Covestro Lifts FY21 Outlook
Covestro AG (CVVTF.PK,COVTY.PK) raised its forecast for EBITDA, free operating cash flow or FOCF and return on capital employed or ROCE for fiscal year 2021 as a result of a further improved business outlook for the second half-year.
The company now expects fiscal year 2021 EBITDA to be between 2.70 billion euros and 3.10 billion euros compared to the previous forecast of 2.20 billion euros – 2.70 billion euros. The adjustment of the forecast mainly results from a further improved margin outlook for the second half of the year.
The increased EBITDA forecast is based on a preliminary EBITDA for the second-quarter 2021 of around 815 million euros, that meets the current forecast of between 730 million euros and 870 million euros.
Annual core volume growth is expected – unchanged – to be between 10% and 15%, of which around 6 percentage points are attributable to the acquisition of the Resins & Functional Materials (RFM) business.
Annual free operating cash flow is expected to be between 1.60 billion euros and 2.00 billion euros compared to the previous forecast of 1.30 billion euros – 1.80 billion euros.
The company now anticipates annual return on capital employed (ROCE) to be between 16% and 20%. The previous forecast projected ROCE between 12% and 17%.
The company will publish its half-year financial report 2021 on August 6, 2021.
Two Harbors Investment Slips 8% On Share Offering News
Shares of Two Harbors Investment Corp. (TWO) slipped 8% in extended trading session after the company announced offering of 40 million shares.
TWO closed Monday’s regular trading at $7.33, on the NYSE. The stock, however, the stock slipped $0.60 or 8.19%, in the after-hours trade. The stock has traded between $4.74 and $8.15 in the 52 weeks period.
The real estate investment trust announced that it has commenced an offering of 40 million common shares. The company expects to grant the underwriters a 30-day option to purchase up to an additional 6 million shares.
The company intends to use the proceeds from the offering to purchase its target assets, including residential mortgage-backed securities, mortgage servicing rights and other financial assets.
Caribou Biosciences Files For IPO
Caribou Biosciences Inc. Thursday announced that it has filed for an initial public offering to fund ongoing drug studies.
The Berkeley, California-based company plans to list its shares on the Nasdaq under the symbol “CRBU.” BofA Securities, Citigroup, and SVB Leerink are listed as the underwriters.
Caribou reported licensing and collaboration revenue of $12.4 million in full year 2020, compared to $5.8 a year ago. The company reported a loss of $34.3 million in 2020, compared $23.4 million in 2019.
“We expect the net proceeds from this offering, together with our existing cash and cash equivalents, will not be sufficient for us to advance any of our product candidates through regulatory approval, and we will need to raise additional capital to complete the development and potential commercialization of any of our product candidates,” the company said in its S-1 filing.
The company said it will use the proceeds to advance the clinical development of its CB-010 product candidate, including funding the ANTLER phase 1 clinical trial through initial data, fund IND-enabling activities and the potential initiation of clinical studies for CB-011 and CB-012 product candidates. The company will also continue research and development of its iPSC-to-NK platform for solid tumor-targeted cell therapies
The company reported cash and cash equivalents of about $16 million at the end of 2020, down from $41.1 million at the end of 2019.
Since its founding in 2011, the company has raised about $150.1 million in funding venture capitals, healthcare-dedicated funds, and other institutional investors.
Didi Global Prices IPO At $14/ADS, High End Of Expected Range
Chinese ride hailing company Didi Global Inc. (DIDI) said that it has priced its initial public offering of 316.80 million American Depositary Shares or “ADSs”, at a price of $14.00 per ADS for a total offering size of $4.4 billion.
Previously, the company had expected to price its initial public offering of 288.00 million ADSs between $13.00 and $14.00 per ADS.
The ADSs are expected to begin trading on the New York Stock Exchange on June 30, 2021, under the symbol “DIDI.” The closing of the offering is expected to occur on July 2, 2021.
The company has granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an aggregate of 47.52 million additional ADSs at US$14.00 per ADS.
European Economics Preview: UK Monthly GDP, Trade Data Due
Monthly GDP estimate and foreign trade reports are due from the UK on Friday, headlining a light day for the European economic news.
At 2.00 am ET, the Office for National Statistics is scheduled to issue UK monthly GDP, industrial and construction output and foreign trade figures. The economy is forecast to grow 1.5 percent on month in May, following April’s 2.3 percent rise.
The UK visible trade deficit is seen widening to GBP 11.1 billion in May from GBP 10.96 billion in April.
In the meantime, consumer prices and foreign trade figures are due from Norway.
At 3.00 am ET, foreign trade figures from Hungary and industrial production from Austria are due.
At 4.00 am ET, Italy’s Istat publishes industrial production data for May. Economists expect industrial output to grow 0.3 percent on month, slower than the 1.8 percent increase in April.
At 5.00 am ET, industrial output and consumer price data is due from Greece.
Emerson To Sell Daniel Measurement And Control Business To Turnspire Capital – Quick Facts
Technology and engineering company Emerson (EMR) announced Monday an agreement to sell its Daniel Measurement and Control Business to Turnspire Capital Partners. The financial terms of the deal were not disclosed.
Daniel’s ultrasonic flowmeter and fiscal transfer system businesses are not included in the transaction.
Daniel has been a global leader providing fiscal flow and energy measurement to the oil and gas industry for more than 85 years.
This sale demonstrates Emerson’s strategic priority to focus its portfolio and management attention on data-rich, software-enabled technologies in diversified and high growth end markets.
The transaction is expected to close in Emerson’s 2021 fiscal year and includes all of Daniel’s brand rights, facilities, intellectual property and personnel. Emerson will work closely with Turnspire to ensure a smooth transition for customers and employees.