STOCKS TELEGRAPH

Author: ST Staff

  • Allied Esports Inc. (AESE) stock is soaring in current market trading. Here’s to know why:

    Allied Esports Inc. (AESE) stock is soaring in current market trading. Here’s to know why:

    Allied Esports Inc. (NASDAQ: AESE) stock rises by 4.31% during the current market trading session. Following this rise in stock, there is no recent news available. Through the strategic merger of two strong brands, Allied Esports and the World Poker Tour (WPT), Allied Esports Entertainment, Inc. (NASDAQ: AESE) is a worldwide pioneer in esports entertainment, offering groundbreaking infrastructure, transformative live events, multiplatform content, and digital services to audiences worldwide.

    What is happening?

    Allied Esports, a subsidiary of Allied Esports Entertainment Inc. is known for its global recognition as an esports entertainment company has announced a three day esports event with Brookfield Properties that is also a big name in real estate business. The event is happening on March 26-28 at Brookfield’s First Colony Mall in Sugar Land, Texas.

    For the first time, Allied Esports is taking its famous “Saturday Night Speedway” presenting Mario Kart 8 Deluxe experience out of the desert and onto the streetsin which they are offering a chance for its fans to make their way to the top of the leaderboard which will help them win a paid trip to HyperX Esports Arena Las Vegas to compete on the main stage.

    Other recent events

    On March 16, AESE made an announcement about the revised proposal from Bally’s Corporation. AESE said that their Board of directors and the legal and financial advisors of AESE have concluded that the revised proposal comprises a “Superior Proposal” under Allied Esports’s pending stock purchase agreement with Element Partners, LLC.

    The revised plan calls for Bally to buy out all of the equity interests in Club Services, Inc. (“CSI”), which is an indirect wholly-owned subsidiary of Bally that is bound to manage Bally’s poker-related business and properties, including the companies that make up the World Poker Tour, for $90 million in cash at the closing.

  • Support.com (SPRT) stock surged more than 200% in the premarket; Here’s why

    The support.com stock had plunged 1.38% in the market when it closed at $2.14. However, the pre-market price of the stock is a completely different story as it soared by more than 200%.

    The reason that could most definitely be behind this soar is the announcement of merger between Greenidge Generation Holdings and Sport.com.

    Glimpse of the two merging companies

    Support.com Inc. is an information technology support company that provides its services to private individual clients as well as businesses. The company is headquartered in Delaware and particularly provides services for the software platform of Android, macOS, iOS, and Windows supporting gadgets.

    Greenidge Generation Holdings Inc. is a holding company that includes Greenidge Generation LLC which is the holding company’s subsidiary. This subsidiary specifically focuses on an integrated bitcoin mining operations. It also has a power generating facility present in Upstate New York. The Holding company also has a 106MW natural gas plant, allowing it to continue its subsidiary operations at low power costs due to owning and access to a vast natural gas reserve in North America.

    Why this merger is significant

    The Greenidge Generations Holdings Inc. has announced that it will be a part of the NASDAQ listed companies thanks to merger with the IT Company. This merger is done specifically through definitive agreement of a stock-for-stock transaction where both parties have given approvals.

    The merger upon its completion will make Support.com a part of the subsidiary family of Greenidge Generations Holdings Inc. Greenidge’s decision to acquire Support.com seems to be motivated by the fact that it wants to expand the IT-base tech assistance to accelerate its mining capacity. Greenidge will become the only U.S. public company operating a vertically integrated mining operation and power generation system.

    Support.com will reinforce the operational stability of Greenidge

    This is what makes Greenidge unqiue, because it has the combination of owning a power generation system to provide power to its own mining equipment’s operations. This is something that other mining companies have to rely on third-parties for. The company’s operational fundamentals are steady due to low fixed costs for both mining operations and as well power generational functions.

    According to the financial adjustments relating to this merger, Support.com will provide an additional cash balance to Greenidge. The merger is expected to be closed at $33 million. The merger will be closed in the third quarter of this year and will have combined net cash of at least $70 million dollar.

    Furthermore, 210 Capital LLC has decided to acquire approximately 3.9 million shares of Support.com under the condition that this merger carries out. This has now updated the current outstanding stock of Support.com to approximately 23.6 million shares.

  • Leap Therapeutics Inc. (LPTX) stock surges high during pre-market trading. Let’s find out why:

    Leap Therapeutics Inc. (NASDAQ: LPTX) stock gained by 3.36% in the last trading close whereas the LPTX stock is surging by 34.96% during the pre-market trading session after Leap Therapeutics has presented the clinical data of DKN-01 on March 22, at the society of Gynecologic oncology 2021 Annual meeting on the issue of  Women’s cancer. Leap Therapeutics is dedicated to the development of targeted and immuno-oncology therapies.

    What is happening?

    At the society of Gynecologic Oncology, Leap therapeutics presented the Phase 2 clinical trial of DKN-01 as a monotherapy in addition with paclitaxel in patients with more complex gynecological malignancies. DKN-01, is the most advanced clinical candidate of LPTX which is a humanized monoclonal antibody that specifically targets the Dickkopf-1 (DKK1) protein that causes the activation of innate immune system in the tumor microenvironment. DKN-01 is currently being tested in patients with esophagogastric, hepatobiliary, gynecologic, and prostate cancers.

    Rebecca Arend, MSPH, the associate professor in University of Alabama at Birmingham O’Neal Comprehensive Cancer Center said that DKN-01 has shown promising response and also a monotherapy complete response for more than 2 years now as well as long-lasting reduction of tumor as both, a single agent and combined with paclitaxel in the study’s chronic gynecologic cancer patients. She also added that in the patients with high level of DKK1, the disease control rate and chances of survival were the highest which shows the efficiency of DKN-01 because the same group of people showed extremely unsatisfactory results towards other therapies. Upon trials it has been concluded that DKN-01 is extremely well tolerated among patients.

    Conclusion

    This positive development in Leap Therapeutics will expectedly help them to show successful results in 2021. This is definitely a great advancement in the field of pharmaceuticals that will act as a catalyst for LPTX stock price. With this growing pace, Investors will be comfortable in making long-term investments.

  • Hall of Fame Resort & Entertainment Company (HOFV) stock rises 15% today. Let’s find out why.

    Hall of Fame Resort & Entertainment Company (HOFV) stock rises 15% today. Let’s find out why.

    Shares of Hall of Fame Resort & Entertainment Company (HOFV) continue to rise in Monday’s pre-market session after gaining at the previous market. HOFV stock price saw an uptrend of 15.00 % to reach $4.60 a share as of this writing. The previous closing price of HOFV stock was $4.0 with a 46.52% gain. There is no recent story by the HOFV stock to explain this rise.

    What’s happening?

    Hall of Fame Resort & Entertainment Company (HOFV) is a resort, entertainment, and media company.It seems that HOFV stock has been hot among the investors despite no recent news by the HOFV stock.Also, there are no signs of analysts upgrades or upswing targeted per share price to explain the rally.However, anything that has some link with NFTs is making an impact as NFTs have been much in the discussion for the past few weeks.

    Financial View

    HOFV stock announced its fourth-quarter and full-year financial results of 2020 on March 10, 2021.Here is the summary of the results.

    HOFV annual revenue generated $1.8 million in revenue in the fourth quarter with 4% growth and annual revenue of 2020 totaled $7.1 million.Net loss in the fourth quarter was $14.6 million while it reached $71.3 million for the full 2020 year.Adjusted EBITDA in the fourth quarter of 2020 was a loss of $6.5 million while for the whole of 2020, adjusted EBITDA was recorded a loss of $20.5 million.

    Recent Business Developments:

    Hall of Fame has signed many agreements in the fourth quarter which include agreements with TopGolf and Shula’s Restaurant Group, a media partnership with WaV Sports & Entertainment and Sports Illustrated Studios and 101 Studios,a partnership with StakeKings, and a deal with Spectra Partnerships for an increase in sponsorships and a three-year sponsorship with Republic Waste Management for the education of recycling of the waste.

    Conclusion:

    HOFV stock price is continuing the rising trend in today’s pre-market trading.HOFV stock has shown growth in its recent earnings report and its management is optimistic that the stock will continue the momentum in the future.

  • Farmmi Inc. ( FAMI) stock declines during pre-market trading session. Here’s to know why?

    Farmmi Inc. (NASDAQ: FAMI) stock showed a gain of 1.45% in the last trading session while in pre-market trading on Monday the FAMI stock was down by 11.43%. Farmmi is well-known supplier company of agricultural products, deals with the processing and retail of Shiitake mushrooms, Mu Er mushrooms, and other edible fungi.

    What is happening?

    Recently on March 19, FAMI made an announcement that they are planning to present ordinary shares for sale in an underwritten public offering and through this offering whatever net amount FAMI will generate would be used to fulfill the needs of general corporate and working capital. Farmmi cannot tell of whether or when the offering will be completed because of the reliance of this offering on market conditions. Also, Aegis Capital Corp. is working as the only book-running manager of the offering. This could might be the reason behind change that’s happening in FAMI stock price.

    Other Recent Developments

    • On March 2, Zhejiang Forest Food Co., a subsidiary of the Company, announced the shipment of a new order of shiitake mushrooms to one of its long-term customers who have several channels, with over 100 retail stores in China and Canada and a significant export business. The order was for two types of shiitake mushrooms.
    • FAMI on March 15, announced that its subsidiary Zhejiang Forest Food Co. has received a new multi-product order for its different and flavorous dried whole and sliced mushrooms, as well as dried black fungus. Farmmi’s products will be exported to the United States by “The customer” which is a trading company that supplies major global hotel and supermarket chains such as the STANFORD hotel chain and the H-MART supermarket chain.
  • Castlight Health Inc. (CSLT) stock rises during pre-market trading. What’s happening?

    Castlight Health Inc. (CSLT) stock rises during pre-market trading. What’s happening?

    Castlight Health Inc. (NASDAQ: CSLT) stock showed a gain of 8.38% in the last trading session while in pre-market trading on Monday the CSLT stock was up by 2.21%. There isn’t any recent news hitting the media related to this change in CSLT stock. Castlight Health is a healthcare navigation company that provides comparison tools and quality indicators for tests and procedures provided by healthcare providers. This platform is authorized by a business-to-business-based model.

    Recent Developments

    On March 4, CSLT announced the addition of three new clinical advisors in their team.

    • Bruce Sherman, M.D has been appointed as the advisor to the National Alliance of Healthcare Purchaser Coalitions.
    • The position of vice chair and director, Division of Child Psychiatry at Weill Cornell Medicine, has been given to Justin Mohatt.
    • Lastly Mohannad kusti has been declared as regional medical director at Pivot Onsite Innovations.

    It is believed that these new clinical advisors will be of great support for the reputation and efficient working of CSLT. They are expected to provide guidance in various areas which include instructions for the clinical care of unprotected population, best practices for measuring provider clinical efficiency, and robust methodologies for determining the results of our interventions.

    Another significant development made by Castlight Health is their new COVID-19 vaccine navigation feature installed directly into the Castlight app. It is expected that COVID-19 vaccine availability will increase in the coming months, the new feature is made to provide employers with a simple, centralized resource that allows workers to manage COVID-19 vaccine eligibility and availability, as well as access important educational content aimed at enhancing vaccine literacy.

    Financial Results 2020

    On February 23, Castlight Health announced its financial results for the year 2020. According to the CEO of CSLT, Castlight has delivered promising financial results in the year 2020 and has achieved several significant goals that includes adding a new health plan customer and Blue Cross Blue Shield of Alabama. In December Castlight sealed a partnership with Boston Children’s Hospital with the idea to support the national vaccination effort, and also delivering strong results from our first year live with Care Guides. To give an example, GAAP total revenue generated by Castlight was $37.1 for the fourth quarter 2020 as compared to $36.4 for the same period in 2019. This clearly shows that CSLT has managed to make better progress in 2020 compared to the previous year.

  • Part Hotels and Resorts Inc. (PK) stock show uncertainty. Here’s to know why?

    Part Hotels and Resorts Inc. (PK) stock show uncertainty. Here’s to know why?

    Part Hotels and Resorts Inc. (NASDAQ: PK) stock shows visible uncertainty. In the last trading session, the PK stock declined by 1.72% whereas it rises by 8.61% during after-hours trading. As of now, there is no recent news available for this change in Park hotels stock price except the financial results released by PK in February 2021. Park Hotels & Resorts is a real estate investment trust (REIT) that owns and manages hotels and resorts. Accommodation, dining, meeting and wedding rooms, spas, and fitness centers are the facilities and amenities available at its properties.

    Fourth Quarter and Full year 2020 Financial Results

    • PK has recorded Pro-forma RevPAR of $27.48 for fourth quarter of 2020 which is decreased by 84.5% compared to same period in 2019. Whereas it was $49.31 for the full year 2020, which is also a decrease of 73.2%compared to full year 2019.
    • Net loss for fourth quarter 2020 was $218 million and for full year 2020 it was $1444 million. On the other hand net loss attributable was $217 million for the fourth quarter and for full year it was $1440 million.
    • PK has calculated its adjusted EBTIDA for Q4 2020 as $65 million whereas for full year 2020 it was $194 million.
    • Adjusted FFO attributable to stockholders for fourth quarter 2020 was $125 million and $389 million for full year 2020.
    • Park Hotel and Resort has experienced a diluted loss per share of$0.92 for the Q4 2020 and $6.11 for the full year.
    • Diluted Adjusted EBTIDA for the fourth quarter 2020 was $0.53 whereas it was $1.65 for the full year.

    What now?

    The ongoing pandemic has severely affected the travel business around the world. It has caused economic uncertainty due to travel restrictions therefore Park has not given any update on its 2021 outlook. There is no certain idea about what will happen in the next few days or months because of continuously changing circumstances related to the COVID-19 pandemic. Keeping this in the account, the investors need to be more reasonable while investing in PK stock which is currently a high-risk stock with uncertain future predictions.

  • Seneca Biopharma Inc. (SNCA) stock rises in after-hours. Let’s find out why:

    Seneca Biopharma Inc. (NASDAQ: SNCA) stock declined by 6.29% in the last trading close, whereas the SNCA stock price rises by 17.68% during after-hours. This change in SNCA stock is not followed by any recent news except for the significant past development i-e the merger agreement started between Seneca Biopharma and Leading Biosciences. This agreement has been acting as a catalyst for Seneca Stock price. Seneca Biopharma is a pharmaceutical company that deals with the development of treatments for high-risk diseases and to cater to other medical needs.

    The merger agreement between SNCA & LBS

    Seneca Biopharma entered into a merger agreement with Leading Biosciences in December 2020. Leading Biosciences is a private company that focuses on novel therapeutics aimed at enhancing human health by shielding the gastrointestinal mucosal barrier.

    On December 17, SNCA officially announced its merger agreement, according to which Seneca is planning to sell off its rights to NSI-566. Also, the company will come under the banner of Palisade Bio, Inc. and will trade under the ticker symbol PALI on the Nasdaq Capital Market. This newly formed company will work on Leading’s pipeline phase-3 ready asset, LB1148. SNCA turned PALI after the merger, will test and evaluate LB1148 in clinical trials to see whether it can restore normal GI function after major surgery and reduce postoperative complications, including abdominal adhesions.

    Now what?

    SNCA, on March 17, announced that leading independent proxy advisory firm Institutional Shareholder Services, Inc. has suggested the stockholders of SNCA support the merger by voting FOR it. The leading independent proxy advisory firm also said that the SNCA stockholders should vote FOR the proposals for:

    • issuance of shares in connection with the merger
    • reverse stock split

    Seneca’s special meeting of stockholders is set to happen on March 24, 2021. Upon this support from Institutional shareholders services Inc., the chairman of SNCA said that they are incredibly thankful to ISS and also believe that this merger will be highly beneficial for SNCA as well as for its stockholders.

  • Nokia Corporation (NOK) shares plummeted 6.02%

    Here is what happened

    Nokia Corporation (NYSE: NOK) stock price declined by -6.07% vs the prior day’s close as weak demand from investors lowered the stock value to $4.02. The company recently reported its plans to cut approximately 5000-10,000 jobs in the next two years to reset its cost structure and shift higher capital into research and development (R&D) for better competitive advantage and growth of the company.

    Nokia has targeted to save a ball-park figure of $700 million per annum once corporate restructuring takes place. However, the company’s dividend yield being 0 has created uncertainty in stock prices, with investors skeptical about their future investments.

    Nokia Corporation (NYSE: NOK) Bets On 5G Cycle For Competitive Advantage.

    NOK has been following lucrative trends affecting the industry in the new future emphasizing highly on 5Gand creating opportunities for Communication Service Providers, and unique enterprises. Nokia Corporation predicts timely 5G networks investments will skyrocket the Finnish telecommunication manufacturer one step ahead of the game and provide a significant advantage over their competitors.

    Investments in connected digital enterprises such as 5G will drive productive, effective, and safety gains across the globe. Due to which there will be massive development in the Enterprise market. Nokia was also increasing shipments of base stations containing cheaper integrated chip systems for production efficiency.

    NOK also has a five-year contract with AT&T T to produce the wireless carrier’s C-Band networks emphasizing significantly on deployment in the US. Production and usage of 5G in the C-Band spectrum allows better 5G services to users, increasing capacity as well as having improved network services.

    Conclusion

    With a market capitalization of approximately $23.89 Billion, and stock valuation returning to normal, after the Reddit squeeze, NOK has surpassed investor expectations. Furthermore, Diversification in lucrative fields such as wireless enterprises has made Nokia corporation a major player in the wireless communication sector bringing forth shareholder interest for the future.

  • Jiayin Group Inc. (JFIN) stock drops by 7% today: Things you need to know.

    Jiayin Group Inc. (JFIN) stock drops by 7% today: Things you need to know.

    Shares of Jiayin Group Inc. (JFIN) were down on Friday after soaring in yesterday’s trading amid NFTs speculations. JFIN stock price was down by 7.23% to drop at $8.73 a share at the time of this writing as profit takers stepped in. At the previous closing, the JFIN stock soared by 73.62% to reach a $9.41 per share price. Let’s understand more of it.

    What’s happening?

    Jiayin Group Inc. (JFIN) is an online finance marketplace connecting both individual investors and borrowers in China. The falling JFIN stock price has nothing to do with any particular event by the Jiayin Group.There was no news by the JFIN, no press release, no earnings report today, no analyst downgrades or shrank targeted per-share price, no filings by any law firm on behalf of JFIN shareholders to justify the reason behind this bearish sentiment.On the prior day, JFIN stock was significantly up due to speculations related to non-fungible tokens(NFTs). That bullish sentiment resulted in the trading of more than 100 million shares of JFIN stock till 1 PM est. The average volume of JFIN stock is approximately 290,000 shares.

    On March 8, 2021, Jiayin stock appointed Marcum Bernstein & Pinchuk LLP as an independent registered public accounting firm of the Jiayin. Previously Deloitte Touche Tohmatsu Certified Public Accountants LLP was serving the JFIN since 2017. Back in February 2021, Mr. Jiong Feng stepped back from his responsibilities due to some personal reasons. He was serving as Chief Technology Officer since 2013. Mr. Chongxian took the place of Mr. Jiong to ensure the continuity of Jiayin’s operations.

    Financial View of JFIN stock.

    JFIN stock has not released the fourth quarter and fiscal year 2020 financial results. In the third quarter JFIN stock recorded RMB401.3 million net revenue which was 21.4% less than the same quarter of 2019. Operating income was surged by 79.6% to reach RMB150.0 million as compared to the third quarter of 2019.Net income of JFIN was totaled RMB88.4 million with an 8.1% increase as compared to the same tenure of 2019.

    Conclusion:

    After soaring high in yesterday’s trading, JFIN stock has now become red today. The stock market is unpredictable, and anything can happen with or without certain. Hence from an investment perspective, it’s a good practice to deeply analyze the company’s core business, balance sheet, earnings results, and network to make the right decision at right time.