Streetbeat News

Acquisitions Mergers

VOXR

Vox Royalty Corp. (VOXR) is set to acquire an Australian royalty portfolio for up to A$4,700,000, enhancing its asset base with gold and copper projects in Australia. The portfolio includes royalties in various stages, from construction to exploration, and is part of Vox's strategy to expand in low-risk jurisdictions. The transaction, expected to close by the end of Q1 2024, will be funded with current cash on hand.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 2:09 pm

NURO

NeuroMetrix, Inc. (NASDAQ:NURO) is reviewing strategic options to enhance the growth of its Quell neuromodulation and DPNCheck neurodiagnostic businesses, aiming to maximize shareholder value. Options include marketing changes, asset acquisitions or sales, and potential mergers. Ladenburg Thalmann & Co. is advising in this process. No specific transaction or timeline is confirmed. The company aims to manage resources effectively while exploring growth opportunities, especially considering recent changes in Medicare Advantage risk adjustments.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 2:03 pm

JBLU

SAVE

JetBlue Airways Corporation (JBLU) has announced February 23, 2024, as the record date for an additional prepayment of $0.10 per share to Spirit Airlines, Inc. (SAVE) stockholders, with the payment to be made on February 29, 2024. This is in accordance with the Merger Agreement dated July 28, 2022, involving JetBlue, Sundown Acquisition Corp., and Spirit Airlines.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 2:01 pm

OXY

USO

The Biden administration has allocated $1.2 billion to support direct air capture technology, a method to extract CO2 from the atmosphere, with Occidental Petroleum Corp. (OXY) being a main recipient. This initiative aims to help achieve a net zero carbon emissions target by 2050, despite controversy over its potential to extend the oil industry's lifespan. The United States Oil ETF (USO) has seen a 9% increase in value due to rising oil prices and geopolitical concerns.

Portfolio Pulse from Caleb Naysmith

February 13, 2024 | 2:00 pm

DNUT

Krispy Kreme, Inc. (NASDAQ:DNUT) shares fell in premarket trading after reporting Q4 FY23 sales growth of 11.4% to $450.9 million, surpassing estimates but missing EPS expectations with $0.09 versus the $0.13 consensus. The company cited increased depreciation and amortization from global expansion as a factor. Krispy Kreme is exploring strategic alternatives for Insomnia Cookies. Despite revenue growth across segments and a 14.7% increase in adjusted EBITDA, the company's FY24 EPS guidance of $0.27-$0.31 falls short of the $0.38 estimate, leading to a 3.83% drop in share price to $13.30.

Portfolio Pulse from Nabaparna Bhattacharya

February 13, 2024 | 1:59 pm

TRIP

TripAdvisor Inc (NASDAQ:TRIP) shares are trading higher after announcing the formation of a special committee to evaluate potential transaction proposals. This follows Liberty TripAdvisor Holdings' disclosure of evaluating potential alternatives involving both companies. TripAdvisor is set to report its Q4 financial results, with expected earnings of 22 cents per share and revenue of $374.44 million. The company does not pay dividends but may engage in buyback programs as a way to return value to shareholders.

Portfolio Pulse from Adam Eckert

February 13, 2024 | 1:54 pm

ADIL

Adial Pharmaceuticals Inc (NASDAQ:ADIL) has been granted a new U.S. patent for its genetic diagnostic approach combined with its investigational drug AD04, aimed at treating alcohol and drug dependencies. This patent enhances the company's intellectual property for diagnosing and potentially treating alcohol use disorder (AUD) and opioid use disorder (OUD) through genetically targeted treatment. The company's CEO, Cary Claiborne, highlighted the significant market potential for AD04, estimated at $40 billion in the U.S., especially among patients with specific genotypes.

Portfolio Pulse from Vandana Singh

February 13, 2024 | 1:45 pm

INTC

NVDA

SFTBY

TSM

Sam Altman, CEO of OpenAI, aims to revolutionize the semiconductor industry with a $7 trillion investment to build artificial general intelligence. This ambitious plan faces skepticism due to its scale and the current technological and resource limitations. Key industry players like Nvidia, Intel, and TSMC are investing in advanced chip manufacturing, essential for AI development. The global chip shortage and expertise deficit pose additional challenges. Altman's initiative aligns with broader efforts, such as the U.S. CHIPS Act, to enhance semiconductor capabilities and secure AI advancements.

Portfolio Pulse from Natan Ponieman

February 13, 2024 | 1:44 pm

HOOK

RHHBY

RPTX

Repare Therapeutics Inc (RPTX) announced the termination of its collaboration with Roche Holdings AG (RHHBY) for the development and commercialization of camonsertib (RP-3500), effective May 7, 2024. This decision follows a review of Roche's pipeline and external factors. Repare will regain global rights to camonsertib, which is part of the ongoing Phase 1 MYTHIC trial. Despite this, Repare has received a $40 million milestone payment from Roche and expects its funds to last into mid-2026. This is Roche's second termination within a month, having previously ended a pact with HOOKIPA Pharma Inc (HOOK) for the HB-700 program.

Portfolio Pulse from Vandana Singh

February 13, 2024 | 1:43 pm

LPLA

LPL Financial Holdings Inc. (LPLA) announced its agreement to acquire Atria Wealth Solutions, a wealth management company managing about $100 billion in assets. The acquisition aims to enhance LPL's offerings and expand its advisor and institutional network. Atria's assets will transition to the LPL platform, with the deal expected to close in the second half of 2024. Financial terms were not disclosed. Morgan Stanley & Co. LLC and Allen & Overy LLP are advising LPL, while Ardea Partners LP, Ropes & Gray LLP, and William Blair & Company, LLC are advising Atria.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 1:41 pm