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News

Glatfelter Q3 Sales $332.10M, Up From $329.92M YoY

Glatfelter Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLT#NYSE">GLT</a>) ("Glatfelter") and Berry Global Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) ("Berry") announced today that Glatfelter's shareholders have approved all matters relating to the merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films business ("HHNF Business") with Glatfelter required to be approved by Glatfelter shareholders, as described in the proxy statement/prospectus provided to its shareholders in connection with the Special Meeting.
At the Special Meeting of Glatfelter Shareholders held earlier today, Glatfelter shareholders voted to approve the share issuance proposal, the charter amendment proposals, the omnibus plan proposal and the advisory (non-binding) compensation proposal.

BERY

Glatfelter Shareholders Approve Proposals Related To The Proposed Merger Of Berry's Health, Hygiene And Specialties Global Nonwovens And Films Business

The spin-off and merger of Berry&#39;s HHNF Business with Glatfelter are expected to be completed on November 4, 2024, subject to the satisfaction or waiver of the closing conditions for the transaction. As previously announced, in connection with the merger, Glatfelter will effect a reverse stock split and change its name to Magnera Corporation (&quot;Magnera&quot;).

Berry Global Sets Record Date Of Close Of Business On November 1, 2024 For Proposed Spin-off Of Its HHNF Business

The size of the offering reflects an increase of&nbsp;$300 million&nbsp;in aggregate principal amount of the Notes from the previously announced offering size of&nbsp;$500 million. The Notes will be issued in lieu of the same amount of debt previously intended to be provided under the new term loan facility to be entered into by Treasure Holdco, Inc. (&quot;Spinco&quot;) and to be assumed by Magnera in conjunction with and assuming the closing of the Transaction.

Reported Earlier, Berry Global And Glatfelter Upsize Senior Secured Notes To $800M Ahead Of Strategic Merger Into Magnera

Berry Global Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) ("Berry") and Glatfelter Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLT#NYSE">GLT</a>) ("Glatfelter") announced today that Berry's indirect, wholly-owned subsidiary, Treasure Escrow Corporation, a Delaware corporation (the "Issuer"), plans to issue $500,000,000 of senior secured notes due 2031 (the "Notes").
The proceeds from the offering are intended to be used to fund a portion of the cash distribution to Berry Global, Inc., a Delaware corporation and wholly-owned subsidiary of Berry, by Treasure Holdco, Inc., a Delaware corporation and an indirect, wholly-owned subsidiary of Berry ("Spinco"), in respect of the previously announced combination of Berry's Health, Hygiene and Specialties Global Nonwovens and Films business with Glatfelter, in a Reverse Morris Trust transaction (the "Transaction"), to repay certain existing indebtedness of Glatfelter and to pay certain fees and expenses. As previously disclosed, upon closing of the Transaction, the combined company will be renamed Magnera Corporation ("Magnera"). The issuance of the Notes would be issued in lieu of the same amount of debt previously intended to be provided under Spinco's new credit facilities and such debt would be assumed by Magnera, in conjunction with and assuming closing of the Transaction.

Offerings

Berry Global to Issue $500M in Notes to Fund Glatfelter Merger and Debt Repayment

Glatfelter Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLT#NYSE">GLT</a>), a leading global supplier of engineered materials, is proud to announce significant advancements in sustainable materials for espresso pod lids to address the growing demand for eco-friendly packaging solutions in the single-serve coffee market.
Building on its established reputation in the tea and coffee sectors, Glatfelter is expanding its sustainable product portfolio with a new biobased espresso lid material. This innovative lid material addresses the challenges associated with traditional polyethylene-coated aluminum film. Internal testing at Glatfelter has demonstrated that while alternatives such as Polylactic Acid (PLA) and Polyhydroxyalkanoates (PHA) provide some environmental benefits, they fall short of meeting the essential requirements for espresso lids. These requirements include maintaining effective oxygen and moisture barriers, ensuring compatibility with existing equipment, achieving a clean puncture under high pressure, supporting crema formation, and providing peel-free adhesion—all while being home compostable.
When paired with a compatible capsule, this new lid would allow the entire espresso pod to be composted at home, reducing its environmental impact. The European Commission's Proposal for Packaging and Packaging Waste Regulation (PPWR) highlights the importance of compostability for coffee capsules, noting that coffee grounds contain valuable nutrients such as potassium, phosphorus, and nitrogen, which can enrich soil if composted (Statement on the Revision of the PPWR, 2024).i

Glatfelter Announces Advancements In Sustainable Materials For Espresso Pod Lids To Address The Growing Demand For Eco-Friendly Packaging Solutions In The Single-Serve Coffee Market

WIIM

Glatfelter shares are trading higher after the company reported a year-over-year increase in Q2 adjusted EPS results.

Glatfelter (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLT#NYSE">GLT</a>) reported quarterly losses of $(0.25) per share. This is a 44.44 percent increase over losses of $(0.45) per share from the same period last year. The company reported $329.44 million in sales this quarter. This is a 7.72 percent decrease over sales of $357.00 million the same period last year.

Glatfelter Q2 Adj EPS $(0.25) Up From $(0.45) YoY, Sales $329.44M Down From $357.00M YoY

Berry Global Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) and Glatfelter Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLT#NYSE">GLT</a>) announced that the proposed merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films ("HHNF") business with Glatfelter progressed further today with the creation of the Magnera brand (pronounced ‘Mag-nair-uh'), a global leader in the specialty materials industry.

Berry And Glatfelter Announce New Brand Name In Connection With Proposed Merger Of Berry's Health, Hygiene And Specialties Global Nonwovens And Films Business And Glatfelter, With The Creation Of The Magnera Brand

Berry Global And Glatfelter Announced The Achievement Of An Additional Regulatory Milestone In The Proposed Transaction Involving The Combination Of A Majority Of Berry's Health, Hygiene And Specialties Segment

Glatfelter (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLT#NYSE">GLT</a>) reported quarterly losses of $(0.33) per share. This is a 153.85 percent decrease over losses of $(0.13) per share from the same period last year. The company reported $327.26 million in sales this quarter. This is a 13.47 percent decrease over sales of $378.21 million the same period last year.

Glatfelter Q1 Adj $(0.33) Down From $(0.13) YoY, Sales $327.26M Down From $378.21M YoY

Berry Global Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) and Glatfelter Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLT#NYSE">GLT</a>) announced today the achievement of a regulatory milestone in the proposed transaction involving the combination of a majority of Berry&#39;s Health, Hygiene and Specialties segment to include its Global Nonwovens and Films business (&quot;HHNF&quot;) with Glatfelter, with the expiration of the required waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act. 
As previously announced on February 7, 2024, Berry and Glatfelter entered into a definitive agreement under which Berry will spin-off and merge its HHNF business with Glatfelter in a Reverse Morris Trust transaction. The transaction will create a leading, publicly-traded company in the specialty materials industry.
The transaction is expected to close in the second half of calendar 2024 and is subject to approval by Glatfelter shareholders and completion of customary closing conditions.

Berry Global And Glatfelter Reach Key Regulatory Step In Spin-Off And Merger Deal Involving Berry's Nonwovens And Films Business

Kevin M. Fogarty will continue to serve Glatfelter in the role of Non-Executive Chair of the Board of Directors of NewCo.&nbsp;James M. Till (Jim) will be appointed to the role of Executive Vice President, Chief Financial Officer &amp; Treasurer for NewCo, effective upon the closing of the proposed transaction.&nbsp;In addition, Mr. Tarun Manroa will be appointed to the role of Executive Vice President, Chief Operating Officer for NewCo, effective upon the closing of the proposed transaction.

Management

Glatfelter Reveals Key Leadership Appointments In Connection With Proposed Merger

Glatfelter shares are trading higher following Q4 earnings.

Guidance

Glatfelter Sees FY24 EBITDA $110M-$120M

Glatfelter (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLT#NYSE">GLT</a>) reported quarterly losses of $(0.04) per share. This is a 75 percent increase over losses of $(0.16) per share from the same period last year. The company reported $320.38 million in sales this quarter. This is a 14.31 percent decrease over sales of $373.90 million the same period last year.

Glatfelter Q4 EPS $(0.04) Up From $(0.16) YoY, Sales $320.38M Down From $373.90M YoY

U.S. stocks traded higher toward the end of trading, with the Dow Jones index gaining more than 150 points on Wednesday.
The Dow traded up 0.47% to 38,701.01 while the NASDAQ rose 0.89% to 15,748.69. The S&amp;P 500 also rose, gaining, 0.82% to 4,994.75.
Check This Out: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/02/36978503/top-5-energy-stocks-that-may-explode-in-february"> Top 5 Energy Stocks That May Explode In February </a>
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<h3>Leading and Lagging Sectors</h3>
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Consumer discretionary shares rose by 1.1% on Wednesday.
In trading on Wednesday, energy shares fell by 0.2%.
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<h3>Top Headline</h3>
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Yum! Brands Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/yum#NYSE">YUM</a>) reported weaker-than-expected results for its fourth quarter on Wednesday.
The company posted fourth-quarter fiscal 2023 sales growth of 1% year-on-year to $2.04 billion, missing the analyst consensus estimate of $2.11 billion. Adjusted EPS was $1.26, below the consensus of $1.40.
<h3>
Equities Trading UP</h3>
&nbsp;
MicroCloud Hologram Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/holo#NASDAQ">HOLO</a>) shares shot up 497% to $8.95. The company announced it planned to join the Communications Industry Association. HOLO intends to join the Communications Industry Association to foster information technology innovation.
Shares of Glatfelter Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/glt#NYSE">GLT</a>) got a boost, surging 72% to $2.20 after the company and Berry Global announced they entered into definitive agreements for Berry to spin-off and merge the majority of its Health, Hygiene and Specialties segment to include its Global Nonwovens and Films business with Glatfelter.
Aviat Networks, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/avnw#NASDAQ">AVNW</a>) shares were also up, gaining 25% to $37.47 after the company reported better-than-expected second-quarter financial results and issued FY24 revenue guidance above estimates.
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<h3>Equities Trading DOWN</h3>
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Triumph Group, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tgi#NYSE">TGI</a>) shares dropped 18% to $13.46 after the company reported below-consensus third-quarter results and cut the FY24 outlook.
Shares of The Container Store Group, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tcs#NYSE">TCS</a>) were down 41% to $0.9998 following weak quarterly results.
Snap Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/snap#NYSE">SNAP</a>) was down, falling 35% to $11.30 after the company reported mixed quarterly results.
Also Check This Out:<a href="https://www.benzinga.com/news/24/02/36981099/spotify-to-rally-around-36-here-are-10-top-analyst-forecasts-for-wednesday"> Spotify To Rally Around 36%? Here Are 10 Top Analyst Forecasts For Wednesday </a>
&nbsp;
<h3>Commodities</h3>
&nbsp;
In commodity news, oil traded up 0.8% to $73.89&nbsp;while gold traded mostly flat at $2,051.10.
Silver traded down 0.5% to $22.365 on Wednesday while copper fell 1.2% to $3.7365.
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<h3>Euro zone</h3>
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European shares were lower today. The eurozone&rsquo;s STOXX 600 fell 0.23%, London&rsquo;s FTSE 100 fell 0.68% while Spain&rsquo;s IBEX 35 Index fell 1.15% The German DAX fell 0.65% French CAC 40 fell 0.36% while Italy&rsquo;s FTSE MIB Index fell 0.45%.
France&rsquo;s current account deficit shrank to EUR 0.7 billion in December versus a revised EUR 2.9 billion in the prior month, while trade deficit increased to &euro;6.83 billion in December from a &euro;5.9 billion gap in the previous month.
The Halifax House Price Index rose by 2.5% year-over-year in January, while German industrial output declined by 1.6% month-over-month in December.
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<h3>Asia Pacific Markets</h3>
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Asian markets closed mixed on Wednesday, with Japan&rsquo;s Nikkei 225 falling 0.11%, Hong Kong&rsquo;s Hang Seng Index falling 0.34% and China&rsquo;s Shanghai Composite Index gaining 1.44%. India&rsquo;s S&amp;P BSE Sensex, meanwhile, fell 0.06%.
China&#39;s vehicle sales climbed by 47.9% year-over-year to 2.44 million units in January. China&#39;s foreign exchange reserves fell to $3.219 trillion in January from $3.238 trillion in the prior month. Foreign exchange reserves in Hong Kong fell to $423.2 billion in January.
The index of leading economic indicators in Japan rose to 110.0 in December versus a revised reading of 108.1 in the previous month, while index of coincident economic indicators rose to 116.2 in December from a final reading of 114.6. Reserve assets in Japan declined to $1.292 trillion in January from $1.295 trillion a month ago.
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<h3>Economics</h3>
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U.S. mortgage applications increased by 3.7% on the week ending Feb. 2.
The trade deficit in the U.S. came in at $62.2 billion in December versus a revised $61.9 billion gap in November.
Crude oil inventories in the U.S. increased by 5.521 million barrels in the week ending Feb. 2, , the most since mid-November.
Now Read This: <a href="https://www.benzinga.com/news/24/02/36977073/wall-streets-most-accurate-analysts-hold-sell-these-3-tech-and-telecom-stocks-with-over-3-dividend-y"> Wall Street&#39;s Most Accurate Analysts&#39; Views On 3 Tech And Telecom Stocks With Over 3% Dividend Yields </a>

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Eurozone

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Intraday Update

Markets

Trading Ideas

AVNW

MicroCloud Hologram Inc. - Ordinary Shares

HOLO

SNAP

Nasdaq Surges Over 100 Points; Yum! Brands Posts Downbeat Results

Shares of The Container Store Group, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tcs#NYSE">TCS</a>) shares fell sharply during Wednesday&rsquo;s session following weak quarterly results.
Container Store Group posted adjusted loss of 8 cents per share, compared to market expectations for a loss of 5 cents per share. The company&rsquo;s quarterly sales came in at $214.90 million versus estimates of $220.72 million.
Container Store Group shares dipped 22.7% to $1.3150 on Wednesday.
Here are some other stocks moving in today&#39;s mid-day session.
<h3>Gainers</h3>
<ul>
<li>MicroCloud Hologram Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/holo#NASDAQ">HOLO</a>) shares jumped 400% to $7.51. The company announced it planned to join the Communications Industry Association. HOLO intends to join the Communications Industry Association to foster information technology innovation.</li>
<li>SMX (Security Matters) Public Limited Company (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/smx#NASDAQ">SMX</a>) shares climbed 138% to $0.5528.</li>
<li>Glatfelter Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/glt#NYSE">GLT</a>) climbed 68.8% to $2.1450 after the company and Berry Global announced they entered into definitive agreements for Berry to spin-off and merge the majority of its Health, Hygiene and Specialties segment to include its Global Nonwovens and Films business with Glatfelter.</li>
<li>MariaDB plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mrdb#NYSE">MRDB</a>) gained 57% to $0.3782 after jumping more than 26% on Tuesday.</li>
<li>ThermoGenesis Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/thmo#NASDAQ">THMO</a>) climbed 37.7% to $0.8101.</li>
<li>Recon Technology, Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rcon#NASDAQ">RCON</a>) rose 33.3% to $0.1934.</li>
<li>Ault Alliance, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ault#NYSE">AULT</a>) surged 28.1% to $0.4549. Ault Alliance said it determined not to pursue new acquisitions during 2024, though it may continue to make strategic investments.</li>
<li>Luokung Technology Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lkco#NASDAQ">LKCO</a>) gained 27.4% to $0.6269.</li>
<li>MicroAlgo Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mlgo#NASDAQ">MLGO</a>) rose 27% to $0.4939.</li>
<li>Aviat Networks, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/avnw#NASDAQ">AVNW</a>) surged 23.7% to $37.20 after the company reported better-than-expected second-quarter financial results and issued FY24 revenue guidance above estimates.</li>
<li>Jianpu Technology Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jt#NYSE">JT</a>) gained 18.5% to $0.7584.</li>
<li>Enphase Energy, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/enph#NASDAQ">ENPH</a>) rose 17.7% to $118.36 after the company reported quarterly financial results.</li>
<li>Sonos, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sono#NASDAQ">SONO</a>) gained 17.6% to $19.36 after the company reported better-than-expected quarterly financial results.</li>
<li>XPO, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xpo#NYSE">XPO</a>) climbed 16.6% to $114.34 after the company reported better-than-expected fourth-quarter financial results.</li>
<li>Cirrus Logic, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/crus#NASDAQ">CRUS</a>) gained 15.1% to $90.28 after the company reported better-than-expected quarterly financial results.</li>
<li>Green Plains Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gpre#NASDAQ">GPRE</a>) climbed 14.6% to $22.94 following quarterly results.</li>
<li>Hitek Global Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hkit#NASDAQ">HKIT</a>) rose 14.1% to $0.81.</li>
<li>Griffon Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gff#NYSE">GFF</a>) gained 13.8% to $68.55 following upbeat results.</li>
<li>REGENXBIO Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rgnx#NASDAQ">RGNX</a>) rose 13.3% to $14.78. Regenxbio has completed enrollment at dose level 2 and reported additional interim safety and efficacy in Phase 1/2 AFFINITY DUCHENNE trial of Rgx-202 in patients with Duchenne Muscular Dystrophy ages 4 to11 years old.</li>
<li>O-I Glass, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/oi#NYSE">OI</a>) climbed 12.7% to $16.19 following upbeat results.</li>
<li>Frontier Group Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ulcc#NASDAQ">ULCC</a>) rose 11.3% to $6.93. Frontier reported fourth-quarter financial results and issued guidance.</li>
<li>Silicon Laboratories Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/slab#NASDAQ">SLAB</a>) jumped 11.1% to $131.43 after the company reported better-than-expected quarterly financial results and issued guidance.</li>
<li>Griid Infrastructure Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/grdi#NASDAQ">GRDI</a>) gained 10.9% to $2.35 after gaining over 4% on Tuesday.</li>
<li>Emerson Electric Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/emr#NYSE">EMR</a>) climbed 10.8% to $104.44 after the company reported better-than-expected quarterly earnings and raised FY24 outlook.</li>
<li>Yum China Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/yumc#NYSE">YUMC</a>) shares rose 9.9% to $41.14 after the company reported fourth-quarter financial results and increased its dividend.</li>
<li>IHS Holding Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ihs#NYSE">IHS</a>) gained 8.1% to $3.1250.</li>
<li>Fortinet, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ftnt#NASDAQ">FTNT</a>) rose 4% to $70.13 after the company reported better-than-expected fourth-quarter financial results and issued guidance.</li>
</ul>
<h3>Losers</h3>
<ul>
<li>Snap Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/snap#NYSE">SNAP</a>) shares dipped 35.2% to $11.30 after the company reported mixed fourth-quarter results.</li>
<li>Sunworks, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sunw#NASDAQ">SUNW</a>) shares fell 29.1% to $0.0617. Sunworks shares dipped 58% on Tuesday after the company announced it ceased operations and filed voluntary petitions for relief under the provisions of Chapter 7 of Title 11 of the United States Code.</li>
<li>CytoMed Therapeutics Limited (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gdtc#NASDAQ">GDTC</a>) dipped 26.7% to $2.25.</li>
<li>fuboTV Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fubo#NYSE">FUBO</a>) shares fell 25.7% to $1.8650 after gaining around 4% on Tuesday.</li>
<li>Volcon, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vlcn#NASDAQ">VLCN</a>) tumbled 23.6% to $2.62.</li>
<li>The E.W. Scripps Company (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ssp#NASDAQ">SSP</a>) fell 22.8% to $5.74.</li>
<li>MedAvail Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mdvl#NASDAQ">MDVL</a>) shares declined 20.4% to $2.61 after jumping 92% on Tuesday.</li>
<li>Triumph Group, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tgi#NYSE">TGI</a>) fell 18.8% to $13.35 after the company reported below-consensus third-quarter results and cut the FY24 outlook.</li>
<li>Perion Network Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/peri#NASDAQ">PERI</a>) fell 18.6% to $24.00 after the company issued worse-than-expected FY24 outlook.</li>
<li>ePlus inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/plus#NASDAQ">PLUS</a>) shares declined 17.6% to $64.50 after the company reported worse-than-expected third-quarter results.</li>
<li>The Hain Celestial Group, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hain#NASDAQ">HAIN</a>) fell 16.9% to $9.42 after the company reported worse-than-expected quarterly revenue results.</li>
<li>Soho House &amp; Co Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/shco#NYSE">SHCO</a>) fell 15.9% to $5.20.</li>
<li>KKR Real Estate Finance Trust Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kref#NYSE">KREF</a>) shares dipped 14.3% to $10.09 following fourth-quarter results.</li>
<li>Alpha and Omega Semiconductor Limited (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aosl#NASDAQ">AOSL</a>) fell 14.1% to $22.11. The company reported second-quarter financial results and issued revenue guidance.</li>
<li>New York Community Bancorp, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nycb#NYSE">NYCB</a>) shares declined 12.8% to $3.6599. Fitch downgraded NYCB&rsquo;s long-term credit rating to one notch above non-investment grade at BBB-. Moody&rsquo;s downgraded NYCB&#39;s debt rating from Baa3 to Ba2.</li>
<li>Viasat, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vsat#NASDAQ">VSAT</a>) fell 12.7% to $19.88 after the company reported quarerly financial results.</li>
<li>V.F. Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vfc#NYSE">VFC</a>) shares declined 12.2% to $14.88 after the company reported worse-than-expected third-quarter financial results.</li>
<li>Vestis Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vsts#NYSE">VSTS</a>) fell 10.2% to $20.03 after the company reported worse-than-expected first-quarter sales results.</li>
<li>Rekor Systems, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rekr#NASDAQ">REKR</a>) fell 9.5% to $2.7150 after the company announced the launch of a proposed follow-on public offering of common stock.</li>
<li>Berry Global Group, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bery#NYSE">BERY</a>) fell 9.2% to $58.35 after the company reported below-consensus first-quarter FY24 results and disclosed a deal for a tax-free spin-off and merger of Berry&#39;s Health.</li>
<li>Valley National Bancorp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vly#NASDAQ">VLY</a>) declined 8.3% to $7.49.</li>
<li>ADDvantage Technologies Group, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aey#NASDAQ">AEY</a>) fell 6.6% to $0.5790 after surging 77% on Tuesday.</li>
</ul>
&nbsp;
Now Read This: <a href="https://www.benzinga.com/news/earnings/24/02/36983037/mckesson-earnings-are-imminent-here-are-the-recent-forecast-changes-from-wall-streets-most-accurate"> McKesson Earnings Are Imminent; Here Are The Recent Forecast Changes From Wall Street&#39;s Most Accurate Analysts</a>

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Why Container Store Group Shares Are Trading Lower By Around 23%? Here Are Other Stocks Moving In Wednesday's Mid-Day Session

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining more than 100 points on Wednesday.
The Dow traded up 0.37% to 38,665.47 while the NASDAQ rose 0.83% to 15,737.97. The S&amp;P 500 also rose, gaining, 0.76% to 4,991.73.
Check This Out: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/02/36978503/top-5-energy-stocks-that-may-explode-in-february"> Top 5 Energy Stocks That May Explode In February </a>
&nbsp;
<h3>Leading and Lagging Sectors</h3>
&nbsp;
Information technology shares rose by 1.1% on Wednesday.
In trading on Wednesday, energy shares fell by 0.1%.
&nbsp;
<h3>Top Headline</h3>
&nbsp;
Crude oil inventories in the U.S. increased by 5.521 million barrels in the week ending Feb. 2, , the most since mid-November.
&nbsp;
<h3>Equities Trading UP</h3>
&nbsp;
MicroCloud Hologram Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/holo#NASDAQ">HOLO</a>) shares shot up 450% to $8.25. The company announced it planned to join the Communications Industry Association. HOLO intends to join the Communications Industry Association to foster information technology innovation.
Shares of Glatfelter Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/glt#NYSE">GLT</a>) got a boost, surging 77% to $2.27 after the company and Berry Global announced they entered into definitive agreements for Berry to spin-off and merge the majority of its Health, Hygiene and Specialties segment to include its Global Nonwovens and Films business with Glatfelter.
Aviat Networks, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/avnw#NASDAQ">AVNW</a>) shares were also up, gaining 24% to $37.33 after the company reported better-than-expected second-quarter financial results and issued FY24 revenue guidance above estimates.
&nbsp;
<h3>Equities Trading DOWN</h3>
&nbsp;
Triumph Group, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tgi#NYSE">TGI</a>) shares dropped 19% to $13.39 after the company reported below-consensus third-quarter results and cut the FY24 outlook.
Shares of The Container Store Group, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tcs#NYSE">TCS</a>) were down 26% to $1.2512 following weak quarterly results.
Snap Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/snap#NYSE">SNAP</a>) was down, falling 35% to $11.38 after the company reported mixed quarterly results.
Also Check This Out:<a href="https://www.benzinga.com/news/24/02/36981099/spotify-to-rally-around-36-here-are-10-top-analyst-forecasts-for-wednesday"> Spotify To Rally Around 36%? Here Are 10 Top Analyst Forecasts For Wednesday </a>
&nbsp;
<h3>Commodities</h3>
&nbsp;
In commodity news, oil traded up 0.5% to $73.68 while gold traded up 0.2% at $2,054.50.
Silver traded down 0.3% to $22.42 on Wednesday while copper fell 1.2% to $3.7410.
&nbsp;
<h3>Euro zone</h3>
&nbsp;
European shares were lower today. The eurozone&rsquo;s STOXX 600 fell 0.23%, London&rsquo;s FTSE 100 fell 0.68% while Spain&rsquo;s IBEX 35 Index fell 1.15% The German DAX fell 0.65% French CAC 40 fell 0.36% while Italy&rsquo;s FTSE MIB Index fell 0.45%.
France&rsquo;s current account deficit shrank to EUR 0.7 billion in December versus a revised EUR 2.9 billion in the prior month, while trade deficit increased to &euro;6.83 billion in December from a &euro;5.9 billion gap in the previous month.
The Halifax House Price Index rose by 2.5% year-over-year in January, while German industrial output declined by 1.6% month-over-month in December.
&nbsp;
<h3>Asia Pacific Markets</h3>
&nbsp;
Asian markets closed mixed on Wednesday, with Japan&rsquo;s Nikkei 225 falling 0.11%, Hong Kong&rsquo;s Hang Seng Index falling 0.34% and China&rsquo;s Shanghai Composite Index gaining 1.44%. India&rsquo;s S&amp;P BSE Sensex, meanwhile, fell 0.06%.
China&#39;s vehicle sales climbed by 47.9% year-over-year to 2.44 million units in January. China&#39;s foreign exchange reserves fell to $3.219 trillion in January from $3.238 trillion in the prior month. Foreign exchange reserves in Hong Kong fell to $423.2 billion in January.
The index of leading economic indicators in Japan rose to 110.0 in December versus a revised reading of 108.1 in the previous month, while index of coincident economic indicators rose to 116.2 in December from a final reading of 114.6. Reserve assets in Japan declined to $1.292 trillion in January from $1.295 trillion a month ago.
&nbsp;
<h3>Economics</h3>
&nbsp;
U.S. mortgage applications increased by 3.7% on the week ending Feb. 2.
The trade deficit in the U.S. came in at $62.2 billion in December versus a revised $61.9 billion gap in November.
Crude oil inventories in the U.S. increased by 5.521 million barrels in the week ending Feb. 2, , the most since mid-November.
Now Read This: <a href="https://www.benzinga.com/news/24/02/36977073/wall-streets-most-accurate-analysts-hold-sell-these-3-tech-and-telecom-stocks-with-over-3-dividend-y"> Wall Street&#39;s Most Accurate Analysts&#39; Views On 3 Tech And Telecom Stocks With Over 3% Dividend Yields </a>

Crude Oil Edges Higher; Snap Shares Plummet

U.S. stocks traded higher this morning, with the Dow Jones gaining around 100 points on Wednesday.
Following the market opening Wednesday, the Dow traded up 0.25% to 38,618.79 while the NASDAQ rose 0.34% to 15,661.70. The S&amp;P 500 also rose, gaining, 0.34% to 4,971.18.
Check This Out: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/02/36978503/top-5-energy-stocks-that-may-explode-in-february"> Top 5 Energy Stocks That May Explode In February</a>
&nbsp;
<h3>Leading and Lagging Sectors</h3>
&nbsp;
Consumer discretionary shares rose by 0.7% on Wednesday.
In trading on Wednesday, utilities shares fell by 0.2%.
&nbsp;
<h3>Top Headline</h3>
&nbsp;
Uber Technologies, Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uber#NYSE">UBER</a>) reported better-than-expected fourth-quarter sales.
Uber reported fourth-quarter FY23 revenue growth of 15% year-on-year to $9.94 billion, beating the consensus of $9.76 billion. Uber&rsquo;s GAAP EPS of $0.29 beat the consensus of $0.17.
Uber expects first-quarter gross bookings of $37.0 billion to $38.5 billion and an adjusted EBITDA of $1.26 billion to $1.34 billion.
&nbsp;
<h3>Equities Trading UP</h3>
&nbsp;
MicroCloud Hologram Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/holo#NASDAQ">HOLO</a>) shares shot up 147% to $3.7007. MicroCloud Hologram said it is planning to join the Communications Industry Association.
Shares of Glatfelter Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/glt#NYSE">GLT</a>) got a boost, surging 82% to $2.3301 after the company and Berry Global announced they entered into definitive agreements for Berry to spin-off and merge the majority of its Health, Hygiene and Specialties segment to include its Global Nonwovens and Films business with Glatfelter.
SMX (Security Matters) Public Limited Company (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/smx#NASDAQ">SMX</a>) shares were also up, gaining 85% to $0.43.
&nbsp;
<h3>Equities Trading DOWN</h3>
&nbsp;
Invitae Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nvta#NYSE">NVTA</a>) shares dropped 33% to $0.06. Invitae, backed by SoftBank Group, is reportedly on the brink of filing for bankruptcy in the coming weeks.
Shares of CytoMed Therapeutics Limited (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gdtc#NASDAQ">GDTC</a>) were down 34% to $2.03.
Snap Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/snap#NYSE">SNAP</a>) was down, falling 32% to $11.90 after the company reported mixed quarterly results.
Also Check This Out:<a href="https://www.benzinga.com/news/24/02/36981099/spotify-to-rally-around-36-here-are-10-top-analyst-forecasts-for-wednesday"> Spotify To Rally Around 36%? Here Are 10 Top Analyst Forecasts For Wednesday </a>
&nbsp;
<h3>Commodities</h3>
&nbsp;
In commodity news, oil traded up 0.8% to $73.89 while gold traded up 0.1% at $2,053.80.
Silver traded down 0.2% to $22.435 on Wednesday while copper fell 0.5% to $3.763.
&nbsp;
<h3>Euro zone</h3>
&nbsp;
European shares were lower today. The eurozone&rsquo;s STOXX 600 fell 0.1%, London&rsquo;s FTSE 100 fell 0.4% while Spain&rsquo;s IBEX 35 Index fell 0.8% The German DAX fell 0.3% French CAC 40 fell 0.1% while Italy&rsquo;s FTSE MIB Index fell 0.1%.
France&rsquo;s current account deficit shrank to EUR 0.7 billion in December versus a revised EUR 2.9 billion in the prior month, while trade deficit increased to &euro;6.83 billion in December from a &euro;5.9 billion gap in the previous month.
The Halifax House Price Index rose by 2.5% year-over-year in January, while German industrial output declined by 1.6% month-over-month in December.
&nbsp;
<h3>Asia Pacific Markets</h3>
&nbsp;
Asian markets closed mixed on Wednesday, with Japan&rsquo;s Nikkei 225 falling 0.11%, Hong Kong&rsquo;s Hang Seng Index falling 0.34% and China&rsquo;s Shanghai Composite Index gaining 1.44%. India&rsquo;s S&amp;P BSE Sensex, meanwhile, fell 0.06%.
China&#39;s vehicle sales climbed by 47.9% year-over-year to 2.44 million units in January. China&#39;s foreign exchange reserves fell to $3.219 trillion in January from $3.238 trillion in the prior month. Foreign exchange reserves in Hong Kong fell to $423.2 billion in January.
The index of leading economic indicators in Japan rose to 110.0 in December versus a revised reading of 108.1 in the previous month, while index of coincident economic indicators rose to 116.2 in December from a final reading of 114.6. Reserve assets in Japan declined to $1.292 trillion in January from $1.295 trillion a month ago.
&nbsp;
<h3>Economics</h3>
&nbsp;
US mortgage applications increased by 3.7% on the week ending Feb. 2.
The trade deficit in the US came in at $62.2 billion in December versus a revised $61.9 billion gap in November.
Now Read This: <a href="https://www.benzinga.com/news/24/02/36977073/wall-streets-most-accurate-analysts-hold-sell-these-3-tech-and-telecom-stocks-with-over-3-dividend-y"> Wall Street&#39;s Most Accurate Analysts&#39; Views On 3 Tech And Telecom Stocks With Over 3% Dividend Yields </a>

NVTA

UBER

US Stocks Gain; Uber Posts Upbeat Sales

Glatfelter (GLT) has shared an update. Glatfelter and Berry have jointly announced the leadership lineup for Magnera's board following the impendin...

Glatfelter and Berry Reveal Magnera's Post-Merger Board

Catalyst Watch: Tesla's Robotaxi reveal, AI events for Nvidia, AMD, and HP Enterprise

Berry Global, Glatfelter announces $500M proposed debt offering of senior secured notes

Berry and Glatfelter prices upsized $800 million debt offering by Berry subsidiary

Catalyst Watch: Netflix earnings, Lenovo tech event, Paris Motor Show, and eyes on oil

Berry Global Group (BERY) and Glatfelter (GLT) announced that Berry has set a record date of the close of business on November 1 for the proposed s...

Berry Global and Glatfelter announce record date for spin-off

Berry Global (BERY) and Glatfelter (GLT) announced that Berry has set a record date of the close of business on November 1 for the proposed spin-of...

Berry Global, Glatfelter provide update on HHNF spin-off and merger completion

Glatfelter Corporation (GLT) and Berry Global Group (BERY) announced today that Glatfelter's shareholders have approved all matters relating to the...

Glatfelter shareholders approve proposals related to merger of Berry business

Glatfelter Corporation (GLT) and Berry Global Group (BERY) announced that Glatfelter's shareholders have approved all matters relating to the merge...

Glatfelter shareholders approve proposals related to Berry Global deal

Glatfelter Corporation Non-GAAP EPS of -$0.26, revenue of $332M

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Press Releases

Berry and Glatfelter Announce Proposed Offering by a Berry Subsidiary of Senior Secured Notes in Connection with the Proposed Merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films Business with Glatfelter

Berry and Glatfelter Announce Pricing of Upsized Senior Secured Notes Offering by Berry Subsidiary in Connection with Proposed Merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films Business with Glatfelter

Financing

Berry and Glatfelter Announce Information for Anticipated Completion of Spin-Off and Subsequent Merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films Business with Glatfelter

Berry and Glatfelter Announce Information for Anticipated Completion of  Spin-Off and Subsequent Merger of  Berry's Health, Hygiene and Specialties Global Nonwovens and Films Business  with Glatfelter

Glatfelter Shareholders Approve Proposals Related to the Proposed Merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films Business with Glatfelter

Glatfelter Shareholders Approve Proposals Related to the Proposed Merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films Business With Glatfelter

Glatfelter Reports Third Quarter 2024 Results

Magnera Emerges as a New Global Leader in the Specialty Materials and Nonwovens Industry, Following the Merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films Business with Glatfelter

MAGN

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