Streetbeat News

Acquisitions Mergers

DBGI

FFIE

MBLY

UCAR

VMAR

The article lists the top 5 consumer discretionary stocks considered oversold based on their Relative Strength Index (RSI) values, suggesting potential for growth in Q1. Mobileye Global Inc. (MBLY) announced production design wins, Faraday Future Intelligent Electric Inc. (FFIE) received a Nasdaq warning, Vision Marine Technologies Inc. (VMAR) announced a private placement, U Power Limited (UCAR) reported a narrower quarterly loss, and Digital Brands Group, Inc. (DBGI) signed a letter of intent to open a retail store.

Portfolio Pulse from Avi Kapoor

January 22, 2024 | 12:00 pm

WTI

W&T Offshore has finalized the acquisition of six fields in the shallow waters of the Gulf of Mexico for $72M, using the company's available cash.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 11:55 am

OXY

On January 19, 2024, Occidental Petroleum Corporation and CrownRock received a request for additional information from the FTC regarding the FTC's review of Occidental's acquisition of CrownRock. This second request could indicate a more in-depth investigation into the acquisition, potentially delaying the process.

Portfolio Pulse from Charles Gross

January 22, 2024 | 11:36 am

GNK

Genco Shipping & Trading Limited is reviewing director nominations made by George Economou through GK Investor LLC. The company will make a formal recommendation soon and is committed to actions that benefit all shareholders, aiming to drive long-term shareholder value.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 11:03 am

CHRS

NVS

Coherus BioSciences, Inc. (NASDAQ:CHRS) has agreed to sell its CIMERLI ophthalmology franchise to Sandoz, a unit of Novartis (NYSE:NVS), for $170 million in cash. The deal includes the CIMERLI biologics license application, sales and reimbursement teams, product inventory, and commercial software.

Portfolio Pulse from Charles Gross

January 22, 2024 | 10:29 am

SONY

Sony Pictures Networks India, a subsidiary of Sony Group, has terminated its definitive merger agreements with Zee Entertainment Enterprises. Sony has stated that the impact of the merger was not included in its financial results forecast for the fiscal year ending March 31, 2024, and expects no material impact on its consolidated financial results due to the termination.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 10:16 am

BRO

IRBT

STT

UAL

ZION

The S&P 500 reached an all-time high as investor sentiment improved, with the CNN Money Fear and Greed index indicating 'Greed'. iRobot Corporation's stock plummeted following reports of the EU planning to block its acquisition by Amazon. State Street Corporation's shares rose after reporting strong Q4 earnings. U.S. existing-home sales dropped to their lowest since Aug. 2010, while consumer sentiment reached its highest since July 2021. The Dow Jones and Nasdaq also closed higher. Upcoming earnings include United Airlines, Brown & Brown, and Zions Bancorporation.

Portfolio Pulse from Avi Kapoor

January 22, 2024 | 8:34 am

CHRS

Coherus BioSciences, Inc. (NASDAQ:CHRS) has agreed to sell its CIMERLI ophthalmology franchise to Sandoz for $170 million in cash, plus additional amounts for product inventory and working capital adjustments. The deal includes the CIMERLI biologics license application, sales and reimbursement teams, product inventory, and commercial software.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 6:44 am

M

Macy's, Inc. (NYSE:M) received an unsolicited proposal from Arkhouse and Brigade to acquire all outstanding shares for $21.00 each. The Macy's Board rejected the bid, citing a lack of evidence for a viable financing plan and stating the offer does not provide compelling value. The Board remains open to opportunities that would increase shareholder value and will continue to prioritize the interests of all shareholders.

Portfolio Pulse from Charles Gross

January 22, 2024 | 1:03 am

M

An investor group led by Arkhouse Management and Brigade Capital Management has made a $5.8 billion bid to acquire Macy's Inc. (NYSE:M) at $21 per share. Despite initial stock gains, Macy's shares closed at $17.63, below the offer price. The group is considering a direct appeal to shareholders if negotiations stall, hinting at a potential board seat battle or hostile takeover. Arkhouse is willing to increase its bid pending due diligence and has requested a response from Macy's this week. Macy's has not publicly responded to the proposal.

Portfolio Pulse from Benzinga Neuro

January 21, 2024 | 11:40 pm