Pre-market Movers: VALN, GROV, GTIM, BGNE, FEDU…

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Ericsson Aims To Close Proposed Acquisition Of Vonage By July End

Ericsson (ERIC), Swedish telecom major, said on Tuesday that it is closely working with the Committee on Foreign Investment in U.S. as it is reviewing the proposed acquisition of Vonage Holdings Corporation (VG), a business cloud communications provider.

Ericsson said it has “cleared all other necessary foreign and U.S. regulatory approval requirements, and the parties are working to conclude the regulatory process as expeditiously as possible.”

Both parties are aiming to complete the transaction by the end of July.

In November 2021, Ericsson had inked a deal to buy the New Jersey-headquartered firm for an enterprise value of $21 per share or around $6.2 billion.

Transaction is expected to add to Ericsson’s profit from 2024.

Ericsson believes the acquisition will boost its wireless enterprise across the globe, by providing its existing customers with an increased share of a market valued at $700 billion by 2030.

For the 12-month period to September 2021, Vonage had posted sales of $1.4 billion with an adjusted EBITDA margin of 14 percent.

U.S. Consumer Sentiment Slumps Slightly More Than Initially Estimated In June

Consumer sentiment in the U.S. tumbled by slightly more than initially estimated in the month of June, revised data from the University of Michigan revealed on Friday.

The report showed the consumer sentiment index for June was downwardly revised to 50.0 from the preliminary reading of 50.2.

The consumer sentiment index is down sharply from the final May reading of 58.4, plunging to its lowest level on record.

The steep drop by the headline index came as the current economic conditions index plunged to 53.8 in June from 53.3 in May, while the index of consumer expectations tumbled to 47.5 from 55.2.

“Consumers across income, age, education, geographic region, political affiliation, stockholding and homeownership status all posted large declines,” said Surveys of Consumers Director Joanne Hsu. “About 79% of consumers expected bad times in the year ahead for business conditions, the highest since 2009.”

She added, “Inflation continued to be of paramount concern to consumers; 47% of consumers blamed inflation for eroding their living standards, just one point shy of the all-time high last reached during the Great Recession.”

The report showed one-year inflation expectations were unchanged at 5.3 percent, while five-year inflation expectations inched up to 3.1 percent in June from 3.0 percent in May.

SSE Thermal, Equinor To Buy Triton Power In £341 Mln Deal – Quick Facts

SSE plc (SSE.L) announced Tuesday that its unit SSE Thermal and Norwegian energy company Equinor ASA (EQNR) have entered into an agreement to acquire Triton Power Holdings Ltd from Energy Capital Partners. The total consideration of 341 million pounds will be shared equally between the partners.

Triton Power, a private independent power generating company, is part of Equinor’s H2H (Hydrogen to Humber) Saltend decarbonisation project.

The transaction is expected to complete in September, subject to UK National Security Filing and EU Merger Control.

Following completion of the transaction, SSE Thermal and Equinor will jointly own and run Triton Power on a 50:50 basis.

The acquisition includes three plants including 1.2GW Saltend Power Station. Triton Power operates Saltend Power Station which is 1.2GW CCGT (Combined Cycle Gas Turbine) and CHP (Combined Heat & Power) power station.

In addition, the portfolio includes Indian Queens Power Station, a 140MW OCGT (Open Cycle Gas Turbine) in Cornwall, and Deeside Power Station, a decommissioned CCGT in north Wales which provides carbon-free inertia to the system.

The 82 existing employees of Triton Power will be employed by the joint venture in accordance with TUPE procedure.

Following the deal closure, the companies will focus on using the Triton Power portfolio as a platform to develop more low-carbon projects to support the transition to net zero.

‘Jimmy Kimmel Live’ Guest Host Chelsea Handler Chides the Supreme Court

“At this point I’d probably have more rights if my vagina was an AR-15,” Handler mused on Monday.

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By Trish Bendix

Pre-market Movers: VALN, GROV, GTIM, BGNE, FEDU…

The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 07.00 A.M. ET).

In the Green

Valneva SE (VALN) is up over 83% at $25.21
Grove Collaborative Holdings, Inc. (GROV) is up over 27% at $12.71
Good Times Restaurants Inc. (GTIM) is up over 21% at $3.27
BeiGene, Ltd. (BGNE) is up over 15% at $151.99
Sun Life Financial Inc. (SLF) is up over 11% at $49.67
Spirit Airlines, Inc. (SAVE) is up over 11% at $23.65
SM Energy Company (SM) is up over 10% at $43.70
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) is up over 10% at $39.08
KE Holdings Inc. (BEKE) is up over 9% at $17.31

In the Red

Four Seasons Education (Cayman) Inc. (FEDU) Is down over 15% at $7.31
Allego N.V. (ALLG) is down over 12% at $6.31
Momentus Inc. (MNTS) is down over 11% at $2.31
SoundHound AI, Inc. (SOUN) is down over 9% at $3.64
Tsakos Energy Navigation Limited (TNP) is down over 6% at $8.26
Comera Life Sciences Holdings, Inc. (CMRA) is down over 6% at $4.15