Frontier Communications Shares Pop On S&P Midcap 400 Inclusion

September 28, 2022 10:06 AM | 1 min read | Make a Comment

Frontier Communications Parent, Inc FYBR will replace The Hain Celestial Group, Inc HAIN in the S&P Midcap 400.
Hain Celestial will replace Hanger, Inc HNGR in the S&P SmallCap 600 effective before trading on October 3.
Patient Square Capital, LP. is acquiring Hanger.
FYBR reported a second-quarter FY22 revenue decline of 8.7% year-on-year to $1.46 billion, marginally beating the consensus of $1.45 billion.
The growth in consumer fiber broadband was offset by declining subsidy, video, voice, and wholesale services.
EPS of $0.41 beat the consensus of $0.24.
Frontier sees an FY22 adjusted EBITDA of $2.05 billion - $2.15 billion and targets Fiber builds to 1.1 - 1.2 million new locations.
Price Action: FYBR shares traded higher by 6.48% at $23.66 on the last check Wednesday.