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Royal Caribbean launches $1.5 billion public stock offeringExternal Link

Shares of Royal Caribbean Group fell 0.7% in premarket trading Monday, after the cruise operator said it has commenced a $1.5 billion public stock offering. The company said it plans to use the proceeds from the offering for general corporate purposes. Based on Friday's stock closing price of $93.27, the offering could represent about 16.08 million shares, or about 6.8% of the shares outstanding. Royal Caribbean recently said it had liquidity of about $4.4 billion as of Dec. 31, and estimates monthly cash burn to average $250 million to $290 million during a prolonged suspension of operations. The company's cruise operations are currently suspended for most ships through April 30 as a result of the COVID-19 pandemic. Royal Caribbean's stock has rallied 19.1% over the past three months through Friday, while the S&P 500 has gained 4.1%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 01 Mar 2021 12:27:58 GMT
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Perrigo to sell generic business to Altaris Capital Partners for $1.55 billionExternal Link

Perrigo Co. Plc [ said Monday it has agreed to sell its generic business to Altaris Capital Partners LLC for $1.55 billion, including $1.5 billion in cash. Altaris will assume more than $50 million in potential milestone payments and contingent purchase obligations with third-party Rx partners. The deal is expected to close by the end of the third quarter. "This transaction establishes Perrigo as a pure-play global consumer self-care company with industry leading fundamentals," chief Executive Murray S. Kessler said in a statement. "Perrigo Consumer Self-Care will have a focused portfolio with over $4 billion in revenues focused on the growing trends towards self-managed health and wellness." Separately, Perrigo said it had a net loss of $175 million, or $1.29 a share, in the fourth quarter, wider than the loss of $19 million, or 14 cents a share, posted in the year-earlier period. Adjusted per-share earnings came to 93 cents, below the $1.00 FactSet consensus. Sales fell 2.5% to $1.3 billion, compared with a FactSet consensus of $1.319 billion. For 2021, the company is expected adjusted EPS of $2.50 to $2.70. Shares were flat premarket, but have fallen 20% in the last 12 months, while the S&P 500 has gained 22%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 01 Mar 2021 12:27:29 GMT
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Twitter to offer $1.25 billion of convertible bondsExternal Link

Twitter Inc. announced a $1.25 billion convertible bond offering in a private placement Monday, with the proceeds to be used to pay any sums due on its 1.00% convertible senior notes due 2021 and for general corporate purposes. The social media site said it will entered hedge transactions to limit dilution upon conversion. The interest rate, initial conversion rate and other terms will be determined upon pricing. Twitter shares were up 0.7% premarket, and have gained 132% in the last 12 months, while the S&P 500 has gained 22%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 01 Mar 2021 12:11:51 GMT
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GameStop and AMC Entertainment shares active again premarketExternal Link

The group of "meme" stocks, led by videogame retailer GameStop Corp. that have been volatile in recent weeks as investors on a Reddit subgroup have egged each other on, were active again in premarket trade Monday. GameStop shares were up 5% premarket, while shares of AMC Entertainment Holdings Inc. , the world's biggest cinema chain, were up 12%. BlackBerry Ltd was up 3.8%, and Naked Brand Group Ltd. was up 9.5%. Koss Corp. , a maker of headphones, was up 2.9%. GameStop shares have gained 440% in the year to date, as investors on Reddit's WallStreetBets platform sought to punish short sellers who had driven short interest in the stock to 140% by buying the stock and creating a short squeeze.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 01 Mar 2021 12:02:43 GMT
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Space data collection company Spire Global to go public through merger with SPAC NavSight HoldingsExternal Link

Shares of NavSight Holdings Inc. rallied 6.4% in premarket trading Monday, after the special purpose acquisition company (SPAC) announced a merger that will take space-based data and analytics company Spire Global Inc. public. The deal, which is expected to close in summer 2021, values the combined company at $1.6 billion, and is expected to provide about $475 million in proceeds. Spire uses a constellation of nanosatellites called LEMUR (low earth multi-use receiver) to collect space-based data. The company uses "space-as-a-service" business model. Once the deal closes, the stock will list on the NYSE under the ticker symbol "SPIR." "[O]ur proprietary data and solutions help customers solve some of earth's greatest challenges, including Net Zero and Climate Change adaptation," said Spire Chief Executive Peter Platzer. NavSight's stock, which went public in November, has gained 6.4% over the past three months through Friday, while the Renaissance IPO ETF has advanced 7.1% and the S&P 500 has tacked on 4.1%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 01 Mar 2021 11:58:44 GMT
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