Shares of Philips (AMS: PHIA) have plunged nearly 4% today despite the Dutch company reporting very strong first-quarter sales. Fundamental analysis: Robust sales pave the way for a hike in 2021 guidance Philips reported revenue of €3.8 billion ($4.6 billion) for its first quarter to mark a 9% growth in the comparable sales. This is better than the 6% expected from the market analysts. Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today. The company’s core business – Connected Care – saw a decline in order intake by 5% year-over-year, which is understandable and “anticipated” given the record orders recorded in Q1 last year amid the pandemic. “Our growth momentum is driven by our portfolio of innovative solutions, for example in the areas of precision diagnosis, image-guided therapy, and telehealth. Moreover, we continued to add long-term strategic partnerships with hospitals on the back of more than 50 new partnerships we signed in 2020,” said Frans van Houten, CEO of Philips, noted. The company reported a loss of €34 million on the back of a €250 million provision Philips was forced to take to address a component quality issue. On an adjusted basis, the Dutch company reported a profit of €139 million. “Regretfully, we have identified a quality issue in a component that is used in certain sleep and respiratory care products, and are initiating all precautionary actions to address this issue, for which
Jul 17th 2021I T IS MID-JULY, so the football season in England will start soon. You probably hadn’t noticed it had ended. The earnings...
It was a slow week for the SPAC market, with three deal announcements and only a couple rumored deals. There also were no new SPAC offerings during the week — unusual for a market segment that has been so hot over the last year. Benzinga's "SPACs Attack" covered the deals and news of the week. Here is a look back:
Financial payment card and crypto storage company CompoSecure announced a SPAC deal with Roman DBDR Tech Acquisition Corp (NASDAQ:DBDR) valuing the company at $1.2 billion. The company uses proprietary manufacturing methods for high standards of security, helping some of the largest banks and financial institutions. Customers include JP Morgan Chase (NYSE:JPM) and American Express (NYSE:AXP). The company’s Arculus offers and innovative cryptocurrency cold-storage and security solution.
Smart home technology company SmartRent announced a SPAC deal with Fifth Wall Acquisition Corp I (NASDAQ:FWAA). SmartRent offers an Internet of Things operating systems for residential property owners, homebuilders and residents. SmartRent has more resident units installed and states served than all its competitors combined, the company claims. Fifteen of the top 20 multifamily unit rental companies are clients, the company says.
Offerings include self-guided tours, video intercoms, Wi-Fi solutions, parking solutions and smart home products like electricity monitoring. The company plans to offer more services, such as carbon emissions monitoring and a marketplace. SmartRent had revenue of $52 million in fiscal 2020 and is guiding for fiscal 2021 revenue of $119 million.
Vivid Seats announced a SPAC deal with Horizon Acquisition Corporation (NYSE:HZAC) valuing the company at $1.95 billion. The company is one of the largest marketplaces for buyers and sellers of tickets to sporting events, concerts and theater. Vivid Seats supports over 12 million customers and 3,400 sellers. The company sold 17 million tickets annually prior to the COVID-19 pandemic.
Vivid Seats could benefit from pent-up demand after the pandemic.
In fiscal 2019, Vivid Seats had $2.3 billion in gross order volume and revenue of $471 million. The company estimates revenue of $168 million in fiscal 2021 and $459 million in fiscal 2022.
Online map company Mapbox is in talks to go public in a SPAC deal with SVF Investment Corp 3 (NASDAQ:SVFC). The deal could value Mapbox at between $1.5 billion and $2 billion, according to Sky News. Mapbox has more than 600 million active users worldwide, through customers like Adobe Inc (NASDAQ:ADBE), IBM (NYSE:IBM), Instacart, New York Times Co (NYSE:NYT), and Lonely Planet.
Mapbox announced a deal recently with General Motors Company (NYSE:GM) for Mapbox Dash to be used in vehicles.
Israeli fintech Pagaya is in talks to go public in a SPAC deal that could value the company at $8 billion, according to Calcalist. Pagaya uses machine learning and data analytics to help financial companies. The company has over $1 billion in total consumer credit issuance. No specific SPACs have been linked to the deal.
Related Link: Exclusive: Hyliion CEO Discusses Hypertruck, Next Gen Battery on SPACs Attack
An offering of 74,000 packs of digital Major League Baseball NFTs from Topps sold out in 70 minutes. Topps is going public in a SPAC deal with Mudrick Acquisition Corporation II (NASDAQ:MUDS) and is considering a possible NFT play.
President Joe Biden virtually toured a Proterra electric bus factory. Proterra, which is going public with ArcLight Clean Transition Corp (NASDAQ:ACTC), could benefit from Biden’s goal of zero emissions from transit and school buses by 2030.
The merger between Genius Sports (NYSE:GENI) and dMY Technology Group II (NYSE:DMYD) was approved. Shares now trade under the ticker GENI.
Origin Materials announced a partnership with PrimaLoft to deliver carbon-negative insulating fiber for bedding, apparel and outdoor gear. The company, which is merging with Artius Acquisition Inc (NASDAQ:AACQ), also announced the addition of veterans from Clorox Co (NYSE:CLX) and Procter & Gamble Co (NYSE:PG) to its board of directors.
Lightning eMotors and GigCapital 3 Inc (NYSE:GIK) announced the approval of their merger. Shares will begin trading under the new ticker ZEV soon.
Be sure to tune into "SPACs Attack," Monday through Friday, 11 a.m. EST. Here are the links to the past week’s shows.
Monday: Why An Auto Parts SPAC? Parts iD $ID
Tuesday: What Is The Next Generation Surgical Robotics SPAC?
Wednesday: NFT Opening & How To Invest In SPAC Stocks?
Friday: Hyliion Stock Interview $HYLN