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CULP

Culp, Inc. (NYSE:CULP) reported Q2 earnings with losses of 19 cents per share, beating analyst estimates of 22 cents losses and showing improvement from last year's 99 cents losses. Sales increased slightly to $58.70 million, surpassing expectations of $57.80 million. The Mattress Fabrics Segment saw a 19.6% increase in sales, while the Upholstery Fabrics Segment experienced a 14.9% decrease. The company expects Q3 net sales to be similar to Q2 and higher than the previous year. CULP shares rose 5.85% in after-hours trading to $4.96.

Portfolio Pulse from Ryan Gustafson

December 04, 2023 | 10:46 pm

FFNTF

ITHUF

JSDA

XBRAF

XXII

The cannabis industry sees a wave of executive appointments and board updates. Aaron Lopez is now the head of the National Hispanic Cannabis Council. The Blinc Group, 22nd Century Group, and Healing Commercial Real Estate Inc. have appointed new CEOs. 22nd Century Group (XXII) also sold its hemp/cannabis operations to Specialty Acquisition Corporation. Xebra Brands Ltd. (XBRAF) and iAnthus Capital Holdings, Inc. (ITHUF) elected new board directors. 4Front Ventures Corp. (FFNTF), Wana Brands, Jones Soda Co. (JSDA), FundCanna, FloraWorks Holdings Inc., and Ziel announced other key appointments.

Portfolio Pulse from Jelena Martinovic

December 04, 2023 | 10:46 pm

KVSA

Khosla Ventures Acquisition Co. has announced the redemption of its public shares, followed by the company's dissolution. This move comes after the company was unable to complete a business combination within the timeframe set by its charter.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 10:40 pm

ATAT

Atour Lifestyle Holdings Limited (ATAT) has announced the commencement of a proposed secondary offering of 8 million American Depositary Shares (ADSs) by entities affiliated with Legend Capital. The underwriters have an option to purchase up to an additional 1.2 million ADSs within 30 days. Each ADS represents three Class A ordinary shares.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 10:38 pm

PRSR

LeddarTech and Prospector Capital announced the effectiveness of their registration statement and scheduled an Extraordinary General Meeting for December 13, 2023, to approve their business combination. This step is crucial for the merger process, which will result in LeddarTech becoming a publicly traded company through Prospector Capital's SPAC structure.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 10:32 pm

BTC-USD

ETC-USD

MSTR

Ethereum Classic (ETC) has seen a 7.8% increase over the past week, amidst a broader cryptocurrency market strength. Bitcoin (BTC) soared above $40,000 after MicroStrategy purchased 16,130 Bitcoins, reinforcing investor trust in cryptocurrencies. The SEC is considering a rule change for a Fidelity spot Ethereum ETF, indicating growing institutional interest in crypto. While not directly impacting Ethereum Classic, these developments could boost sentiment for ETC as well.

Portfolio Pulse from Henry Khederian

December 04, 2023 | 10:23 pm

SNCR

TURN

180 Degree Capital disclosed an 8% ownership stake in Synchronoss Technologies through a 13D filing, indicating that the shares were purchased for investment purposes.

Portfolio Pulse from Charles Gross

December 04, 2023 | 10:14 pm

JOAN

Joann Inc. (NASDAQ:JOAN) stock dropped in after-hours trading following its Q3 earnings report. The company met analyst expectations with a loss of 21 cents per share, a significant decrease from the prior year's earnings. Quarterly sales of $539.80 million fell short of the $547.20 million estimate and were down 4.09% year-over-year. E-commerce sales grew by 11.5%, but operational cash use increased and free cash flow decreased. Joann announced a cost reduction target of $225 million under its Focus, Simplify and Grow initiative. Full-year 2024 Net Sales are expected to decrease by 1-2%. Shares were down 13.48% at $0.89 in after-hours trading.

Portfolio Pulse from Ryan Gustafson

December 04, 2023 | 10:14 pm

PTN

Palatin Technologies has filed with the SEC for the potential sale of up to 2,476,416 shares of common stock by selling shareholders. This filing allows these shareholders to sell their shares in the market, although it does not necessarily mean that all the shares will be sold or that they will be sold immediately.

Portfolio Pulse from Charles Gross

December 04, 2023 | 10:04 pm

IDT

IDT Corporation expressed optimism about its positioning as it enters Q2 of FY24, with plans to continue opportunistic share repurchases. The company anticipates that net2phone AI and upcoming premium plans will contribute to significant ARPU (average revenue per user) and margin growth.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 9:49 pm