Latest news with #BakerHughes
Yahoo
5 hours ago
- Business
- Yahoo
Chart Industries (GTLS) Gets 15.8% Boost from Earnings, $13.6-Billion Merger
We recently published . Chart Industries, Inc. (NYSE:GTLS) is one of the best-performing stocks on Monday. Chart Industries grew its share prices by 15.82 percent on Tuesday to close at $198.8 apiece as investors gobbled up shares following its impressive earnings performance and news that it was set to be acquired by an energy technology company for $13.6 billion. In a statement, energy technology firm Baker Hughes said it entered into a definitive agreement with Chart Industries, Inc. (NYSE:GTLS) for the full acquisition of its outstanding shares at a price of $210 apiece. Copyright: dolgachov / 123RF Stock Photo The transaction is expected to be completed in the middle of 2026 and remains subject to regulatory and shareholder approvals. Meanwhile, Chart Industries, Inc. (NYSE:GTLS) announced in a separate statement that net income attributable to shareholders grew by 34 percent to $69.3 million from $51.8 million in the same period last year. Sales amounted to $1.08 billion, higher by 4 percent than the $1.04 billion year-on-year. For the first half, attributable net income nearly doubled to $112 million from $56.3 million, while sales inched up by 4.5 percent to $2.08 billion from $1.99 billion. While we acknowledge the potential of GTLS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the .
Business Times
18 hours ago
- Business
- Business Times
US: Stocks retreat ahead of Fed decision, big tech earnings
[NEW YORK] Wall Street stocks retreated on Tuesday as markets digested major merger announcements and monitored US-China trade talks ahead of big tech earnings later in the week. Representatives from Beijing and Washington signaled further talks were likely following a round of negotiations in Stockholm. But a top US trade official stressed that President Donald Trump would make any 'final call.' Meanwhile investors digested several significant earnings reports, as well as merger announcements in the rail and energy sectors ahead of major economic news catalysts later in the week. 'After reaching all time highs, markets are going to take a wait and see attitude,' said Art Hogan of B. Riley Wealth Management. The Dow Jones Industrial Average finished down 0.5 per cent at 44,632.99. The broad-based S&P 500 shed 0.3 per cent to 6,370.86, while the tech-rich Nasdaq Composite Index declined 0.4 per cent to 21,098.29. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Both the S&P 500 and Nasdaq had finished at records on Monday. Steve Sosnick of Interactive Brokers described Tuesday's activity as a 'little bit of position squaring ahead of a potentially very volatile few days.' Besides earnings from Apple, Facebook parent Meta and other tech giants, markets will absorb a Federal Reserve interest rate decision. The central bank is expected to keep rates unchanged, but could hint that an interest rate cut will be more likely in September. Trump has lambasted Fed Chair Jerome Powell for not cutting interest rates. The market will also receive key economic reports on the labor market, inflation and US growth. Among companies reporting earnings on Tuesday, Boeing dropped 4.3 per cent, UnitedHealth Group sank 7.4 per cent and Whirlpool dived 13.4 per cent Union Pacific announced it will be acquiring Norfolk Southern for US$85 billion, creating a transcontinental railroad intended to boost freight rail efficiency. Union Pacific fell 2.3 per cent while Norfolk Southern fell 3.0 per cent. Analysts expect the deal to encounter regulatory scrutiny. Oil services company Baker Hughes said it would acquire Chart Industries for US$13.6 billion, adding assets in natural gas, data centres and decarbonisation. Baker Hughes dropped 1.7 per cent while Chart surged 15.8 per cent. CyberArk Software surged 13.5 per cent following a report it was in talks to be acquired by Palo Alto Networks in a merger of cybersecurity ventures. Palo Alto fell 5.2 per cent. AFP
CNBC
a day ago
- Business
- CNBC
Stocks making the biggest moves premarket: Novo Nordisk, Whirlpool, Sarepta Therapeutics and more
Check out the companies making headlines before the bell. Chart Industries — Shares of the gas equipment manufacturer surged 16% after it agreed to be acquired by Baker Hughes for $13.6 billion. Chart Industries had previously been in merger talks with power equipment supplier Flowserve , which was last up 8%. Baker Hughes shares fell 3%. The deal news comes as Chart reported better-than-expected second-quarter earnings, excluding items. Sarepta Therapeutics — The biopharmaceutical stock soared 38% after announcing that the Food and Drug Administration had recommended removing its voluntary hold on Elevidys for use with ambulatory patients, which was instated following a recent patient death. On Tuesday, Oppenheimer upgraded the stock to an outperform rating from perform, while JPMorgan upgraded shares to neutral from underweight. Cadence Design Systems — Shares gained 8% after the computer software company posted second-quarter adjusted earnings of $1.65 per share on $1.28 billion in revenue. Analysts polled by LSEG had expected earnings of $1.55 per share and revenue of $1.25 billion. The company also lifted its full-year earnings and revenue guidance. Nucor — The steel producer fell 4% after posting adjusted earnings and revenue for its second quarter that missed analysts' expectations, per LSEG. Nucor also anticipates its third-quarter earnings will be " nominally lower " than those of its second quarter. Amkor Technology — Shares popped 11% after the semiconductor packager reported second-quarter earnings of 22 cents per share on revenue of $1.51 billion. Analysts surveyed by FactSet had penciled in earnings of 16 cents per share and $1.42 billion in revenue. Stellantis — U.S.-listed shares fell 3% after the automaker reported a first-half net loss of 2.3 billion euros, or $2.65 billion. Over the same period in 2024 it had reported a net profit of 5.6 billion euros. The company also reinstated its financial guidance. UnitedHealth Group — The health insurer shed 2% after sharing a 2025 outlook that missed analysts' expectations . UnitedHealth forecast adjusted earnings for fiscal year 2025 of $16 per share, coming below the $20.91 per share consensus estimate per LSEG. The company's anticipated fiscal-year revenue of $448 billion was also less than the expected $449.16 billion. United Parcel Service — Shares sank 5% after the shipping company said it earned $1.55 per share, after adjustments, slightly missing the $1.56 per share analysts polled by LSEG had expected. The company also did not provide revenue guidance, citing macroeconomic uncertainty. Merck — Shares dropped 4% after the pharmaceutical giant missed revenue expectations for the second quarter. Revenue of $15.81 billion was less than the LSEG consensus estimate of $15.89 billion. The company also said it would cut $3 billion from costs by the end of 2027. Whirlpool — The home appliance stock stumbled 17% after missing analysts' second-quarter estimates . The company also projected full-year adjusted earnings that were below consensus. Following the report, Bank of America downgraded the stock to an underperform rating from neutral. Union Pacific , Norfolk Southern — Union Pacific shares rose 1%, while Norfolk Southern slid 3% after the two companies said they're merging in a $250 billion stock and cash agreement, creating the first transcontinental railroad . PayPal — The stock slid 4% after PayPal issued third-quarter earnings guidance that fell short of expectations. The payments company expects adjusted per-share earnings of $1.18 to $1.22, on the lower end of the FactSet consensus estimate of $1.21. On the other hand, the company beat earnings and revenue expectations for the second quarter. Novo Nordisk — U.S.-listed shares tumbled 20% after the Danish pharmaceutical giant slashed its full-year sales and profit guidance . Novo Nordisk expects weaker growth in the U.S. for its obesity drug, Wegovy. The company also named internal candidate Maziar Mike Doustdar as its new CEO. Boeing — The aerospace and defense company rose more than 1% after posting a second-quarter adjusted loss of $1.24 per share, which was narrower than the expected loss of $1.48 per share, according to LSEG. Boeing's $22.75 billion revenue exceeded expectations of $21.84 billion. Last quarter, Boeing delivered the most airplanes it had since 2018 . Corning — The materials science and technology stock added more than 6% after posting second-quarter adjusted earnings of 60 cents per share, beating the 57-cent LSEG estimate. Corning's $4.05 billion revenue also beat estimates for $3.86 billion. — CNBC's Michelle Fox, Alex Harring and Sarah Min contributed reporting.
Reuters
a day ago
- Business
- Reuters
Baker Hughes bets on LNG, data center demand with $13.6 billion Chart Industries deal
July 29 (Reuters) - Baker Hughes (BKR.O), opens new tab said on Tuesday it would buy Chart Industries (GTLS.N), opens new tab in a $13.6 billion all-cash deal, including debt, edging out rival suitor Flowserve (FLS.N), opens new tab, to expand in the LNG, data centers and decarbonization segments. The deal is part of Baker Hughes' efforts to leverage its industrial and energy technology portfolio, which helped boost second-quarter earnings, and adds to the ongoing consolidation in the oilfield services and industrial supply sector. The company has offered Chart Industries' shareholders $210 per share held, representing a premium of about 22% based on the last close. Chart Industries shares were up 16.2% at $199.50 in premarket trading. The deal follows Chart's termination of a prior deal to merge with Flowserve, which decided not to raise its bid after being told Baker Hughes' proposal was "superior". Shares of Flowserve, which will receive a $266 million breakup fee, were up 4.36% at $57.25 in premarket trading. Flowserve's all-stock bid valued Chart at $159.98 per share, according to Reuters calculations. The transaction has an equity value of about $9.44 billion, according to Reuters calculation. It is expected to close by mid-year 2026. Chart manufactures industrial equipment such as valves and measurement technology for gas and liquid molecule handling. Baker Hughes said $325 million in annualized cost synergies were expected to be realized at end of the third year.
Yahoo
a day ago
- Business
- Yahoo
Chart Industries Terminates Merger Agreement with Flowserve Corporation
ATLANTA, July 29, 2025 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (NYSE: GTLS), a global leader in energy and industrial gas solutions, today announced that, prior to entering into the definitive agreement with Baker Hughes Company (Nasdaq: BKR) that was announced separately today, the Company and Flowserve Corporation (NYSE: FLS) terminated their previously announced merger agreement. The transaction with Baker Hughes follows a determination by the Chart Board of Directors, with the assistance of its financial and legal advisors, that an acquisition proposal received from Baker Hughes constitutes a 'Superior Chart Proposal' under the terms of its merger agreement with Flowserve. Wells Fargo is serving as financial advisor and Winston & Strawn LLP is serving as legal advisor to Chart. Collected Strategies is serving as Chart's strategic communications advisor. About Chart Industries, Inc. Chart Industries, Inc. is a global leader in the design, engineering, and manufacturing of process technologies and equipment for gas and liquid molecule handling for the Nexus of Clean™ - clean power, clean water, clean food, and clean industrials, regardless of molecule. The company's unique product and solution portfolio across stationary and rotating equipment is used in every phase of the liquid gas supply chain, including engineering, service and repair and from installation to preventive maintenance and digital monitoring. Chart is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas and CO2 capture amongst other applications. Chart is committed to excellence in environmental, social and corporate governance issues both for its company as well as its customers. With 64 global manufacturing locations and over 50 service centers from the United States to Asia, Australia, India, Europe and South America, the company maintains accountability and transparency to its team members, suppliers, customers and communities. To learn more, visit communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as communication may be deemed to be solicitation material in respect of the proposed merger transaction between Chart and Baker Hughes. In connection therewith, Chart intends to file relevant materials with the SEC, including a proxy statement of Chart (the 'proxy statement') that will be mailed to Chart stockholders seeking their approval of its transaction-related proposals. However, such documents are not currently available. BEFORE MAKING ANY VOTING OR ANY INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION. Investors and security holders may obtain free copies of the proxy statement and other documents containing important information about each of Chart and Baker Hughes, once such documents are filed with the SEC, through the website maintained by the SEC at Copies of documents filed with the SEC by Chart will be available free of charge on Chart's website at and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Chart's stockholders in respect of the proposed transaction. Information regarding Chart's directors and executive officers, including a description of their direct interests, by security holdings or otherwise, is contained in Chart's Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025, and its proxy statement filed with the SEC on April 8, 2025. To the extent holdings of Chart's securities by its directors or executive officers have changed since the amounts set forth in Chart's 2025 proxy statement, such changes have been or will be reflected on Initial Statements of Beneficial Ownership of Securities on Form 3, Statements of Changes in Beneficial Ownership on Form 4 or Annual Statements of Changes in Beneficial Ownership of Securities on Form 5 subsequently filed with the SEC. Additional information regarding the interests of such participants in the solicitation of proxies in respect of the proposed merger transaction will be included in the proxy statement and other relevant materials to be filed with the SEC when they become available. These documents (when available) can be obtained free of charge from the sources indicated statements made in this communication are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about the benefits of the proposed merger transaction between Chart Industries, Inc. ('Chart') and Baker Hughes Company ('Baker Hughes'), including statements related to the expected timing of the completion of the transaction and other statements that are not historical facts. Forward-looking statements may be identified by terminology such as 'may,' 'will,' 'should,' 'could,' 'expects,' 'anticipates,' 'believes,' 'projects,' 'forecasts,' 'outlook,' 'guidance,' 'continue,' 'target,' 'estimates,' 'potential,' 'intends,' 'plans,' or the negative of such terms or comparable terminology. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the consummation of the potential merger transaction, including the expected time period to consummate the potential merger transaction. All such forward-looking statements are based upon current plans, estimates, expectations and ambitions that are subject to risks, uncertainties and assumptions, many of which are beyond the control of Chart and Baker Hughes, that could cause actual results to differ materially from those expressed in such forward-looking statements. Key factors that could cause actual results to differ materially include, but are not limited to: the risk that regulatory approvals are not obtained or are obtained subject to conditions, limitations or restrictions that are not anticipated by Chart; the failure to receive, on a timely basis or otherwise, the required transaction-related approval of Chart's stockholders; potential delays in consummating the proposed merger transaction, including as a result of failure to receive any regulatory approvals (or any conditions, limitations or restrictions placed on such approvals); the possibility that competing offers or acquisition proposals may be made; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, including in circumstances which would require Chart or Baker Hughes to pay a termination fee; unforeseen or unknown liabilities; customer, stockholder, regulatory and other stakeholder approvals and support; unexpected future capital expenditures; potential litigation relating to the proposed merger transaction that could be instituted against Chart, Baker Hughes or their respective directors; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the effect of the announcement, pendency or completion of the proposed merger transaction on the parties' business relationships and business generally; risks that the proposed merger transaction disrupts current plans and operations of Chart or Baker Hughes and potential difficulties in employee retention as a result of the proposed merger transaction, as well as the risk of disruption of management and ongoing business operations during the pendency of, the proposed merger transaction; uncertainties as to whether the proposed merger transaction will be consummated on the anticipated timing or at all; changes in commodity prices; negative effects of this announcement, and the pendency or completion of the proposed merger transaction on the market price of Chart's common stock and/or operating results; rating agency actions and the ability to access short- and long-term debt markets on a timely and affordable basis; various events that could disrupt operations, including severe weather, cybersecurity attacks, as well as security threats and governmental response to them, and technological changes; labor disputes; changes in labor costs and labor difficulties; the effects of industry, market, economic, political or regulatory conditions outside of Chart's or Baker Hughes' control; the possibility that Baker Hughes may not be able to obtain sufficient financing or otherwise have sufficient financial resources to pay the merger consideration on a timely basis or otherwise; legislative, regulatory and economic developments targeting public companies in the industrial sector; global supply chain disruptions and the current inflationary environment; the substantial dependence of Chart's sales on the success of the energy, chemical, power generation and general industries; economic, political and other risks associated with the international operations of Chart; potential adverse effects resulting from the implementation of tariffs and related retaliatory actions and changes to or uncertainties related to tariffs and trade agreements; and the risks described in Item 1A 'Risk Factors' of Chart's and Baker Hughes' most recent Annual Reports on Form 10-K and in subsequent filings with the SEC. Other unpredictable factors not discussed in this communication could also have material adverse effects on forward-looking statements. All forward-looking statements included in this communication are based on information available to Chart and Baker Hughes on the date hereof and Chart and Baker Hughes undertake no obligation to update or revise any forward-looking statement, except as required by law. ContactsJohn WalshSenior Vice President, Investor and Government Jim Golden / Jude Gorman / Jack KelleherCollected StrategiesChart-CS@ while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
