Pre-market Movers: KZR, STRO, TCOM, CRNT, TBLA…

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By Christina Morales

Stanley Black & Decker To Divest Oil & Gas Business To Pipeline Technique

Stanley Black & Decker (SWK) announced Tuesday it has signed a definitive agreement for the sale of its STANLEY Oil & Gas business to Pipeline Technique Ltd., a leading provider of solutions to the energy industry. The terms of the deal were not disclosed.

STANLEY Oil & Gas encompasses pipeline services and equipment businesses including CRC-Evans Pipeline International, Pipeline Induction Heat Ltd. and STANLEY Inspection, which generated combined revenues of approximately $140 million in 2021.

The proposed transaction further advances Stanley Black & Decker’s portfolio transformation and strategic commitment to streamlining the company to focus on its core Tools & Outdoor and Industrial businesses.

Stanley Black & Decker expects to incur a pre-tax, non-cash charge of approximately $125 to $200 million related to the write-down of the Oil & Gas net assets, which will be excluded from adjusted earnings.

The results of the Oil & Gas business will remain in continuing operations and will not be reclassified as discontinued operations. The transaction is subject to regulatory approval and other customary closing conditions.

Earthstone Energy To Buy New Mexico Assets Of Titus Oil & Gas For Around $627 Mln In Cash, Share

Earthstone Energy, Inc. (ESTE), an energy firm, said on Tuesday that it has signed a deal to buy the New Mexico assets of privately held Titus Oil & Gas Production, LLC and Titus Oil & Gas Production II, LLC and their affiliates in the northern Delaware Basin, for around $627 million in a cash and share deal.

The sum $627 million consists of $575 million in cash and around 3.9 million Class A common shares of Earthstone valued at $52 million based on a closing share price of $13.51 on June 24.

The deal is also projected to raise Earthstone’s share count by only three percent, but driving major quick per share accretion.

The transaction is expected to be closed in the third quarter.

With this acquisition, the acquirer is expected to raise its net output from 18,000 to 23,000 Barrels of oil equivalent per day in the fourth quarter.

Robert Anderson, CEO of Earthstone, said: “…As we have continued to demonstrate from prior acquisitions, we believe that the price for this acquisition is highly attractive, with our ability to buy the assets at less than 2x PDP cash flows using current NYMEX strip prices. We are also obtaining six wells in progress and 86 potentially highly economic net locations which will be incorporated into our drilling plans as quickly as possible.”

Titus is privately held with sponsorship by investment funds managed by NGP Energy Capital Management, LLC.

TD SYNNEX Q2 Results Top Estimates; Reaffirms FY22 Adj. EPS Outlook

TD SYNNEX (SNX) reported Tuesday that net income for the second quarter was $148.92 million or $1.55 per share, compared to $93.10 million or $1.78 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $2.72 per share, compared to $2.09 per share in the year-ago quarter.

Revenue for the quarter soared 160.7 percent to $15.27 billion from $5.86 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.65 per share on revenues of $15.25 billion for the quarter. Analysts’ estimates typically exclude special items.

Looking ahead to the third quarter, the company expects earnings in a range of $1.24 to $1.64 per share and adjusted earnings in a range of $2.50 to $2.90 per share on revenues between $14.5 billion and $15.5 billion.

The Street is looking for earnings of $2.66 per share on revenues of $15.40 billion for the quarter.

For fiscal 2022, the company continues to project adjusted earnings in the range of $11.15 to $11.65 per share. Earnings are now projected in the range of $5.45 to $5.95 per share, compared to the prior guidance range of $5.18 to $6.32 per share.

TD SYNNEX also announced that its Board of Directors declared a quarterly cash dividend of $0.30 per common share, payable on July 29, 2022 to stockholders of record as of the close of business on July 15, 2022.

Schrdinger Reports FDA Clearance Of IND For SGR-1505

Schrdinger, Inc. (SDGR) announced the FDA cleared its investigational new drug application for MALT1 inhibitor, SGR-1505. The company plans to initiate a phase 1
trial of SGR-1505 in patients with relapsed or refractory B-cell lymphoma in the second half of 2022.

The company said the planned multi-center, dose-escalation study will be conducted in
patients with relapsed or refractory B-cell malignancies to evaluate the safety, pharmacokinetics, pharmacodynamics, and preliminary signals of therapeutic activity of SGR-1505 as a monotherapy.

SGR-1505 is a mucosa-associated lymphoid tissue lymphoma translocation protein 1 inhibitor that was discovered using Schrdinger’s physics-based computational platform.

Pre-market Movers: KZR, STRO, TCOM, CRNT, TBLA…

The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 06.50 A.M. ET).

In the Green

Kezar Life Sciences, Inc. (KZR) is up over 73% at $10.04
Sutro Biopharma, Inc. (STRO) is up over 30% at $5.65 Group Limited (TCOM) is up over 17% at $28.76
Ceragon Networks Ltd. (CRNT) is up over 17% at $2.46
Huazhu Group Limited (HTHT) is up over 11% at $39.90
Paysafe Limited (PSFE) is up over 7% at $2.44
Wynn Resorts, Limited (WYNN) is up over 6% at $61.20
Las Vegas Sands Corp. (LVS) is up over 6% at $35.39
Genius Group Limited (GNS) is up over 5% at $6.87
CEL-SCI Corporation (CVM) is up over 5% at $4.80
TETRA Technologies, Inc. (TTI) is up over 5% at $4.61

In the Red Ltd. (TBLA) is down over 12% at $2.35
Decisionpoint Systems, Inc. (DPSI) is down over 10% at $3.99
Semler Scientific, Inc. (SMLR) is down over 9% at $27.80
Fujian Blue Hat Interactive Entertainment Technology Ltd. (BHAT) is down over 7% at $2.30
FGI Industries Ltd. (FGI) is down over 7% at $2.27
ToughBuilt Industries, Inc. (TBLT) is down over 6% at $2.76
Valneva SE (VALN) is down over 5% at $25.85