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Acquisitions Mergers

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Cannabis sales in Colorado and Michigan have declined, with Colorado experiencing its lowest sales year since 2017 and Michigan facing a 13.5% drop in January sales despite a record December. Virginia is advancing towards retail marijuana sales with the passing of HB698, aiming for a January 1, 2024 start. Key players in these markets include Schwazze, Red White & Bloom Brands, TerrAscend, 4Front, Ascend Wellness Holdings, Cresco, Verano, The Cannabist Company Holdings, Green Thumb Industries, and Jushi Holdings.

Portfolio Pulse from Nicolás Jose Rodriguez

February 12, 2024 | 11:57 pm

GPI

Group 1 Automotive (GPI) has acquired RRR Automotive Group, expanding its presence in the Greater Baltimore/Washington DC area. The acquisition includes several dealerships and collision centers, expected to generate over $500 million in annual revenues. Concurrently, GPI disposed of 10 franchises and a collision center in Beaumont, Texas, aligning with its strategy to focus on larger, higher performing dealerships.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 10:28 pm

CGC

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Piper Sandler's analyst Michael S. Lavery assigned Canopy Growth Corporation (CGC) an 'Underweight' rating, citing financial pressures and strategic challenges despite revenue outperformance in Q3 2024. CGC's focus on the Canadian cannabis market and strategic divestitures, like This Works, aim to stabilize finances. However, the Canopy USA deal's strategic benefits remain uncertain, facing competition from MSOs like Green Thumb Industries, Cresco Labs, and Curaleaf Holdings. Piper Sandler adjusted CGC's fiscal 2024 sales estimate downwards with a new price target of US$3.00.

Portfolio Pulse from Nicolás Jose Rodriguez

February 12, 2024 | 10:02 pm

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LAMF Global Ventures Corp. I has extended the deadline to complete its initial business combination from February 16, 2024, to April 16, 2024. This adjustment marks the fourth and fifth extension, with a total of up to six one-month extensions allowed under the company's governing documents.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 9:52 pm

TRIP

TripAdvisor Inc (NASDAQ:TRIP) shares rose in Monday's after-hours trading following the announcement of a special committee formation to evaluate potential transaction proposals. This move comes after Liberty TripAdvisor Holdings expressed intent to explore alternatives involving both companies. TripAdvisor is also anticipated to report its fourth-quarter earnings soon, with expectations set at 22 cents per share and revenue of $374.44 million.

Portfolio Pulse from Adam Eckert

February 12, 2024 | 9:37 pm

METC

Ramaco Resources, Inc. (METC) provided a positive guidance update for Q4 2023 and FY23, with anticipated EPS exceeding estimates. The company also increased its full-year 2024 guidance and announced the purchase of a prep plant for the Maben Mine Complex. Q4 2023 highlights include a net income range of $28-$30 million and Adjusted EBITDA of $56-$58 million, marking the strongest quarter of 2023. Annual highlights for 2023 include a net income range of $80-$82 million and Adjusted EBITDA of $180-$182 million, with a record 3.5 million tons sold. For 2024, Ramaco has increased its sales and production guidance, with sales commitments now at 3.8 million tons, nearly 90% above prior guidance.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 9:36 pm

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Universal Stainless & Alloy Products, Inc. announced a 7-12% price increase for its premium products, effective immediately. Warrior Met Coal, Inc. increased its quarterly cash dividend by 14%. Idaho Strategic Resources purchased the Butte Gulch property next to its Golden Chest Mine, indicating potential for future expansion and cost savings in ore processing.

Portfolio Pulse from Austin DeNoce

February 12, 2024 | 9:34 pm

ETN

Eaton (NYSE:ETN) is advancing its manufacturing capabilities by integrating Industry 4.0 technology into its factories in Juarez, Mexico, and Changzhou, China, enhancing efficiency and sustainability. The company plans to expand its smart factory initiative to three more locations by the end of 2024, including in Austria, Brazil, and the U.S. These efforts are part of Eaton's commitment to modernize its manufacturing footprint, improve product quality, and reduce environmental impact.

Portfolio Pulse from Happy Mohamed

February 12, 2024 | 9:30 pm

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Roche has decided to terminate its global license and collaboration agreement with Repare Therapeutics for the development and commercialization of camonsertib, effective May 7, 2024. Despite this, Repare has fulfilled all obligations and recently received a $40 million milestone payment from Roche. Repare's financial outlook remains stable, with sufficient capital to support operations into mid-2026.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 9:10 pm

PARA

Apollo Global Management is reportedly stepping back from considering a buyout of National Amusements, a key player in controlling Paramount Global, due to regulatory concerns highlighted by the FCC's rejection of a similar deal. The situation remains fluid, with other parties like David Ellison's Skydance Media and Byron Allen still interested in parts of Paramount Global. Regulatory approval, not capital, is deemed the main hurdle for acquiring Paramount Global or National Amusements.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 8:46 pm