fuboTV Reported Awesome Earnings and Ferro Accepted a Buyout Offer
Fubo is a company that operates a TV streaming platform, similar to Roku. They have a market cap of $2.483 billion, and they recently saw a massive increase in share price. Their 52-week high sits at $62.29, but it fell as quick as it went up.
Fubo reported their highly anticipated earnings on Tuesday after close, and things were looking good. They announced a loss of 59 cents per share, but they reported a beat in revenue numbers, with $119.7 million. Lastly, they increased their guidance for future quarters, and as streaming platforms continue to receive contracts, the tunnel is bright.
Fubo rose to $21.60 after hours, up 22.58%.
Ferro is a small company with a market cap of $1.8 billion, barely classifying as a mid-cap. They produce specialty materials, such as porcelain and pigments, and they are located in Ohio.
On Tuesday, it was announced that Prince International Corporation, a private company, would buy Ferro in an all-cash transaction. It was valued at approximately $2.1 billion, and during negotiations, it was decided that Prince would buy the common stock of Ferro at $22 per share, which was a hefty premium as Ferro’s stock was at $17.58 before the buyout. This could mean that the stock was undervalued, as investors are now able to sell their shares at a greater price.
Ferro closed at $21.78 on Tuesday, up 23.89%.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.