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European Economics Preview: Germany GfK Consumer Confidence Due

Blackbaud Stock Up 17%

Shares of Blackbaud, Inc. (BLKB) are gaining over 17% on Tuesday morning after Clearlake Capital Group L.P., an investor in the company, announced that it is “currently evaluating alternatives” in Blackbaud.

BLKB is currently trading at $52.79, up $7.78 or 17.28%, on the Nasdaq. The stock opened its trading at $49.25 after closing Monday’s trading at $45.01. The stock has traded between $43.54 and $86.96 in the 52-week period.

In an SEC filing, Clearlake Capital said they have “changed their intent and are currently evaluating alternatives for their current investment and potential future investment” in Blackbaud.

Immunovant Stock Gains 22%

Shares of Immunovant, Inc. (IMVT) are gaining over 22% on Tuesday morning. The clinical-stage biopharmaceutical company priced an offering of 12.5 million shares at $6.00 per share.

IMVT is currently trading at $8.05, up $1.46 or 22.15%, on the Nasdaq, on a heavy volume of 9.3 million shares, above average volume of 0.5 million. The stock opened its trading at $6.79 after closing Monday’s trading at $6.59. The stock has traded between $3.14 and $9.53 in the past 52-week period.

Immunovant announced the pricing of an underwritten offering of 12.5 million common shares at $6.00 per share. Investors who have agreed to purchase shares in the offering include Logos Capital, Deep Track Capital, Frazier Life Sciences, TCGX, BVF Partners L.P., Commodore Capital, and an undisclosed healthcare specialist fund.

The company intends to use proceeds of nearly $75 million to accelerate the development of IMVT-1402, including the funding of a proposed pivotal trial. The company expects its existing cash and proceeds from the offering to fund the company into the second half of calendar year 2025.

The offering is expected to close on or about October 6, 2022.

Maravai LifeSciences Stock Down 12%

Shares of Maravai LifeSciences, Inc. (MRVI) are down nearly 12% on Tuesday morning. On Monday evening, the company announced the appointment of William “Trey” Martin, III as its Chief Executive Officer.

MRVI is currently trading at $21.85, down $2.93 or 11.82%, on the Nasdaq, on a volume of 3.9 million shares, above average volume of 1.4 million. The stock opened its trading at $22.99 after closing Monday’s trading at $24.78. The stock has traded between $19.82 and $46.43 in the past 52-week period.

Martin comes to Maravai most recently from Danaher Corporation, where he was the Senior Vice President of New Business, Genomic Medicine. Maravai’s first CEO and co-founder Carl Hull will directly support Martin during this leadership transition and will remain with Maravai as Executive Chairman of the Board where he will continue to guide the company’s long-term strategy.

First Solar Rises 6%

Shares of solar panels manufacturer First Solar, Inc. (FSLR) are climbing 6 percent on Tuesday’s trading continuing their upward trend since the past few days. There has not been any company-specific news to impact the stock on Tuesday.

Currently at $145.57, the stock has traded between $59.60 and $145.53 during the past 52 weeks.

Gold Futures Ends Sharply Higher As Dollar Tumbles

Gold prices climbed higher on Tuesday, rising for the sixth straight session, as the dollar fell and bond yields dropped amid rising hopes the Fed is unlikely to be aggressive with rate cuts after data showed a drop in the pace of U.S. manufacturing and construction activity last month.

The dollar index dropped to 110.11 a little past noon today, and was last seen at 110.40, down 1.2% from the previous close.

Gold futures for December ended higher by $28.50 or about 1.7% at $1,730.50 an ounce, the highest close since mid-September.

Silver futures for December settled at $21.099 an ounce, up $0.510 or about 2.5%. Copper futures for December ended higher by $0.0800 at $3.4900 per pound,

While U.S. manufacturing activity grew at its slowest pace in nearly 2-1/2 years, construction spending fell by the most in 1-1/2 years in August, separate data showed on Monday. The data raising hopes for a dovish pivot from the U.S. Federal Reserve.

The Bank of England is the first to pivot back to quantitative easing, claiming to restore market functioning and reduce risks of contagion.

Traders now look ahead to U.S. non-farm payrolls data due on Friday, for more clarity on the Fed’s policy tightening.

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European Economics Preview: Germany GfK Consumer Confidence Due

Consumer confidence data from Germany and France are the only major reports due on Wednesday.

At 2.00 am ET, the market research group GfK is slated to issue consumer sentiment survey data for October. The sentiment index is seen at -39.0 versus -36.5 in September.

Also, Statistics Sweden is set to publish retail sales data for August. In the meantime, retail sales from Norway and Denmark are due.

At 2.45 am ET, the French statistical office Insee publishes consumer sentiment survey results. The consumer confidence index is expected to fall to 80.0 in September from 82.0 in August.

At 3.00 am ET, the National Institute of Economic Research is scheduled to release Sweden’s economic tendency survey data for September.

At 4.00 am ET, Italy’s Istat publishes business and consumer confidence data. The business sentiment index is seen at 102.1 in September versus 104.3 a month ago.
Similarly, the consumer confidence index is expected to fall to 95.1 from 98.3.

Also, S&P Global publishes Austria’s manufacturing Purchasing Managers’ survey data at 4.00 am ET.

At 5.00 am ET, industrial turnover data is due from Italy. Sales had decreased 0.2 percent on month in June.