$CBZ

6 stories mentioning CBZUpdated 10d ago

Every FINWIRES story that references CBZ, newest first.

Sector Update: Financial Stocks Decline Late Afternoon

Financial stocks were lower in late Wednesday afternoon trading, with the NYSE Financial Index down 1.2% and the State Street Financial Select Sector SPDR ETF (XLF) falling 1.7%.The Philadelphia Housing Index dropped 4.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) shed 0.4%.Bitcoin (BTC-USD) was increasing 0.5% to $64,166, and the yield for 10-year US Treasuries rose 1.8 basis points to 4.622%.In economic news, the Federal Open Market Committee maintained its target range for the federal funds rate at 3.50% to 3.75% on a 9-3 vote Wednesday afternoon, making few changes to its policy statement from the previous meeting.In corporate news, Gemini Space Station (GEMI) shares dropped 6.9% after Goldman Sachs downgraded the stock to sell from neutral, and trimmed the price target to $4 from $4.75.Bridgepoint Group's Bridgepoint Credit is set to become the majority owner of Carlyle (CG) portfolio company Anthesis Consulting via a recapitalization deal, Bloomberg reported. Separately, Carlyle, Energean, Dragon Oil, and Artemis Energy are among the companies that are expected to bid for BP's (BP) West Nile Delta natural gas development off Egypt this week, Reuters reported. Carlyle shares were down 3.2%.Visa (V) shares rose 0.8% after it reported fiscal Q3 results above consensus estimates as consumer and business spending helped drive annual gains in payments volume.CBIZ (CBZ) agreed to be acquired by accounting and advisory firm Grant Thornton Advisors in an all-cash deal worth about $5 billion, creating one of the largest providers of professional services, tax and advisory services in the US. CBIZ shares jumped past 17%.

$CBZ$CG$GEMI$V

Sectors11d ago

Sector Update: Financial Stocks Decline Wednesday Afternoon

Financial stocks were lower in Wednesday afternoon trading, with the NYSE Financial Index down 1.1% and the State Street Financial Select Sector SPDR ETF (XLF) off 0.8%.The Philadelphia Housing Index dropped 3.7%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) shed 0.3%.Bitcoin (BTC-USD) was decreasing 0.2% to $63,732, and the yield for 10-year US Treasuries was rising 4.7 basis points to 4.651%.In economic news, the US Federal Reserve is likely to remain on hold in the 3.5% to 3.75% target range in July, according to the CME FedWatch tool. However, the probability that the target rate for fed funds will increase to 4.25%-4.5% in December jumped to 17% as of Wednesday afternoon from 9% a month ago, implying a significant tightening bias among some market participants.In corporate news, Visa (V) shares rose 1.8%. The company reported fiscal Q3 results above consensus estimates as consumer and business spending helped drive annual gains in payments volume.CBIZ (CBZ) agreed to be acquired by accounting and advisory firm Grant Thornton Advisors in an all-cash deal worth about $5 billion, creating one of the largest providers of professional services, tax and advisory services in the US. CBIZ shares jumped 17%.NextEra Energy (NEE) and Brookfield (BN) are part of a strategic partnership group that will develop a data center campus at the Energy Department's Paducah Site in Kentucky for $100 billion, according to a joint statement. Brookfield shares were down 1.8%.

$BN$CBZ$V

US Markets11d ago

CBIZ Agrees to Go Private in $5 Billion Acquisition Deal

CBIZ (CBZ) agreed to be acquired by accounting and advisory firm Grant Thornton Advisors in an all-cash deal worth about $5 billion, creating one of the largest providers of professional services, tax and advisory services in the US.Shareholders of CBIZ will receive $55 per share in cash, representing a premium of roughly 54% to the professional services advisor's 30-day average price, the companies said in a joint statement on Wednesday.New Mountain Capital, which invested in Grant Thornton Advisors in 2024, will invest "incremental equity" to support the transaction, according to the statement.CBIZ's stock jumped 17% in Wednesday trade, taking its year-to-date gain to 8.3%.Following the transaction, Grant Thornton expects to become the fifth-largest provider of professional services, tax and advisory services in the US, with more than $5 billion in annual domestic revenue. The combined platform will operate across more than 20 countries, with almost $7.5 billion in revenue.The deal, which requires approval from CBIZ's shareholders and clearance from regulators, is expected to close in the fourth quarter. Following completion, the company will be delisted from the New York Stock Exchange."By combining our multinational platform with CBIZ's strong market presence, we're broadening our ability to support businesses through every stage of growth," Grant Thornton Advisors Chief Executive Jim Peko said in a statement. "Together, we'll bring the quality, scope and capabilities clients need to navigate an increasingly complex and rapidly evolving business environment."CBIZ CEO Jerry Grisko seemed to concur with Peko on the transaction enhancing service offerings for clients.Grant Thornton Advisors plans to spin off CBIZ's benefits and insurance services division. CBIZ could evaluate alternative acquisition proposals by Aug. 27.Separately, CBIZ reported second-quarter adjusted earnings of $0.91 per share, down from $0.99 the year before, but ahead of the FactSet-polled consensus of $0.72. Revenue edged down 0.2% to $682.2 million, but missed the Street's view for $698 million.The company withdrew its 2026 outlook in light of its proposed acquisition.Price: $54.70, Change: $+8.00, Percent Change: +17.13%

$CBZ

Wire11d ago

Top Midday Stories: Stocks Down, Oil Up as Trump Vows Strong Response to Iran Attacks; Vertiv Q2 Revenue Misses Estimates

All three major US stock indexes were down in late-morning trading Wednesday after President Trump vowed to hit Iran hard in response to recent attacks on US forces in Jordan and ahead of the Federal Reserve's decision on interest rates to be announced in the afternoon.In company news, Vertiv Holdings (VRT) reported Q2 adjusted earnings Wednesday of $1.52 per diluted share, up from $0.95 a year earlier and above the FactSet consensus analyst estimate of $1.42. Second-quarter revenue was $3.27 billion, up from $2.64 billion a year ago but below the FactSet consensus of $3.38 billion. For full-year 2026, the company expects adjusted diluted EPS of $6.65 to $6.75, above the FactSet consensus of $6.49. Vertiv said it expects Q3 adjusted diluted EPS of $1.77 to $1.83, in line with the FactSet consensus of $1.79. Vertiv shares were down 12.8% around midday.CBIZ (CBZ) agreed to be acquired by Grant Thornton Advisors in an all-cash deal with an enterprise value of $5 billion, the companies said Wednesday. Under the deal terms, CBIZ shareholders will receive $55 in cash per share, the companies said. CBIZ shares were up 16.8% around midday.The UK's Competition and Markets Authority said Wednesday it is investigating whether Microsoft (MSFT) provided pertinent information on changes to Microsoft 365 personal and family subscription plans. Microsoft shares were up 0.3%.NextEra Energy (NEE) and Brookfield (BN) are part of a strategic partnership group that will develop a data center campus at the Energy Department's Paducah Site in Kentucky for $100 billion, according to a joint statement. Big Rivers Electric Power, Jackson Purchase Energy Cooperative and Paducah Power System are also in the partnership. NextEra shares were down 0.1%, while Brookfield shares were down 2.2%.Morgan Stanley's (MS) mortgage bankers have allegedly been pressured to approve mortgages for wealthy clients despite underwriting concerns, The Wall Street Journal reported Wednesday, citing current and former employees, emails and internal documents. Morgan Stanley shares were down 3.3%.Price: $54.55, Change: $+7.85, Percent Change: +16.81%

$BN$CBZ$MS$MSFT$NEE$VRT

Research46d ago

Barrington Initiates CBIZ at Outperform With $45 Price Target

CBIZ (CBZ) has an average rating of overweight and mean price target of $41.80, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $30.50, Change: $+0.10, Percent Change: +0.33%

$CBZ

Research46d ago

Barrington Initiates CBIZ Inc. at Outperform With $45 Price Target

CBIZ Inc. (CBZ) has an average rating of overweight and mean price target of $41, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

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