Streetbeat News

Acquisitions Mergers

MSGE

MSGS

James Dolan, owner of the New York Knicks and New York Rangers and CEO of Madison Square Garden Sports Corp (MSGS) and Madison Square Garden Entertainment Corp (MSGE), faces a lawsuit alleging sexual assault and trafficking. The lawsuit's outcome could potentially impact Dolan's ownership of the teams and the publicly traded stocks MSGS and MSGE. NBA Commissioner Adam Silver is aware of the allegations but has not commented further. The situation recalls the forced sale of the Los Angeles Clippers by former owner Donald Sterling due to misconduct. MSG Sports is open to selling minority stakes in the teams, and private equity interest in NBA teams is growing. MSGS's market cap is $4.5 billion, with the Knicks and Rangers valued significantly higher, suggesting a sale could unlock shareholder value. MSGS shares are currently trading within their 52-week range, with minimal change over the last five years.

Portfolio Pulse from Chris Katje

January 17, 2024 | 11:47 pm

KMI

Kinder Morgan, Inc. (KMI) experienced volatility after reporting Q4 earnings that missed analyst estimates. Adjusted earnings were $0.28 per share, below the expected $0.30, and sales were $4.04 billion, missing the $4.41 billion estimate. Despite the miss, KMI increased its 2024 financial guidance post the STX Midstream acquisition, projecting higher earnings per share, DCF per share, and Adjusted EBITDA, with a lower leverage ratio by year-end 2024. The company's dividend expectation for 2024 remains at $1.15 per share.

Portfolio Pulse from Ryan Gustafson

January 17, 2024 | 10:51 pm

AAPL

DIS

MASI

Bob Chapek, former CEO of The Walt Disney Company, has joined the Board of Directors at Masimo, a medical technology company currently in a patent battle with Apple Inc. Chapek's experience at Disney, particularly in consumer products and technology, is expected to aid Masimo's growth and their 'hospital to home' strategy. Masimo recently won a patent case against Apple, leading to a ban on certain Apple Watch models, which could impact Apple's sales significantly.

Portfolio Pulse from Chris Katje

January 17, 2024 | 10:12 pm

ARKB

ARKW

BITO

GBTC

IBIT

PRNT

Cathie Wood's Ark Invest has purchased 365,427 shares of its own ARK 21 Shares Bitcoin ETF (ARKB), which now represents 1% of the ARK Next Generation Internet ETF (ARKW). This move follows the sale of $16 million in ProShares Bitcoin ETF (BITO) by ARKW. Wood has disclosed that Bitcoin makes up at least 25% of her personal net worth, excluding Ark and real estate. The total volume for spot Bitcoin ETFs in three days was $9.68 billion, with iShares Bitcoin Trust (IBIT) leading in fund inflows and Grayscale Bitcoin Trust (GBTC) experiencing significant outflows. Wood has a history of including her own ETFs within other Ark funds, as seen with the 3D Printing ETF (PRNT) in the Ark Space Exploration and Innovation ETF.

Portfolio Pulse from Khyathi Dalal

January 17, 2024 | 9:38 pm

RAMP

LiveRamp, a data connectivity platform, has announced its intention to acquire Habu, a data clean room software provider, in a deal valued at approximately $200 million, to be paid in a combination of cash and stock.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 9:36 pm

TARO

Taro Pharmaceutical has entered into a definitive merger agreement with Sun Pharma, where Sun Pharma will acquire all outstanding ordinary shares of Taro for $43 per share. This acquisition price represents a 48% premium over the unaffected share price on May 25, 2023.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 9:32 pm

FNKO

Funko has entered into a global deal with Goliath, where Goliath will acquire assets of Funko's board game studio and design team. The deal includes Goliath becoming the exclusive worldwide distributor of Funko's games and puzzles, and involves an initial payment and future royalty payments to Funko. Financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 9:17 pm

BTMD

Biote Corp. (NASDAQ:BTMD) has entered into a definitive agreement to acquire F.H. Investments, Inc., doing business as Asteria Health, for $8.5 million, with an additional $500,000 contingent on production metrics. Asteria Health is a 503B manufacturer of compounded bioidentical hormones and a current supplier to Biote-certified practitioners. The acquisition aims to enable vertical integration, improve Biote's margin profile, and expand product offerings. The deal is expected to close in Q1 2024 and is funded by Biote's cash reserves. Truist Securities is the financial advisor for the transaction.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 9:09 pm

KMI

Kinder Morgan (KMI) has updated its 2024 financial guidance to include the effects of acquiring STX Midstream assets. The company now expects a 15% increase in EPS to $1.22, an 8% increase in DCF per share to $2.26, and an 8% increase in Adjusted EBITDA to $8.16 billion for 2024. Despite these increases, Kinder Morgan's dividend expectation of $1.15 per share for 2024 remains the same, with a projected year-end Net Debt-to-Adjusted EBITDA ratio of 3.9 times.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 9:08 pm

DOOR

Masonite International Corporation's stock is trading higher following the termination of its merger agreement with PGT Innovations.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 8:56 pm