Worthington Steel announced an agreement to acquire Kloeckner & Co for €11 per share ($12.8), creating North America's second-largest steel service center with combined revenues over $9.5 billion. The $2.4 billion deal is expected to deliver $150 million in annual synergies and boost EPS in the first full year post-closing. Worthington Steel shares surged to a new 52-week high, up 1.29% in premarket trading.

Meros Investment Management fully exited its position in Worthington Steel in Q3, selling shares worth $5.3 million. Despite the sell-off, the company shows improving fundamentals with recent revenue growth and stable earnings.

The two-day rally the broader market witnessed could stall, as traders choose to remain cautious ahead of a string of economic catalysts. The negative reaction to Micron Technology, Inc.‘s (NASDAQ:MU) earnings could generate weakness in the tech space. AI stalwart Nvidia Corp.’s (NASDAQ:NVDA) two-day rally is cooling off following its annual shareholder meeting. Bond yields have ticked up, with the 10-year-old Treasury yield holding above the 4.3% mark. Traders may bide their time amid the fluid situation in a bid to see off late Thursday’s presidential debate and Federal Reserve’s preferred inflation gauge due on Friday. Futures Performance (+/-) Nasdaq 100 -0.12% S&P 500 -0.11% Dow -0.16% R2K -0.12% In premarket trading on Thursday, the SPDR S&P 500 ETF Trust (NYSE:SPY) edged down 0.05% at $545.25 and the Invesco QQQ ETF (NASDAQ:QQQ) fell 0.08% to $479.98, according to Benzinga Pro data.Cues From Last Session: Stocks closed higher on Wednesday although sentiment remained lackluster throughout the session amid caution. The major averages opened lower and the tech strength kept the Nasdaq Composite Index mostly above the unchanged line but the S&P 500 Index and the Dow Jones Industrial Average traded mostly below the flat line before recovering by the close of the session. Most S&P 500 sector stocks ended weaker, while consumer discretionary stocks found strong buying interest. IT and communications stocks rose modestly. On the Main Street front, new home sales came in weaker than expected, although one could take comfort from the fact that previous months’ readings were upwardly revised. House prices remained ...Full story available on Benzinga.com

Futures trading reflects the same trend seen on Tuesday, with the Nasdaq and S&P 500 futures firming up in early trading, while the Dow futures slipped. Notwithstanding the tech strength, the underlying sentiment is likely to be one of caution ahead of some key market-moving economic catalysts scheduled for the next two sessions. The Nvidia Corp. (NASDAQ:NVDA) rally continues, with the stock firmer in premarket trading. It remains to be seen if the concentrated tech strength could be strong enough to lift the broader market. The market could also receive a shot in the arm from FedEx Corp.’s (NYSE:FDX) positive earnings and M&A rumors. The Federal Reserve’s favorite inflation gauge, more Fed speeches, consumer sentiment data and durables goods order are among the key reports due on Thursday and Friday. More importantly, traders may also focus on the presidential debate that is scheduled for late Thursday. Futures Performance (+/-) Nasdaq 100 +0.21% S&P 500 +0.05% Dow -0.14% R2K -0.30% In premarket trading on Wednesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) edged up 0.01% at $544.90 and the Invesco QQQ ETF (NASDAQ:QQQ) rose 0.16% to $480.15, according to Benzinga Pro data.Cues From Last Session: The tech rally, spearheaded by Nvidia Corp. (NASDAQ:NVDA), imparted strength to the broader market on Tuesday, although weakness elsewhere dragged the Dow Jones Industrial Average lower. IT and communication services stocks launched into a strong rally and energy stocks saw modest strength ...Full story available on Benzinga.com

U.S. stocks closed higher on Friday, with the Dow Jones index surging more than 300 points during the session. However, all three indices logged losses last week, with the Dow falling 2.27% to record its worst weekly performance in 2024, while the S&P 500 lost 0.95% during the week. Wall Street analysts make new stock picks on a daily basis. Unfortunately for investors, not all analysts have particularly impressive track records at predicting market movements. Even when it comes to one single stock, analyst ratings and price targets can vary widely, leaving investors confused about which analyst's opinion to trust. Benzinga's Analyst Ratings API is a collection of the highest-quality stock ratings curated by the Benzinga news desk via direct partnerships with major sell-side banks. Benzinga displays overnight ratings changes on a daily basis three hours prior to the U.S. equity market opening. Data specialists at investment dashboard provider Toggle.ai recently uncovered that the analyst insights Benzinga Pro subscribers and Benzinga readers regularly receive can successfully be used as trading indicators to outperform the stock market. Top Analyst Picks: Fortunately, any Benzinga reader can access the latest analyst ratings on the Analyst Stock Ratings ...

U.S. stocks closed mixed on Thursday, but recorded gains last month. For March, the S&P 500 gained 3.1%, while the Dow added 2.1%. Wall Street analysts make new stock picks on a daily basis. Unfortunately for investors, not all analysts have particularly impressive track records at predicting market movements. Even when it comes to one single stock, analyst ratings and price targets can vary widely, leaving investors confused about which analyst's opinion to trust. Benzinga's Analyst Ratings API is a collection of the highest-quality stock ratings curated by the Benzinga news desk via direct partnerships with major sell-side banks. Benzinga displays overnight ratings changes on a daily basis three hours prior to the U.S. equity market opening. Data specialists at investment dashboard provider Toggle.ai recently uncovered that the analyst insights Benzinga Pro subscribers and Benzinga readers regularly receive can successfully be used as trading indicators to outperform the stock market. Top Analyst Picks: Fortunately, any Benzinga reader can access the latest analyst ratings on the Analyst Stock Ratings page. One of the ways traders can sort through Benzinga's extensive database of analyst ratings is ...Full story available on Benzinga.com

The S&P 500 surged to a new all-time high on Thursday, recording its best first-quarter performance in five years. For the quarter, the S&P 500 gained 10.2%, while the Dow Jones added 5.6% during the quarter, notching its best first-quarter performance since 2021. Wall Street analysts make new stock picks on a daily basis. Unfortunately for investors, not all analysts have particularly impressive track records at predicting market movements. Even when it comes to one single stock, analyst ratings and price targets can vary widely, leaving investors confused about which analyst's opinion to trust. Benzinga's Analyst Ratings API is a collection of the highest-quality stock ratings curated by the Benzinga news desk via direct partnerships with major sell-side banks. Benzinga displays overnight ratings changes on a daily basis three hours prior to the U.S. equity market opening. Data specialists at investment dashboard provider Toggle.ai recently uncovered that the analyst insights Benzinga Pro subscribers and Benzinga readers regularly receive can successfully be used as trading indicators to outperform the stock market. Top Analyst Picks: Fortunately, any Benzinga reader can access the latest analyst ratings on the Analyst Stock Ratings page. One of the ways traders can sort through ...Full story available on Benzinga.com

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our analyst ratings page. Keybanc boosted the price target for Worthington Steel, Inc. (NYSE: WS) from $31 to $39. Keybanc analyst Philip Gibbs maintained an Overweight rating. Worthington Steel shares fell 2.9% to close at $34.34 on Monday. See how other analysts view this stock. Telsey Advisory Group boosted the price target for PVH Corp. (NYSE: PVH) from $122 to $155. Telsey Advisory Group analyst Dana Telsey maintained an Outperform rating. PVH shares gained 0.3% to close at $134.77 on Monday. See how other analysts view this stock. Morgan Stanley increased Seagate Technology Holdings plc (NASDAQ: STX) price target from $73 to $115. Morgan Stanley analyst Erik Woodring upgraded the stock from Equal-Weight to Overweight. Seagate shares fell 0.9% to close at $88.21 on Monday. See how other analysts view this stock. Needham ...

Companies in The News Are:FDX,AIR,WS,CRGX

Shares of Cutera, Inc. (NASDAQ: CUTR) fell sharply during Friday’s session after the company reported worse-than-expected fourth quarter adjusted EPS results. Cutera posted adjusted loss of $1.36 per share, compared to market estimates for a loss of 94 cents per share. The company’s quarterly sales came in at $49.540 million, versus expectations of $47.500 million, according to data from Benzinga Pro. Cutera shares dipped 26.5% to $1.6899 on Friday. Here are some other stocks moving in today's mid-day session. Gainers Murano Global Investments PLC (NASDAQ: MRNO) shares jumped 147.5% to $23.94 after falling 46% on Thursday. Nova LifeStyle, Inc. (NASDAQ: NVFY) surged 120% to $4.0301 after gaining around 22% on Thursday. BIOLASE, Inc. (NASDAQ: BIOL) shares climbed 50.4% to $0.2256 after the company reported better-than-expected fourth-quarter earnings results. IMAC Holdings, Inc. (NASDAQ: BACK) gained 41.1% to $1.8204. Summit Midstream Partners, LP (NYSE: SMLP) surged 36.1% to $26.45 after the company announced the sale of its Utica position for $625 million. Outlook Therapeutics, Inc. (NASDAQ: OTLK) gained 32.1% to $9.30 after the company announced it received a positive European Union CHMP opinion for ONS-5010 as a treatment for Wet AMD. GT Biopharma, Inc. (NASDAQ: GTBP) gained 27.6% to $4.86. Aemetis, Inc. (NASDAQ: AMTX) rose 21% to $6.21. Aemetis recently announced approval by the U.S. Citizenship and Immigration Services for a $200 million of EB-5 program investment for the Riverbank sustainable aviation fuel, production plant, the dairy renewable natural gas project, the carbon sequestration project and energy efficiency upgrades to the Keyes ethanol plant. Foresight Autonomous Holdings Ltd. (NASDAQ: ...

Worthington Steel's first quarterly update as an independent business apparently turned some heads on Wall Street.

U.S. stocks were mixed, with the Dow Jones index falling around 50 points on Friday. Shares of Worthington Steel, Inc. (NYSE: WS) rose sharply during Friday’s session as the company posted stronger-than-expected results for its third quarter. Worthington Steel posted adjusted earnings of 99 cents per share, beating market estimates of 84 cents per share. The company’s quarterly sales came in at $805.80 million, versus expectations of $700.50 million, according to data from Benzinga Pro. Worthington Steel shares jumped 18.8% to $37.92 on Friday. Here are some other big stocks recording gains in today’s session. Murano Global Investments PLC (NASDAQ: MRNO) shares gained 147.5% to $23.94 after falling 46% on ...