Avangrid (NYSE:AGR) Stock, Quote.Headers.trade-ideas

Avangrid

Avangrid operates two business units, Networks and Renewables. Networks operates eight regulated electric and natural gas utilities across New York, Maine, Connecticut, and Massachusetts, serving over 3 million customers. Renewables has historically focused on developing onshore wind projects but is looking to make developments in solar and offshore wind over the next five years. It operates nearly 8.6 gigawatts of renewable energy projects across the U.S. Spanish utility Iberdrola spun off Avangrid's predecessor, Iberdrola USA, in 2015. Iberdrola owns 81.6% of Avangrid and has proposed to acquire the remaining shares.

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NiSource (NYSE: NI) reported second-quarter 2024 operating earnings per share of 21 cents, which surpassed the Zacks Consensus Estimate of 15 cents by 40%. The bottom line increased 90.9% from the year-ago quarter&#39;s recorded figure of 11 cents.

NiSource Q2 Earnings Surpass Estimates, Revenues Miss

PG&amp;E Corporation (NYSE: PCG) reported second-quarter 2024 adjusted earnings per share of 31 cents, which surpassed the Zacks Consensus Estimate of 30 cents by 3.3%. The bottom line also improved 34.8% from the year-ago quarter&#39;s reported figure.

PG&amp;E Q2 Earnings Top Estimates, Revenues Increase Y/Y

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Equities

BKGI

WBIY

Dominion Energy issuing RFP to assess feasibility of SMR at North Anna site in Virginia. Aligns with latest IRP and plans for rider recovery.

Dominion Energy Seeks Regulatory Approval for Cost-Effective SMR Development: Details

Avangrid Inc

Minnova Corp

Argonaut Resources NL

ARGONAUT RESOURCES NL by Argonaut Resources NL

Orpheus Uranium Ltd

iShares U.S. ETF Trust iShares Interest Rate Hedged U.S. Aggregate Bond ETF

AgriFORCE Growing Systems Ltd. - Common Shares

AgriFORCE Growing Systems Ltd

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Agristar Inc

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Applied Graphite Technologies Corp

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Agile Therapeutics Inc COM PAR $0.0001

Jefferies analyst Julien Dumoulin-Smith initiates coverage on Exelon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXC#NASDAQ">EXC</a>) with a Buy rating and announces Price Target of $46.

Price Target

Initiation

Jefferies Initiates Coverage On Exelon with Buy Rating, Announces Price Target of $46

Jefferies analyst Paul Zimbardo initiates coverage on PPL (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PPL#NYSE">PPL</a>) with a Buy rating and announces Price Target of $38.

Jefferies Initiates Coverage On PPL with Buy Rating, Announces Price Target of $38

Mortgage rates continue to <a href="https://www.benzinga.com/news/24/09/40921345/mortgage-rates-drop-to-2-year-low-refinancing-hits-fastest-pace-since-2022-rocket-lendingtree-among">fall toward 6%</a> as the housing market absorbs the Federal Reserve&#8217;s 0.5% rate cut on Wednesday, raising demand for refinancing and buying, stated Freddie Mac.
The average rate for a 30-year fixed mortgage fell to 6.09% on Thursday, down from 6.2% a week ago and 7.19% a year earlier, according to Freddie Mac&#8217;s Primary Market Mortgage Survey.
The rate for a 15-year fixed mortgage declined to 5.15%, down from 5.27% a week ago and 6.54% a year earlier.
"Mortgage rates continued declining towards the six percent mark, reviving purchase and refinance demand for many consumers," said Sam Khater, Freddie Mac's chief economist.
Read Also:<a href="https://www.benzinga.com/top-stories/24/09/40923657/single-family-housing-starts-are-up-as-mortgage-rates-decline-fed-eyes-lower-rates"> Single-Family Housing Starts Are Up As Mortgage Rates Decline, Fed Eyes Lower Rates</a>
"While mortgage rates do not directly follow moves by the Federal Reserve, this first cut in over four years will have an impact on the housing market. Declining mortgage rates over the last several weeks indicate this cut was mostly baked in, but we expect rates to fall further, sparking more housing activity."
Exchange-traded funds that hold mortgage stocks are sensitive to mortgage rates because they primarily invest in mortgage-backed securities (MBS) or mortgage-related assets, which are directly impacted by changes in interest rates.
<ul>
<li>IShares Mortgage Real Estate ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/REM#BATS">REM</a>) rose 0.82%</li>
<li>VanEck Mortgage REIT Income ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MORT#NYSE">MORT</a>) went up 0.74%</li>
<li>IShares MBS ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBB#NASDAQ">MBB</a>) ticked up 0.06%</li>
</ul>
IShares Mortgage Real Estate ETF holds 15.2% of the REIT, Annaly Capital Management, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NLY#NYSE">NLY</a>), while VanEck Mortgage REIT Income ETF holds 11.1%.
Read Now:
<ul>
<li><a href="https://www.benzinga.com/markets/24/09/40817001/mortgage-rates-fall-to-lowest-level-since-february-2023">Mortgage Rates Fall To Lowest Level Since February 2023</a></li>
</ul>
Photo: Shutterstock

REIT

ETFs

Real Estate

FMCC

MORT

iShares FTSE NAREIT Mortgage PLUS Capped Index Fund

Mortgage Rates Near 6%, Demand Increases For Refinancing, Purchases

Jefferies analyst Julien Dumoulin-Smith initiates coverage on Duke Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DUK#NYSE">DUK</a>) with a Buy rating and announces Price Target of $138.

Jefferies Initiates Coverage On Duke Energy with Buy Rating, Announces Price Target of $138

Morgan Stanley analyst Jeffrey Hung upgrades Centessa Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CNTA#NASDAQ">CNTA</a>) from Equal-Weight to Overweight and raises the price target from $11 to $26.

Upgrades

CNTA

Morgan Stanley Upgrades Centessa Pharmaceuticals to Overweight, Raises Price Target to $26

South Korean gaming giant Krafton's recent acquisition of Microsoft Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) Tango Gameworks, known for titles like The Evil Within and Hi-Fi Rush, marked a significant move in the <a href="https://www.benzinga.com/general/gaming">gaming sector.</a>
The deal, announced on Aug. 13, was driven more by a commitment to preserving creative talent than by financial incentives.
See Also: <a href="https://www.benzinga.com/general/gaming/24/08/40320631/krafton-saves-tango-gameworks-acquires-hi-fi-rush-ip-from-xbox">Krafton Saves Tango Gameworks: Acquires Hi-Fi Rush IP From Xbox</a>
<h1 class="wp-block-heading">Commitment Over Profit</h1>
&#8220;We don't think Hi-Fi Rush 2 is going to make us money, to be frank,&#8221; CEO Changhan Kim revealed in <a href="https://www.gamedeveloper.com/business/-we-don-t-think-hi-fi-rush-2-is-going-to-make-us-money-krafton-ceo-says-tango-gameworks-acquisition-is-about-legacy">dialogue </a>with Game Developer. 
&#8220;We wanted to maintain their legacy,&#8221; he added. &#8220;Although they did not have a big success in their games, we saw many creatives worth pursuing. That&#8217;s why we wanted to work with that organization.&#8221;
<h1 class="wp-block-heading">Strategic Focus On Hi-Fi Rush</h1>
The acquisition focused specifically on the Hi-Fi Rush intellectual property. 
&#8220;Because Hi-Fi Rush fans really want to see sequels, we negotiated with Tango Gameworks' parent company to acquire that IP as well,&#8221; Kim explained. 
This move was intended to streamline the acquisition process and ensure the game's legacy continued without unnecessary delays.
Kim also addressed the practical aspects of the deal. "If we were to acquire all IPs, I think it's going to complicate the deal too much," he noted. 
<h1 class="wp-block-heading">Staff Transition, Future Plans</h1>
The acquisition involved around 50 of Tango Gameworks&#8217; 100 employees, with the remaining staff not joining Krafton. 
Kim reassured that Krafton had no plans to reduce the new studio's staff and hinted at potential expansion.
&#8220;Krafton is a pretty big company, but Microsoft is very complicated,&#8221; Kim said. &#8220;We wanted to help the team continue developing their games, but especially Hi-Fi Rush.&#8221;
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/gaming/24/05/38791690/xbox-exec-sarah-bond-addresses-microsofts-studio-closures-its-always-extraordinarily-hard-to-make-">Xbox Exec Sarah Bond Addresses Microsoft&#8217;s Studio Closures: &#8216;It&#8217;s Always Extraordinarily Hard To Make Decisions Like That&#8217;</a></li>
</ul>
Photo: Courtesy of Tango Gameworks.

Gaming

General

MSFT

Why Krafton Bought Tango Gameworks From Microsoft: CEO Kim Reveals 'We Don't Think Hi-Fi Rush 2 Is Going To Make Us Money'

Politan Capital Management (together with its affiliates, "Politan"), a 9% shareholder of Masimo Corporation ("Masimo" or the "Company") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MASI#NASDAQ">MASI</a>), today commented on the outcome of the Company's Annual Meeting of Stockholders (the "Annual Meeting").
Both of Politan's independent nominees – Darlene Solomon and William Jellison – were elected to the Board.1 Politan greatly appreciates the support and engagement from its fellow Masimo shareholders during this process.
Darlene Solomon, William Jellison, Michelle Brennan and Quentin Koffey issued the following joint statement:
"While each of us is independent and brings our own unique perspectives, we are united in our enthusiasm for Masimo's future as a leading, innovation-focused growth company. We look forward to meeting with, learning from, and working together with the Healthcare and Consumer employees to make Masimo an even greater company. We would also like customers to know that we will be completely focused on preventing any disruption to their service and support. We will have more to share soon."

Management

MASI

Politan Comments On Results Of Masimo's 2024 Annual Meeting, Both Of Politan's Independent Nominees Darlene Solomon And William Jellison Were Elected To The Board

- Initiation of pivotal CYB003 Phase 3 study in Major Depressive Disorder ("MDD") expected imminently -
- 12-month efficacy data from Phase 2 study of CYB003 in MDD expected in early Q4 2024 -
- Phase 2 topline efficacy and safety results for CYB004 in Generalized Anxiety Disorder ("GAD") expected year-end 2024 or early Q1 2025 -
- Strengthened R&amp;D team with addition of experienced drug development leaders Dr. Atul R. Mahableshwarkar, and Dr. Tom Macek, as program leads for CYB003 and CYB004, respectively -
<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.cybin.com%2F&amp;esheet=54124810&amp;newsitemid=20240919771162&amp;lan=en-US&amp;anchor=Cybin+Inc.&amp;index=1&amp;md5=66087b8f12a3993545dbd3142c3afc66">Cybin Inc.</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CYBN#NYSE">CYBN</a>) (Cboe CA:CYBN) ("Cybin" or the "Company"), a clinical-stage breakthrough neuropsychiatry company committed to revolutionizing mental healthcare by developing new and innovative next-generation treatment options, today reported recent clinical accomplishments and key upcoming clinical milestones.

Biotech

CYBN

Cybin Provides Corporate Update On Upcoming Clinical Milestones; Initiation Of Pivotal CYB003 Phase 3 Study In Major Depressive Disorder Expected Imminently; 12-Month Efficacy Data From Phase 2 Study Of CYB003 In MDD Expected In Early Q4 2024; Phase 2 Topline Efficacy And Safety Results For CYB004 In Generalized Anxiety Disorder Expected Year-End 2024 Or Early Q1 2025

ASTC

Astrotech FY24 EPS $(7.12) Down From $(5.95) YoY; Revenue $1.66M Up From $750K YoY

Mobileye Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBLY#NASDAQ">MBLY</a>) shares<a href="https://www.benzinga.com/news/24/09/40897994/whats-going-on-with-intel-stock-on-tuesday"> skyrocketed on Thursday</a> after Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) assured investors it would not drop its majority stake in the Israeli autonomous driving company.
Mobileye gained 14.99% to close at $13.35 on Thursday, marking its largest intraday jump since late October 2022.
&#8220;We currently do not have any plans to divest a majority interest in the company,&#8221; Intel said in a statement.
&#8220;By providing Mobileye with separation and autonomy, we have enhanced its ability to capitalize on growth opportunities and accelerate its path to creating even greater value.&#8221;
Read Also: <a href="https://www.benzinga.com/news/24/09/40941075/whats-going-on-with-autonomous-driving-stock-mobileye-thursday">What&#8217;s Going On With Autonomous Driving Stock Mobileye Thursday?</a>
Intel, which holds an 88% stake in Mobileye, said it believes in the future of autonomous driving technology and in Mobileye's &#8220;unique role as a leader&#8221; in developing advanced driver assistance systems.
Intel CEO Pat Gelsinger has been changing his company's operations and showed more of his plans earlier this week to get the troubled chipmaker back on track, including pausing building factories in Germany and Poland and turning its manufacturing sector into a wholly owned subsidiary, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-09-19/mobileye-jumps-after-intel-says-it-won-t-divest-majority-stake?srnd=homepage-americas&amp;sref=TBDibEcD">reported</a>.
Intel discussed possibly selling some its Mobileye stake either on the public market or through a third-party sale, Bloomberg reported earlier this month.
Mobileye, which provides both software and hardware for self-driving systems, was acquired by Intel in 2017 for about $15 billion. It had an initial public offering in 2022, but Intel held most of the stake.
Read Now:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/10/35469115/mobileye-lowered-revenue-outlook-but-these-analysts-are-still-bullish-heres-why">Mobileye Lowered Revenue Outlook But These Analysts Are Still Bullish &#8211; Here&#8217;s Why</a></li>
</ul>
Photo: Ilan Ben Oudiz<a href="https://creativecommons.org/licenses/by-sa/4.0"> via </a>Wikimedia Commons

Global

Tech

INTC

MBLY

Mobileye Soars After Intel Says It Will Not Sell Majority Stake

<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4259289-1&amp;h=1854567284&amp;u=https%3A%2F%2Fnauticusrobotics.com%2F&amp;a=Nauticus+Robotics+Inc.">Nauticus Robotics Inc.</a>&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KITT#NASDAQ">KITT</a>) a leading innovator in autonomous subsea robotics and software, today announced receipt of a letter from the Nasdaq Stock Market LLC ("Nasdaq") approving an extension of time to regain compliance with all listing standards.
The letter received from Nasdaq grants Nauticus an exception until December 31, 2024 to demonstrate compliance with the Nasdaq Capital Market listing rules. Nauticus management presented its detailed plan to gain compliance during the Nasdaq Hearings Panel meeting held on September 5, 2024.
Nauticus will continue to work through its plan with intent to resolve all compliance issues before the deadline of December 31, 2024.
With the granting of this Nasdaq exception, Nauticus remains listed on the Nasdaq capital market. Once the compliance plan is fully executed, Nauticus will make further disclosures describing the actions taken by the Company to achieve compliance.&nbsp;

KITT

Nauticus Robotics Announces Notification Of NASDAQ Listing Extension, Will Continue To Work Through Its Plan With Intent To Resolve All Compliance Issues Before The Deadline Of December 31, 2024

WIIM

AGBA

AGBA Group shares are trading higher after the company announced all AGBA/Triller merger closing conditions have been met, with the exception of the final Nasdaq listing regulatory approval.

<ul>
<li>AGBA's merger with Triller Corp. is on track to close &nbsp;</li>
<li>Shareholder approval was granted for AGBA to be incorporated as a Delaware Corporation and domiciled in the U.S., operating under the name Triller Group Inc. &nbsp;</li>
<li>All AGBA/Triller merger closing conditions have been met, with the exception of the final Nasdaq listing regulatory approval, soon anticipated &nbsp;</li>
</ul>
NEW YORK, Sept. 19, 2024 /PRNewswire/ -- AGBA Group Holding Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AGBA#NASDAQ">AGBA</a>) ("AGBA" of the "Company"), a multi-channel business platform delivering first-class financial services through machine-learning technologies, today announced the results of its general shareholder meeting (the "Meeting") held on September 19, 2024. During the Meeting, AGBA's shareholders resoundingly approved all proposals put forth for vote and moved AGBA's merger with Triller Corp. to its final stage of completion. &nbsp;In the coming weeks, AGBA and Triller Corp. anticipate receiving Triller Group Inc.'s (the pro forma merged parent company) new Nasdaq listing approval, the final closing condition to the transaction, and expect their merger to close shortly thereafter.
Today's Meeting and shareholder vote provided approval for AGBA to be re-domiciled in the State of Delaware and incorporated as a company under Delaware State Law operating under the new name "Triller Group Inc."
The shareholder vote also approved the amended and restated merger agreement dated as of August 30, 2024 ("Merger Agreement"), by and between AGBA (to be renamed Triller Group Inc.), AGBA Social Inc., a wholly owned Delaware subsidiary of AGBA, Triller Corp. and Triller's stockholder representative, with respect to the acquisition of 100% of the outstanding capital stock and conversion of all restricted stock units of Triller Corp., in exchange for common stock and preferred stock of the newly named Triller Group Inc. the conversion of all existing Triller Corp. restricted stock units into Triller Group Inc. restricted stock units, and the assumption of certain Triller Corp. warrants.
It was also agreed at the Meeting that AGBA's Revised Charter Amendment would supersede and stand in substitution for the Charter Amendment Proposal to approve (i) the adoption and filing of the Company's Sixth Amended and Restated Memorandum and Articles of Association to supersede and replace in its entirety AGBA's Fifth Amended and Restated Memorandum and Articles of Association to, among other things, (A) increase the number of the Company's ordinary shares authorized for issuance thereunder from 1,000,000,000 to 1,500,000,000, (B) authorize a new class of 100,000,000 class A preferred shares and authorize a new class of 45,000 super voting class B Shares, with each share entitled to 10,000 votes, and (C) to enable the majority shareholders to approve matters by written consent, and (ii) the adoption and filing of AGBA's Seventh Amended and Restated Memorandum and Articles of Association to supersede and replace in its entirety the Company's Sixth Amended and Restated Memorandum and Articles of Association to consolidate the above amendments and to effect the forward share split of the AGBA Ordinary Shares on a 1.9365 basis, and the resulting increase in the total number of authorized ordinary shares from 1,500,000,000 to 2,904,753,145 and increase in the outstanding AGBA Ordinary Shares from 97,736,035, shares to 189,265,804 shares and reduction in the par value of each&nbsp; AGBA Ordinary Shares from $0.001 to $0.000516395 (the "Share Split").
AGBA's shareholders authorized and approved that after its merger with Triller Corp. has closed, and based on the number of outstanding AGBA Ordinary Shares as of August 30, 2024, Triller Corp.'s Stakeholders will hold 70% of the aggregate of (i) the economic interests of the outstanding Triller Group Inc. capital stock plus (ii) the outstanding Triller Group Inc. RSUs, and the current AGBA shareholders will hold the remaining 30% ("Agreed Stakeholder Proportions"), and that AGBA's Board of Directors ("Directors") be and are hereby authorized to make such amendments and adjustments to the Merger Agreement and the numbers of securities to be so issued in Triller Group Inc., in their sole discretion, as may be required or desirable to give effect to the Merger Agreement Proposal and the Agreed Stakeholder Proportions.
Further, the shareholders granted to authorize and approve a reverse share split of AGBA Ordinary Shares in the range of 1 to 1.5 to 1 to 20 and grant to AGBA's Directors the discretion and authority to determine the exact reverse split ratio, within the above specified range, ("Reverse Share Split") and to further authorize and approve any consequential changes and amendments to AGBA's memorandum and articles of association, and to authorize and grant discretion to AGBA's Directors to do all things necessary to give effect to the Reverse Share Split as may be required.
These approved proposals reflect transformative changes being implemented at AGBA and mark a significant step forward for Triller Group Inc.'s future enhanced growth and positioning within the technology and social media industries.

AGBA Group Holding Limited Announced Moving Towards Finalizing The Merger Upon Receiving New Nasdaq Listing Approval For Triller Group Inc., Involving Re-Domiciliation To Delaware, Authorization Of A Forward Share Split, A Reverse Share Split, And Allocation Of 70% Of Economic Interests To Triller Corp.'s Stakeholders

Cayson Acquisition Corp (the "Company") announced today that it priced its initial public offering of 6,000,000 units at $10.00 per unit. The Company's units will be listed on the Nasdaq Global Market ("Nasdaq") and will begin trading tomorrow, September 20, 2024, under the ticker symbol "CAPNU." Each unit consists of one ordinary share and one right entitling its holder to receive one tenth of one ordinary share upon the Company's completion of an initial business combination, subject to adjustment. Once the securities comprising the units begin separate trading, the ordinary shares and rights are expected to be listed on Nasdaq under the symbols "CAPN" and "CAPNR," respectively.

IPOs

CAPN

Cayson Acquisition Corp Announces Pricing Of $60M Initial Public Offering Of 6M Units At A Price Of $10/Unit

Singular Genomics Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OMIC#NASDAQ">OMIC</a>), a company leveraging novel next-generation sequencing (NGS) and spatial multiomics technologies to empower researchers and clinicians, announced today that it has received an unsolicited non-binding proposal from Concentra Biosciences, LLC ("Concentra") to acquire all of the Company's outstanding shares of common stock for $12.00 per share in cash. As alternative consideration, Concentra stated that it would consider, assuming it receives sufficient interest from existing stockholders, inviting interested stockholders to elect to continue to participate in any future value realized from the Company's ongoing business by receiving a contingent value right in lieu of receiving $12.00 per share in cash.&nbsp; &nbsp; &nbsp;
According to a Schedule 13D filed on September 19, 2024 with the U.S. Securities and Exchange Commission (the "SEC") disclosing Concentra's proposal, Tang Capital is the controlling stockholder of Concentra and beneficially owns approximately 14.9% of the Company's outstanding common stock.

OMIC

Singular Genomics Receives Non-Binding Acquisition Proposal From Concentra Biosciences And Tang Capital To Acquire All Of The Company's Outstanding Shares Of Common Stock For $12.00 Per Share In Cash

<ul>
<li>Board Declares Third Quarter 2024 Dividend of $0.37 Per Share of Common Stock</li>
</ul>
The Board of Directors of Chimera Investment Corporation announced the declaration of its third quarter cash dividend of $0.37 per common share. The dividend is payable on October 31, 2024 to common stockholders of record on September 30, 2024. The ex-dividend date is September 30, 2024.
"We are pleased to announce an increase in our common stock dividend for the second consecutive quarter," said Phillip J. Kardis II, President and CEO of Chimera. "We continue to seek opportunities to maximize shareholder value as we enter a more favorable interest rate environment."

Dividends

Chimera Increases Q3 2024 Common Stock Dividend From $0.35 To $0.37 Per Share

David Goubert has resigned as president and CEO of Ayr Wellness Inc. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/AYR#CSE">AYR</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AYRWF#OTC">AYRWF</a>), a Miami-based cannabis multistate operator, after less than a <a href="https://www.benzinga.com/topic/ayr-wellness">year in the role. </a>
Goubert, who joined the company as president in October of 2022 and took over as CEO in February 2023, is the latest in a series of executive departures at the company, MJBizDaily <a href="https://mjbizdaily.com/cannabis-operator-ayr-wellness-loses-ceo-david-goubert/">reported.</a>
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40222855/ayr-wellness-reports-qoq-drop-in-q2-revenue-gross-profit-but-plans-to-make-the-most-of-ohio-cann">AYR Wellness&#8217; Conditional Approval For Medical Marijuana Operations In Virginia, What It Means For Investors</a>
The resignation was announced alongside Ayr&#8217;s second-quarter earnings report, which revealed a slight dip in earnings and growing net losses. 
Ayr's board of directors has initiated a search for a permanent CEO, while Steven Cohen, previously an external legal adviser, will serve as interim CEO.
<h3 class="wp-block-heading">Are Leadership Changes Enough?</h3>
In the second quarter of 2024, the company reported a slight decrease in revenue, down 0.6% from the previous quarter to $117.3 million. 
While the MSO managed to reduce its overall expenses, net losses increased to $38 million, a significant jump from the $29 million reported a year earlier.
The company has been attempting to stabilize its financial footing amid these losses. As Goubert explained before his resignation, Ayr was focused on "laying the groundwork for Ayr's next phase of growth."
<h3 class="wp-block-heading">Interim Leadership</h3>
Cohen, who will assume the role of interim CEO, brings a legal and corporate governance background but lacks direct cannabis industry experience. He is a founding member of Blue Raven, a New York-based legal advisory firm specializing in strategic corporate advice and general counsel services.
Cohen's appointment follows another notable departure, Jonathan Sandelman, who stepped down as director and executive chair in July, marking the second high-profile exit within just a few months.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/08/40222855/ayr-wellness-reports-qoq-drop-in-q2-revenue-gross-profit-but-plans-to-make-the-most-of-ohio-cann">Ayr Wellness Reports QoQ Drop In Q2 Revenue &amp; Gross Profit But Plans To Make The Most Of Ohio Cannabis Sales</a></li>
</ul>
Cover image made with AI.

Cannabis

Movers & Shakers

AYRWF

CSE:AYR

Cannabis Multi-State Operator Ayr Wellness Seeks New CEO After David Goubert's Departure: 'Next Phase Of Growth' Coming?

MillerKnoll, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MLKN#NASDAQ">MLKN</a>) shares are trading lower after the company reported its first-quarter financial results after Thursday's closing bell. Here's a look at the <a href="https://www.benzinga.com/pressreleases/24/09/n40947407/millerknoll-inc-reports-first-quarter-fiscal-2025-results">details from the report. </a>
The Details: MillerKnoll reported quarterly earnings of 36 cents per share, which missed the analyst consensus estimate of 40 cents. Quarterly revenue of $861.50 million also missed the consensus estimate of $889.3 million and represents a 6.12% decrease from the same period last year.
<ul>
<li>Orders in the first quarter were up 2.4% on a reported basis and up 3.5% organically from the prior year, led by Americas Contract growth of 5.2%.</li>
<li>Ending backlog of $758 million increased 9.2% from last year and 10.9% from the start of fiscal 2025.</li>
<li>Gross margin in the Global Retail segment improved by 160 basis points due to continued benefits from operational improvements.</li>
</ul>
&#8220;While demand trends in our Retail segment continue to reflect the impact of a tepid housing market, the investments we have made in platform operational capabilities are not only driving significant margin improvements, but also position us to support profitable growth plans as the macro-economic backdrop improves. We believe our first quarter financial results demonstrate the advantage of our collective of brands, diverse business channels and global footprint,&#8221; the company wrote in a letter to shareholders. 
Read Next: <a href="https://www.benzinga.com/fintech/24/09/40928342/what-happened-with-sofi-stock-today">What Happened With SoFi Stock Today?</a>
Outlook: MillerKnoll sees second-quarter earnings of between 51 cents and 57 cents per share, versus the estimate of 61 cents, and second-quarter revenue in a range of $950 million to $990 million, versus the $948.12 million estimate. BZ Wire
MLKN Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, MillerKnoll shares are down 2.62% after-hours at $26.75 at the time of publication Thursday. 
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MillerKnoll Stock Dips After Q1 Results: Here's Why

Chewy Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHWY#NYSE">CHWY</a>) shares are trading lower in Thursday&#8217;s after-hours session after the company announced a public offering by a selling stockholder and a <a href="https://www.benzinga.com/pressreleases/24/09/b40948271/chewy-inc-announces-public-offering-of-class-a-common-stock-by-selling-stockholder-and-concurrent-">concurrent share repurchase</a>.
What Happened: After the market close, Chewy announced an underwritten offering of&nbsp;$500 million&nbsp;of its common stock by Buddy Chester Sub LLC, which is an entity affiliated with funds advised by Chewy&#8217;s largest shareholder BC Partners Advisors LP.
The selling stockholder expects to grant the underwriters a 30-day option to purchase up to an additional&nbsp;$75 million&nbsp;of Chewy common stock. The online pet retailer will not sell any shares in the offering or receive any proceeds. 
Chewy also agreed to purchase $300 million worth of its common stock from the selling stockholder at a price equal to the price paid by the underwriters in the offering. The repurchased shares will be canceled and retired upon completion of the concurrent repurchase.
Chewy noted that its existing <a href="https://www.benzinga.com/news/earnings/24/05/39064898/pet-supply-focused-chewy-shares-gain-on-better-than-anticipated-q1-earnings-500m-buyback-plan">$500 million share repurchase program</a> will not be affected by this transaction. 
Don&#8217;t Miss: <a href="https://www.benzinga.com/news/earnings/24/09/40948046/fedex-q1-earnings-revenue-miss-eps-miss-lowered-guidance-challenging-quarter">FedEx Q1 Earnings: Revenue Miss, EPS Miss, Lowered Guidance — &#8216;Challenging Quarter&#8217;</a>
CHWY Price Action: Chewy shares were down 3.09% in after hours, trading at $30.15 at the time of publication Thursday, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Photo: <a href="https://pixabay.com/users/huoadg5888-8934889/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=4415649">huoadg5888</a> from Pixabay.

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Chewy Stock Is Sliding After Hours: What's Going On?

Telsey Advisory Group analyst Joseph Feldman maintains Target (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) with a Outperform and maintains $195 price target.

Telsey Advisory Group Maintains Outperform on Target, Maintains $195 Price Target

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
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Press Releases

Iberdrola Obtains Top Employer 2024 Certification in Eight Countries in Recognition of Its Outstanding People Practices

Iberdrola Subsidiary Avangrid Recognized as a Top Employer 2024 in the United States

Avangrid Announces Receipt of Federal Energy Regulatory Commission Approval

Avangrid's New England Wind 1 Project Selected by Massachusetts In Offshore Wind Solicitation

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Avangrid Shines With 22 Top Awards in 2024

Avangrid Welcomes First Class to Newly Built National Training Center

ISS and Glass Lewis Both Recommend a Vote "FOR" the Merger of Iberdrola and Avangrid

Maine Public Utilities Commission Approves Avangrid's Request for Merger Exemption

Avangrid Foundation Provides $45,000 in Grants to Berkshire County Arts Organizations

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