the Consumer Discretionary, Gold, and IT sectors.
- India’s Nifty 50 rose 1.58% to 25,816.85, while the Nifty 500 rose 1.55% to 24,223.10.
- China’s Shanghai Composite closed higher by 0.03% at 2,736.81, and Shanghai Shenzhen CSI 300 was up 0.16%, ending the day at 3,201.05.
- Hong Kong’s Hang Seng rose 1.36%, ending the day at 18,258.57.
Eurozone at 06:00 AM ET
- The European STOXX 50 index declined 0.91%.
- Germany’s DAX was down 0.98%.
- France’s CAC fell 0.89%.
- U.K.’s FTSE 100 index traded lower by 0.74%.
Commodities at 06:00 AM ET
- Crude Oil WTI was trading lower by 0.82% at $70.58/bbl, and Brent was down 0.81% at $74.28/bbl.
- Natural Gas was down 0.21% at $2.343.
- Gold was trading higher by 0.74% at $2,633.50, Silver gained 0.32% to $31.523, and Copper rose 0.33% to $4.3615.
US Futures at 06:00 AM ET
Dow futures were down 0.01%, S&P 500 futures fell 0.24%, and Nasdaq 100 Futures slid 0.39%.
Forex at 06:00 AM ET
- The U.S. dollar index rose 0.16% to 100.78, the USD/JPY rose 0.88% to 143.88, and the USD/AUD gained 0.08% to 1.4688.
- Global stocks neared record highs, fueled by the Fed’s rate cut, while the yen weakened after Japan’s central bank held rates. European stocks fell, and U.S. markets remained optimistic. Gold hit a record, and oil posted weekly gains.
Photo by Pavel Bobrovskiy via Shutterstock
ConocoPhillips (NYSE:COP) extended the partnership with Uniper, securing up to 10 billion cubic meters of natural gas for Northwest Europe over the next ten years.
Uniper provides municipal utilities and industrial clients with a diverse gas portfolio, including pipeline gas, LNG, and storage. It is enhancing energy security in Europe while transitioning to greener options like hydrogen and biomethane for decarbonization.
Khoa Dao, CCO ConocoPhillips, stated, “This agreement will further advance our growing LNG portfolio marketing efforts and help to ensure placement of vital gas supply into Europe.”
Carsten Poppinga, CCO Uniper, said, “We are excited to announce this significant deal, which is not only a great success for Uniper but also of central importance to energy security. This deal aims to enable us to sustainably strengthen the supply of gas in Germany and Europe on a long-term basis.”
Last month, ConocoPhillips reported second-quarter FY24 adjusted EPS of $1.98, beating the consensus of $1.96 and revenue of $14.136 billion, which missed expectations of $14.919 billion.
The company expects FY24 production of 1.93 to 1.94 MMBOED and capital expenditures guidance of about $11.5 billion.
Investors can gain exposure to the COP stock via Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (NYSE:OILT) and IShares U.S. Oil & Gas Exploration & Production ETF (BATS:IEO).
Price Action: COP shares are up 0.11% at $110.67 premarket at the last check Friday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
NIO Inc. (NYSE:NIO) shares are trading higher on Thursday. Nio’s Onvo currently has 180 store managers in China, with 40% hailing from Tesla, Inc. (NASDAQ:TSLA) and 27% from Li Auto (NASDAQ:LI), according to Xia Qinghua, head of Onvo’s user and service operations, CnEV Post reports.
The competition stories between NIO and Tesla is not new! Earlier this May, NIO reportedly reached an agreement with larger competitor BYD Co., Ltd. (OTC:BYDDY) to obtain batteries for a new EV brand positioned in a lower price range, targeting competition with Tesla, according to a Reuters report.
Also Read: Why Tesla Stock Is Rallying About 3% Higher In Thursday’s Premarket
Meanwhile, Onvo is officially set to launch the L60 later today. The L60 first appeared on May 15 and opened for pre-orders at a promotional price of RMB219,900, which includes the battery.
This price is RMB30,000 lower than the current Tesla Model Y starting price in China.
Qinghua started a 20,000-kilometer long-distance journey across China in an Onvo L60 on August 15, shortly after the first production vehicle was completed.
He shared these details during a conversation with Nio founder, chairman, and CEO William Li while in the car, near the conclusion of the trip today, CnEV Post added.
Onvo opened its first 105 stores in China on September 1, and the total number of stores has now reached 120.
Price Action: NIO shares are trading higher by 6.87% to $5.37 at the last check on Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Piper Sandler initiated coverage on Abbott Laboratories (NYSE:ABT), noting the company as a versatile large-cap with an attractive valuation.
Abbott has a diversified business model with solid distribution across segments (medtech, diagnostics, nutrition, pharmaceuticals) and geography. Medical devices are the company’s largest business, accounting for around 44% of total sales.
Abbott Laboratories reported second-quarter sales of $10.38 billion, up 4%, almost in line with the consensus of $10.37 billion.
Organic sales growth for the underlying base business was 9.3%, led by double-digit growth in medical devices.
Piper Sandler noted that the company struck a solid balance by achieving above-average growth for a large-cap medtech firm, maintaining strong efficiency metrics, and consistently paying dividends to shareholders.
Abbott has positioned itself as a high-single-digit growth company, placing it near the top of the large-cap medtech sector. Its medtech division has consistently contributed to overall growth, with expectations for double-digit expansion from 2024 to 2026.
Analyst Adam C. Maeder initiated coverage with an Overweight rating and a price target of $131.
Talking about the valuation, the analyst highlighted that Abbott’s stock is currently valued at 22.3 times the consensus adjusted EPS estimates for 2025, reflecting a notable discount compared to its large-cap medtech peers.
This discount is partly driven by ongoing necrotizing enterocolitis (NEC) litigation, but the analyst contends that Abbott should still be trading at least on par with its peers, given its strong revenue growth and adjusted EPS outlook.
In July, Abbott stock fell following a U.S. jury’s ruling that found Abbott’s formula was responsible for a girl developing a severe bowel disease, leading to a hefty $495 million penalty. This verdict is part of nearly 1,000 lawsuits filed against Abbott Labs, its British rival Reckitt Benckiser Group PLC – ADR (OTC:RBGLY), both in U.S. federal or state courts.
“We don’t see much topline risk associated with the litigation, and we believe the Street is already pricing potential damages into the stock,” the analyst added.
ABT Price Action: Abbott Laboratories stock is down 1.07% at $113.66 at last publication Thursday.
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Walt Disney Co (NYSE:DIS)-owned Walt Disney Studios bagged a first-look feature deal with ‘Spider-Man: No Way Home’ director Jon Watts.
A first-look deal means that every project developed by Jon Watts has to be offered to Disney first.
Watts and his production company, Freshman Year, will direct and produce films for Disney Live Action and 20th Century Studios, Deadline reports.
His producing partner, Dianne McGunigle, is also attached to the projects. This deal will allow Watts to explore various creative endeavors across multiple genres for the studios.
Also Read: Disney Data Leak Exposes Sensitive Info, Streaming And Park Revenue: Report
Spider-Man trilogy grossed over $4 billion globally. Watts has ventured into other projects, including Wolf, starring George Clooney and Brad Pitt, for Apple TV+.
Disney Marvel’s 2024 release “Deadpool & Wolverine” set records with the release of the third film in the franchise. The movie has earned $582.7 million in domestic box offices and $634.8 million internationally, bringing its global total to $1.22 billion, according to a September 5 report.
Watts and McGunigle’s other projects included Final Destination: Bloodlines for Warner Bros, a feature adaptation of the Murder 101 podcast for Amazon, and the Keith Schofield-directed NSFL.
Price Action: DIS stock is up 0.97% at $94.49 at last check Thursday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Piper Sandler analyst Brent Bracelin maintained an Overweight rating on HubSpot Inc (NYSE:HUBS) with a $570 price target.
Bracelin expects HubSpot to gain market share due to its highly efficient GTM effort combined with organic product development, which results in customer satisfaction and structurally higher gross dollar retention in the high 80s.
The analyst noted that the company is increasing, expanding at three times the market’s 11% rate over the last four years, yet its share is still a tiny 4%.
Also Read: HubSpot Analysts Cut Their Forecasts After Q2 Results
In the near term, HubSpot faces headwinds in macro and foreign exchange, but the company expects to recover quickly when the economy strengthens.
Bracelin attended the HubSpot customer conference (Inbound) and analyst day in Boston, MA, which left him incrementally positive that moving past the election or interest rate cuts could spur new customer spending growth.
The analyst remains impressed with HubSpot’s product innovations, which drive substantial customer net additions and above-market growth despite two years of challenging macroeconomic conditions.
The company discussed a new series of AI product innovations, Bracelin flagged. Partner and customer discussions indicate incremental bullishness on demand trends moving into 2025.
The company also updated its long-term operating margin target from 20%-25% to 25%. Agency partners remain committed to the HubSpot platform and, despite a change in commission structure, continue to drive net new business for the company, the analyst noted.
CEO Yamini Rangan’s keynote address highlighted the key challenge for HubSpot’s customers over the last two years. Bracelin noted that this challenge is highly correlated to the recent interest rate cycle, making attracting and retaining customers more demanding.
Management continues accelerating AI product development with several new modules released at Inbound 2024.
During the keynote session, Bracelin noted that CTO and co-founder Dharmesh Shah highlighted HubSpot’s development of a “LinkedIn”-style interface where customers can search for and utilize AI agents for various use cases.
Based on partner discussions, the analyst summarized his conclusions. Near-term trends are improving, with July and August being better than May and June, Bracelin noted.
Bracelin spoke with several ZoomInfo Technologies Inc (NASDAQ:ZI) partners and direct customers, who indicated that more SMB churn could be on the company’s horizon.
During the formal investor session, management highlighted core tenets of the HubSpot platform, including ease of use, fast time to value, and a unified platform built organically, the analyst noted. The company discussed usage-based pricing for the first time, which could be on the horizon.
Bracelin projected fiscal 2024 revenue of $2.57 billion and EPS of $7.66.
Price Action: HUBS stock is up 4.86% at $528.52 at the last check on Thursday.
Photo via Company
Robinhood Markets Inc (NASDAQ:HOOD) stock is up after Piper Sandler analyst Patrick Moley maintained an Overweight rating and raised its price target from $23 to $27.
The re-rating follows the 50 bps Fed rate cut, with Moley reiterating that the second-order effects of Fed rate cuts on margin balance growth and overall retail trading activity will be enough to offset the negative impact of lower rates.
The price target reflects seven times the analyst’s 2026 revenue estimate (up from 6 times previously to reflect recent peer group multiple expansion and a more favorable retail trading environment).
Also Read: What’s Going On With AI Related Stocks Nvidia, AMD, Broadcom And Super Micro On Thursday?
Moley said that Crypto accounted for ~16% of Robinhood Markets’ net revenues in the first half of 2024. While the stock has by far the most robust crypto offering of any traditional U.S. retail broker, its offering is pretty conservative compared to crypto-native firms like Coinbase Global, Inc (NASDAQ:COIN).
Moley noted that the passage of comprehensive crypto legislation in the U.S. is nearing. CME Group Inc (NASDAQ:CME) and Coinbase CEOs believe comprehensive legislation could come before year-end.
The analyst said Robinhood Markets is well positioned to benefit if this occurs, given its relatively conservative crypto offering and a younger customer demographic with an appetite to adopt new crypto products.
Moley projects ~ a 10%-12% EPS upside to Robinhood Markets’ earnings if the company expands its crypto offering to something comparable to crypto-native peers.
Robinhood Stock Prediction For 2024
Robinhood Markets’s revenue growth in FY23 was 37.33%, reflecting the influence of various factors including the macroeconomic environment, demand for its products and services, and its position relative to competitors. This growth is a critical indicator for investors assessing the company’s future prospects.
Some macro factors that could impact the company’s performance in the next year include higher interest rates, progress on reeling in inflation and labor market strength. The Fed’s benchmark rate is currently at 5.33%, while PPI recently came in at 0.2%, growing 1.7% from last year. The unemployment rate was most recently reported as 4.2%.
An investor should pay attention to economic conditions to decide whether they think the macro environment is positive or negative for Robinhood Markets stock. For real time economic data and breaking market updates, check out Benzinga Pro. Try it for free.
How does this stack up against Robinhood Markets’s peers?
Investors may also want to analyze a stock in comparison to companies with similar products or in similar industries. Robinhood Markets operates in the Financials sector. The stock has experienced average annual growth of -17.32% compared to the 10.93% average of its peer companies. This is below the broader sector movement of Robinhood Markets.
Price Action: HOOD stock is up 2.68% at $23.57 at last check Thursday.
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Rogers Communications Inc. (NYSE:RCI) shares are trading higher on Thursday. On Wednesday, the company disclosed an agreement to acquire Bell’s 37.5% stake in Maple Leaf Sports & Entertainment (MLSE) for $3.46 billion (Canadian $4.7 billion).
Upon closure, Rogers will hold a 75% controlling interest in MLSE. Bell will retain long-term broadcast and sponsorship rights, including access to 50% of Toronto Maple Leafs and Raptors games.
This deal expands Rogers’ sports portfolio, which includes ownership of the Toronto Blue Jays, Rogers Centre and Sportsnet, and partnerships with the Vancouver Canucks, Edmonton Oilers, Calgary Flames and the NHL.
With this transaction, Rogers aims to continue investing in efforts to bring championships to Canada. The transaction is pending league and regulatory approvals.
“As Canada’s leading communications and entertainment company, live sports and entertainment are a critical part of our core business strategy,” said Tony Staffieri, Rogers Communications president and CEO.
In July, the company reported second-quarter revenues of $3.7 billion (C$5.093 billion), missing the consensus of $3.76 billion (C$5.105 billion).
As of June 30, the firm had $3.17 billion (C$4.3 billion) of available liquidity, consisting of $331,980,750 (C$0.45 billion) in cash and cash equivalents and $2.8 billion (C$3.85 billion) available under bank and other credit facilities.
RCI Price Action: RCI shares are up 0.50% at $39.84 at the last check Thursday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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4D Molecular Therapeutics (NASDAQ:FDMT) stock is trading lower on Thursday after the company released interim follow-up data from the Phase 1/2 PRISM clinical trial and 4FRONT Phase 3 study design.
Robust and durable treatment burden reduction was observed in all PRISM populations studied with the planned Phase 3 dose of 3E10 vg/eye of 4D-150.
83% overall reduction in annualized injections, 52% received 0 or 1 injection, and 44% injection-free in Phase 1/2a Severe study compared to Phase 2b Broad study with observations of 89%, 80%, and 70% injection-free, respectively.
In Phase 2b, recently diagnosed patients, a 98% overall reduction in annualized injections, 100% received 0 or 1 injection, and 87% injection-free was observed.
In June, 4D Molecular Therapeutics unveiled interim 24-week data from the Population Extension cohort of its PRISM Phase 2 Clinical Trial.
The trial evaluates intravitreal 4D-150 in a broad wet AMD patient population.
Central Subfield Thickness (CST): sustained anatomic control with fewer fluctuations.
4D-150 continues to be well tolerated with a favorable safety profile
The rate of 4D-150 intraocular inflammation (IOI) is numerically similar to that reported for approved anti-VEGF agents.
- Wet AMD:2.8% (2 of 71) had 4D-150–related IOI at any time point, and two patients had transient 1+ vitreous cells
- 99% (70 of 71) completed steroid prophylaxis taper on schedule and 97% (69 of 71) remained off steroids completely.
- Diabetic Macular Edema (DME; SPECTRA trial): No patients treated at any dose (n=22) have experienced IOI events at any time.
In February this year, 4D Molecular Therapeutics released interim data from the Phase 2 PRISM clinical trial evaluating intravitreal 4D-150 in wet age-related macular degeneration (wet AMD) patients.
The company plans for a global 4FRONT Phase 3 development program comparing a single dose of 4D-150 3E10 vg/eye to on-label Regeneron Pharmaceuticals Inc.’s (NASDAQ: REGNP Eylea (aflibercept) 2mg Q8 weeks. The trial is expected to start in the first quarter of 2025, with around 500 participants.
Price Action: FDMT stock is down 18.80% at $13.66 at the last check on Thursday.
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Walmart Inc. (NYSE:WMT) is reportedly sweetening its pay-by-bank feature in Walmart Pay, allowing customers to pay directly from their checking accounts rather than debit cards, with transactions instantly reflected in their bank accounts.
With this update, Walmart will receive the funds instantly, reported Bloomberg.
Walmart’s new pay-by-bank offering will be launched in 2025.
The dealings will occur over Fiserv Inc (NYSE:FI)’s NOW Network, which incorporates The Clearing House’s Real Time Payments network and the Federal Reserve’s FedNow.
According to Benzinga Pro, WMT stock has gained over 43.9% in the past year. Investors can gain exposure to the stock via SPDR Select Sector Fund – Consumer Staples (NYSE:XLP) and Fidelity MSCI COnsumer Staples Index ETF (NYSE:FSTA).
Also Read: Walmart Steps Up Holiday Game, Inflation-Free Thanksgiving Meal Returns
The company is gearing up for the holiday season with new initiatives aimed at convenient shopping habits.
Leading the charge is the return of its inflation-free Thanksgiving meal, priced lower than last year, set to launch on Oct. 14.
This year, the retailer also introduced a “buy one, give one” donation feature, allowing customers to easily contribute meals to those in need.
Walmart said it is also expanding its delivery services, reaching an additional 12 million households, which will provide enhanced speed and convenience for customers looking to shop from the comfort of their homes.
Earlier this week, Sam’s Club, the $86-billion warehouse club division of Walmart, introduced a fresh workforce compensation plan, which boosted pay for close to 100,000 frontline associates and provided guidance for longer-term financial futures.
WMT Price Action: WMT shares are trading lower by 1.35% to $77.96 at last check Thursday.
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United States Steel Corporation (NYSE:X) shares are trading higher on Thursday.
The company provided third-quarter 2024 adjusted net earnings per share guidance of $0.44 to $0.48 versus an estimate of $0.39.
In the third quarter of 2024, adjusted EBITDA is expected to be approximately $300 million, compared to the prior outlook range of $275 million to $325 million. In the second quarter, adjusted EBITDA was $443 million.
“Adjusted EBITDA guidance of $300 million is in-line with our prior third quarter outlook and reflects resilient domestic flat-rolled steel demand amid a bottoming steel pricing environment,” said President and Chief Executive Officer David B. Burritt.
The CEO noted that challenging pricing dynamics are being somewhat mitigated by the diverse order books in the North American Flat-Rolled segment.
However, he mentioned that Europe is experiencing softening demand, leading to the temporary idling of Blast Furnace #1 after a planned 30-day outage due to weak customer demand.
Additionally, the CEO highlighted ongoing pressure in the Tubular segment from a weak pricing environment.
The CEO also indicated that pricing headwinds are anticipated to be partially alleviated by lower metallics costs. He also mentioned that about $40 million in expected start-up and one-time construction costs are factored into the segment’s adjusted results, primarily reflecting the new Big River 2 mini mill, which is expected to begin operations in the fourth quarter of 2024.
Burritt concluded, “We continue to progress through the U.S. regulatory reviews of the pending transaction with Nippon Steel, and are confident in our ability to achieve these approvals. We continue to work towards closing the transaction by the end of the year.”
Price Action: X shares are trading higher by 2.47% to $37.69 at last check Thursday.
Photo by Dennis Diatel on Shutterstock
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Wednesday, Oak Street Health, a subsidiary of CVS Health Inc (NYSE:CVS), agreed to settle for $60 million following allegations that it violated the False Claims Act.
The claims involved paying kickbacks to third-party insurance agents to recruit seniors to its primary care clinics, a practice that led to false Medicare submissions.
The allegations center around Oak Street Health’s Client Awareness Program, launched in 2020, which aimed to increase membership through third-party insurance agents.
These agents targeted seniors enrolled or eligible for Medicare Advantage (MA) plans, directing them toward Oak Street’s services.
In exchange, agents received approximately $200 per referral, incentivizing them to prioritize financial gain over seniors’ best interests.
This behavior violated the Anti-Kickback Statute, which prohibits offering payment to induce patient referrals under federally funded programs like Medicare.
The U.S. Department of Justice (DOJ) claimed that Oak Street Health knowingly submitted false claims to Medicare between September 2020 and December 2022 due to these illegal kickbacks.
“Health care providers that attempt to profit from kickbacks will be held accountable,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “We are committed to rooting out illegal practices committed by Medicare Advantage providers, insurance agents and brokers that undermine the interests of federal health care programs and the patients they serve.”
Additionally, the settlement resolves claims brought under the whistleblower provisions of the False Claims Act by Joseph Stinson. Stinson will receive $9.9 million as part of the settlement.
Last week, Walgreens Boots Alliance Inc. (NASDAQ:WBA) agreed to pay $106.8 million to settle allegations that it submitted false claims to government healthcare programs, violating the False Claims Act and state regulations.
Price Action: CVS stock is up 0.27% at $58.58 at the last check Thursday.
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Builders FirstSource, Inc. (NYSE:BLDR) shares are trading higher on Thursday. The company appointed Peter Jackson as its next President and CEO and Pete Beckmann As CFO, effective November 6, 2024.
Jackson, who is the current CFO, will succeed current CEO Dave Rush, who is retiring after 25 years of service.
Rush will remain on the Board of Directors and serve as a special advisor to ensure a smooth transition.
On the other hand, Pete Beckmann, currently Senior Vice President of Financial Planning & Analysis at Builders FirstSource, will succeed Peter Jackson as CFO.
Beckmann, who has been with Builders FirstSource and its predecessor companies since 1999, has held various finance roles, including leading reporting, forecasting, strategic planning, and capital investment analysis.
Paul Levy, Chair of the Board of Directors, said, “Peter’s appointment as the Company’s next CEO underscores the Board’s steadfast commitment to excellence in our leadership team, and is the result of a thoughtful succession planning process.”
“Peter is a dynamic and innovative leader who has had wide-ranging impact on Builders FirstSource. He brings a strategic, operational, and finance-oriented mindset to his new role, as well as a deep understanding of our history, mission and strategy.”
Last month, the company reported second-quarter adjusted earnings per share of $3.50, beating the street view of $3.02, and sales of $4.456 billion missed the street view of $4.483 billion.
As of June-end, liquidity was approximately $1.7 billion, consisting of $1.6 billion in net borrowing availability under the revolving credit facility and $0.1 billion cash on hand.
Investors can gain exposure to the stock via Themes US Small Cap Cash Flow Champions ETF (NASDAQ:SMCF) and Argent Mid Cap ETF (NASDAQ:AMID).
Price Action: BLDR shares are up 3.09% at $200.53 at the last check Thursday.
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Hawaiian Electric Industries, Inc. (NYSE:HE) shares are trading lower on Thursday. Hawaiian Electric entered into an Equity Distribution Agreement to issue common shares of up to $250 million.
The company is issuing shares through several agents Wells Fargo Securities, LLC, Barclays Capital Inc., and Guggenheim Securities, LLC. via an “at the market offering.”
The agents will follow the company’s instructions and receive up to 1% commission on gross sales proceeds, with customary indemnification provided.
Last month, Hawaiian Electric and its subsidiary reached an agreement in principle to settle tort-related claims from the Maui windstorm and wildfires litigation for $1.91 billion.
This amount, reduced by a $75 million credit, will be paid in four annual installments starting in mid-2025.
The settlement is pending final documentation and court approval.
HEI previously accrued a $1.71 billion loss for these liabilities, which may be adjusted as the settlement process evolves.
Apart from this, Hawaiian Electric and PAR Hawaii Refining extended their Petroleum Fuels Supply Agreement through January 31, 2029, with automatic one-year renewals unless terminated with 120 days’ notice.
Price Action: HE shares are trading lower by 10.1% at $10.84 at the last check Thursday.
Image via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.