World View To Combine With Leo Holdings Corp. II

First Republic Bank Q4 Net Income Declines; Revenues Up 5.2%

First Republic Bank (FRC) reported that its fourth quarter net income was $386 million, down 3.6% from a year ago. Earnings per share was $1.88, down 6.9%. Analysts on average had expected the company to earn $1.80 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

Revenues were $1.4 billion, up 5.2% from last year. Net interest income was $1.2 billion, up 4.9%. Analysts on average had estimated $1.44 billion in revenue.

The Bank declared a cash dividend for the fourth quarter of $0.27 per share of common stock, which is payable on February 9, 2023 to shareholders of record as of January 26, 2023.

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Pre-market Movers: ZVSA, SPCE, ELOX, AGBA, SHPH…

The following are some of the stocks making big moves in Friday’s pre-market trading (as of 07.40 A.M. ET).

In the Green

ZyVersa Therapeutics, Inc. (ZVSA) is up over 67% at $4.30.
Virgin Galactic Holdings, Inc. (SPCE) is up over 18% at $5.48.
Eloxx Pharmaceuticals, Inc. (ELOX) is up over 15% at $5.32.
Shuttle Pharmaceuticals Holdings, Inc. (SHPH) is up over 13% at $2.01.
WISeKey International Holding AG (WKEY) is up over 12% at $2.38.
Allego N.V. (ALLG) is up over 7% at $3.99.
Cerberus Cyber Sentinel Corporation (CISO) is up over 7% at $2.18.
Hanesbrands Inc. (HBI) is up over 6% at $8.50.
New Oriental Education & Technology Group Inc. (EDU) is up over 5% at $42.50.

In the Red

AGBA Group Holding Limited (AGBA) is down over 13% at $4.56.
China Eastern Airlines Corporation Limited (CEA) is down over 11% at $19.00.
Bakkt Holdings, Inc. (BKKT) is down over 11% at $2.46.
Expion360 Inc. (xpon) is down over 11% at $2.22. Holdings, Inc. (BBAI) is down over 10% at $2.74.
Carvana Co. (CVNA) is down over 8% at $7.38.
Biora Therapeutics, Inc. (BIOR) is down over 6% at $4.98.
Tesla, Inc. (TSLA) is down over 5% at $116.66.
Logitech International S.A. (LOGI) is down over 5% at $53.82.

SEC Intervenes in Genesis-Gemini Feud Suing Both Companies

The SEC filed a complaint against Genesis Global and Gemini Trust over the unregistered sale of crypto assets through Gemini Earn.

Genesis’ trading arm froze withdrawals from its platform in the wake of FTX’s collapse prompting Gemini Earn to do the same mere hours later.

In early January, Gemini’s Cameron Winklevoss published an open letter accusing Barry Silber, the CEO of the DCG—the company that owns Genesis—of negotiating in bad faith and later called for his removal.

According to reports from Thursday, the DCG is considering the sale of some of its crypto assets to cover Genesis’ $3B debt to customers.

This article originally appeared on The Tokenist

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Citigroup Inc. Profit Drops In Q4, but beats estimates

Citigroup Inc. (C) revealed earnings for fourth quarter that decreased from the same period last year but beat the Street estimates.

The company’s bottom line totaled $2.51 billion, or $1.16 per share. This compares with $3.17 billion, or $1.46 per share, in last year’s fourth quarter.

Analysts on average had expected the company to earn $1.14 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 5.8% to $18.01 billion from $17.02 billion last year.

Citigroup Inc. earnings at a glance (GAAP) :

-Earnings (Q4): $2.51 Bln. vs. $3.17 Bln. last year.
-EPS (Q4): $1.16 vs. $1.46 last year.
-Analyst Estimates: $1.14
-Revenue (Q4): $18.01 Bln vs. $17.02 Bln last year.

Johnson Controls Buys Hybrid Energy For Undisclosed Sum

Johnson Controls Inc. (JCI), an American Irish conglomerate, said on Friday that it has acquired Hybrid Energy AS, to boost its industrial heat pump portfolio.

Financial terms of the transaction were not disclosed.

Based in Norway, Hybrid Energy will support the ability of Johnson Controls to address high-temperature heating requirements with a hybrid heat pump as its core.

“Through patented technology, Hybrid Energy solutions can achieve temperatures greater than 100 degrees Celsius using ultra-low-global warming potential natural refrigerants,” Johnson Controls said in a statement.

The acquisition will also help Johnson Controls to provide high-temperature heat pumps in rapidly growing district heating and industrial markets, especially in Europe.

World View To Combine With Leo Holdings Corp. II

World View, a stratospheric exploration and flight provider Friday announced a definitive combination agreement with special purpose acquisition company Leo Holdings Corp. II (LHC).

As per the agreement, World View may receive up to $121 million in gross proceeds. The combined company will have an estimated enterprise value of $350 million.

Upon combination, World View will become a publicly listed company. The Boards of World View and Leo each unanimously approved the transaction.

World View said it plans to use the capital to expand its global remote sensing business into new markets and industries and will continue developing its next-generation capabilities including its space tourism and research and education businesses.

The transaction is expected to close in the second quarter of 2023.