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BHP

BHP Group

$57.49 /

-0.175 (-0.30%)

08:45
10/18/21
10/18
08:45
10/18/21
08:45

Wyloo Metals to acquire Noront for C$0.70 per share

Noront Resources announced it has settled the terms of a proposal from Wyloo Metals Pty Ltd. and Wyloo Canada Holdings under which Wyloo Metals would acquire up to 100% of the common shares of Noront for C$0.70 in cash pursuant to a statutory plan of arrangement under the Business Corporation Act. The consideration of C$0.70 in cash per share under the Wyloo Offer represents a 192% premium to Noront's unaffected closing price on May 21, 2021 and a 27% premium to the BHP Western Mining Resources International C$0.55 per share offer. Under the proposed arrangement agreement between Noront and Wyloo Metals, Noront shareholders would be entitled to elect to sell all or a portion of their common shares to Wyloo Metals for C$0.70 per share. Shareholders who opt to retain their Noront common shares would continue as common shareholders in the Company going forward. The Noront Board of Directors, on the basis of a recommendation from independent directors comprising Noront's Special Committee of the Board of Directors, and supported by advice from external financial and legal advisors, has unanimously determined that the Wyloo Offer constitutes a superior proposal as compared to the outstanding BHP Offer. Pursuant to the terms of the support agreement among Noront, BHP and BHP Lonsdale Investments Pty, once the Company has determined that a superior proposal has been received, BHP has the right, but not the obligation, to offer to amend the terms of the BHP Offer. BHP has five business days from receiving notice of the superior proposal in accordance with the terms of the Support Agreement to negotiate with Noront, should BHP decide to do so, to amend the terms of the existing Support Agreement such that the Wyloo Offer is no longer considered by the Noront Board of Directors to be superior to the amended BHP offer. The Noront Board of Directors will, in good faith, review any such amended offer by BHP in order to determine whether such amendment would result in the Wyloo Offer no longer being a superior proposal when assessed against any such amended BHP offer. If BHP does not exercise its right to match within the period provided for in the Support Agreement, the Support Agreement will be terminated in accordance with its terms and the Arrangement Agreement will be immediately entered into by the Company and Wyloo Metals. If the Arrangement Agreement is entered into, Wyloo Metals has also agreed to provide a loan to Noront of up to C$23 million to finance, among other things, the termination payment of C$13 million payable to BHP upon the termination of the Support Agreement, as well as other transaction related costs. The term of the Wyloo Loan will be 12 months from completion of the Wyloo transaction, with interest of 5% per annum payable quarterly in either cash or common shares of Noront, at the option of Noront and subject to receiving shareholder approval for the payment of interest in common shares of Noront, and subject to the approval of the TSXV Venture Exchange. It is expected that, if the Support Agreement is terminated, certain Noront shareholders, including Noront directors and senior management, will enter into lock-up agreements under which they will agree to vote in support of the Wyloo Offer. Wyloo Metals currently holds approximately 37.25% of the Noront common shares. The terms of the Arrangement Agreement, if executed, will provide that Wyloo Metals will be entitled to a termination payment of C$17 million if the Arrangement Agreement is terminated in certain circumstances. This termination payment will not be payable if BHP elects to match the Wyloo Offer and Noront and Wyloo Metals therefore do not enter into the Arrangement Agreement.

BHP BHP Group
$57.49 /

-0.175 (-0.30%)

10/05/21 Deutsche Bank
BHP Group named short-term investment idea at Deutsche Bank
09/21/21 BofA
BHP Group downgraded to Neutral from Buy at BofA
09/20/21 Berenberg
BHP Group downgraded to Hold from Buy at Berenberg
09/14/21 Barclays
BHP Group downgraded to Equal Weight from Overweight at Barclays

TODAY'S FREE FLY STORIES

General news
Fed's Bostic played down risks from the new Omicron variant » 17:40
11/26/21
11/26
17:40
11/26/21
17:40
$ECON

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Fed's Bostic played…

Fed's Bostic played down risks from the new Omicron variant and its impact on the economy in a Fox New interview. Though there could be some slowing in overall activity, he doubted it would be as much as with Delta. He noted there is a lot of momentum in the economy and added it is certainly possible the FOMC could hike rates twice in 2022, stressing the Fed is not going to let inflation get out of control. He remains "very open" to speeding up the pace of the slowing in asset purchases. He sees late Q1 or early Q2 as a possible timeframe for ending purchases. Bostic is a voter this year and was on the dovish side of the spectrum until the last few months as inflation remained elevated.

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General news
Treasury Market Summary » 17:30
11/26/21
11/26
17:30
11/26/21
17:30
$ECON

Economic Data

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Treasury Market Summary:…

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General news
Week of 11/24 Fed balance sheet reserve bank credit $24.8B  16:34
11/26/21
11/26
16:34
11/26/21
16:34
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General news
Week of 11/24 Fed balance sheet total assets $6.8B  16:34
11/26/21
11/26
16:34
11/26/21
16:34
$ECON

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Week of 11/24 Fed balance sheet level $8.682T  16:34
11/26/21
11/26
16:34
11/26/21
16:34
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Technical Analysis
NASDAQ market internals summary » 16:23
11/26/21
11/26
16:23
11/26/21
16:23
$NSD

NASDAQ Market Internals

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Volume is above average…

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Technical Analysis
NYSE market internals summary » 16:22
11/26/21
11/26
16:22
11/26/21
16:22
$NYE

NYSE Market Internals

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Volume is above average…

Volume is above average for this time of day. Breadth is bearish across the board. Advancing Issues: 469 / Declining Issues: 2860 -- for a ratio of 0.2 to 1. Advancing Volume: 346,472,000 / Declining Volume: 3,140,522,000 -- for a ratio of 0.1 to 1. New 52-Week Highs: 21 / New 52-Week Lows: 210.

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$NYE NYSE Market Internals
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Conference/Events
UBS technology analysts to hold an analyst/industry conference call » 16:13
11/26/21
11/26
16:13
11/26/21
16:13
SNOW

Snowflake

$361.94 /

+6.655 (+1.87%)

, CRWD

Crowdstrike

$233.73 /

+2.93 (+1.27%)

, SPLK

Splunk

$125.25 /

+0.2 (+0.16%)

, VEEV

Veeva

$288.19 /

-2.64 (-0.91%)

Technology Analysts…

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VEEV Veeva
$288.19 /

-2.64 (-0.91%)

SPLK Splunk
$125.25 /

+0.2 (+0.16%)

SNOW Snowflake
$361.94 /

+6.655 (+1.87%)

CRWD Crowdstrike
$233.73 /

+2.93 (+1.27%)

SNOW Snowflake
$361.94 /

+6.655 (+1.87%)

11/19/21
Fly Intel: Top five analyst downgrades
11/19/21 Rosenblatt
Snowflake downgraded to Neutral on valuation at Rosenblatt
11/19/21 Rosenblatt
Snowflake downgraded to Neutral from Buy at Rosenblatt
11/16/21 Credit Suisse
Snowflake initiated with an Outperform at Credit Suisse
CRWD Crowdstrike
$233.73 /

+2.93 (+1.27%)

11/24/21 Deutsche Bank
Crowdstrike price target lowered to $300 from $320 at Deutsche Bank
11/18/21
Fly Intel: Top five analyst initiations
11/18/21 DA Davidson
Crowdstrike initiated with a Buy at DA Davidson
11/15/21
Fly Intel: Top five analyst initiations
SPLK Splunk
$125.25 /

+0.2 (+0.16%)

11/17/21 Argus
Argus 'surprised' by Splunk's 'abrupt' CEO dismissal
11/16/21 Mizuho
Splunk price target lowered to $165 from $175 at Mizuho
11/16/21 Credit Suisse
Splunk initiated with an Outperform at Credit Suisse
11/16/21 Deutsche Bank
Splunk price target lowered to $155 from $180 at Deutsche Bank
VEEV Veeva
$288.19 /

-2.64 (-0.91%)

10/01/21 Stifel
Veeva assumed with a Buy at Stifel
09/03/21 SVB Leerink
Veeva price target raised to $296 from $294 at SVB Leerink
09/02/21 UBS
Veeva price target raised to $320 from $270 at UBS
09/02/21 Baird
Veeva price target raised to $349 from $340 at Baird
VEEV Veeva
$288.19 /

-2.64 (-0.91%)

SPLK Splunk
$125.25 /

+0.2 (+0.16%)

SNOW Snowflake
$361.94 /

+6.655 (+1.87%)

CRWD Crowdstrike
$233.73 /

+2.93 (+1.27%)

  • 16
    Mar
CRWD Crowdstrike
$233.73 /

+2.93 (+1.27%)

VEEV Veeva
$288.19 /

-2.64 (-0.91%)

SPLK Splunk
$125.25 /

+0.2 (+0.16%)

SNOW Snowflake
$361.94 /

+6.655 (+1.87%)

CRWD Crowdstrike
$233.73 /

+2.93 (+1.27%)

SPLK Splunk
$125.25 /

+0.2 (+0.16%)

SNOW Snowflake
$361.94 /

+6.655 (+1.87%)

CRWD Crowdstrike
$233.73 /

+2.93 (+1.27%)

Conference/Events
UBS technology analysts to hold an analyst/industry conference call » 16:08
11/26/21
11/26
16:08
11/26/21
16:08
CRM

Salesforce

$283.00 /

-6.155 (-2.13%)

, ZS

Zscaler

$337.00 /

-5.25 (-1.53%)

Technology Analysts…

Technology Analysts provide a recap of salesforce.com and Zscaler reported earnings on an Analyst/Industry conference call to be held on December 1 at 8:30 am.

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ZS Zscaler
$337.00 /

-5.25 (-1.53%)

CRM Salesforce
$283.00 /

-6.155 (-2.13%)

CRM Salesforce
$283.00 /

-6.155 (-2.13%)

11/23/21 BofA
Salesforce price target raised to $360 from $330 at BofA
11/23/21 Jefferies
Salesforce price target raised to $360 from $325 at Jefferies
11/23/21 Citi
Salesforce price target raised to $308 from $280 at Citi
11/22/21 Atlantic Equities
Atlantic Equities assumes 'low-risk' Salesforce at Overweight
ZS Zscaler
$337.00 /

-5.25 (-1.53%)

11/24/21 Deutsche Bank
Zscaler price target raised to $400 from $325 at Deutsche Bank
11/16/21 Credit Suisse
Zscaler initiated with an Outperform at Credit Suisse
11/15/21 Mizuho
Zscaler price target raised to $385 from $320 at Mizuho
11/09/21 BTIG
Zscaler price target raised to $401 from $324 at BTIG
ZS Zscaler
$337.00 /

-5.25 (-1.53%)

CRM Salesforce
$283.00 /

-6.155 (-2.13%)

ZS Zscaler
$337.00 /

-5.25 (-1.53%)

CRM Salesforce
$283.00 /

-6.155 (-2.13%)

ZS Zscaler
$337.00 /

-5.25 (-1.53%)

CRM Salesforce
$283.00 /

-6.155 (-2.13%)

ZS Zscaler
$337.00 /

-5.25 (-1.53%)

CRM Salesforce
$283.00 /

-6.155 (-2.13%)

Hot Stocks
Moderna testing existing and new variant-specific vaccine candidates for Omicron » 15:37
11/26/21
11/26
15:37
11/26/21
15:37
MRNA

Moderna

$331.10 /

+57.83 (+21.16%)

Moderna announced updates…

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MRNA Moderna
$331.10 /

+57.83 (+21.16%)

MRNA Moderna
$331.10 /

+57.83 (+21.16%)

12:35 Today Piper Sandler
Moderna has been preparing for emergence of new variants, says Piper Sandler
11/23/21 Morgan Stanley
Positive flu vaccine data can drive Moderna 10%-20% higher, says Morgan Stanley
11/19/21 Piper Sandler
Moderna can gain share from Pfizer in booster market, says Piper Sandler
11/12/21 Piper Sandler
Piper keeps $348 target on Moderna after solid tumor data
MRNA Moderna
$331.10 /

+57.83 (+21.16%)

MRNA Moderna
$331.10 /

+57.83 (+21.16%)

MRNA Moderna
$331.10 /

+57.83 (+21.16%)

MRNA Moderna
$331.10 /

+57.83 (+21.16%)

Conference/Events
UBS biotechnology analysts to hold an analyst/industry conference call » 15:29
11/26/21
11/26
15:29
11/26/21
15:29

Biotech Analysts Merle…

Biotech Analysts Merle & Rajavelu provide perspectives on the upcoming Phase 3 Data readouts for ATTR-CM (Transthyretin Amyloid Cardiomyopathy) data readouts on an Analyst/Industry conference call to be held on November 30 at 10 am.

Technical Analysis
NASDAQ market internals summary » 15:23
11/26/21
11/26
15:23
11/26/21
15:23
$NSD

NASDAQ Market Internals

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Volume is above average…

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Technical Analysis
NYSE market internals summary » 15:22
11/26/21
11/26
15:22
11/26/21
15:22
$NYE

NYSE Market Internals

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Volume is above average…

Volume is above average for this time of day. Breadth is bearish across the board. Advancing Issues: 469 / Declining Issues: 2860 -- for a ratio of 0.2 to 1. Advancing Volume: 344,464,000 / Declining Volume: 3,113,466,000 -- for a ratio of 0.1 to 1. New 52-Week Highs: 21 / New 52-Week Lows: 210.

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Conference/Events
UBS technology analysts to hold an analyst/industry conference call » 15:20
11/26/21
11/26
15:20
11/26/21
15:20

Technology Analysts…

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Conference/Events
UBS restaurants analyst to hold analyst/industry conference call » 15:15
11/26/21
11/26
15:15
11/26/21
15:15

Restaurants Analyst…

Restaurants Analyst Geiger, along with a quick serve restaurant coffee franchisee, discuss the industry on an Analyst/Industry conference call to be held on November 29 at 11 am.

Conference/Events
UBS consumer goods analyst to hold analyst/industry conference call » 15:12
11/26/21
11/26
15:12
11/26/21
15:12

Consumer Goods Analyst…

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Conference/Events
Cowen pharma/biotech analysts to hold an analyst/industry conference call » 15:03
11/26/21
11/26
15:03
11/26/21
15:03

Pharmaceuticals Analyst…

Pharmaceuticals Analyst Scala and Biotech Analyst Rodriguez-Dumont discuss the current status and future opportunities for women's health on an Analyst/Industry conference call to be held on December 3 at 10 am.

Conference/Events
Cowen financial services analyst to hold analyst/industry conference call » 14:59
11/26/21
11/26
14:59
11/26/21
14:59

Head of Equity…

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Conference/Events
Cowen media & entertainment analyst to hold analyst/industry conference call » 14:54
11/26/21
11/26
14:54
11/26/21
14:54
DISCA

Discovery

$24.72 /

-0.47 (-1.87%)

Media & Entertainment…

Media & Entertainment Analyst Creutz and TMT Policy Analyst Gallant discusses the Discovery-Time Warner merger-spin including the fundamental value, regulatory risk and when-issued market on an Analyst/Industry conference call to be held on December 2 at 11 am.

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DISCA Discovery
$24.72 /

-0.47 (-1.87%)

DISCA Discovery
$24.72 /

-0.47 (-1.87%)

11/08/21 Macquarie
Macquarie upgrades Discovery to Outperform, raises target to $40
11/08/21 Macquarie
Discovery upgraded to Outperform from Neutral at Macquarie
11/01/21 Bernstein
Bernstein upgrades Discovery to Market Perform, lowers target to $26
11/01/21 Bernstein
Discovery upgraded to Market Perform from Underperform at Bernstein
DISCA Discovery
$24.72 /

-0.47 (-1.87%)

  • 14
    Apr
DISCA Discovery
$24.72 /

-0.47 (-1.87%)

DISCA Discovery
$24.72 /

-0.47 (-1.87%)

DISCA Discovery
$24.72 /

-0.47 (-1.87%)

Conference/Events
Cowen ESG & restaurant analysts hold analyst/industry conference call » 14:47
11/26/21
11/26
14:47
11/26/21
14:47

ESG Policy Analyst Miller…

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General news
FX Action: USD-JPY » 14:40
11/26/21
11/26
14:40
11/26/21
14:40
$ECON

Economic Data

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FX Action: USD-JPY…

FX Action: USD-JPY revealed its safe-haven credentials, falling to near three-week lows of 113.05 on the back of the new Covid variant, and the slide in Treasury yields. The pairing had topped at 115.34 overnight. With answers on the new variant likely to take a couple of weeks, the yen may remain in favor for now.

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Conference/Events
Cowen surface transport/logistics analyst holds analyst/industry conference call » 14:26
11/26/21
11/26
14:26
11/26/21
14:26

Surface…

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Technical Analysis
NASDAQ market internals summary » 14:23
11/26/21
11/26
14:23
11/26/21
14:23
$NSD

NASDAQ Market Internals

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Volume is above average…

Volume is above average for this time of day. Breadth is bearish across the board. Advancing Issues: 919 / Declining Issues: 3632 -- for a ratio of 0.3 to 1. Advancing Volume: 996,010,000 / Declining Volume: 2,412,588,000 -- for a ratio of 0.4 to 1. New 52-Week Highs: 35 / New 52-Week Lows: 349.

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Technical Analysis
NYSE market internals summary » 14:22
11/26/21
11/26
14:22
11/26/21
14:22
$NYE

NYSE Market Internals

/

+

Volume is above average…

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Conference/Events
Cowen retail/luxury goods analyst to hold analyst/industry conference call » 14:22
11/26/21
11/26
14:22
11/26/21
14:22

Retail & Luxury Goods…

Retail & Luxury Goods Analyst Chen, along with RetailNext, discuss Black Friday and Cyber Monday on an Analyst/Industry conference call to be held on November 29 at 11 am.

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