Latest news for CRAFT 1861 Glb Hldgs (OTC:BGPAF) Stock

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.

Cannabis

News

Penny Stocks

Markets

BGPAF

BGPPF

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 Global Holdings Inc Warrants (01/05/2026)

CRAFT 1861 Global Holdings Inc

Earnings

Sciencejoy Holding Nine Months Ending Sept. 30 EPS RMB1.03 Up From RMB(0.86) YoY; Revenue RMB1.012B Down From RMB1.036B YoY

Contracts

KULR

KULR Announces US Navy Contract For High-Temperature Internal Short Circuit Cells, Terms Not Disclosed

The earnings results for Alarum Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALAR#NASDAQ">ALAR</a>) for Q3 were made public on Monday, November 25, 2024 at 07:30 AM.
Here's a comprehensive overview of the announcement.
<h3>Earnings</h3>
Alarum Technologies beat estimated earnings by 400.0%, reporting an EPS of $0.2 versus an estimate of $0.04.
Revenue was up $450 thousand from the same period last year.
<h3>Overview of Past Earnings</h3>
The company beat on EPS by $0.1 in the previous quarter, leading to a 9.0% drop share price change the next day.
Here's a look at Alarum Technologies's past performance:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.31</td>
<td>0.28</td>
<td>0.25</td>
<td>0.07</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.41</td>
<td>0.23</td>
<td>0.30</td>
<td>0.03</td>
</tr>
<tr>
<td>Revenue Estimate</td>
<td>8.94M</td>
<td>7.38M</td>
<td>7.00M</td>
<td>6.60M</td>
</tr>
<tr>
<td>Revenue Actual</td>
<td>8.88M</td>
<td>8.38M</td>
<td>7.11M</td>
<td>6.75M</td>
</tr>
</tbody>
</table>

To track all earnings releases for Alarum Technologies <a href="https://www.benzinga.com/quote/ALAR/earnings">visit their earnings calendar here.</a> 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

ALAR

Insights into Alarum Technologies Q3 Earnings

Portugal-based medical marijuana grower Gro-Vida teamed up with Canopy Growth Germany GmbH, a subsidiary of cannabis giant Canopy Growth Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>). This agreement is a key step for Gro-Vida to position itself in Germany&#8217;s growing medical marijuana market while supporting Canopy Growth GmbH&#8217;s strategy of securing EU-based supply through an asset-light approach in addition to existing supply from the company's Canadian GMP production platform.
"We are incredibly proud to be working with Canopy Growth Germany," stated Mallory Bodnar, managing director at Gro-Vida. "It is a remarkable honor to have a global leader recognize the exceptional quality of cannabis produced here in Portugal. This is not only a testament to our hard work but points to the promising future of Portuguese-grown cannabis on the world stage."
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/11/41997646/tilray-joins-german-cannabis-fiesta-with-first-locally-grown-strains">Tilray Joins German Cannabis Fiesta With First Locally Grown Strains</a>
Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.
The supply agreement represents an opportunity to drive growth for both companies, blending Gro-Vida's cultivation expertise and EU-GMP production partnerships with Canopy Growth GmbH's extensive network and in-market expertise. Under the terms of the supply agreement, Gro-Vida will cultivate a range of exclusive medicinal cannabis flower for Canopy Growth GmbH, with the products slated for release under the Tweed brand.
<a href="https://www.benzinga.com/markets/cannabis/23/05/32592244/motherhood-brought-her-to-marijuana-now-shes-in-a-c-suite-at-a-global-weed-brand">Tara Rozalowsky</a>, chief growth officer and president, International, Canopy Growth, says this move is part of the company's larger plans for international expansion. "Part of our global strategy is ensuring a diverse and high-quality supply chain, and Gro-Vida is an important piece of this strategy. Sourcing EU-GMP flower from Portugal, alongside our EU-GMP Canadian-grown cannabis flower, allows us to offer a versatile and competitive product portfolio in the German market while advancing our asset light strategy for growth."
Products will be available via prescription and can be requested by patients nationwide in Germany from their healthcare practitioner beginning in calendar Q1 of 2025.
<h2 class="wp-block-heading">Cannabis In Germany</h2>
A recent <a href="https://prohibitionpartners.com/reports/the-german-cannabis-report/" target="_blank" rel="noreferrer noopener">report</a> on Germany&#8217;s cannabis market by Prohibition Partners revealed that German medical marijuana sales are projected to reach €420 million in 2024 ($260.66 million) reaching €1 billion by 2028.
The report comes several months after major cannabis reform in Germany with the implementation of the Cannabis Act (CanG) and the associated MedCanG Act. Partial cannabis legalization <a href="https://www.benzinga.com/markets/cannabis/24/04/38023610/heres-what-you-need-to-know-about-weed-legalization-in-germany-that-just-took-effect" target="_blank" rel="noreferrer noopener">took effect in Germany on April 1</a>, allowing people over 18 to legally possess up to 25 grams of dried cannabis and cultivate up to three plants at home. One of the biggest breakthroughs under the law is that medical cannabis is essentially <a href="https://www.benzinga.com/markets/cannabis/24/07/39830117/medical-marijuana-regulated-as-ibuprofen-is-one-of-the-biggest-breakthroughs-of-germanys-cannabi" target="_blank" rel="noreferrer noopener">regulated like ibuprofen</a>.
<h2 class="wp-block-heading">Price Action</h2>
Canopy Growth shares closed Friday's market session 1.04% higher at $3.9 per share.
Read Next:
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<li><a href="https://www.benzinga.com/general/market-summary/24/11/42126680/german-cannabis-20-tons-10m-grams-and-thats-only-0-3-of-the-market-whats-missing">German Cannabis: 20 Tons, 10M Grams &#8211; And That&#8217;s Only 0.3% Of The Market, What&#8217;s Missing?</a></li>
</ul>

Photo: Courtesy of OMfotovideocontent on Shutterstock

Eurozone

Canopy Growth's German Subsidiary Teams Up With Portugal's Gro-Vida To Expand Medical Cannabis Supply

<ul>
<li>Five posters to be presented including new long-term 36-month data from the ongoing X-TOLE OLE study of azetukalner in FOS and findings around mental health and comorbidity burdens of FOS
<ul>
<li>New pre-clinical data from the Company's Nav1.1 program</li>
</ul>
</li>
</ul>

Biotech

Events

General

XENE

Xenon To Present Long-Term Azetukalner Data At AES 2024

U.S. stock futures were higher this morning, with the Dow futures gaining more than 300 points on Monday.
Shares of Cassava Sciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SAVA#NASDAQ">SAVA</a>) fell sharply in today's pre-market trading after the company announced Simufilam did not show a significant reduction in cognitive or functional decline versus placebo in patients with mild-to-moderate Alzheimer&#8217;s disease in the ReThink-ALZ <a href="https://www.benzinga.com/quote/SAVA">Phase 3 study</a>.
Cassava Sciences shares dipped 85.6% to $3.82 in the pre-market trading session.
Here are some other stocks moving lower in pre-market trading.
<ul>
<li>Centessa Pharmaceuticals PLC – ADR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CNTA#NASDAQ">CNTA</a>) shares tumbled 12% to $15.00 in pre-market trading after falling 6% on Friday. On Nov. 12, Centessa Pharmaceuticals reported a quarterly loss of 37 cents per share.</li>
<li>Biohaven Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHVN#NYSE">BHVN</a>) fell 11% to $40.60 in pre-market trading after the company announced its treatment arm of the RESILIENT SMA study did not statistically separate on the primary outcome at Week 48 compared to the placebo+standard of care group.</li>
<li>ZIM Integrated Shipping Services Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZIM#NYSE">ZIM</a>) shares dipped 6.9% to $22.15 in pre-market trading. ZIM Integrated Shipping Services, last week, reported better-than-expected third-quarter financial results and raised its FY24 adjusted EBIT and EBITDA guidance.</li>
<li>i3 Verticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IIIV#NASDAQ">IIIV</a>) shares declined 6.6% to $22.11 in pre-market trading. The company, last week, posted downbeat quarterly results.</li>
<li>ChromaDex Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDXC#NASDAQ">CDXC</a>) fell 5.9% to $7.00 in pre-market trading.</li>
<li>Fitell Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTEL#NASDAQ">FTEL</a>) shares declined 4.9% to $24.00 in pre-market trading after gaining around 6% on Friday.</li>
<li>Logility Supply Chain Solutions, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LGTY#NASDAQ">LGTY</a>) fell 4.4% to $9.31 in pre-market trading. Logility Supply Chain Solutions shares dipped 13% on Friday after the company reported worse-than-expected second-quarter revenue results and issued FY25 revenue guidance below estimates.</li>
<li>Kingsoft Cloud Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KC#NASDAQ">KC</a>) fell 4.3% to $6.90 in today's pre-market trading after jumping around 25% on Friday. Kingsoft Cloud, last week, reported a fiscal third-quarter 2024 revenue of 1.89 billion Chinese yuan ($268.7 million), up by 16.0% year-on-year, beating the analyst consensus estimate of $247.46 million</li>
</ul>
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<a href="https://www.benzinga.com/24/11/42157664/zoom-video-earnings-are-imminent-these-most-accurate-analysts-revise-forecasts-ahead-of-earnings-call">Zoom Video Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call</a>

Pre-Market Outlook

Movers

Trading Ideas

BHVN

CDXC

CNTA

FTEL

IIIV

LGTY

SAVA

Cassava Sciences, Biohaven And Other Big Stocks Moving Lower In Monday's Pre-Market Session

PLUR

Pluri Assesses Readiness For Mass Production Of PLX-R18 For Acute Radiation Syndrome

Social Media

Dr Disrespect To Provide Exclusive Content To Rumble Premium And Lead Rumble Gaming, Acting As An Advisor

Compass Point analyst Merrill Ross maintains Two Harbors Inv (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TWO#NYSE">TWO</a>) with a Buy and lowers the price target from $15.75 to $14.75.

Price Target

Analyst Ratings

Compass Point Maintains Buy on Two Harbors Inv, Lowers Price Target to $14.75

New smart eyewear is the Company's first to use advanced TR90 plastic for improved adjustability and durability.
MIAMI, Nov. 25, 2024 /PRNewswire/ --&nbsp;<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4310635-1&amp;h=4217338290&amp;u=https%3A%2F%2Flucyd.co%2F&amp;a=Innovative+Eyewear%2C+Inc.">Innovative Eyewear, Inc.</a>&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LUCY#NASDAQ">LUCY</a>, LUCYW))), the developer of ChatGPT-enabled smart eyewear under the Lucyd&#xAE;, Nautica&#xAE;, Eddie Bauer&#xAE; and Reebok&#xAE; brands, announced today that it has officially launched the Lucyd Lyte 2024 Edition, bringing several improvements to the Company's core product line. Key improvements over previous models include improved adjustability and durability, reduced weight, and upgraded lenses.&nbsp;

LUCY

Innovative Eyewear Launches Four New Lucyd Lyte Smart Glasses, The Lucyd, Nautica, Eddie Bauer And Reebok Brands With Enhanced Features

Buybacks

ERNA

Eterna Therapeutics Announces Stock Repurchase Program Of Up To $1M

Macro Economic Events

Econ #s

Economics

Chicago Fed National Activity For Oct. -0.40 Vs -0.20 Est.; -0.27 Prior

In the current session, the stock is trading at $59.89, after a 0.40% spike. Over the past month, Williams Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMB#NYSE">WMB</a>) stock increased by 15.07%, and in the past year, by 64.19%. With performance like this, long-term shareholders are optimistic but others are more likely to look into the price-to-earnings ratio to see if the stock might be overvalued.

<img src="https://www.benzinga.com/files/images/story/2024/1732541406_0.png" alt="Past Year Chart" />

<h3>Comparing Williams Companies P/E Against Its Peers</h3>
The P/E ratio is used by long-term shareholders to assess the company's market performance against aggregate market data, historical earnings, and the industry at large. A lower P/E could indicate that shareholders do not expect the stock to perform better in the future or it could mean that the company is undervalued. 
Williams Companies has a better P/E ratio of 25.28 than the aggregate P/E ratio of 18.49 of the Oil, Gas &amp; Consumable Fuels industry. Ideally, one might believe that Williams Companies Inc. might perform better in the future than it's industry group, but it's probable that the stock is overvalued. 

<img src="https://www.benzinga.com/files/images/story/2024/1732541406_1.png" alt="Guage" />

In conclusion, the price-to-earnings ratio is a useful metric for analyzing a company's market performance, but it has its limitations. While a lower P/E can indicate that a company is undervalued, it can also suggest that shareholders do not expect future growth. Additionally, the P/E ratio should not be used in isolation, as other factors such as industry trends and business cycles can also impact a company's stock price. Therefore, investors should use the P/E ratio in conjunction with other financial metrics and qualitative analysis to make informed investment decisions.

Intraday Update

Price Over Earnings Overview: Williams Companies

As of Nov. 25, 2024, three stocks in the health care sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock&#8217;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#8217;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the <a href="https://www.benzinga.com/topic/rsi">RSI is above 70</a>, according to <a href="https://pro.benzinga.com/">Benzinga Pro</a>. 
Here's the latest list of major overbought players in this sector.
<h3 class="wp-block-heading">Conmed Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNMD#NYSE">CNMD</a>)</h3>
<ul>
<li>On Oct. 30, Conmed reported quarterly earnings of $1.05 per share which beat the analyst consensus estimate of 99 cents per share. &#8220;Our third quarter results were largely in line with our expectations, and we remain focused on getting fully back on offense,&#8221; commented Curt R. Hartman, CONMED&#8217;s Chair of the Board, President, and Chief Executive Officer. &#8220;I am particularly proud of how our teams responded to the disruption from hurricanes Helene and Milton, which temporarily impacted our employees and facilities in the Southeast as well as many of our customers.&#8221; The company's stock gained around 21% over the past month and has a <a href="https://www.benzinga.com/quote/CNMD">52-week high of $117.27</a>.</li>
<li>RSI Value: 70.45&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</li>
<li>CNMD Price Action: Shares of Conmed gained 4.5% to close at $74.91 on Friday.</li>
</ul>
<h3 class="wp-block-heading">Madrigal Pharmaceuticals Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDGL#NASDAQ">MDGL</a>)</h3>
<ul>
<li>On Oct. 31, Madrigal Pharmaceuticals reported better-than-expected third-quarter financial results. Bill Sibold, Chief Executive Officer of Madrigal, stated, &#8220;Our U.S. launch of Rezdiffra is progressing exceptionally well driven by the outstanding execution of our team. Growing adoption by prescribers, broader payer coverage and an increasing number of patients on therapy each contributed to the strong performance. This early success highlights the critical need for effective treatments for moderate to advanced NASH/MASH, which is expected to become the leading cause of liver transplants in the U.S.&#8221; The company's stock gained around 65% over the past month and<a href="https://www.benzinga.com/quote/MDGL"> has a 52-week high</a> of $368.29.</li>
<li>RSI Value: 74.01</li>
<li>MDGL Price Action: Shares of Madrigal Pharmaceuticals gained 5.5% to close at $347.45 on Friday.</li>
</ul>
<h3 class="wp-block-heading">Butterfly Network Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BFLY#NYSE">BFLY</a>)</h3>
<ul>
<li>On Nov. 1, Butterfly Network reported better-than-expected quarterly financial results and issued FY24 revenue guidance above estimates. The company's stock gained around 78% over the past month and has a <a href="https://www.benzinga.com/quote/BFLY">52-week high</a> of $3.55.</li>
<li>RSI Value: 72.56</li>
<li>BFLY Price Action: Shares of Butterfly Network fell 1.4% to close at $3.24 on Friday.</li>
</ul>
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Short Ideas

BFLY

CNMD

MDGL

Top 3 Health Care Stocks That May Dip This Month

Lawrence E. Kurzius, Executive Chairman of the Board of McCormick &amp; Company, Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>), a global leader in flavor, announced that he will end his eight years of service as Chairman on December 31, 2024.&nbsp; Mr. Kurzius will continue as a Board member for McCormick, where he was employed for 22 years.&nbsp; He will not stand for re-election at the Company's annual shareholder meeting in March 2025.&nbsp; Mr. Kurzius transitioned the Chief Executive Officer responsibilities to Brendan Foley in September 2023 and continued to serve as Executive Chairman since that time.
McCormick's Board of Directors has appointed Brendan Foley, the Company's President and Chief Executive Officer, to succeed Mr. Kurzius as Chairman, in addition to his current duties, effective January 1, 2025.

Management

McCormick & Company Announces Brendan Foley To Succeed Lawrence Kurzius As Chairman Of The Board, Effective January 1, 2025

Goldman Sachs analyst Robert Cox upgrades WR Berkley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WRB#NYSE">WRB</a>) from Neutral to Buy and announces $69 price target.

Upgrades

Goldman Sachs Upgrades WR Berkley to Buy, Announces $69 Price Target

Macy&#8217;s Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) shares are trading lower premarket on Monday after the company delayed its earnings release and conference call regarding the&nbsp;third quarter&nbsp;of 2024 to allow for <a target="_blank" href="https://www.benzinga.com//node/42159940" rel="noreferrer noopener">the completion of an independent investigation.</a>
Earlier, the company planned to report its&nbsp;third-quarter&nbsp;sales and earnings results on <a target="_blank" href="https://www.benzinga.com//node/41824312" rel="noreferrer noopener">Tuesday, November 26, 2024.&nbsp;</a>
Accounting Error: Macy&#8217;s disclosed that an internal investigation revealed that an employee intentionally concealed $132 million-$154 million in delivery expenses from fourth-quarter 2021 to third-quarter 2024. During this same time period, the company recognized approximately&nbsp;$4.36 billion&nbsp;of delivery expenses.&nbsp;
There was no impact on cash management or vendor payments and the employee is no longer with the company, and no other employees were involved.
Preliminary&nbsp;Q3 Results: Meanwhile, the company reported preliminary&nbsp;third-quarter results, with a 2.4% decline in net sales to $4.742 billion (consensus $4.72 billion), with comparable sales down 2.4% on an owned basis and 1.3% on an owned-plus-licensed-plus-marketplace basis.
The company&#8217;s weaker performance in non-First 50 locations, the digital channel, and cold weather categories offset the growth in Macy&#8217;s First 50 locations, Bloomingdale&#8217;s, and Bluemercury.
Macy&#8217;s reported a 2.0% decline in go-forward business comparable sales on an owned basis and a 0.9% decline, including licensed and marketplace sales.
Also, the company saw a 3.1% drop in Macy&#8217;s&nbsp;nameplate net sales, with comparable sales down 3.0% owned and 2.2% on an owned-plus-licensed-plus-marketplace basis, driven by strong performances in fragrances, dresses, and active apparel.
Meanwhile, Bloomingdale&#8217;s net sales rose 1.4%, with comparable sales up 1.0% on an owned basis and 3.2% including licensed and marketplace sales, driven by strength in contemporary apparel, beauty, and digital.
Bluemercury saw a 3.2% increase in net sales and 3.3% growth in comparable sales on an owned basis, marking the fifteenth consecutive quarter of growth, with strong customer demand for skincare products.
Merchandise inventories increased 3.9% year-over-year, driven by better inventory composition and supply chain efficiencies, with about half of the increase attributed to the conversion to cost accounting.
Heading into the fourth quarter, the company believes it has the right <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">level of newness for the holiday season</a>.
As of the end of third-quarter, the company had $315 million in cash and cash equivalents, with $2.77 billion of available borrowing capacity.
Asset sale gains of $66 million were $61 million higher than last year, led by the monetization of non-core assets under the company&#8217;s Bold New Chapter strategy.
The company expects to report its full&nbsp;third-quarter&nbsp;results and hold its earnings conference call, where it will provide its&nbsp;fourth-quarter&nbsp;and <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">full-year outlooks, by December 11, 2024.</a>
Tony Spring, chairman and chief executive officer of Macy&#8217;s, said, &#8220;Our Macy&#8217;s First 50 locations achieved their third consecutive quarter of comparable sales growth. At the same time, our luxury brands, Bloomingdale&#8217;s and Bluemercury, reported positive comparable sales. Importantly, November comparable sales are trending ahead of third quarter levels across nameplates.&#8221;
In September, Macy&#8217;s planned to hire over 31,500 seasonal employees across Macy&#8217;s, Bloomingdale&#8217;s, and Bluemercury<a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40955083/holiday-opportunity-macys-plans-to-hire-31-500-seasonal-workers" rel="noreferrer noopener"> stores and distribution centers</a>.
Investors can gain exposure to the stock via WBI Power Factor High Dividend ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WBIY#NYSE">WBIY</a>) and Invesco S&amp;P Midcap 400 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RFV#NYSE">RFV</a>).
Price Action: M shares are down 3.07% at $15.80 premarket at the last check Monday.
Photo via Shutterstock
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Equities

Mid Cap

Guidance

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WBIY

Macy's Delays Q3 Earnings Report Amid Investigation Over $154M Accounting Scandal; Stock Dips

HC Wainwright &amp; Co. analyst Matthew Caufield initiates coverage on Immunic (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IMUX#NASDAQ">IMUX</a>) with a Buy rating and announces Price Target of $10.

Initiation

IMUX

HC Wainwright & Co. Initiates Coverage On Immunic with Buy Rating, Announces Price Target of $10

BCOV

Trading Halt: Halt status updated at 8:25:00 AM ET: Quotation Resumption: News and Resumption Times

Snowflake Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>) experienced a 3.52% increase in pre-market trading on Monday, according to <a href="https://pro.benzinga.com/">Benzinga Pro</a>. 
What Happened:&nbsp;This rise followed an upgrade from Neutral to Outperform by Dan Ives&#8216; Wedbush, with a revised price target of $190.&nbsp;Wedbush analysts expressed heightened optimism about the software sector&#8217;s role in the evolving AI Revolution, projecting growth into 2025. 
Wedbush&#8217;s analysis suggests that Snowflake is well-positioned to capitalize on the anticipated advancements in artificial intelligence, which is expected to drive significant growth in the software industry over the coming years.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Now its time for the broader software space to get in on the AI Party as we believe the use cases are exploding, enterprise consumption phase is ahead of us in 2025, launch of LLM models across the board, and the true adoption of generative AI. SNOW $190 and ESTC $135 &#x1f402;&#x1f3c6;&#x1f37f;&#x1f447; <a href="https://t.co/g5qcD9HGha">https://t.co/g5qcD9HGha</a>
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1860827487342645333?ref_src=twsrc%5Etfw">November 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also:&nbsp;<a href="https://www.benzinga.com/markets/24/11/42152947/satellite-images-reveal-north-korea-reportedly-receiving-illicit-oil-from-russia?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Satellite Images Reveal North Korea Reportedly Receiving Illicit Oil from Russia</a>
Why It Matters: The recent upgrades by Wedbush come on the heels of&nbsp;Snowflake&#8217;s<a href="https://www.benzinga.com/24/11/42117057/snowflake-stock-is-blazing-higher-thursday-whats-going-on"> impressive third-quarter financial results</a>, which exceeded analyst expectations. Snowflake reported revenue of $942.09 million, surpassing the estimated $896.99 million. The company&#8217;s adjusted earnings were 20 cents per share, beating the forecasted 15 cents per share.
Snowflake&#8217;s total revenue increased by 28% year-over-year, with product revenue rising by 29%. The net revenue retention rate stood at 127% for the quarter. Additionally, the remaining performance obligations reached $5.7 billion, marking a 55% year-over-year growth.
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<li><a href="https://www.benzinga.com/24/11/42134031/markets-got-it-wrong-after-elections-prospects-of-tariffs-not-good-for-equities-vs-dollar-says-ex-goldman-sachs-analyst?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Markets Misread Trump Win, Says Ex-Goldman Sachs Analyst: &#8216;Prospects Of Tariffs Not Good For Equities&#8217;</a></li>
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Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo via Shutterstock

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Snowflake Surges In Pre-Market On Monday: What's Going On?

CRAFT 1861 Glb Hldgs

BGP Acquisition Corp. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/BGPPF#OTCQX">BGPPF</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/BGPAF#OTCQX">BGPAF</a>) (NEO:BGP.U) (NEO:BGP.WT.U) , a special purpose acquisition company which has entered into a <a href="https://www.benzinga.com/markets/cannabis/22/10/29345336/cannabis-company-craft-global-to-go-public-through-merger-with-bgp">definitive agreement </a>to combine with Craft 1861 Global, Inc., a U.S.-based health and wellness company within the cannabinoid space, is updating the progress of the business combination.

To facilitate the closing of the business combination, the holders of BGP&#39;s class A restricted voting shares have approved an extension of BGP&#39;s permitted timeline to complete a qualifying transaction to February 28, 2023 by the affirmative vote of 100% of the votes at the special meeting of shareholders to approve the extension. The extension will become effective upon approval of BGP&#39;s board of directors, which is expected to occur in the coming days.

In connection with meeting, BGP provided shareholders with the opportunity to deposit their class A restricted voting shares for redemption. Approximately 327,495 class A restricted voting shares were deposited for redemption in connection with the extension. BGP expects that each class A restricted voting shares that was deposited for redemption in connection with the extension will be redeemed for $10.04.

Get your daily dose of <a href="http://www.benzinga.com/cannabis" target="_blank">cannabis news</a> on Benzinga Cannabis. Don&rsquo;t miss out on any important developments in the industry.

Photo by <a href="https://unsplash.com/@fortheloveofsmoke?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Jeff W</a> on <a href="https://unsplash.com/photos/r19PtSh4m7A?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Unsplash</a> 

&nbsp;

&nbsp;

BGP Acquisition Corp. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/BGPPF#OTCQX">BGPPF</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/BGPAF#OTCQX">BGPAF</a>) (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 the corporation&#39;s qualifying transaction.

Craft Global Highlights

<ul>
	<li>
	Craft Global has entered into exclusive long-term strategic licensing rights partnerships for all cannabinoids with global organizations including the World Boxing Council, Moto GP, Maserati Venturi/Formula E, Premiere League football teams and a collegiate intellectual property agency, with a significant pipeline of additional sporting, celebrity and corporate partnership opportunities in negotiation.
	</li>
	<li>
	A $100 million equity investment, which is a condition to closing of the business combination is expected to provide sufficient liquidity for operations. Craft Global is also in negotiations with the investor to provide a $100 million committed credit facility.
	</li>
	<li>
	Craft Global expects over $201 million of revenue and $72 million of EBITDA in 2023 as their partnerships are launched, and over $542 million of revenues and $314 million in EBITDA in 2024, the first year when all partnerships will be live for 12 months.
	</li>
</ul>

Transaction Highlights

<ul>
	<li>
	BGP will issue 430,000 proportionate voting shares to Craft Global shareholders in upfront equity consideration, complemented by an earn-out of an additional 100,000 proportionate voting shares based on certain trading price milestones.
	</li>
	<li>
	New Craft will be fully-funded for its business plan at closing, with over $167.8 million in cash and a committed and undrawn credit line for $100 million.
	</li>
	<li>
	Craft Global shareholders are rolling 100% of their equity, resulting in a pro forma market capitalization of approximately $580 million.
	</li>
</ul>

Pursuant to the terms of the business combination agreement, the transaction will be structured between BGP, BGP Merger Sub Inc., Craft Global, and BGP Acquisition Sponsor LP, whereby, among other things, BGP will indirectly acquire all of the outstanding shares of Craft Global in exchange for $430 million of proportionate voting shares.

Following closing, BGP will continue to operate the business of Craft Global and intends to rename itself CRAFT 1861 Global Holdings (&quot;New Craft&quot;), which will remain a reporting issuer under Canadian securities laws. BGP has reserved the symbols &quot;HUMN&quot; and &quot;HUMN.WT&quot; for the subordinate voting shares and BGP warrants, respectively. Completion of the business combination is currently expected to occur in the fourth quarter of 2022.

Management Team and Board of Directors

Following closing of the business combination, Robert Aranda will continue to serve as New Craft&#39;s CEO. Upon closing, New Craft&#39;s board of directors is expected to include:

<ul>
	<li>
	Robert Aranda, New Mexico, United States &ndash; CEO of Craft Global.
	</li>
	<li>
	Ruth Epstein, California, United States &ndash; CEO of BGP.
	</li>
	<li>
	Shelly Lombard, New York, New York &ndash; Wall Street veteran.
	</li>
	<li>
	Ryan Boone, Tennessee, United States &ndash; technology leader.
	</li>
	<li>
	Harvey Schiller, New York, New York &ndash; American sports executive.
	</li>
	<li>Photo by <a href="https://unsplash.com/@timberfoster?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Tim Foster</a> on <a href="https://unsplash.com/s/photos/cannabis?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Unsplash</a> </li>
</ul>

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