Bed Bath & Beyond Stock Surges 35%

Arthur J. Gallagher & Co. Buys Denver Agency

Arthur J. Gallagher & Co. announced the acquisition of Denver Agency, a personal lines-focused insurance agency that specializes in serving high-net-worth and ultra-high-net-worth clients throughout the U.S. The agency also offers commercial property/casualty solutions for the clients.

“Denver Agency is a leading private client brokerage that is highly regarded across the U.S. because of their thought leadership, the experience of their team and their hospitality approach. Their focus complements our other lines of business and offers us additional cross-selling opportunities,” said J. Patrick Gallagher, Jr., CEO.

Royal Crest Dairy Recalls 2% Chocolate Milk

Longmont Colorado -based Royal Crest Dairy is recalling 2% Chocolate Milk citing the potential to be contaminated with undeclared egg, a known allergen, the U.S. Food and Drug Administration said.

The recall involves Farmer’s 2% Reduced Fat Chocolate Milk Pints with the code date of AUG-22. The affected product was distributed in Southern Colorado at various locations.

The affected chocolate milk is bottled in a food safe, single-trip, polyethylene plastic pint container with a black cap. Label stating “Farmer’s All Natural 2 percent Reduced Fat Chocolate Milk” is wrapped around bottle.

The product appears like chocolate milk, a homogenous brown color, with an expiration date on the back of AUG-22. The Plant Code is #08-66.

The recall was initiated after the company found out that its allergen control procedures were not followed after an egg containing product was run through the filler.

People who have an allergy or severe sensitivity to eggs may get serious or life-threatening allergic reaction if they consume these products. However, the company has not received any reports of illnesses related to the recalled product to date.

Royal Crest Dairy has been taking preventative actions including better labeling of the product tanks to prevent human error and additional employee allergen training.

Consumers are urged to return the affected products it to the place of purchase for a full refund.

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Nordson To Buy CyberOptics For $380 Mln – Quick Facts

Nordson Corp. (NDSN), a precision technology company, Monday said it has signed a definitive agreement for the acquisition of CyberOptics Corp. (CYBE), a manufacturer of high-precision 3D optical sensing technology solutions. The all-cash transaction is valued at $54.00 a share, or around $380 million net of cash acquired.

In pre-market activity on Nasdaq, CyberOptics shares were gaining around 29 percent to trade at $53.

The transaction is expected to close in Nordson’s first quarter fiscal 2023, pending applicable regulatory and shareholder approvals.

Nordson said the acquisition enhances its test and inspection platform, providing differentiated technology that expands its product offering in the semiconductor and electronics industries.

Minneapolis, Minnesota -based CyberOptics’ sensors are used for inspection and metrology in the semiconductor and surface mount technology or SMT markets to improve yields and productivity. The company with nearly 200 employees generates around $100 million in annual revenue.

Nordson will further discuss the acquisition on its upcoming third quarter fiscal 2022 webcast scheduled for August 23.

In the deal, Morgan Stanley & Co. LLC acted as exclusive financial advisor and Jones Day acted as legal advisor to Nordson.

SoftBank Slips To Hefty Loss In Q1, Net Sales Rise – Quick Facts

Japan’s SoftBank Group Corp. (SFTBY.PK,SFTBF.PK) reported Monday first-quarter net loss attributable to owners of the parent of 3.16 trillion yen, compared to last year’s profit of 761.51 billion yen.

Loss per share was 1,950.29 yen, compared to profit of 394.73 yen a year ago.

Loss before income tax was 3.29 trillion yen, compared to prior year’s profit of 1.29 trillion yen.

The company recorded 2.92 trillion investment loss at SoftBank Vision Funds.

Net sales, however, grew 6.3 percent to 1.57 trillion yen from 1.48 trillion yen last year.

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Digital Realty To Sell Non-Core Mixed-use Data Center Property In $205 Mln Deal

Digital Realty Trust Inc. (DLR), a provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced Monday its definitive agreement to sell a non-core, mixed-use data center property. The transaction values the asset at around $205 million.

The transaction is expected to close in the third quarter of 2022, subject to customary closing conditions.

The property is expected to generate 2022 cash net operating income of approximately $10.7 million, representing a 5.2% cap rate.

Digital Realty originally acquired the 370,000 square foot facility in 2004, prior to its IPO. The company gets the majority of the rental revenue from a Tier III Powered Base Building data center. A portion of the property is leased to commercial and retail tenants on a longer-term basis.

Digital Realty expects proceeds from the sale will initially be used to pay down debt and will ultimately be used to fund future investment activity.

Digital Realty Chief Investment Officer Greg Wright said the disposition opportunistically recycles an operationally mature asset to fund strategic investments aimed at enhancing the company’s longer-term growth profile.

Bed Bath & Beyond Stock Surges 35%

Shares of Bed Bath & Beyond Inc. (BBBY) are surging over 35% on Monday morning despite no stock-related announcement from the home improvement retailer. The company seems to have become the next meme stock as meme traders are now interested on the company.

BBBY is currently trading at $11.10, up $2.94 or 36.03%, on the Nasdaq, on a volume of 56 million shares, above average volume of 10 million shares. The stock has traded between $4.38 and $30.14 in the past 52-week period.

According to a CNBC report, citing Quiver Quantitative, Bed Bath & Beyond was the most searched name on the WallStreetBets discussion board on Monday.