Stock Alert: BioTelemetry Jumps 17% As Philips Acquires It

U.S. Consumer Sentiment Unexpectedly Improves In December

Consumer sentiment has unexpectedly improved in the month of December, according to a preliminary report released by the University of Michigan on Friday.

The report said the consumer sentiment index climbed to 81.4 in December from 76.9 in November. The increase surprised economists, who had expected the index to edge down to 76.5.

Surveys of Consumers chief economist Richard Curtin said the unexpected improvement in consumer sentiment was due to a partisan shift in economic prospects.

“Following Biden’s election, Democrats became much more optimistic, and Republicans much more pessimistic, the opposite of the partisan shift that occurred when Trump was elected,” said Curtin.

He added, “As has been documented in the past four years, self-identified Independents adopted more balanced views, maintaining their economic expectations in December at the same unfavorable levels as when the covid crisis began nine months ago.”

Curtin called it “surprising” that the recent resurgence in coronavirus infections and deaths was overwhelmed by partisanship.

The report also said the current economic conditions index rose to 91.8 in December from 87.0 in November, while the index of consumer expectations climbed to 74.7 from 70.5.

On the inflation front, one-year inflation expectations slumped to 2.3 percent in December from 2.8 percent in November. Five-year inflation expectations were unchanged at 2.5 percent.

RBI Board reviews prevailing economic situation

The Central Board met under the chairmanship of Governor Shaktikanta Das through video conferencing. It was the 586th meeting of the Central Board.

The Reserve Bank of India (RBI) said its Central Board on Friday reviewed the current economic situation in the backdrop of global and domestic challenges.

The Central Board met under the chairmanship of Governor Shaktikanta Das through video conferencing. It was the 586th meeting of the Central Board.

“The Board reviewed the current economic situation in the backdrop of global and domestic challenges and various areas of operations of the Reserve Bank including the customer education initiatives and resolution of customer complaints,” it said in a statement.

The Central Board also discussed the draft report on trend and progress of banking in India, 2019-20.

It also noted the change in the central bank’s financial year from July-June to April-March and the changes in the unit of presentation from millions / billions to lakhs / crores.

Besides the deputy governors, directors of the board N Chandrasekaran, Ashok Gulati, Manish Sabharwal, Prasanna Kumar Mohanty, Dilip S Shanghvi, Satish K Marathe, S Gurumurthy and Revathy Iyer attended the meeting.

Tarun Bajaj, secretary, Department of Economic Affairs and Debasish Panda, secretary, Department of Financial Services, also attended the meeting.

Former Mexican governor of Jalisco killed in attack

MEXICO CITY (Reuters) – The former governor of the Mexican state of Jalisco, Aristoteles Sandoval, was killed in an attack in the popular beach vacation city of Puerto Vallarta, the state’s current governor Enrique Alfaro said on Friday.

“It is with deep pain that I want to inform you that a few moments ago the former governor of our state, Aristoteles Sandoval, was the victim of a direct attack in Puerto Vallarta,” Alfaro wrote on Twitter early Friday morning.

Platteville trailer home fire leaves one person and pet dead

A person and a pet were found dead in Platteville following a mobile home fire. The blaze was reported on the 700 block of Grand Avenue at 2:37 a.m. Friday.

The identity of the person who was killed has not been released, and firefighters at the Platteville Gilcrest Fire Protection District did not say what type of animal was found deceased.

Frederick Firestone Fire and LaSalle Fire were also on the scene, and the fire is under investigation.

Stock Alert: FinServ Acquisition Jumps 25% On Merger With Katapult

Shares of FinServ Acquisition Corp. (FSRV) are currently gaining over 25% after the special purpose acquisition company announced merger with Katapult Holding Inc., an e-commerce focused financial technology company.

FSRV is currently trading at $13.17, up $2.72 or 26.03%, on the Nasdaq.

Upon closing of the merger, the combined company will operate as Katapult and plans to trade on Nasdaq under the new symbol “KPLT”. The merger will create a combined company with enterprise value of about $1 billion.

Progressive November Profit Surges – Quick Facts

Progressive Corp. (PGR) reported that its net income attributable to common shareholders for the month of November 2020 surged to $739.8 million or $1.26 per share from $306.1 million or $0.52 per share last year.

Total pretax net realized gains on securities was $459.6 million, compared to $150.3 million in the prior year.

Net premiums written for the month grew to $2.96 billion from $2.60 billion in the previous year.

Net premiums earned was $3.15 billion up from $2.85 billion in the prior yer.

Stock Alert: BioTelemetry Jumps 17% As Philips Acquires It

Shares of remote medical technology company BioTelemetry, Inc. (BEAT) are surging more than 17% Friday morning after Royal Philips (PHG) has agreed to buy the company for about $2.8 billion.

As per the deal, Philips will acquire all of the issued and outstanding shares of BioTelemetry for $72.00 per share, to be paid in cash, a 16.5% premium to BioTelemetry’s closing price on December 17, 2020.

The implied enterprise value is $2.8 billion, inclusive of BioTelemetry’s cash and debt.

BioTelemetry expects more than 20% growth in its Adjusted EBITA margin by 2025. Acquisition will be sales growth and adjusted EBITA margin accretive for Philips in 2021.

The transaction is expected to be completed in the first quarter of 2021.