Streetbeat News

Acquisitions Mergers

PTGX

TAK

Takeda and Protagonist Therapeutics have entered into a global license and collaboration agreement for Rusfertide. Takeda will make an upfront payment of $300 million at the closing of the deal.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 9:08 pm

QRVO

Qorvo, a leading provider of innovative RF solutions, is set to acquire Anokiwave, a company specializing in millimeter-wave (mmWave) solutions for 5G networks, satellite communications, and defense applications. The financial terms of the deal have not been disclosed. This acquisition is expected to enhance Qorvo's portfolio of high-frequency products for the growing 5G and aerospace/defense markets.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 9:06 pm

AAPL

AMZN

DIS

FWONA

FWONK

Formula One, under Liberty Formula One Group (FWONA, FWONK), rejected a bid by Michael Andretti and General Motors (GM) to add an all-American team. The proposal included using Renault engines, but Formula One suggested Andretti could join in 2028 with GM engines. This decision may affect U.S. growth and ESPN's media rights, owned by Disney (DIS), which recently renewed U.S. rights for $75-90 million annually. Amazon (AMZN) and Apple (AAPL) showed interest in F1 media rights, with Apple rumored to be willing to pay $2 billion annually for global rights.

Portfolio Pulse from Chris Katje

January 31, 2024 | 8:19 pm

Former President Donald Trump stated he would block the acquisition of U.S. Steel by Nippon Steel if he were in office, according to Reuters reporter David Shepardson.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 8:05 pm

KRE

NYCB

New York Community Bancorp Inc (NYSE:NYCB) shares plummeted after reporting Q4 revenue of $740 million, missing estimates of $811.07 million, and an adjusted loss of 27 cents per share versus expected earnings of 28 cents per share. The company also cut its quarterly dividend to 5 cents per share and recorded a $552 million provision for loan losses. CEO Thomas Cangemi stated the measures were to align with the demands of being a large bank, following the acquisition of assets from the collapsed Signature Bank. The SPDR S&P Regional Banking ETF (NYSE:KRE) also fell by 3.52%.

Portfolio Pulse from Adam Eckert

January 31, 2024 | 6:52 pm

MINM

David E. Lazar disclosed a 51% active stake in Minim, Inc. (NASDAQ:MINM) after acquiring 2 million Series A Preferred Stock, convertible into 1.4 shares of common stock each, and warrants for an additional 2.8 million shares at $1.00 each. Lazar is looking to work with the board to explore strategic options to enhance shareholder value. Minim's stock has surged on the news with trading volume significantly exceeding the average.

Portfolio Pulse from Erica Kollmann

January 31, 2024 | 6:20 pm

AMD

CNXA

MINM

NVVE

NYCB

POWL

Advanced Micro Devices, Inc. (AMD) shares fell 3.8% to $165.49 post Q4 earnings report, with non-GAAP EPS of $0.77 on $6.17 billion revenue. Other stocks showed significant movement: Connexa Sports Technologies Inc. (CNXA) regained Nasdaq compliance, surging 204%; Minim, Inc. (MINM) rose 76.4% after a stake disclosure; Powell Industries, Inc. (POWL) gained 49% on strong Q1 results and dividend raise. Notable losers included Nuvve Holding Corp. (NVVE) dropping 65.8% after a public offering announcement, and New York Community Bancorp, Inc. (NYCB) falling 34.5% on disappointing Q4 results and dividend cut.

Portfolio Pulse from Avi Kapoor

January 31, 2024 | 6:18 pm

NISTF

NUE

United States Steel Corp (NYSE:X) is set to report Q4 earnings with expectations of 26 cents EPS and $3.76 billion in revenues. The stock has risen 70% over the past year. U.S. Steel's proposed acquisition by Nippon Steel Corp (OTCPK: NISTF) for $14.1 billion is under scrutiny, with Biden's advisors suggesting increased support for labor and an investigation into the fairness of the $55 per share offer. Analysts hold a Neutral rating on U.S. Steel with a price target of $27.95, while JP Morgan has a Neutral rating with a $52 target. U.S. Steel trades at $48.30, and analysts are focused on the company's plans regarding the Nippon deal.

Portfolio Pulse from Surbhi Jain

January 31, 2024 | 6:16 pm

GHSI

Guardion Health Sciences, Inc. (NASDAQ:GHSI) stock rose after announcing the sale of its subsidiary Activ Nutritional, LLC, which owns Viactiv, to Doctor's Best Inc., a subsidiary of Kingdomway USA Corp., for $17.2 million. The transaction is expected to close by June 30, 2024, subject to stockholder approval. The news has led to heavy trading volume, with shares up 50% at $8.05.

Portfolio Pulse from Erica Kollmann

January 31, 2024 | 5:52 pm

COP

CVX

USO

XOM

Oil prices have risen in early 2024 due to escalating tensions in the Middle East and Red Sea regions, with Nymex WTI up nearly 8% and Brent crude up 6%. The United States Oil Fund (USO) has seen a 9.2% increase. Despite conflicts and attacks on shipping, oil prices had previously fallen due to weak demand and sufficient supply. Iran's tensions with the U.S. and its involvement in Red Sea shipping attacks pose risks to oil flows. Saudi Aramco is planning a share sale to raise at least $10 billion, following a halt in oil expansion plans. Shares of ExxonMobil, Chevron, and ConocoPhillips fell on Wednesday.

Portfolio Pulse from Neil Dennis

January 31, 2024 | 5:51 pm