Frontier Communications Shares Pop On S&P Midcap 400 Inclusion
$FYBR
$HAIN
$HNGR
Telecommunications Equipment
Telecommunications
Packaged Foods
Consumer Staples
- Frontier Communications Parent, Inc (NASDAQ:FYBR) will replace The Hain Celestial Group, Inc (NASDAQ:HAIN) in the S&P Midcap 400.
- Hain Celestial will replace Hanger, Inc (NYSE:HNGR) in the S&P SmallCap 600 effective before trading on October 3.
- Patient Square Capital, LP. is acquiring Hanger.
- FYBR reported a second-quarter FY22 revenue decline of 8.7% year-on-year to $1.46 billion, marginally beating the consensus of $1.45 billion.
- The growth in consumer fiber broadband was offset by declining subsidy, video, voice, and wholesale services.
- EPS of $0.41 beat the consensus of $0.24.
- Frontier sees an FY22 adjusted EBITDA of $2.05 billion - $2.15 billion and targets Fiber builds to 1.1 - 1.2 million new locations.
- Price Action: FYBR shares traded higher by 6.48% at $23.66 on the last check Wednesday.