Streetbeat News

Acquisitions Mergers

TNP

TEN Ltd. (NYSE:TNP) has sold a 2005-built suezmax tanker, Eurochampion 2004, adding approximately $40 million to its cash balances. The company also completed the delivery of two LNG-powered aframax tankers, Chios DF and Ithaki DF, as part of its dual-fuel renewal program. These actions are in line with TEN's strategy for fleet renewal, combining vessel divestments with acquisitions of eco-friendly ships on long-term contracts. The company is exploring further growth opportunities and strategic sales for a seamless fleet transition.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 2:22 pm

DISH

SATS

The Buxton Helmsley Group, Inc. (BHG), an investment fund manager, issued a letter to EchoStar Corporation's Board of Directors alleging accounting and securities fraud, fraudulent conveyances, and breaches of fiduciary duty related to EchoStar's recent merger with DISH Network Corp. BHG claims that DISH had pre-merger material misstatements of financial position and that EchoStar did not respond to BHG's private notification of these issues. BHG holds a short interest in the securities of both companies and may adjust its positions in the future.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 2:05 pm

TOON

Kartoon Studios (NYSE:TOON) plans to increase content production in 2024, aiming for sustained profitability. Initiatives to boost revenue and streamline operations are cited as key factors. The company's streaming service, Kartoon Channel!, achieved breakeven in 2023 and is expected to be profitable in 2024. New series and movies are in the pipeline, including original IP from Stan Lee Universe. Gregg Goldin, with experience from DreamWorks Animation and Cartoon Network, is appointed as Senior Vice President, Development & Production.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 2:04 pm

COCH

Envoy Medical, Inc. (NASDAQ: COCH), a company specializing in fully implanted hearing systems, has been awarded three additional patents, signaling its commitment to innovation in the hearing health industry. The patents cover various aspects of cochlear implant systems, including signal analysis, electrode impedance diagnostics, and integrated components. CEO Brent Lucas expressed optimism for 2024, highlighting upcoming milestones such as the next phase of clinical investigation for their cochlear implant system.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 2:03 pm

MSM

MSC Industrial Supply Co. has acquired KAR Industrial, although the financial terms of the deal have not been disclosed. This acquisition could potentially expand MSC's product offerings and market reach.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 2:02 pm

GOLD

Barrick Gold (NYSE:GOLD) has denied rumors of a potential takeover of First Quantum Minerals, following reports of a meeting between Barrick's executive and First Quantum representatives. Barrick is focusing on developing its existing projects in Tanzania, including the North Mara and Bulyanhulu mines, and investing in the community through the Future Forward education initiative. First Quantum is dealing with financial challenges, including the closure of its Cobre Panama copper mine and the suspension of dividends.

Portfolio Pulse from Stjepan Kalinic

January 22, 2024 | 1:58 pm

NS

Sunoco has announced plans to acquire NuStar Energy in an all-equity transaction valued at approximately $7.3 billion, causing NuStar Energy shares to trade higher.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 1:55 pm

CHRS

RVSN

SGMT

Sagimet Biosciences reported positive results from its Phase 2b FASCINATE-2 trial for Denifanstat in NASH, leading to a 94% stock surge. Rail Vision announced it has received certifications for EU railway standards, causing its stock to jump 142%. Coherus BioSciences has agreed to sell its ophthalmology franchise to Sandoz for $170 million in cash, resulting in a 33% increase in its stock price.

Portfolio Pulse from ryanfaloona@benzinga.com

January 22, 2024 | 1:55 pm

AISP

BYTS

Airship AI Holdings, Inc. (AISP) issued a stockholder letter reflecting on 2023 achievements, including a Nasdaq listing through a merger with BYTE Acquisition Corp. (BYTS). The company anticipates triple-digit revenue growth and positive EBITDA in 2024, backed by a $11.8M backlog and a $140M pipeline. Demand from Fortune 500 and government agencies, especially for border protection technologies, is driving growth. Investments in internal capabilities and new product launches, such as the Outpost AI edge appliance, are expected to capitalize on the $7.0 billion edge AI market.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 1:46 pm

AMAM

JNJ

KVUE

MSFT

Johnson & Johnson (JNJ) is set to report Q4 earnings with a focus on dividend security post-Kenvue split, legal costs from talc litigation, and recent acquisitions. Analysts expect $2.28 EPS and $20.99 billion in revenue. JNJ's acquisition of Abiomed and Ambrx Biopharma (AMAM) strengthens its medical segments. Despite challenges, JNJ's dividend, with a 61-year growth history, seems secure. The stock closed at $161.68, with a Neutral consensus rating and a $175.75 price target.

Portfolio Pulse from Surbhi Jain

January 22, 2024 | 1:35 pm