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Acquisitions Mergers

HUBB

Hubbell Inc (NYSE:HUBB) shares rose after reporting Q4 FY23 results with net sales of $1.35 billion, surpassing the $1.32 billion consensus. Utility Solutions and Electrical Solutions segments saw Y/Y growth. Gross profit and adjusted operating margin increased, with adjusted EPS of $3.69 beating the $3.57 consensus. Hubbell acquired Systems Control for $1.1 billion and agreed to sell its Residential Lighting business for $131 million. FY24 outlook anticipates adjusted EPS of $16.00-$16.50 and sales growth of 8%-10% Y/Y.

Portfolio Pulse from Lekha Gupta

January 30, 2024 | 5:57 pm

REGN

TSVT

2seventy Bio has announced that it will concentrate solely on the commercialization and development of its cancer treatment, Abecma, and is selling its research and development pipeline to Regeneron Pharmaceuticals. This strategic move is aimed at focusing the company's resources on Abecma, which is a significant product in its portfolio.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 5:15 pm

NVDA

SSNLF

Nvidia Corp (NVDA) is negotiating with SK Hynix for High Bandwidth Memory (HBM) for Q1 2025, following a previous agreement with Samsung Electronics (SSNLF) for HBM3 to meet AI demand. Nvidia secured 2024 HBM supply with billion-dollar payments to SK Hynix and Micron Technology (MU). Additionally, Nvidia invested in AI chatbot developer Kore.ai's $150 million funding round, continuing its focus on AI startups that use its chips. Kore.ai, which is planning an IPO, has experienced triple-digit revenue growth and manages 450 million daily interactions. NVDA shares were up 0.44% at $627.82.

Portfolio Pulse from Anusuya Lahiri

January 30, 2024 | 5:12 pm

SQNXF

THQQF

Embracer Group AB has canceled a Deus Ex game in development and laid off 97 staff at Eidos Montreal. The studio will shift focus to an original franchise. This is part of a larger restructuring at Embracer, which has also affected other studios such as Volition and Free Radical Design. The layoffs and cancellations follow a failed $2 billion deal with Savvy Games Group. Embracer acquired Eidos Montreal from Square Enix Holdings in 2022 but has not commented on the Deus Ex cancellation.

Portfolio Pulse from Franca Quarneti

January 30, 2024 | 4:43 pm

BLOK

GRDI

MARA

RIOT

Bitcoin mining company GRIID Infrastructure (NASDAQ:GRDI) saw its stock drop 54% in two days after listing on Nasdaq through a merger with SPAC Adit EdTech. The company, which operates in New York and Tennessee, aims to grow its capacity and hash rate. GRIID utilizes 67% carbon-free power and reported $2.6 million in Q3 2023 revenue. The market context includes a $525 million credit facility from Blockchain.com and an upcoming Bitcoin halving event. Other mining stocks like Marathon Digital (NASDAQ:MARA) and Riot Platforms (NASDAQ:RIOT) also experienced declines this year. Analysts from Compass Point Research and Amplify Transformational Data Sharing ETF (NYSE:BLOK) commented on the sector's challenges and potential.

Portfolio Pulse from Murtuza Merchant

January 30, 2024 | 4:10 pm

AYRWF

CBSTF

CRLBF

GTBIF

TCNNF

TSNDF

VRNOF

Florida's legal cannabis market is estimated to reach $2.6B in sales in 2023. The state has a robust medical cannabis market with 871,459 registered patients. The top ten competitors in Florida account for 85% of dispensaries, with Surterra, AYR, Trulieve, Verano, and Curaleaf having significant shares. Green Thumb, Cannabist, Cresco, TerrAscend, and Ascend have little or no presence. Store growth outpaces patient growth, suggesting potential overexpansion. The market anticipates adult recreational use, which could double revenues, but faces legal challenges. The Viridian Cannabis Deal Tracker monitors industry trends and transactions.

Portfolio Pulse from Viridian Capital Advisors

January 30, 2024 | 3:56 pm

AMZN

IRBT

Amazon (NASDAQ:AMZN) has partnered with Mexican fintech firm Kueski to offer bi-weekly installment payments in Mexico, allowing customers to make purchases without a credit card. Kueski will manage financing and credit assessment. Amazon also terminated its merger with iRobot (NASDAQ:IRBT), resulting in a $94 million termination fee paid by Amazon. AMZN shares dropped slightly by 0.20% to $160.93.

Portfolio Pulse from Nabaparna Bhattacharya

January 30, 2024 | 3:36 pm

BCAL

CALB

Southern Calif Bancorp (NASDAQ:BCAL) is set to merge with California Bancorp (NASDAQ:CALB) in a stock-for-stock transaction valued at $233.60 million, expected to be completed in Q3 of 2024. The merger will combine operations of both companies, which are focused on serving the business and professional banking needs in Southern California.

Portfolio Pulse from Benzinga Insights

January 30, 2024 | 3:10 pm

TPR

Analysts have mixed views on Tapestry (NYSE:TPR), with 9 ratings ranging from bullish to bearish. The average 12-month price target is $40.56, down from $47.29. Actions by analysts include both raised and lowered ratings and price targets. Tapestry, owning brands like Coach, Kate Spade, and Stuart Weitzman, has shown positive revenue growth and strong financial health indicators. The company plans to acquire Capri, adding brands like Michael Kors, Versace, and Jimmy Choo.

Portfolio Pulse from Benzinga Insights

January 30, 2024 | 3:00 pm

MPC

MPLX

Marathon Petroleum Corp (MPC) reported Q4 FY23 results with revenue of $36.82 billion, surpassing the $35.25 billion consensus. Adjusted EBITDA was $3.53 billion, down from $5.80 billion in the prior year. Adjusted EPS was $3.98, above the $2.20 consensus. MPC returned $2.5 billion to shareholders through buybacks and dividends and has $5.9 billion left for repurchases. MPLX LP (MPLX), partly owned by MPC, beat earnings and sales estimates. MPC expects Q1 refining costs of $5.85 per barrel and throughputs of 2,685 mbpd. MPC shares rose 0.49% to $160.91.

Portfolio Pulse from Lekha Gupta

January 30, 2024 | 2:36 pm