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Susquehanna Community

Susquehanna Community Financial Inc is a United States-based bank holding company. Through its subsidiary bank, it offers general banking services to individuals and corporates. The bank provides services like mortgage services, online banking and bill pay, telephone banking, savings, checking, direct deposits, debit cards, credit cards and other services.

News

COWN

SQCF

Canadian Pacific (NYSE: CP) announced plans to acquire Kansas City Southern (NYSE: 

5 Wall Street Impressions About Proposed CP-KCS Merger

SUSQUEHANNA CMMTY FNCL by Susquehanna Community Financial, Inc.

Susquehanna Community Financial Inc

CASY

Casey's General Stores To Acquire Fikes Wholesale For $1.145B, Expanding Presence In Texas And Southern Markets; Net After-Tax Purchase Price Is $980M

Keefe, Bruyette &amp; Woods analyst Aidan Hall reiterates Lazard (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LAZ#NYSE">LAZ</a>) with a Outperform and raises the price target from $49 to $56.

Price Target

Reiteration

Analyst Ratings

Keefe, Bruyette & Woods Reiterates Outperform on Lazard, Raises Price Target to $56

Wells Fargo analyst Elyse Greenspan maintains Globe Life (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GL#NYSE">GL</a>) with a Overweight and raises the price target from $105 to $108.

Wells Fargo Maintains Overweight on Globe Life, Raises Price Target to $108

Alibaba Group Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) and Tencent Holdings have quickly integrated Meta Platforms Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) latest artificial intelligence (AI) model Llama 3.1 into their cloud services.
Alibaba Cloud, the e-commerce giant&#8217;s online computing platform, was among the first to include the latest open-source Llama family of large language models (LLMs), SCMP <a target="_blank" href="https://www.scmp.com/tech/tech-trends/article/3271858/ai-race-alibaba-tencent-quickly-adopt-metas-new-llama-31-model-amid-excitement" rel="noreferrer noopener">reports</a>.
This technology underpins generative AI products like ChatGPT.
Also Read: <a target="_blank" href="https://www.benzinga.com/government/24/07/39901098/apple-and-micron-leaders-visit-beijing-as-us-intensify-advanced-semiconductor-sanctions-report" rel="noreferrer noopener">Apple and Micron Leaders Visit Beijing As US Intensify Advanced Semiconductor Sanctions: Report</a>
Alibaba announced the integration on Tuesday, offering one month of free computing resources for training and inferencing tasks with Llama 3.1.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/26032748/newplot-65.png" alt="" class="wp-image-458659" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/26032748/newplot-65.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/26032748/newplot-65-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Tencent soon followed with its announcement on the same day. Llama 3.1 is now available on Tencent&#8217;s cloud platform, featuring fine-tuning and inferencing tweaks to ensure the models&#8217; usability in intelligent conversation, text generation, and writing tasks.
Meta has positioned Llama 3.1 as a powerful alternative to leading closed-source models like OpenAI&#8217;s GPT-4.
U.S.-China geopolitical relations became strained following the Western counterpart&#8217;s <a target="_blank" href="https://www.benzinga.com/news/24/07/39938971/chip-stocks-nvidia-amd-and-others-see-more-selloff-on-wednesday-whats-going-on" rel="noreferrer noopener">advanced semiconductor sanctions</a> on the Asian counterpart, which included limiting AI chip access from the likes of Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and peers.
<a target="_blank" href="https://www.benzinga.com/government/24/04/38140039/us-embargo-on-nvidia-stings-hard-chinas-ai-development-lags-peers-alibabas-joe-tsai-reveals" rel="noreferrer noopener">A prior report quoted</a> Alibaba co-founder and chairman Joe Tsai acknowledging China&#8217;s lagging position in the&nbsp;AI development race, with Washington&#8217;s embargo taking a toll on their AI ambitions.&nbsp;
Alibaba stock has lost over 22% in the last 12 months as it strives to accomplish its AI ambitions amid a weak domestic economy crippled with intense rivalry.
Price Action: BABA shares closed lower by 0.25% at $75.21 premarket at the last check on Friday.
Also Read: <a target="_blank" href="https://www.benzinga.com/government/24/07/39968313/nio-xpeng-li-auto-benefit-from-chinas-increased-vehicle-subsidies" rel="noreferrer noopener">Nio, XPeng, Li Auto Benefit From China&#8217;s Increased Vehicle Subsidies</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by Fooksou Lamimo via Wikimedia Commons

Tech

Media

BABA

NVDA

Alibaba And Tencent Lap Up Meta's AI Large Language Model

Keefe, Bruyette &amp; Woods analyst Timothy Switzer maintains First Internet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INBK#NASDAQ">INBK</a>) with a Market Perform and raises the price target from $36 to $42.

INBK

Keefe, Bruyette & Woods Maintains Market Perform on First Internet, Raises Price Target to $42

Wells Fargo analyst Elyse Greenspan maintains Willis Towers Watson (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WTW#NASDAQ">WTW</a>) with a Overweight and raises the price target from $318 to $321.

Wells Fargo Maintains Overweight on Willis Towers Watson, Raises Price Target to $321

RBC Capital analyst Michael Harvey reiterates Whitecap Res (TSX:<a class="ticker" href="https://www.benzinga.com/stock/WCP#TSX">WCP</a>) with a Outperform and maintains C$14 price target.

TSX:WCP

RBC Capital Reiterates Outperform on Whitecap Res, Maintains C$14 Price Target

Keefe, Bruyette &amp; Woods analyst Wood Lay maintains Heritage Commerce (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTBK#NASDAQ">HTBK</a>) with a Outperform and raises the price target from $10.5 to $11.5.

HTBK

Keefe, Bruyette & Woods Maintains Outperform on Heritage Commerce, Raises Price Target to $11.5

Creates a community-focused, regional financial services partner with $27+ billion in assets
Announces $200 million in capital commitments in support of the merger
WHEELING, W.Va., July 26, 2024 /PRNewswire/ -- WesBanco, Inc. ("WesBanco") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WSBC#NASDAQ">WSBC</a>) and Premier Financial Corp. ("Premier") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PFC#NASDAQ">PFC</a>) jointly announced today that they have executed a definitive Agreement and Plan of Merger ("Agreement") providing for the merger of Premier with and into WesBanco. Jeff Jackson, President and Chief Executive Officer of WesBanco, and Gary Small, President and Chief Executive Officer of Premier, made the joint announcement.
Under the terms of the Agreement, which has been unanimously approved by the board of directors of both companies, WesBanco will exchange shares of its common stock for all of the outstanding shares of Premier common stock, in an all-stock transaction. Premier shareholders will be entitled to receive 0.80 of a share of WesBanco common stock for each share of Premier common stock they own upon the effective time of the merger, for aggregate merger consideration valued at approximately $959 million, or $26.66 per share, based on WesBanco's closing stock price of $33.32 as of July 24, 2024. The transaction values Premier at a price to June 30, 2024 tangible book value per share of 142% and a price to mean analyst estimated 2024 earnings per share of 12.9 times. The merger is expected to qualify as a tax-free reorganization.

WSBC

WesBanco Announces Merger With Premier Financial, Premier Shareholders Will Be Entitled To Receive 0.80 Of A Share Of WesBanco Common Stock For Each Share Of Premier Common Stock They Own Upon The Effective Time Of The Merger, For Aggregate Merger Consideration Valued At ~$959M, Or $26.66 Per Share

Wells Fargo analyst Elyse Greenspan maintains Arthur J. Gallagher (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AJG#NYSE">AJG</a>) with a Overweight and raises the price target from $282 to $301.

Wells Fargo Maintains Overweight on Arthur J. Gallagher, Raises Price Target to $301

Oxford Lane Capital (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OXLC#NASDAQ">OXLC</a>) reported quarterly earnings of $0.41 per share which met the analyst consensus estimate. The company reported quarterly sales of $89.800 million which missed the analyst consensus estimate of $159.621 million by 43.74 percent. This is a 27.38 percent increase over sales of $70.500 million the same period last year.

Earnings

Earnings Misses

OXLC

Oxford Lane Capital Q1 2025 Adj EPS $0.41, Inline, Sales $89.800M Miss $159.621M Estimate

Keefe, Bruyette &amp; Woods analyst Meyer Shields maintains Horace Mann Educators (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMN#NYSE">HMN</a>) with a Outperform and lowers the price target from $42 to $40.

Keefe, Bruyette & Woods Maintains Outperform on Horace Mann Educators, Lowers Price Target to $40

Wells Fargo analyst Timur Braziler maintains Columbia Banking System (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COLB#NASDAQ">COLB</a>) with a Equal-Weight and raises the price target from $22 to $26.

COLB

Wells Fargo Maintains Equal-Weight on Columbia Banking System, Raises Price Target to $26

Keefe, Bruyette &amp; Woods analyst Kelly Motta maintains Heritage Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HFWA#NASDAQ">HFWA</a>) with a Market Perform and raises the price target from $20 to $23.

HFWA

Keefe, Bruyette & Woods Maintains Market Perform on Heritage Financial, Raises Price Target to $23

Management

LAES

SEALSQ Appoints Katsu Miyahata As Sales Director And Representative Director For Japan; Miyahata To Lead Expansion Of IoT Security And Brand Enhancement Operations

Oxford Lane Capital (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OXLC#NASDAQ">OXLC</a>) reported quarterly earnings of $0.41 per share. This is a 4.65 percent decrease over earnings of $0.43 per share from the same period last year. The company reported $89.80 million in sales this quarter. This is a 27.38 percent increase over sales of $70.50 million the same period last year.

Oxford Lane Capital Q1 Adj $0.41 Down From $0.43 YoY, Sales $89.80M Up From $70.50M YoY

Wells Fargo analyst Jonathan Reeder maintains SJW Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SJW#NYSE">SJW</a>) with a Equal-Weight and raises the price target from $62 to $63.

Wells Fargo Maintains Equal-Weight on SJW Gr, Raises Price Target to $63

Friday,&nbsp;Bristol Myers Squibb &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>)&nbsp;posted second-quarter revenues of $12.20 billion, beating the consensus of $11.55 billion, an increase of 9% year-over-year, or 11% when adjusted for foreign exchange impacts, primarily driven by the <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">Growth Portfolio and&nbsp;Eliquis</a>.
Growth Portfolio worldwide revenues increased to $5.6 billion compared to $4.7 billion a year ago, representing growth of 18% on a reported basis or 21% when adjusted for <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39980444/bristol-myers-squibb-reports-second-quarter-financial-results-for-2024" rel="noreferrer noopener">foreign exchange impacts</a>.
Growth Portfolio revenues were primarily driven by higher demand for&nbsp;Opdivo,&nbsp;Reblozyl, Camzyos, and&nbsp;Opdualag,&nbsp;partially offset by&nbsp;Abecma.
Related: <a target="_blank" href="https://www.benzinga.com/general/biotech/24/06/39454533/fda-approves-bristol-myers-squibbs-combination-therapy-for-colorectal-cancer-patients-with-certai" rel="noreferrer noopener">FDA Approves Bristol Myers Squibb&#8217;s Combination Therapy For Colorectal Cancer Patients With Certain Type Of Gene Mutation</a>.
Opdivo sales incresaed 11% to $2.39 billion. Abecma sales fell 28% to $95 million.
Revenues for the Legacy Portfolio in the second quarter were $6.6 billion compared to $6.5 billion a year ago, representing growth of 2% on a reported basis, or 3% when adjusted for foreign exchange impacts.
Legacy Portfolio revenues were driven by higher demand for&nbsp;Eliquis&nbsp;and&nbsp;Pomalyst, partially offset by a decline in&nbsp;Revlimid&nbsp;due to generic erosion. Eliquis sales were up 7% to $3.42 billion.
The company reported an adjusted EPS of $2.07, compared to an income of&nbsp;$1.75 a year&nbsp;ago, beating the consensus of $1.63.
&#8220;Our second quarter results reflect progress against our strategy to position BMS for long-term, sustainable growth. As we move into the second half of the year, we remain focused on prioritizing opportunities with the greatest growth potential and impact for patients, including the anticipated U.S. launch of KarXT. We&#8217;re also driving operational excellence throughout the company, becoming more agile and strengthening execution,&#8221; said Christopher Boerner, board chair and CEO.
Guidance:&nbsp;Bristol Myers Squibb revises 2024 adjusted EPS guidance to $0.60-$0.90 <a target="_blank" href="https://www.benzinga.com/general/biotech/24/04/38437857/bristol-myers-squibb-swings-to-quarterly-loss-after-string-of-multi-billion-acquisitions" rel="noreferrer noopener">versus prior guidance</a> of $0.40-$0.70 and consensus Of $0.51.
For 2024, the U.S. drug maker expects revenue growth to be at the upper end of the previously provided low single-digit range.
Price Action: BMY stock is up 5.17% at $47.61 during the premarket session at the last check on Friday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/biotech/24/05/39118061/fda-expands-approval-for-bristol-myers-squibbs-breyanzi-making-car-t-cell-therapy-available-for-b" target="_blank" rel="noreferrer noopener">FDA Expands Approval For Bristol Myers Squibb&#8217;s Breyanzi, Making CAR T Cell Therapy Available For Broadest Range Of B-Cell Malignancies</a>.</li>
</ul>
Photo via Shutterstock

Biotech

Large Cap

Health Care

Movers

General

Bristol Myers Squibb Witnesses Strong Demand For 'Newer Drugs' As Q2 Earnings Beat Expectations, Raises 2024 Profit Forecast

Keefe, Bruyette &amp; Woods analyst Tommy McJoynt reiterates Goosehead Insurance (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GSHD#NASDAQ">GSHD</a>) with a Outperform and lowers the price target from $85 to $84.

GSHD

Keefe, Bruyette & Woods Reiterates Outperform on Goosehead Insurance, Lowers Price Target to $84

RBC Capital analyst Greg Pardy reiterates Athabasca Oil (TSX:<a class="ticker" href="https://www.benzinga.com/stock/ATH#TSX">ATH</a>) with a Sector Perform and maintains C$6 price target.

TSX:ATH

RBC Capital Reiterates Sector Perform on Athabasca Oil, Maintains C$6 Price Target

Susquehanna Community Financial goes ex dividend tomorrow

Susquehanna Community Financial goes ex-dividend tomorrow

Susquehanna Community Financial, Inc. goes ex-dividend tomorrow

Susquehanna Community Financial, Inc. goes ex dividend tomorrow

<a href="https://www.cpr.ca/">Canadian Pacific</a> (NYSE:<a class="ticker" href="/stock/CP#NYSE">CP</a>) <a href="https://www.freightwaves.com/news/railroad-megamerger-could-be-boom-for-shippers">announced plans</a> to acquire <a href="https://www.kcsouthern.com/">Kansas City Southern</a> (NYSE:<a class="ticker" href="/stock/KSU#NYSE">KSU</a>) for $29 billion on Sunday morning. Here are five initial impressions from Wall Street transportation analysts about this proposed transaction.

<h3 id="h-wall-street-likes-the-deal">Wall Street likes the deal</h3>

The merger of CP and Kansas City Southern (KCS) would be combining two of the smallest Class I railroads. It would also be integrating two railroads that are striving to reach an operating ratio (OR) in the mid-50s. OR, represented in a percentage such as 55%, is a tool investors use to gauge the financial health of a company, with a lower OR implying improved financial health.&nbsp;

&quot;We believe the fit of the two rail systems and strategic logic is good. Both railroads have track records of delivering volume growth and the significant extension of CP&#39;s reach should allow meaningful revenue synergies,&quot; said a Monday note from UBS (NYSE:<a class="ticker" href="/stock/UBS#NYSE">UBS</a>) transportation analyst Tom Wadewitz.

However, like other observers, Wall Street will also be watching how the <a href="https://www.stb.gov/" rel="noreferrer noopener" target="_blank">Surface Transportation Board</a>, the regulatory body that would approve the merger, <a href="https://www.freightwaves.com/news/surface-transportation-board-chair-weighs-in-on-proposed-mergers" rel="noreferrer noopener" target="_blank">considers CP&#39;s proposed acquisition</a>, noting that the board has been mindful of shippers&#39; concerns in recent and ongoing proceedings.

<h3 id="h-could-the-third-time-be-a-charm">Could the third time be a charm?</h3>

CP has considered merging with two other Class I railroads &mdash; <a href="https://www.csx.com/" rel="noreferrer noopener" target="_blank">CSX</a> (NYSE:<a class="ticker" href="/stock/CSX#NYSE">CSX</a>) and <a href="http://www.nscorp.com/" rel="noreferrer noopener" target="_blank">Norfolk Southern</a> (NYSE:<a class="ticker" href="/stock/NSC#NYSE">NSC</a>) &mdash; in the past seven years. But this merger would be different because it would be with a much smaller railroad revenuewise.

&quot;The regulatory consideration is an important one because in 2016, during CP&#39;s attempted takeover of Norfolk Southern (NSC), the attempt ended after heightened scrutiny from the Obama administration on antitrust issues,&quot; said Deutsche Bank (NYSE:<a class="ticker" href="/stock/DB#NYSE">DB</a>) analyst Amit Mehrotra. &quot;But we note at that time NSC rejected CP&#39;s offer, whereas [this] announcement is a friendly deal, and KSU is only about one-fourth the size of NSC from a revenue standpoint &mdash; i.e., pro forma for the deal CPKC will still be the smallest Class I rail.&quot; CPKC stands for the name for the new company.&nbsp;

<h3 id="h-could-this-result-in-more-mergers-and-acquisitions">Could this result in more mergers and acquisitions?</h3>

Although analysts are uncertain whether the CP-KCS transaction will result in a wave of mergers and acquisitions with the freight railroad industry, the proposed acquisition points to an industry that seeks to pivot to growth after implementing <a href="https://www.freightwaves.com/news/what-is-precision-scheduled-railroading-psr" rel="noreferrer noopener" target="_blank">precision scheduled railroading</a> (PSR), an operational tool that seeks to streamline operations and cut costs.&nbsp;

&quot;This transaction could get other railroads thinking about the urge to merge. Aside from other mergers, CPKC is targeting nearly $800 [million] in revenue synergies by 2025. These are likely to be spread fairly evenly over the time frame and come from three main buckets: intermodal/automotive, bulk and carload,&quot; said Cowen (NASDAQ:<a class="ticker" href="/stock/COWN#NASDAQ">COWN</a>) analyst Jason Seidl in a Monday note. &quot;Some of these wins will undoubtedly be taken off the highway as a complete interline service should make for a more reliable rail product. On its deal call, management mentioned that it plans to offer new services as well due to the increased reach and specifically mentioned some routes east of Chicago. Some of these could be taken from other rail operators in our view.&quot;

Bascome Majors, analyst for Susquehanna Financial Group (OTC:<a class="ticker" href="/stock/SQCF#OTC">SQCF</a>), said, &quot;To be clear, we wouldn&#39;t expect other Class I deals to be announced near term, with executives, boards and advisers of other rails closely watching the CP-KSU litmus test for the STB&#39;s current merger appetite before diving in. But if CP-KSU were to show signs of regulatory traction, a full-fledged final round of Class I consolidation could follow in 2022-2025.&quot;

<h3 id="h-which-railroads-would-be-affected-by-this">Which railroads would be affected by this?</h3>

Competing Canadian railway <a href="https://www.cn.ca/" rel="noreferrer noopener" target="_blank">CN</a> (NYSE:<a class="ticker" href="/stock/CNI#NYSE">CNI</a>) is likely to be affected by the merger since it has a T-shaped network consisting of the two Canadian coasts and the U.S. Gulf Coast.&nbsp; The CP-KCS combination would also have a T-shaped network.

But <a href="http://www.up.com/" rel="noreferrer noopener" target="_blank">Union Pacific</a> (NYSE:<a class="ticker" href="/stock/UNP#NYSE">UNP</a>) could face a potential share shift, particularly for automotive and intermodal traffic, because of its cross-border network with Mexico. <a href="https://www.bnsf.com/" rel="noreferrer noopener" target="_blank">BNSF</a> (NYSE:<a class="ticker" href="/stock/BRK#NYSE">BRK</a>) could also be exposed as well to potential competition for grain transport in the Upper Midwest.

&quot;The potential combination of CP and KSU would create a stronger north-south railroad competitor to UNP and CNI,&quot; Wadewitz said. &quot;UNP has an efficient route structure from Chicago to Texas and the border at Laredo and CP/KSU would also become a stronger competitor on traffic running north-south in the U.S. We would expect CP and KSU to move a portion of their interchange traffic with other railroads onto the new combined system if the deal is approved.&quot;

<h3 id="h-but-there-is-still-a-lot-of-regulatory-uncertainty">But there is still a lot of regulatory uncertainty</h3>

Despite initial expectations that STB would likely approve the deal, industry consolidation in the 1980s and 1990s has led to a field consisting of seven Class I railroads. Regulators &mdash; and shippers especially &mdash; are wary of additional consolidation.&nbsp;

&quot;To be clear, we do believe the STB will ultimately approve the CP-KSU merger. But we&#39;re also prepared for the process to drag on beyond the mid-2022 approval timeline management laid out today, with an approval potentially including conditions offering modest concessions to customers and competitors,&quot; Majors said.&nbsp;

<a href="https://freightwaves.com/subscribe" rel="noreferrer noopener" target="_blank">Subscribe to FreightWaves&#39; e-newsletters and get the latest insights on freight right in your inbox</a>.

<a href="https://www.freightwaves.com/news/author/joannamarsh" rel="noreferrer noopener" target="_blank">Click here for more FreightWaves articles by Joanna Marsh</a>.

Related articles:

<a href="https://www.freightwaves.com/news/surface-transportation-board-chair-weighs-in-on-proposed-mergers" rel="noreferrer noopener" target="_blank">Surface Transportation Board chair weighs in on proposed mergers</a>

<a href="https://www.freightwaves.com/news/railroad-megamerger-could-be-boom-for-shippers" rel="noreferrer noopener" target="_blank">Railroad megamerger could be boon for shippers</a>

<a href="https://www.freightwaves.com/news/breaking-canadian-pacific-intends-to-acquire-kansas-city-southern" rel="noreferrer noopener" target="_blank">Canadian Pacific intends to acquire Kansas City Southern for $29B</a>

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Latest news for Susquehanna Community (OTC:SQCF) Stock

Wednesday, March 24, 2021