Author: cpatches

Metals & Mining Third Quarter 2023 Review and Outlook

Posted on by cpatches

Monday, October 2, 2023

Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the bottom of the report for important disclosures

Mining companies outperform the broader market. During the third quarter, mining companies (as measured by the XME) rose 3.3% compared to a decline of 3.6% for the S&P 500 index. The VanEck Vectors Gold Miners (GDX) and Junior Gold Miners (GDXJ) ETFs were down 10.6% and 9.6%, respectively. Gold, silver, and copper futures prices fell 3.3%, 1.6%, and 0.6%, respectively, while zinc and lead were up 8.7% and 6.2%. Gold was likely negatively impacted by the Federal Reserve’s higher rates for longer messaging coupled with a 3.2% increase in the U.S. Dollar Index. Year-to-date through September 30th, the XME, GDX, and GDXJ have all lagged the S&P 500 index return of 11.7%.  

Looking ahead to 2024. While we expected weakness in the second half of 2023, prices have remained relatively resilient, and we are increasingly bullish going into 2024. Factors supporting our view include: 1) the Federal Reserve appears to be nearing the end of its tightening cycle, 2) a new norm of heightened geopolitical uncertainty, 3) unsustainable growth in U.S. deficit spending and national debt, and 4) increasing investments in gold by central banks. Given the level of uncertainty reinforced by a dysfunctional U.S. political environment, we think portfolio allocations to precious metals could increase. While much will depend on monetary policy which appears to be working, we think the higher for longer mantra makes for nice messaging but actual policy will be data driven.

Outlook for industrial metals. While a potential economic downturn in the U.S. coupled with sluggish growth abroad could weigh on industrial metals demand and prices, longer-term secular trends such as electrification remain supportive of supply and demand fundamentals for metals such as copper. In the intermediate term, government support for infrastructure spending and strong demand from certain sectors such as aerospace, defense, and electronics are supportive of industrial metals.

Putting it all together. We think precious metals equities may be poised for outperformance in 2024. While well-diversified portfolios should have exposure to precious metals, mining equities may offer a stronger current alternative to bullion. In our opinion, junior companies remain attractive based on valuation and we expect industry consolidation to increase as senior producers seek to replenish reserves and resources. For industrial metals stocks, investors may need to be more selective by focusing on suppliers to end use markets with favorable demand growth fundamentals.

GENERAL DISCLAIMERS

All statements or opinions contained herein that include the words “we”, “us”, or “our” are solely the responsibility of Noble Capital Markets, Inc.(“Noble”) and do not necessarily reflect statements or opinions expressed by any person or party affiliated with the company mentioned in this report. Any opinions expressed herein are subject to change without notice. All information provided herein is based on public and non-public information believed to be accurate and reliable, but is not necessarily complete and cannot be guaranteed. No judgment is hereby expressed or should be implied as to the suitability of any security described herein for any specific investor or any specific investment portfolio. The decision to undertake any investment regarding the security mentioned herein should be made by each reader of this publication based on its own appraisal of the implications and risks of such decision.

This publication is intended for information purposes only and shall not constitute an offer to buy/sell or the solicitation of an offer to buy/sell any security mentioned in this report, nor shall there be any sale of the security herein in any state or domicile in which said offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or domicile. This publication and all information, comments, statements or opinions contained or expressed herein are applicable only as of the date of this publication and subject to change without prior notice. Past performance is not indicative of future results. Noble accepts no liability for loss arising from the use of the material in this report, except that this exclusion of liability does not apply to the extent that such liability arises under specific statutes or regulations applicable to Noble. This report is not to be relied upon as a substitute for the exercising of independent judgement. Noble may have published, and may in the future publish, other research reports that are inconsistent with, and reach different conclusions from, the information provided in this report. Noble is under no obligation to bring to the attention of any recipient of this report, any past or future reports. Investors should only consider this report as single factor in making an investment decision.

IMPORTANT DISCLOSURES

This publication is confidential for the information of the addressee only and may not be reproduced in whole or in part, copies circulated, or discussed to another party, without the written consent of Noble Capital Markets, Inc. (“Noble”). Noble seeks to update its research as appropriate, but may be unable to do so based upon various regulatory constraints. Research reports are not published at regular intervals; publication times and dates are based upon the analyst’s judgement. Noble professionals including traders, salespeople and investment bankers may provide written or oral market commentary, or discuss trading strategies to Noble clients and the Noble proprietary trading desk that reflect opinions that are contrary to the opinions expressed in this research report.
The majority of companies that Noble follows are emerging growth companies. Securities in these companies involve a higher degree of risk and more volatility than the securities of more established companies. The securities discussed in Noble research reports may not be suitable for some investors and as such, investors must take extra care and make their own determination of the appropriateness of an investment based upon risk tolerance, investment objectives and financial status.

Company Specific Disclosures

The following disclosures relate to relationships between Noble and the company (the “Company”) covered by the Noble Research Division and referred to in this research report.
Noble is not a market maker in any of the companies mentioned in this report. Noble intends to seek compensation for investment banking services and non-investment banking services (securities and non-securities related) with any or all of the companies mentioned in this report within the next 3 months

ANALYST CREDENTIALS, PROFESSIONAL DESIGNATIONS, AND EXPERIENCE

Senior Equity Analyst focusing on Basic Materials & Mining. 20 years of experience in equity research. BA in Business Administration from Westminster College. MBA with a Finance concentration from the University of Missouri. MA in International Affairs from Washington University in St. Louis.
Named WSJ ‘Best on the Street’ Analyst and Forbes/StarMine’s “Best Brokerage Analyst.”
FINRA licenses 7, 24, 63, 87

WARNING

This report is intended to provide general securities advice, and does not purport to make any recommendation that any securities transaction is appropriate for any recipient particular investment objectives, financial situation or particular needs. Prior to making any investment decision, recipients should assess, or seek advice from their advisors, on whether any relevant part of this report is appropriate to their individual circumstances. If a recipient was referred to Noble Capital Markets, Inc. by an investment advisor, that advisor may receive a benefit in respect of
transactions effected on the recipients behalf, details of which will be available on request in regard to a transaction that involves a personalized securities recommendation. Additional risks associated with the security mentioned in this report that might impede achievement of the target can be found in its initial report issued by Noble Capital Markets, Inc.. This report may not be reproduced, distributed or published for any purpose unless authorized by Noble Capital Markets, Inc..

RESEARCH ANALYST CERTIFICATION

Independence Of View
All views expressed in this report accurately reflect my personal views about the subject securities or issuers.

Receipt of Compensation
No part of my compensation was, is, or will be directly or indirectly related to any specific recommendations or views expressed in the public
appearance and/or research report.

Ownership and Material Conflicts of Interest
Neither I nor anybody in my household has a financial interest

Energy Industry Report – Oil prices on a tear – the case for why prices will stay high

Posted on by cpatches

Monday, October 2, 2023

Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the bottom of the report for important disclosures

Oil price rose 30% in the third quarter helping propel the XLE Energy Index up 11.4%. Natural gas prices also rose after twelve months of decline. Higher oil prices reflect declining inventories due to rising demand that is not being met by rising supply.

Domestic oil demand is rising. Oil demand largely tracks the economy. And, while monetary tightening has slowed growth, demand is still growing. Recently, domestic demand has increased due to warm summer weather and increased propane exports to Europe.

Oil supply is not keeping pace. OPEC+ extended its production cuts. In previous decades, domestic producers would respond to production cuts by accelerating drilling. In recent years, producers have not increased drilling as noted by a sharp decline in domestic oil rig activity. Oil drilling rigs even declined this quarter despite the rise in oil prices. Limited drilling, combined with sharper well decline curves, has meant supply is not keeping up with demand. 

Small cap producers are uniquely positioned to take advantage of higher prices. The production gains that came from horizontal drilling and fracking in the Permian Basin appear to be waning. That means well profitability has declined as producers move on to secondary and tertiary targets. This is especially an issue for larger production companies that need a large number of wells drilled to provide growth. In addition, large companies face regulatory and investor pressures regarding fossil fuel production that the smaller companies may avoid.

Energy Stocks

Energy stocks, as measured by the XLE Energy Index, rose 11.4% in the 2023 third quarter as compared to a 3.6% decline in the S&P 500 Index.  The outperformance was largely due to rising oil prices. The November 2023 futures contract rose 30% during the quarter. Natural gas prices rose 4.9% during the quarter largely reflecting normal seasonal trends.

Oil Prices

The rise in oil prices corresponds to a drop in inventories. After a covid-induced spike in  early 2020, domestic inventories have fallen steadily. During this period of monetary tightening, demand growth has slowed but remained positive. Supply, on the other hand, has stagnated. OPEC+ has extended cutbacks and domestic drilling activity has declined.

Figure #1

Source: EIA

The decline in drilling activity can best be seen by looking at domestic oil rig activity. Where once there were more than 1600 active wells, now there are one-third that number. What’s more, oil drilling activity has continued to decline in the third quarter even as oil prices have risen.

Figure #2

Source: Baker Hughes

Weather has also played a part as warm temperatures have meant increased use of oil for electric generations. Although oil represents a small portion of the generation load, it is an important component in the summer months when generation demand is greatest. Temperatures in the United States have been warmer than average each month this summer and 17 of the 24 months over the last four years.

Figure #3


Finally, it is worth noting that petroleum exports have been growing. Exports jumped after the Ukraine invasion as the United States rushed to ship petroleum to Europe to offset Russian supply disruptions. Note the large jump in propane exports since 2021 in the chart below. Propane, a component of the crude oil barrel, is one of the easier fuels to export until additional liquified natural gas export terminals are completed.

Figure #4

The combination of limited drilling, growing demand for electric generation and exports, and OPEC production cuts bodes well for oil prices.

Natural Gas Prices

The story for natural gas is less positive but improving. Sharp declines last winter bottomed out in April and have slowly begun to creep back upward. Natural gas production profitability is not great at prices near $3.00 per thousand cubic feet (mcf) but still profitable.  

Figure #5

Source: Nymex, EIA

Outlook

We believe the outlook for energy companies remains favorable. Oil prices are high and do not show signs of falling due to OPEC cuts, reduced domestic drilling and rising demand for power generation and exports. We believe the case for smaller cap energy stocks is especially strong because they are less liquid and slower to react to rising energy prices. Smaller energy companies also face less political and investor pressure to shift away from carbon-based production.

GENERAL DISCLAIMERS

All statements or opinions contained herein that include the words “we”, “us”, or “our” are solely the responsibility of Noble Capital Markets, Inc.(“Noble”) and do not necessarily reflect statements or opinions expressed by any person or party affiliated with the company mentioned in this report. Any opinions expressed herein are subject to change without notice. All information provided herein is based on public and non-public information believed to be accurate and reliable, but is not necessarily complete and cannot be guaranteed. No judgment is hereby expressed or should be implied as to the suitability of any security described herein for any specific investor or any specific investment portfolio. The decision to undertake any investment regarding the security mentioned herein should be made by each reader of this publication based on its own appraisal of the implications and risks of such decision.

This publication is intended for information purposes only and shall not constitute an offer to buy/sell or the solicitation of an offer to buy/sell any security mentioned in this report, nor shall there be any sale of the security herein in any state or domicile in which said offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or domicile. This publication and all information, comments, statements or opinions contained or expressed herein are applicable only as of the date of this publication and subject to change without prior notice. Past performance is not indicative of future results. Noble accepts no liability for loss arising from the use of the material in this report, except that this exclusion of liability does not apply to the extent that such liability arises under specific statutes or regulations applicable to Noble. This report is not to be relied upon as a substitute for the exercising of independent judgement. Noble may have published, and may in the future publish, other research reports that are inconsistent with, and reach different conclusions from, the information provided in this report. Noble is under no obligation to bring to the attention of any recipient of this report, any past or future reports. Investors should only consider this report as single factor in making an investment decision.

IMPORTANT DISCLOSURES

This publication is confidential for the information of the addressee only and may not be reproduced in whole or in part, copies circulated, or discussed to another party, without the written consent of Noble Capital Markets, Inc. (“Noble”). Noble seeks to update its research as appropriate, but may be unable to do so based upon various regulatory constraints. Research reports are not published at regular intervals; publication times and dates are based upon the analyst’s judgement. Noble professionals including traders, salespeople and investment bankers may provide written or oral market commentary, or discuss trading strategies to Noble clients and the Noble proprietary trading desk that reflect opinions that are contrary to the opinions expressed in this research report.
The majority of companies that Noble follows are emerging growth companies. Securities in these companies involve a higher degree of risk and more volatility than the securities of more established companies. The securities discussed in Noble research reports may not be suitable for some investors and as such, investors must take extra care and make their own determination of the appropriateness of an investment based upon risk tolerance, investment objectives and financial status.

Company Specific Disclosures

The following disclosures relate to relationships between Noble and the company (the “Company”) covered by the Noble Research Division and referred to in this research report.
Noble is not a market maker in any of the companies mentioned in this report. Noble intends to seek compensation for investment banking services and non-investment banking services (securities and non-securities related) with any or all of the companies mentioned in this report within the next 3 months

ANALYST CREDENTIALS, PROFESSIONAL DESIGNATIONS, AND EXPERIENCE

Senior Equity Analyst focusing on Basic Materials & Mining. 20 years of experience in equity research. BA in Business Administration from Westminster College. MBA with a Finance concentration from the University of Missouri. MA in International Affairs from Washington University in St. Louis.
Named WSJ ‘Best on the Street’ Analyst and Forbes/StarMine’s “Best Brokerage Analyst.”
FINRA licenses 7, 24, 63, 87

WARNING

This report is intended to provide general securities advice, and does not purport to make any recommendation that any securities transaction is appropriate for any recipient particular investment objectives, financial situation or particular needs. Prior to making any investment decision, recipients should assess, or seek advice from their advisors, on whether any relevant part of this report is appropriate to their individual circumstances. If a recipient was referred to Noble Capital Markets, Inc. by an investment advisor, that advisor may receive a benefit in respect of
transactions effected on the recipients behalf, details of which will be available on request in regard to a transaction that involves a personalized securities recommendation. Additional risks associated with the security mentioned in this report that might impede achievement of the target can be found in its initial report issued by Noble Capital Markets, Inc.. This report may not be reproduced, distributed or published for any purpose unless authorized by Noble Capital Markets, Inc..

RESEARCH ANALYST CERTIFICATION

Independence Of View
All views expressed in this report accurately reflect my personal views about the subject securities or issuers.

Receipt of Compensation
No part of my compensation was, is, or will be directly or indirectly related to any specific recommendations or views expressed in the public
appearance and/or research report.

Ownership and Material Conflicts of Interest
Neither I nor anybody in my household has a financial interest in the securities of the subject company or any other company mentioned in this report.

August PCE Index Release Suggests Slower Pace of Inflation Growth

Posted on by cpatches

Today’s news brings the release of the August data for the Personal Consumption Expenditures (PCE) Index by the U.S. Bureau of Economic Analysis. This report, a crucial indicator of inflation and consumer spending in the United States, has set a positive tone for financial markets as they rally in early trading.

In August, the PCE Index recorded a year-over-year growth rate of 3.5%, showing a modest increase from the previous month’s 3.4%. On a monthly basis, the core PCE, the Federal Reserve’s preferred measure of inflation, inched up by 0.1%, slightly lower than the 0.2% increase in July.

The Federal Reserve has long regarded the core PCE as its favored measure of inflation. While the August PCE report has provided insight into inflation trends, it’s important to note that the Fed made a decision to keep interest rates steady earlier this week. Federal Reserve Chair Jerome Powell consistently references the core PCE figures when assessing inflation. Powell has emphasized that inflation remains above the Fed’s 2% target, which has informed the central bank’s recent decision to maintain interest rates within a range of 5.25%-5.50%. This decision underscores the Fed’s cautious approach to managing inflation while fostering economic growth.

Historically, PCE reports have played a significant role in guiding monetary policy and influencing market dynamics. When inflationary pressures rise, the Fed may respond by raising interest rates to curb price increases. Conversely, when PCE growth moderates, the central bank may opt for rate cuts to stimulate economic activity.

While the report suggests a slower pace of inflation growth in August compared to July, inflation remains a pertinent issue. Investors will closely monitor subsequent reports and Federal Reserve actions to gain insight into the trajectory of inflation and its potential impact on financial markets and the broader economy. The early market rally reflects the market’s optimism following the release of the latest PCE data, as it continues to navigate the evolving economic landscape.

Blue Apron to be Acquired by Wonder Group in $103 Million Deal

Posted on by cpatches

Blue Apron Holdings, Inc. (Nasdaq: APRN), a pioneer in the meal kit industry, has announced a definitive merger agreement with Wonder Group, a company founded by entrepreneur Marc Lore, known for redefining at-home dining and food delivery. The merger agreement, unanimously approved by Blue Apron’s Board of Directors, is set to create a leading mealtime platform and offers Blue Apron stockholders $13.00 per share in cash, totaling approximately $103 million.

Blue Apron’s merger agreement with Wonder Group comes as part of a strategic shift for the company, which had recently transitioned to an asset-light business model following the sale of its operational infrastructure and a strategic partnership with FreshRealm. The $13.00 per share purchase price represents a substantial 137% premium to the closing price on September 28, 2023, and a noteworthy 77% premium to the 30-day volume-weighted average price of the company’s Class A common stock.

Wonder’s acquisition of Blue Apron aims to revolutionize mealtime, offering consumers greater choice, flexibility, and convenience through their combined brands. The partnership is expected to enhance both companies’ abilities to provide chef-curated meals with high-quality ingredients to a broader customer base across the United States. Following the completion of the transaction, Wonder intends to maintain Blue Apron’s current nationwide operations under the Blue Apron brand, leveraging synergies between consumer-facing apps and delivery logistics.

Linda Findley, President, and CEO of Blue Apron, expressed her excitement about the merger, stating, “The Blue Apron brand and products that our customers know and love will stay the same, with more opportunity for product expansion in the future. Further, the transaction delivers immediate and certain value for Blue Apron stockholders at a significant premium over recent trading prices.”

Marc Lore, Founder and CEO of Wonder Group, also shared his enthusiasm for the partnership, saying, “We couldn’t be more excited to welcome Blue Apron to the Wonder platform and look forward to working with Linda and her exceptional team.”

In response to this significant development, Blue Apron shares have surged by over 130% today, reflecting investor optimism about the merger agreement. This marks a remarkable shift in fortunes for the company, which had faced challenges since its initial public offering in 2017. Year-to-date, Blue Apron shares had been down by 44%.

Since its initial public offering in 2017, Blue Apron has faced numerous challenges that have significantly impacted its fortunes. Despite having achieved a valuation of $2 billion just six years ago, the company encountered hurdles including layoffs, struggles in expanding its customer base, and fierce competition from industry giants such as Amazon and Kroger. While Blue Apron experienced a brief boost in demand during the height of the COVID-19 pandemic, this momentum proved challenging to sustain. Today’s merger agreement with Wonder Group represents a pivotal moment for the pioneering meal kit company, offering the potential for renewed growth and innovation in an evolving food delivery landscape. The acquisition of Blue Apron by Wonder Group represents a pivotal moment for the pioneering meal kit company. Blue Apron’s merger with Wonder is set to redefine at-home dining and food delivery, offering customers enhanced mealtime experiences with chef-curated meals. The substantial premium offered to Blue Apron stockholders demonstrates the confidence in this strategic partnership. As Blue Apron transitions into the Wonder platform, it will be interesting to observe how this union revitalizes the company and expands its presence in the evolving food delivery landscape.

Release – ACCO Brands Publishes 2022 Environmental, Social and Governance (ESG) Report

Posted on by cpatches

Research News and Market Data on ACCO

LAKE ZURICH, Ill.–(BUSINESS WIRE)– ACCO Brands Corporation (NYSE: ACCO) a leading global consumer, technology, and business branded products company, today published its 2022 Environmental, Social and Governance (ESG) Report.

“At ACCO Brands, we are committed to operating our business with the highest ethical standards. We foster accountability to our stakeholders with strong governance and risk management policies and practices,” noted Tom Tedford, President, and Chief Operating Officer. “Our ESG report highlights our progress in delivering on our commitments to our employees, the environment, and the communities in which we live and work. Our work is organized under the pillars of People, Planet and Products and is guided by our long-standing values: to act with integrity, embrace diversity and act responsibly in our global community,” concluded Mr. Tedford.

To access the Company’s 2022 ESG Report and learn more about the Company’s ESG efforts, read the full report by clicking here.

About ACCO Brands

ACCO Brands, the Home of Great Brands Built by Great People, designs, manufactures and markets consumer and end-user products that help people work, learn, play and thrive. Our widely recognized brands include AT-A-GLANCE®, Five Star®, Kensington®, Leitz®, Mead®, PowerA®, Swingline®, Tilibra® and many others. More information about ACCO Brands Corporation (NYSE: ACCO) can be found at www.accobrands.com.

Lori Conley
Corporate Communications
lori.conley@acco.comSource: ACCO Brands Corporation

Schwazze (SHWZ) – Insider Adding shares

Posted on by cpatches


Friday, September 08, 2023

Schwazze (OTCQX:SHWZ, NEO:SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to take its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale. The Company is committed to unlocking the full potential of the cannabis plant to improve the human condition. Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector. Schwazze is passionate about making a difference in our communities, promoting diversity and inclusion, and doing our part to incorporate climate-conscious best practices.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Insider Buying. From August 15th through August 26th, Schwazze Director Jeff Garwood purchased 128,155 SHWZ shares on the open market at prices ranging from $0.65 to $0.75 per share. The additional purchases increased Mr. Garwood’s overall Schwazze common stock ownership to 452,783 shares. We positively view insiders putting their own money into share purchases.

Garwood Background. Mr. Garwood joined the Schwazze Board in March 2021, Mr. Garwood is the founder and is currently the managing member of Liberation Capital, LLC, a private equity fund that is focused on providing modular, repeatable waste to value project finance. Prior to Liberation Capital, Mr. Garwood held a variety of senior leadership positions with General Electric including President and CEO of GE Water and Process Technologies, and President and CEO of GE Fanuc.  He was also President of Garrett Aviation, and worked for numerous years at the strategic consulting firm McKinsey and Company.


Get the Full Report

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Century Lithium Corp. (CYDVF) – Safeguarding Innovation with a Provisional Patent

Posted on by cpatches


Friday, September 08, 2023

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Pioneering innovation. Century Lithium has developed a proprietary system for lithium extraction that reflects innovations developed at its lithium extraction facility or pilot plant. Century Lithium received a provisional patent protecting the company’s system and methods for extracting lithium solids, including clay.

Extracting lithium from solids. The company’s patent pending system is based on the extraction of lithium from solids using products of a chlor-alkali process, including hydrochloric acid and sodium hydroxide. Exclusive of the direct lithium extraction (DLE) process where lithium is recovered, protected intellectual property includes the method of treating lithium-bearing solids with chloride solution and the handing of solutions, precipitates, and residues. DLE using Li-Pro is a component process proprietary to Koch Technology Solutions.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Investor Registration for Noble Capital Markets 19th Annual Emerging Growth Equity Conference is Now Open

Posted on by cpatches

DECEMBER 3-5 | BOCA RATON FLORIDA

FAU COLLEGE OF BUSINESS EXECUTIVE EDUCATION | KAYE PERFORMING ARTS AUDITORIUM

FEATURING MODERATED FIRESIDE CHAT WITH THE 43rd
PRESIDENT OF THE UNITED STATES, GEORGE W. BUSH

SUNDAY DECEMBER 3

  • Official Kickoff / Early Registration – FAU College of Business Executive Education
  • Dusty May, NCAA Men’s Basketball; Coach of the Year – FAU Owls
  • Nico Pronk, President & CEO, Noble Capital Markets, Inc.
  • Cocktails and hors d’oeuvres

MONDAY DECEMBER 4

  • ~60 public company executive team presentations, breakouts, one-and-ones – FAU College of Business Executive Education
  • The World is HOT – Impact of National and Global Events – Panel Presentation
  • Food and beverage throughout the day
  • “The After” evening networking event – Celebrate Noble’s 19th After in ‘23. Mingle with music, magic, motors, munchies, and high-flying antics. A vintage experience like no other! – Privaira Private Aviation Hangar, Boca Raton Airport 

TUESDAY DECEMBER 5

  • ~50 public company executive team presentations, breakouts, one-and-ones – FAU College of Business Executive Education
  • 43rd President of the United States, George W. Bush, moderated fireside chat – Kaye Performing Arts Auditorium at FAU (ticket included with registration)
  • Food and beverage throughout the day

Conference closing remarks, Noble and FAU representatives (TBA) 

WHO SHOULD ATTEND?

  • Individuals who are interested in meeting and networking with the executives who lead the companies that may shape our future
  • Individuals who are looking for early-stage investments in companies that can represent significant growth
  • Family offices, investment clubs and organizations, brokers and equity analysts, financial industry representatives
  • Institutional investors, hedge & mutual fund portfolio managers, private equity
  • Florida Atlantic University students, faculty, alumni  

EARLY REGISTRATION (before September 15, 2023)

  • General Registration for all events: $399
  • Registration for all events PLUS VIP-best-in-house seating for President Bush (BVIP) $599 (ticket value alone, $350)
  • Discounted Registration for Investment groups/clubs and FINRA-licensed RRs, General $149 / BVIP $299 

Each class of registration available in limited quantities. Pricing may increase and/or be discontinued at any time, without notice. Investment groups/clubs must be approved by Noble prior to offering member discounts. Ask your group/club leadership if they have applied for approval from Noble. Registered representatives must have current CRD #. Service providers do not qualify for rates shown above, regardless of class affiliation.

Register Now

NobleCon19 Sponsors

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Learn More: CFA Society South Florida  |  Palm Beach Hedge Fund Association 
 Boca Magazine | Delray Magazine | South Florida Stock & Bond Club
Nasdaq | Miami Finance Forum

NobleCon19 Presenting Companies

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NobleCon19 Presenters

Investor Registration | Presenting Companies Inquiries | NobleCon19 Website

Get the Book!

The following companies are confirmed for NobleCon19. Check back often, as new companies are added every week. Interested in presenting? Submit a request at the link above.

NobleCon19 Sponsors

Learn More: Seeking Alpha  |  Privaira  |  AON  |  The Money Channel

Learn More: The Nuvo Group  |  FAU  |  Boca Raton  |  Investor Brand Network  |  SLS
Harter Secrest & Emery  |  Marcum  |  GreenbergTraurig  |  Lowenstein Sandler  |  StoneX
Dickinson Wright

Learn More: CFA Society South Florida  |  Palm Beach Hedge Fund Association 
 Boca Magazine | Delray Magazine | South Florida Stock & Bond Club
Nasdaq | Miami Finance Forum | Nelson Mullins

iCoreConnect (ICCT) Trending Following Merger

Posted on by cpatches

iCoreConnect, Inc. (Nasdaq: ICCT) recently underwent a business merger with FG Merger Corp. (Nasdaq: FGMC) and has since exhibited stability in the stock market. A notable event was a temporary halt in trading on Nasdaq due to a technical issue with the conversion of shares. However, trading resumed on August 30, 2023, after the issue was addressed.  iCoreConnect is currently trending on various financial social media platforms and websites, reflecting heightened investor interest. Their stock price is up 206% since the start of the week as trading opened Friday.


iCoreConnect’s primary objective is to improve workflow productivity and practice profitability via its cloud-based software and technology solutions. Currently, the company has a portfolio of 16 SaaS enterprise solutions. Additionally, they’ve secured endorsements from over 100 state or regional healthcare associations in the U.S. Based on their recent statements, iCoreConnect has projected its revenue and annualized recurring revenue for 2023 and expressed interest in expanding into the ePrescription and insurance verification sectors.


To understand more about iCoreConnect’s activities, developments, and potential in the healthcare technology and enterprise solutions industry, a recent report from Noble Capital Markets Analyst Gergory Aurand provides a detailed analysis and overview.

Learn more about iCoreConnect and read Noble’s report here

FTC Approves Horizon Therapeutics Acquisition

Posted on by cpatches

After months of scrutiny, including a lawsuit filed by the Federal Trade Commission, the FTC has given drug giant Amgen the go-ahead to proceed with their planned acquisition of Horizon Therapeutics, a global biotechnology company focused on the discovery, development and commercialization of medicines that address critical needs for people affected by rare, autoimmune and severe inflammatory diseases.

The planned acquisition was originally announced late in 2022 but has been held up due to concerns that the deal may stifle competition in the pharmaceutical industry. One key point resolved in an agreement announced Friday stipulates that Amgen is prohibited from “bundling” two of Horizon’s key drugs. A “bundling” tactic could involve rebates or promotions to insurers for recommending or favoring those Horizon products.

Horizon Therapeutics is up slightly in early market trading on Friday following the announcement. The company currently has a market cap of $26.4bn. The merger, valued at $27.8bn, is expected to be completed in Q4 of 2023.

Explore Noble Capital Markets’ Biotechnology Analyst Robert LeBoyer’s coverage list for detailed analysis on other biotech stocks.

August Jobs Report Delivers Mixed Results

Posted on by cpatches

U.S. Jobs Up. Unemployment Also Up.

Today’s Report

The U.S. jobs report for August is out, with 187,000 jobs added to the economy in August. This is slightly higher than the 170,000 economists had expected. On the other side, unemployment is up slightly, at 3.8%. This is 0.3% higher than economists had predicted. Wages increased slightly, up 0.2% month-over-month, and remain up more than 4% over last year.

About the U.S. Jobs Report

The U.S. jobs report, specifically the nonfarm payroll report, is a critical economic indicator that holds immense significance for both financial markets and policymakers. This report, typically released on the first Friday of each month by the U.S. Bureau of Labor Statistics, provides crucial insights into the health of the labor market in the United States.

The report serves as a barometer of economic health. It offers valuable data on the number of jobs created or lost in the previous month, the unemployment rate, and wage growth. This information helps economists and investors gauge the overall economic performance and can influence their outlook on future economic conditions. If job creation exceeds expectations, it can signal a robust economy, potentially leading to higher consumer spending and business investments.

This report also has a significant impact on financial markets. Stock, bond, and currency markets can experience substantial volatility on the day of the report’s release. Positive job growth can boost investor confidence and lead to stock market gains, while weaker-than-expected data can trigger market sell-offs. Additionally, the Federal Reserve closely monitors the jobs report when making decisions about interest rates and monetary policy, making it a key factor in shaping the direction of these markets in the medium to long term.

In summary, the U.S. jobs report is a vital economic indicator that provides insights into the labor market’s health and has a profound impact on financial markets, influencing investor sentiment, asset prices, and even central bank decisions. It is closely watched by economists, investors, and policymakers alike for its role in shaping economic outlooks and investment strategies.

Aurania Resources (AUIAF) – Moving Forward

Posted on by cpatches


Monday, August 28, 2023

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Concessions are in good standing. In March, Aurania paid its annual concession fee in the amount of US$2,337,345 (C$3,165,349) to maintain its 207,764-hectare land package in Ecuador and has retained its interest in 94 concessions covering 93,300 hectares in Peru. On July 31 and during the first week of August, Dr. Keith Barron, Aurania’s CEO, met with Ecuador’s Minister of Energy and Mines and other government officials to discuss, among other things, options to recover concessions for which Aurania applied in 2016 and were initially held in reserve for Aurania by the government but subsequently not granted. Dr. Barron expects to return to Ecuador in September to resume discussions.

Pursuing an exploration license in France. In parallel with its activities in Ecuador, Aurania has applied for a 51 square kilometer exploration permit in the Brittany Peninsula of northwestern France. The Brittany Peninsula is part of the orogenic Variscan belt. The concession area, situated within the Morbihan Department, has historically been the site of significant high-grade gold finds. Aurania’s geologists visited the area and found numerous blocks of quartz and evidence of past mining activity.


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