Movers: Aerojet Roketdyne, L3Harris, Mesa Air, Steelcase, Tesla

Scott Peters
19 Dec, 2022
New York City

Aerojet Rocketdyne Holdings Inc increased 1.6% to $55.77 after the company agreed to be acquired by rival L3 Harris Technologies for $58 a share. 

Aerojet agreed to pay $4.7 billion in cash including net debt.  

Aerojet generated $2.3 billion revenues in its latest full-year and L3Harris annual revenue was $17 billion. 

Aerojet Rocketdyne delivers a broad range of capabilities to support hypersonics, including solid  rocket motor boosters, scramjets, warheads and missile defense technologies, according to the company website. 

L3Harris decreased 3.5% to $205.76. 

Sinclair Broadcast Group Inc declined 2.8% to $15.43 on a report from the New Yoro Post that the company's, Diamond Sports Group, regional sports network of 21 channels is likely to initiate bankruptcy proceedings. 

Tesla Inc dropped as much as 4% in pre-market trading to $146.45 on the worries that chief executive Elon Musk may be distracted from running the electric vehicle maker and distracted by his recent purchase of Twitter Inc. 

Mesa Air Group Inc increased 12.8% to $1.32 after the company said it is close to finalizing its deal with United Airlines.

American Airlines is said to terminate its relationship with Mesa for its regional flights on the worries that Mesa may not have operational and financial resources to run the regional network.  

Mesa said in a statement that the airline is looking to sell more planes and parts to raise capital but the regional carrier is struggling with nationwide pilot shortage after the sharp rebound in travel demand after two years of pandemic. 

Investors are awaiting earnings results from 107 companies including the list of following companies. 

BHP Group, Carnival Corporation, Cintas, FactSet Research, FedEx, General Mills, Micron Technology, Nike, Steelcase and Titan Pharma.  

Steelcase Inc dropped 5.3% to $6.25 ahead of the furniture maker's third quarter earnings call on Tuesday December 20. 

In the second quarter ending in August, revenue increased 19% to $863.3 million from $724.8 million a year ago and net income declined to $19.6 million from $24.7 million or earnings per share dropped to 17 cents from 21 cents a year ago. 

The company had guided third quarter revenue between $825 million and $850 million and GAAP earning between 8 cents and 12 cents a share.