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Shares of KinderCare Learning Companies (KLC) surged on their first day of trading Wednesday after the firm raised $576 million in an initial public offering (IPO).
The operator of child-care centers announced Tuesday night that it had sold 24 million shares at $24 each, near the low end of its estimated range of $23 to $27 per share. In addition, the underwriters have a 30-day option to purchase an additional 3.6 million shares at the IPO price.
Shares recently were trading up more than 9% at $26.25.
The company noted that it would use the money "to repay amounts outstanding under its existing indebtedness and pay expenses." In an earlier regulatory filing, KinderCare said it had $548.4 million in loans outstanding and $7.3 million in other expenses.
In the same filing, it reported it had revenue of $2.5 billion in fiscal 2023, and net income of $102.6 million.
This was the second attempt by the company to go public. It abruptly pulled its planned IPO in November 2021, citing "regulatory delays."
KinderCare Learning Companies are trading on the New York Stock Exchange (NYSE) under the ticker symbol "KLC."
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Oracle Shares Head Toward A New Closing High On AI Enthusiasm
Oracle (ORCL) Shares Were On Track ...
Investopedia
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Oracle (ORCL) shares were on track to close at a fresh high, lifted by indications that the cloud computing company may be becoming a favorite of a giant in the artificial intelligence (AI) industry: ChatGPT developer OpenAI.
The tech news site reported that executives at OpenAI aren’t happy with the speed at which Microsoft (MSFT) is moving to supply servers. It said the leadership told employees that the company would be taking on a larger role in securing data centers and AI chips, rather than depending solely on Microsoft.
That may have opened the door further for Oracle. The site pointed to OpenAI’s June deal to rent Oracle servers at a new data center in Texas with limited input from Microsoft, even though Microsoft with its Azure cloud services was OpenAI's exclusive cloud provider. While OpenAI is independent from Microsoft, the companies have a "strategic partnership."
At the time, OpenAI CEO Sam Altman said the company “was delighted” to be working with both firms, and that the Oracle Cloud Infrastructure (OCI) “will extend Azure’s platform and enable OpenAI to continue to scale.” Oracle CEO Larry Ellison added that AI leaders such as OpenAI are choosing OCI “because it is the world’s fastest and most cost-effective AI infrastructure.”
Shares of Oracle, recently up nearly 2% to above $177, have risen about 70% this year, yesterday closing at a record-high $174.37. They're among the best-performing tech shares in the S&P 500.
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Major U.S. indexes were higher at midday Wednesday ahead of the release of minutes from the September Federal Reserve meeting when policymakers cut interest rates by 50 basis points (bps). The Dow, S&P 500, and Nasdaq all rose.
Shares of Norwegian Cruise Line Holdings (NCLH), Royal Caribbean Cruises (RCL), and Carnival Corporation (CCL) surged as Citi analysts said the rally in the cruise industry could continue through 2025.
Corning (GLW) shares rose as Deutsche Bank raised its price target for the stock, citing strong growth prospects in the market for fiber optics.
Shares of Helen of Troy (HELE) soared after the maker of consumer products such as OXO kitchenware and Vicks beat profit and sales forecasts on demand for its insulated drinkware and thermometers.
Alphabet (GOOGL) shares dropped following reports the Justice Department asked a federal judge to consider options to limit the power of its Google search engine, including the possibility of a breakup.
Shares of Boeing (BA) slid after the plane maker withdrew its contract offer to its striking machinists, and S&P Global warned its bond rating could be downgraded if the walkout continues.
Rio Tinto's (RIO) U.S.-listed shares fell after the mining giant agreed to buy lithium producer Arcadium Lithium (ALTM) for $6.7 billion. Arcadium shares soared.
Oil and gold futures declined. The yield on the 10-year Treasury note was higher. The U.S. dollar advanced on the euro, pound, and yen. Prices for most major cryptocurrencies were down.
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Lockheed Martin Corp. (LMT) develops, manufactures, and sells advanced technology products in the areas of aeronautics, defense, energy, telecommunications, and more. The company was formed in 1995 through the merger of defense contractors Lockheed Corp. and Martin Marietta Corp. Since this merger, Lockheed Martin has dramatically strengthened its position as one of the primary contractors of the U.S. Department of Defense (DoD) and other U.S. federal government agencies.
Lockheed Martin, a major military contractor for both U.S. and foreign governments, maintains over 350 facilities worldwide and 122,000 employees. In 2023, Lockheed Martin reported $6.9 billion in net earnings on $67.57 billion in sales.
As of October 2024, the company has a market capitalization of $144.26 billion. Lockheed Martin organizes its business into the following broad areas: Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space.
Lockheed Martin has executed a number of major mergers and acquisitions throughout its history. These deals have allowed the company to dramatically expand its product offerings and market share globally.
Below, we look in detail at three of Lockheed Martin’s most important acquisitions. The company does not provide a breakdown of how much profit or revenue each acquisition currently contributes.
The first deal on our list created the company now known as Lockheed Martin. In 1995, Lockheed Corp. and Martin Marietta Corp. merged to form a new, giant manufacturer of military hardware and services. The deal merged the second- and third-largest U.S. defense contractors into the world’s largest defense contractor, with annual sales of roughly $23 billion and 170,000 employees.
The merger created a company capable of serving every need of the U.S. armed services, except for tanks and submarines. The merger was seen as crucial to the long-term survival of both companies. The end of the Cold War had cut government demand for military hardware industry-wide by more than 50% during the 1990s.
About a year after the merger of Lockheed Corp. and Martin Marietta Corp., the newly created Lockheed Martin acquired the majority of military electronics company Loral Corp for $9.1 billion. As part of the deal, Lockheed Martin bought Loral’s main military electronics business. Loral’s remaining businesses were spun off as Loral Space & Communications.
As with the merger of Lockheed and Martin Marietta, this deal was spurred by the end of the Cold War, when many defense companies were consolidating. The Federal Trade Commission determined that Lockheed Martin’s acquisition of Loral constituted a violation of antitrust laws, and the company settled. Under the settlement, the company agreed to divest its systems engineering and technical services contract with the Federal Aviation Administration and to limit its activities in other key business areas.
One of Lockheed Martin’s recent acquisitions is helicopter manufacturer Sikorsky Aircraft. Sikorsky was founded as Sikorsky Manufacturing Corp. in 1925 by Igor Sikorsky, the legendary aviation pioneer known for developing the helicopter and other aircraft. Prior to Lockheed Martin’s acquisition, Sikorsky was owned by United Technologies Corp.
The acquisition was among Lockheed Martin’s largest, and it represented a strategic expansion into rotary-wing aircraft manufacturing for military and commercial customers. In particular, the deal diversified Lockheed’s military aircraft offerings and provided the company with a 65% share of the U.S. military rotary-wing aircraft business, including manufacture of the Black Hawk helicopter. As part of the acquisition, Sikorsky Aircraft was rebranded as Sikorsky, a Lockheed Martin Company.
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Instablog9ja
7 hrs
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A lawyer has said you don’t need an NYSC certificate to become a minister in Nigeria, in reaction to a recent interview with the Minister of Creative Economy, Hannatu Musawa.
He added that all you need is to be qualified to contest an election into the House of Representatives and to do this, you need just secondary school certificate.
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Helen of Troy (HELE) shares soared Wednesday after the maker of consumer products posted better-than-anticipated results on demand for its insulated beverageware.
The OXO parent reported fiscal 2025 second-quarter adjusted earnings per share (EPS) of $1.21, with revenue falling 3.5% year-over-year to $474.2 million. Both exceeded consensus forecasts of analysts polled by Visible Alpha.
Home & Outdoor unit revenue rose 0.8% to $241.9 million on higher sales of insulated beverageware and expanded retailer distribution, especially in the international market. Sales at its Beauty & Wellness division dropped 7.7% to $232.3 million, "due to lower sales of hair appliances, air purifiers, and humidifiers."
Chief Executive Officer (CEO) Noel Geoffroy said that "despite persistent macro headwinds, we achieved early results on our efforts to 'Reset and Revitalize' our business, driven by improved brand fundamentals, optimized marketing and innovation, and expanded distribution."
Shares of Helen of Troy hit their lowest level in a decade in August, a month after it missed sales and profit estimates for the first quarter, and slashed its guidance. Even with today's nearly 20% gains, they're still down nearly 40% year-to-date.
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