MTN Dividend Exceeds Estimate; Posts Record Loss
The Johannesburg-based company said it would pay a dividend of 3.45 rand a share, compared with a survey of Bloomberg analyst of 3.35 rand a share. MTN posted a net loss of 9.59 billion rand ($526 million) for the year ended Dec. 31. That compares with a 3.87 billion-rand loss forecast by four analysts surveyed by Bloomberg.
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Axios
24 minutes ago
- Axios
Developer pulls plans for Heritage Square rezoning in Durham
A Chicago developer proposing a new life sciences campus near downtown Durham has pulled its rezoning application from the City Council at the 11th hour. Why it matters: The plans from Chicago-based Sterling Bay envisioned a mixed-use life sciences campus on the site of the Heritage Square shopping center on the edge of the Hayti neighborhood and across the Durham Freeway from downtown. The shopping center currently sits vacant, but was once home to a grocery store, some smaller shops and restaurants. Driving the news: The developer's plans, which were set to be heard at Monday night's Durham City Council meeting, were facing pushback from residents of Hayti, a historically Black neighborhood that has faced rising costs in recent years. Many of those residents expressed concern at the City Council meeting that a project of that size will cause property valuations across the neighborhood to soar even more, the News & Observer reported. Before the council could vote, however, Sterling Bay withdrew its application, a move that surprised the council and the dozens of people in the audience. The council ultimately voted to approve the withdrawal 5-2. Zoom in: A Sterling Bay spokesperson told Axios the company is disappointed that the project will not proceed, and noted that it's worked for the past three years to speak with residents in the neighborhood about the project. The company said it proposed $2.3 million in contributions to the local community as part of its rezoning, including scholarship money for N.C. Central University and Durham Technical Community College, a contribution to the Hayti Promise Community Development Corporation, affordable retail space and several other measures. "While the initiative will not move forward, we remain proud of the collaborative efforts that shaped it," the spokesperson said in a statement. What's next: The withdrawal means that Sterling Bay could resubmit another rezoning in six months or potentially build without it. Sterling Bay only filed the rezoning after discovering issues with the bedrock that made building underground parking more expensive and required taller buildings. The company had bought the 10-acre property for $62 million in 2022, according to county records. Sterling Bay said it was "exploring new steps" but declined to comment further on what might become of the property. Between the lines: The pulling of the rezoning also comes at a time when financing for office and lab buildings is much harder to come by.
Business Wire
24 minutes ago
- Business Wire
BioHub Maryland, Powered by the Maryland Tech Council, Partners with Bowie State University On Summer Life Sciences Training for Students
ROCKVILLE, Md.--(BUSINESS WIRE)--In a move to expand pathways into Maryland's life sciences industry, BioHub Maryland, powered by Maryland Tech Council, and Bowie State University, the state's first historically Black College/University, are partnering to give two dozen undergraduates hands-on experience in biopharmaceutical manufacturing this summer. By working with Bowie State University, we're ensuring a more robust pipeline of talent is ready to lead the next generation of biotech breakthroughs—right here in Maryland. The partnership aims to equip students with the technical skills needed to fill in-demand jobs in one of Maryland's most innovative industries. Over four weeks, students from the university's Department of Natural Sciences receive immersive, lab-based training at the BioHub Maryland Training and Education Center in Rockville— an 8,200 square-foot facility replicating real-world biopharma production environments. 'BioHub Maryland doesn't just train students—it launches careers,' said Kelly Schulz, Chief Executive Officer of the Maryland Tech Council. 'By working with Bowie State University, we're ensuring a more robust pipeline of talent is ready to lead the next generation of biotech breakthroughs—right here in Maryland.' Students will learn core biopharma manufacturing skills such as upstream processing, cell culture, and quality control—all of which are essential to the production of vaccines and other treatments. Curricula is designed by the National Institute for Bioprocessing Research and Training (NIBRT), BioHub Maryland's globally-trusted training provider. Upon completion, each student will earn a certificate recognized by life sciences employers. Training takes place at the Rockville-based BioHub Maryland Training and Education Center at Montgomery County, a state-of-the-art facility made possible by Montgomery County and the State of Maryland. The partnership between BioHub Maryland and Bowie State University accelerates Maryland's life sciences leadership. Home to 2,700 life sciences companies and 54,000 life sciences workers, the state is part of the BioHealth Capital Region, recently ranked the #3 biopharma cluster in the U.S. Bowie State's Department of Natural Sciences Chair and Professor, Dr. George Ude, and Associate Professor, Dr. Supriyo Ray, secured this opportunity for their students through a National Institute of Standards & Technology (NIST) grant. About BioHub Maryland BioHub Maryland is accelerating the life sciences industry for companies and career seekers to expand the state's global innovation advantage. A workforce initiative of the Maryland Tech Council, the largest technology and life sciences trade association in the state, BioHub Maryland enables residents of all backgrounds to compete for rewarding careers in life sciences by offering skills training, career resources, and access to job openings. BioHub Maryland also helps life sciences companies at every stage grow by showcasing their career opportunities, training the next generation of life sciences talent, and providing strategic resources for raising capital. Learn more at and follow us on LinkedIn, Instagram, Facebook, and Twitter.
CNBC
25 minutes ago
- CNBC
We're upgrading Eaton as shares of the industrial AI winner fall on earnings
Electrical equipment supplier Eaton , whose products are essential to AI data centers, on Tuesday reported a solid second quarter and raised its full-year outlook. Nevertheless, the stock tumbled in response because the positive results fell short of the sky-high bar that Wall Street had set. Adjusted earnings per share for the second quarter ended in June rose 8% from the year-ago period to $2.95, beating the LSEG compiled analyst consensus estimate by three cents. Revenue rose 10% to $7.03 billion, beating the LSEG compiled analyst consensus estimate of $6.9 billion. Organic sales grew 8%, exceeding the Bloomberg estimate for a 7.5% increase. Shares of Club name fell more than 6% on Tuesday in reaction to the small beat and raise. With the stock's excessive optimism finally washed out, we're taking a more opportunistic stance on Eaton. Based on the updated spending plans of American tech giants and everything we heard from Eaton on Tuesday, it's clear the AI buildout isn't slowing down. ETN YTD mountain Eaton's year-to-date stock performance. Bottom line Eaton entered earnings season with lofty expectations because beats and raises have become the norm for this power management company with heavy ties to attractive end markets like data centers, utilities and aerospace. The quarter was mostly clean, but the market took issue with two things looking ahead. First was the third-quarter outlook, which was not better than the consensus expectation. The second issue was its 2025 profit guidance. Even though Eaton raised the midpoint of its full-year adjusted earnings per share outlook, management shaved a little off the top end, citing "some lingering macro uncertainties and also tariff question marks." Still, Eaton has a very bright future. If you dig deeper into its full-year guide, it implies a strong uplift in the fourth quarter. Sometimes it's right for investors to question a pick up later in the year beyond normal seasonality, but Eaton is a special situation. By the fourth quarter, Eaton should see more benefits from previous capacity investments, which will allow it to ship more product. "We have around a dozen projects that are ongoing. Six of them, the construction is done," CEO Paulo Ruiz explained on the earnings call, his first since taking over for Craig Arnold in June. Some of those capacity investments are for transformers, switchgear, and other data center-focused electrical equipment that are in short supply. Eaton Why we own it: Eaton has exposure to several important megatrends like electrification, energy transition, and infrastructure spending. It is also a player in generative AI, where data centers use its power management solutions and electrical equipment to keep up with the heightened demand for more computing power. We see a long runway for growth. Competitors : Parker-Hannifin , DuPont and Honeywell Most recent buy : April 3, 2025 Initiated : Nov. 15, 2023 We also found the conference call to be quite bullish, with management focusing on how it is playing offense through investing in growth. For example, the executive team outlined the strategic rationale behind its two recent acquisitions — a double-digit grower in aerospace and another that improves its power distribution services for data centers. Ruiz also talked up important partnerships with Club name Nvidia and Siemens Energy , which makes the supply-constrained gas turbines used to generate electricity. Given the strong growth that lies ahead coupled with a stock that has pulled back more than 7% from its record close on July 28 — we sold some shares stock into that strength — we want to get more constructive on Eaton at these levels. We are increasing our price target to $400 from $375 and upgrading our rating on the stock to a buy-equivalent 1. Quarterly Commentary Eaton's Electrical Americas segment — covering electrical and industrial components, as well as various power products — delivered a "triple beat," with better-than-expected revenue, profit, and segment margins. On a 12-month basis, orders increased 2% and accelerated from a 4% decline reported in the first quarter. One reason why orders were so robust was the strength in the data center end market, where orders increased about 55% year over year and grew sequentially by more than 20%. Eaton believes it is picking up share in this fast-growing area based on this strong performance. Management also noted particular strength from multi-tenant data center customers. Eaton increased its presence in this market through its recent $1.4 billion acquisition of Fibrebond. Electrical Americas' backlog was also up 17% year over year to $11.4 billion, providing a solid visibility into future growth. Plus, there's still plenty of momentum in mega project announcements, which management says gives them a "multi-year runway" of growth. Electrical Global also reported a triple beat across sales, segment profit, and segment margins, which were a record. Driving the unit's 7% organic growth was strength in the data center and machine original equipment manufacturer (OEM) end markets. Orders fell 1% on a 12-month rolling basis, but the backlog increased 1% versus last year. Aerospace was only a double beat. Sales and segment profit were both better than expected. Margins, however, did not expand as much as anticipated. Still, it was a pretty good number all around with growth in every end market. Orders increased 10% on a rolling 12-month basis, and the backlog was up 16% year over year and 3% sequentially. Guidance Eaton raised its full-year outlook for organic growth and segment operating margins, as well as the midpoint of its adjusted EPS forecast. It now expects organic growth of 8.5% to 9.5%, reflecting an increase of one percentage point at the low end of the prior range. Margins are expected to be 24.1% to 24.5%, an increase from the prior view of 24% to 24.4%. Adjusted EPS is expected to be in the range of $11.97 to $12.17. This new midpoint of $12.07 is up from the prior midpoint of $12.00 and is slightly above the consensus of $12.03. However, the high end of the outlook was lowered in this revised guide. Despite the improved full-year view, the third quarter outlook was a little light. Organic growth is projected to be in the range of 8% to 9%, which is below the Bloomberg consensus estimate of 9.17%. Segment margins are expected to be 24.1% to 24.5%. Adjusted EPS is expected to be in the range of $3.01 to $3.07, which is a miss versus the $3.09 consensus estimate. Although the stock may be selling off due to the light third-quarter outlook and the lowered top end of the 2025 EPS guidance, analysts at Morgan Stanley wrote on Tuesday that it implies a stronger-than-expected fourth quarter. That might be the better number to focus on because Morgan Stanley says it's a sign that the business has a positive trajectory into 2026. (Jim Cramer's Charitable Trust is long ETN and NVDA. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
