- Avaya jumps 22% on earnings beat whole Twist Bioscience drops 8% on earnings miss
- Astra Space has launched its LV0007 rocket to space
- Ericsson is merging with Vonage to expand wireless enterprise offerings
On Monday, several companies released quarterly earnings, triggering stock surge for some while others dipped on disappointing quarterly results. Other stocks were also up on various positive developments.
Avaya Holdings soars 22%
Avaya Holdings Corp (NYSE: AVYA) stock rallied over 22% after the company reported its Q4 results that topped estimates. The company had a non-GAAP EPS of $0.77 against consensus estimates of a non-GAAP loss of $0.3. Also, GAAP EPS of $0.06 topped estimates of a loss of $0.30. In addition, Avaya saw its revenue marginally grow in the quarter by 0.4% YoY to $760 million, topping Wall Street estimates by $21.3 million.
Twist Bioscience drops on earnings miss
Twist Bioscience Corp (NASDAQ: TWST) saw its shares drop 8% after releasing Q4 results that missed earnings estimates. However, the company beat analyst estimates marginally after reporting a double-digit Y/Y sales growth. As a result, the company has a GAAP loss per share of $0.84, missing Wall Street's estimates of a loss of $0.79 per share. Interestingly revenue during the quarter was up $37.95 million, exceeding estimates by $1.69 million.
Astra Space’s LV0007 rocket reaches space
Astra Space Inc. (NASDAQ: ASTR) shares jumped 40% on Monday after the rocket manufacturer’s LV0007 rocket hit orbit over the weekend. The milestone puts the company on the map among other privately-sponsored firms that have launched rockets to orbit. The company's LV0007 rocket reached around 500 kilometers in around nine minutes, and it launched from the Pacific Spaceport Complex in Kodiak, Alaska.
Ericson to merge with Vonage
Ericsson (NASDAQ: ERIC) had announced that it would acquire Vonage Holdings (NASDAQ: VG) for around $6.2 billion as it broadens its global offerings in the wireless enterprise sector. The merger agreement received unanimous support from Vonage's Board of Directors. Ericsson CEO Borje Ekholm said that their objective is creating industry-leading mobile networks through tech leadership. In addition, Borje claims that the acquisition will offer the company the foundation necessary for Ericson to come up with enterprise business activities.
UWM cancels secondary share offering
Since United Wholesale Mortgage went public, its shares have been in the red, but on Monday, the shares jumped 16% after its CEO Mat Ishbia canceled a secondary share offering because of low prices. Ishibia said that he was ready to sell part of the company's stake for what they feel is less than the fair value because of advice that increased float in the market will be beneficial to shareholders.
