Day: July 30, 2021
CLAQU – CleanTech Acquisition Corp. Announces the Separate Trading of its Common Stock, Rights and Warrants, Commencing August 4, 2021
NEW YORK, July 30, 2021 (GLOBE NEWSWIRE) — CleanTech Acquisition Corp. (the “Company”) announced today that, commencing August 4, 2021, holders of the units sold in the Company’s initial public offering completed on July 19, 2021, may elect to separately trade the shares of common stock, rights and warrants included in such units on The Nasdaq Capital Market (“Nasdaq”).
No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The common stock, rights and warrants that are separated will trade on Nasdaq under the symbols “CLAQ,” “CLAQR” and “CLAQW,” respectively. Those units not separated will continue to trade on Nasdaq under the symbol “CLAQU.” Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into ordinary shares and warrants.
The units were initially offered by the Company in an underwritten offering. Chardan acted as sole book-running manager of the offering. A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on July 14, 2021. The offering was made only by means of a prospectus, copies of which may be obtained by contacting Chardan, 17 State Street, 21st Floor, New York, New York 10004. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About CleanTech Acquisition Corp.
CleanTech Acquisition Corp. is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities. While CleanTech Acquisition Corp. may pursue an initial business combination in any region or sector, CleanTech Acquisition Corp. will seek to identify, through its management team’s experience and expertise, a business that aims to contribute towards the mission of shifting the world away from carbon dependency and facilitating a greener future.
Forward Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including the Company’s search for an initial business combination, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Contact:
Eli Spiro
Chief Executive Officer, CleanTech Acquisition Corp.
(917) 699-5990
AMGN – Amgen stock price forecast for Q3 2021 after declaring dividend ahead of Q2 results
Amgen Inc. (NASDAQ:AMGN) shares traded flat on Friday despite declaring a $1.76 Q3 dividend per share. The company will pay the dividend on 8th September to shareholders of record on 17th August. In addition, Amgen reports its fiscal Q2 results on 3rd August, and after missing analyst expectations on Q1 earnings, the stock price could be exciting going into August.
Based on the company’s closing price of $241.54 on Friday, it is now paying dividends at a forward yield of 2.91%. Analysts expect Amgen’s annual dividend per share to grow to $7.50 next year, up from $6.93 this year, before hitting $8.25 in the fiscal year 2023.
Should you invest in Amgen shares in Q3 2021?
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Amgen shares trade at an attractive P/E ratio of 20.08. In addition, its forward P/E ratio of just 13.46 will be compelling to value investors. However, analysts expect AMGN’s earnings to decline by 4.40% this year before increasing by 9.82% next year. Therefore, there could be some bottlenecks in the short term.
Nonetheless, investors can look forward to the generous compensation the company offers through dividend payments. Based on next year’s forecast annual dividend per share, Amgen could trade a yield of 3.09%, making it compelling to dividend investors.
Technical overview: why Amgen shares could bounce back ahead of Q2 results
Amgen stock is down 2.49% this week and nearly 15% off its yearly highs of $276.69, reached at the end of January. However, this week’s decline has pushed AMGN shares to the trendline support, creating an opportunity for a rebound.
Furthermore, given the dividend announcement and the upcoming earnings report, investors will be assessing ways to invest in the Thousand Oaks, CA-based biopharmaceuticals company.
Investors can target rebound profits at approximately $246.19 or higher at $250.11, while $237.16 and $233.62 are crucial support levels.
Bottom line: the case for buying AMGN stock price rebound
In summary, although Amgen earnings could decline this year before rising next year, the stock looks attractively valued. Furthermore, the recent pullback seems to be finding support off the trendline, creating an opportunity for a rebound. Therefore, the 3rd August earnings report could be the catalyst.
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GE – GE Has a No-Drama Earnings Beat, Powered by Its Free Cash Flow
Illustration by Elias Stein
General Electric
is finally gaining momentum. The iconic company posted better-than-expected earnings, with little drama, this past week. GE beat estimates and raised its full-year, free-cash-flow guidance for industrial operations to a midpoint of some $4.3 billion, $800 million over the previous guidance. The stock, at $12.95, was up 2% on the week and 20% this year. The
S&P 500
index is up 17% for 2021.
Larry Culp was hired in late 2018 to turn around a then-floundering GE. Industrial free cash flow generated from 2018 to 2020 amounted to $1.7 billion, down from a rough average of $12 billion in 2015 to 2016. During the pandemic, cash flow skidded to some $600 million. “[Free cash flow] has been the fixation for investors since [Culp] took over, and for obvious reasons.…It was awful,” wrote Melius analyst Scott Davis. He called the new guidance a “notable and critical positive.” RBC’s Deane Dray said in a note, “GE’s ‘North Star’ continues to be improving [cash flow].” He rates GE shares a Buy, with a $16 price target.
Another bull, William Blair’s Nicholas Heymann, praised GE’s “steady sequential improvement across virtually all businesses and key metrics.” He sees 30% upside potential for the stock and rates it a Buy, but hasn’t published a price target. A 30% gain, however, would put it around $17.
Not everyone is that upbeat; Wall Street’s average target is $14.68.
Oppenheimer’s
Christopher Glynn rates the shares a Hold, also with no price target. Still, he sees positive changes at GE. And it’s suddenly hard to find bears on General Electric. Some 67% of analysts slap a Buy on its shares, versus the average Buy ratio for S&P 500 stocks of 55%. No one says sell.
Next Week
Monday 8/2
CNA Financial,
Global Payments,
JELD-WEN Holding,
Vornado Realty Trust,
ZoomInfo Technologies, Woodward,
Take-Two Interactive Software,
Heineken, Trex, Ferrari,
Ultra Clean Holdings,
and
Simon Property Group
are expected to release financial results.
The Institute for Supply Management releases its Manufacturing Purchasing Managers’ Index for July. Consensus estimate is for a 60.8 reading, up from 60.6 in June.
The Census Bureau reports construction spending for June. Expectations are for a 0.4% month-over-month rise, after a 0.3% decline in May.
Tuesday 8/3
Eaton, BP,
Under Armour,
Lyft,
Akamai Technologies,
Cummins,
Eli Lilly,
Alibaba Group Holding,
Nikola, EnPro Industries,
Warner Music Group,
Pitney Bowes,
Tennant,
Phillips 66,
KKR,
Conoco
Phillips, and
Jacobs Engineering Group
host conference calls to discuss financial results.
The Census Bureau is slated to report factory orders for June. Economists predict that orders increased 1.0% during the month, compared with a 1.7% rise in May.
Wednesday 8/4
CVS Health,
Kraft Heinz, SoftBank,
General Motors,
Progressive,
Etsy,
Uber Technologies,
Roku,
MGM Resorts International,
Fox, and Re/Max Holdings are expected to host earnings calls.
The Bureau of Economic Analysis reports light-vehicle sales for July. Expectations call for a seasonally adjusted annual rate of 15.3 million vehicles, versus 15.4 million in June.
The ISM releases its Services PMI for July. Consensus estimate is for a 60.8 reading, compared with June’s 60.1.
ADP releases its National Employment report for July. Consensus estimate is for a 635,000 gain in nonfarm private-sector employment, following an increase of 692,000 in June.
Thursday 8/5
Yelp,
Wayfair, Kellogg,
Bayer,
HanesBrands, Moderna,
Regeneron Pharmaceuticals,
Switch,
Cushman & Wakefield,
Duke Energy,
Square,
News Corp,
and
Siemens
are expected to report financial results.
Friday 8/6
The BLS releases the jobs reportfor July. Economists forecast a 800,000 rise in nonfarm payrolls, after an 850,000 gain in June. The unemployment rate is expected to edge down to 5.8% from 5.9%.
Dominion Energy,
Gannett,
MGM Growth Properties,
Canopy Growth,
Tripadvisor,
Spectrum Brands Holdings,
E.W. Scripps,
Cinemark Holdings, and Manitowoc host conference calls to discuss financial results.
Write to Al Root at allen.root@dowjones.com
NWL – Should you invest in Newell Brands in Q3 as shares fall amid supply chain headwinds?
Newell Brands Inc. (NASDAQ:NWL) shares fell more than 8% on Friday after announcing its most recent quarterly results. The company beat analyst expectations on earnings by 24.63% after posting an EPS of $0.56, $0.11 better than the consensus Street estimate of $0.45.
Newell Brands’ revenue rose 28% to $2.7 billion from the same quarter a year ago, beating the average analyst estimate by $150 million. In addition, it raised the full-year 2021 revenue guidance to $10.1 billion to $10.35 billion, up from the previous forecast of $9.9 billion to $10.1 billion. As a result, the median of about $10.22 billion is significantly higher than the Street estimate of $10.11 billion.
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However, Newell’s full-year bottom-line guidance of $1.63 to $1.73 per share falls short of the consensus analyst estimate of $1.73, with a median of about $1.68 earnings per share. The lower than expected EPS guidance coupled with management statement on rising inflation and supply chain constraints pushed the stock price lower.
Should you buy or sell Newell Brands now?
Newell’s falling stock price has pushed the valuation to attractive levels. As a result, the company’s shares now trade at a compelling P/E ratio of 17.75. In addition, its forward P/E of just 14.31 is also exciting despite this year’s forecast earnings decline of 513%.
Therefore, it would be best to wait for the stock price to fall further despite the attractive valuation multiples. In addition, although NWL beat Q2 expectations, there are no clear catalysts to initiate a rebound after citing potential inflation and supply chain headwinds.
Technical overview: Newell Brands stock price forecast for Q3 2021
Technically, the Newell Brands shares appear to have fallen closer to oversold conditions in the 14-day RSI. The stock also seems to have plunged to the trendline support in the descending channel.
However, since it lacks fundamental catalysts for a rebound, NWL will likely continue falling in the coming days. As a result, investors can target extended declines at $24.18 and $23.31. On the other hand, $25.82 and $26.65 provide crucial short-term resistance.
Bottom line: the case for selling NWL shares
In summary, Newell Brands seems poised for continued downward movement following Friday’s pullback. Therefore, it would be best to wait for the stock to fall further before buying, or you may short NWL shares.
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MSEX – Middlesex Water (MSEX) Q2 Earnings and Revenues Top Estimates
Middlesex Water (MSEX – Free Report) came out with quarterly earnings of $0.62 per share, beating the Zacks Consensus Estimate of $0.59 per share. This compares to earnings of $0.55 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 5.08%. A quarter ago, it was expected that this water utility would post earnings of $0.46 per share when it actually produced earnings of $0.39, delivering a surprise of -15.22%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Middlesex Water, which belongs to the Zacks Utility – Water Supply industry, posted revenues of $36.7 million for the quarter ended June 2021, surpassing the Zacks Consensus Estimate by 1.95%. This compares to year-ago revenues of $35.28 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock’s immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management’s commentary on the earnings call.
Middlesex Water shares have added about 39.7% since the beginning of the year versus the S&P 500’s gain of 17.7%.
What’s Next for Middlesex Water?
While Middlesex Water has outperformed the market so far this year, the question that comes to investors’ minds is: what’s next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company’s earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Middlesex Water was mixed. While the magnitude and direction of estimate revisions could change following the company’s just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.72 on $40 million in revenues for the coming quarter and $2.19 on $145 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Utility – Water Supply is currently in the bottom 21% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
BFIN – BankFinancial (BFIN) Surpasses Q2 Earnings Estimates
BankFinancial (BFIN – Free Report) came out with quarterly earnings of $0.13 per share, beating the Zacks Consensus Estimate of $0.12 per share. This compares to earnings of $0.16 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 8.33%. A quarter ago, it was expected that this bank holding company would post earnings of $0.13 per share when it actually produced earnings of $0.10, delivering a surprise of -23.08%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
BankFinancial, which belongs to the Zacks Financial – Savings and Loan industry, posted revenues of $12.2 million for the quarter ended June 2021, missing the Zacks Consensus Estimate by 0.81%. This compares to year-ago revenues of $12.49 million. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock’s immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management’s commentary on the earnings call.
BankFinancial shares have added about 30.2% since the beginning of the year versus the S&P 500’s gain of 17.7%.
What’s Next for BankFinancial?
While BankFinancial has outperformed the market so far this year, the question that comes to investors’ minds is: what’s next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company’s earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for BankFinancial was mixed. While the magnitude and direction of estimate revisions could change following the company’s just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.16 on $12.7 million in revenues for the coming quarter and $0.52 on $50.2 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial – Savings and Loan is currently in the top 25% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
COST – Costco (COST) Gains As Market Dips: What You Should Know
Costco (COST – Free Report) closed the most recent trading day at $429.67, moving +1.03% from the previous trading session. The stock outpaced the S&P 500’s daily loss of 0.54%.
Heading into today, shares of the warehouse club operator had gained 7.79% over the past month, outpacing the Retail-Wholesale sector’s loss of 2.16% and the S&P 500’s gain of 3.05% in that time.
Investors will be hoping for strength from COST as it approaches its next earnings release. In that report, analysts expect COST to post earnings of $3.38 per share. This would mark year-over-year growth of 7.99%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $60.08 billion, up 12.55% from the year-ago period.
COST’s full-year Zacks Consensus Estimates are calling for earnings of $10.48 per share and revenue of $193.15 billion. These results would represent year-over-year changes of +18.42% and +15.82%, respectively.
It is also important to note the recent changes to analyst estimates for COST. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company’s business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.72% higher within the past month. COST is holding a Zacks Rank of #2 (Buy) right now.
Digging into valuation, COST currently has a Forward P/E ratio of 40.56. For comparison, its industry has an average Forward P/E of 24.76, which means COST is trading at a premium to the group.
Investors should also note that COST has a PEG ratio of 4.44 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock’s expected earnings growth rate. The Retail – Discount Stores industry currently had an average PEG ratio of 2.02 as of yesterday’s close.
The Retail – Discount Stores industry is part of the Retail-Wholesale sector. This industry currently has a Zacks Industry Rank of 26, which puts it in the top 11% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.