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Pre-market Movers: SOUN, BIOL, QMCO, FATH, VXRT…

Westpac Group H1 Profit Down

Australia’s Westpac Group (WBC.AX,WBK) reported that its net profit attributable to owners of the company for first half 2022 was A$3.28 billion, A$163 million or 5% lower than first half 2021, due to a A$511 million turnaround in impairment charges. On a per share basis, earnings were 85.7 cents down from 86.4 cents last year.

Cash earnings were A$3.10 billion down 12% from the first half 2021. Excluding notable items, cash earnings were A$3.10 billion, down 19% from the previous year. The decrease was principally due to a A$511 million movement in impairment charges and a A$377 million decrease in net interest income.

Net interest income was A$8.29 billion down from A$8.35 billion in the previous year.

The Board has determined an interim dividend of 61 cents per share, to be paid on 24 June 2022 to shareholders on the register at the record date of 20 May 2022.

The company expects the Australian economy to expand by 4.5% in 2022 but slow to 2.5% in 2023. Credit growth is forecast to be a strong 5.7% in 2022 slowing to 4.3% in 2023.

UK's Ideagen agrees to $1.3 billion buyout offer

(Reuters) – Ideagen Plc agreed to a takeover by private equity firm Hg Pooled Management in an all-cash deal valuing the British software firm at 1.09 billion pounds ($1.34 billion), the companies said on Monday.

Ideagen shareholders will receive 350 pence per share.

($1 = 0.8147 pounds)

Infineon Technologies Q2 Profit Climbs – Quick Facts

German semiconductor company Infineon Technologies AG (IFNNY) reported that its profit for the second quarter of its 2022 climbed to 469 million euros or $0.35 euros per share from 203 million euros or 0.15 euros per share in the prior year.

Adjusted earnings per share were 0.44 euros compared to 0.24 euros per share last year.

Revenue for the second quarter was 3.298 billion euros, up 22 percent year on year.

Infineon expects revenue of around 3.4 billion euros in the third quarter of the 2022 fiscal year. ATV segment revenue is forecast to grow by a mid-single-digit percentage.

For the 2022 fiscal year, the company now expects revenue to be 13.5 billion euros plus or minus 500 million euros. In February, it expected annual revenue to be 13.0 billion euros, plus or minus 500 million euros.

Victrex Plc H1 Underlying Profit Rises

Victrex plc (VCT.L) said its first half underlying profit before tax was up 3%, and up 10% in constant currency from prior year. Sales volumes were up 8%, for the period.

For the six months ended 31 March 2022, profit before tax and exceptional items increased to 48.2 million pounds from 46.6 million pounds, last year. Underlying earnings per share was up 2% at 47.8 pence.

Profit before tax was 43.6 million pounds compared to 46.6 million pounds, last year. Reported profit before tax declined 6% reflecting 4.6 million pounds exceptional items relating to one off expensed ERP software implementation, the Group noted. Earnings per share was 43.3 pence compared to 46.8 pence.

First half revenue increased to 160.1 million pounds from 150.9 million pounds, previous year.

For the remainder of fiscal 2022, the Group projects continuing volume growth, which is likely to see growth of a similar magnitude to the first half. For fiscal 2022 as a whole, the Group remains focused on delivering good year-on-year growth.

The Group proposed an interim dividend of 13.42 pence per share.

Shaftesbury, Capco In Advanced Talks Regarding Possible Merger – Quick Facts

The Boards of Shaftesbury PLC (SHB.L) and Capital & Counties Properties PLC (CAPC.L) confirmed they are in advanced talks regarding a possible all-share merger. Under the proposed terms, Shaftesbury shareholders, excluding the Shaftesbury shareholding owned by Capco, will own 53% of the combined company, and Capco shareholders will own 47% of the combined company.

The combined company will be led by Jonathan Nicholls as Chairman and Ian Hawksworth as CEO. Situl Jobanputra will be the CFO and Chris Ward will be the COO. Brian Bickell will retire on completion of the merger.

Norges Bank, a major shareholder in both Shaftesbury and Capco, has signalled its support to explore a merger. The companies noted that the discussions are ongoing and the full terms have not been finalised.

Pre-market Movers: SOUN, BIOL, QMCO, FATH, VXRT…

The following are some of the stocks making big moves in Monday’s pre-market trading (as of 07.10 A.M. ET).

In the Green

SoundHound AI, Inc. (SOUN) is up over 117% at $14.14
BIOLASE, Inc. (BIOL) is up over 30% at $6.00
Quantum Corporation (QMCO) is up over 19% at $2.24
Fathom Digital Manufacturing Corporation (FATH) is up over 14% at $7.78
Vaxart, Inc. (VXRT) is up over 14% at $4.00
Clipper Realty Inc. (CLPR) is up over 10% at $9.84
Ouster, Inc. (OUST) is up over 9% at $3.62
AMTD IDEA Group (AMTD) is up over 8% at $2.49
180 Life Sciences Corp. (ATNF) is up over 8% at $2.29
Qualys, Inc. (QLYS) is up over 7% at $145.94
System1, Inc. (SST) is up over 7% at $13.53
Hudbay Minerals Inc. (HBM) is up over 7% at $6.90
Silvercorp Metals Inc. (SVM) is up over 5% at $3.20
Nordic American Tankers Limited (NAT) is up over 5% at $2.70

In the Red

Chinook Therapeutics, Inc. (KDNY) is down over 10% at $13.57
Belite Bio, Inc (BLTE) is down over 10% at $9.44
Vaxxinity, Inc. (VAXX) is down over 10% at $6.20
Companhia Energética de Minas Gerais (CIG) is down over 10% at $2.71
Neovasc Inc. (NVCN) is down over 9% at $5.80
Forge Global Holdings, Inc. (FRGE) is down over 8% at $17.30
ICON Public Limited Company (ICLR) is down over 6% at $212.00
T Stamp Inc. (IDAI) is down over 6% at $3.85
FREYR Battery (FREY) is down over 5% at $8.47
Takung Art Co., Ltd. (TKAT) is down over 5% at $2.38