Lam Research Gains 7%
Shares of Lam Research Corp. (LRCX) are progressing more than 7 percent on Thursday morning trade, after reporting fourth-quarter results. The company provided an outlook for the next quarter.
Currently, shares are at $526.30, up 7.10 percent from the previous close of $491.02 on a volume of 1,395,660.
Matson Stock Jumps 10% On Q1 Preliminary Results
Shares of Matson, Inc. (MATX) are gaining over 10% on Thursday morning after the company reported preliminary results for the first quarter.
MATX is currently trading at $69.29, up $6.62 or 10.56%, on the Nasdaq. The stock opened its trading at $62.42 after closing Wednesday’s trading at $62.67. The stock has traded between $56.51 and $95.52 in the past 52-week period.
The company expects first-quarter 2023 net income and earnings per share to be $29.3 to $33.8 million and $0.81 to $0.93, respectively. Analysts currently estimate earnings of $0.59 per share for the quarter.
Matson expects first quarter operating income for Ocean Transportation of $23.0 to $28.0 million and Logistics operating income of $10.0 to $11.0 million.
Moen Recalls Flo Battery Back-Ups For Flo Smart Water Monitors Due To Fire Hazard
Moen has recalled about 10,000 Flo Battery Back-Ups for Flo Smart Water monitors due to fire hazard.
According to the Consumer Product Safety Commission, the lithium-ion battery back-up can overheat, posing a fire hazard.
The recall involves the Flo Smart Water Monitor Lithium-Ion Battery Back-Ups. The Flo Water Monitor Battery Backup device was an optional add-on accessory that could be purchased separately to extend certain features of Moen’s Flo Smart Water Monitor and Shutoff in the event of a power disruption. Only the battery back-up is being recalled.
The dark gray rectangular battery has the FLO logo printed on the lower right-hand side. A sticker showing the status of the light on battery is printed on the lower left-hand side as well as model number 920-001.
The company has asked customers to immediately unplug and stop using their recalled battery back-up and contact Moen for instructions to disable their battery back-up before disposing of the unit.
There have been three reports of backup batteries that have overheated and caught fire. No injuries have been reported, but minor property damage has been reported.
The recalled products were sold at Lowe’s, The Home Depot and other stores nationwide and online including at Amazon.com from August 2019 through November 2022 for about $250 for the battery.
Sonnet BioTherapeutics Climbs
Sonnet BioTherapeutics Holdings, Inc. (SONN) shares are up more than 5 percent on Thursday morning trade after the company yesterday announced that the safety of SON-1010 dosing has been formally reviewed in both of the current Phase 1 clinical trial and clinical benefit was seen in 36 percent of patients with advanced solid tumors. The company is now enrolling the final dose cohort in the cancer trial.
The shares have been on a decline and touched a year-to-date low.
Currently, shares are at $0.31, up 5.10 percent from the previous close of $0.30 on a volume of 21,507,804.
Luxor Recalls A/V Carts With Serious Tip-Over Hazard After 3 Children Killed
Thousands of audiovisual carts with “serious tip-over hazard” have been recalled after 3 children were killed by falling television.
The U.S. Consumer Product Safety Commission and Waukegan, Illinois-based Luxor Workspaces LLC have announced the recall of about 84,700 plastic and metal audiovisual carts due to a serious tip-over hazard to children. In addition, around 1,650 audiovisual carts were sold in Canada.
According to the statement, three children have died, and one child was seriously injured in incidents where recalled A/V carts carrying a “box” shaped television tipped over and landed on them. The incidents occurred between 2006 and 2016.
The recall involves three cart base models: WT42 “Tuffy” plastic cart; W42/AVJ42/SS-AVJ42 metal cart; and LP-DUO/TPDUOEQ plastic cart.
The company has asked customers to stop using the recalled carts immediately and contact Luxor for a free repair. Luxor will provide metal ballast kits, which should be installed by the consumer to the lower shelf of the cart to add stability and weight. New warning labels cautioning consumers to place no more than 25 lbs. on each shelf will also be provided. Consumers should attach these warning labels on each shelf.
The carts subject to this recall have been sold since at least the early 1980s through various websites including Amazon, 123Stores, Grainger, and others for between $125 and $250.
Treasury Announces Details Of Two-Year, Five-Year & Seven-Year Note Auctions
On Thursday, the Treasury Department announced the details of this month’s auctions of two-year, five-year and seven-year notes.
The Treasury revealed it plans to sell $42 billion worth of two-year notes, $43 billion worth of five-year notes and $35 billion worth of seven-year notes.
The results of the two-year note auction will be announced next Tuesday, the results of the five-year note auction will be announced next Wednesday and the results of the seven-year note auction will be announced next Thursday.
Last month, the Treasury also sold $42 billion worth of two-year notes, $43 billion worth of five-year notes and $35 billion worth of seven-year notes.
The five-year note auction attracted modestly above average demand, while the two-year and seven-year note auctions attracted below average demand.
The Treasury announced the results of this month’s auction of $12 billion worth of twenty-year bonds on Wednesday, revealing the sale attracted above average demand.
Air Water Ventures-Athena Technology II To Combine, And Go Public
Air Water Ventures Ltd., and Athena Technology Acquisition Corp. II, a publicly listed special purpose acquisition company, have entered into a definitive agreement for a business combination that will result in the formation of The Air Water Company. The deal values Air Water Ventures at a pre-money equity value of $300 million. Upon closing, The Air Water Company is expected to be listed on the NYSE.
Air Water Ventures’ existing equity security holders are expected to hold approximately 42% of the issued and outstanding shares of common stock of The Air Water Company immediately following the consummation of the deal.