How 5G and the IoT will transform telecoms, enterprise, government, and consumer tech

Swiss govt expects 2020 GDP to shrink 3.8%, less bad than feared

ZURICH, Oct 12 (Reuters) – Swiss economic output will shrink by 3.8% this year, a less bad coronavirus-triggered slump than previously expected, the State Secretariat for Economic Affairs (SECO) said on Monday.

The latest SECO forecast was an improvement from its June outlook when it said it expected Swiss gross domestic product would fall 6.2% this year, the worst downturn since 1975.

For 2021 SECO said it expects the Swiss economy to grow by 3.8% when adjusted for income for sporting events, a slower recovery than the 4.9% level that was previously anticipated.

Stock Alert: Workhorse Group Trading 8% Higher

Shares of Workhorse Group Inc. (WKHS) are climbing more than 11% Monday morning at $29.95, close to its 52-week high of $30.99.

The company today said it has entered into a note purchase agreement with two institutional lenders to sell $200 million aggregate principal amount of its 4.0% Senior Secured Convertible Notes due 2024.

The proceeds from offering of about $194.5 million are expected to be used to increase production volume, advance new products to market, replace previous higher cost financings, and support current working capital and other general corporate purposes.

In addition, Workhorse has entered into an exchange agreement with the holder of its existing 4.5% convertible notes to exchange $70 million outstanding principal amount of those notes for stocks of the Company. Proceeds from this transactions is expected to be about $270 million.

Workhorse is a technology company focused on providing sustainable and cost-effective drone-integrated electric vehicles to the last-mile delivery sector.

Stock Alert: LMP Automotive Climbs 18% On Atlantic Automotive Acquisition

Shares of LMP Automotive Holdings, Inc. (LMPX), an online automobiles platform, are gaining more than 18 percent or $6.41 in Monday’s morning trade at $41.50.

Friday, LMP Automotive said it agreed to buy a 70 percent stake in New York’s largest franchise dealership group, Atlantic Automotive Group, and New York logistics and vehicle storage company, Atlantic Central Storage, in a deal valued at $608 million.

The transaction is expected to close between December 2020 and January 2021. LMP Automotive expects the acquisition to add an estimated $1.6 billion in revenue, $38 million in net income, or $3.18 per share, on an annualized basis in 2021.

LMP Automotive has traded in a range of $3.28 to $49.30 in the past 52 weeks.

EU moving towards fiscal union with pandemic recovery plan – German FinMin

BERLIN, Oct 12 (Reuters) – The European Union is taking a step towards a fiscal union with its plans to recover from the coronavirus pandemic, which involve the European Commission borrowing in financial markets, German Finance Minister Olaf Scholz said on Monday.

“We are moving towards fiscal union, a major step forward in the financial capacity and sovereignty of the EU,” Scholz told an interparliamentary conference on stability, economic coordination and governance in the European Union.

Stock Alert: LMP Automotive Climbs 18% On Atlantic Automotive Acquisition

Shares of LMP Automotive Holdings, Inc. (LMPX), an online automobiles platform, are gaining more than 18 percent or $6.41 in Monday’s morning trade at $41.50.

Friday, LMP Automotive said it agreed to buy a 70 percent stake in New York’s largest franchise dealership group, Atlantic Automotive Group, and New York logistics and vehicle storage company, Atlantic Central Storage, in a deal valued at $608 million.

The transaction is expected to close between December 2020 and January 2021. LMP Automotive expects the acquisition to add an estimated $1.6 billion in revenue, $38 million in net income, or $3.18 per share, on an annualized basis in 2021.

LMP Automotive has traded in a range of $3.28 to $49.30 in the past 52 weeks.

Stock Alert: Zynex Tumbles 26% On Weak Outlook

Shares of Zynex, Inc. (ZYXI), a medical technology company, are falling more than 26 percent or $5.26 in Monday’s morning trade at $14.47.

Monday, Zynex said its order growth for the third quarter was 96 percent year over year and 87 percent sequentially, but slightly lower than originally projected by the company for the quarter.

Due to lower than expected orders in the second and third quarter related to COVID-19, Zynex lowered its revenue estimate for the third quarter to between $20.0 million and $20.5 million from the prior range between $22.3 and $22.8 million. However, third-quarter adjusted EBITDA is in-line with the previous estimate and is expected to come in between $2.3 million and $2.8 million.

For fiscal 2020, Zynex now projects revenue between $80 million and $81 million, which is within the previously announced range of $80 million to $85 million.

The company also lowered its outlook for full-year adjusted EBITDA to a range of $12.5 million to $13.5 million, from the prior range of $15 million to $18 million, with the decrease primarily related to the accelerated hiring of sales reps.

Zynex has traded in a range of $7.51 to $29.73 in the past 52 weeks.

How 5G and the IoT will transform telecoms, enterprise, government, and consumer tech

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