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5:22 a.m. Sept. 17, 2021 - By Tomi Kilgore
Archer Aviation stock to begin trading on NYSE, after merger with SPAC is completedArcher Aviation Inc.'s stock is set to start trading on the NYSE on Friday, after the completion of the all-electric vertical takeoff and landing (eVTOL) with special purpose acquisition company (SPAC) Atlas Crest Investment Corp. The merger deal was announced in early February. The ticker symbol has changed to "ACHR" from Atlas Crest's previous ticker of "ACIC." Archer's stock rose 0.5% in premarket trading, while futures for the S&P 500 slipped 0.1%.
6:38 a.m. Aug. 25, 2021 - By Tomi Kilgore
Rocket Labs stock tumbles on first day under new name, tickerThe company now named Rocket Lab USA Inc. didn't get a warm reception on Nasdaq, even after Chief Executive Peter Beck rang the Nasdaq's Opening Bell, as the between special purpose acquisition company (SPAC) Vector Acquisition Corp., with a previous ticker of "VACQ," and Rocket Lab was completed. Shares of the spacecraft and rockets builder, under the new ticker symbol "RKLB," tumbled 11.7% in morning trading, after they soared 15.6% over the past three days to close Tuesday at the highest price since March 31. Rocket Lab said Wednesday that it will receive $777 million in proceeds as the merger is completed, which it plans to use to accelerate growth in its space systems business. Meanwhile, shares of space travel company Virgin Galactic Holdings Inc. slipped 0.6% in morning trading, while the Nasdaq Composite gained 0.1% toward a record and the S&P 500 tacked on 0.1%.
3:30 a.m. Aug. 23, 2021 - By Tomi Kilgore
Virgin Orbit to go public valued at $3.2 billion through merger with SPAC NextGen Acquisition Corp. IIVirgin Orbit is set to go public, as the launch and space solutions company announced Monday a merger agreement with special purpose acquisition company (SPAC) NextGen Acquisition Corp. II in a deal that values Virgin Orbit at about $3.2 billion. The deal is expected to provide the combined company with proceeds of $483 million in cash. Once the deal closes, which is expected to occur around the end of the year, the company will be named Virgin Orbit and the stock is expected to list on the Nasdaq exchange under the ticker symbol "VORB." NextGen's stock, which started trading in May, rallied 3.9% in premarket trading Monday. Virgin Orbit's current shareholders consist of Richard Branson's Virgin Group, which is also involved in Virgin Galactic Holdings Inc. , and Mubadala Investment Co., as well as management and employees. Boeing Co. has committed to invest in Virgin Orbit, according to . NextGen's stock has edged up 0.1% over the past three months while the S&P 500 has gained 6.9%.
4:01 a.m. July 26, 2021 - By Emily Bary
RBC Bearings to acquire ABB's Dodge mechanical power transmission division business for $2.9 billionABB Ltd. announced Monday morning that it had reached an agreement to divest its mechanical power transmission division, known as Dodge, to RBC Bearings Inc. in a $2.9 billion all-cash deal. ABB expects that the sale will boost its balance sheet, allowing it to "fund organic growth, pay a rising sustainable dividend per share and make value-creating acquisitions," per its release. The company anticipates that it will book a non-operational pre-tax book gain of about $2.2 billion on the deal, which is expected to close by the end of 2021. RBC Bearings said in its own release that it expects to grow its "capabilities, footprint, and customer base" through the deal. "Our businesses are highly complementary, with Dodge bringing new offerings, new end markets, and more scale to the combined organization," RBC Bearings Chief Executive Michael Hartnett said in a release. "The combined company will have an attractive position in the aerospace, defense and industrial markets with a diversified client base and expansive geographic footprint." RBC Bearings anticipates that the deal will be immediately accretive to its cash earnings per share by 40% to 60% in the first full fiscal year after the deal closes, excluding the amortization of intangibles, deferred financing cots, and one-time deal costs.
4:46 a.m. July 13, 2021 - By Tomi Kilgore
Boeing stock to blame for more than half of the Dow's pre-open lossShare of Boeing Co. dropped 2.2% to pace the Dow Jones Industrial Average's premarket losers, after the aerospace and defense giant reported and announced further delays in delivering its 787 jets. The stock's implied price loss would shave about 32 points off the Dow's price, while Dow futures were recently down 62 points, or 0.2%. Boeing said earlier Tuesday that it delivered 79 aircraft in the second quarter, with analyst Robert Stallard at Vertical Research Partners saying that number was "way below" his forecast of 128. Stallard said Boeing's announcement that 787 production rate will be "temporarily lower than five per month" is significant as that "ripples down through the supply chain -- and the supply chain cannot just be turned on and off like a switch." Boeing's stock has already shed 5.9% over the past three months through Monday, while the Dow has gained 3.9%.
3:31 a.m. July 6, 2021 - By Ciara Linnane
Satellite data collection company Nettar to go public via merger with SPAC CF Acquisition in $850 million dealNettar Group Inc., a satellite data collection company, said Tuesday it is going public by merging with special purpose acquisition corporation CF Acquisition Corp. V in a deal with a pro forma enterprise value of $850 million. The deal is expected to close in the fourth quarter and to trade on Nasdaq, under the new ticker "SATL." Nettar's patented camera design can capture 10 times more satellite data than any other small Earth Observation satellite, the companies said in a joint statement. The company has 17 commercial satellites in orbit, including four that were launched on June 30. "At 70 centimeters per pixel, the high-resolution images of Earth produced by Satellogic satellites add up to more capacity than the next four competitors combined," said the statement. The company will have cash of up to about $274 million once the deal closes after expenses and debt repayment, through the payment of up to $250 million held in the SPAC's trust, and a private investment in public equity, or PIPE, of $100 million led by SoftBank's SBLA Advisers Corp. and Cantor Fitzgerald, among other top-tier institutional investors.
3:27 a.m. July 6, 2021 - By Tomi Kilgore
Huntington Ingalls to pay $1.65 billion in cash to buy Alion Science and Technology from Veritas CapitalMilitary ship builder Huntington Ingalls Industries Inc. announced Tuesday an agreement to buy Alion Science and Technology, a provider of services for the defense marketplace, for $1.65 billion in cash from Veritas Capital. Huntington Ingalls expects the deal, which is estimated to close in the second half of 2021, to be "significantly cash flow accretive" in fiscal 2022 and add to net earnings per share in 2023. "Today's announcement, coupled with our previous investments in leading edge technologies, such as cybersecurity and autonomous systems, reflects our commitment to stay on the cutting edge of critical, high-growth national security solutions and generate significant long-term value for our shareholders," said Huntington Ingalls Chief Executive Mike Petters. Shares of Huntington Ingalls, which had a market capitalization of $8.53 billion as of Friday's close, were still inactive in premarket trading. They have rallied 24.3% year to date, while the S&P 500 has gained 15.9%.
4:41 a.m. March 31, 2021 - By Emily Bary
Cubic accepts raised takeover bid, to be bought out for $75 a shareCubic Corp. announced Wednesday morning that it has accepted an acquisition proposal from Veritas Capital and Evergeen Coast Capital Corp., which is an affiliate of Elliott Management L.P. Veritas and Evergreen agreed to increase the acquisition price per share to $75. They had previously proposed a $70 a share takeover price in February, an agreement Cubic, a defense contractor, had initially accepted. Cubic said in a Wednesday release that it "gave due consideration" to a bid from Singapore Technologies Engineering Ltd., which was looking to acquire the company for $78 a share. Cubic's board determined that "based on the superior certainty and anticipated timing of closing the existing transaction with Veritas and Evergreen, the revised proposal from Veritas and Evergreen was in the best interests of all Cubic's shareholders," the company said in its release. It amended its prior merger agreement to account for the raised bid. Shares of Cubic are off 0.9% in premarket trading Wednesday. They've gained 23% over the past three months as the S&P 500 has risen 5.4%.
3:10 a.m. March 29, 2021 - By Ciara Linnane
Carlyle Aviation to acquire Fly Leasing in deal with enterprise value of about $2.36 billion Carlyle Aviation said Monday it has reached an agreement to acquire Dublin-based Fly Leasing Ltd. in a deal with an enterprise value of about $2.36 billion. Carlyle Aviation, the commercial aviation investment and servicing arm within The Carlyle Group's $56 billion Global Credit platform, will pay $17.05 a share in cash, equal to a premium of about 29% over FLY's closing price Friday, and a 43% premium over the volume-weighted average share price during the last 30 trading days. The deal is expected to close in the third quarter. "This transaction represents strong value for FLY shareholders at a time when airlines are facing an extremely difficult environment and smaller aircraft lessors are disadvantaged in the debt markets," said Fly Chief Executive Colm Barrington in a statement. Fly shares soared 23.7% premarket on the news, and are up 35% in the year to date, while the S&p 500 has gained 6%.
4:36 a.m. March 22, 2021 - By Tomi Kilgore
Ametek to pay $1.35 billion to buy Abaco Systems from VeritasAmetek Inc. announced Monday an agreement to buy computing systems company Abaco Systems Inc. for $1.35 billion in cash, from Veritas Capital. After the deal closes, which is expected to occur in mid-2021, Abaco will be added to Ametek's electronics instruments group. Alabama-based Abaco has annual sales of about $325 million. Ametek's stock, which was still inactive in premarket trading, has rallied 90.6% over the past 12 months, while the S&P 500 has gained 69.8%.
4:25 a.m. March 22, 2021 - By Tomi Kilgore
Cubic stock jumps into record territory after receiving potentially 'superior' buyout bidShares of Cubic Corp. shot up 10.5% into record territory in premarket trading Monday, after the defense contractor said it received an unsolicited buyout bid for $76 a share from Singapore Technologies Engineering Ltd. (STE) , which implies a market capitalization for Cubic of $2.42 billion. The per-share bid represents a 9.0% premium to Friday's closing price of $69.70. Cubic said it expects to determine STE's bid to be a "superior proposal" to the current buyout agreement for $70 a share in cash reached with affiliates of Veritas Capital and Elliott Investment Management . Cubic said the merger agreement with Veritas and Elliott "remains in full force and effect," but Cubic said it will engage in talks with STE to evaluate the merits and risks of the proposed deal. Under terms of the deal with Veritas and Elliott, Cubic would have to pay a termination fee of $45.5 million. The stock, which is on track to open above the Aug. 28, 2018 record close of $76.85, has run up 18.4% over the past three months, while the S&P 500 has gained 6.1%.
7:34 a.m. March 10, 2021 - By Tomi Kilgore
GE credit rating on track to be downgraded at S&P Global after GECAS dealGeneral Electric Co.'s credit rating is headed toward a downgrade at S&P Global Ratings, which said to combine its aircraft leasing business, GE Capital Aviation Services (GECAS), with AerCap Holdings NV increase GE's debt leverage more than previously expected. S&P said it placed GE's BBB+ rating on CreditWatch with negative implications, and expects a one-notch downgrade to BBB, which is two notches above "junk" status, in about 10 to 12 months. The GECAS deal is valued at more than $30 billion for GE, with proceeds expected to be used to reduce debt. However, the remaining assets of GE Capital, which S&P Global had previously treated as a captive finance unit, will be incorporated into GE, and is expected to increase GE's debt leverage to about 6.0X. Meanwhile, fellow credit rating agency Moody's Investors Service affirmed GE's Baa1 credit rating, which is three notches above "junk," and affirmed the negative outlook, while Fitch Ratings affirmed the BBB rating -- 2 notches above "junk" -- and stable outlook. GE's stock, which fell 5.7% in midday trading, has gained 16.6% over the past three months, while the S&P 500 has advanced 6.4%.
2:40 a.m. March 10, 2021 - By Tomi Kilgore
GE confirms deal valued at $30 billion to combine GECAS with AerCap Shares of General Electric Co. rallied 3.2% toward a three-year high in premarket trading Wednesday after the industrial conglomerate confirmed an agreement to combine its GE Capital Aviation Services (GECAS) aircraft leasing business with AerCap Holdings N.V. , in a deal which creates more than $30 billion in value for GE shareholders. The Wall Street Journal had originally . AerCap shares were still inactive ahead of the open. As part of the deal, GE will receive $24 billion in cash and have 46% ownership of the combined company. GE plans to use the proceeds from the deal to reduce debt, which would bring its expected total debt reduction since the end of 2018 to more than $70 billion. The stock has run up 23.7% over the past three months while the S&P 500 has gained 5.7%.
9:52 a.m. March 9, 2021 - By Tomi Kilgore
GE stock rises as Morgan Stanley reiterates bullish call on potential GECAS deal, ahead of investor updateShares of General Electric Co. edged up 0.2% in afternoon trading Tuesday, but pared earlier gains of as much as 1.7% to a three-year intraday high, a day before the industrial conglomerate's investor update. On Monday, the stock had rallied 4.2% to the highest close since May 2018 after that GE was near a more-than $30 billion deal to combine its aircraft leading business (GECAS) with Ireland-based AerCap Holdings N.V. Analyst Joshua Pokrzywinski at Morgan Stanley reiterated his overweight rating and stock price target of $17, which is 20% above current levels, after the report of the potential Gecas deal, which he believes is a signal that "management could be pivoting to offense, including elimination GE Capital," including the insurance business. Pokrzywinski said the trimming of pension and long-term-care tail risk could allow GE to engage in more strategic transactions for GE Industrial. "We would view that as a meaningful start to GE moving from a 'special situation' to a cleanly valued company," Pokrzywinski wrote. GE's stock has climbed 31.5% year to date, while the SPDR Industrial Select Sector ETF has advanced 7.1% and the S&P 500 has gained 3.9%.
6:20 a.m. March 8, 2021 - By Tomi Kilgore
GE's stock jumps toward 3-year high after WSJ report that deal to sell GECAS to AerCap is nearShares of General Electric Co. surged 2.7% toward a three-year high in morning trading Monday, as the industrial conglomerate is close to a deal of more than $30 billion to combine its aircraft leasing business with Ireland-based AerCap Holdings N.V. , . GE's stock, which is headed for a fourth-straight gain, has run up 29.3% year to date, to add to a in the fourth quarter. The WSJ report, citing people familiar with the matter, said GE's aircraft leasing unit, known as GE Capital Aviation Services (Gecas), is the biggest remaining piece of GE Capital, which GE has been looking to divest for years as part of its plan to shore up its balance sheet. In 2020, GE Capital suffered a revenue decline of $1.5 billion, or 17%, from a year ago, primarily because of GECAS, which was hit hard by the COVID-19 pandemic and the effects of the Boeing Co. 737 MAX groundings. Over the past 12 months, GE shares have rallied 48.6%, while the SPDR Industrial Select Sector ETF has climbed 30.5% and the S&P 500 has advanced 29.9%.
2:58 a.m. March 1, 2021 - By Tomi Kilgore
Space data collection company Spire Global to go public through merger with SPAC NavSight HoldingsShares of NavSight Holdings Inc. rallied 6.4% in premarket trading Monday, after the special purpose acquisition company (SPAC) announced a merger that will take space-based data and analytics company Spire Global Inc. public. The deal, which is expected to close in summer 2021, values the combined company at $1.6 billion, and is expected to provide about $475 million in proceeds. Spire uses a constellation of nanosatellites called LEMUR (low earth multi-use receiver) to collect space-based data. The company uses "space-as-a-service" business model. Once the deal closes, the stock will list on the NYSE under the ticker symbol "SPIR." "[O]ur proprietary data and solutions help customers solve some of earth's greatest challenges, including Net Zero and Climate Change adaptation," said Spire Chief Executive Peter Platzer. NavSight's stock, which went public in November, has gained 6.4% over the past three months through Friday, while the Renaissance IPO ETF has advanced 7.1% and the S&P 500 has tacked on 4.1%.
2:44 a.m. March 1, 2021 - By Tomi Kilgore
Rocket Lab to go public in merger with SPAC Vector Acquisition, valuing company at $4.1 billionRocket Lab USA Inc. announced Monday it will be going public through an acquisition by special purpose acquisition company (SPAC) Vector Acquisition Corp. , in a deal that values the launch and space systems company at $4.1 billion. Vector Acquisition's stock soared 20.5% in premarket trading. After the merger closes, which is expected to occur in the second quarter of 2021, the company will be named Rocket Lab USA Inc. and the stock will trade on the Nasdaq under the ticker symbol "RKLB." The companies expect to have a cash balance of $750 million after the deal closes. Separately, Rocket Lab unveiled its medium-lift Neutron rocket, a reusable launch vehicle with an 8-ton payload lift capacity, to be used for mega constellations, deep space missions and human spaceflight. "Not only are we the leader in small launch, we are the second most frequently launched rocket in the U.S. annually and the fourth most frequent launcher globally," said Chief Executive Peter Beck. Vector Acquisition's stock, which went public in November, has gained 2.8% over the past three months, while shares of spaceflight services company Virgin Galactic Holdings Inc. have run up 31.3% and the S&P 500 has gained 4.1%.
2:16 a.m. March 1, 2021 - By Tomi Kilgore
L3Harris to sell its military training, combat propulsion businesses for $1.45 billionCAE Inc. announced Monday an agreement to buy L3Harris Technologies Inc.'s military training business for $1.05 billion. CAE expects the deal to add to earnings in the first full year after the closing, which is expected to occur in the second half of 2120. L3Harris' military training business had revenue of about $500 million in 2020. Separately, L3Harris said it is also selling its combat propulsion systems and related business to Renk AG for $400 million in cash. That business had annual revenue of about $230 million. L3Harris plans to use the proceeds from the sales for share repurchases. "hese agreements place our Military Training and Combat Propulsion Systems and related businesses with well-suited buyers, while positioning L3Harris to further focus on its core technologies and execute its strategic priorities," said L3Harris Chief Executive William Brown. CAE and L3Harris stocks were both inactive in premarket trading. Over the past three months, shares of L3Harris have lost 5.2% and CAE have gained 8.3%, while the S&P 500 has advanced 4.1%.
3:12 a.m. Feb. 8, 2021 - By Tomi Kilgore
Cubic stock jumps toward 1-year high after Veritas, Elliott buyout deal for 11% premiumShares of Cubic Corp. surged 8.4% toward a one-year high in premarket trading Monday, after the defense contractor announced an agreement to be acquired by affiliates of Veritas Capital and Elliott Investment Management in an all-cash deal valued at about $2.8 billion. Under terms of the deal, Cubic shareholders will receive $70 in cash for each Cubic share they own, which represents a 10.6% premium to Friday's stock closing price of $63.29. The deal is expected to close during the second quarter of 2021. "This transaction is in the best interests of our shareholders and provides them with a significant premium and liquidity - while accelerating future growth to the benefit of our employees and customers," said Cubic Chief Executive Bradley Feldmann. The stock has gained 9.8% over the past three months through Friday, while the S&P 500 has advanced 10.8%.
3:11 a.m. Feb. 1, 2021 - By Tomi Kilgore
Eaton to pay $2.8 billion to buy refueling systems company Cobham Mission SystemsShares of Eaton Corp. edged up 0.3% in premarket trading Monday, after the power management company announced an agreement to buy air-to-air refueling systems company Cobham Mission Systems in a deal valued at $2.83 billion. The deal is expected to close in the second half of 2021. Eaton said the deal's value includes a tax benefit of $130 million. "Cobham Mission Systems' highly complementary products and strong position on growing defense platforms will enhance our fuel systems business and position our Aerospace business for future growth," said Heath Monesmith, president of industrial sector at Eaton. The stock rose 13.4% over the past three months through Friday, while the S&P 500 advanced 13.6%.
2:40 a.m. Jan. 19, 2021 - By Ciara Linnane
Lumentum to acquire Coherent in cash and stock deal valued at $5.7 billion Lumentum Holdings Inc. said Monday it has agreed to acquire Coherent Inc. in a cash-and-stock deal valued at $5.7 billion. Under the terms of the deal, Lumentum will pay $100 in cash at 1.1851 shares of comment stock for each Coherent share. At closing. Coherent shares will own about 27% of the combined company. The deal "unites Coherent's leading photonics and lasers businesses, including in the Microelectronics, Precision Manufacturing, Instrumentation, and Aerospace & Defense markets, with Lumentum's leading Telecom, Datacom, and 3D Sensing photonics businesses, creating a diversified photonics technology company with significantly increased scale and market reach," the companies said in a joint statement. The deal is expected to boost earnings in the first year after closing and to generate more than $150 million in annual run-rate synergies. The deal is expected to close in the second half of 2021. Coherent shares soared 31.7% premarket, while Lumentum was down 1.7%.
9:47 a.m. Nov. 9, 2020 - By Tomi Kilgore
Textron believes purported tender offer from Xcalibur is 'fictitious'Textron Inc. said Monday that it believes a "purported tender offer" by Xcalibur Aerospace Ltd. to buy its common stock is "fictitious" and is being made in violation of U.S. securities laws. The aerospace and defense company's stock soared 10.2% toward a nine-month high in afternoon trading, after resuming trading following an intraday halt for news. The stock was up 10.7% prior to the halt. Textron said that in the past two years, it has received other purported indications of interest from Xcalibur, "and each time Xcalibur has been unable to provide details of its financial wherewithal." Textron said it has informed relevant authorities of this most recent fictitious offer. "We urge investors to carefully scrutinize any communications from the purported offeror and to rely only on tender offer materials, if any, that are properly filed with the U.S. Securities and Exchange Commission," Textron said in a statement. "Unless and until a valid tender offer is made, Textron does not expect to comment further regarding the actions of the purported offeror." Textron's stock has shed 4.1% year to date, while the S&P 500 has gained 12.0%.
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