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Acquisitions Mergers

DASH

DoorDash Inc (NASDAQ:DASH) reported Q4 earnings with a 27% increase in revenue to $2.3 billion, surpassing estimates but missed EPS expectations with a loss of 39 cents per share. Total orders rose 23% to 574 million. The company announced aggressive investments in local commerce, generating significant sales for merchants and earnings for Dashers. DoorDash expects Q1 marketplace GOV between $18.5 billion and $18.9 billion, with adjusted EBITDA of $320 million to $380 million. Additionally, a share repurchase program of up to $1.1 billion was approved. Post-earnings, DASH shares dropped 8.77% after hours.

Portfolio Pulse from Adam Eckert

February 15, 2024 | 9:48 pm

NOG

Northern Oil and Gas, Inc. (NOG) provided a Q4 2023 operations update and preliminary 2024 guidance, highlighting a 20% year-over-year growth in production. Q4 production was estimated at 114.4 Mboe per day, with annual production at the high end of guidance. The company executed $25 million in Ground Game acquisitions in Q4 and anticipates a slight decrease in Q1 2024 production volumes due to weather disruptions and planned curtailments. NOG expects strong returns from its acquisitions, with cash flow contributions mainly in 2024.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 9:44 pm

GDX

NEM

RING

Value investors are targeting mining stocks, particularly gold miners like Newmont Corp (NYSE:NEM), due to a significant market dislocation. Taylor McKenna of Kopernik Global Investors highlighted the gap between metal prices and mining company valuations, noting gold stocks are at a 50-80% discount despite rising gold prices. Newmont Corp's stock has dropped 60% from last year, despite gold's 10% price increase. McKenna views this as an undervaluation, especially after Newmont's acquisition of Newcrest Mining. ETFs holding Newmont Corp include iShares MSCI Global Gold Miners ETF (NYSE:RING), VanEck Gold Miners ETF (NYSE:GDX), and others, indicating a broader market impact.

Portfolio Pulse from Piero Cingari

February 15, 2024 | 9:38 pm

WEST

Westrock Coffee Company (NASDAQ:WEST) announced several business developments including the expansion of its Extract and RTD facility in Conway, Arkansas, a joint venture with Select Milk Producers for a new facility in Texas, and the issuance of $72 million in convertible senior unsecured notes to fund these expansions. The company also provided an update on its FY23 preliminary results, expecting Adjusted EBITDA to be near the lower end of its $45M-$50M guidance range, and shared its initial outlook for 2024.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 9:38 pm

GO

Grocery Outlet Holding has announced its agreement to acquire United Grocery Outlet (UGO), expanding its presence into six new states with 40 stores and a distribution center. The acquisition, expected to close early in Q2, is anticipated to be modestly accretive to 2024 earnings. Additionally, Grocery Outlet plans to open 15 to 20 stores in existing markets in 2024, totaling 55 to 60 net new stores.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 9:32 pm

ANGO

AngioDynamics, Inc. (ANGO) has sold its PICC and Midline product portfolios to Spectrum Vascular for up to $45 million in cash. This sale is part of AngioDynamics' strategy to optimize its product portfolio and focus on high-growth markets. The divested products contributed approximately $43.5 million in annual sales. Additionally, AngioDynamics has discontinued its radiofrequency ablation and Syntrax products, which contributed about $5.5 million in annual sales. The company expects the divestiture and discontinuations to be accretive to fiscal 2024 gross margin but slightly dilutive to adjusted earnings per share. AngioDynamics will provide updated fiscal 2024 guidance in its upcoming earnings call.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 9:30 pm

FTI

SHEL

TechnipFMC has been awarded a substantial contract by Shell for the first integrated Engineering, Procurement, Construction, and Installation (iEPCI) project to utilize high-pressure subsea production systems rated up to 20,000 psi. This marks a significant advancement in subsea engineering and could set a new standard for deep-water exploration and production.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 9:27 pm

DKNG

DraftKings announces an acquisition with payment comprising approximately 55% cash from its balance sheet and 45% in Class A common stock, with no capital raise needed.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 9:25 pm

DKNG

DraftKings has reached an agreement to acquire Jackpocket, a third-party app that allows users to purchase official state lottery tickets, for $750 million. This acquisition is aimed at expanding DraftKings' product offerings and potentially increasing its user base by integrating Jackpocket's services.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 9:24 pm

TTOO

T2 Biosystems, Inc. (NASDAQ:TTOO) has entered into an agreement with CRG Servicing LLC to convert $15 million of its term loan into equity, pending stockholder approval. This conversion is part of T2 Biosystems' efforts to strengthen its balance sheet and support its business growth, including international distribution expansion and FDA submissions. The conversion will be into common stock or Convertible Preferred Stock, depending on ownership limits. This follows previous amendments to the loan agreement, including a $10 million conversion in July 2023 and an extension of the loan's maturity date in October 2023.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 9:22 pm