Streetbeat News

Acquisitions Mergers

AAL

AAPL

AMZN

BMY

GOOGL

MSFT

SCHW

TSLA

Research suggests Bitcoin could reach $87K in this year's halving, while speculation on BTC ETFs could propel it to $500K. Tech giants Microsoft and Apple are leading earnings reports this week, potentially affecting market optimism. Charles Schwab may enter the Bitcoin ETF market. American Airlines and other stocks are set for varied market openings. Global politics and US-China tech tensions continue, with potential impacts on companies like Amazon, Alphabet, and Microsoft. Alibaba, Tencent, and TSMC are making strategic moves in China and Japan. Apple Card increases APY, and Tesla's Cybertruck tours China. Boeing faces challenges with the 737 Max, and Bristol Myers advances cancer treatment options.

Portfolio Pulse from Akanksha Bakshi

January 29, 2024 | 2:16 pm

BOTZ

CVX

IBB

IYW

KRYS

MSFT

VTYX

XLE

XOM

Experts predict a resurgence in M&A activity in 2024 after a slump in 2023, with AI, biotech, and energy sectors expected to lead. Morgan Stanley's Tom Miles and Pitchbook's Tim Clarke attribute the 2023 downturn to market volatility and high interest rates, which particularly affected private equity firms. M&A volumes fell to $2.4 trillion in 2023 from $5.2 trillion in 2021. Microsoft's partnership with OpenAI, potential biotech acquisitions, and big oil deals like ExxonMobil's purchase of Pioneer Natural Resources and Chevron's acquisition of Hess Corp are highlighted. ETFs like IYW, BOTZ, IBB, and XLE, as well as the Russell 2000 index, could benefit from the anticipated M&A uptick.

Portfolio Pulse from Neil Dennis

January 29, 2024 | 2:03 pm

AJG

Arthur J. Gallagher & Co. has acquired Forest Insurance Facilities, although the financial terms of the deal have not been disclosed.

Portfolio Pulse from Benzinga Newsdesk

January 29, 2024 | 2:01 pm

MGRC

WSC

McGrath RentCorp (NASDAQ:MGRC) shares surged premarket after WillScot Mobile Mini Holdings Corp (NASDAQ:WSC) agreed to acquire the company for $3.8 billion, including $800 million of net debt. The deal offers a 10.1% premium over McGrath's closing price on January 26, 2024, with shareholders receiving either $123.00 in cash or 2.8211 WillScot shares per McGrath share. The acquisition, expected to close in Q2 2024, will give McGrath shareholders a 12.6% stake in the combined entity and is anticipated to strengthen WillScot's position in North American turnkey space solutions. WillScot's CEO anticipates the merger to accelerate growth, with a pro forma revenue of $3.2 billion and adjusted EBITDA of $1.4 billion, aiming for a $700 million free cash flow run-rate post-merger. MGRC shares are up 8.55% at $121.30, while WSC stock is down 3.68% at $43.46 premarket.

Portfolio Pulse from Lekha Gupta

January 29, 2024 | 1:49 pm

REVG

REV Group has completed the sale of its school bus business for a purchase price of $303 million. This strategic move allows REV Group to streamline its portfolio and potentially focus on its more profitable segments.

Portfolio Pulse from Benzinga Newsdesk

January 29, 2024 | 1:45 pm

AMZN

IRBT

iRobot's stock is trading lower following the termination of its acquisition agreement with Amazon. In response, iRobot has announced an operational restructuring plan to address the fallout.

Portfolio Pulse from Benzinga Newsdesk

January 29, 2024 | 1:42 pm

RYAAY

Ryanair Holdings PLC (NASDAQ:RYAAY) reported a Q3 fiscal 2024 net profit of €15 million, down from €211 million a year ago, due to higher fuel costs. Revenue grew by 17% Y/Y to €2.70 billion, with a slight decrease in load factor to 92%. Operating costs rose 26% Y/Y, primarily due to a 35% increase in fuel costs. The company announced an interim dividend of €0.175 per share. Ryanair's FY24 outlook expects traffic to grow by 9% Y/Y, with narrowed PAT guidance. Ryanair is also considering purchasing Boeing 737 MAX 10 jets rejected by U.S. customers. RYAAY shares saw a slight premarket increase of 0.34%.

Portfolio Pulse from Akanksha Bakshi

January 29, 2024 | 1:42 pm

AMZN

IRBT

Amazon (AMZN) and iRobot (IRBT) have mutually agreed to terminate their acquisition deal due to the inability to secure approval from European Union regulators. The decision indicates that both companies see no clear path forward to satisfy the regulatory concerns that have been raised.

Portfolio Pulse from Benzinga Newsdesk

January 29, 2024 | 1:34 pm

AMZN

IRBT

iRobot has announced an operational restructuring plan after Amazon and iRobot mutually decided to terminate their merger agreement. The termination follows regulatory concerns that may have impeded the completion of the merger.

Portfolio Pulse from Benzinga Newsdesk

January 29, 2024 | 1:32 pm

DTCK

Davis Commodities Limited, celebrating its 25th anniversary in 2024, has successfully listed on Nasdaq under the symbol 'DTCK' and is undergoing strategic consolidation to streamline operations. The company completed an IPO on September 21, 2023, raising approximately $5 million. It is now focusing on growth opportunities in the Asian sugar, oil, and rice markets, which are projected to grow significantly in 2024 according to a Frost & Sullivan Limited report.

Portfolio Pulse from Benzinga Newsdesk

January 29, 2024 | 1:17 pm