HomeNewsMarket Highlights: Five stocks making that made moves on Wednesday

Market Highlights: Five stocks making that made moves on Wednesday

Ruchi Gupta

Rev Group drops on weaker fiscal Q4 2021

Rev Group Inc. (NYSE: REVG) shares dropped 22% on weaker than anticipated fiscal Q4 earnings results. The company has adjusted net income of $17.9 million, translating to $0.27 per share on revenue of $589.9 million. Wall Street analysts had predicted adjusted EPS of $29 per share on revenue of $600.72 million. At the end of the quarter, the company had a backlog of $3.1 billion attributed to strong demand across all categories. Full-year sales were $2.38 billion with an adjusted net income of $76.9 million.

Aspen Group Reports Q2 2022 revenue of $48.9 million

Aspen Group Inc. (NASDAQ: ASPU) shares dropped 25% after the company announced revenue of $48.9 million for fiscal Q2 2022. The company's Chairman and CEO, Michael Mathews, said that the high LTV degree operations were up around 54% of the total revenue in Q2 2022. Mathews said this was boosted by the considerable growth of the BSN and MSB FNP programs which saw reduced net loss by 35% YoY.

Vimeo jumps on record November revenue

Vimeo Inc. (NASDAQ: VMEO) shares inched up slightly after the company reported 26% YoY revenue growth for November. The growth was attributed to an 11% growth in the number of subscribers, with revenue per subscriber increasing 12% YoY for the same month.  Surprising data indicated slowing growth compared to the numbers reported on October 2021.

CI Financial had record assets in October

CI Financial Corp (NYSE: CIXX) shares dropped 1.78% even after the company reported record assets for the month of October. The company reported an interim AUM of CD$149.4 billion with around CD$188.7 billion with wealth management assets. At the end of  November 29, 2021, the company had total record assets of CD$331.1 billion. The increase in assets was a result of the injection of $5.5 billion following the completion of the McCutchen Group and Matrix capital Advisors acquisition.

Entegris is acquiring CMC Materials for $6.5 billion

CMC Materials Inc. (NASDAQ: CCMP) and Entegris Inc. (NASDAQ: ENTG) have signed a definitive agreement under which Entegris will acquire CMC for around $6.5 billion. As per the definitive merger agreement terms, CMC stockholders will receive 0.406 common shares of Entegris and a cash price per share of $133. The share price consideration represents around a 35% premium on the closing price on December 14, 2021.