Latest News for CRAFT 1861 Glb Hldgs Stock (OTC:BGPPF)

CRAFT 1861 Global Holdings Inc is a health and wellness company in the cannabinoid space. The company operates within the non-psychoactive, hemp-derived cannabidiol (CBD) market with consumer-packaged goods containing zero THC.

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BGP Acquisition Corp. Announces Approval Of Extension Of Permitted Timeline

BGP Acquisition Corp. (OTCQX: BGPPF) (OTCQX: BGPAF) (NEO:BGP.U) (NEO:BGP.WT.U) and Craft 1861 Global, Inc., have entered into a definitive business combination agreement, which is intended to constitute

Cannabis Company Craft Global To Go Public Through Merger With BGP

CRAFT 1861 GLBL HLDGS INC by CRAFT 1861 Global Holdings Inc.

CRAFT 1861 Global Holdings Inc

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LOAR

Loar Holdings IPO Indicating $45/Share On 1,358,744 Shares; IPO Priced At $28/Share

Marex Group IPO Indicating $19.50/Share On 1,028,839 Shares; IPO Priced At $19/Share On 15.385M Shares

RBC Capital analyst Michael Eisen maintains General Dynamics (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>) with a Outperform and lowers the price target from $325 to $320.

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RBC Capital Maintains Outperform on General Dynamics, Lowers Price Target to $320

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Integer Holdings shares are trading lower. The company reported Q1 financial results.

Dow Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOW#NYSE">DOW</a>) shares are trading lower after the company reported<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/n38424278/dow-reports-first-quarter-2024-results" rel="noreferrer noopener">&nbsp;first-quarter FY24 results</a>.
Sales declined 9% Y/Y to $10.77 billion,&nbsp;beating the consensus of $10.74 billion.
Sales were up 1% sequentially, led by gains in Performance Materials &amp; Coatings and Industrial Intermediates &amp; Infrastructure segments.
Adjusted EPS was $0.56,&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">above the consensus of $0.45.</a>
Local&nbsp;price&nbsp;fell 10% year-over-year.&nbsp;Sequentially, local&nbsp;price&nbsp;was&nbsp;flat, as modest gains in EMEAI&nbsp;were offset&nbsp;by slight declines in&nbsp;Asia Pacific&nbsp;and the U.S. &amp;&nbsp;Canada.
Volume increased&nbsp;by 1%&nbsp;Y/Y, reflecting gains across all regions except Europe, the&nbsp;Middle East,&nbsp;Africa&nbsp;,&nbsp;and&nbsp;India&nbsp;(EMEAI).&nbsp;
Operating EBIT declined to $674 million from $708 million a year ago, while the margin expanded by 30 bps to 6.3% for the quarter.
Segment: Packaging &amp; Specialty Plastics sales decreased 11% Y/Y to $5.4&nbsp;billion, and the operating EBIT margin of 11.1% was up by 60 bps.
Industrial Intermediates &amp; Infrastructure sales fell 11% Y/Y to $3.0 billion, and the operating EBIT margin contracted by 70 bps to 2.9%.
Performance Materials &amp; Coatings sales declined 5% Y/Y to $2.2 billion, and the operating EBIT margin grew by 40 bps to 1.9%.
DOW&#8217;s cash provided by operating activities from continuing operations for the quarter was $460&nbsp;million&nbsp;,&nbsp;and&nbsp;free cash outflow came in at $(254) million.
DOW returned $693 million to the shareholders in the quarter, including $493 million in dividends and $200 million in share repurchases.
Jim Fitterling, chair and chief executive officer, said, &#8220;In the near-term, demand in key end-markets from packaging and mobility to energy applications are trending sequentially higher and&nbsp;in-line&nbsp;with our expectations at the start of the year.&#8221;&nbsp;
&#8220;In addition,&nbsp;our high-value organic growth investments and our advantaged portfolio position Dow well to deliver earnings growth and enhanced shareholder value as the economic recovery gathers strength.&#8221;&nbsp;
&#8220;This allows us the financial flexibility to advance our long-term Decarbonize &amp; Grow and Transform the Waste strategies and capture more than&nbsp;$3 billion&nbsp;in underlying earnings&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">improvement annually by 2030.</a>&#8220;
Investors can gain exposure to the stock via&nbsp;Invesco Dow Jones Industrial Average Dividend ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DJD#NYSE">DJD</a>) and&nbsp;Invesco Exchange-Traded Fund Trust II Invesco S&amp;P Ultra Dividend Revenue ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDIV#NYSE">RDIV</a>).
Price Action: DOW shares are down 1.53% at $56.12 at the last check Thursday.
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What's Going On With Chemical Giant Dow Shares Today?

Raymond James analyst David Feaster reiterates Pacific Premier Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PPBI#NASDAQ">PPBI</a>) with a Outperform and lowers the price target from $29 to $25.

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Raymond James Reiterates Outperform on Pacific Premier Bancorp, Lowers Price Target to $25

OSIS

OSI Systems shares are trading lower. The company reported Q3 financial results.

QuantumScape shares are trading lower after the company reported Q1 financial results. Also, UBS maintained a Neutral rating on the stock and lowered its price target from $9 to $5.

<h4>Key Takeaways:</h4>
<ul>
<li>New Horizon Health has brought in experienced accountants as independent directors and set up a special committee to investigate the allegations</li>
<li>The controversy revolves around the company&rsquo;s revenue accounting method, in which over-shipments of goods to distributors could inflate sales figures</li>
</ul>
By Molly Wen
It was a Chinese success story in the health technology sector, feted by the stock market.&nbsp;New Horizon Health Ltd.&nbsp;was the country&rsquo;s first cancer-screening company to go public and enjoyed fast revenue growth, before doubts began to surface last year about its sales figures.
The controversy roared back into the headlines in recent weeks when New Horizon Health failed to release its annual earnings report and its auditor, Deloitte, expressed reservations about the company&rsquo;s sales record.
The biotech, which went public on the Hong Kong stock market in 2021, supplies tests for gastric, colorectal and cervical cancer through hospitals, healthcare websites and other sales outlets. New Horizon&rsquo;s business performance was once the envy of the industry, with revenue surging more than 20 times in the three years through 2023 and gross margin jumping from 52% to 90%.
However, in the second half of last year an investigation by the U.S. financial website CapitalWatch cast doubt on the stellar numbers, arousing suspicions among stock investors.
In January this year the company issued positive&nbsp;<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0122/2024012200416.pdf">earnings guidance</a>&nbsp;to the market, predicting revenue for 2023 would range between 1.98 billion yuan ($273 million) and 2.05 billion yuan, a rise of 158.9% to 168.2% from the previous year. The bowel cancer screening product ColoClear was estimated to have racked up sales of more than 1 billion yuan as the firm&rsquo;s blockbuster product.
However, the March earnings season came and went without any sign of the full results. On the day of the expected release, the company announced that investors would have to wait until March 28 to see the full report, towards the end of Hong Kong&rsquo;s annual reporting period.
However, the earnings release did not materialize on that day. Instead, investors heard the&nbsp;<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0328/2024032806372.pdf">bombshell</a>&nbsp;news that Deloitte, the auditing firm that had served New Horizon since its IPO, had questioned the validity of some sales transactions for key products such as ColoClear, Pupu Tube and UU Tube. Deloitte also raised concerns about the firm&rsquo;s sales and marketing model, concluding that an independent investigation was needed. In short, the auditors had serious doubts about the accounts and could not sign off the results, hence the publication delay.
Investors could sense trouble in the days leading up to the Deloitte news. New Horizon&rsquo;s share price suddenly plunged 19.8% before the market closed on March 28. Including a drop the day before, the company&rsquo;s stock shed 25% of its value to sink to a 17-month low in the two sessions before trading was suspended.
Then on April 8 New Horizon&nbsp;<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0408/2024040802038.pdf">announced</a>&nbsp;that two independent non-executive directors had joined its board, both with extensive experience in accounting, audit investigations and internal corporate controls. The two new directors had also both worked at Deloitte, one of them as a partner there for 17 years.
In a further response to the concerns raised by Deloitte, the company said it had set up a special committee of board members, including non-executive directors, to oversee an independent investigation by third-party experts into the allegations.
Such committees are usually convened when listed companies are suspected of having corporate governance problems or are facing regulatory investigations. They are typically staffed by independent directors with legal or accounting expertise who have no vested interest in the matters under investigation.
<h3>What Is The Controversy About?</h3>
The details of Deloitte&rsquo;s concerns have not been made public, but potential clues can be gleaned from the CapitalWatch investigation published last August.
The short-seller website said a 16-month investigation had concluded that New Horizon Health was over-supplying to distributors who then struggled to sell the products, resulting in inflated sales figures. &nbsp;Taking the core product as an example, the report said the company sold 6,000 ColoClear products to public hospitals in 2022 for 500 yuan per unit, generating verified revenue of only 3 million yuan. &nbsp;However, the company said it made 260 million yuan by selling about 172,000 units to hospitals for about 1,483 yuan each, far above the 500 yuan cited in the investigative report and higher than the product&rsquo;s retail price in some hospitals.
At the time, the company disputed the investigation&rsquo;s findings as a distortion of the facts. But there is something unusual about the way it calculates revenue. Some expired products are counted in the revenue figures, including samples sent back to the lab for testing and ones sold to consumers after the 12-month cut-off date. In 2022, ColoClear reported shipments of 806,000 units, and 361,000 were recognized in revenue. In the first half of 2023, 539,000 units were shipped, with 429,000 units included in revenue. This suggests shipments could be overstated in financial statements or revenues otherwise inflated.
Moreover, accounts receivable as a share of total revenue have also been rising, from 31% in 2019 to 117% in the first half of 2023. CapitalWatch suspected the high receivables resulted from excessive shipments of goods to distributors, while the company cited its revenue recognition method whereby most revenue from one accounting period lands in the corporate coffers in the next period.
The independent probe is likely to take some time.&nbsp; But in the long run, New Horizon Health could still enjoy a promising future because of rising demand for cancer testing kits. Its three key screening products, ColoClear, Pupu Tube and UU Tube, target colorectal and stomach cancer, the two most common types of gastrointestinal cancer in China.
As home testing takes off, New Horizon&rsquo;s market could expand further. Right now, investors are waiting to see if the investigation commissioned by the company can reassure the market.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

New Horizon Health Launches Probe Into Disputed Sales Figures

Raymond James analyst Josh Beck maintains Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) with a Strong Buy and lowers the price target from $550 to $525.

Raymond James Maintains Strong Buy on Meta Platforms, Lowers Price Target to $525

Scotiabank analyst Maher Yaghi maintains AT&amp;T (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) with a Sector Outperform and raises the price target from $22 to $22.5.

Scotiabank Maintains Sector Outperform on AT&T, Raises Price Target to $22.5

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Airbus Says A220 Ramp-up Continues Towards A Monthly Production Rate Of 14 Aircraft In 2026; A320 Company Is Making Progress Towards Rate Of 75 Aircraft Per Month In 2026; Continues To Target Rate 4 For A330 In 2024; As Basis For Its 2024 Guidance, Assumes No Additional Disruptions To World Economy, Air Traffic, Supply Chain, Company's Internal Operations, And Its Ability To Deliver Products And Services

RBC Capital analyst Deane Dray maintains Fortive (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FTV#NYSE">FTV</a>) with a Sector Perform and lowers the price target from $93 to $83.

RBC Capital Maintains Sector Perform on Fortive, Lowers Price Target to $83

Raymond James analyst Brian Vaccaro reiterates Chipotle Mexican Grill (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) with a Outperform and raises the price target from $3300 to $3340.

Raymond James Reiterates Outperform on Chipotle Mexican Grill, Raises Price Target to $3340

RBC Capital analyst Joseph Spak maintains Ford Motor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) with a Sector Perform and raises the price target from $12 to $13.

RBC Capital Maintains Sector Perform on Ford Motor, Raises Price Target to $13

Airbus Says 2024 Guidance Unchanged; Gross Commercial Aircraft Orders Totaled 170 With Same Number Of Net Orders Due To No Cancellations; Order Backlog Amounted To 8,626 Commercial Aircraft At End Of March 2024; Decision To Increase Production Rate For A350 To 12 Aircraft A Month In 2028

Scotiabank analyst Himanshu Gupta maintains FLAGSHIP CMNTYS REAL ESTATE INVT TR (TSX:<a class="ticker" href="https://www.benzinga.com/stock/MHC#TSX">MHC</a>) with a Sector Outperform and lowers the price target from C$21.5 to C$20.

TSX:MHC

Scotiabank Maintains Sector Outperform on FLAGSHIP CMNTYS REAL ESTATE INVT TR, Lowers Price Target to C$20

Airbus Q1 Q1 EPS €0.76; Revenue €12.83 Billion Vs €12.87 Billion Est.

AZZ shares are trading lower after the company announced a proposed public offering of 4 million shares of common stock.

RBC Capital analyst Mark Dwelle maintains Chubb (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>) with a Outperform and lowers the price target from $295 to $285.

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Latest News for CRAFT 1861 Glb Hldgs Stock (OTC:BGPPF)

Tuesday, December 27, 2022

Thursday, October 20, 2022