Cognizant Strengthens Engineering Muscle with $1.3B Belcan Buyout: Details
- Acquisition Deal: Cognizant Technology Solutions Corporation is acquiring Belcan, LLC for about $1.3 billion in cash and stock.
- Strategic Benefits: The acquisition will enhance Cognizant's ER&D capabilities, strengthen its IoT and Digital Engineering leadership, and expand access to the ER&D services market.
- Expected Revenue: The acquired business is projected to contribute over $800 million annually to Cognizant in 2024.
- Synergies and Shareholder Value: Cognizant anticipates achieving revenue synergies, growth opportunities, and enhancing shareholder value through the deal.
- Leadership and Funding: Belcan's CEO will continue to lead the company under Cognizant, which plans to fund the acquisition through a mix of cash on hand and debt.
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NewsNation Parent Nexstar Raises Dividend Despite Q1 Revenue Decline, Stock Soars
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Cognizant Strengthens Engineering Muscle with $1.3B Belcan Buyout: Details
- Acquisition Deal: Cognizant Technology Solutions Corporation is acquiring Belcan, LLC for about $1.3 billion in cash and stock.
- Strategic Benefits: The acquisition will enhance Cognizant's ER&D capabilities, strengthen its IoT and Digital Engineering leadership, and expand access to the ER&D services market.
- Expected Revenue: The acquired business is projected to contribute over $800 million annually to Cognizant in 2024.
- Synergies and Shareholder Value: Cognizant anticipates achieving revenue synergies, growth opportunities, and enhancing shareholder value through the deal.
- Leadership and Funding: Belcan's CEO will continue to lead the company under Cognizant, which plans to fund the acquisition through a mix of cash on hand and debt.
NewsNation Parent Nexstar Raises Dividend Despite Q1 Revenue Decline, Stock Soars
Financial Performance: Nexstar Media Group reported a 3.9% decrease in first-quarter FY25 net revenue to $1.234 billion, with advertising revenues down 10.2% year-over-year, while adjusted EBITDA fell by 15.7%. However, the company beat EPS expectations at $3.37.
Strategic Initiatives: The Board raised the quarterly cash dividend by 10% to $1.86 per share and repurchased $75 million in shares, as CEO Perry A. Sook emphasized plans for renewing distribution contracts and enhancing profitability for The CW and NewsNation.
Academy Sports Struggles In Q3 With Lower Sales And Profit, Cuts Outlook For 2024
Earnings Report: Academy Sports and Outdoors, Inc. reported third-quarter adjusted earnings per share of 98 cents, missing estimates, with quarterly sales of $1.34 billion also falling short of expectations. The company experienced a comparable sales decline of 4.9% but opened eight new stores during the quarter.
Outlook and Stock Performance: The company revised its fiscal year 2024 net sales and adjusted EPS projections downward, anticipating a decrease in comparable sales. ASO stock has dropped over 25% year-to-date, trading down 3.79% to $48.50 in premarket activity.
Not Guilty Plea From Ex-Abercrombie CEO Jeffries - Faces $10M Bond And House Arrest
Mike Jeffries' Legal Issues: Former Abercrombie & Fitch CEO Mike Jeffries has pleaded not guilty to 16 federal charges related to sex trafficking and interstate prostitution, alongside his partner Matthew Smith and another man, Jim Jacobson, who were also arrested in the investigation.
House Arrest and Company Performance: Jeffries will be under house arrest with limited movement allowed, while Abercrombie & Fitch is set to report its third-quarter results, with analysts projecting earnings of $2.36 per share and revenues of $1.18 billion.
Cognizant Strengthens Engineering Muscle with $1.3B Belcan Buyout: Details
- Acquisition Deal: Cognizant Technology Solutions Corporation is acquiring Belcan, LLC for about $1.3 billion in cash and stock.
- Strategic Benefits: The acquisition will enhance Cognizant's ER&D capabilities, strengthen its IoT and Digital Engineering leadership, and expand access to the ER&D services market.
- Expected Revenue: The acquired business is projected to contribute over $800 million annually to Cognizant in 2024.
- Synergies and Shareholder Value: Cognizant anticipates achieving revenue synergies, growth opportunities, and enhancing shareholder value through the deal.
- Leadership and Funding: Belcan's CEO will continue to lead the company under Cognizant, which plans to fund the acquisition through a mix of cash on hand and debt.
