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Trump Media De-Spac in Face of Musk Twitter Purchase

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Image Credit: Diverse Stock Photos (Flickr)


The DWAC SPAC Acquiring Trump Media Keeps Investors on Edge

 

When a SPAC, such as Digital World Acquisition Corp. (DWAC), soon to become Trump Media & Technology Group (TMTG), enters the DeSPAC phase, the terms are set, but the world keeps turning. For this reason, investors and potential investors need to continue to monitor events impacting the industry and the company to be acquired. There have been many surprises since October for DWAC shareholders, the past three days have been particularly challenging for investors to unravel.


Background

Since Trump Media agreed to be acquired on October 20, 2021, much has happened that could impact the company and the industry. These include an SEC probe of the deal, post-pandemic changes in users’ lifestyles, a frigid national relationship developing with Russia, and Twitter agreeing to be taken private by a “free speech” purchaser. Even when a SPAC’s formal ownership change hasn’t yet taken place, understanding the stock’s outlook (and future versions of the company) is as important as any other public company, perhaps a little more complex.

 


Source: Koyfin

The Trump Media example is star-studded and has faced renewed uncertainty within the past two weeks. When Elon Musk succeeded in striking a deal to take Twitter private for the purpose of providing a “platform for free speech around the globe,” this instantly created competition for the media start-up being acquired by the Digital Media SPAC.  And it has caused gyrations in the price for the pre-merger stage for DWAC, which hit a 30-day low of $33.25 the day of the announcement (April 25) and then bounced significantly up to $47.36 as the future owner of the well-established Twitter demonstrated through various Tweets, that the companies are not really competitors, but instead exist for similar purposes.

On April 27 Elon Musk gave DWACs share price a boost when he Tweeted “Truth Social is currently beating Twitter & TikTok on the Apple Store.” While Musk envisions Twitter as providing a platform for free speech around the globe, the smaller start-up social platform claims to be, “a free-speech haven without viewpoint discrimination or oppressive censorship.” If Musk is true to his stated purpose, the two may actually complement each other.

Take-Away

Investing in a SPAC with the trust that the acquisition company can steer the capital into a purchase you may not otherwise have been fortunate enough to participate in, is one reason for investors to allocate assets to SPACs. When the target has been identified and the deal requires a choice by the investor, information is important. Should an investor decide to be part of the deal and hold the acquisition company during the De-SPAC stage, they need to continue to be alert as to changes in the industry and the now identified company to be merged.

A perfect example of the challenges is the DWAC / Twitter scenario that DWAC shareholders are faced with. The company to be acquired seems to have had one of its mega-competitors working to steer its product line even closer to that of the small fledgling company.

Channelchek helps keep investors in smaller companies informed with quality research, insightful articles, and SPACtrac for select SPACs. Register for emails here.

As for the former President’s comments, Trump said, 

“I am not going on Twitter, I am going to stay on TRUTH,” Prior to the purchase the former President stated, “I hope Elon buys Twitter because he’ll make improvements to it and he is a good man” 

Paul Hoffman

Managing Editor, Channelchek

 

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Sources

https://www.prnewswire.com/news-releases/rumble-sets-new-all-time-records-across-all-key-performance-measures-301519357.html

https://www.sec.gov/Archives/edgar/data/0001849635/000110465921128231/tm2130724d1_ex99-1.htm

https://www.prnewswire.com/news-releases/elon-musk-to-acquire-twitter-301532245.html

https://www.cbsnews.com/news/trump-media-technology-group-investors-digital-world-acquisition-spac/

 

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What Sectors Do Best With a Strong Dollar?

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Image Credit: Pratkxox (Flickr)


Using Current Dollar Strength to Refine Your Watch List

 

The U.S. dollar is up 8.1% vs. its trading partners (DXY) thus far in 2022 (April 28). Over the past 20 years, when the U.S. dollar rose, U.S. stock indexes have shown a positive correlation. To date, this has not happened in 2022. As measured by the S&P 500, stocks are down about 12% this year. A reversion to a more statistical correlation could bring stocks up, the dollar down, or possibly both.

Of course, within the universe of stocks, there will be some investments that are much more positively correlated to the dollar and those that have demonstrated themselves to have a negative correlation. When the currency has a strong and clear direction, it may make sense to look into stocks in the sectors that have a higher probability of taking their cue from the dollar.


Dollar Value Moves Some Stock Prices

Any country’s currency can gain in value relative to other currencies. This happens when there is increased global demand for the currency, or when there is a reduction in the supply of currency available. 

There is a high propensity that an increase in the dollar’s value will coincide with a rise in U.S. market indices since U.S. stocks are denominated in dollars.  At a minimum, they should outperform foreign markets.


Source: Koyfin

As mentioned above, a way to magnify any effect is to understand the sectors that benefit from a weak or strong native currency and then research stocks within that industry for selection. Often the smaller more concentrated companies provide an even greater effect.

Manufacturing businesses that rely heavily on raw materials, or commodities and get these products from overseas (steal, semi-precious metals, minerals, etc.) will benefit from paying in or exchanging from the stronger currency. This has the impact of reducing relative costs and helping the bottom line. Stocks do better with a growing bottom line.

Importers also do well in a strong and rising dollar scenario. The reason is if the cost of goods is paid for in stronger dollars they are lower in price because they are manufactured and sold based on a depreciated currency.

 

Take-Away

The values of American stocks tend to increase along with the demand for U.S. dollars; they have a positive correlation.

One explanation for this relationship is foreign investment. As more investors place their money in U.S. equities, they are required to first buy U.S. dollars to purchase American stocks, causing the indexes to increase in value. So the stocks are actually causing the increased demand for the dollars. The inverse could be true as well. Continued dollar strength may cause more people to convert to dollars and they then keep the currency invested in U.S. markets, thus driving up equity prices.

 

 

Suggested Reading



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Why Good Economic Numbers Can Cause a Selloff

How PPI Impacts CPI Numbers

 

Sources

www.koyfin.com

 

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ACCO Brands (ACCO) – Sales and Profits Exceed Management Expectations For 1Q22

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Wednesday, April 27, 2022

ACCO Brands (ACCO)
Sales and Profits Exceed Management Expectations For 1Q22

ACCO Brands Corporation designs, manufactures, sources, markets, and sells office products, academic supplies, and calendar products primarily in the United States, Canada, Northern Europe, Brazil, Australia, and Mexico. It operates through three segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands International. The company offers office products, such as stapling, binding and laminating equipment, and related consumable supplies, as well as shredders and whiteboards; and academic products, including notebooks, folders, decorative calendars, and stationery products. It also provides private label products, as well as business machine maintenance and repair services. The company offers its business, academic, and calendar product lines under the Artline, AT-A-GLANCE, Derwent, Esselte, Five Star, GBC, Hilroy, Leitz, Marbig, Mead, NOBO, Quartet, Rapid, Rexel, Swingline, Tilibra, Wilson Jones, and other brand names. In addition, it designs, sources, distributes, markets, and sells accessories for laptop and desktop computers, and tablets comprising security products; input devices, such as presenters, mice, and trackballs; ergonomic aids, including foot and wrist rests; docking stations; and other personal computers and tablet accessories under the Kensington, Microsaver, and ClickSafe brand names. The company sells its products to consumers and commercial end-users primarily through resellers, including traditional office supply resellers, wholesalers, mass merchandisers, and retailers, as well as directly to consumers through on-line and direct mail. ACCO Brands Corporation is headquartered in Lake Zurich, Illinois.

Joe Gomes, Senior Research Analyst, 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.

    1Q22 Operating Results. ACCO reported Q22 revenue of $441.6 million, up 7.6% year-over-year and up 11.2% on a comparable basis, with all segments posting growth. We had forecast $420 million. Adjusted EPS was $0.11, compared to $0.10 last year. We had forecast adjusted EPS of $0.09.

    Growth Across All Segments.  ACCO experienced meaningful comparable sales growth across all segments. Both reported and comparable sales were driven by higher sales prices, a positive 6.4% impact, and higher volumes, up 4.7%. ACCO saw strong demand for school products, computer accessories, and business products. Adverse foreign exchange reduced net sales by $14.9 million, or 3.6% …

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. 

 

Engine Gaming and Media (GAME)(GAME:CA) – A Streamlined Path Toward Positive Cash Flow

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Wednesday, April 27, 2022

Engine Gaming and Media (GAME)(GAME:CA)
A Streamlined Path Toward Positive Cash Flow

Engine Media Holdings Inc is engaged in esports data provision, esports tournament hosting, and esports racing. Its brand profile includes Eden Games, Allin sports, and UMG, and others. The company’s operating segments include E-Sports; Media and Advertising and Corporate and Other. It generates maximum revenue from the Media and Advertising segment. The Media and Advertising segment includes platform and advertising services provided to other broadcasters, primarily local tv and radio broadcasters.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

    Noblecon 18 highlights. Tom Rogers, Executive Chairman, and Lou Schwartz, CEO, outlined the new strategy of the company at Noblecon18 following important recent developments, considered to be shareholder friendly. To view this fireside chat which provided detail on its plan to streamlined operations and swing toward positive cash flow, click here.

    New strategy.  Recently Engine shifted its focus towards media and advertising, with a special focus on social influencer marketing. Importantly, the sector trends appear favorable, with the influencer marketing industry expected to grow at a 30% CAGR from 2021 to 2025. Management identified its differentiation from competitors in the growing live-streaming platforms and social media platforms …

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. 

 

Entravision Communications (EVC) – The One To Watch

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Wednesday, April 27, 2022

Entravision Communications (EVC)
The One To Watch

Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television and radio operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico. Entravision owns and/or operates 53 primary television stations and is the largest affiliate group of both the top-ranked Univision television network and Univision’s TeleFutura network, with television stations in 20 of the nation’s top 50 Hispanic markets. The Company also operates one of the nation’s largest groups of primarily Spanish-language radio stations, consisting of 48 owned and operated radio stations.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

    Noblecon 18 highlights. CEO, Chris Young, touched on several topics including the company’s digital and global transformation, attractive leverage position, the company’s high cash flow, its attractive Latino TV business, and recent expense reductions. The full replay of the presentation can be found here.

    Digital sales rep.  Over the last several years, the company’s acquisitions of businesses like Cisneros, Media Donuts, and 365 Digital, have transformed it into a digital-based media company. Many of the digital businesses focus on selling advertisements for social media platforms in emerging markets, like Latin America, South Africa, and the Pacific rim. Digital revenue now accounts for more than …

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. 

 

Baudax Bio (BXRX) – NobleCon 18 Presentation

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Wednesday, April 27, 2022

Baudax Bio (BXRX)
NobleCon 18 Presentation

Baudax Bio is a biopharmaceutical company focused on developing therapies for post-operative pain, peri-operative pain, and anesthesia. The company currently has one approved therapy in ANJESO for post-operative pain. Proprietary ANJESO (meloxicam) injection is the first and only once-daily IV analgesic. The company also has a pipeline of early-stage candidates with two novel neuromuscular blocking agents (NMBAs), a proprietary related reversal agent to their NMBAs, and Dex-IN, an intranasal formulation of dexmedetomidine (Dex) that has sedative, analgesic, and anti-anxiety properties.

Gregory Aurand, Senior Research Analyst, Healthcare Services & Medical Devices, Noble Capital Markets, Inc.

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

    NobleCon 18. Gerri Henwood, President and Chief Executive Officer, presented at the conference. The presentation highlighted continued ANJESO growth, reduced cash burn and pipeline progress of the Company’s Neuromuscular Blockers (NMBs) and NMB Reversal Agents. A replay of the presentation can be found here.

    ANJESO is growing.  Growth has been strong as Baudax Bio continues to win formularies, not only in regional hospitals and ambulatory surgery centers (ASCs), but also integrated delivery networks (IDNs) and national ASC groups. Highly positive clinical experience has helped account penetration …

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. 

 

BioSig Technologies (BSGM) – NobleCon 18 Presentation

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Wednesday, April 27, 2022

BioSig Technologies (BSGM)
NobleCon 18 Presentation

BioSig Technologies, Inc. is a medical technology company commercializing a proprietary biomedical signal processing platform designed to improve the electrophysiology (EP) marketplace. PURE EP is a computerized system designed to reveal the full range of cardiac signals and to provide physicians with signal clarity during procedures performed to address cardiac arrhythmias. The PURE EP System has received FDA 510(k) clearance and installed its first commercial sale in February 2021. The company looks to apply their unique bioelectronic technology across additional disease conditions, including nervous system disorders, auto-immune diseases, hypertension, and pain.

Gregory Aurand, Senior Research Analyst, Healthcare Services & Medical Devices, Noble Capital Markets, Inc.

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

    NobleCon 18. Kenneth Londoner, Chairman and CEO, presented at the conference. The presentation highlighted the PURE EP market opportunity, growth in procedure usage, and commercialization strategy. A presentation replay can be found here.

    Expanding usage.  PURE EP has now been used in over 2200 procedures at 17 sites, showing sequential quarterly growth every quarter. This is a strong indication of demand and need for the technology, despite some pandemic headwinds. AFib is the fastest growing sector in cardiology, with one in four over the age of 60 having AFib, so need should only increase …

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. 

 

Harte Hanks (HHS) – The Art Of A Turnaround

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Wednesday, April 27, 2022

Harte Hanks (HHS)
The Art Of A Turnaround

Harte-Hanks is a marketing services company that provides multichannel marketing solutions as well as consulting, data analytics, and strategic assessment. The company’s offerings focus on business-to-business, retail, finance, and automotive segments through digital, social, mobile, and print media offerings. Harte-Hanks strives to develop better customer relationships through its marketing and analytical services for clients. The majority of its revenue is derived from its marketing services in the retail, technology, and consumer brand segments.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

    NobleCon18 highlights. Brian Linscott, CEO, and Lauri Kearnes, CFO, presented at NobleCon18 highlighting that the company has successfully pivoted from surviving to thriving. To watch a full replay of the presentation, please click here.

    Customer Care keeps rolling.  The Customer Care segment represented 38% of total revenues in 2021, growing 27.3% on a YoY basis. As a result of technology investments and an asset-lite strategy, the company has been able to decrease fixed costs and reduce its footprint in the division. Management is optimistic about expansion opportunities. The business could have the capacity to generate $1 million …

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. 

 

One Stop Systems (OSS) – Two Autonomous Truck Program Wins

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Wednesday, April 27, 2022

One Stop Systems (OSS)
Two Autonomous Truck Program Wins

One Stop Systems Inc is US-based company which is principally engaged in designing, manufacturing, marketing high-end systems for high performance computing (HPC) applications. The company offers custom servers, compute accelerators, solid-state storage arrays and system expansion systems. The product line of the company includes GPU Appliances, GPU Expansion, GPUs and co-processors, Flash storage arrays, Flash storage expansion, Servers, Disk Arrays, Desktop computing appliances, accessories and parts. The company delivers high-end technology to customers through the sale of equipment and software for use on their premises or through remote cloud access to secure data centres housing technology.

Joe Gomes, Senior Research Analyst, 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.

    Program Wins. OSS announced two new autonomous truck program wins with a pioneer in self-driving technology and a subsidiary of one of the world’s largest commercial vehicle manufacturers using Level 4 driving automation. Although details about award size, length, and customer were not provided, we believe the awards are a testament to the Company’s leadership position in the fast growing autonomous truck market.

    Centauri.  Along with the awards announcement, One Stop unveiled its new Centauri Rugged Storage and Server Platforms system. Centauri is a PCIe Gen 4 NVMe rugged storage product offering high capacity in a compact hot-swappable canister that slides into the Centauri chassis. Product shipments are expected to begin in June 2022 against confirmed purchase orders …

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. 

 

QuoteMedia Inc. (QMCI) – Meeting Expectations Just Got Easier

Posted on by Admin

Wednesday, April 27, 2022

QuoteMedia Inc. (QMCI)
Meeting Expectations Just Got Easier

QuoteMedia, based in Fountain Hills, Arizona, provides cloud-based financial data, market news feeds, and financial software solutions.  Its customers include financial service companies, online brokerages, clearing firms, banks, media portals, public corporations and individual investors.  The company provides a single source solution providing products such as streaming quotes, charting, historical data, technical analysis, news and research.  Information can customized and provided to multiple platforms including terminals and mobile devices.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

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

    Scores a big fish it hoped for. QuoteMedia was selected as market data and technology provider for one of Canada’s top financial banks. This was a contract that the company indicated it was about to sign in its last investor call. We had already factored in this new account into our 2022 and 2023 estimates.

    Large new account.  We estimate that the new account will become the company’s largest account, exceeding that of the Toronto Exchange estimated to account for annual revenues of roughly $1.7 million. The revenue contribution from the new account is estimated to allow the company to achieve 22% revenue growth for full year 2022 and 2023 due to expanded service offerings in that year …

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. 

 

Salem Media (SALM) – Highlights Its Significant Digital Businesses

Posted on by Admin

Wednesday, April 27, 2022

Salem Media (SALM)
Highlights Its Significant Digital Businesses

Salem Media Group is America’s leading radio broadcaster, Internet content provider, and magazine and book publisher targeting audiences interested in Christian and family-themed content and conservative values. In addition to its radio properties, Salem owns Salem Radio Network, which syndicates talk, news and music programming to approximately 2700 affiliates; Salem Radio Representatives, a national radio advertising sales force; Salem Web Network, a leading Internet provider of Christian content and online streaming; and Salem Publishing, a leading publisher of Christian themed magazines. Salem owns and operates 115 radio stations, with 73 stations in the nation’s top 25 top markets – and 25 in the top 10. Each of our radio properties has a full portfolio of broadcast and digital marketing opportunities.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

    NobleCon18 highlights. Evan Masyr, CFO, updated the company’s presentation to highlight its compelling digital businesses, which represent a solid 29% of total company revenues. These businesses have grown revenues at a 17% compound annual growth rate over the past 3 years. To watch a full replay of the presentation, please click here.

    A durable broadcast business.  Block programming, in which non-profits purchase ad-free air time and fund it through contributions from their audiences, is the largest component of the Radio segment, at 47% of Radio revenue and 28% of total company revenue. There are very high renewal rates of over 95% annually for the format, which tends to be very recession resilient. In 2022, the Block …

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. 

 

Townsquare Media (TSQ) – A Mispriced Stock?

Posted on by Admin

Wednesday, April 27, 2022

Townsquare Media (TSQ)
A Mispriced Stock?

Townsquare Media Inc is an entertainment and media company offering digital marketing solutions in the United States and Canada. It owns and operates radio stations, social media properties focusing the small and mid-cap companies. Services offered to the clients include live events, local advertising, digital advertising, e-commerce offerings, few others. The segments through which the company operates its businesses are classified into Local marketing solutions and Entertainment segments. Revenues are generated from commercials through broadcasts and sale of internet based advertisements.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

    Noblecon 18 highlights. Townsquare CFO, Bill Wilson, presented at Noblecon18, speaking on a range of topics such as, the company’s evolution from a pure-play broadcaster to a digital-first company, the competitive advantages to bringing a scaled operation to small markets, and the organic nature of digital revenue growth. The full replay of the presentation can be found here.

    Fast-growing digital.  Mr. Wilson highlighted the robust growth of the company’s Digital businesses, noting that digital advertising is the fastest growing segment of the business, growing 20.5% in 2021. The company’s digital marketing solutions business has also experienced impressive growth with record net subscriber additions in both 2020 and 2021 …

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. 

 

Travelzoo (TZOO) – Flies By Expectations

Posted on by Admin

Wednesday, April 27, 2022

Travelzoo (TZOO)
Flies By Expectations

Travelzoo is a US-based company which acts as a publisher of travel and entertainment offers. The company informs a varied number of members in Asia Pacific, Europe, and North America, as well as millions of website users, about the best travel, entertainment and local deals available from various companies. It provides travel, entertainment, and local businesses in a flexible manner to the various customer. The company operates in three geographic segments namely Asia Pacific, Europe, and North America. Travelzoo derives its revenue through advertising fees including listing fees paid by travel, entertainment, and local businesses to advertise their offers on company’s media properties. Most of the company’s revenue is derived from the North America.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

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

    Exceeds Q1 estimates. Q1 revenues of $18.4 million was better than our $16.8 million estimate, with better than expected revenue growth in Europe and a nice rebound in North America. With costs slightly below estimates, adj. EBITDA was significantly better, $3.0 million versus our $0.6 million estimate.

    Operating on all cylinders.  Both Europe and North America contributed to the strong revenue. Europe increased 66% to $5.9 million and North America was up 19% to $11.7 million from the year earlier quarter. The company benefited from two acquisitions in the quarter, (not detailed), but enhanced European revenues and saved costs, expanding margins …

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.