Bristol Myers Squibb To Acquire Turning Point Therapeutics – Quick Facts

JPMorgan Chase CEO warns of an economic 'hurricane'

(CNN)US employers added 390,000 jobs in May, representing a slower pace of hiring, as the historically hot labor market showed signs of cooling off, according to the Bureau of Labor Statistics’ monthly jobs report released Friday.

The unemployment rate stayed at 3.6%, slightly higher than the half-century low recorded in February 2020, before the pandemic hit.

Pre-market Movers: GTIM, BTMD, SGHC, JOAN, OKTA…

The following are some of the stocks making big moves in Friday’s pre-market trading (as of 06.45 A.M. ET).

In the Green

Good Times Restaurants Inc. (GTIM) is up over 51% at $4.53
Haymaker Acquisition Corp. III (BTMD) is up over 21% at $6.54
Super Group (SGHC) Limited (SGHC) is up over 19% at $8.26
Okta, Inc. (OKTA) is up over 18% at $110.74
StoneCo Ltd. (STNE) is up over 16% at $12.18
Edible Garden AG Incorporated (EDBL) is up over 14% at $2.04
TransMedics Group, Inc. (TMDX) is up over 12% at $31.95
SI-BONE, Inc. (SIBN) is up over 9% at $17.05
Kohl’s Corporation (KSS) is up over 8% at $44.53
The Duckhorn Portfolio, Inc. (NAPA) is up over 7% at $21.50
EMX Royalty Corporation (EMX) is up over 7% at $2.36

In the Red

JOANN Inc. (JOAN) is down over 19% at $6.38
Lantheus Holdings, Inc. (LNTH) is down over 8% at $64.97
Co-Diagnostics, Inc. (CODX) is down over 8% at $4.83
Asana, Inc. (ASAN) is down over 5% at $22.90
Weber Inc. (WEBR) is down over 5% at $7.45

European Economics Preview: Germany Foreign Trade Data Due

Foreign trade data from Germany and final Purchasing Managers’ survey results from major euro area economies are due on Friday.

At 2.00 am ET, Destatis releases Germany’s foreign trade data for April. Exports are forecast to grow 1.5 percent on month, reversing a 3.3 percent fall in March. At the same time, imports are forecast to climb 0.2 percent, slower than the 3.4 percent increase in March.

At 2.45 am ET, France’s statistical office Insee is scheduled to issue industrial production for April. Economists forecast output to climb 0.3 percent on month, in contrast to the 0.5 percent decrease in March.

At 3.00 am ET, retail sales data from Hungary and consumer and producer prices from Turkey are due. Turkey’s inflation is expected to rise to 76.55 percent in May from 69.97 percent in April.

At 3.15 am ET, S&P Global is set to issue Spain composite PMI data. The services index is seen at 56.0 in May versus 57.1 in the previous month.

At 3.45 am ET, Italy’s composite PMI survey results are due. Economists forecast the services index to fall to 54.5 in May from 55.7 a month ago.

Thereafter final composite survey results are due from France and Germany at 3.50 am and 3.55 am ET, respectively.

At 4.00 am ET, S&P Global publishes final euro area composite PMI data. The final reading is seen at 54.9 in May, in line with flash estimate.

At 5.00 am ET, Eurostat is slated to release eurozone retail sales data. Economists expect sales to grow 0.3 percent on month in April, partially offsetting the 0.4 percent decrease in March.

SunOpta Backs FY22, FY23 Outlook

SunOpta Inc. (STKL), a food and mineral company, on Friday said it is reaffirming its revenue guidance for the fiscal years 2022 and 2023. In addition, it has also provided outlook for fiscal 2025.

For the year 2022, the company continues to expect its revenue to be in the range of $890 million – $930 million, and adjusted EBITDA of $67 million to $75 million.

For the financial year 2023, SunOpta still projects to record revenue of $1.1 billion and adjusted EBITDA of $100 million.

For the fiscal 2025, the company’s revenues are expected to be at $1.3 billion and adjusted EBITDA at $150 million.

Joe Ennen, CEO of SunOpta, said: “…Industry trends remain strong and we will continue to leverage our competitive advantages to drive significant gains in revenues and profitability, maximizing value for shareholders.”

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Shopify Declines 6%

Shopify Inc. (SHOP) shares are declining more than 6 percent, in search of new support. The stock tanked in the second week of May and had been trying for momentum. There were no corporate announcements on the day to influence the stock movement.

Currently, shares are at $375.75, down 5.80 percent from the previous close of $398.87 on average volume of 898,364. For the 52-week period, the shares have traded in a range of $308.06-$1,762.92 on average volume of 4,146,203.

Bristol Myers Squibb To Acquire Turning Point Therapeutics – Quick Facts

Bristol Myers Squibb (BMY) and Turning Point Therapeutics, Inc. (TPTX) announced a merger deal, under which Bristol Myers Squibb will acquire Turning Point, a clinical-stage precision oncology company. Its lead drug candidate, repotrectinib, is a next-generation kinase inhibitor targeting the ROS1 and TRK oncogenic drivers of non-small cell lung cancer and advanced solid tumors.

Bristol Myers Squibb will commence a tender offer to acquire all of the outstanding shares of Turning Point common stock at a price of $76.00 per share in an all-cash deal for a total consideration of $4.1 billion in equity value. Following the successful closing of the tender offer, Bristol Myers Squibb will acquire all remaining shares of Turning Point Therapeutics that are not tendered into the tender offer through a second-step merger at the same price.

Bristol Myers Squibb said the transaction supports its medium- to long-term growth strategy with accretion to non-GAAP earnings per share beginning in 2025. The company expects the transaction to be up to $0.08 per share dilutive to non-GAAP EPS in 2022 prior to any impact from an acquired in-process research and development charge based on final accounting treatment.