Market movers: Stocks seeing action on Wednesday

on a boost from its capital markets division, even as the lender set aside more money for loans that could default.

posted second-quarter results that beat analysts’ estimates. Royal Bank of Canada and Canadian Imperial Bank of Commerce report on Thursday.) for a price of US$2.30 per share and announcing a Special Committee of the Board, comprised solely of independent directors, determined it “significantly undervalues the Company and its growth prospects.”

“RIOT’s offer represents US$950-million in equity value. A challenge to valuing BITF, RIOT, or the offer, is the companies’ ambitious and partially funded growth plans. In our acquisition model, we account for the remaining dilution from both companies’ growth plans, and calculate a post-growth EBITDA run rate at current BTC prices and current global hash rate. The model implies significant value creation from the deal, to which we apply a discount given BITF’s riskier geographies.

In an earlier statement, BHP said it needed more time to engage with Anglo, while outlining commitments to minimise regulatory risk in South Africa and saying it would offer a break fee if the deal failed to gain regulatory approvals. The buyback underscores that Robinhood is adopting a similar approach to win over investors who might be looking for signs of maturity before backing the 11-year-old company. Buybacks are typically associated with older companies.

It also rolled out a retirement account in late 2022 and is expected to launch trading in futures and index options later this year.) fell after it reported higher second-quarter profit but missed analysts’ estimates as the lender set aside more money for loans that could default. Commissioned in 2023, the LIL is a 1,100-kilometre high voltage transmission line that delivers renewable energy to Newfoundland, Nova Scotia and beyond.

The U.S. oil and gas industry has been riding a consolidation wave over the last two years, with 2023 being one of the most active where M&A deals worth US$250-billion were struck by companies. The momentum has carried over into this year as stock market’s continue to boom. It has operations in the Bakken basin in North Dakota, in the Permian basin in North Delaware, and in South Texas’ Eagle Ford basin - basins which are prime targets for producers looking to increase their inventory.

Jefferies, which had upgraded the company earlier this year over cost controls, said it was downgrading the stock to “hold” as “the strategy has not gone as planned.”

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