& Finance Buzz
Happy Friday, 360 — whooppee!
As always, here are some of our top movers today. We’ve had some MAJOR bangers this week too on our SMS list on some up-and-coming companies. Make sure you text “RAGE” to (888) 404-5747 to get all of our latest HOT STOCK ideas! Trust us, you want IN on these.
FOCUS LIST🔎
LOOP – Up over 50% in the pre-market after it has completed convertible preferred financing with Reed Societe Generale Group and sells first technology license for an Infinite Loop manufacturing facility in Europe
EVGO – Up over 10% in pre after closing $1.25 billion guaranteed loan facility from U.S. Department of Energy
AVGO – Up over 17% in pre after reporting better than expected earnings, forecast for booming AI chip demand
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HOTLIST🔥
LOOP – Up over 50% in the pre-market after it has completed convertible preferred financing with Reed Societe Generale Group and sells first technology license for an Infinite Loop manufacturing facility in Europe
Loop Industries Inc. (LOOP) is a clean technology company whose mission is to accelerate a circular plastics economy by manufacturing 100% recycled polyethylene terephthalate (“PET”) plastic and textile-to-textile (“T2T”) polyester fiber.
Overnight, the company announced that it has secured €10 million through a convertible preferred security financing at $4.75 conversion price. with Reed Societe Generale Group, a European investment firm majority-owned by the bank Societe Generale.
Additionally, as part of the Reed Societe Generale Group transaction, Loop has finalized the sale of its first Infinite Loop™ technology license, generating an initial €10 million payment, with additional milestone-based payments from Reed Societe Generale Group to follow.
This will support the construction of the Infinite Loop facility in India and finance Loop’s operational cash requirements.
The company also announced the formation of a European partnership to deploy Infinite Loop manufacturing technology.
Shares of LOOP traded up over 50% in the pre-market in reaction to the news.
The $1.75 area acted as support in the pre-market and will be an important level to watch.
Above it, targets to the upside are $1.90, $2 and then the pre-market high at $2.08. Beyond that, $2.20, $2.33 and $2.50 come into play.
Below $1.75, targets to the downside are $1.70, $1.55, $1.42, $1.33 and then a gap fill at $1.23.
EVGO – Up over 10% in pre after closing $1.25 billion guaranteed loan facility from U.S. Department of Energy
EVgo Inc. (EVGO) owns and operates a direct current fast charging network for electric vehicles (EVs) in the United States.
In the after-hours yesterday, the company announced the closing of its $1.25 billion guaranteed loan facility from the U.S. Department of Energy (“DOE”) Loan Programs Office (“LPO”) under its Title 17 Clean Energy Financing Program to support EVgo’s forthcoming efforts to build convenient, reliable public charging infrastructure for electric vehicles (EVs) with the construction of 7,500 new fast charging stalls nationwide.
This buildout will bring EVgo’s total owned and operated network to at least 10,000 fast charging stalls, allowing the Company to more than triple its network footprint by 2029.
Shares of EVGO traded up over 10% in the pre-market in reaction to the news.
The $6.70 area acted as support in the pre-market and will be an important level to watch. Above it, targets to the upside are $7.10, $7.20, $7.46, $7.64 and then the after-hours high at $7.78. Beyond that, $7.94 and $8.42 come into play.
Below $6.70, targets to the downside are $6.60, $6.40 and then a gap fill at $6.22.
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AVGO – Up over 17% in pre after reporting better than expected earnings, forecast for booming AI chip demand
Broadcom Inc. (AVGO) designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide.
In the after-hours yesterday, the company reported financial results for its fourth quarter and fiscal year ended November 3, 2024, provided guidance for its first quarter of fiscal year 2025 and announced its quarterly dividend.
Highlights include:
Broadcom’s fiscal year 2024 revenue grew 44% year-over-year to a record $51.6 billion, as infrastructure software revenue grew to $21.5 billion, on the successful integration of VMware
In fiscal year 2024 adjusted EBITDA increased 37% year-over-year to a record $31.9 billion, and free cash flow excluding restructuring was strong at $21.9 billion
Based on current business trends and conditions, the outlook for the first quarter of fiscal year 2025, ending February 2, 2025, is expected to be as follows:
The Company’s Board of Directors has approved a quarterly cash dividend of $0.59 per share. The dividend is payable on December 31, 2024 to stockholders of record at the close of business (5:00 p.m. Eastern Time) on December 23, 2024.
Shares of AVGO traded up over 17% in the pre-market in reaction to the news.
The first target for bulls is the pre-market and all-time high at $214.36. Beyond that, there is blue sky and round numbers come into play.
Below $214.36, targets to the downside are $210, $205, $201.50, $200, $192 and $184, with a gap to fill at $180.66.
MARKET NEWS 📰
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