Merger Monday was living up to its name, as Frontier Airlines has announced a merger with Spirit Airlines aimed at creating the lowest-cost U.S. carrier. The even bigger news was a bidding war for Peloton. As for earnings, both ON Semiconductor and Tyson Foods beat estimates and traded up more than 6% early Monday.
We also have previewed five companies set to report late on Tuesday: Chipotle, Enphase, Global Foundries, Lyft and Peloton.
Here is a look at three firms scheduled to report results first thing Wednesday morning.
At the end of the third quarter, Canada-based uranium producer Cameco Corp. (NYSE: CCJ) had seen its share price rise by more than 175% over the previous 12 months. As of last Friday’s close, the stock was up about 42% for the past 12 months.
Uranium prices were almost $7 a pound higher in September than they are now. S&P Global reported last month that prices are rising again and some mining companies are planning to increase their exploration budgets. Cameco may have something to say about its joint venture in Kazakhstan, the world’s largest source of yellowcake uranium. Weak pricing has idled five Cameco North American mines, which together represent about 24 million pounds of annual uranium production.
Analysts are fairly bullish on Cameco stock. Of 12 brokerages covering the shares, eight have a Buy or Strong Buy rating and the other four rate shares at Hold. At a recent share price of around $19.70, the upside potential based on a median price target of $32 is 62.4%. At the high price target of $32.277, the upside potential is about 63.8%.
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