Business
Is the latest rebound in the Japanese yen real?
President Trump came into office pledging to lower energy prices for Americans. Instead, he is presiding over a historic run-up in fuel prices.
Diesel prices hit an average $5.85 a gallon on Friday, according to OPIS, a Dow Jones company. It is a new record that surpasses the previous one from 2022, when Russia’s invasion of Ukraine sent energy markets into a tailspin.
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Dynatrace (DT) stock is trading just below a buy zone as Big Money scoops up shares of the computer software maker that’s part of a growing market for so-called “observability” tools in the artificial intelligence boom. Investors should closely watch this Big Cap 20 stock to clear a buy point on strong volume. The stock shows a Composite Rating of…
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A hotter-than-expected jobs report is sending U.S. stocks and short-term bond prices lower today, as traders boost bets on a rate hike from the Federal Reserve this month.
U.S. Treasury yields initially jumped after the latest report from the Labor Department, though in midday trading, only shorter-term Treasurys were higher. The Dow industrials led stocks lower, falling about 250 points.
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Three years ago, Natalie Wolfsen was named CEO of Orion, which provides technology and asset-management services to wealth management firms—including 17 of the top 20 firms on Barron’s ranking of registered investment advisory firms, according to the company. Orion, which directly services more than $200 billion in assets on its platform, recently announced several enhancements. This week it said it added customizable model portfolios from BlackRock, Fidelity, and Vanguard to its tax-advantaged direct-index offering. Last month it launched fractional share trading for advisors who custody with Schwab, and in late July, it enabled end-to-end digital account opening for advisors who custody with Goldman Sachs.
Business
Array (ARRY) Says its AWM Acquisition Will Be High-Single-Digit Accretive. How Much Depends on Cross-Selling?
Array Technologies, Inc. (NASDAQ:ARRY) completed its acquisition of Affordable Wire Management, LLC, or AWM, adding wire-management, cable-protection, and balance-of-system products for utility-scale solar, distributed generation, energy-storage, and data-center projects.
Array Technologies, Inc. (NASDAQ:ARRY) forecasts at least high-single-digit accretion to company-defined non-GAAP adjusted earnings per share during the first year before synergies. Array Technologies, Inc. (NASDAQ:ARRY) defines adjusted net income per share using adjusted net income, which adds back intangible-asset and developed-technology amortization, debt-discount and issuance-cost amortization, debt-extinguishment gains, Series A preferred-stock accretion, equity compensation, contingent-consideration fair-value changes, certain legal and acquisition expenses, and income-tax adjustments.
Array Technologies, Inc. (NASDAQ:ARRY) paid approximately $165 million in cash at closing, net of customary adjustments and subject to final settlement. The announced $203 million total consideration consists of a $153 million base purchase price plus up to $50 million of additional consideration. The latter includes $10 million of employment-conditioned deferred installments and a performance-based earnout of up to $40 million. The $203 million figure represents approximately 8.8 times AWM’s trailing-12-month EBITDA. AWM generated nearly $60 million of trailing-12-month revenue.
Bull Case
The commercial logic is straightforward. Array Technologies, Inc. (NASDAQ:ARRY) can introduce AWM’s products to tracker customers and combine trackers, foundations, and wire management into a more integrated system. Fewer interfaces and components could simplify procurement, reduce installation work, and lower project costs.
Array Technologies, Inc. (NASDAQ:ARRY) also brings a large sales channel. Its order book, comprising executed contracts and awarded orders, reached $2.5 billion as of June 30, up 37% year over year. Array Technologies, Inc. (NASDAQ:ARRY) booked more than $500 million of new orders during the second quarter and reported a trailing-12-month book-to-bill ratio of 1.5 times. However, Array Technologies, Inc. (NASDAQ:ARRY) has not quantified how much of that order book is eligible for AWM cross-selling.
The APA Solar integration offers a useful precedent. Array Technologies, Inc. (NASDAQ:ARRY) has combined tracker and foundation sales, expanded project opportunities, and used procurement scale following that acquisition. Applying the same integration process to AWM could increase revenue per project and extend the platform into storage and data centers.
Europe’s satellite launch ambitions take off as German rocket reaches orbit
John Borthwick and his team at venture firm Betaworks picked Hugging Face as one of eight startups to join its 2016 accelerator among 450 applicants.
New York-based Betaworks wrote a $150,000 check to the company, which was developing a chatbot for teens at the time. Another $50,000 was syndicated to angel investors.
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