Streetbeat News

Acquisitions Mergers

BIOL

BMR

DBGI

FREE

SBFM

SIEN

U.S. stocks traded lower with the Nasdaq Composite down over 1%. Coca-Cola (KO) reported better-than-expected Q4 sales, forecasting 6%-7% organic revenue growth for FY 2024. Beamr Imaging (BMR), Whole Earth Brands (FREE), and Digital Brands Group (DBGI) saw significant stock price increases. Conversely, Sunshine Biopharma (SBFM), BIOLASE (BIOL), and Sientra (SIEN) experienced substantial declines. Gold fell 1.4%, while oil prices rose.

Portfolio Pulse from Avi Kapoor

February 13, 2024 | 5:06 pm

MUFG

Mitsubishi UFJ Financial Group (MUFG) is set to invest $100 million in WealthNavi, Japan's leading robo-adviser, acquiring a stake of over 15% and making WealthNavi an equity-method affiliate. WealthNavi, which will remain listed on the Tokyo Stock Exchange and retain its leadership, offers automated investment advice and has assets under management exceeding 1 trillion yen. The partnership aims to enhance customer recommendations using AI and will be integrated into MUFG's services, including its rewards programs and potentially its Money Canvas platform. This move is part of MUFG's broader strategy to invest in startups and expand its online retail customer base.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 5:00 pm

SHEL

USO

Shell has pulled out of negotiations with Iraq regarding the construction of a petrochemicals plant in Basra, a key oil hub in the south of the country. This decision could impact future investment and development plans in the region.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 4:45 pm

LIAN

LianBio has decided to wind down operations, including selling its pipeline assets, delisting its ADS, and reducing its workforce. Additionally, the company announced a $4.80 special dividend.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 4:43 pm

FANG

Diamondback Energy Inc (NASDAQ:FANG) announced a merger with Endeavor Energy Resources for about $26 billion, including debt. The deal includes stock and cash, with expected annual synergies of $550 million and a 10% free cash flow per share accretion by 2025. Following this, Diamondback's board raised its base dividend by 7%. Analysts from Keybanc, BMO Capital, Scotiabank, and Susquehanna have subsequently raised their price targets for Diamondback.

Portfolio Pulse from Avi Kapoor

February 13, 2024 | 4:39 pm

AMZN

PDD

WMT

Temu, a subsidiary of PDD Holdings Inc, is rapidly growing in the U.S. e-commerce market, challenging giants like Amazon and Walmart with its innovative Next-Generation Manufacturing (NGM) and aggressive marketing strategies, including a $14 million Super Bowl ad and over $200 million in PPC ads. Temu's focus on affordable luxury and efficient spending has led to significant growth, boasting 172 million app users and 43 million web visitors in just 12 months.

Portfolio Pulse from Surbhi Jain

February 13, 2024 | 4:38 pm

CALT

Calliditas Therapeutics announced the issuance of a new US patent (#11896719) for TARPEYO, covering a method of treating IgA nephropathy. This patent, valid from February 13, 2024, extends product protection until 2043 and has been filed for listing in the Orange Book. Calliditas plans to file corresponding patents in other territories, including Europe and China.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 4:28 pm

FREE

Whole Earth Brands, Inc. (NASDAQ:FREE) shares surged after announcing its acquisition by Sababa Holdings FREE, LLC affiliate Ozark Holdings, LLC. The all-cash transaction is valued at $4.875 per share, a 37% premium over its 60-day volume-weighted average price. The deal is seen as maximizing shareholder value by providing immediate liquidity at a significant premium. Following the announcement, Whole Earth's trading volume spiked significantly.

Portfolio Pulse from Erica Kollmann

February 13, 2024 | 4:22 pm

FREE

Whole Earth Brands has announced it will be acquired by Sababa Holdings FREE, LLC, leading to an increase in its share price.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 4:20 pm

CYTK

Cytokinetics CEO clarified at the Oppenheimer 34th Annual Healthcare Life Sciences Conference that the company is not actively seeking a sale. However, they are open to discussions if approached, due to their fiduciary obligations.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 4:19 pm