Crown Electrokinetics Corp.
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*Nasdaq FSI: *Deficient: Issuer Failed to Meet NASDAQ Continued Listing Requirements

Materials : Chemicals | Small Cap Growth
Company profile

Crown Electrokinetics Corp. develops and sells optical switching film, which can be embedded between sheets of glass or applied to the surface of glass, or other rigid substrates, such as acrylic, to electronically control opacity (DynamicTint). Its technology allows a transition between clear and dark and can be applied to a range of windows, including commercial buildings, automotive sunroofs, and residential skylights and windows. Its electrokinetic (EK) technology is derived from ink and microfluidic technology. Its EK film technology utilizes nanometer-sized pigment particles that are electrically charged and suspended in a liquid that is sandwiched between two clear substrates that are coated with a transparent conductor oxide (TCO) film. Its plastic films are manufactured using roll-to-roll (R2R) processing equipment. Its DynamicTint Smart Glass Insert is specifically designed for retrofitting in the domestic and international commercial real estate install base.

Closing Price
Day's Change
-0.0268 (-15.74%)
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(Heavy Day)

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U.S. Bancorp results lift stock price despite red ink in broad market

12:54 pm ET January 25, 2023 (MarketWatch)

By Steve Gelsi

U.S. Bancorp sees its 2023 profit exceeding expectations, sparking gains in its stock

U.S. Bancorp stock rose Wednesday despite weakness in the broad equities market as the company said it would beat Wall Street profit targets for 2023, although it missed its earnings and revenue targets for the fourth quarter.

Jefferies analyst Ken Usdin said the bank's 2023 guidance implied full-year earnings of $5.15 a share to $5.20 a share, ahead of the current analyst estimate of $5 a share compiled by FactSet.

US Bancorp (USB) stock rose 5.7%, even as the S&P 500 moved lower by 1.3% on Wednesday.

The bank completed its acquisition of Mitsubishi UFJ Financial Group for $5.5 billion in cash and 44 million shares on Dec. 1 and said the business will add 8% to 9% to its 2023 earnings per share.

Also Read:Why the recent wave of regional bank mergers is far from over -- and you could profit from it

Looking ahead at the first quarter, U.S. Bancorp said total revenue is estimated to be in a range of $7.1 billion to $7.3 billion, including approximately $100 million of purchase accounting accretion. Wall Street analysts currently expect revenue of $7.05 billion, according to FactSet data.

For 2023, U.S. Bancorp anticipates revenue of $29 billion to $31 billion, compared to the analyst estimate of $29 billion.

For the fourth quarter, U.S. Bancorp said its net income fell by 50% to $853 million, or 57 cents a share, from $1.58 billion, or $1.07 a share, in the year-ago quarter.

Revenue rose to $6.37 billion from $5.68 billion.

Analysts expected fourth-quarter earnings of $1.12 a share on revenue of $6.62 billion, according to FactSet data.

Oppenheimer analyst Chris Kotowski said the bank's fourth-quarter profit included several one-time costs related to its MUFG acquisition including $399 million of balance sheet optimization impacts against revenues, $90 million of merger and integration expenses and a $791 million impact to its provision for credit losses.

Breaking out these items, U.S. Bancorp would have earned $1.26 a share, close to his estimate of $1.28 a share, Kotowski said.

Including Wednesday's boost, U.S. Bancorp stock is up 13.3% in 2023, compared to a rise of 3.8% by the S&P 500 .

Also Read: Private-equity firm Compass widens reach into healthcare as a bright spot in moribund M&A market

-Steve Gelsi


(END) Dow Jones Newswires

January 25, 2023 12:54 ET (17:54 GMT)

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