DevvStream (Nasdaq: DEVS) ends prior Southern deal but keeps XCF business combination plan

DevvStream’s Form 8-K says it received fairness opinions for the proposed three-party combination with XCF Global and Southern Energy Renewables. It also states the prior DevvStream–Southern merger agreement automatically terminated after required fairness opinions were received, as a contractual step under the April 13, 2026 Business Combination Agreement. The parties say the BCA remains in force and they expect to file an S-4 with the SEC in coming weeks.

DevvStream (DEVS), XCF Global (SAFX) and Southern Energy Renewables said the three-party business combination agreement remains in effect after media mischaracterized an SEC Form 8-K. They said fairness opinions were received and the prior merger agreement automatically terminated under the BCA. The parties expect to file an S-4 in coming weeks to seek shareholder approvals.

BofA Securities raised GitLab's price target to $54 from $45, keeping a neutral rating. Morgan Stanley also increased its target to $57 from $30, maintaining an equal weight rating. GitLab's stock is currently trading at $45.09, down 3.12% on the day.

Bank of America downgraded Amrize to Underperform, cutting its price target to $40 from $50 due to slower earnings growth, market risks, and valuation concerns. The brokerage lowered its 2027-28 adjusted EBITDA and EPS estimates, citing stable U.S. cement prices, Canadian demand pressure from U.S. tariffs, and vulnerable roofing margins. BofA forecasts adjusted EBITDA growth of 3% and adjusted EPS growth of 6% annually over 2026-28, excluding large acquisitions. The bank also trimmed its buildin

J.P. Morgan downgraded NIO (NIO) to Neutral, cutting its price target to $4.50 from $7.00 due to weak demand in China's passenger-vehicle market and intensifying competition. The brokerage cited cost pressures and moderating growth, forecasting lower revenue and earnings. NIO's Q2 vehicle gross margin was 18.5%, but further pressure is expected. J.P. Morgan prefers BYD and Geely among Chinese automakers.

PG&E Corporation (PCG) announced a strategic review to evaluate its structure and financing options, aiming to reduce costs and attract investment. The company plans to defer $2 billion of 2027 investments, reducing debt financing needs. PG&E reaffirmed its 2026 earnings guidance of $1.64-$1.66 per share and initiated 2027 guidance of $1.78-$1.82 per share. The review seeks to maintain safety, improve affordability, and strengthen reliability.