Importantly, we expect the transaction to be completed quickly and the transition to be seamless for our customers, partners and dedicated employees.” John Stewart, Partner at MiddleGround commented, “We look forward to working with Shiloh’s employees and management team to continue providing customers with highly competitive light weighting products and technologies.
We believe that MiddleGround’s experience and knowledge of the industry will enhance Shiloh’s portfolio of differentiated product solutions and accelerate its growth within the automotive sector.” On August 30, 2021, MiddleGround was named the “stalking horse bidder” in a court-supervised auction and sale process.
Shiloh’s multicomponent, multi-material solutions are comprised of a variety of alloys in aluminum, magnesium and steel grades, along with its proprietary line of noise and vibration reducing ShilohCore® acoustic laminate products. Shiloh has approximately 3,450 dedicated employees with operations, sales and technical centers throughout Asia, Europe and North America.
Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2019, and (b) Part II, Item 1A. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date of this press release.
Shiloh Industries, Inc. Enters Into Stock and Asset Purchase Agreement With Grouper Holdings, LLC, a Subsidiary of MiddleGround Capitalized full article Shiloh Industries, Inc. (NASDAQ: Solo) (the “Company” or “Shiloh”) an environmentally focused global supplier of light weighting, noise and vibration solutions, announced today that it has entered into a stalking horse stock and asset purchase agreement with GrouperHoldings, LLC (“ Grouper “), a subsidiary of MiddleGround Capital LLC (“MiddleGround”) pursuant to which Grouper will acquire substantially all the Company’s assets, including the equity interests of certain of the Company’s direct and indirect subsidiaries for an aggregate consideration of $218 million in cash, subject to working capital and net debt adjustments, and assumption of certain liabilities of the Company.
Accordingly, the proposed transaction with MiddleGround is subject to higher or otherwise better offers, Court approval and other customary conditions. Upon Court approval, this new financing, combined with cash generated from the Company’s ongoing operations, is expected to be used to support the business throughout the sale process as Shiloh continues to take steps to address the ongoing challenges related to OEM production shutdowns due to COVID-19 that have affected the automotive sector in recent months.
“The decision to enter this agreement with MiddleGround follows a thorough review of the options available to us, and we believe this transaction is the best path forward for Shiloh and all of our stakeholders. We look forward to building on our unique strengths as part of MiddleGround, while improving Shiloh’s financial position for the long term.
“Shiloh has a unique and attractive portfolio of innovative, light weighting products and technologies that enable OEMs to reduce on-vehicle weight without compromising strength, safety or performance,” said John Stewart, Partner at MiddleGround. “ Despite recent market conditions, we see tremendous value in Shiloh’s business and differentiated product solutions serving the automotive sector.
The Company cautions that trading in its securities during the pendency of the Chapter 11 Cases is highly speculative and poses substantial risks. Trading prices for these securities may bear little or no relationship to the actual recovery, if any, by the holders in the Chapter 11 Cases.
The Company expects that its stockholders could experience a significant or complete loss on their investment, depending on the outcome of the Chapter 11 Cases. Shiloh’s multicomponent, multi-material solutions are comprised of a variety of alloys in aluminum, magnesium and steel grades, along with its proprietary line of noise and vibration reducing ShilohCore® acoustic laminate products.
Shiloh has approximately 3,450 dedicated employees with operations, sales and technical centers throughout Asia, Europe and North America. MiddleGround works with its portfolio companies to create value through a hands-on operational approach and partners with its management teams to support long-term growth strategies.
MiddleGround is currently investing out of its first fund and headquartered in Lexington, KY with a second office in New York City. Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2019, and (b) Part II, Item 1A.
The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date of this press release. * Also, the prospects for a luxury retailer, a struggling semiconductor giant, a media colossus and more. Cover story “Bonds Offer Slim Pickings for Yield-Hungry Investors.
12 Places to Look Instead” by Andrew Mary indicates that while the bond market has been a barren field for income, there are rich pickings elsewhere. Barron's thinks Bank of America Corp (NYSE: BAC) and Coca-Cola Co (NYSE: KO) are among those that could outperform. In “How the Railroad Tracks Led to the Internet Age,” Kenneth G. Kringle says that early railroads were the internet of their day, connecting people and commerce and ushering in cultural change.
How much room to run does the stock have? In Jack Though's “It's Best to Think Small When Playing a Rebound in Consumer Spending,” the case is made that 70% of people in developed markets will be vaccinated by fall and that U.S. corporate profits this year will hit new records. See why Barron's believes the stock could continue to flourish this year as well. In “Nike Has Soared During COVID-19.
So Have Investors' Expectations For 2021,” Teresa Rivas claims that Nike Inc (NYSE: Nike) rebounded fast from the initial strain of the COVID-19 pandemic, but the stock's stellar financial performance sets the bar high for the coming year. Can the footwear purveyor prevail again? Nicholas Babinski's “Disney Ended the Year on a High Note.
Why 2021 Could Be Even More Exciting” discusses how the rapid growth and future potential of the Walt Disney Co (NYSE: DIS) streaming services have far outshone the challenges facing the rest of the company's businesses. What comes next for the Mouse House? Also in this week's Barron's: * Barron's turns 100 years old * Whether the bubble is what investors think it is * How high home prices will rise in 2021 * Whether active, ESG and thematic ETFs will continue to be big winners * What sluggish U.S. population growth means for the economy * The state of holiday retail * Whether credit spreads will get tighter this year * Whether streaming live theater is here to stay * How seniors can stay fit during the pandemic * Which home builders will gain the most this year * Barron's most-read articles in 2020At the time of this writing, the author had no position in the mentioned equities. Keep up with all the latest breaking news and trading ideas by following Bending on Twitter. Source image: Unsplash.come more from Bending * Click here for options trades from Bending * Notable Insider Buys Of The Past Week: Anime Scientific, Chenille Energy Partners And More * Bending's Final Bulls And Bears Of The Year: Alibaba, Apple, Intel, Tesla And More© 2021 Benzinga.com.
In a recent interview with CNBC, Schiller said an expensive market doesn't necessarily mean it's time to dump stocks. “The market is highly priced, but it's not so high that I wouldn't consider it as an investment,” Schiller said in December. Shiller is known for his study of the psychology of investing, particularly during financial market bubbles. While widespread coronavirus vaccinations will certainly be a fundamental change for the U.S. economy, Schiller said he is concerned about how quickly investors expect the economy to fully recover once the nation is vaccinated.
He anticipates fears related to the virus will linger among American consumers for at least another year.CAPE's Shortcomings: Stock earnings have historically been discounted by a cost of capital that's tied to interest rates. “It makes no sense to compare 2020 to prior periods, at least as naively as the Schiller PE does, without acknowledging that 10-year Treasuries yield 1% now and were higher at any other point ,” Dataset Research co-founder Nicholas Colas said Wednesday. While CAPE certainly gives a relative indication of market valuation, it also hasn't been the best indicator of when to buy and sell stocks.
Chris's Picks: Red Ball Acquisition (NASDAQ: RAC) has been linked to merging with Fenway Sports Group. Fenway Sports Group owns MLB's Boston Red Sox and the Liverpool Football Club of the English Premier League. Both teams have strong brand awareness and could attract investments from fans.
Falcon Capital Acquisition (NASDAQ: FCC) is targeting a company in media or consumer technology sectors. With rumors of companies like Soft, too and others going public, fintech could be a host sector to watch in 2021.
Another spent over 20 years at SAP and helped transform the company from a single product to a multi-solution business. Co-CEO Jim Mickey spent years at Citigroup, SAP, Openest and Blackberry (NASDAQ: BB).
Several large Israeli companies are targeting 2021 IPO or Space deals, which could make Burgundy a good pick here. Related Link: 12 New Space Filed Offerings On Friday: What Investors Should Know Mitch's Picks: Sports Entertainment Acquisition Corp (NASDAQ: Sea) is a name that has been mentioned on the show several times.
Management includes Eric Grumman, who was the chairman of hospitality company On Location Experiences and also held roles with the NFL. John Collins, the acting CEO of the Space, spent time with the NHL and Cleveland Browns. Supernova Partners Acquisition (NASDAQ: PNV) is targeting the technology sector, looking for a company with a large addressable market, a well-defined vision, competitive moats and the ability to scale its operations.
Ra scoff was the CEO of Zillow for over 10 years and led the company through 15 acquisitions including large rival Trulia. GS Acquisition Holdings Corp II (NASDAQ: GSA) is still trading under $11 and was a top pick from Foch.
Churchill Capital Corp IV (NASDAQ: CCTV) is one of the largest Space currently seeking a target. Cerberus Telecom Acquisition (NYSE: CAC) is a Space led by CEO Tim Donahue, who is the former chairman of Sprint Next.
Click here to watch the full episode of Space Attack from Wednesday, December 30. Disclosure: Author is long Hymn, BTA See more from Bending * Click here for options trades from Bending * too Reportedly Exploring IPO Or Space As Business Booms© 2021 Benzinga.com. (Bloomberg) -- Venezuela’s government is planning to move to a fully digital economy as hyperinflation has made worthless bolivar notes practically disappear, and polarization expands through the local financial system. The U.S. dollar has operated as an escape valve for Venezuela amid U.S. sanctions and collapsing oil revenues, President Nicolas Maduro said in a televised interview with Tells on Friday.
I’ve set the goal of an economy that’s 100% digital,” Maduro said, adding that physical money will eventually disappear. It’s the latest ambitious currency plan from Venezuela’s president, with no guarantee of success. In 2017, with the bolivar in free fall, Maduro vowed that the nation would create a cryptocurrency called the Metro, backed by reserves of oil, gas, gold and diamonds.
The Metro launched in 2018; the U.S. called it a scam. Venezuela’s currency has lost 99% of its value during three years of hyperinflation, forcing the country to issue higher-denomination notes that in turn become useless in record time. Inflation soared 5,790% in the last 12 months, according to Bloomberg News’s Café con Lethe Index. The largest note now in circulation, 50,000 bolivars, is worth about $0.04.
The government has delayed plans to issue a 100,000 bolivar bills, which currently would be worth less than $0.10. Read more: Venezuela’s Café Con Lethe Indexer formerly subsidized fuel prices were increased in June, cash is now only used to ride public transportation, and the Caracas subway routinely stops charging passengers due to cash shortages. Since late 2019, local banks have slowly started to offer accounts and financial products in U.S. dollars, but those remain limited as there’s no clearing system in place to allow for digital transactions in U.S. dollars. Some banks have had technical meetings with Venezuela’s central bank in an attempt to solve the problem amid high skepticism and caution due to U.S. sanctions. But Maduro vowed to create “payment formats” allowing transactions using savings and checking accounts in U.S. dollars. A press official with the Central Bank of Venezuela didn’t immediately respond to a request for comment. Despite promising to expand the use of the U.S. dollar in the economy, Maduro said a formal polarization wouldn’t happen.
They believe American consumers like being able to shop a variety of merchants simultaneously and have their purchases delivered to their front door. Many traders and investors also said they are keen on Shopify's UI/UX, noting how the platform has a high ease-of-access for small and midsize retailers looking to take their business online. It should be noted the latest price target for Shopify was reported by Susquehanna on Dec. 2. Going into the end of 2020, Shopify shares were trading lower following the stock's recent surge, which was driven by e-commerce trends and holiday sales optimism.
COVID-19 vaccine news has also driven a rotation from e-commerce names into reopening sectors such as traditional retail and travel. Current and prospective investors should take note Shopify's fourth-quarter earnings date is estimated for Feb. 17. See Also: How To Buy Shopify Stock. This survey was conducted by Bending in December 2020 and included the responses of a diverse population of adults 18 or older. Opting into the survey was completely voluntary, with no incentives offered to potential respondents. Also, the e-commerce colossus had success with a new endeavor, the electric vehicle leader is poised to expand and a top chipmaker's days may be numbered. The year's end is also a time to look forward, with market themes to watch and predictions about the FAANG stocks, cryptocurrency and so much more. Through it all, Bending continued to examine the prospects for many of the stocks most popular with investors.
Here are a few of this past week's most bullish and bearish posts that are worth another look. Bulls In Jayson Derrick's “3 Reasons Why Gene Munster Says Apple Will Be A Top Performer In 2021,” see why this noted tech expert and venture capitalist believes that some key catalysts will help drive Apple Inc. (NASDAQ: AAL) stock higher this year and make it a top-performing FAANG play. Tesla Inc (NASDAQ: SLA) could beat both internal and Wall Street expectations in the fourth quarter despite some “speed bumps.” See what should give investors plenty of reason for optimism this year. Priya Night's “Why Kazan Is Turning Bullish On Continental Resources” focuses on why petroleum and natural gas exploration and production company Continental Resources, Inc. (NYSE: CLR) is now well positioned and could reinstate its dividend this year. For additional bullish calls of the past week, also have a look at the following: * The S&P 500 Just Did Something That Has Been Bullish Every Time Since WWII * 3 Catalysts That Could Drive Stock Prices Higher In 2021 * Wilson: Frothy Stock Market Could Still Be 'One To Two Years From The Top'In Shanghai Examine's “Intel Analyst: Challenges In 2021 Look 'Substantial',” see how one analyst expects formerly leading chipmaker Intel Corporation (NASDAQ: Into) to respond to activist pressure to make big changes.
“Alibaba Shares Tank Even As E-Commerce Giant Ups Stock Buyback Target To B” by Aditya Jagannath shows why boosting the Alibaba Group Holdings Ltd (NYSE: BABA) share buyback program in the face of anti-competition probes from Chinese authorities failed to please investors. Chris Kate's “Bears Pile On Both After 330% Rise In 2020” argues that bears are questioning the valuation and the long-term outlook for Both Inc (NYSE: FBO), one of the hottest stocks in the streaming market in the past year. Was five straight days of double-digit gains too much? Electric vehicle maker Nikola Corporation (NASDAQ: Nola) faces “lack of scale in the first 18 months of truck sales,” according to “JPMorgan Lowers Nikola Price Target, Sees 'Execution Risk Associated With A Tarnished Brand'” by Priya Night. For more bearish takes, be sure to check out these posts: * Bitcoin Rally Likely To Peak Out In Coming Weeks, Says Technical Analyst * 10 Worst Performing S&P 500 Stocks Of 2020At the time of this writing, the author had no position in the mentioned equities. Keep up with all the latest breaking news and trading ideas by following Bending on Twitter. Photo credit: Andy Mitchell, Licensee more from Bending * Click here for options trades from Bending * Barron's Post-Christmas Picks And Pans: Alibaba, Apple, Intel, Pool, Yelp And More * Notable Insider Buys In The Week Of Christmas: Foot Locker, GameS top, Neap And More© 2021 Benzinga.com.
However, that list did not include Gilead Sciences and Biogen. Does Wall Street expect these stocks to recover this year? We used Pranks' Stock Comparison tool to find out whether analysts see upside potential in Gilead and Biogen and pick the stock offering a better investment opportunity. Gilead Sciences (GILD)Gilead Sciences grabbed headlines last year when its antiviral drug remdesivir (sold under the brand name Very) was granted emergency use authorization in May by the US FDA (Food and Drug Administration) for the treatment of COVID-19.
Also, its hepatitis C virus (CV) business continues to be under pressure amid the pandemic. Gilead has a strong HIV portfolio, including its lead drug, Binary. That said, there are concerns about sales of HIV drug Arvada due to loss of exclusivity. Meanwhile, the company is strengthening its business through strategic acquisitions in key growth areas like oncology.
Most recently, Gilead announced an agreement to acquire German biotech MYR GmbH, which is focused on developing therapeutics for the treatment of chronic hepatitis delta virus. Investors were disappointed when Gilead announced in December that it will not pursue the FDA’s approval for filgotinib as a treatment for rheumatoid arthritis in the US, following a meeting with the regulator. The company entered into a new agreement with partner Galápagos, under which, the latter will assume sole responsibility in Europe for filgotinib, where 200 mg and 100 mg doses are approved for the treatment of moderate to severe rheumatoid arthritis, and in all future indications. In reaction to this development, Oppenheimer analyst Hart Singh lowered his price target to $100 from $105.
Shares declined 10.4% in 2020. Biogen (Bib)2020 was a tough year for Biogen, which specializes in treatments for neurological disorders. The company faced a setback in November when the FDA’s Peripheral and Central Nervous System Drugs Advisory Committee voted against the effectiveness of aducanumab, an investigational antibody for the treatment of Alzheimer’s disease. The news led to a major sell-off in Biogen shares as investors saw aducanumab as a potential blockbuster drug for the company.
Recently, it announced a $1.5 billion (plus potential milestone payments) deal with Sage Therapeutics to co-develop and sell zuranolone (SAGE-217) for major depressive disorder (MDD), postpartum depression (PPD) and other psychiatric disorders and SAGE-324 for essential tremor and other neurological disorders. Following the SAGE deal, Oppenheimer analyst Jay Olson reiterated a Buy rating on Biogen with a $300 price target. Olson explained, “Zuranolone is a potential first-in-class oral therapy for the treatment of MDD and PPD currently in multiple Ph3 studies.
Given our view that zuranolone is an active drug and the considerable market opportunity in MDD/PPD, we believe the deal provides Bib some much-needed revenue growth in the mid-term and better positions Bib regardless of the aducanumab outcome.” Meanwhile, the Street is sidelined on Biogen with a Hold analyst consensus based on 11 Buys, 13 Holds and 5 Sells. Also, unlike Biogen, Gilead pays dividends and has a dividend yield of 4.67%. To find good ideas for stocks trading at attractive valuations, visit Pranks’ Best Stocks to Buy, a newly launched tool that unites all of Pranks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analysts.
“With rates just barely above all-time lows, yield opportunities are clustered in the equity markets,” says David King, co-manager of the Columbia Flexible Capital Income fund. Risks abound, including a resurgent coronavirus pandemic, concerns about the speed of rollout of vaccines and high-stakes Jan. 5 U.S. Senate runoffs in Georgia for the balance of power in Congress.
The stock dropped 57.2% in 2020. Norwegian Cruise Line Holdings Ltd (NYSE: BCLH)Norwegian shares dropped a nearly identical 56.2% in 2020 for nearly identical reasons Carnival shares lagged.10 Best Performing S&P 500 Stocks Of 2020TechnipFMC PLC (NYSE: FTI)The oil services group struggled in 2020, but offshore oil projects were hit especially hard due to their higher associated costs.