DA Davidson analyst Michael Baker reiterated the Buy rating on BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ), raising the price forecast to $110 from $95.
Yesterday, the company reported third-quarter adjusted earnings per share of $1.18, beating the street view of 91 cents. Quarterly revenues of $5.10 billion were in line with the analyst consensus.
BJ’s Wholesale Club expects fourth-quarter adjusted EPS to be between $0.78 and $0.88. For FY2024, adjusted EPS is forecasted at $3.90 – $4.00, up from previous guidance for a low end of $3.75 – $4.00 and against the consensus estimate of $3.85.
The analyst notes that BJ has had another strong quarter, showing improvements in key areas like membership, sales, and digital performance.
BJ’s Wholesale Club expects fourth quarter comparable club sales, excluding gasoline, to rise 2.5% – 3.0% year-over-year.
With plenty of room to grow its store base, BJ’s is positioned as one of the rare long-term square footage growth stories in the big-box retail sector. Recent successes also allow BJ’s to raise fees, which, while benefiting customers, will ultimately be advantageous for shareholders, the analyst writes.
The analyst highlights BJ’s strategy to compete with Costco Wholesale by focusing on differentiating itself, especially in the grocery and fresh produce areas.
BJ’s grocery sales make up 77% of its total, compared to Costco’s 54%. Per Bake, BJ’s aims to replace weekly grocery trips, while Costco is more about stock-up shopping.
Their “Fresh 2.0” program, launched 18 months ago, improves perishable and produce offerings through supply chain investments, better vendor relations, and enhanced in-store experiences.
The program has shown positive results, with strong produce sales and customers spending more, leading to significantly higher annual spending, the analyst adds.
Price Action: BJ shares are trading higher by 3.78% to $96.30 at last check Friday.
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Several analysts expressed views on Ross Stores, Inc. (NASDAQ:ROST) third-quarter results reported on Thursday.
The company reported EPS of $1.48, exceeding the consensus of $1.40, while sales of $5.07 billion missed the street view of $5.15 billion.
Ross Stores expects fourth-quarter EPS of $1.57 – $1.64 versus consensus of $1.67 and FY25 EPS of $6.10 – $6.17 compared to the street view of $6.14.
BofA Securities analyst Lorraine Hutchinson reiterated a Buy rating on the stock with a price target of $180.
The analyst writes that the company’s value-focused offerings continue to appeal to stretched consumers.
The analyst says the fourth-quarter guidance accounts for a timing shift in packaway expenses (benefiting the third quarter by $0.03) and lapping last year’s extra week, which added $0.20 to EPS and 80 basis points to OM. Hutchinson adjusted the FY24 estimate to $6.14, up 1%.
Telsey Advisory Group analyst Dana Telsey reaffirmed the Market Perform rating with a price target of $175.
The analyst writes that Ross Stores’ earnings beat reflected margin tailwinds, despite topline results falling short of expectations. While some sales weakness was attributed to unfavorable weather, product assortment issues also contributed, failing to fully capture consumer interest.
Looking ahead, the company remains aware of the challenging macroeconomic environment, particularly for its low-to-moderate income demographic, which faces pressure from rising essential costs, says the analyst.
The analyst writes that although FY24 EPS guidance was raised, fourth-quarter projections fell short, underscoring persistent challenges.
Ross’s commitment to value continues to attract deal-seeking customers, but macroeconomic uncertainty and the price sensitivity of its core demographic weigh, adds the analyst.
Guggenheim analyst Robert Drbul maintained a Buy rating with a $180 price target.
The analyst says that while macro uncertainties remain, he expects Ross to sustain positive sales momentum this holiday season, driven by strength in gifting, cosmetics, and accessories, and carry this into 2025.
Drbul sees EPS estimates of $6.15 in FY24 and $6.70 in FY25, which reflects a favorable environment for Ross, supported by ample branded goods supply, a strong value proposition, and ongoing sales optimism.
Following the third-quarter revenue miss, the analyst slightly reduced the FY24 revenue forecast, factoring in persistent inflation and its impact on discretionary spending.
Goldman Sachs analyst Brooke Roach writes that they remain positive on Ross Stores. Despite weather-related comp softness and execution challenges, ROST’s strategy of offering branded value merchandise at sharper prices is gaining traction.
While this pressures merchandise margins, operational efficiencies have offset the impact. Management acknowledges ongoing macro pressures on low- to middle-income consumers but expects sequential strength in the holiday quarter, driven by gifting and seasonal items, adds the analyst.
Roach writes that additional catalysts include the appointment of a new CEO, effective February 2025.
The analyst revised the FY24, FY25, and FY26 EPS estimates to $6.19, $6.54, and $7.14 (from $6.07, $6.47, and $7.06), respectively, to account for the quarterly results, timing adjustments, and slight margin forecast updates.
BMO Capital Markets analyst Simeon Siegel kept the Outperform rating and a price target of $168.
The analyst writes that ROST delivered a bottom-line beat, driven by stronger-than-expected gross margins, despite a topline miss attributed to unfavorable weather.
Management lowered its fourth-quarter EPS guidance but reiterated comp expectations, slightly raising the FY EPS high-end by $0.03, which the analyst views as conservative.
Investors can gain exposure to the stock via Virtus ETF Trust II Virtus KAR Mid-Cap ETF (NYSE:KMID) and VanEck Retail ETF (NASDAQ:RTH).
Price Action: ROST shares are up 2.41% at $146.41 at the last check Friday.
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Needham analyst Tom Nikic initiated Nike, Inc. (NYSE:NKE) with a Buy rating and a price forecast of $84.
The analyst suggests that Nike’s worst may nearly be over, with the recent CEO transition from John Donohoe to Nike veteran Elliott Hill seen as a major turning point – “Nike’s proverbial white knight.”
The analyst also acknowledges that management accepts past mistakes and takes decisive steps to correct them.
Although these strategies may pressure profits on P&L in the short term, they are viewed as the right moves for the company, Nikic writes.
While rebuilding the brand’s momentum will take time, the analyst sees potential for Nike to become an attractive “story stock” in 2025, especially if performance has hit its lowest point and investors view Elliott Hill as the company’s savior.
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The analyst notes that three years ago, the consensus FY25 EPS forecast for Nike was around $6.60, but it has now dropped to $2.75.
However, per Nikic, this updated estimate accurately reflects the necessary adjustments Nike needs to make.
The analyst also projects revenue declines to peak in the second half of 2024 and the first half of 2025 as Nike reduces over-distributed styles.
If revenue trends improve in the coming quarters and the EPS revision cycle turns positive, the analyst forecasts Nike’s stock could start rising.
The analyst projects Nike to report FY25 revenues of $47.383 billion, with earnings per share of $2.67.
Price Action: NKE shares are trading higher by 2.52% to $76.99 at last check Friday.
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China has launched a new AI Experts Committee to influence artificial intelligence’s global development and governance as part of its broader strategy.
The committee was announced during the four-day World Internet Conference, also known as the Wuzhen Summit, held in Zhejiang province, China.
The AI Experts Committee will be led by Wang Jian, founder of Alibaba Group Holding (NYSE:BABA) Alibaba Cloud, who was named chief expert, SCMP reports.
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The committee includes approximately 170 specialists, featuring prominent figures such as British computer scientist Wendy Hall, Vienna University of Technology professor Schahram Dustdar and Chinese-American scientist Zhang Ya-qin of Tsinghua University.
Representatives from U.S. firms, including chipmaker Advanced Micro Devices, Inc. (NASDAQ:AMD), are also members.
The committee aims to enhance international collaboration and promote China’s perspective on responsible AI governance. This initiative mirrors Beijing’s approach to influencing global standards, similar to its efforts in shaping 4G and 5G mobile technologies.
Panel discussions at the Wuzhen Summit focused on AI innovation, governance, and its potential to empower productivity across industries.
At the summit, Eddie Wu Yongming, CEO of Alibaba Group Holding, emphasized AI could transform productivity across various sectors, forming what he described as a “superintelligent body.” Meanwhile, Xiaomi founder Lei Jun shared plans to launch an intelligent-driving application by year-end, aligning with the company’s “All in AI” strategy. Ant Group CEO Eric Jing Xiandong underscored AI’s potential for personalization in services while emphasizing responsible risk management.
The formation of this committee highlights China’s commitment to taking a leading role in global AI governance, even as it faces trade restrictions from the U.S. government. This effort aligns with Beijing’s broader ambitions to remain competitive in advanced technologies.
China has been actively involved in boosting its AI semiconductor base after the U.S. imposed sanctions on advanced AI chip exports to the country, restricting it from advanced technologies from companies like NVIDIA Corp (NASDAQ:NVDA) and Taiwan Semiconductor Manufacturing Co (NYSE:TSM).
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BofA Securities analyst Robert F. Ohmes maintained an Underperform rating on Best Buy Co, Inc (NYSE:BBY) with a price target of $80.
Ohmes maintains a cautious stance on Best Buy ahead of its fiscal third-quarter 2025 earnings report, scheduled for November 26. Ohmes projects revenue of $9.62 billion and earnings per share (EPS) of $1.26.
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Enterprise comparable sales are expected to decline by 1%, slightly improving from the 2.3% drop reported in the fiscal second quarter.
Computing products such as notebooks, tablets, and services are anticipated to offset softness in appliances and home theater segments. However, aggregated credit and debit card data from October suggests that value-conscious consumers may delay purchases in anticipation of holiday sales.
Ohmes foresees limited gross margin expansion in the second half of fiscal 2024 compared to the first half.
Factors contributing to this include a smaller benefit from services and membership offerings following program changes at the end of June, alongside elevated promotional activity in a volatile consumer environment.
Margins are expected to face reduced credit card profit-sharing pressure, which could weigh slightly more on third-quarter results than fourth-quarter.
For 2025, the analyst anticipates fewer opportunities for margin growth, diverging from trends observed over the past two years.
Best Buy’s selling, general, and administrative (SG&A) expenses are expected to grow year-over-year in the second half of 2024, reversing favorable conditions from the first half.
Increased marketing efforts and expanded store labor dedicated to appliances and home theater departments will drive SG&A growth. Earlier benefits, such as reduced employee expenses and vendor support, are unlikely to repeat in the latter half of the year.
Ohmes retains an Underperform rating on Best Buy, citing headwinds such as a challenging discretionary spending environment, ongoing promotional activity, and competitive pressure from omnichannel retailers like Walmart and Costco Wholesale. These factors may overshadow expected growth in computing and services and potential stabilization in the consumer electronics industry by late 2024.
The analyst’s 12-month price objective of $80 is based on 12x projected fiscal 2026 EPS, slightly above Best Buy’s long-term average multiple but below the hardline retail sector average of 16x. While discretionary spending pressures weigh on valuation, sustained demand for consumer electronics and services, driven by remote work and learning trends, provides some downside protection.
Price Action: BBY stock is up 3.62% at $89.65 at last check Friday.
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Halozyme Therapeutics, Inc. (NASDAQ:HALO) saw its shares rise on Friday after the company announced it was withdrawing its proposal to acquire Evotec SE (NASDAQ:EVO) for 11 euro ($11.44) per share in cash, implying a fully diluted equity value of 2.0 billion euro.
This move comes after prolonged efforts to engage with Evotec, which expressed its desire to remain independent, Halozyme said.
In addition to this, Halozyme reaffirmed its strong business outlook, with its 2024 guidance signaling continued growth.
The company expects revenue between $970 million and $1.02 billion ($1.003 billion) and an adjusted EBITDA range of $595 million to $625 million, reflecting significant double-digit growth.
Halozyme is confident in its ability to execute its strategy, with the goal of achieving ten approved products with ENHANZE by 2025 and $1 billion in royalty revenue by 2027.
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Helen Torley, CEO of Halozyme, explained that although the merger would have created a leading global pharma services company, Evotec was not open to further discussions.
Halozyme’s efforts to engage with Evotec’s leadership, including multiple requests for meetings, were unsuccessful, leading to the decision to withdraw the offer.
“A company spokesperson has publicly commented that its goal is to remain an independent company,” said Helen Torley, president and chief executive officer of Halozyme regarding Evotec, adding that “our multiple requests to meet were not accepted”.
“Evotec has taken notice of the statement made by Halozyme Therapeutics Inc. on 22 November, stating that it has withdrawn its non-binding proposal to acquire Evotec for EUR11.00 per share in cash,” Evotec said in a response.
Price Action: HALO shares are trading higher by 6.21% to $48.54 at last check Friday, while EVO shares are down 18.8% to $4.345.
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Nano Labs Ltd (NASDAQ:NA) shares rose on Friday after the company launched its second-generation V Series crypto mining products.
Powered by the advanced Cuckoo 3.0 chips, the V2, V2H, and V2X models set new benchmarks for performance and energy efficiency in the crypto-mining industry.
The V2H and V2X models deliver nearly four times the computing power of their first-generation counterparts, significantly enhancing power efficiency.
This makes the V2 Series one of the most efficient mining solutions on the market. In addition to performance improvements, the V2 Series features upgraded hardware, enhanced heat dissipation systems, and better resistance to high temperatures, ensuring more stable and cost-effective operation.
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Nano Labs, which began crypto mining chip design in 2022, initially launched the B1L product featuring the Darkbird 1.0 chip for BTC mining. This was followed by the first-generation V1 Series, powered by the Cuckoo 2.0 chip for ETH mining.
Recently, on November 18, Nano Labs received a notification letter from the Listing Qualifications Department of Nasdaq indicating that it has regained compliance with the minimum bid price requirement.
Also, earlier this week, Nano Labs revealed its intention to allocate some excess liquidity to Bitcoin and hold it as a long-term strategic reserve asset.
Price Action: NA shares are trading higher by 52.9% to $6.68 at last check Friday.
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On Friday, Amazon.Com Inc (NASDAQ:AMZN) and Anthropic announced an expansion of their strategic partnership, strengthening their collaboration on artificial intelligence advancements.
Anthropic raised an additional $4 billion from Amazon. This deepened alliance builds on Amazon’s $4 billion investment in Anthropic last year, which positioned Amazon Web Services (AWS) as Anthropic’s primary cloud provider.
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OpenAI rival Anthropic has now designated AWS as its primary training partner, utilizing AWS Trainium and Inferentia chips to develop and deploy its next-generation foundation models.
Amazon’s latest cash investment increased its total funding in Anthropic to $8 billion, while Anthropic confirmed that Amazon remains a minority investor. So far, Anthropic has secured $13.7 billion in venture capital funding, TechCrunch cites Crunchbase.
Both companies are committed to advancing Trainium’s hardware and software capabilities, ensuring optimized performance, security, and privacy for customers leveraging Amazon Bedrock’s Claude models.
As part of the expanded collaboration, AWS customers will gain early access to fine-tune Anthropic models with their data, offering unique customization capabilities for the new Claude model family.
This exclusive feature aligns with Amazon’s focus on delivering cutting-edge generative AI solutions through its Bedrock platform.
Amazon Bedrock introduced Anthropic’s Claude 3.5 Haiku and an upgraded Claude 3.5 Sonnet, showcasing their most advanced AI capabilities. Claude 3.5 Sonnet now includes enhanced agentic features like computer use, outperforming other publicly available models in Anthropic’s tests.
These innovations continue to drive enterprises such as HackerOne, HUDstats, and Sapio Sciences to adopt anthropopic models.
Matt Garman, AWS CEO, praised the collaboration, stating, “By continuing to deploy Anthropic models in Amazon Bedrock and collaborating on Trainium chips, we’ll push the boundaries of generative AI technologies.”
Anthropic CEO Dario Amodei emphasized the partnership’s impact, noting, “Our collaboration with Amazon has been instrumental in bringing Claude’s capabilities to millions of end users.”
The U.K.’s Competition and Markets Authority (CMA) scrutinized Amazon and Anthropic’s partnership following the Federal Trade Commission’s inquiry into Amazon’s $4 billion investment in September 2023. In September 2024, the CMA approved the partnership.
The regulator is examining whether the partnership resembles a merger and whether it could lead to anti-competitive practices within the artificial intelligence sector.
U.K. regulators are also investigating Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google’s $2 billion investment in Anthropic for potential competition concerns.
Price Action: AMZN stock is down 0.12% at $198.15 at the last check on Friday.
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Snap Inc (NYSE:SNAP) has filed a motion to dismiss a lawsuit brought by New Mexico Attorney General Raúl Torrez. The lawsuit alleges that the company’s platform facilitates child exploitation.
Snap argues that the lawsuit misrepresents its practices and is based on flawed interpretations of internal documents and investigatory actions.
The lawsuit claims that Snap violated state laws by promoting unsafe practices through features like disappearing messages, which allegedly enable the spread of exploitative material.
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However, Snap contends that the Attorney General’s office created a decoy account that proactively engaged with inappropriate accounts, contrary to the lawsuit’s claims, the Verge reports.
Snap insists the investigation’s findings are inaccurate and highlights that federal law prohibits storing child sexual abuse material (CSAM) on its servers. The company maintains that it reports such content to the National Center for Missing and Exploited Children, as required by law, and that the Attorney General’s framing of its practices is misleading.
The New Mexico Department of Justice criticized Snap’s motion to dismiss, accusing the company of deflecting attention from the harm caused to children on its platform.
A spokesperson stated, “The evidence—including Snap’s internal documents—proves the company prioritizes profits over safety.” The department emphasized the urgent need for stricter safeguards to protect young users.
Snap argues that the lawsuit conflicts with federal protections under Section 230, which shields platforms from liability for user-generated content. The company also contends that proposed age-verification mandates could violate the First Amendment. Snap describes its safety-related statements as aspirational and not legally binding guarantees of risk elimination.
Social media companies — Meta Platforms Inc’s (NASDAQ:META) Facebook and Instagram, Snapchat, Elon Musk’s X, formerly Twitter and ByteDance-owned TikTok — face regulatory scrutiny over child safety concerns.
Snap posted a third-quarter revenue of $1.373 billion, exceeding the $1.358 billion consensus estimate. Adjusted earnings reached 8 cents per share, beating the 5-cent analyst estimate. Revenue increased 15%, while daily active users grew 9% to 443 million. The company reported $116 million in operating cash flow and $72 million in free cash flow.
The quarter ended with $3.2 billion in liquidity. Snap forecasts fourth-quarter revenue of $1.51 billion—$1.56 billion, slightly below the $1.558 billion analyst estimate. The board approved a share buyback of up to $500 million.
Price Action: Snap stock is down 0.38% at $10.59 premarket at last check Friday.
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Honeywell International Inc. (NASDAQ:HON) shares are trading higher on Friday. The company has agreed to sell its Personal Protective Equipment (PPE) business to Protective Industrial Products, Inc. (PIP) for $1.325 billion in an all-cash deal.
This move aligns with Honeywell’s strategy to streamline its portfolio, focusing on core businesses and pursuing high-return acquisitions that support its three key megatrends: automation, the future of aviation, and energy transition.
This sale follows Honeywell’s 2021 divestiture of its Lifestyle and Performance Footwear Business to Rocky Brands for $230 million, marking the company’s exit from the PPE sector.
However, Honeywell will retain its gas detection portfolio within the Industrial Automation segment.
The sale of the PPE business is expected to close in the first half of 2025, pending customary conditions.
Vimal Kapur, Chairman and CEO of Honeywell said, ”Now with this transaction, the business will be positioned to accelerate its growth trajectory as it benefits from Odyssey’s historic investing in the PPE sector and scaling similar businesses to expand into new products, geographies and end markets.”
“As we continue to simplify and optimize Honeywell’s portfolio, the sale of the PPE business will enable us to further strengthen our core business in alignment with our three compelling megatrends.”
”The combination of today’s announcement, with the strategic acquisitions we have made over the past year, positions us to continue to drive profitable growth and strong cash generation while creating compelling long-term value for our shareowners.”
Last month, Honeywell announced a plan to spin off its Advanced Materials business into an independent, U.S. publicly traded company, which is targeted to be completed by the end of 2025 or early 2026.
Honeywell held cash and equivalents of about $10.6 billion as of September 30, 2024.
Investors can gain exposure to the stock via Amplify CWP Enhanced Dividend Income ETF (NYSE:DIVO) and Invesco Aerospace & Defense ETF (NYSE:PPA).
Price Action: HON shares are up 1.01% at $228.38 at the last check Friday.
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DIRECTV announced Friday it would terminate its agreement to acquire EchoStar Corp’s (NASDAQ:SATS) video distribution business, DISH DBS.
The decision follows DISH DBS noteholders’ refusal to accept EchoStar’s proposed Exchange Debt Offer Terms, a critical condition for the deal to proceed.
EchoStar stock tanked after the update.
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DirecTV CEO Bill Morrow said “the proposed Exchange Terms were necessary to protect DirecTV’s balance sheet and our operational flexibility.”
DirecTV agreed to acquire EchoStar’s video business for $1 and assume Dish DBS’s net debt. The companies launched an exchange offer for five Dish DBS note series totaling approximately $9.75 billion in face value.
DirecTV plans to continue investing in next-generation streaming technologies and developing new packaging options integrating live TV with direct-to-consumer platforms. The company aims to provide customers with enhanced flexibility and tailored content options that align with evolving viewer preferences.
The termination of the DISH acquisition does not impact TPG’s plan to purchase the remaining 70% stake in DirecTV from AT&T Inc (NYSE:T), which remains scheduled to close in the second half of 2025. This strategic move is expected to strengthen DirecTV’s market positioning further.
EchoStar reported a third-quarter loss of 52 cents per share, missing analysts’ expected loss of 37 cents. Revenue came in at $3.89 billion, a 5.3%, falling short of the $3.909 billion consensus estimate.
During the quarter, net Pay-TV subscribers declined by 43,000, while Sling TV added 145,000 new users. The company closed the period with 8.03 million Pay-TV subscribers, including 5.89 million for DISH TV and 2.14 million for Sling TV.
Price Action: EchoStar’s shares are trading lower by 3% to $22.86 at last check Friday.
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Tapestry, Inc. (NYSE:TPR) has entered into Accelerated Share Repurchase agreements with Bank of America N.A. and Morgan Stanley & Co. LLC to repurchase $2.0 billion shares of common stock.
While recently announcing its termination of Capri Holdings merger agreement, the company revealed that its Board approved an additional $2 billion share repurchase program to be implemented at least in part through an Accelerated Share Repurchase program.
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The ASRs will be completed under the company’s recently expanded $2.8 billion share repurchase authorization.
In addition to the $2 billion ASR program, Tapestry still has $800 million in remaining capacity under its share repurchase authorization for future buybacks.
This move is part of Tapestry’s broader plan to return over 100% of its free cash flow in fiscal 2025 to shareholders through dividends and share repurchases.
As part of the agreements, Tapestry expects to receive an initial delivery of 28.4 million shares of common stock on November 26, representing about 80% of the shares to be repurchased.
The final number of shares repurchased will depend on the volume-weighted average price of Tapestry’s stock during the term of the agreements, subject to adjustments.
The final settlement is expected by the first quarter of fiscal 2026, ending September 27, 2025.
To fund the share repurchases, Tapestry is utilizing a mix of financing sources, including $750 million in borrowings under a new term loan agreement, $1.0 billion under its revolving credit facility, and $250 million in cash on hand.
Price Action: TPR shares are trading higher by 4.84% to $59.14 at last check Friday.
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Virpax Pharmaceuticals, Inc. (NASDAQ:VRPX) saw its shares rise on Friday in the premarket session.
Today, the company announced results from a Dose Range Finding (DRF) study for Probudur, its long-acting liposomal bupivacaine formulation.
The study, conducted in minipigs, demonstrated that Probudur was well-tolerated with no adverse effects, supporting its potential for both immediate and extended pain relief. The DRF study was conducted to evaluate the tolerance of Probudur in an incisional wound healing model in minipigs. Probudur was injected locally into the tissue surrounding the incision area.
“The completion of these studies brings us another step closer to filing our Investigational New Drug Application (IND) for Probudur,” stated Jatinder Dhaliwal, Chief Executive Officer of Virpax.
According to Benzinga Pro, VRPX stock has lost over 88% in the past year.
Yesterday, the company announced the extension of its cooperative research and development agreement with the National Center for Advancing Translational Sciences (NCATS), part of the National Institutes of Health (NIH).
This collaboration will continue the development of Virpax’s promising product candidate, NES100, an intranasal peptide designed for the management of acute and chronic non-cancer pain.
NES100 is a novel enkephalin-based drug, utilizing advanced nanotechnology to enhance delivery into the brain.
Enkephalin, a naturally occurring peptide, has pain-relieving properties but is difficult to administer effectively in its original form. Virpax’s proprietary Molecular Envelope Technology (MET) protects and facilitates the drug’s delivery through the olfactory nerve pathway to the brain, where it targets delta opioid receptors to suppress pain.
Notably, NES100 has shown promise in animal models without the risks of opioid tolerance, withdrawal, or addiction.
Jatinder Dhaliwal, CEO of Virpax, emphasized that the collaboration will aid Virpax in advancing NES100 through preclinical and clinical stages, potentially offering a safer alternative to opioids for managing pain.
This development marks an important step in Virpax’s strategy to address pain management while mitigating opioid-related risks, Dhaliwal highlighted.
Price Action: VRPX shares are trading higher by 55.7% to $0.9181 premarket at last check Friday.
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Boeing Co (NYSE:BA) has secured a $2.38 billion contract to build 15 additional KC-46A Pegasus tankers under the Lot 11 contract with the U.S. Air Force.
This latest award brings Boeing’s global contract to 168 KC-46A refuelers, a multi-mission aerial tanker designed to support advanced joint force capabilities.
The KC-46A has proven its operational value, having flown over 100,000 hours and offloading more than 200 million pounds of fuel worldwide.
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It made its first full-scale deployment in October after being approved for global combat operations in 2022.
This contract builds on the July agreement, which focused on upgrading the KC-46A’s mission readiness and operational performance. Enhancements include advanced communication systems, improved data connectivity, and situational awareness, further strengthening survivability in contested environments. These upgrades complement the 2023 Block 1 improvements.
Since 2019, Boeing has delivered 89 Pegasus tankers to the U.S. Air Force and four to Japan’s Air Self-Defense Force. The KC-46A program continues to expand its reach, solidifying its role as a critical asset for U.S. and allied forces.
Boeing reported a 1% revenue decline to $17.85 billion in the third quarter of 2024, missing the analyst consensus of $17.93 billion. The adjusted operating loss of $5.99 billion, compared to $1.09 billion a year ago.
Last week, Boeing plans to fire over 2,500 employees in Washington, Oregon, South Carolina, and Missouri. This reduction is part of a larger effort to cut 17,000 jobs, representing 10% of the company’s global workforce.
In October, Boeing announced plans to raise $21 billion by selling 112.5 million shares at $143.00 each and $5 billion in depositary shares.
Price Action: BA stock is down 0.08% at $143.30 premarket at the last check Friday.
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Beneficient (NASDAQ:BENF) shares are trading higher premarket on Friday after the company disclosed that its subsidiary, Beneficient Company Holdings, L.P., has completed a transaction where approximately $35 million of its preferred equity was redesignated as non-redeemable.
This transaction resulted in the addition of approximately $35 million in permanent equity to the balance sheet.
Consequently, the company now believes it meets the Nasdaq Minimum Stockholders’ Equity Requirement, with stockholders’ equity of at least $2.5 million. However, Nasdaq’s final determination will confirm the company’s compliance.
Beneficient also announced the appointment of Karen J. Wendel as an independent member of its Board of Directors as of November 21.
Apart from this, Beneficient, through its subsidiary Beneficient Fiduciary Financial, L.L.C., provided an update to the State of Kansas Joint Committee on Fiduciary Financial Institutions Oversight.
The update highlighted the company’s business operations, digital innovations in the alternative asset industry, and its contributions to economic development in Kansas communities.
During its testimony, Beneficient executives reviewed the company’s fiscal second-quarter results for the period ending September 30, 2024, marking the second consecutive quarter of positive diluted earnings per share for its common shareholders.
The company highlighted advancements in its financial industry-focused business, including new technology innovations, an authorization from its board to complete up to $5 billion in fiduciary financings, and a transaction that reclassified certain preferred equity, increasing Beneficient’s permanent equity by $126 million.
The testimony also emphasized progress on key projects funded primarily by proceeds generated under the Kansas Technology-Enabled Fiduciary Financial Institutions (TEFFI) Act.
Price Action: BENF shares are up 18.2% at $1.04 premarket at the last check Friday.
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