Fall In US Covid Cases After Several Weeks

WP Carey Says CPA:18 Shareholders Endorse Proposed Merger

W. P. Carey Inc. (WPC), a real estate investment trust, said on Wednesday that its proposed merger with Corporate Property Associates 18 -Global Incorporated or CPA: 18, has been approved by the stockholders of CPA: 18.

The proposed transaction is now expected to be closed on August 1.

Earlier this year, the WPC had agreed for this merger transaction valued at about $2.7 billion, including the assumption of debt.

As per the deal, CPA:18 stockholders will be entitled to receive a fixed exchange ratio of 0.0978 of a share of W. P. Carey common stock plus $3.00 of cash for each share of CPA:18 common stock held by them, representing total consideration with an initial implied value of $10.45 per share.

Upon closing of the merger, W. P. Carey stockholders and CPA:18 stockholders will own around 93 percent and 7 percent of the combined company, respectively.

Faze Clan Goes Public Via SPAC Merger

One of the biggest e-sports companies in the world, Faze Clan on Wednesday announced that it had gone public through a SPAC merger with B. Riley Principal 150 Merger Corp. The deal values Faze at $725 million, which is lower than the original $1 billion announced when the merger was disclosed in October. Faze is now trading on the Nasdaq exchange under the ticker symbol FAZE.

Faze is a big e-sports and gaming lifestyle brand and it is highly popular among younger audiences. The company said that around 80 percent of its audience is between the ages of 13 and 34. It has 11 competitive esports teams in games like Counter-Strike: Global Offensive, Fortnite, PUBG, and Valorant.

The company has also ventured into other areas beyond gaming by opening an expansive merch shop, where you get to buy all types of gear with the company logo attached and a studio for original film and TV projects.

Ever since it was founded in 2010, the company has met with some hurdles. Faze settled a lawsuit with Twitch streamer Tfue, who was at one point signed with the company and then alleged that the former had been financially exploiting him. The company also cut ties with former Miami Heat player Meyers Leonard after he used a racial slur at a public platform.

Going forward, Faze has plans to venture outside the realm of gaming. CEO Lee Trink told the media that Faze is looking at options like gambling, ghost kitchens, and fan clubs and possible partnerships with Web3 companies.

Green Giant Stock Gains 15%

Shares of Green Giant Inc. (GGE) are gaining nearly 15% on Wednesday morning despite no stock-related news to drive the shares.

GGE is currently trading at $2.2801, up $0.2901 or 14.58%, on the Nasdaq. The stock opened its trading at $2.08 after closing at $1.99 on Tuesday. The stock has traded between $0.87 and $3.80 in the past 52-week period.

Green Giant Inc. develops real estate properties in China. It engages in the construction and sale of residential apartments, parking lots, and commercial properties.

Corcept Therapeutics Continues Upward Rally

Shares of pharmaceutical company Corcept Therapeutics Inc. (CORT) are up 8 percent on Wednesday’s trading continuing their upward movement since the past few days.

The stock is in tandem with the U.S stock market, which is in the green since early Wednesday morning. There has not been any company announcement to influence the stock.

Currently at $28.91, the stock has traded between $15.83 and $29.93 during the past 52 weeks.

Blue Water Vaccines Stock Surges 70%

Shares of Blue Water Vaccines, Inc. (BWV) are surging nearly 70% on Wednesday morning. BWV is currently trading at $3.47, up $1.42 or 69.2683%, on the Nasdaq.

The stock opened its trading at $3.50 after closing Tuesday’s trading at $2.05. The stock has traded between $1.80 and $90.90 in the past 52-week period.

On Monday, in an SEC filing, Blue Water Vaccines announced that it has entered into a Sponsored Research Agreement with Children’s Hospital Medical Center, Cincinnati Children’s Hospital Medical Center relating to the exploration and research of vaccine development of the company’s norovirus shell and protrusion platform for multiple diseases.

Kraft Heinz Tanks 7% After Raising Product Prices

Shares of food and beverage company The Kraft Heinz Co. (KHC) are down 7 percent on Wednesday’s trading on news of the company raising its prices more than 12 percent to offset higher costs.

The company recently posted second-quarter net income of $265 million, or $0.21 per share, after a loss of $27 million, or $0.02 per share, last year. Sales of $6.55 billion were down from $6.62 billion a year ago.

Looking ahead, the company now expects full year organic net sales growth in the high-single-digit percentage, up from previous guidance for growth in the mid-single-digit percentage.

Currently at $35.88, the stock has traded between $32.78 and $44.87 during the past 52 weeks.

PayPal Holdings Gains On Reports Of Elliott Building Stake

PayPal Holdings, Inc. (PYPL) shares are up more than 8 percent on Wednesday morning on reports that activist investor Elliott Management is targeting the company. PayPal will report its quarterly earnings on August 2.

Currently, shares are at $84.98, up 10.25 percent from the previous close of $77.04 on a volume of 11,681,274.

Fall In US Covid Cases After Several Weeks

After several weeks of upward trend in Covid metrics graph, Covid-positive cases fell by 2 percent in the last two weeks, New York Times’ latest tally shows.

Concurrently, there is a significant fall in the rate of Covid deaths in the same period.

With 166598 new cases reporting on Tuesday, the total number of people infected with coronavirus in the United States has risen to 90,756,237, as per Johns Hopkins University’s latest data.

517 additional deaths on the same day took the total U.S. Covid casualties to 1,028,015.

California reported the most number of cases – 47,613 – while Michigan reported most deaths – 94.

Nearly 43000 people are currently in American hospitals with the coronavirus, an increase of 12 percent over the last two weeks. More than 4800 of these patients are admitted in intensive care units, marking 12 percent rise in a fortnight.

87,648,838 people have so far recovered from the disease, the Worldometer tally shows.

2755 additional deaths were reported globally on Tuesday, taking the total number of people who lost their lives due to the pandemic so far to 6,389,649.