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    • Breaking News
    Sep 15, 2023
    • General Motors, Ford Motor Company and Stellantis NV were in focus after 12,700 United Auto Workers decided to strike at three key assembly plants asking for higher wages and other benefits. 

      The union workers decided to strike at General Motors midsize truck manufacturing plan and full-size van production facility in Wentzville, Missouri. 

      Workers also walked out at Jeep manufacturing plant in Toledo, Ohio and Ford Ranger midsize pickup and Bronco SUV manufacturing plant in Wayne, Michigan.

      Workers also went on strike at Ford Ranger midsize pickup and Ford Bronco SUV plant in Wayne, Michigan and the Jeep assembly plant in Toledo, Ohio.

       
      • Sep 14, 2023
      • AMC Entertainment Holdings Inc gained 3.3% to $8.52 after the company said it completed secondary stock offering announced few weeks ago. 

        AMC raised $325.5 million through the sale of 40 million shares at an average price of $8.14. 
        • Semtech Corp jumped 4.6% to $23.90 after the company reported better-than-expected quarterly results and current quarter forecast. 

          The company estimated fiscal third quarter revenue in the range between $190 million and $210 million and loss per share between 9 cents and 22 cents. 
          • Delta Air Lines, Inc decreased 0.8% to $39.22 after the company joined other airlines and lowered its profit estimate citing higher operating and fuel costs. 

            The airline said third quarter adjusted earnings per share to fall between $1.86 and $2.05 compared to the previous estimate between $2.20 and $2.50. 

            The airline however raised its revenue growth estimate to be closer to its upper end of the range between 11% and 14%, because of the strong demand for transatlantic travel. 

            The company also reiterated its full-year adjusted earnings per share to fall between $6 and $7. 
            • Sep 13, 2023
            • American Airlines Group Inc declined 4.5% to $13.42 after the international carrier said higher crude oil prices are expected to hurt quarterly profit. 

              The airline estimated third quarter adjusted earnings per share between 20 cents and 30 cents, citing higher fuel prices and a new compensation terms with pilot unions. 
              • Spirit Airlines Inc dropped 3.3% to $16.70 after the discount carrier lowered its third quarter operating margin of as much as -15.5% from the previous estimate of between -5.5% and  -7.5%. 

                The discount airline lowered its third quarter revenue range between $1.245 billion and $1.255 billion from the previous estimate between $1.30 billion and $1.32 billion. 
                • Sep 12, 2023
                • WestRock agreed to merge with Smurfit Kappa and form one of the largest packaging companies in the world. 

                  Smurfit WestRock, the newly formed holding company will be headquartered in Dublin, Ireland and will be listed on the London Stock Exchange and the New York Stock Exchange. 

                  WestRock stockholders will receive one Smurfit WestRock share and $5 cash and Smurfit Kappa shareholders will receive one share of the newly formed company. 

                  Smurfit Kappa shareholders will own 50.4% of the newly merged company. 

                  The combined packaging company will have about $34 billion in annual sales with about 65% of the revenue located in the Americas. 

                  WestRock jumped 7.7% to $36.75 and Smurfit Kappa Group Plc declined 8.0% in London trading to 2,824.0 pence. 
                  • Oracle Corp dropped 9.2% to $126.71 after the database company reported weaker-than-expected revenue in the fiscal first quarter. 

                    Revenue in the quarter was $12.45 billion and adjusted earnings per share was $1.19, both fell short of some analysts' expectations. 

                    The company also guided lighter-than-expected revenue growth in the fiscal second quarter between 5% and 7% and adjusted earnings per share between $1.30 and $1.34. 

                    Cloud services and license support segment revenue increased 13% from a year ago to $9.55 billion but the cloud license and on-premises license segment revenue decreased 10% to $809 million.    

                    Hardware revenue fell 6% to $714 million. 
                    • Casey's General Stores Inc jumped 4% to $246.30 after the retail chain reported better-than-expected quarterly results. 

                      Revenue in the fiscal first quarter ending in July declined to $3.9 billion from $4.5 billion and net income rose to $169.2 million from $152.9 million and diluted earnings per share advanced to $4.52 from $4.09 a year ago. 

                      In the first quarter, the company repurchased shares for approximately $30 million and still has $370 million remaining under its existing share repurchase authorization.

                      The Board of Directors announced a quarterly cash dividend of 43 cents per share payable on November 15 to shareholders on record on November 1. 
                      • Sep 11, 2023
                      • J.M. Smucker, the maker of peanut butter, jelly, coffee and pet foods, said it agreed to acquire Twinkies maker Hostess Brands for $34.25 a share in stock and cash. 

                        The offer valued Hostess Brands for $5.6 billion including debt and the purchase is expected to close by the  end of January 2024. 

                        J.M. Smucker Co declined 6.8% to $132.0 and Hostess Brands Inc soared 19.1% to $33.47.