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AON

Aon plc reported lower-than-expected Q1 financial results, with earnings and sales missing market estimates. Despite a drop in operating margin, adjusted operating margin and EPS saw improvements. Aon's acquisition of NFP is highlighted as a positive move. Shares fell 6.9% following the announcement. Analysts from Piper Sandler and B of A Securities adjusted their price targets for Aon.

Portfolio Pulse from Avi Kapoor

April 29, 2024 | 1:09 pm

FCOM

META

XLC

The European Commission is set to investigate Meta Platforms Inc (NASDAQ:META) over concerns that Facebook and Instagram have not adequately combated Russian disinformation, potentially affecting electoral integrity. The probe will examine Meta's content moderation, political advertising, and the discontinuation of CrowdTangle, a tool for tracking disinformation. Meta has a five-day window to propose mitigation measures to comply with the EU's Digital Services Act, failing which could lead to regulatory actions. Meta's stock is trading lower by 1.1% in premarket trading.

Portfolio Pulse from Shivani Kumaresan

April 29, 2024 | 1:09 pm

FULT

Fulton Financial's stock is trading higher following the announcement of a $250 million offering, pricing 16,666,667 shares at $15.00 each.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 1:08 pm

HOPE

Hope Bancorp reported Q1 2024 adjusted EPS of $0.23, missing the $0.26 estimate, and sales of $123.333M, below the $130.428M estimate. This represents a 30.3% decrease in earnings and a 14.86% decrease in sales from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 1:04 pm

VINO

Gaucho Group Holdings, Inc. (NASDAQ:VINO) announced a 1-for-10 reverse stock split effective May 1, 2024, to comply with Nasdaq's minimum bid price requirements. The split-adjusted trading is set to begin on the same day under the symbol 'VINO'. This action will reclassify every 10 shares into one and adjust the exercise prices and number of shares underlying the company's outstanding equity awards and warrants. The reverse stock split aims to maintain the company's Nasdaq listing without affecting the number of authorized shares or the par value.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 1:04 pm

ATXI

Avenue Therapeutics' stock price has declined following the announcement of the exercise of warrants, resulting in $4.4 million in gross proceeds.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 1:04 pm

ZVSA

ZyVersa Therapeutics' shares surged following the announcement of a scientific paper's publication in a peer-reviewed journal, supporting the use of IC 100 to potentially reduce cardiac comorbidities in Alzheimer's Disease patients.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 1:02 pm

HOPE

TBNK

Hope Bancorp, Inc. (HOPE) and Territorial Bancorp Inc. (TBNK) announced a definitive merger agreement, with Territorial shareholders to receive 0.8048 shares of Hope Bancorp stock for each share of Territorial stock, in a deal valued at approximately $78.6 million. The merger aims to create the largest regional bank serving multi-ethnic communities across the continental U.S. and Hawaii, preserving the Territorial Savings Bank brand and expanding the combined company's footprint, diversifying its loan mix, and enhancing its deposit base and customer services. The transaction is expected to close by the end of 2024, subject to regulatory and shareholder approvals, and is anticipated to be immediately accretive to Hope Bancorp's earnings.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 1:02 pm

EMN

Eastman Chemical (NYSE:EMN) reported Q1 earnings surpassing expectations with adjusted earnings of $1.61 per share against the forecasted $1.43. Sales reached $2.310 billion, slightly above estimates of $2.293 billion. The company observed strong demand across key markets and confirmed FY2024 earnings guidance of $7.25 to $8.00 per share. Following the announcement, B of A Securities and Jefferies revised their price targets for EMN, with B of A Securities reducing it to $112 and Jefferies raising it to $125.

Portfolio Pulse from Avi Kapoor

April 29, 2024 | 1:01 pm

KORE

Trading of KORE Group Holdings shares has been temporarily halted, with an announcement indicating that news is pending.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 1:01 pm