Streetbeat News

Acquisitions Mergers

GHSI

Guardion Health Sciences (GHSI) shares are up following the announcement of an equity purchase agreement to sell its Activ Nutritional subsidiary to Doctor's Best for $17.2 million in cash.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 5:40 pm

OMVKY

TTE

TotalEnergies SE (NYSE:TTE) has agreed to purchase a 50% stake in SapuraOMV Upstream Sdn from OMV AG (OTCPK: OMVKY) for $903 million, which includes the transfer of a $350 million loan. The assets are located offshore Sarawak in Malaysia, and the deal is expected to close by the end of the first half of 2024. This acquisition aligns with TotalEnergies' strategy to grow in Malaysia and strengthen its partnership with Petronas, while also contributing to the demand for gas in Asia. Additionally, TotalEnergies recently won a contract to supply 1.34 GW of renewable electricity to New Jersey.

Portfolio Pulse from Lekha Gupta

January 31, 2024 | 5:29 pm

DNTH

Avidity Partners Management LP has disclosed a 9.9% ownership stake in Dianthus Therapeutics, according to a recent 13D filing.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 5:26 pm

BIIB

IONS

Biogen Inc (NASDAQ:BIIB) is discontinuing its Aduhelm Alzheimer's drug and the ENVISION clinical study, shifting focus to other Alzheimer's treatments like Leqembi and new modalities such as BIIB080 and BIIB113. The decision is not due to safety or efficacy concerns but to reallocate resources within its Alzheimer's franchise. BIIB080 is licensed from Ionis Pharmaceuticals Inc (NASDAQ:IONS). Biogen took a $60 million charge for the program's close-out costs in Q4 2023 and terminated its license with Neurimmune, returning the rights to aducanumab to them. Biogen's shares rose 0.81% to $249.07.

Portfolio Pulse from Vandana Singh

January 31, 2024 | 5:10 pm

ADBE

JBLU

SAVE

The Biden Administration's stance on mergers has led to blocked deals, including JetBlue's (JBLU) acquisition of Spirit Airlines (SAVE), which is now facing bankruptcy. Spirit's value has plummeted from $3.8 billion to under $1 billion. The blocked Adobe (ADBE) and Figma merger also reflects regulatory challenges. These developments have implications for merger arbitrage investors, the banking sector's revenue from M&A, and the companies involved. While JetBlue's stock rose 4% after the blocked merger, Adobe's shares fell 14% on the day of announcing its Figma acquisition but have since recovered.

Portfolio Pulse from Caleb Naysmith

January 31, 2024 | 4:30 pm

SINT

SiNtx Technologies, Inc. (NASDAQ:SINT) experienced volatility after announcing a cooperative research and development agreement with the U.S. Army and a $4 million stock offering. The agreement focuses on ceramic additive manufacturing and ceramic matrix composites. The stock offering is priced at 25 cents per share for 16 million units, with expected gross proceeds of $4 million, closing on Feb. 2. SINT shares dropped 19.9% to around 19 cents.

Portfolio Pulse from Erica Kollmann

January 31, 2024 | 4:03 pm

PARA

WBD

Byron Allen's Allen Media Group has offered to acquire Paramount Global (NASDAQ:PARA) for $14.3 billion, translating to $28.58 per voting share and $21.53 per nonvoting share. Including debt, the total offer is approximately $30 billion. Paramount has also attracted interest from Skydance Media and Warner Bros. Discovery, Inc. (NASDAQ:WBD). Paramount Global's stock is trading higher, with shares up 8.78% at $14.88. The 200-day moving average for PARA is $14.95, which is below the current price, indicating a bullish trend according to some investors.

Portfolio Pulse from Erica Kollmann

January 31, 2024 | 3:58 pm

ROP

Roper Technologies Inc (NASDAQ:ROP) reported Q4 FY23 results with a 13% Y/Y revenue increase to $1.61 billion, surpassing estimates. Gross profit and operating income also rose, while adjusted EBITDA increased by 11%. Adjusted EPS of $4.37 beat estimates, and operating cash flow improved significantly. Despite these positive results, ROP shares fell after the company provided FY24 guidance with expected revenue growth and adjusted EPS below analyst expectations. Additionally, Roper announced the acquisition of Procare Solutions last week.

Portfolio Pulse from Lekha Gupta

January 31, 2024 | 3:51 pm

WMT

Walmart Inc. (NYSE:WMT) announced plans to build or convert over 150 stores in the next five years and remodel 650 stores in the next 12 months, creating jobs and investing in communities. Additionally, Walmart will conduct a 3-for-1 stock split to make share purchasing more attainable for its associates. The stock split was approved by the board and aligns with the company's growth and future plans, aiming to encourage associate participation in stock ownership.

Portfolio Pulse from Nabaparna Bhattacharya

January 31, 2024 | 3:37 pm

TEVA

Teva Pharmaceutical Industries Ltd (NYSE:TEVA) reported Q4 2023 sales of $4.46 billion, surpassing the consensus of $3.99 billion, driven by an upfront payment for a collaboration, product sales, and higher generic product revenues internationally. Adjusted EPS was $1.00, beating the $0.76 consensus. The company plans to divest its API business by the first half of 2025 and forecasts FY 2024 revenues of $15.7-$16.3 billion with adjusted EPS of $2.20-$2.50. TEVA shares rose 2.43% to $12.02.

Portfolio Pulse from Vandana Singh

January 31, 2024 | 3:14 pm