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Weapons developers Raytheon and Northrop Grumman Corp. NOC, +0.80% have been awarded a U.S. Defense Department contract to continue testing and building out ultra-high-speed hypersonic missile systems, executives at both companies said on Monday. The follow-on contract was awarded by the Defense Advanced Research Projects Agency, or DARPA, to lower risk for those systems and incorporate manufacturing improvements into their design. Under the agreement, researchers, led by Raytheon, will build and fly those devices, known as Hypersonic “Air-breathing” Weapon Concept — or HAWC — flight vehicles, which harness the open air to accelerate to speeds far beyond the speed of sound. “We applied learnings from each successful HAWC flight test to ensure that it is the most sophisticated system of its kind,” said Colin Whelan, president of advanced technology for Raytheon, which last month rebranded as RTX RTX, +0.16%. “Continuing this important program will expand our knowledge of hypersonic flight and allow us to deliver the critical capability our warfighters need.” The partnership between the two began in 2013. In 2019, they signed an agreement to produce and integrate Northrop Grumman’s scramjet engines into Raytheon’s air-breathing hypersonic weapons. Shares of both companies were unchanged after hours.
Neutral
Advance Auto Parts Inc. AAP, -1.64% said late Monday that Canada’s TRC Capital Investment Corp. has made an unsolicited “mini-tender,” or less than 5% of the company’s shares, offer to purchase up to 1 million shares of the auto parts retailer at $65.75 a share, or 4.4% below the closing price of the company’s stock as of last Monday. That was the last trading day before the date of the offer, Advance Auto Parts said. TRC’s offer price is 6.9% below Monday’s closing. The company said it is not associated with TRC “and expresses no opinion” on the offer. Mini-tenders “do not provide investors with the same level of protections as provided by larger tender offers under the U.S. federal securities laws” because they fall under the threshold for more scrutiny, Advance Auto Parts said. The offer expires on Aug. 9 but could be extended, the company said. TRC last month launched a mini-tender offer of Home Depot Inc. HD, -0.14%. Shares of Advance Auto Parts dropped 0.3% in the extended session Monday after ending the regular trading day down 1.6%.
Neutral
Advance Auto Parts Inc. AAP, -1.64% said late Monday that Canada’s TRC Capital Investment Corp. has made an unsolicited “mini-tender,” or less than 5% of the company’s shares, offer to purchase up to 1 million shares of the auto parts retailer at $65.75 a share, or 4.4% below the closing price of the company’s stock as of last Monday. That was the last trading day before the date of the offer, Advance Auto Parts said. TRC’s offer price is 6.9% below Monday’s closing. The company said it is not associated with TRC “and expresses no opinion” on the offer. Mini-tenders “do not provide investors with the same level of protections as provided by larger tender offers under the U.S. federal securities laws” because they fall under the threshold for more scrutiny, Advance Auto Parts said. The offer expires on Aug. 9 but could be extended, the company said. TRC last month launched a mini-tender offer of Home Depot Inc. HD, -0.14%. Shares of Advance Auto Parts dropped 0.3% in the extended session Monday after ending the regular trading day down 1.6%.
Neutral
Advance Auto Parts Inc. AAP, -1.64% said late Monday that Canada’s TRC Capital Investment Corp. has made an unsolicited “mini-tender,” or less than 5% of the company’s shares, offer to purchase up to 1 million shares of the auto parts retailer at $65.75 a share, or 4.4% below the closing price of the company’s stock as of last Monday. That was the last trading day before the date of the offer, Advance Auto Parts said. TRC’s offer price is 6.9% below Monday’s closing. The company said it is not associated with TRC “and expresses no opinion” on the offer. Mini-tenders “do not provide investors with the same level of protections as provided by larger tender offers under the U.S. federal securities laws” because they fall under the threshold for more scrutiny, Advance Auto Parts said. The offer expires on Aug. 9 but could be extended, the company said. TRC last month launched a mini-tender offer of Home Depot Inc. HD, -0.14%. Shares of Advance Auto Parts dropped 0.3% in the extended session Monday after ending the regular trading day down 1.6%.
Neutral
Advance Auto Parts Inc. AAP, -1.64% said late Monday that Canada’s TRC Capital Investment Corp. has made an unsolicited “mini-tender,” or less than 5% of the company’s shares, offer to purchase up to 1 million shares of the auto parts retailer at $65.75 a share, or 4.4% below the closing price of the company’s stock as of last Monday. That was the last trading day before the date of the offer, Advance Auto Parts said. TRC’s offer price is 6.9% below Monday’s closing. The company said it is not associated with TRC “and expresses no opinion” on the offer. Mini-tenders “do not provide investors with the same level of protections as provided by larger tender offers under the U.S. federal securities laws” because they fall under the threshold for more scrutiny, Advance Auto Parts said. The offer expires on Aug. 9 but could be extended, the company said. TRC last month launched a mini-tender offer of Home Depot Inc. HD, -0.14%. Shares of Advance Auto Parts dropped 0.3% in the extended session Monday after ending the regular trading day down 1.6%.
Neutral
The U.S. Food and Drug Administration on Monday approved a Sanofi SNY and AstraZeneca PLC AZN respiratory syncytial virus vaccine for newborns and infants. The RSV vaccine, Beyfortus, was approved for prevention of RSV lower respiratory tract disease in babies entering their first RSV vaccine as well as children up to two years old who remain vulnerable to severe RSV, the FDA said in a release. RSV typically causes mild, cold-like symptoms but can be serious, particularly in infants and older adults. AstraZeneca’s ADR was down 0.6% on Monday, while Sanofi’s ADR was up 0.2%.
Negative
Microsoft Corp. MSFT, 0.37% next week is bracing for its first formal European Union antitrust investigation in 15 years. The software giant is likely to face charges it unfairly tied its video conferencing app Teams with its popular Office software, according to multiple reports. Once the probe begins, Microsoft could face formal charges as early as the fall, two people familiar with the situation told The Irish Times.
Neutral
The U.S. Food and Drug Administration on Monday approved a Sanofi SNY and AstraZeneca PLC AZN respiratory syncytial virus vaccine for newborns and infants. The RSV vaccine, Beyfortus, was approved for prevention of RSV lower respiratory tract disease in babies entering their first RSV vaccine as well as children up to two years old who remain vulnerable to severe RSV, the FDA said in a release. RSV typically causes mild, cold-like symptoms but can be serious, particularly in infants and older adults. AstraZeneca’s ADR was down 0.6% on Monday, while Sanofi’s ADR was up 0.2%.