Stocks In News: RUM, NCLH, RCOR
2:11 pm Tuesday, September 20th, 2022
Rumble (NASDAQ:RUM) stock is on the move Tuesday as the YouTube alternative is seeing volatility during its second day of trading. Rumble went public yesterday through a special purpose acquisition company (SPAC) merger with CF Acquisition Corp VI. This saw the free speech YouTube rival switch the CFVI stock ticker to the new RUM stock ticker. Shares of RUM stock ended up surging higher on its first day of trading Monday. However, we’re starting to see those shares lose value throughout Tuesday. That’s not all that surprising even without specific news today.
Is Norwegian Cruise Line (NYSE:NCLH) ready to turn the ship around? That’s the question of the day as traders mull the comments of Truist analyst C. Patrick Scholes. Reportedly, Scholes issued an upgrade and price target raise for NCLH stock. This is helping shares stay in the green even as many other stocks trade underwater this morning. Here’s the lowdown. Scholes apparently sees improvement in both pricing and booking volumes for luxury cruise lines. Hence, the analyst concluded that Norwegian Cruise Line could soon benefit; roughly one third the company’s business serves the luxury cruise market.
Renovacor (NYSEMKT:RCOR) stock is gaining on Tuesday after announcing that Rocket Pharmaceuticals (NASDAQ:RCKT) is acquiring it. That agreement will have Rocket Pharmaceuticals offering 0.1676 shares of RCKT stock in exchange for each outstanding share of RCOR stock. This implies a value of $2.60 for RCOR shares. That’s a roughly 37% premium over the stock’s closing price on Monday! The offering from Rocket Pharmaceuticals implies an equity value of $53 million for Renovacor. Also, holders of RCOR stock will hold a 4.6% stake in RCKT stock once the deal is complete.
