Texas power retailer Griddy Energy LLC will file for bankruptcy after Texas’ Electric Reliability Council of Texas (ERCOT) cut it off from its customers. By removing Griddy’s access to customers for unpaid bills following the Texas freeze, they got nothing left. In addition, the Texas attorney general will sue Griddy.
News For The Day: Bitcoin Remains Hot, Pushes Past $60,000
5 Stocks to Watch Out For Monday, March 15
Aegion Corp ▲(AEGN 29.13 USD +3.21 (12.38%)) stocks surged by 12.38% Friday after the engineering services company received yet another unsolicited bid. Previously, Aegion agreed to a takeover bid from New Mountain Capital LLC for $26 per share totaling $963 million. All these changed as a new buyer, Apollo Global emerged with an even-higher bid price. Aegion is on pace to close at its highest price since 2011.
CBS Corporation Common Stock ▲(VIAC 94.94 USD +8.90 (10.34%)) got some royal mileage from the Oprah Winfrey interview with Prince Harry and Meghan Markle. CBS paid a paltry $7-$9 million for the rights to air the royal laundry being hung to dry. It was a wise move that paid off handsomely, as 17.1 million tuned in to watch.
Novavax, Inc. ▲(NVAX 202.77 USD +15.14 (8.07%)) continued its winning run Friday, closing 8% Friday. The biotech company announced its candidate COVID-19 vaccine was 96% effective in preventing original strain Coronavirus, and 86% in preventing the UK strain. Regulatory EUA is one step closer.
L Brands Inc ▲(LB 60.81 USD +4.97 (8.90%)) shares rose nearly 7% in the premarket and never looked back the rest of Friday. The retail owner of popular clothing brands hiked its profit outlook for the current quarter. L Brands also felt the timing is right to reinstate an annual dividend, pay down debt and buy back shares. In a press release, the company said it will repay $1.03 billion of debt using $1.1 billion of cash on hand, and start a $500 million share buyback plan to replace its existing program.
Boeing Co ▲(BA 269.19 USD +17.13 (6.80%)) is ready to leave behind its disaster of a year in 2020 with a fresh new start this year. Last month, the airplane manufacturer marked its first time in a long time it got more orders than cancellations. After Thursday’s mega orders, a new order surfaced Friday to cap off a great week.
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