STOCKS TELEGRAPH

Author: ST Staff

  • What Caused BOCH Stock To Fall Nearly 27% Premarket?

    Bank of Commerce Holdings (BOCH) shares traded at $11.0 in premarket trade as of the last check, down -26.91%. As of Thursday, BOCH stock closed at $15.05, an increase of 7.42%. The total number of shares traded in BOCH stock was 1.87 million, compared with 0.12 million in the prior 50 days. The BOCH share price has gained 116.55% in the past year, and it rose by 5.47% in the past week.

    BOCH shares have gained 23.56 percent over the last three months while adding 52.33 percent over the past six months. BOCH has a current market capitalization of $264.73 million, and its outstanding shares were 16.71 million. A merger deal has caused BOCH stock to lose ground.

    Whom is BOCH merging with?

    Merchants Bank of Commerce is a subsidiary of Bank of Commerce, a bank holding company headquartered in Sacramento, California. BOCH’s is a California banking corporation that specializes in providing banking and financial services to clients in northern California between Sacramento and Yreka, as well as in the wine region north of San Francisco. BOCH opened for business on October 22, 1982, after being incorporated on November 25, 1981.

    Bank of Commerce Holdings (BOCH) and Columbia Banking System, Inc. (NASDAQ: COLB) today announced the signing of a definitive agreement to merge BOCH into COLB.

    • BOCH owns Merchants Bank of Commerce and COLB owns Columbia State Bank.
    • According to the merger agreement, BOCH and COLB will be merged in an all-stock deal.
    • A share of COLB’s common stock has a market value of approximately $15.72 on June 23, 2021, or approximately $266.0 million for the BOCH transaction.
    • COLB is entering the California market through the BOCH merger.
    • With the merger, the combined company will have more than 150 branches across Washington, Oregon, Idaho and California, comprising $19 billion in assets.
    • After the merger, all locations will operate under BOCH’s Merchants Bank of Commerce brand as a division of COLB.
    • COLB’s closing stock price on June 23, 2021 translates to an aggregate merger consideration of $266.0 million.
    • BOCH shareholders will receive $265.6 million in COLB common stock, and option holders will receive $0.4 million in cash.
    • Directors of both companies voted unanimously to approve the agreement.
    • The division will be led by BOCH Chief Executive Officer Randy Eslick in the role of President.

    What will BOCH shareholders receive?

    According to the merger agreement, BOCH shareholders will receive 0.40 shares of COLB’s stock per share of BOCH stock. As a result of the closing, BOCH shareholders will own approximately 9% of the combined company.

  • Why is Osmotica Pharmaceuticals plc (OSMT) stock soaring in Pre-Market today?

    Osmotica Pharmaceuticals plc (OSMT) stock announced the definitive purchase and sale agreement with Alora Pharmaceuticals, LLC on June 25, 2021, after which the OSMT stock price saw a push of 38.88%  in the pre-market trading session to reach $3.93 a share as of this writing. The stock was even bullish in the previous trading session and went up by 1.43% at closing. Let’s check out more about Osmotica stock.

    Agreement with Alora Pharmaceuticals:

    According to the purchase and sale agreement of Osmotica Pharmaceuticals with Alora Pharmaceuticals, Osmotica’s portfolio of legacy products and its manufacturing facility in Georgia, Marietta will be acquired by Alora for an amount up to $170 million. Alora will give $110 million as an upfront cash payment to Osmotica with the potential of additional milestone’s $60 million payments.

    RVL Pharmaceuticals business that has UPNEEQ® as its flagship product and mainly focused on ophthalmology and aesthetics will be retained by OSMT stock. Moreover, Osmotica will also retain the development of arbaclofen extended-release (“ER”) tablets that are used in the treatment of  Multiple Sclerosis (“MS”) spasticity.

    Financial Performance in First Quarter 2021:

    Back in the previous month, the OSMT stock did announce the first quarter of 2021 financial results according to which total revenues decreased more than half to drop at  $23.9 million as compared to $48.6 million in the same tenure of the previous year.

    The net loss suffered by OSMT stock recorded more than tripled to reach $9.6 million in the recently reported quarter as compared to $3.1 million net loss in the same period of the prior year.

    Adjusted EBITDA loss of Osmotica stock was 5.8 million while the previous year adjusted EBITDA for the same quarter was $11.1 million.

    Expenses in first Quarter 2021:

    Osmotica stock spent $18.9 million in selling, general and administrative expenses in the first three months of 2021 which represents those expenses were reduced as compared to $21.2 million in the first quarter of 2020.

    Research and development expenses shrank to  $3.3 million in the last reported quarter from  $5.7 million in the first quarter of 2020.

    Balance Sheet:

    OSMT stock had cash and cash equivalents of $109.2 million and $50.0 million borrowing availability by the end of March 2021 along with $219.8 million debt.

    Conclusion:

    Investors are responding positively to the purchase and sale agreement announced by Osmotica stock today as it is bullish as far as market sentiment is concerned. The earnings results were significantly low as compared to the previous year’s same quarter results. Investors need to be cautious before adding this stock to their portfolio.

  • Why Is The Virgin Galactic (SPCE) Stock Up During Premarket Session?

    In today’s premarket session, Virgin Galactic Holdings Inc. (SPCE) shares are up 12.07% at $45.12. Last trading session, Virgin Galactic stock fell -1.37 percent to close at $40.26. SPCE stock traded for 13.39 million shares, which is below the average daily trading volume of 23.68 million shares for the past 50 days.

    Gains by SPCE stock in the last five days are 7.88%; however, over the past month, the shares have added 57.33%. In the past three months, SPCE’s stock price has increased 36.11%; it has gained 69.66 percent this year. Since it received approval from the Federal Aviation Administration (“FAA”), SPCE stock has been rising.

    SPCE has received approval for what?

    Virgin Galactic is a vertically integrated aerospace and space travel company that pioneered private, human spaceflights. Additionally, SPCE produces aircraft and spacecraft. SPCE is working on a spaceflight system to provide customers with an exceptional space adventure.

    Virgin SPCE’s commercial space transportation operator license has been updated by the FAA to allow Virgin Galactic to fly passengers into space, announced the company in a press release today.

    • In addition, SPCE has confirmed that it has completed an extensive review of the data from its test flight of May 22 and that all of the flight objectives were met.
    • FAA has granted a customer license for the first time to SPCE, which has held its operator’s license since 2016.
    • SPCE’s methodical testing program has been verified and validated by the FAA to meet their verification and validation criteria.
    • During SPCE’s May 22 flight of VMS Eve and VSS Unity, the crew flew into space for the third time and for the first time from Spaceport America, New Mexico.
    • The flight reached space at a height of 55.5 miles and sped up to Mach 3.
    • The Company reviewed extensive flight data and found the following:
      • SPCE’s upgraded horizontal stabilizers and flight controls performed well, as predicted.
      • The cabin environment data collected by SPCE also met expectations.
      • The VSS Unity was flown according to a specific trajectory in order to meet the objectives of these tests.

    SPCE’s further plans:

    As a result of the FAA’s approval of its full commercial launch license today, coupled with the success of its May 22 test flight, SPCE is confident that it will successfully conduct its first crewed mission this summer. Virgin Galactic (SPCE) will now turn its attention to preparing for the remaining three test flights after completing the analysis of the May flight.

  • Why Do CarMax (KMX) Stocks Rise Before The Market Opens?

    Why Do CarMax (KMX) Stocks Rise Before The Market Opens?

    The stock of CarMax Inc. (KMX) is trending upwards today, trading at $126.0 at last check in premarket trading, up 5.5% today. In Thursday’s trading, CarMax’s stock was almost unchanged, rising 0.98% to close at $119.43. Over the past three months the average volume of KMX shares traded has been 1.14 million, with 1.84 million being the highest volume.

    KMX fluctuated between $119.08 and $120.73 during the trading session. KMX had a ratio of 4.51 earnings per share. In terms of moving averages, the 50-day moving average of $122.34 is above the 200-day moving average of $111.54. A RSI of 53.63 is currently displayed on the KMX stock. The KMX stock continues to rise as the company announces encouraging financial results.

    What has KMX shared?

    By fostering integrity, honesty and transparency in every interaction, CarMax has revolutionized the automotive retail industry. KMX customers can choose how much, or how little they want to do both online and in store with a truly personalized experience. There are also several ways that KMX delivers its vehicles, including home delivery, contactless curbside pickups, and in-store appointments. At its in-store and virtual auctions, KMX sold more than 750,000 used vehicles during its fiscal year ending February 28, 2021.

    Today, CarMax announced results for the first quarter ended May 31, 2021.

    Business and financial highlights:

    • KMX delivered record net revenues of $7.70 billion, up 43% over the first quarter of fiscal 2020 and up 138.4% over the prior year first quarter.
    • For the first quarter of fiscal year 2021, KMX earned $2.63 per diluted share, up from $0.03 a year ago.
    • KMX recorded retail gross profit per unit of $2,205 and wholesale gross profit per unit of $1,025, an increase of $268 and $47, respectively, compared with the first quarter of 2020.
    • Combined with a rise in net interest margin and a rise in average managed receivables, CarMax Auto Finance’s (CAF) income rose to $241.7 million.

    Sales growth at KMX :

    CarMax (KMX)’s record-breaking first quarter for fiscal year 2021 was driven by a significant increase in used auto demand, a marked improvement in revenue execution, and an expanding omni-channel environment that led to 452,188 units sold across both retail and wholesale channels. KMX sold 270,799 vehicles through retail used; the number of comparable stores increased 99.1% compared with the previous year. Number of comparable stores of KMX grew 16.0% compared to a year ago.

  • Orion Energy Systems, Inc. (OESX) Stock Relatively Stable After Disclosure of Promising Q4 2021 Financial Reports

    Orion Energy Systems, Inc. (OESX) stock prices were down by a marginal 0.52% as of the market closing on June 24th, 2021, bringing the price per share down to USD$5.74. Subsequent pre-market fluctuations have seen the stock climb by 0.17%, bringing it up to USD$5.75.

    Quarterly Revenue Reports

    Revenues for the fourth quarter of the fiscal year 2021 were reported at USD$35.5 million, up 37% from the USD$25.9 million reported in the prior year quarter. This difference is largely attributable to strong national retrofit activity as the vicegrip of the pandemic loosened relatively over the course of the fiscal year. The 2021 quarter was also bolstered by several sizeable national retrofit projects, some of which were for a specialty retailer, as well as a significant national retail customer.

    Yearly Revenue Reports

    Revenue for the full fiscal year 2021 came in at USD$116.8, down from USD$150.8 million in the prior fiscal year. This difference is primarily driven by stoppages arising from the onset of the global coronavirus pandemic, as well as projects being delayed earlier in the fiscal year.

    Operating Expenses

    The last quarter of fiscal 2021 reported operating expenses in the amount of 18.8% of sales, down from the 23.7% reported in the fourth quarter of fiscal 2020. This difference is largely the result of fixed cost absorption from higher business volume in the 2021 quarter. Operating expenses for the full fiscal year 2021 were USD$23.3 million, marginally down from the USD$24 million reported for fiscal 2020. Despite this, operating expenses as a percentage of sales improved year-over-year from 19.9% to 15.9%, reflecting the difference in business volume.

    Cash from Operating Activities

    USD$7.4 million were generated in cash from operating activities over the course of the last quarter of fiscal 2021. This is a significant improvement on the USD$6.1 million reported in the year-ago quarter. The difference is primarily driven by higher net income and favorable working capital changes. The full fiscal year 2021 saw the company generate USD$1.7 million in cash from operating activities, down from the USD$20.3 million reported for the fiscal year 2020. This massive difference is explained by a lower net income as well as the effects of working capital investments.

    Future Outlook for OESX

    Armed with the strength of its most recent financial reports marking the end of fiscal 2021, the company is poised to capitalize on the opportunities afforded to it. OESX is keen to continue its trajectory of success well into the upcoming fiscal year. Current and potential investors are hopeful that management will continue to leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.

  • How Did The GGII Stock Rocketed 24%?

    A surge of 23.53% was seen in the price of Green Globe Intl Inc [OTCPink: GGII] stock at its previous close. Green Globe stock recorded a volume of 201.05M, compared to its 30-day average volume of 221.79M. GGII stock value ranged from $0.0001 to $0.1679 over the last 52 weeks. A new initiative to license its technology has boosted GGII stock price.

    What technology did GGII license?

    In its Disrupt Tobacco mission to excel in $1 trillion industry, Green Global and its wholly owned subsidiary Hempacco Co are introducing alternatives to nicotine cigarettes that are derived from herbs and hemp. GGII manufactures and markets a wide variety of hemp-based consumer products, including CBD Hemp cigarettes, CBG, and Herb Smokables. In addition to owning and licensing intellectual property, GGII conducts extensive research and development and manufactures and sells smokable hemp products, including The Real Stuff Hemp Smokables.

    As part of its new initiative, Green Globe announced it would partner with leading companies in the US, Canada, and Mexico to manufacture machine-made cannabis cigarettes.

    • Over the past two years, GGII has worked diligently to develop technology for the processing, manufacturing, and marketing of herb and hemp smokable experiences that include texture, scent, and aroma.
    • GGII has now announced its new technology initiative to adapt existing intellectual property to the cannabis industry by creating machine-made cannabis cigarettes, starting with existing patents.
    • GGII will install and train partners who are already engaged in the Cannabis industry rather than harvesting or handling flower or raw materials.
    • GGII is exploring the production of high-speed cannabis cigarettes.
    • It was not easy for GGII to produce hemp cigarettes containing herbs, CBD, CBG, and other cannabinoids.
    • In order to automate the process of producing millions of cigarettes per week, GGII developed the technology and machinery over two years to understand the blends, the process, and the machinery.
    • The In the process of manufacturing, GGII developed a portfolio of intellectual property that is now being used to automate the cannabis cigarette production process.
    • The new Cannabis Initiative prohibits GGII from processing or manufacturing cannabis cigarettes in its San Diego factory.
    • GGII’s initiative involves partnering with other cannabis companies and setting up machine manufacturers in their facilities, training them, and licensing them patents.

    What is GGII up to?

    As part of GGII’s new Cannabis initiative, it is developing licensing fees, research, acquisition, and development. The Cannabis cigarette market leader Green Globe (GGII) will not sell directly to consumers, instead, GGII will team up with leading cannabis companies that were interested in manufacturing, marketing, and selling machine-made Cannabis cigarettes through GGII. In order to fulfill their mission of “Disrupting Tobacco”, GGII plans to develop products that combine hemp, marijuana, and herbs.

  • Is This Why The MJWL Stock Surged Last Trading?

    As of Thursday’s close, Majic Wheels Corp (OTC: MJWL) closed up 8.23 percent at $0.1262, and has moved within a range of $0.1294 to $0.1051 during the session. Majic stock surged over 75.03% in the last month; with average volume for the month over 39.09M shares.

    MJWL stock gained over 7323.53% during the three-month period, with average volume of 55.56M. We can then take a closer look at company’s recent developments to gain a more comprehensive understanding of MJWL stock price rise in absence of current news.

    What kind of progress did MJWL make recently?

    Majic is a Delaware corporation that intends on acquiring multiple companies that are in the Fintech and software development industries to position itself as a disruptive force in the market. One of MJWL’s first (upcoming) acquisitions will be the cryptocurrency exchange and custody services company Calfin Group Crypto Exchange (CGCX). MJWL expects the transaction to close by July 1st 2021, valued at USD 150M.

    Earlier this month, Majic announced that it gained OTCIQ Access following the completion of the necessary verifications.

    • Since the question was often asked by existing and new shareholders of MJWL, the company decided to share the information.
    • In the coming weeks, MJWL will complete the remaining steps towards getting current status at OTC.
    • A presentation will also be held in the near future.
    • MJWL reminded all shareholders and investors of the event.
    • MJWL will share more information about this presentation in weeks to come.
    • Majic has announced the execution of a binding letter of intent to acquire CGCX Ltd., a cryptocurrency exchange company generating USD 150M in revenue each year.
    • Founded in 2018, CGCX offers globally accessible services tailored to cater to the current cryptocurrency market.
    • A crypto trading platform and custody services are already in place with MJWL target CGCX.
    • It is one of the first participants in the latter segment to offer some of its clients insurance.
    • By combining its extensive knowledge of the traditional markets with the rapidly growing cryptocurrencies market, CGCX has gotten the best of traditional markets and the latest in cryptocurrencies.
    • In select markets such as India, Malaysia, the UAE and Mauritius, the MJWL’s target firm developed innovative products that address cryptocurrency users’ needs.
    • MJWL’s expected merger represents all the value propositions that will be developed in the company as a result of the merger.

    MJWL’s digital plans:

    Majic (MJWL) plans to develop a platform for digital asset management that enables clients to benefit from the diversified business models and the security that CGCX offers. The services that MJWL will offer using CGCX include insurance and infrastructure offerings including a Crypto Exchange, Digital Custody Service, and Token Listing Platform all under one roof.

  • Has NECA Stock Fell Last Session For A Reason?

    In the last session, New America Energy Corp. (OTCPK: NECA) saw a decline of -18.18% that pushed its market capitalization to $10.21M, concluding the trading at $0.0018. NECA stock traded 139.50M shares recently, less than its usual average daily volume of 172.74M shares.

    Price of NECA stock has been fluctuating between $0.0016 and $0.0022. With a total of 5.67B shares outstanding, the pink sheets NECA have a float of just 2.73B shares. Although it signed a binding letter of intent to acquire a holding company, NECA stock fell.

    What has NECA agreed to acquire?

    A holding company, New America Energy Corp. (NECA) is focused on making opportunistic, cash-flow positive energy acquisitions. Acquisitions at NECA will be aimed at synergizing and opportunistic opportunities. BestTitleDeal is a proprietary application developed by Title King, which is possessed by NECA. In addition to expanding its subsidiaries, NECA strategically acquires new companies for growth.

    New America Energy Corp. signed a binding letter of intent for the acquisition of Third Bench Holdings.

    • NECA is targeting a major industry leader in cabinets and countertops for the kitchen and bathroom.
    • NECA’s management expects the acquisition to boost its cash flow immediately.
    • Recent announcements of NECA’s engagement of auditors have set them on their path to becoming fully reporting, and now they have acquire a company with such a distinguished history.
    • As NECA’s acquisition strategy unfolds, it will make the organization more valuable.
    • NECA was eager to become a public company.
    • NECA announced last week that it has signed an arrangement agreement with BF Borgers CPA PC.
    • For the immediate future, NECA’s attention will be focused on the Fiscal Years 2019 and 2020, along with their most recent quarter ending May 31, 2020.
    • It has taken NECA seven months to get all filings complete and to achieve Pink Current status.
    • Additionally, the NECA maintained that status, audited 2013, 2014, & 2015 to correct a long-standing error, and is currently preparing to finish the last two years and re-file.
    • Borgers has been working with NECA for many years so this Arrangement offers great benefits.
    • As NECA’s auditors, they have completed audits for years 13, 14 and 15 and are familiar with the company’s financial statements.

    What impact will these developments have on NECA?

    Based on historical demand for cabinets and countertops in the residential market, NECA sees Third Bench as well-positioned to take advantage of commercial millwork growth. NECA also anticipates a smooth and timely transition from Stop sign to Fly sign at OTC market. Further, NECA predicts that these developments will lead to great advantages.

  • Do You Know Why OMP Stock Is Falling Premarket?

    As of the last check in premarket trading, Oasis Midstream Partners LP (OMP) shares had fallen -4.98% to $26.54. Last session, the OMP stock closed at $27.93, a decrease of 9.32%. OMP stock fluctuated between $27.72 and $31.1292 during the day. In the recent OMP daily trading, the number of shares exchanged was 0.44 million, greater than the 0.23 million average volume over the past 50 days and above the 0.22 million average volume for the year to date.

    OMP stock has tumbled 209.30% over the past 12 months, while the stock has lost 14.51% over the last week. OMP stock has increased by 128.75% over the last six months, and by 42.94% over the last three months. So far this year, OMP shares have returned 138.11%. Furthermore, Oasis Midstream stock’s price to earnings ratio is 4.87. OMP stock fell following commencing an underwritten public offering.

    How OMP is going through it?

    Oasis Midstream is a fee-based master limited partnership that was formed by Oasis Petroleum. OMP’s strategies include owning, developing, operating, and acquiring midstream assets. The assets owned by OMP are integral to the crude oil and natural gas operations of Oasis Petroleum Inc. and are strategically positioned to acquire volumes from other producers.

    In a press release issued today, Oasis Midstream announced it is launching an underwritten public offering of 3,623,188 common units.

    • The underwriter can purchase up to 543,478 additional common units within the next 30 days, according to OMP.
    • The OMP is offering all of the common units on a primary basis; the net proceeds from this offering will be used to redeem common units from Oasis Petroleum at the same rate as the number of common units offered by OMP.
    • The common units in this offering will not generate any proceeds for OMP and the number of outstanding common units will remain unchanged after the offering.
    • According to OMP, Morgan Stanley acted as underwriter.
    • It is being offered by OMP under a shelf registration statement, which was filed with the Securities and Exchange Commission on October 26, 2018, and became effective on that date.

    OMP’s business strategy:

    Oasis Midstream (OMP) recently decided to retain its midstream assets in Panther DevCo and hopes to gain incremental revenue by operating the Permian asset under the new operator’s plan. As a result of its recent Williston acquisition and Permian divestiture, OMP has stated it plans on ramping up its activity in 2022 and beyond.

  • Did Anything Support Bellicum (BLCM) Stock Last Trading?

    After-hours trade on Thursday saw Bellicum Pharmaceuticals Inc. (BLCM), a leader in developing novel, controllable cellular immunotherapies for cancers, plunge -0.57% at $3.46. BLCM stock ended last trading session at $3.48, rising by 4.19%. BLCM stock was traded in a price range from $3.29 to $3.48.

    Trading volume for BLCM stock was 0.13 million shares, lower than the daily average of 0.37 million shares over 100 days. Shares of BLCM have added 9.43% over the last five days, and 30.34% over the past month.  Since the BLCM stock has stabilized in the absence of current news, we can go back to recent developments to gain a more comprehensive understanding of the company.

    Is the BLCM going well?

    Bellicum is a biopharmaceutical company developing controllable cell therapies as a cure for cancer. In addition to powerful CAR-T signaling technologies, BLCM’s future product candidates will produce more effective CAR-T cell therapies. BLCMP’s GoCAR-T product candidates, BPX-601 and BPX-603, aim to override immune inhibitory mechanisms by combining CAR-T cells with killer cells.

    Last month, Bellicium also shared an operational update when reporting its first quarter financial results. As in the first quarter, BLCM focused on the clinical testing of its next-generation CAR-T cell therapy. Both BPX-601 and BPX-603 clinical trials for HER2+ solid tumors in prostate cancer are well underway, and BLCM anticipated future updates regarding both trials.

    BLCM’s Program Highlights and Current Updates

    • BPX-601 GoCAR-T

    BPX-601 and rimiducid have entered the Phase 1/2 dose-escalation clinical trial at BLCM evaluating candidates with metastatic pancreatic or prostate cancer.

    • BPX-603 GoCAR-T

    Phase 1/2 clinical trial for BPX-603 was being conducted by BLCM in solid tumor patients.

    Research looked at human epidermal growth factor 2 (HER2) and its role in breast, endometrial, ovarian, gastric, and colorectal cancers.

    • CaspaCIDe

    In a digital edition of Blood, an open access journal published by the American Society of Hematology, the first report on the use of the CaspaCIDe safety switch has been published by BLCM ahead-of-print.

    In its report, BLCM describes a case from an investigator-sponsored trial performed at the Lineberger Comprehensive Cancer Center of the University of North Carolina involving autologous CAR-T cells expressing CD19 and CaspaCIDe.

    When BLCM is planning to present trial data:

    Bellicium (BLCM) plans to present BPX-601 and rimiducid data in the first quarter of 2022 for the treatment of metastatic castration-resistant prostate cancer. BLCM also expected to report the results of its Phase I trial for BPX-603 GoCAR-T during the fourth quarter of 2021.