Streetbeat News

Acquisitions Mergers

PARA

Paramount Global's stock (PARA) is trading higher after reports that private equity firm Apollo is considering a buyout of National Amusements, which is a significant shareholder in Paramount.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 8:59 pm

DAL

JBLU

SAVE

Dave Portnoy, founder of Barstool Sports, announced a purchase of Spirit Airlines Inc (SAVE) shares after a failed merger with JetBlue (JBLU), leading to a 50% drop in Spirit's stock. Following a further 25% drop after Spirit's debt refinancing announcement, Portnoy declared SAVE a 'mega buy' at around $4 per share. The stock has since rebounded to $7, yielding Portnoy an unrealized gain of $600,000. Portnoy, known for his 'Davey Day Trader' persona, is actively promoting Spirit Airlines, contrasting it with a negative customer experience at Delta Air Lines (DAL).

Portfolio Pulse from Aaron Bry

January 19, 2024 | 8:59 pm

FEAM

GLDG

METC

ZEUS

5E Advanced Materials, Inc. (FEAM) has hired Fluor Corporation for engineering and construction services, advancing its Boron and Lithium project. GoldMining Inc. (GLDG) sold Nutmeg Mountain to NevGold Corporation (NAUFF) for $3 million in shares, retaining a significant stake in NevGold. Ramaco Resources, Inc. (METC) is under investigation by Bragar Eagel & Squire, P.C. following a negative report by Wolfpack Research. Olympic Steel Inc. (ZEUS) promoted Anthony G. Dominic as VP of Safety, Health and Environment.

Portfolio Pulse from Austin DeNoce

January 19, 2024 | 8:53 pm

APO

PARA

Private equity firm Apollo is considering a buyout of Redstone, according to Bloomberg. The article suggests that Apollo is among several private equity firms evaluating this opportunity. The potential acquisition would involve significant financial and strategic considerations, but no further details about the deal, including the size or timing, have been disclosed.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 8:43 pm

SQNXF

Square Enix Holdings Co Ltd (OTC:SQNXF) is shifting its game development strategy to focus on quality over quantity, with plans to release fewer titles across a more diverse range of genres. President Takashi Kiryu acknowledged the company's overreliance on RPG franchises and the need to adapt to changing gamer preferences, such as the success of casual games like Powerwash Simulator. Square Enix aims to enhance internal development and is open to acquisitions to improve game quality. The company is also investing in AI and blockchain technology, with key releases like Foamstars, Visions of Mana, and remakes of Dragon Quest 3 and Dragon Quest 12 slated for 2024.

Portfolio Pulse from Franca Quarneti

January 19, 2024 | 8:31 pm

MSFT

Microsoft Corporation's (NASDAQ:MSFT) $10-billion investment in OpenAI, the parent company of ChatGPT, is potentially facing probes by the U.S. Department of Justice and the Federal Trade Commission over antitrust concerns. The agencies are discussing which one should investigate the partnership, as both have shown interest and do not want to relinquish jurisdiction. The deal was not reported for antitrust review, and the hiring of OpenAI's CEO by Microsoft has raised additional concerns. The FTC is also investigating OpenAI over consumer privacy issues, while the UK's Competition and Markets Authority and the European Commission have expressed antitrust concerns. Microsoft's stock is trading at all-time highs, reflecting the success of its AI investments.

Portfolio Pulse from Chris Katje

January 19, 2024 | 8:24 pm

TEF

Telefonica SA (NYSE:TEF) has acquired broadcasting rights for Spain's premier football league matches for $1.4 billion, starting with the 2024-2025 season. The deal covers five games per match-day across three seasons. Telefonica's strategy includes integrating football into its pay-TV packages to retain premium users. The company recently gained exclusive Spanish broadcasting rights for the UEFA Champions League and plans to stabilize Spanish earnings in H2 2023. Telefonica also announced a workforce reduction of about 5,100 jobs by 2026. TEF shares rose by 0.74% to $4.11.

Portfolio Pulse from Anusuya Lahiri

January 19, 2024 | 8:15 pm

DATS

MARA

NIO

PLUG

UNH

Benzinga's Stock Whisper Index highlights five stocks: UnitedHealth Group (UNH) with mixed analyst reactions post-earnings, Plug Power Inc (PLUG) facing pressure after announcing a $1 billion share offering, Marathon Digital Holdings (MARA) upgraded by BTIG with a new price target, DatChat Inc (DATS) planning a spinoff and suffering from a public offering, and Nio Inc (NIO) affected by Tesla's price cuts and Chinese market developments. The index provides insights into stocks that are gaining interest but are not widely discussed yet.

Portfolio Pulse from Chris Katje

January 19, 2024 | 8:10 pm

BMY

IKNA

Ikena Oncology Inc (NASDAQ:IKNA) is streamlining its organization to focus on its key oncology clinical programs, IK-930 and IK-595, leading to a 35% workforce reduction. With $175 million in cash, the company's financial runway is extended to the second half of 2026. Wedbush maintains an Outperform rating with a price target of $8, while William Blair also maintains an Outperform rating. Bristol-Myers Squibb (NYSE:BMY) has opted out of developing IK-175 and IK-412, with Ikena regaining full rights but not planning further investment in these programs. IKNA shares dropped 11.6% to $1.45.

Portfolio Pulse from Vandana Singh

January 19, 2024 | 7:55 pm

IRBT

KAMN

STT

TCN

U.S. stocks saw gains with the S&P 500 increasing by 1.06%. State Street Corporation (NYSE:STT) reported Q4 earnings that surpassed expectations, with revenues of $3.04 billion and EPS of $2.04, also announcing a $5 billion share repurchase program. Kaman Corporation (NASDAQ:KAMN) surged 101% after an acquisition announcement by Arcline. Tricon Residential Inc. (NYSE:TCN) gained 28% due to an acquisition agreement with Blackstone entities. Conversely, iRobot Corporation (NASDAQ:IRBT) fell 28% amid reports that the EU may block its acquisition by Amazon. Other market movements included a decline in oil prices and an increase in gold prices.

Portfolio Pulse from Avi Kapoor

January 19, 2024 | 7:17 pm