Streetbeat News

Acquisitions Mergers

APO

PARA

Private equity firm Apollo is considering a buyout of Redstone, according to Bloomberg. The article suggests that Apollo is among several private equity firms evaluating this opportunity. The potential acquisition would involve significant financial and strategic considerations, but no further details about the deal, including the size or timing, have been disclosed.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 8:43 pm

SQNXF

Square Enix Holdings Co Ltd (OTC:SQNXF) is shifting its game development strategy to focus on quality over quantity, with plans to release fewer titles across a more diverse range of genres. President Takashi Kiryu acknowledged the company's overreliance on RPG franchises and the need to adapt to changing gamer preferences, such as the success of casual games like Powerwash Simulator. Square Enix aims to enhance internal development and is open to acquisitions to improve game quality. The company is also investing in AI and blockchain technology, with key releases like Foamstars, Visions of Mana, and remakes of Dragon Quest 3 and Dragon Quest 12 slated for 2024.

Portfolio Pulse from Franca Quarneti

January 19, 2024 | 8:31 pm

MSFT

Microsoft Corporation's (NASDAQ:MSFT) $10-billion investment in OpenAI, the parent company of ChatGPT, is potentially facing probes by the U.S. Department of Justice and the Federal Trade Commission over antitrust concerns. The agencies are discussing which one should investigate the partnership, as both have shown interest and do not want to relinquish jurisdiction. The deal was not reported for antitrust review, and the hiring of OpenAI's CEO by Microsoft has raised additional concerns. The FTC is also investigating OpenAI over consumer privacy issues, while the UK's Competition and Markets Authority and the European Commission have expressed antitrust concerns. Microsoft's stock is trading at all-time highs, reflecting the success of its AI investments.

Portfolio Pulse from Chris Katje

January 19, 2024 | 8:24 pm

TEF

Telefonica SA (NYSE:TEF) has acquired broadcasting rights for Spain's premier football league matches for $1.4 billion, starting with the 2024-2025 season. The deal covers five games per match-day across three seasons. Telefonica's strategy includes integrating football into its pay-TV packages to retain premium users. The company recently gained exclusive Spanish broadcasting rights for the UEFA Champions League and plans to stabilize Spanish earnings in H2 2023. Telefonica also announced a workforce reduction of about 5,100 jobs by 2026. TEF shares rose by 0.74% to $4.11.

Portfolio Pulse from Anusuya Lahiri

January 19, 2024 | 8:15 pm

DATS

MARA

NIO

PLUG

UNH

Benzinga's Stock Whisper Index highlights five stocks: UnitedHealth Group (UNH) with mixed analyst reactions post-earnings, Plug Power Inc (PLUG) facing pressure after announcing a $1 billion share offering, Marathon Digital Holdings (MARA) upgraded by BTIG with a new price target, DatChat Inc (DATS) planning a spinoff and suffering from a public offering, and Nio Inc (NIO) affected by Tesla's price cuts and Chinese market developments. The index provides insights into stocks that are gaining interest but are not widely discussed yet.

Portfolio Pulse from Chris Katje

January 19, 2024 | 8:10 pm

BMY

IKNA

Ikena Oncology Inc (NASDAQ:IKNA) is streamlining its organization to focus on its key oncology clinical programs, IK-930 and IK-595, leading to a 35% workforce reduction. With $175 million in cash, the company's financial runway is extended to the second half of 2026. Wedbush maintains an Outperform rating with a price target of $8, while William Blair also maintains an Outperform rating. Bristol-Myers Squibb (NYSE:BMY) has opted out of developing IK-175 and IK-412, with Ikena regaining full rights but not planning further investment in these programs. IKNA shares dropped 11.6% to $1.45.

Portfolio Pulse from Vandana Singh

January 19, 2024 | 7:55 pm

IRBT

KAMN

STT

TCN

U.S. stocks saw gains with the S&P 500 increasing by 1.06%. State Street Corporation (NYSE:STT) reported Q4 earnings that surpassed expectations, with revenues of $3.04 billion and EPS of $2.04, also announcing a $5 billion share repurchase program. Kaman Corporation (NASDAQ:KAMN) surged 101% after an acquisition announcement by Arcline. Tricon Residential Inc. (NYSE:TCN) gained 28% due to an acquisition agreement with Blackstone entities. Conversely, iRobot Corporation (NASDAQ:IRBT) fell 28% amid reports that the EU may block its acquisition by Amazon. Other market movements included a decline in oil prices and an increase in gold prices.

Portfolio Pulse from Avi Kapoor

January 19, 2024 | 7:17 pm

AREN

Sports Illustrated faces mass layoffs following a missed $2.8-million licensing payment by Arena Group Holdings Inc (NYSE:AREN) to Authentic Brands Group. Authentic has terminated the licensing agreement with Arena Group, which could result in the layoff of all Sports Illustrated staff. The Sports Illustrated Union and the NewsGuild of New York have issued a statement urging Authentic to continue publishing the magazine. Arena Group's stock price dropped 18.08% to $1.06.

Portfolio Pulse from Dustin Blitchok

January 19, 2024 | 6:59 pm

JBLU

JetBlue Airways is cutting routes and service to improve profitability following a judge's decision to block its acquisition of Spirit Airlines. The airline is discontinuing flights from New York to Portland, San Jose, Ponce, and Milwaukee, and from Westchester, NY to Martha's Vineyard. JetBlue is also ending its focus city status at Baltimore/Washington International Thurgood Marshall Airport. The changes were planned before the court's decision, aiming to focus on profitable leisure routes and Caribbean and Paris services.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 6:47 pm

IRBT

KAMN

RNAZ

TransCode Therapeutics, Inc. (RNAZ) shares fell by over 24% after pricing a common stock offering at $1.22 per share. Other stocks moved in Friday's mid-day session with notable gainers including Charge Enterprises (CRGE), Kaman Corporation (KAMN), and Mesa Air Group (MESA), among others. Losers included C3is Inc. (CISS), Azitra, Inc. (AZTR), and iRobot Corporation (IRBT). The market also reacted to various company announcements such as acquisitions, earnings reports, and analyst upgrades or downgrades.

Portfolio Pulse from Avi Kapoor

January 19, 2024 | 6:05 pm