Streetbeat News

Acquisitions Mergers

AFCG

SUNS

AFC Gamma, Inc. (AFCG) announced a plan to spin-off its commercial real estate lending business into an independent company, Sunrise Realty Trust, Inc. (SUNS), expected to be completed in mid-2024. Post-separation, AFC Gamma will focus on the cannabis industry, while SUNS will concentrate on CRE in the southern U.S. The separation aims to allow both companies to pursue tailored growth strategies and attract suitable investors. SUNS will focus on CRE debt investments across various asset classes, aiming for diversified investment portfolios. The separation will involve a pro-rata distribution of SUNS' common stock to AFC Gamma's shareholders and a special cash dividend.

Portfolio Pulse from Happy Mohamed

February 22, 2024 | 10:06 pm

NWL

Newell Brands (NASDAQ:NWL) announced board changes including the election of James Keane and Anthony Terry, and the departure of Robert Steele, Courtney Mather, and Jay Johnson. Bridget Ryan Berman will become the new Chair effective May 8, 2024. The board size will decrease from eleven to eight members. These changes are part of the board's commitment to refreshment and are expected to support the company's ongoing turnaround strategy.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 9:51 pm

CDE

CENX

GFI

KALU

Century Aluminum, Gold Fields, Coeur Mining, and Kaiser Aluminum announced their financial results for the fourth quarter and full year of 2023. Century Aluminum reported strong quarterly sales and a significant credit from the Inflation Reduction Act, despite a net loss for the year. Gold Fields met its cost guidance and production targets, maintaining dividends despite facing operational challenges and reporting three fatalities. Coeur Mining saw a substantial increase in revenue and adjusted EBITDA, meeting its production guidance and making significant finds at Silvertip. Kaiser Aluminum reported increased net sales and net income, with record sales in the Aerospace/High Strength sectors.

Portfolio Pulse from Austin DeNoce

February 22, 2024 | 9:45 pm

BOTZ

NVDA

SMH

VTI

XLK

NVIDIA Corp's (NVDA) shares surged over 15% following a quarterly earnings report that exceeded expectations, highlighting its strategic position in the AI technology sector. This success not only boosted NVIDIA's market cap significantly but also positively impacted related tech companies and ETFs. Companies like Meta Platforms Inc (META), Alphabet Inc (GOOG, GOOGL), Microsoft Corp (MSFT), Amazon.com Inc (AMZN), Taiwan Semiconductor Mfg. Co. Ltd. (TSM), Super Micro Computer Inc (SMCI), Advanced Micro Devices, Inc. (AMD), and others saw varying degrees of stock price movements. ETFs with significant NVIDIA holdings, such as Technology Select Sector SPDR Fund (XLK), Global X Robotics and Artificial Intelligence ETF (BOTZ), VanEck Semiconductor ETF (SMH), and Vanguard Total Stock Market Index Fund ETF (VTI), also experienced gains.

Portfolio Pulse from Natan Ponieman

February 22, 2024 | 9:43 pm

COLD

Americold Realty Trust (NYSE:COLD) announced plans to develop its first cold storage facility on the Canadian Pacific Kansas City (CPKC) rail network in Kansas City, Missouri, marking a strategic collaboration between COLD and CPKC (TSX:CP) (NYSE:CP). The $127 million facility aims to connect key U.S. Midwest and Mexico markets, supporting CPKC's MMX service for more efficient goods transport. The project, expected to create nearly 190 jobs, underscores Missouri's strategic value and aims to strengthen North American supply chains.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 9:43 pm

LGND

Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) announced its partner Eisai Co., Ltd. received approval in Japan for an injection formulation of the antiepileptic drug Fycompa, formulated with Ligand's Captisol technology. This marks the 16th Captisol-enabled product approved worldwide. Ligand is entitled to royalties from sales of this new formulation. Fycompa, a first-in-class AED, targets glutamate activity at AMPA receptors to reduce seizures. It is approved in over 75 countries for various forms of epilepsy.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 9:29 pm

Boeing Co (NYSE:BA) announced a leadership shake-up following a 737 Max 9 incident and regulatory scrutiny. Shares fell 20% since the incident. The FAA has increased oversight. New appointments include Uma Amuluru as HR officer and Katie Ringgold as VP of the 737 MAX program. Analysts view the changes positively but question if they are sufficient to restore confidence. Bank of America maintains a Neutral rating on Boeing with a $225 price target.

Portfolio Pulse from Neil Dennis

February 22, 2024 | 8:28 pm

FAZE

Shares of FaZe Holdings are trading higher following the approval of a merger with GameSquare by the company's stockholders. This strategic move is expected to enhance the company's market position and financial strength.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 8:22 pm

GRAM

At Benzinga's Market Spotlight: California conference, cannabis industry experts emphasized the importance of being selective in partnerships and financial decisions for growth in the competitive California market. Snoop Dogg's Death Row Cannabis focuses on quality in California, while Gold Flora Corp (OTC:GRAM) aims to leverage its strengths post-merger with The Parent Co. The upcoming Benzinga Cannabis Capital Conference in Florida was also highlighted.

Portfolio Pulse from Dustin Blitchok

February 22, 2024 | 8:10 pm

FAZE

GAME

FaZe Holdings Inc. (FAZE) announced stockholder approval for its merger with GameSquare Holdings, Inc. (GAME). GameSquare's stockholder vote is scheduled for February 27, 2024. The transaction is expected to close shortly after, pending customary closing conditions.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 8:03 pm