Calumet stock gained following a partnership with Gulfstream, while investors turned bullish on Beazer Homes after its response to Dream Finders Homes’ takeover offer.
- Calumet’s subsidiary, Montana Renewables, collaborated with Gulfstream Aerospace Corp. and its partners as the exclusive fuel supplier.
- The subsidiary supplied its MaxSAF aviation fuel for a flight test conducted on Gulfstream’s G800 business jet.
- Beazer Homes stated it remains open to discussions after rejecting Dream Finders Homes’ takeover offer.
Shares of Calumet (CLMT) and Beazer Homes USA (BZH) climbed to fresh 52-week highs on Wednesday, as investors cheered Calumet’s partnership with Gulfstream Aerospace and Beazer’s response to Dream Finders Homes' (DFH) takeover offer.
At the time of writing, CLMT stock was up over 4%, while BZH shares were up nearly 15%.
CLMT Unit’s Gulfstream Deal
On Wednesday, Calumet announced that its subsidiary, Montana Renewables, collaborated with Gulfstream Aerospace Corp. and its partners as the exclusive fuel supplier. The subsidiary supplied MaxSAF aviation fuel for a flight test conducted by Gulfstream Aerospace on its G800 business jet.
The test made Gulfstream the first business aviation company to complete a high-altitude flight campaign. Preliminary results showed that the fuel significantly reduced particulate emissions compared with conventional fuel, according to Calumet.
CLMT stock hit an intraday high of $39.5, while retail sentiment on Stocktwits trended in ‘neutral’ territory over the past 24 hours. CLMT shares have seen strong buying interest so far this year, gaining more than 97%.
BZH Rejects Dream Finders’ Takeover Proposal
Beazer Homes stated it remains open to discussions after rejecting Dream Finders Homes’ takeover offer. Beazer said its board is evaluating multiple strategic alternatives after receiving interest from several parties following its rejection of Dream Finders' takeover offer, which it deemed significantly undervalued relative to other proposals.
According to Beazer, it was willing to negotiate if Dream Finders submitted a higher offer, signed a customary confidentiality and standstill agreement, and dropped its exclusivity demand. While Dream Finders later increased its bid to $32 per share and removed the exclusivity requirement, Beazer said it refused to sign the standard confidentiality agreement accepted by other bidders and instead chose to make its proposal public.
Retail sentiment surrounding BZH shares turned ‘bullish’ from ‘neutral’ on Stocktwits. BZH hit an intraday high of $31.93 on Wednesday. The stock has gained more than 55% so far this year.
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