Streetbeat News

Acquisitions Mergers

INBX

SNY

Sanofi SA (NASDAQ:SNY) is set to acquire Inhibrx Inc's (NASDAQ:INBX) INBRX-101, a therapy for alpha-1 antitrypsin deficiency, for approximately $2.2 billion. The deal includes a merger where Sanofi will buy Inhibrx shares at $30 each, plus a contingent value right of $5 per share, and Inhibrx shareholders will receive one share of the new entity, Inhibrx Biosciences Inc, for every four shares held. Sanofi will also assume Inhibrx's debt and invest $200 million in the new company, retaining an 8% equity interest. The transaction is expected to close in Q2 of 2024. Inhibrx shares rose 2.04% to $34.01, while Sanofi shares fell 0.65% to $50.50 in premarket trading.

Portfolio Pulse from Vandana Singh

January 23, 2024 | 1:00 pm

FUN

SIX

Cedar Fair, L.P. (FUN) and Six Flags Entertainment Corporation (SIX) received a Second Request from the DOJ for additional information regarding their proposed merger. This request extends the waiting period under the HSR Act until 30 days after compliance, with a target date of May 2, 2024, for substantial compliance. The completion of the merger is subject to regulatory approvals and Six Flags' stockholders' approval, with an expected completion in the first half of 2024.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 12:55 pm

TTE

TotalEnergies SE (NYSE:TTE) acquired German battery storage developer Kyon Energy for €90 million plus earn-out payments. Kyon Energy has 770 MW of projects in various stages of development. This acquisition aligns with TotalEnergies' integrated power strategy and contributes to its profitability target of 12% ROACE by 2028. Additionally, TotalEnergies entered a deal with European Energy for offshore wind projects in Denmark, Finland, and Sweden, totaling 405 MW under development. This deal complements a previous agreement for onshore renewable projects and supports TotalEnergies' expansion in northern Europe. TTE shares saw a slight premarket decrease of 0.40%.

Portfolio Pulse from Lekha Gupta

January 23, 2024 | 12:15 pm

ADM

AGRI

ELAB

WBUY

The article highlights four consumer staples sector stocks considered oversold based on their Relative Strength Index (RSI) values, suggesting potential buying opportunities. Archer-Daniels-Midland Company (ADM) is dealing with internal changes and a significant stock price drop. Webuy Global Ltd (WBUY) announced a strategic collaboration with Ohmyhome. AgriFORCE Growing Systems Ltd. (AGRI) experienced a stock decline following a filing for a stock offering. Elevai Labs, Inc. (ELAB) entered into a license agreement with INmune Bio, Inc. and saw a substantial share price decrease.

Portfolio Pulse from Avi Kapoor

January 23, 2024 | 11:39 am

AMD

ARKB

ARKW

NVDA

Cathie Wood's Ark Investment Management sold shares of Nvidia (NVDA) and AMD (AMD) from its Ark Next Generation Internet ETF (ARKW) ahead of Q4 results. The sales generated approximately $2.39 million from NVDA and $4.11 million from AMD. Analysts remain optimistic, with KeyBanc maintaining Overweight ratings and high price targets for both stocks. Ark's sales may indicate profit-taking or a shift towards undervalued AI stocks or its own ARKB ETF.

Portfolio Pulse from Shanthi Rexaline

January 23, 2024 | 11:35 am

XPRO

Expro Group Holdings N.V. (XPRO) has won a contract for a Carbon Capture Utilization and Storage (CCUS) pilot project with INPEX Corporation. The project, Kashiwazaki Clean Hydrogen/Ammonia, is Japan's first clean hydrogen production demonstration project. Financial details of the contract were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 9:01 am

BYDDF

TSLA

BYD Co Ltd, supported by Warren Buffett, is entering the luxury EV market with a new lineup including a $150,000 supercar and an SUV capable of 360-degree rotation and floating. BYD has surpassed Tesla in global EV sales, with a focus on the Chinese market where it sells five times more cars than Tesla. The company aims to expand internationally, despite facing a subsidy probe in Europe and limited U.S. access. BYD also collaborated with DJI on a vehicle-mounted drone, aiming to export 400,000 cars this year.

Portfolio Pulse from Benzinga Neuro

January 23, 2024 | 8:53 am

ADM

JNJ

NFLX

The CNN Money Fear and Greed index remained in 'Greed' territory on Monday, with the Dow Jones closing above 38,000 for the first time. Archer-Daniels-Midland's stock fell over 24% due to an investigation into its accounting practices, while Macy's shares rose 3.6% after rejecting a takeover bid. U.S. leading index declined less than expected. Sectors like industrials and real estate gained, while utilities and consumer discretionary fell. Investors are looking forward to earnings from Johnson & Johnson, Procter & Gamble, Netflix, and Verizon.

Portfolio Pulse from Avi Kapoor

January 23, 2024 | 7:33 am

NCAC

Newcourt Acquisition Corp. (NCAC) has extended the deadline to finalize its business combination from January 22, 2024, to February 22, 2024. This extension provides additional time for Newcourt Acquisition to complete the necessary steps to close the deal.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 7:14 am

BHP

BHP has selected six companies from over 500 applicants for its BHP Xplor accelerator program, aimed at supporting early-stage mineral exploration companies. Each company will receive up to $500,000 and expert network access to advance exploration for resources critical to the energy transition.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 7:08 am