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Perion Network

Perion Network Ltd is a technology company. It offers online advertising and search solutions to brands, agencies, and publishers through desktop, mobile, and social channels. It connects advertisers to consumers across digital advertising channels, including search advertising, social, display, video, digital audio, digital out of home (DOOH), and Connected TV (CTV) advertising. The company earns prime revenue from search advertising and display advertising services. It operates in the business segment of High Impact Advertising solutions. Geographically, the company generates a majority of its revenue from the United States and the rest from other regions.

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Perion Network reported Q2 FY24 results with revenue down 39% Y/Y to $108.7M, but beating estimates. The company also reiterated guidance.

Perion Network Q2: Retail Media and CTV Bright Spots Amid Overall Weakness

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Why Skye Bioscience Shares Are Trading Lower By 19%? Here Are Other Stocks Moving In Monday&#39;s Mid-Day Session

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Perion Network lowers Q2 and FY24 financial guidance due to changes in Microsoft&#39;s Bing advertising pricing and decline in revenue from standard video and display formats. 

Perion Network Slashes Q2, FY24 Outlook Amid Microsoft Bing Ad Pricing Changes, Stock Tumbles

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Perion Network Cuts Revenue Outlook, Joins Skye Bioscience And Other Big Stocks Moving Lower In Monday&#39;s Pre-Market Session

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Needham analyst Laura Martin reiterates Perion Network (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PERI#NASDAQ">PERI</a>) from Hold to Hold.

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Needham Reiterates Hold on Perion Networkto Hold

Perion And Experian Team Up To Boost AI-Powered Ad Solutions Across Devices

Needham analyst Laura Martin reiterates Perion Network (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PERI#NASDAQ">PERI</a>) with a Hold.

Needham Reiterates Hold on Perion Network

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Perion Network shares are trading higher after the company reported better-than-expected Q3 financial results.

Perion Reiterates Full-year 2024 Guidance For Revenue Of $490M - $510M, Est $500.546M

Perion Network (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PERI#NASDAQ">PERI</a>) reported quarterly earnings of $0.23 per share which beat the analyst consensus estimate of $(0.01) by 2400 percent. This is a 72.62 percent decrease over earnings of $0.84 per share from the same period last year. The company reported quarterly sales of $102.20 million which beat the analyst consensus estimate of $100.05 million by 2.15 percent. This is a 44.85 percent decrease over sales of $185.31 million the same period last year.

Earnings Beats

Perion Network Q3 2024 Adj EPS $0.23 Beats $(0.01) Estimate, Sales $102.20M Beat $100.05M Estimate

Stifel analyst Mark Kelley maintains Perion Network (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PERI#NASDAQ">PERI</a>) with a Hold and lowers the price target from $9 to $7.5.

Price Target

Stifel Maintains Hold on Perion Network, Lowers Price Target to $7.5

Perion Network Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PERI#NASDAQ">PERI</a>) shares are trading lower after the company reported&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b40064138/perion-reports-second-quarter-2024-results" rel="noreferrer noopener">second-quarter&nbsp;FY24 results</a>.
Revenue declined 39% Y/Y to $108.7 million, beating the consensus of $107.0 million.
Retail Media revenue rose 75% Y/Y to $17.6 million, making up 24% of Advertising Solutions revenue. CTV revenue rose 42% Y/Y to $10.2 million, accounting for 14% of Advertising Solutions revenue.
On a pro forma basis, DOOH revenue rose 41% Y/Y to $13.0 million. Also, Open Web Video revenue fell 66% YY and Search Advertising revenue decreased 57% Y/Y.
Average Daily Searches declined 43% Y/Y to 16.3 million, and the average number of Search Advertising publishers decreased by&nbsp;40%&nbsp;to 95.
Adjusted EBITDA tumbled 81% Y/Y to $7.7 million, with adjusted EBITDA to Contribution ex-TAC contracting to 15% from 54%.
Adjusted EPS&nbsp;of $0.26 (-69% Y/Y)&nbsp;exceeded <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">the consensus loss of&nbsp;$0.01</a>.
Adjusted Free Cash Flow was negative $11.4 million vs. $47.2 million a year ago. As of June-end, cash and cash equivalents, short-term bank deposits, and marketable securities totaled $407.1 million.
As announced on April 8, Perion&#8217;s Board approved expanding its share repurchase program from $50 million to $75 million.
In the second quarter of 2024, Perion repurchased 2 million shares for approximately $20 million.
Outlook: Perion Network reiterated FY24 revenue at&nbsp;$490 million&nbsp;&#8211;&nbsp;$510 million, vs. consensus of $499.88 million, and <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">adjusted EBITDA of&nbsp;$48 million&nbsp;–&nbsp;$52 million</a>.
Tal Jacobson, Perion&#8217;s CEO, said, &#8220;This quarter, our technology has been extended to run on YouTube CTV, the second-largest CTV platform in the US. Perion&#8217;s ability to help brands reach valuable audiences allowed us to add world-class brands, including Walgreens, Ford, Burger King, and Direct Energy, to our customer roster.&#8221;
&#8220;The acquisition of Hivestack is already bearing fruit and aligns well with our short and long-term strategy. This quarter, the DOOH advertising technology, established through the acquisition of Hivestack in December 2023, showed significant growth of 41%.&#8221;
&#8220;I&#8217;m pleased to announce that effective August 1, 2024, our current CFO, Maoz Sigron, will be promoted to COO.&#8221;
Price Action: PERI shares are down 2.12% at $8.33 at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Financial&nbsp;Outlook2
The company is reiterating its previously issued full-year 2024&nbsp;guidance&nbsp;based on current expectations.
FY 2024&nbsp;Guidance
<ul>
<li>Revenue of&nbsp;$490&nbsp;to&nbsp;$510 million</li>
<li>Adjusted EBITDA3&nbsp;of&nbsp;$48&nbsp;to&nbsp;$52 million</li>
<li>Adjusted EBITDA3&nbsp;to contribution ex-TAC3&nbsp;of&nbsp;23%&nbsp;at the midpoint</li>
</ul>

Perion Network Reiterated FY24 Revenue Of $490M - $510M, Est $499.88M

Perion Network Q2 2024 Adj. EPS $0.26 Beats $(0.01) Estimate, Sales $108.691M Beat $106.994M Estimate

Alphabet Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google reversed its long-standing plan to eliminate cookies in its Chrome browser due to industry <a target="_blank" href="https://www.benzinga.com/top-stories/24/07/39895583/google-reverses-course-on-cookie-ban-in-chrome-citing-industry-regulatory-pressure" rel="noreferrer noopener">and regulatory pushback</a>.
Advertisers and publishers use cookies and small text snippets to identify users <a target="_blank" href="https://www.benzinga.com/news/23/12/36252001/google-to-test-feature-restricting-advertisers-cookie-tracking-in-2024" rel="noreferrer noopener">and target ads</a>.
This decision follows objections from digital advertising companies and regulators to Google&#8217;s proposed alternative technologies.
Ad-tech players protested, accusing Google of attempting to strengthen its monopoly in the space and making it more difficult for advertisers to track their ads&#8217; performance.
Instead of eliminating cookies, Google will now prompt Chrome users to decide whether to enable or disable cookies.
This move will keep the internet free and support advertisers relying on cookies to track user data. Websites will continue to display consent boxes for cookies, maintaining the current user experience, CNBC <a target="_blank" href="https://www.cnbc.com/2024/07/23/what-google-decision-to-keep-cookies-means-for-the-internet.html" rel="noreferrer noopener">reports</a>.
Google aims to address industry concerns and maintain advertising effectiveness by keeping cookies. However, regulators like the U.K.&#8217;s Information Commissioner&#8217;s Office expressed disappointment, emphasizing the need for better online privacy protections.
Google&#8217;s decision means that advertisers can continue using valuable data for targeted ads while users have more control over their cookie preferences. Despite this change, the push for greater online privacy remains strong.
Nearly 40.9% of websites worldwide use cookies to collect user data, CNBC cites W3Techs web technology research firm.
Google&#8217;s reversal had a varied impact on ad tech stocks Tuesday. The Trade Desk, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTD#NASDAQ">TTD</a>), Magnite, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MGNI#NASDAQ">MGNI</a>), DoubleVerify Holdings, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DV#NYSE">DV</a>), Perion Network Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PERI#NASDAQ">PERI</a>), Criteo (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRTO#NASDAQ">CRTO</a>), and Outbrain Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OB#NASDAQ">OB</a>) stocks gained close to 1%-2%. Digital Turbine, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APPS#NASDAQ">APPS</a>), PubMatic, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PUBM#NASDAQ">PUBM</a>), and Integral Ad Science Holding Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IAS#NASDAQ">IAS</a>) gained 3%-4%.
Publisher stocks, including New York Times Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NYT#NYSE">NYT</a>), News Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWS#NASDAQ">NWS</a>), MarketWise, Inc] (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MKTW#NASDAQ">MKTW</a>), Gannett Co, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GCI#NYSE">GCI</a>), and Scholastic Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCHL#NASDAQ">SCHL</a>), are up following the update.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

U.S. stocks were lower, with the Dow Jones index falling over 250 points on Tuesday.
Shares of Shoals Technologies Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SHLS#NASDAQ">SHLS</a>) rose sharply during Monday's session after the company authorized a share repurchase program of up to $150 million and entered into a $25 million accelerated share repurchase agreement with Jefferies.
Shoals Technologies Group shares climbed 10% to $7.49 on Tuesday.
Here are some other big stocks recording gains in today&#8217;s session.
<ul>
<li>Calavo Growers, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CVGW#NASDAQ">CVGW</a>) shares jumped 14.1% to $28.50 after the company reported second-quarter financial results.</li>
<li>Olaplex Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OLPX#NASDAQ">OLPX</a>) jumped 8.9% to $1.8350.</li>
<li>Corbus Pharmaceuticals Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRBP#NASDAQ">CRBP</a>) gained 8.8% to $47.74. RBC Capital analyst Brian Abrahams maintained Corbus Pharmaceuticals with an Outperform and raised the price target from $77 to $82.</li>
<li>Pharming Group N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PHAR#NASDAQ">PHAR</a>) jumped 7.3% to $8.81.</li>
<li>Perion Network Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PERI#NASDAQ">PERI</a>) rose 7% to $9.21. Perion Network shares tumbled around 30% on Monday after the company cut its revenue outlook.</li>
<li>AST SpaceMobile, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASTS#NASDAQ">ASTS</a>) jumped 6.4% to $9.02. AST SpaceMobile filed for resale of up to 10.45 million class A common shares by selling stockholder.</li>
<li>Latam Logistic Properties, S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LPA#NYSE">LPA</a>) gained 6.4% to $18.88.</li>
<li>Farmers &amp; Merchants Bancorp, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FMAO#NASDAQ">FMAO</a>) rose 5.7% to $23.99.</li>
<li>Affirm Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) gained 5.4% to $32.08 after Apple announced Affirm&#8217;s payment products are expected to be available to Apple Pay users in the US later this year.</li>
<li>V.F. Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VFC#NYSE">VFC</a>) gained 4.6% to $13.76. V.F. President and CEO Bracken Darrell bought a total of 75,200 shares at an average price of $13.26.</li>
<li>Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) rose 3.4% to $199.70. Apple revealed its plans to integrate Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google Gemini AI model into its Apple Intelligence feature set. Apple also announced Affirm's payment products are expected to be available to Apple Pay users in the U.S. later this year.</li>
</ul>
Now Read This: <a href="https://www.benzinga.com/news/24/06/39269848/alphabet-to-rally-over-28-here-are-10-top-analyst-forecasts-for-tuesday">Alphabet To Rally Over 28%? Here Are 10 Top Analyst Forecasts For Tuesday</a>

Lake Street analyst Eric Martinuzzi maintains Perion Network (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PERI#NASDAQ">PERI</a>) with a Hold and lowers the price target from $16 to $10.

Lake Street Maintains Hold on Perion Network, Lowers Price Target to $10

The CNN Money Fear and Greed index showed some improvement in the overall market sentiment, but the index remained in the &#8220;Neutral&#8221; zone on Monday.
U.S. stocks settled higher on Monday, with the S&amp;P 500 closing at fresh record level. All the three major indices recorded gains last week, with the Dow Jones index gaining 0.29% and the S&amp;P 500 rising around 1.32% during the week.
Investors are awaiting the Federal Reserve's interest-rate decision and consumer price index, due on Wednesday.
Diamond Offshore Drilling, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DO#NYSE">DO</a>) shares jumped around 11% on Monday after the company disclosed that it signed a definitive agreement to be acquired by Noble Corporation plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NE#NYSE">NE</a>) in a stock-plus-cash transaction. Perion Network Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PERI#NASDAQ">PERI</a>) shares tumbled around 30% after the company cut its revenue outlook.
Most sectors on the S&amp;P 500 closed on a positive note, with utilities, energy and communication services stocks recording the biggest gains on Monday. However, financial and consumer staples stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 69 points to 38,868.04 on Monday. The S&amp;P 500 rose 0.26% at 5,360.79, while the Nasdaq Composite climbed 0.35% at 17,192.53 during Monday's session.
Investors are awaiting earnings results from Academy Sports and Outdoors, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASO#NASDAQ">ASO</a>), Oracle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) and Casey&#8217;s General Stores, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CASY#NASDAQ">CASY</a>) today.
At a current reading of 47.5, the index remained in the &#8220;Neutral&#8221; zone on Monday, versus a prior reading of 45.3.
What is CNN Business Fear &amp; Greed Index?
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
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Investor Optimism Improves; S&P 500 Settles At Record High

U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite edging lower on Monday.
The Dow traded up 0.11% to 38,842.27 while the NASDAQ fell 0.04% to 17,125.62. The S&amp;P 500 also rose, gaining, 0.04% to 5,349.38.
Check This Out: <a href="https://www.benzinga.com/news/24/06/39248527/wall-streets-most-accurate-analysts-weigh-in-on-3-energy-stocks-with-over-7-dividend-yields">Wall Street&#8217;s Most Accurate Analysts Weigh In On 3 Energy Stocks With Over 7% Dividend Yields</a> 
Leading and Lagging Sectors Utilities shares climbed by 1.4% on Monday.
In trading on Monday, financial shares fell by 0.3%.
Top Headline
Diamond Offshore Drilling, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DO#NYSE">DO</a>) disclosed that it signed a definitive agreement to be acquired by Noble Corporation plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NE#NYSE">NE</a>) in a stock-plus-cash transaction.
Equities Trading UP &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li>Big Tree Cloud Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DSY#NASDAQ">DSY</a>) shares shot up 109% to $3.9484 following the completion of the company&#8217;s business combination with Plutonian Acquisition Corp. and amid continued volatility following its Nasdaq debut last week.</li>
<li>Shares of KWESST Micro Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KWE#NASDAQ">KWE</a>) got a boost, surging 158% to $1.0099 after the company was awarded a sub-contract worth up to C$48 million by Thales Canada for software development services.</li>
<li>ICC Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICCH#NASDAQ">ICCH</a>) shares were also up, gaining 43% to $22.04 after Mutual Capital Group announced it will acquire the company for $23.50 per share.</li>
</ul>
Equities Trading DOWN
<ul>
<li>Perion Network Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PERI#NASDAQ">PERI</a>) shares dropped 33% to $8.22 after the company cut its revenue outlook.</li>
<li>Shares of Sify Technologies Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIFY#NASDAQ">SIFY</a>) were down 26% to $0.6101 after the company announced the voluntary delisting date of its ADS rights from Nasdaq.</li>
<li>Enservco Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENSV#NYSE">ENSV</a>) was down, falling 26% to $0.1780 after the company announced the staff of NYSE Regulation determined to commence proceedings to delist its common stock.</li>
</ul>
Also Check This Out: <a href="https://www.benzinga.com/news/24/06/39249387/top-5-financial-stocks-that-may-collapse-this-quarter">Top 5 Financial Stocks That May Collapse This Quarter</a> 
Commodities In commodity news, oil traded up 2.7% to $77.59 while gold traded up 0.2% at $2,328.70.
Silver traded up 1.4% to $29.855 on Monday, while copper rose 1.5% to $4.5490.
Euro zone
European shares were lower today. The eurozone's STOXX 600 fell 0.27%, Germany's DAX declined 0.34% and France's CAC 40 fell 1.53%. Spain's IBEX 35 Index fell 0.42%, while London's FTSE 100 fell 0.20%.
Industrial production in Italy declined by 1% month-over-month in April compared to a 0.5% decline in March.
Asia Pacific Markets
Asian markets closed mixed on Monday, with Japan's Nikkei gaining 0.92%, and India's S&amp;P BSE Sensex falling 0.27%.
Japan's current account surplus widened to JPY 2,050.5 billion in April versus JPY 1,895.4 billion in the year-ago period, while Japanese economy shrank by 1.8% on an annualized basis in the first quarter. The gauge for Japanese service sector declined to 45.7 in May compared to 47.4 in the prior month.
Industrial production in Malaysia gained by 6.1% year-over-year in April, while unemployment rate in Malaysia fell to 3.3% in April from 3.5% in the year-ago month.
Economics
No major economic reports will be released today.
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Shares of Skye Bioscience, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SKYE#NASDAQ">SKYE</a>) fell sharply during Monday's session after the company announced its SBI-100 Ophthalmic Emulsion Phase 2a trial did not achieve target product profile and has <a href="https://www.benzinga.com/quote/SKYE/news">discontinued the program</a>.
Skye Bioscience shares tumbled 18.9% to $8.87 on Monday.
Here are some other stocks moving in today&#8217;s mid-day session.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Big Tree Cloud Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DSY#NASDAQ">DSY</a>) shares jumped 123% to $4.3001 following the completion of the company&#8217;s business combination with Plutonian Acquisition Corp. and amid continued volatility following its Nasdaq debut last week.</li>
<li>KWESST Micro Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KWE#NASDAQ">KWE</a>) gained 79.8% to $0.7082 after the company was awarded a sub-contract worth up to C$48 million by Thales Canada for software development services.</li>
<li>Wearable Devices Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WLDS#NASDAQ">WLDS</a>) jumped 63% to $0.5547. Wearable Devices reported the successful completion of its first phase of integration with Qualcomm&#8217;s Snapdragon Spaces&#x2122;, extended reality (XR) Developer Platform.</li>
<li>New Horizon Aircraft Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOVR#NASDAQ">HOVR</a>) gained 45.1% to $1.0450 after declining around 8% on Friday.</li>
<li>ICC Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICCH#NASDAQ">ICCH</a>) jumped 43% to $22.03. Mutual Capital Group announced plans to acquire ICC Holdings, Inc. for $23.50 per share in a $73.8 million transaction.</li>
<li>Spectaire Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPEC#NASDAQ">SPEC</a>) shares gained 32.3% to $0.5623 after jumping over 15% on Friday.</li>
<li>QXO, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QXO#NASDAQ">QXO</a>) gained 28.6% to $283.00.</li>
<li>Renovaro Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RENB#NASDAQ">RENB</a>) rose 25.6% to $1.62.</li>
<li>Wetouch Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WETH#NASDAQ">WETH</a>) surged 25% to $2.23.</li>
<li>Journey Medical Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DERM#NASDAQ">DERM</a>) gained 24% to $5.83.</li>
<li>Opera Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPRA#NASDAQ">OPRA</a>) surged 22% to $16.83.</li>
<li>MicroAlgo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MLGO#NASDAQ">MLGO</a>) rose 20.2% to $5.33.</li>
<li>Ivanhoe Electric Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IE#NYSE">IE</a>) gained 18% to $10.74.</li>
<li>iLearningEngines, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AILE#NASDAQ">AILE</a>) jumped 17.5% to $5.58.</li>
<li>Silynxcom Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYNX#NYSE">SYNX</a>) surged 17% to $2.62.</li>
<li>Spectaire Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPEC#NASDAQ">SPEC</a>) jumped 16.6% to $0.4960 after the company announced a purchase order and delivery of its advanced AireCore units to American Ag Energy.</li>
<li>AgriFORCE Growing Systems Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AGRI#NASDAQ">AGRI</a>) gained 15% to $0.1070 after the company was awarded a new US patent titled &#8216;Automated Growing Systems.&#8217;</li>
<li>FuelCell Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FCEL#NASDAQ">FCEL</a>) rose 13.6% to $0.9869. FuelCell Energy reported a second-quarter fiscal 2024 revenue decline of 42% year-over-year to $22.42 million, beating the consensus of $21.35 million.</li>
<li>Cactus, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WHD#NYSE">WHD</a>) gained 13.6% to $53.19.</li>
<li>Tellurian Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TELL#NASDAQ">TELL</a>) gained 12.8% to $0.8448.</li>
<li>SEACOR Marine Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMHI#NYSE">SMHI</a>) gained 12.1% to $13.26.</li>
<li>Presto Automation Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRST#NASDAQ">PRST</a>) shares rose 10.9% to $0.0988 after surging 17% on Friday.</li>
<li>KKR &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>) gained 9.8% to $107.63 after it was announced the company will join the S&amp;P 500.</li>
<li>Diamond Offshore Drilling, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DO#NYSE">DO</a>) climbed 9.8% to $15.30 after Noble announced an agreement to acquire the company.</li>
<li>CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) gained 8.8% to $379.95 after it was announced the company will join the S&amp;P 500.</li>
<li>LENZ Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LENZ#NASDAQ">LENZ</a>) rose 8.2% to $16.85.</li>
<li>Nisun International Enterprise Development Group Co., Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NISN#NASDAQ">NISN</a>) shares rose 7.6% to $3.6302 after the company said it has established a daily supply capacity of over 20 million eggs.</li>
<li>Esperion Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ESPR#NASDAQ">ESPR</a>) gained 7.5% to $3.01.</li>
<li>Southwest Airlines Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>) gained 6.8% to $29.66 following a report indicating Elliott Investment Management has built a stake in the company.</li>
<li>Geron Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GERN#NASDAQ">GERN</a>) rose 5.9% to $4.8592. Barclays initiated coverage on Geron with an Overweight rating and announced a price target of $9.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>1847 Holdings LLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EFSH#NYSE">EFSH</a>) dipped 32.5% to $0.4828.</li>
<li>Baijiayun Group Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RTC#NASDAQ">RTC</a>) fell 32% to $3.7001</li>
<li>Sunshine Biopharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBFM#NASDAQ">SBFM</a>) shares fell 31.4% to $0.3830.</li>
<li>Tharimmune, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/THAR#NASDAQ">THAR</a>) dipped 30% to $3.6051</li>
<li>Tonix Pharmaceuticals Holding Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TNXP#NASDAQ">TNXP</a>) fell 29.3% to $2.3550. Tonix Pharmaceuticals recently announced a 1-for-32 reverse stock split.</li>
<li>Enservco Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENSV#NYSE">ENSV</a>) fell 29.3% to $0.1713 after the company announced the staff of NYSE Regulation determined to commence proceedings to delist its common stock.</li>
<li>Perion Network Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PERI#NASDAQ">PERI</a>) shares fell 28.3% to $8.84 after the company cut its revenue outlook.</li>
<li>Sify Technologies Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIFY#NASDAQ">SIFY</a>) fell 24.7% to $0.6249 after the company announced the voluntary delisting date of its ADS rights from Nasdaq.</li>
<li>SeaStar Medical Holding Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICU#NASDAQ">ICU</a>) declined 23% to $4.22.</li>
<li>Latam Logistic Properties, S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LPA#NYSE">LPA</a>) fell 19.9% to $19.62</li>
<li>China Liberal Education Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLEU#NASDAQ">CLEU</a>) shares fell 16.8% to $2.66 in pre-market trading after jumping 58% on Friday.</li>
<li>Virax Biolabs Group Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRAX#NASDAQ">VRAX</a>) shares fell 14.8% to $1.68.</li>
<li>Trinity Place Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPHS#NYSE">TPHS</a>) fell 14.7% to $0.1498 after jumping 45% on Friday.</li>
<li>GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) fell 13.1% to $24.53. On Friday, the stock traded lower as Roaring Kitty held a live stream and the company reported Q1 earnings.</li>
<li>Golden Matrix Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GMGI#NASDAQ">GMGI</a>) declined 12.5% to $3.16.</li>
<li>Novavax, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVAX#NASDAQ">NVAX</a>) declined 11.8% to $16.01.</li>
<li>Anywhere Real Estate Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HOUS#NYSE">HOUS</a>) fell 10.6% to $3.4150.</li>
<li>Methode Electronics, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MEI#NYSE">MEI</a>) fell 10.6% to $10.11</li>
<li>BioCardia, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BCDA#NASDAQ">BCDA</a>) shares fell 10% to $3.35. On Friday, BioCardia announced it received approval from the United States Patent Office for its application entitled, "Radial and Transendocardial Delivery Catheter."</li>
<li>Cumulus Media Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMLS#NASDAQ">CMLS</a>) shares fell 7.6% to $2.9550 after jumping around 22% on Friday.</li>
<li>Compass Minerals International, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMP#NYSE">CMP</a>) fell 7.6% to $12.36. Compass Minerals International named Jeffrey Cathey as its new chief financial officer.</li>
<li>Celsius Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CELH#NASDAQ">CELH</a>) fell 7% to $68.08.</li>
<li>Roma Green Finance Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROMA#NASDAQ">ROMA</a>) shares declined 6% to $0.4683. Roma Green Finance filed for offering in a best efforts self-underwritten offering of up to 3.6 million of ordinary shares.</li>
</ul>
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Why Skye Bioscience Shares Are Trading Lower By 19%? Here Are Other Stocks Moving In Monday's Mid-Day Session

Oppenheimer analyst Jason Helfstein downgrades Perion Network (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PERI#NASDAQ">PERI</a>) from Outperform to Perform.

Downgrades

Oppenheimer Downgrades Perion Network to Perform

Needham analyst Laura Martin downgrades Perion Network (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PERI#NASDAQ">PERI</a>) from Buy to Hold.

Needham Downgrades Perion Network to Hold

U.S. stocks traded mixed midway through trading, with the Dow Jones index falling around 0.1% on Monday.
The Dow traded down 0.06% to 38,774.90 while the NASDAQ rose 0.28% to 17,180.62. The S&amp;P 500 also rose, gaining, 0.11% to 5,352.67.
Check This Out: <a href="https://www.benzinga.com/news/24/06/39248527/wall-streets-most-accurate-analysts-weigh-in-on-3-energy-stocks-with-over-7-dividend-yields">Wall Street&#8217;s Most Accurate Analysts Weigh In On 3 Energy Stocks With Over 7% Dividend Yields</a>
Leading and Lagging Sectors Energy shares climbed by 1.3% on Monday.
In trading on Monday, financial shares fell by 0.6%.
Top Headline
Diamond Offshore Drilling, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DO#NYSE">DO</a>) disclosed that it signed a definitive agreement to be acquired by Noble Corporation plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NE#NYSE">NE</a>) in a stock-plus-cash transaction.
Equities Trading UP &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li>Big Tree Cloud Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DSY#NASDAQ">DSY</a>) shares shot up 104% to $3.8697 following the completion of the company&#8217;s business combination with Plutonian Acquisition Corp. and amid continued volatility following its Nasdaq debut last week.</li>
<li>Shares of KWESST Micro Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KWE#NASDAQ">KWE</a>) got a boost, surging 144% to $0.96 after the company was awarded a sub-contract worth up to C$48 million by Thales Canada for software development services.</li>
<li>ICC Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICCH#NASDAQ">ICCH</a>) shares were also up, gaining 43% to $22.00 after Mutual Capital Group announced it will acquire the company for $23.50 per share.</li>
</ul>
Equities Trading DOWN
<ul>
<li>Perion Network Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PERI#NASDAQ">PERI</a>) shares dropped 28% to $8.83 after the company cut its revenue outlook.</li>
<li>Shares of Sify Technologies Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIFY#NASDAQ">SIFY</a>) were down 25% to $0.62 after the company announced the voluntary delisting date of its ADS rights from Nasdaq.</li>
<li>Enservco Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENSV#NYSE">ENSV</a>) was down, falling 27% to $0.1774 after the company announced the staff of NYSE Regulation determined to commence proceedings to delist its common stock.</li>
</ul>
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Commodities In commodity news, oil traded up 2.1% to $77.14 while gold traded down 0.2% at $2,321.20.
Silver traded up 1% to $29.72 on Monday, while copper rose 1.3% to $4.5395.
Euro zone
European shares were lower today. The eurozone's STOXX 600 fell 0.33%, Germany's DAX declined 0.37% and France's CAC 40 fell 1.55%. Spain's IBEX 35 Index fell 0.44%, while London's FTSE 100 fell 0.27%.
Industrial production in Italy declined by 1% month-over-month in April compared to a 0.5% decline in March.
Asia Pacific Markets
Asian markets closed mixed on Monday, with Japan's Nikkei gaining 0.92%, and India's S&amp;P BSE Sensex falling 0.27%.
Japan's current account surplus widened to JPY 2,050.5 billion in April versus JPY 1,895.4 billion in the year-ago period, while Japanese economy shrank by 1.8% on an annualized basis in the first quarter. The gauge for Japanese service sector declined to 45.7 in May compared to 47.4 in the prior month.
Industrial production in Malaysia gained by 6.1% year-over-year in April, while unemployment rate in Malaysia fell to 3.3% in April from 3.5% in the year-ago month.
Economics
No major economic reports will be released today.
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Press Releases

Perion Reports Second Quarter 2024 Results

Perion Network Announces Conference Participation in August-September 2024

Perion Network to Announce Third Quarter 2024 Financial Results on November 6, 2024

Perion Reports Third Quarter 2024 Results

Perion Network Announces Conference Participation in November - December 2024

Perion Unveils Anyplace TV, Expanding Video & CTV Advertising Solutions Through Programmatic DOOH

Perion Announces Strategic Partnership with a360media to Boost Retail Media Technology for Premium Publishers such as Us Weekly, InTouch, and Life & Style

Perion Announces Collaboration with Experian to Enhance Cross-Channel Targeting and Attribution

Perion Network to Participate in the 27th Annual Needham Growth Conference on January 15th, 2025

Perion Network to Announce Fourth Quarter and Fiscal Year 2024 Financial Results on February 19, 2025

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