5 stories mentioning FPSUpdated 14d ago
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Forgent Power Solutions, Inc (FPS) has an average rating of buy and mean price target of $59.90, 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)
The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.3%, and the actively traded Invesco QQQ Trust (QQQ) advanced 0.4% in Thursday's premarket activity, amid the latest economic reports.US stock futures were mixed, with S&P 500 Index futures rose 0.4%, Dow Jones Industrial Average futures advancing 0.5%, and Nasdaq futures retreating 0.5% before the start of regular trading.US initial jobless claims fell to 215,000 from 216,000 in the prior week, coming in below economists' expectations of 218,000.US nonfarm payrolls increased by 57,000 in June, well below expectations for a gain of 113,000 and down from a revised 129,000 increase in May, while the unemployment rate edged down to 4.2% from 4.3%, beating forecasts for no change.May's factory orders report will be released at 10 am ET, followed by the weekly EIA natural gas report at 10:30 am ET.The weekly Baker Hughes oil-and-gas rig count will be released at 1 pm ET.In premarket action, bitcoin was up by 1.8%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.7% higher, Ether ETF (EETH) advanced 2.8%, and Bitcoin & Ether Market Cap Weight ETF (BETH) retreated by 2.8%.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.4%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat, and the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) increased by 0.5%. The VanEck Retail ETF (RTH) and the State Street SPDR S&P Retail ETF (XRT) were inactive.Alibaba (BABA) shares were down more than 1% pre-bell after gaining 2.1% at Wednesday's close. The US Department of Justice said Wednesday that the company and its US-based payment processor, AUS Merchant Services, agreed to pay a combined $600 million to resolve US allegations over illegal product sales on the company's e-commerce platforms.Winners and Losers:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.7%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.8%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.7% lower.UBS Group AG (UBS) shares traded up 3.4% in early hours activity after the Financial Times reported that the company plans to begin testing everyday banking services for its US employees as early as December, laying the groundwork for a full-service bank targeting wealthy American clients by mid-2027.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.1%, while the Vanguard Industrials Index Fund (VIS) was inactive and the iShares US Industrials ETF (IYJ) was flat.Forgent Power Solutions (FPS) stock was down more than 2% before the opening bell after the company priced an upsized public offering of its class A common shares at $49 each.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.6%, the Vanguard Health Care Index Fund (VHT) was flat, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was 0.9% higher.Novartis (NVS) stock was up more than 1% premarket after the company received European Commission approval for its gene replacement treatment, Itvisma, to treat spinal muscular atrophy in patients aged 2 and older.EnergyThe iShares US Energy ETF (IYE) was inactive, while the State Street Energy Select Sector SPDR ETF (XLE) was flat.TotalEnergies (TTE) stock advanced more than 1% before the opening bell after the company agreed to sell its 85% interest in Block 2E offshore Malaysia to INPEX for $350 million.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.9%, and the iShares US Technology ETF (IYW) was 0.7% higher, while the iShares Expanded Tech Sector ETF (IGM) down 1.9%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined by 1.2%, while the iShares Semiconductor ETF (SOXX) rose by 1.9%.Nvidia (NVDA) shares were down 0.4% in premarket activity, extending losses from the previous day's 1.3% fall. The company said it is expanding access to its artificial intelligence infrastructure by introducing a revenue-sharing model that grants token credits to developers in exchange for a portion of the recurring earnings from the cloud networks.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 1.8% to $67.31 per barrel on the New York Mercantile Exchange. Natural gas was down by 1.2% to $3.18 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 1%, while the United States Natural Gas Fund (UNG) was 0.7% lower.Gold futures for July were up by 1.1% to $4,129.62 an ounce on the Comex. Silver futures was up by 2.3% to $61.89 an ounce. SPDR Gold Shares (GLD) advanced by 2.3%, and the iShares Silver Trust (SLV) was 3.6% higher.
Forgent Power Solutions (FPS) said Tuesday that it has repriced its revolving credit facility and term loan credit facility.The electrical distribution company said the interest rate on borrowings under its senior credit facilities will be reduced to the Secured Overnight Financing Rate, or SOFR, plus 225 basis points from SOFR plus 300 basis points.Forgent expects the repricing will save it approximately $4.5 million annually on the initial term loan facility.Shares of the company were up more than 4% in Tuesday premarket trading.
Forgent Power Solutions (FPS) is expected to benefit from stronger data center and grid demand, larger customer orders, longer backlog coverage and better operating leverage in fiscal 2027 and 2028, Oppenheimer said in a note Friday.The firm said Forgent Power's ability to customize products, add capacity quickly and sell more across its customer base should support faster growth as customer spending is rising, with average spending over the past 12 months up 20% from the previous quarter to $1.5 million, and management expects average order size to keep growing.Backlog visibility has improved to a range of 12 to 15 months from 9 to 12 months as customers engage earlier and place longer-cycle orders, while margin gains should continue, helped by lower selling, general, and administrative expenses as a share of sales, better volume absorption, and a more favorable product mix, Oppenheimer said.Forgent Power raised its fiscal 2026 revenue guidance to $1.35 billion to $1.39 billion and adjusted earnings before interest, taxes, depreciation, and amortization guidance to $310 million to $320 million, both above prior guidance, according to the note.Oppenheimer kept Forgent Power's outperform rating and increased the price target to $60 from $43.Price: $46.51, Change: $-3.69, Percent Change: -7.34%
GE Vernova (GEV), Parker-Hannifin (PH), and Ametek (AME) are among companies expected to benefit from improving short-cycle industrial demand as order trends strengthen and defense-related exposure provides an additional boost, BofA Securities said Monday in a report.BofA expects GE Vernova's orders to rise 44% this year, supported by data-center demand and potential upside from the US-Japan trade deal's Ohio power-generation project. Defense revenue accounts for 11% of Parker-Hannifin's sales and 10% at both Ametek and ITT (ITT), the report said.3M (MMM) and Forgent Power Solutions (FPS) have lagged behind the S&P 500's recent 1% decline, while Vertiv (VRT), GE Vernova, and Fastenal (FAST) have outperformed, the report said.Companies tied more closely to consumer spending may face greater pressure, while industrial component suppliers are likely to see the strongest improvement in revenue growth as orders picked up in Q4, the report said. Supply-chain disruptions tied to the Middle East conflict may affect Q2 shipment timing, BofA said.Price: $990.82, Change: $-0.50, Percent Change: -0.05%
