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.
Lithium carbonate production at the pilot plant. Century Lithium successfully added a lithium carbonate stage at the company’s lithium extraction facility which is part of the company’s Angel Island Mine project. Previously, concentrated lithium solutions from the pilot plant were treated by Saltworks Inc. at their facility in Richmond, British Columbia to produce samples of battery grade lithium carbonate. Century Lithium is now able to do this at the pilot plant and demonstrate it has an end-to-end process to produce lithium carbonate.
Assay results. Century Lithium released assay results from the first lithium carbonate produced at the newly commissioned lithium carbonate stage at the company’s lithium extraction facility. Assays received for the initial five individual lots of lithium carbonate produced indicated purity of the lithium carbonate ranging from 98.2% to 99.2%. While lithium carbonate greater than 99.5% purity is typically considered battery grade, the company has identified steps to improve the purity level.
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*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.
August 6, 2024 – Vancouver, Canada – Century Lithium Corp. (TSXV:LCE) (OTCQX: CYDVF) (Frankfurt: C1Z) (Century Lithium or the Company) is pleased to report the successful addition of a lithium carbonate stage at the Company’s Lithium Extraction Facility (Pilot Plant) in Amargosa Valley, Nevada, USA, part of the Company’s 100%-owned Angel Island Mine (the Project). Prior to this addition, concentrated lithium solutions from the Pilot Plant were treated by Saltworks Inc. at their facility in Richmond B.C. where samples of battery quality lithium carbonate were produced. During the first days of startup of the lithium carbonate stage, Century’s team at the Pilot Plant successfully treated 200 liters of concentrated lithium solution and produced 20 kg of high-grade lithium carbonate onsite.
“At this point in time, the ability to make lithium carbonate at our Pilot Plant is an important step forward, in line with recommendations from our recently completed Feasibility Study” commented President and CEO Bill Willoughby. “The drop in lithium prices over the last year has taken a toll on the share price of all lithium companies. Despite the downturn, domestic production is still key to the security of supply in the U.S. While it is becoming well known that a vast amount of lithium is contained within the claystone deposits of Nevada, the benefit in unlocking these resources is the ability to produce a battery quality lithium product onsite and thereby reducing or eliminating the need for downstream processing.”
The Company continues work at the Pilot Plant, utilizing the Company’s patent-pending process for chloride leaching combined with Direct Lithium Extraction (DLE) to generate data as the Company works to identify further technological breakthroughs to make the extraction of lithium from clay more economic. Adding the lithium carbonate stage at the Pilot Plant is one of the recommendations made in the Feasibility Study, not only to further demonstrate that battery quality lithium carbonate can be made, but to better understand and minimize the recycle streams from the DLE stage through to final product in the process. With the assistance of engineers from Hargrove Engineers and Constructors, Century’s team configured equipment to run 40-liter batches of concentrated lithium solution though precipitation, washing and drying steps. Final assays on the lithium carbonate are pending.
Qualified Person
Todd Fayram, MMSA-QP and Senior Vice President, Metallurgy of Century Lithium is the qualified person as defined by National Instrument 43-101 and has approved the technical information in this release.
ABOUT CENTURY LITHIUM CORP.
Century Lithium Corp. is an advanced stage lithium company, focused on developing its 100%-owned Angel Island Mine in west-central Nevada, USA. Century Lithium recently completed a Feasibility Study on its Clayton Valley Lithium Project and is currently in the permitting stage, with the goal of becoming a domestic producer of lithium for the growing electric vehicle and battery storage market.
ON BEHALF OF CENTURY LITHIUM CORP. WILLIAM WILLOUGHBY, PhD., PE President & Chief Executive Officer
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” and similar expressions suggesting future outcomes or statements regarding an outlook.
Forward-looking statements relate to any matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, without limitation, statements with respect to the potential development and value of the Project and benefits associated therewith, statements with respect to the expected project economics for the Project, such as estimates of life of mine, lithium prices, production and recoveries, capital and operating costs, IRR, NPV and cash flows, any projections outlined in the Feasibility Study in respect of the Project, the permitting status of the Project and the Company’s future development plans.
These and other forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein.These risks include those described under the heading “Risk Factors” in the Company’s most recent annual information form and its other public filings, copies of which can be under the Company’s profile at www.sedarplus.com. The Company expressly disclaims any obligation to update-forward-looking information except as required by applicable law. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place reliance on forward-looking statements or information. Furthermore, Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
LOS ALTOS, Calif., Sept. 03, 2024 (GLOBE NEWSWIRE) — Unicycive Therapeutics, Inc. (Nasdaq: UNCY), a clinical-stage biotechnology company developing therapies for patients with kidney disease (the “Company” or “Unicycive”), today announced that the Company has submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for Oxylanthanum Carbonate (OLC) for the treatment of hyperphosphatemia in patients with chronic kidney disease (CKD) on dialysis. Unicycive is seeking FDA approval of OLC via the 505(b)(2) regulatory pathway.
“With this NDA submission, we are excited to be one step closer to our goal of bringing OLC to patients with chronic kidney disease who are living with hyperphosphatemia,” said Shalabh Gupta, MD, Chief Executive Officer of Unicycive. “We believe our data support a differentiated and best-in-class therapy that will maintain phosphate control while reducing the onerous pill burden patients currently have to manage. Over the last several months, our team has worked diligently to reach this milestone, and we are now preparing to launch OLC, if approved. We are also pleased to report that the FDA granted a waiver for the NDA application Prescription Drug User Fee Act (PDUFA) fees which is a significant savings of approximately $4 million.”
The NDA submission package is based on data from three clinical studies (a Phase 1 study in healthy volunteers, a bioequivalence study in healthy volunteers, and a tolerability study of OLC in CKD patients on dialysis), multiple preclinical studies, and the specifications and practices related to chemistry, manufacturing and controls (CMC).
About Oxylanthanum Carbonate (OLC)
Oxylanthanum carbonate is a next-generation lanthanum-based phosphate binding agent utilizing proprietary nanoparticle technology being developed for the treatment of hyperphosphatemia in patients with chronic kidney disease (CKD) on dialysis. OLC has over forty issued and granted patents globally. Its potential best-in-class profile may have meaningful patient adherence benefits over currently available treatment options as it requires a lower pill burden for patients in terms of number and size of pills per dose that are swallowed instead of chewed. Based on a survey conducted in 2022, Nephrologists stated that the greatest unmet need in the treatment of hyperphosphatemia with phosphate binders is a lower pill burden and better patient compliance.1 The global market opportunity for treating hyperphosphatemia is expected to exceed $2.5 billion, with the United States accounting for more than $1 billion of that total2. Despite the availability of several FDA-cleared medications, 75 percent of U.S. dialysis patients fail to achieve the target phosphorus levels recommended by published medical guidelines.
Fosrenol® is a registered trademark of Shire International Licensing BV. 1Reason Research, LLC 2022 survey. Results here. 2Fortune Business InsightsTM, Hyperphosphatemia Treatment Market, 2021-2028
About Hyperphosphatemia
Hyperphosphatemia is a serious medical condition that occurs in nearly all patients with End Stage Renal Disease (ESRD). If left untreated, hyperphosphatemia leads to secondary hyperparathyroidism (SHPT), which then results in renal osteodystrophy (a condition similar to osteoporosis and associated with significant bone disease, fractures and bone pain); cardiovascular disease with associated hardening of arteries and atherosclerosis (due to deposition of excess calcium-phosphorus complexes in soft tissue). Importantly, hyperphosphatemia is independently associated with increased mortality for patients with chronic kidney disease on dialysis. Based on available clinical data to date, over 80% of patients show signs of cardiovascular calcification by the time they become dependent on dialysis.
Dialysis patients are already at an increased risk for cardiovascular disease (because of underlying diseases such as diabetes and hypertension), and hyperphosphatemia further exacerbates this. Treatment of hyperphosphatemia is aimed at lowering serum phosphate levels via two means: (1) restricting dietary phosphorus intake; and (2) using, on a daily basis, and with each meal, oral phosphate binding drugs that facilitate fecal elimination of dietary phosphate rather than its absorption from the gastrointestinal tract into the bloodstream.
About Unicycive Therapeutics
Unicycive Therapeutics is a biotechnology company developing novel treatments for kidney diseases. Unicycive’s lead drug candidate, oxylanthanum carbonate (OLC), is a novel investigational phosphate binding agent being developed for the treatment of hyperphosphatemia in chronic kidney disease patients on dialysis. UNI-494 is a patent-protected new chemical entity in clinical development for the treatment of conditions related to acute kidney injury. For more information, please visit Unicycive.com and follow us on LinkedIn, X, and YouTube.
Forward-looking statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified using words such as “anticipate,” “believe,” “forecast,” “estimated” and “intend” or other similar terms or expressions that concern Unicycive’s expectations, strategy, plans or intentions. These forward-looking statements are based on Unicycive’s current expectations and actual results could differ materially. There are several factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, clinical trials involve a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results; our clinical trials may be suspended or discontinued due to unexpected side effects or other safety risks that could preclude approval of our product candidates; risks related to business interruptions, which could seriously harm our financial condition and increase our costs and expenses; dependence on key personnel; substantial competition; uncertainties of patent protection and litigation; dependence upon third parties; and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and other factors described more fully in the section entitled ‘Risk Factors’ in Unicycive’s Annual Report on Form 10-K for the year ended December 31, 2023, and other periodic reports filed with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and Unicycive specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Wall Street started September on a sour note as major indexes fell more than 1%, driven by concerns over the latest U.S. manufacturing data and the anticipation of key labor market reports due later this week. The decline highlights growing investor unease about the direction of the U.S. economy and the potential actions of the Federal Reserve in the coming months.
The U.S. manufacturing sector showed modest improvement in August, rising slightly from an eight-month low in July. However, the overall trend remained weak, pointing to continued challenges within the sector. The S&P 500 industrials sector, which includes industry giants like Caterpillar and 3M, dropped over 1.6% as market participants digested the mixed signals from the manufacturing data. This decline in industrial stocks was mirrored by a significant drop in rate-sensitive technology stocks, with Nvidia leading the losses, falling 5.4%. The Philadelphia SE Semiconductor Index followed suit, losing 4.1%. Other tech heavyweights, including Apple and Alphabet, also felt the pressure, with each company’s stock declining by more than 1.6%.
Investors are now turning their attention to the labor market, with a series of reports scheduled throughout the week, culminating in Friday’s non-farm payrolls data for August. The labor market has been under increased scrutiny since July’s report suggested a sharper-than-expected slowdown, which contributed to a global selloff in riskier assets. This week’s labor data will be closely watched, as it could influence the Federal Reserve’s monetary policy decisions later this month. The Fed’s meeting is expected to provide more clarity on potential policy adjustments, especially after Chair Jerome Powell recently expressed support for forthcoming changes. According to the CME Group’s FedWatch Tool, the probability of a 25-basis point interest rate cut stands at 63%, while the likelihood of a larger 50-basis point reduction is at 37%.
Amid the broader market downturn, defensive sectors such as consumer staples and healthcare managed to post marginal gains, offering some relief to investors. In contrast, energy stocks were the worst performers, with the sector falling 3% due to declining crude prices. The drop in energy stocks underscores the volatility in commodity markets and the broader uncertainty facing investors as they navigate the current economic environment. Despite the recent setbacks, the Dow and S&P 500 have shown resilience, recovering from early August’s losses to end the month on a positive note. Both indexes are near record highs, though September has historically been a challenging month for equities.
Among individual stocks, Tesla managed to gain 0.5% following reports that the company plans to produce a six-seat version of its Model Y car in China starting in late 2025. Conversely, Boeing shares plummeted 8% after Wells Fargo downgraded the stock from “equal weight” to “underweight,” citing concerns about the company’s near-term outlook.
As the week progresses, the market will be closely monitoring labor market data and any signals from the Federal Reserve regarding future monetary policy. With the economic outlook still uncertain, investors are likely to remain cautious, weighing hopes for a soft landing against fears of a more pronounced economic slowdown.
Joe Gomes, CFA, 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.
Flexibility. On Friday, NN filed an 8-K disclosing some amendments to its term loan and ABL agreements. In essence, the amendments to each will provide the Company with additional financial flexibility, in our view. While there does not appear to be any change in interest rates, a reduction in rates is a long-term goal of management.
Term Loan. The amendment raises the amount of the Company’s allowable indebtedness – incurred in connection with the purchase or lease of fixed assets – from $20 million to $40 million, provided that no more than $26.95 million is used with respect to any sale and leaseback transaction. In addition, the amendment requires the Company to use the net cash proceeds obtained in connection with any future sale and leaseback transactions to prepay any outstanding principal indebtedness under the term loan.
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.
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*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.
Joe Gomes, CFA, 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.
2Q Results. MustGrow had no revenue during the quarter. We estimated revenue of CAD$1,000. Net loss was CAD$960,209, or a loss of $0.02/sh, compared to a loss of CAD$1.2 million last year, or a loss of $0.02/sh. We estimated a net loss of $1.1 million, or a loss of $0.02/sh.
But Revenue Underway. Revenue for MustGrow’s TerraSante product is now coming in. We believe this initial revenue recognition to be an important milestone for the Company, with the product now in farmers’ hands. Management noted that sales are performing as expected, with farmers having small-scale testing of TerraSante to understand the product.
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.
Joe Gomes, CFA, 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.
Increasing Price Target. Shares of LWAY have risen since the Company had record-breaking operating results in the second quarter. The increase in the share price, of around 15% from the announcement of second quarter results, along with the positive operating momentum of the Company pushes our target price from a previous $20 to $25.
Rise in Price. Since the second quarter results on August 13th, shares of LWAY have risen to $19.18 as of Friday’s close from $16.66. The average volume per day over the course of this time (14 days) was approximately 255,571 shares as opposed to last quarter’s 164,046. Although not all volume is positive, the positive trend indicates more investor interest in Lifeway’s story and being encouraged with the Company’s performance.
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.
For more than 45 years, 1-800-Flowers.com has offered truly original floral arrangements, plants and unique gifts to celebrate birthdays, anniversaries, everyday occasions, and seasonal holidays, and to deliver comfort during times of grief. Backed by a caring team obsessed with service, 1-800-Flowers.com provides customers thoughtful ways to express themselves and connect with the most important people in their lives. 1-800-Flowers.com is part of the 1-800-FLOWERS.COM, Inc. family of brands. Shares in 1-800-FLOWERS.COM, Inc. are traded on the NASDAQ Global Select Market, ticker symbol: FLWS.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q4 results. The company reported Q4 revenue of $360.9 million, which was modestly below our estimate of $373.5 million by 3.4%. Additionally, Adj. EBITDA loss in the quarter of $8.8 million was below our estimate of negative $5.8 million. While the results were softer than expected, there were some bright spots. Notably, Q4 gross profit margin increased 130 basis points from the prior year period, which was largely attributed to lower freight and commodity costs, as well as cost saving initiatives.
Increasing revenue investments. Management indicated that it plans to step up marketing, post the upcoming elections, and will introduce new products at price points that may help to offset the lackluster sales particularly for its everyday gifting products. There has been a bifurcation of sales for its products that target its high end consumer and that for consumers that are price sensitive.
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).
Nvidia’s stock tumbled nearly 8% on Tuesday, leading a broad decline in semiconductor stocks and contributing to a rough start for the market this month. The S&P 500 experienced a drop of over 1% amid a broader market slump, exacerbated by disappointing data from the ISM manufacturing index. This data raised concerns about the strength of the economy and the potential for the Federal Reserve to cut interest rates, which in turn impacted investor sentiment across various sectors.
The semiconductor sector, which has been a high-flyer over the past year thanks to the AI boom, saw significant losses. Nvidia, a dominant player in AI data center chips, saw its stock fall dramatically. Other major chipmakers also experienced declines, with Intel and Marvell down 8%, Broadcom falling around 6%, and AMD and Qualcomm each dropping 6%. The SMH, an index tracking semiconductor stocks, was down 6%, marking its biggest one-day loss in a month.
The optimism driving chip stocks had been fueled by the belief that the artificial intelligence revolution would lead to increased demand for semiconductors and memory. Nvidia, in particular, has seen its stock rise nearly 129% so far in 2024, bolstered by its leading position in AI data center chips. However, some investors were unsettled by Nvidia’s recent forecast, which suggested a potential slowdown in growth despite reporting impressive quarterly earnings of $30 billion and a 154% year-on-year increase in data center revenue.
Meanwhile, other chipmakers are striving to capture investor attention with their AI products. Intel unveiled new laptop processors capable of running AI programs on-device, and Broadcom, which collaborates with major companies to develop custom AI chips, is set to report its third-quarter earnings on Thursday. Qualcomm continues to promote its chips as optimal for AI applications on Android phones.
Despite the challenges faced by Nvidia and other chipmakers, Wall Street remains largely optimistic about the sector’s long-term prospects. Analysts from Stifel reiterated their Buy rating on Nvidia, maintaining a $165 price target. They remain confident in Nvidia’s role as a primary beneficiary of the ongoing modernization of data center computing.
As Nvidia prepares to ramp up production of its next-generation Blackwell chip later this year, analysts expect the stock to potentially recover and continue its upward trajectory, provided the new products meet market expectations.
Key Points: – U.S. consumer spending increased 0.5% in July, showing economic strength – Inflation remains moderate, with PCE price index rising 2.5% year-on-year – Robust spending challenges expectations for aggressive Fed rate cuts
In a surprising turn of events, U.S. consumer spending showed remarkable strength in July, potentially altering the Federal Reserve’s monetary policy trajectory. This robust economic indicator may put a damper on expectations for aggressive interest rate cuts, particularly the anticipated half-percentage-point reduction in September.
Consumer spending, which accounts for over two-thirds of U.S. economic activity, rose by 0.5% in July, following a 0.3% increase in June. This uptick, aligning with economists’ forecasts, suggests the economy is on firmer ground than previously thought. After adjusting for inflation, real consumer spending gained 0.4%, maintaining momentum from the second quarter. Conrad DeQuadros, senior economic advisor at Brean Capital, notes, “There is nothing here to push the Fed to a half-point cut. This is not the kind of spending growth associated with recession.”
While spending surged, inflation remained relatively contained. The Personal Consumption Expenditures (PCE) price index, the Fed’s preferred inflation gauge, rose 0.2% for the month and 2.5% year-on-year. Core PCE inflation, which excludes volatile food and energy prices, increased by 0.2% monthly and 2.6% annually. These figures, while showing progress towards the Fed’s 2% target, indicate that inflationary pressures persist, potentially complicating the central bank’s decision-making process.
Despite a jump in the unemployment rate to a near three-year high of 4.3% in July, which initially stoked recession fears, the labor market continues to generate decent wage growth. Personal income rose 0.3% in July, with wages climbing at the same rate. This suggests that the slowdown in the labor market is primarily due to reduced hiring rather than increased layoffs.
Fed Chair Jerome Powell recently signaled that a rate cut was imminent, acknowledging concerns over the labor market. However, the strong consumer spending data may force the Fed to reconsider the pace and magnitude of potential rate cuts. David Alcaly, lead macroeconomic strategist at Lazard Asset Management, offers a longer-term perspective: “There’s a lot of focus right now on the pace of rate cuts in the short term, but we believe it ultimately will matter more how deep the rate-cutting cycle goes over time.”
The Atlanta Fed has raised its third-quarter GDP growth estimate to a 2.5% annualized rate, up from 2.0%. This revision, coupled with the strong consumer spending data, paints a picture of an economy that’s more resilient than many had anticipated. The increase in spending was broad-based, covering both goods and services. Consumers spent more on motor vehicles, housing and utilities, food and beverages, recreation services, and financial services. They also boosted spending on healthcare, visited restaurants and bars, and stayed at hotels.
As the Fed navigates this complex economic landscape, investors and policymakers alike will be closely watching for signs of whether the central bank will prioritize fighting inflation or supporting economic growth in its upcoming decisions. The robust consumer spending data suggests that the economy may not need as much support as previously thought, potentially leading to a more cautious approach to rate cuts.
For investors, this economic resilience presents both opportunities and challenges. While strong consumer spending bodes well for many sectors, it may also lead to a less accommodative monetary policy than some had hoped for. As always, a diversified approach and close attention to economic indicators will be crucial for navigating these uncertain waters.
HOUSTON, Aug. 29, 2024 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (NASDAQ: GLDD), the largest provider of dredging services in the United States, announced today that the Company’s issuer credit rating has been upgraded to “B-” from “CCC+” by S&P Global Ratings (“S&P”).
S&P based its ratings upgrade in part due to the Company’s improved revenue and profitability in the first half of 2024. S&P also cited that the Company’s strong backlog and recent awards gives visibility into improved cash flows through 2025. The stable rating reflects S&P’s expectation that the Company will continue to expand revenue and improve profitability throughout the remainder of 2024 and into 2025.
Great Lakes’ Senior Vice President and CFO Scott Kornblau commented, “We are pleased with the recent credit rating upgrade from S&P, which further demonstrates the improvements we have made this year to our balance sheet, cash flows and overall performance. This upgrade not only validates our efforts but also positions us for future growth and success.”
The Company Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 134-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.
Cautionary Note Regarding Forward-Looking Statements Certain statements in this press release may constitute “forward-looking” statements as defined in Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) or in releases made by the Securities and Exchange Commission (the “SEC”), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Great Lakes and its subsidiaries, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. These cautionary statements are being made pursuant to the Exchange Act and the PSLRA with the intention of obtaining the benefits of the “safe harbor” provisions of such laws. Great Lakes cautions investors that any forward-looking statements made by Great Lakes are not guarantees or indicative of future events.
Although Great Lakes believes that its plans, intentions and expectations reflected in this press release are reasonable, actual events could differ materially. The forward-looking statements contained in this press release are made only as of the date hereof and Great Lakes does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.
For further information contact: Tina Baginskis Director, Investor Relations 630-574-3024
For more than 45 years, 1-800-Flowers.com has offered truly original floral arrangements, plants and unique gifts to celebrate birthdays, anniversaries, everyday occasions, and seasonal holidays, and to deliver comfort during times of grief. Backed by a caring team obsessed with service, 1-800-Flowers.com provides customers thoughtful ways to express themselves and connect with the most important people in their lives. 1-800-Flowers.com is part of the 1-800-FLOWERS.COM, Inc. family of brands. Shares in 1-800-FLOWERS.COM, Inc. are traded on the NASDAQ Global Select Market, ticker symbol: FLWS.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q4 results. The company reported Q4 revenue of $360.9 million, which was modestly below our estimate of $373.5 million by 3.4%. Additionally, Adj. EBITDA loss in the quarter of $8.8 million was below our estimate of negative $5.8 million. Illustrated in Figure #1 Q4 Results. While the results were softer than expected, there were some bright spots. Notably, Q4 gross profit margin increased 130 basis points from the prior year period, which was largely attributed to lower freight and commodity costs, as well as cost saving initiatives.
Stepping up revenue investments. Management indicated that it plans to step up marketing, post the upcoming elections, and will introduce new products at price points that may help to offset the lackluster sales particularly for its everyday gifting products. There has been a bifurcation of sales for its products that target its high end consumer and that for consumers that are price sensitive.
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.
Key Points: – Nvidia’s stellar earnings fail to impress investors as AI excitement wanes – Big Tech struggles to show concrete returns on massive AI investments – Nvidia’s diverse applications provide stability amid AI uncertainty
The artificial intelligence gold rush that has captivated Wall Street for the past 18 months is showing signs of cooling, as investors begin to demand more tangible results from the technology sector’s massive AI investments. This shift in sentiment was starkly illustrated by the market’s lukewarm response to Nvidia’s recent earnings report, which, despite showcasing impressive growth, failed to ignite the enthusiasm that has become characteristic of the AI narrative.
Nvidia, the world’s leading AI chip producer, delivered a quarterly report that would be the envy of most businesses. Sales surged 122% in the second quarter, profits doubled, and the outlook for the current quarter remained strong. Yet, Nvidia’s shares slumped 7% following the announcement, a telling indicator of changing investor expectations in the AI space.
The muted reaction to Nvidia’s stellar performance speaks volumes about the evolving psychology of Wall Street. For months, investors have been throwing money at any company with potential AI profits, creating a hype train that has carried Nvidia to a staggering 3,000% stock price increase over the past five years. The company’s quarterly earnings reports had taken on an almost mythical quality, consistently beating expectations and training Wall Street to anticipate the extraordinary.
However, the initial thrill of AI breakthroughs is beginning to fade, and investors are adopting a more discerning approach. The key question now is no longer about the potential of AI, but about its ability to generate concrete revenue for the companies heavily invested in its development. Big Tech firms have poured billions into AI research and development, yet have relatively little to show for it in terms of transformative products or services.
While chatbots like ChatGPT and Google Gemini have impressed, they haven’t quite lived up to the game-changing potential touted by their creators. The current consumer demand for AI seems centered on making mundane tasks less onerous, rather than the grand visions of AI revolutionizing creative processes or complex problem-solving that tech companies have been promoting.
For Nvidia, this reality check presents both challenges and opportunities. Unlike many AI startups built on promises and potential, Nvidia has a solid foundation in producing essential hardware for the tech industry. CEO Jensen Huang emphasized that Nvidia’s chips power not just AI chatbots, but also ad-targeting systems, search engines, robotics, and recommendation algorithms. The company’s data center business continues to drive nearly 90% of its total revenue, providing a stable base even as the AI hype cycle fluctuates.
However, Nvidia isn’t without its vulnerabilities. The company’s current dominance in AI chip production is partly due to the complexity and difficulty of replicating its products. But this advantage may not be permanent. Tech giants like Google and Amazon, currently reliant on Nvidia’s chips, are racing to develop their own AI hardware. The potential emergence of these customers as competitors could pose a significant threat to Nvidia’s market position in the long term.
As the AI landscape continues to evolve, investors are likely to become increasingly discriminating, focusing on companies that can demonstrate practical applications and revenue generation from their AI investments. For the tech industry as a whole, this shift may necessitate a recalibration of expectations and a more grounded approach to AI development and marketing.
The cooling of AI fever doesn’t signal the end of the technology’s potential. Rather, it marks a transition from unbridled enthusiasm to a more measured evaluation of AI’s place in the business world. As this reality check unfolds, companies that can bridge the gap between AI’s promise and its practical, revenue-generating applications will likely emerge as the true winners in this next phase of technological evolution.
