Beneficient Soars 399%,Wheeler REIT Stock Rallies 210%, Cracker Barrel Up 5.99% on Q4 Beat as Royal Caribbean Inks $3B Deal

Mumbai, Sept 24: US-listed companies witnessed dramatic stock movements on Wednesday as earnings surprises, merger approvals, capital raises and corporate actions reshaped the market landscape. Beneficient led the gainers with a staggering 399% surge, while Wheeler Real Estate jumped 210% following a reverse stock split. Cracker Barrel soared on a massive earnings beat, while General Mills and Cintas also reported earnings. 

Beneficient Stock Jumps 398.79% to $2.68 as $130 Million Debt-Elimination Plan Sparks Rally 

Beneficient (NASDAQ: BENF) shares surged 398.79% to $2.68 at 11:49 a.m. ET on Wednesday, September 23, as investors reacted to the company’s strategy to eliminate approximately $130 million in disputed debt linked to former CEO Brad Heppner. The stock opened sharply higher at $2.92, compared with the previous close of $0.53, and touched an intraday high of $3.03 before retreating to a session low of $1.44. The US stock market remained open at the time of the latest price update.  

The alternative assets platform said it plans to eliminate indebtedness asserted by HCLP Nominees, L.L.C., along with equity interests held by Heppner and his affiliated entities. Beneficient also seeks to terminate remaining agreements with Heppner and invalidate amounts it says are purportedly owed under those arrangements. 

The proposed resolution would eliminate approximately $130 million of HCLP principal and accrued interest. It would also convert Heppner-related equity interests with an aggregate liquidation preference of about $850 million into 162,132 Class A common shares, while terminating contractual arrangements involving approximately $88 million. 

If completed, the resolution would eliminate substantially all of Beneficient’s debt and end Heppner’s Class B ownership and associated voting, board-appointment and consent rights. However, the company has not entered into a definitive agreement, so the proposed resolution remains subject to negotiations and further developments.  

Wheeler REIT Stock Rallies 210.07% to $5.80 After 1-for-9 Reverse Stock Split 

Wheeler Real Estate Investment Trust Inc. (NASDAQ: WHLR) shares surged 210.07% to $5.80 at 11:59 a.m. ET on Wednesday, September 23, following the company’s one-for-nine reverse stock split, which took effect at 5:00 p.m. ET on September 21, with split-adjusted trading beginning on Nasdaq on September 22. The stock opened at $5.20, reached an intraday high of $8.71 and touched a low of $4.75 during the session. The US stock market remained open at the time of the latest price update. 

Under the reverse split, every nine shares of WHLR common stock were consolidated into one share. The company had 5,113,901 common shares outstanding as of September 17 and expects approximately 568,211 shares to remain outstanding following the split. 

No fractional shares will be issued, with cash to be paid for fractional interests based on WHLR’s September 21 closing price. The reverse split does not alter shareholders’ relative ownership, voting rights or other rights, nor does it reduce the number of authorised common shares. 

The company also adjusted the conversion terms of its 7.00% subordinated convertible notes due 2031 and its Series B and Series D preferred stock proportionally. The notes’ conversion rate is being adjusted from approximately 46.43 to 5.16 common shares per $25 principal amount, while the preferred-stock conversion prices will be adjusted accordingly. 

Cracker Barrel Stock Gains 5.99% to $48.20 After Fourth-Quarter Earnings Beat 

Cracker Barrel Old Country Store Inc. (NASDAQ: CBRL) shares rose 5.99% to $48.20 at 12:13 p.m. ET, after the restaurant chain reported better-than-expected fourth-quarter fiscal 2026 results. The stock opened at $47.57, climbed to an intraday high of $49.16 and touched a low of $44.52 during the session, with the US stock market still open. 

For the quarter ended July 31, Cracker Barrel reported adjusted earnings per share of $0.99, significantly above the analyst consensus of $0.10. Revenue came in at $849.3 million, exceeding expectations of $828.78 million but declining 2.2% year-on-year from $868 million. 

Comparable restaurant sales fell 2.1%, while comparable retail sales increased 0.7%. Adjusted EBITDA rose to $62.1 million, compared with $55.7 million a year earlier, including a $9.1 million benefit from tariff refunds. 

The company also completed a sale-leaseback involving 26 stores, generating around $77 million in net proceeds used to reduce debt. It divested Maple Street Biscuit Company in July. 

For fiscal 2027, Cracker Barrel expects revenue of $3.325 billion-$3.4 billion and adjusted EBITDA of $180 million-$200 million. Comparable restaurant sales are forecast to grow 3%-5%, with no new store openings planned. The board also declared a $0.25 quarterly dividend, payable November 12, 2026. 

Also Read: What Is the New York Stock Exchange (NYSE)?

General Mills Stock Falls 0.56% to $35.25 Despite Q1 Earnings Beat 

General Mills Inc. (NYSE: GIS) shares fell 0.56% to $35.25 at 12:16 p.m. ET on Wednesday, September 23, despite the company reporting fiscal 2027 first-quarter earnings and revenue ahead of analyst expectations. The stock opened at $35.74, reached an intraday high of $36.00 and touched a low of $34.55 during the session, with the US market still open. 

General Mills reported adjusted EPS of $0.75, above the $0.72 analyst consensus, while revenue reached $4.39 billion, compared with expectations of $4.34 billion. However, net sales declined 3% year-on-year, while organic net sales were flat. 

Profitability remained under pressure, with adjusted operating profit falling 11% in constant currency to $634 million and adjusted diluted EPS declining 13%. Adjusted gross margin contracted 90 basis points to 33.3%, while adjusted operating margin fell 130 basis points to 14.4%, reflecting higher input costs, lower volume and increased media investment. 

Performance varied across segments. North America Retail organic sales declined 3%, while North America Foodservice delivered 4% organic sales growth and a 12% increase in segment operating profit. International organic sales also rose 4%, with operating profit increasing 15%. 

General Mills reaffirmed its fiscal 2027 outlook, including organic net sales growth of -1.5% to 0.5%, adjusted operating profit growth of -13% to -8% and adjusted diluted EPS of $3.00-$3.20. The company expects approximately $750 million in cost savings during the year as it continues efforts to offset inflation and margin pressure. 

Cintas Stock Slips 0.85% to $197.11 Despite Q1 Earnings Beat 

Cintas Corp (NASDAQ: CTAS) shares fell 0.85% to $197.11 at 12:18 p.m. ET on Wednesday, September 23, despite the uniform and facility services provider reporting first-quarter fiscal 2027 results above analyst expectations. The stock opened at $196.78, reached an intraday high of $198.76 and touched a low of $193.74 during the session, with the US market still open. 

Cintas reported adjusted EPS of $1.39 for the quarter ended August 31, up from $1.20 a year earlier and ahead of the $1.35 consensus estimate. Revenue rose 10.9% year-on-year to $3.01 billion, exceeding expectations of $2.98 billion. Reported EPS came in at $1.36. 

The company recorded $14.4 million in transaction expenses related to its proposed acquisition of UniFirst, reducing diluted EPS by $0.03. 

Cintas also raised its fiscal 2027 revenue guidance to $12.15 billion-$12.27 billion, from $12.10 billion-$12.25 billion previously. Adjusted diluted EPS guidance was increased to $5.45-$5.54, compared with the earlier range of $5.36-$5.50. 

Gross margin expanded 120 basis points to 51.5%, while operating income increased 15.2% to $711.9 million. Organic revenue growth stood at 8.9%, while the company reported a record operating margin. 

Paychex Stock Falls 6.78% to $106.77 Despite Double-Digit Earnings Growth 

Paychex Inc. (NASDAQ: PAYX) shares fell 6.78% to $106.77 at 12:22 p.m. ET on Wednesday, September 23, despite the company reporting double-digit growth in adjusted earnings for fiscal 2027 first quarter. The stock opened at $109.67, reached an intraday high of $110.50 and touched a low of $103.25 during the session, with the US market still open. 

Paychex reported total revenue of $1.63 billion, up 6% year-on-year, while adjusted diluted EPS increased 10% to $1.34. Operating income rose 14% to $619 million, and the operating margin expanded 280 basis points to 38%. 

Management Solutions revenue increased 4% to $1.21 billion, while PEO & Insurance Solutions revenue climbed 12% to $368 million. Interest on funds held for clients rose 5% to $50 million. 

The company highlighted continued investment in WISE, its AI-powered intelligence platform, which uses proprietary workforce data across payroll, HR and benefits workflows. Paychex also launched WISE Hire in September to provide AI-enabled recruiting capabilities. 

For fiscal 2027, Paychex maintained total revenue growth guidance of 5%-6% and adjusted diluted EPS growth of 7%-9%, while raising its PEO & Insurance Solutions growth outlook to 7%-8% from 6%-7% previously. The company also increased its interest-income forecast to $200 million-$210 million. 

The weaker share-price reaction came despite the earnings growth, with investor attention focused on slower Management Solutions growth, client migration from ASO to PEO and increased AI investment. 

Royal Caribbean Stock Falls 2.89% to $228.10 as Company Agrees $3 Billion Sandals Deal 

Royal Caribbean Group (NYSE: RCL) shares fell 2.89% to $228.10 at 12:24 p.m. ET on Wednesday, September 23, as the cruise operator announced an agreement to acquire a 50% stake in Sandals and Beaches Resorts for approximately $3 billion. The stock opened at $236.14, reached a high of $237.13 and touched a low of $222.22, with the US market still open. 

The transaction will expand Royal Caribbean’s presence beyond cruises into the all-inclusive resort market. The companies plan to form a joint venture combining Sandals and Beaches’ Caribbean resort portfolio with Royal Caribbean’s cruise, private destination and vacation operations. 

Royal Caribbean said the deal values the resort business at around 10 times forward earnings before interest, taxes, depreciation and amortisation. The company has secured committed debt financing from Morgan Stanley to fund the acquisition. 

The transaction is expected to close in early 2027, subject to regulatory approvals and other customary conditions. Royal Caribbean expects the investment to contribute to earnings next year, although it has not provided details on the expected financial impact. 

The joint venture will focus on expanding the Sandals and Beaches portfolio and broadening distribution of vacation products. Sandals Executive Chairman Adam Stewart will retain a leadership role alongside Royal Caribbean CEO Jason Liberty. 

Also Read: How to invest in US stocks

Bio-Techne Stock Holds at $72.54 After Shareholders Approve Merck KGaA Acquisition 

Bio-Techne Corporation (NASDAQ: TECH) shares were nearly unchanged at $72.54 at 12:30 p.m. ET on Wednesday, September 23, following shareholder approval of the company’s acquisition by Merck KGaA. The stock opened at $72.50, reached an intraday high of $72.64 and touched a low of $72.48, with the US market still open. 

Shareholders approved the transaction at a special meeting held on Wednesday. Bio-Techne said the final voting results will be reported through a Form 8-K filing with the US Securities and Exchange Commission. 

The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act expired on September 18, 2026. The acquisition is expected to close by late 2026 or early 2027, subject to remaining regulatory approvals and customary closing conditions. 

Bio-Techne President and CEO Kim Kelderman said shareholder support marked an important milestone towards completing the transaction. 

Based in Minnesota, Bio-Techne is a life sciences company providing reagents, analytical instruments and precision diagnostics. It operates across 34 locations worldwide and employs more than 3,000 people. The company generated more than $1.2 billion in net sales during fiscal 2025. 

The approval moves the proposed acquisition closer to completion as the companies await the remaining regulatory clearances. 

Brighthouse Financial Stock Rises 0.85% to $52.34 as Sixth Street Revives Takeover Bid 

Brighthouse Financial Inc. (NASDAQ: BHF) shares rose 0.85% to $52.34 at 12:36 p.m. ET on Wednesday, September 23, as Sixth Street sought to revive its bid for the life insurer. The stock opened at $51.88, reached an intraday high of $53.44 and touched a low of $51.88, with the US market still open. 

Talcott Financial Group, an insurer backed by Sixth Street, sent a private letter to Brighthouse’s board last month reaffirming its interest in acquiring the insurance and annuity provider if the company’s existing transaction does not proceed. 

Brighthouse is currently subject to a proposed acquisition by Aquarian Holdings, which agreed last year to buy the company. The transaction remains under regulatory review, with Delaware’s insurance regulator examining the funding sources for the proposed deal. 

The renewed interest from Talcott introduces a potential alternative transaction while the existing agreement remains under scrutiny. However, no new acquisition agreement has been announced, and representatives for Brighthouse, the Delaware Department of Insurance, Sixth Street and Talcott declined to comment. 

Brighthouse provides life insurance and annuity products. Its shares have traded between $44.65 and $66.80 over the past 52 weeks, with the latest price remaining below the 52-week high. 

Investors are now watching the regulatory review of the Aquarian transaction alongside any further developments involving Sixth Street and Talcott. 

Jaguar Health Stock Plunges 67.79% to $11.10 After Tuesday Rally as Reverse Split and FDA Waivers Take Focus 

Jaguar Health Inc. (NASDAQ: JAGX) shares plunged 67.79% to $11.10 at 12:42 p.m. ET on Wednesday, September 23, sharply reversing Tuesday’s rally. The stock opened at $15.43, reached an intraday high of $19.46 and touched a low of $9.56, with the US market still open. Shares had closed at $34.46 on Tuesday. 

The sharp decline followed Jaguar’s announcement that its family company, Napo Pharmaceuticals, received a waiver from the US Food and Drug Administration (FDA) for the 2027 fiscal-year fee under the Prescription Drug User Fee Act (PDUFA) for Mytesi. 

Jaguar also received a fee waiver from the FDA’s Center for Veterinary Medicine for Canalevia-CA1, its conditionally approved prescription medicine for chemotherapy-induced diarrhoea in dogs. 

The announcements came shortly after Jaguar completed a 1-for-15 reverse stock split aimed at helping the company regain compliance with Nasdaq’s listing requirements. 

Jaguar develops medicines for people with complex gastrointestinal diseases. Napo Pharma and Napo Therapeutics are also developing crofelemer powder for rare and orphan gastrointestinal disorders associated with intestinal failure, including microvillus inclusion disease and short bowel syndrome. 

Mytesi is an FDA-approved antidiarrhoeal prescription treatment for noninfectious diarrhoea in adults with HIV/AIDS receiving antiretroviral therapy and is commercialised in the US by Future Pak. 

Adagio Medical Stock Plunges 46.28% to $0.26 as Company Explores Strategic Alternatives 

Adagio Medical Holdings Inc. (NASDAQ: ADGM) shares plunged 46.28% to $0.26 at 1:16 p.m. ET on Wednesday, September 23, as the medical device company began a formal process to explore strategic alternatives. The stock opened at $0.33, reached an intraday high of $0.35 and touched a low of $0.26, with the US market still open. 

Adagio said its board is evaluating options focused on maximising shareholder value, including a potential acquisition, merger, business combination or other transaction. However, the company cautioned that there is no assurance the review will result in a transaction or that any deal will be completed. 

The company is also implementing a workforce reduction to align its cost structure with prioritised programmes. Adagio reported approximately $7.7 million in preliminary unaudited cash, cash equivalents and marketable securities as of June 30, 2026. It has not established a timetable for completing the strategic review and does not plan to provide further updates unless considered necessary or appropriate. 

Meanwhile, Adagio continues work on its Premarket Approval application for the vCLAS Ventricular Ablation System. In May, it submitted results from the FULCRUM-VT pivotal study to the US Food and Drug Administration. 

The trial enrolled 209 patients with structural heart disease undergoing catheter ablation for drug-refractory ventricular tachycardia. The vCLAS system is commercially available in Europe and selected other markets but remains investigational in the US. 

Also Read: US Stock Market Timings 

Forward Industries Stock Falls 5.08% to $8.16; InnovAge Drops 15.16% to $9.04 After Share Offerings 

Forward Industries Inc. (NASDAQ: FWDI) shares fell 5.08% to $8.16 at 1:32 p.m. ET on Wednesday, September 23, after the Solana-focused digital asset treasury company announced a $25 million registered direct offering. The stock opened at $8.20, reached a high of $8.46 and touched a low of $8.01, with the US market still open. 

Forward Industries is selling 3.125 million shares at $8 per share to an institutional investor, generating approximately $25 million in gross proceeds before fees and expenses. The company plans to use the net proceeds to purchase additional SOL and expand its Solana treasury. 

Meanwhile, InnovAge Holding Corp. (NASDAQ: INNV) shares declined 15.16% to $9.04 at 1:33 p.m. ET. The stock opened at $9.72, hit a high of $9.75 and fell to a low of $8.98. 

InnovAge’s selling stockholders priced a 10 million-share public offering at $9.25 per share, representing approximately $92.5 million in gross proceeds. Investment funds affiliated with Apax Partners and Welsh, Carson, Anderson & Stowe are selling the shares, meaning InnovAge itself will not receive proceeds from the transaction. 

The selling stockholders have also granted underwriters a 30-day option to purchase up to 1.5 million additional shares at the offering price, subject to underwriting discounts and commissions. The offering is expected to close on September 24. 

InnovAge provides comprehensive healthcare programmes for seniors through the Program of All-inclusive Care for the Elderly and served approximately 8,230 participants across 20 centres in six states as of June 30, 2026. 

IM Cannabis Stock Plunges 32.13% to $2.81 as $1.31 Million Discounted Offering Raises Financial Concerns 

IM Cannabis Corp. (NASDAQ: IMCC) shares plunged 32.13% to $2.81 at 1:24 p.m. ET on Wednesday, September 23, after the medical cannabis company announced a registered direct offering priced at a significant discount. The stock opened at $3.18, reached an intraday high of $3.44 and touched a low of $2.61, with the US market still open. 

The company entered into securities purchase agreements to sell 655,000 common shares at $2.00 each, generating gross proceeds of approximately $1.31 million before expenses. The offering is expected to close on or around September 24, 2026. 

IM Cannabis said it is relying on financial hardship exemptions from formal valuation and minority shareholder approval requirements under Multilateral Instrument 61-101. The exemptions require the board and at least two-thirds of independent directors to determine that the company is in serious financial difficulty and that the offering is intended to improve its financial position. 

The company also disclosed that one or more purchasers could be related parties. 

IM Cannabis operates in Israel and Germany and plans to use the net proceeds for working capital and general corporate purposes, including potentially evaluating additional business opportunities. 

The offering is being conducted under an effective Form F-3 shelf registration statement declared effective by the US Securities and Exchange Commission on July 9, 2025. 

CoreWeave Closes $4.2 Billion Notes Offering as Voyager Plans $350 Million Debt Sale 

CoreWeave (NASDAQ: CRWV) shares traded at $87.40, up 0.64%, at 1:40 p.m. ET on Wednesday, September 23, after the AI cloud company completed a $4.2 billion convertible notes offering. The stock opened at $88.98, reached a high of $90.36 and touched a low of $86.55, with the US market still open. 

CoreWeave completed the 2.875% convertible senior notes due 2033, including an additional $500 million option exercised by initial purchasers. The company received $4.137 billion after purchaser discounts and before expenses. About $566.2 million was used for capped-call transactions, with the remainder intended for general corporate purposes. The notes have an initial conversion price of about $97.85 per share. 

Voyager Technologies (NYSE: VOYG) shares traded at $30.16, down 19.55%, at 1:40 p.m. ET, after announcing plans for a $350 million private placement of convertible senior notes due 2032. The stock opened at $33.23, hit $33.80 and fell to $30.12. 

Voyager also plans to give initial purchasers an option for up to $52.5 million in additional notes. Proceeds are planned for capped-call transactions, general corporate purposes, organic growth and strategic acquisitions. 

Live Oak Acquisition VI Prices $200 Million IPO as Viasat Wins $42 Million Marine Corps Task Order 

Live Oak Acquisition Corp. VI priced its $200 million IPO of 20 million units at $10 each, with trading on Nasdaq expected to begin on September 23 under LOVIU. Each unit includes one Class A ordinary share and half a redeemable warrant, with each whole warrant exercisable at $11.50. The offering is expected to close on September 24, with an underwriter option for an additional 3 million units. 

Separately, Viasat Inc. (NASDAQ: VSAT) secured an initial $42 million task order under a seven-year US Marine Corps satellite services contract with a ceiling of up to $307 million. The award was made through its Inmarsat Government subsidiary under the US Space Force Commercial Satellite Communications Office. 

Viasat will provide managed, multi-orbit satellite connectivity across L-, Ku- and Ka-bands, alongside secure data transport and 24x7x365 network and security operations support. The services are intended to support Marine Corps communications across land, air and sea operations. 

Also Read: What Are Fractional Shares? 

RPGL, Nauticus Robotics Announce Reverse Splits; Freeport-McMoRan and GE Healthcare Technologies Declare Dividend 

Several US-listed companies announced corporate actions on September 23, 2026, covering reverse stock splits and shareholder distributions. Republic Power Group Limited (RPGL) announced a 1-for-16 reverse share split, effective at the open of business on September 25, 2026. The company said the move is intended to help maintain compliance with Nasdaq’s $1.00 minimum bid-price requirement. Its Class A shares are expected to begin trading on a split-adjusted basis on September 25 under the existing RPGL ticker. 

Nauticus Robotics (KITT) also announced a 1-for-6 reverse stock split, with the action expected to become effective at 8:01 p.m. ET on September 24, 2026. The company said the move is intended to increase its share price to meet Nasdaq Capital Market minimum bid-price requirements. The shares are expected to resume trading on a split-adjusted basis at market open on September 25 under the KITT ticker. 

Freeport-McMoRan (FCX) announced a $0.15 per share quarterly cash dividend, payable on November 2, 2026, to shareholders of record as of October 15, 2026. The dividend consists of a $0.075 base dividend and a $0.075 variable dividend under the company’s performance-based payout framework. 

Meanwhile, the Board of Directors of GE HealthCare Technologies Inc. (Nasdaq: GEHC) today declared a cash dividend of $0.04 per share of Common Stock for the third quarter of 2026, an increase of 14% from the previous quarter. The dividend will be payable on November 13, 2026, to all shareholders of record as of October 23, 2026. 

Source 

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