Streetbeat News

Acquisitions Mergers

CLF

NEM

Newmont Corporation and its subsidiary Newcrest Finance have settled exchange offers for three types of notes totaling $1.65 billion, maintaining the same interest rates and due dates. Cleveland-Cliffs Inc. plans to focus on share buybacks after its bid to acquire United States Steel Corporation was rejected. The buybacks are part of Cleveland-Cliffs' capital allocation priorities following the achievement of their net debt target.

Portfolio Pulse from Austin DeNoce

December 29, 2023 | 7:58 pm

BZFD

Buzzfeed is reportedly nearing a deal to sell a majority of its Complex Networks division to NTWRK, a mobile-first video shopping platform. The sale price is expected to be slightly over $100 million. This move comes as Buzzfeed aims to streamline its operations and focus on its core business areas.

Portfolio Pulse from Bill Haddad

December 29, 2023 | 7:54 pm

CLAR

Clarus Corporation's stock is trading higher following the announcement of an agreement to sell its Precision Sport Segment.

Portfolio Pulse from Bill Haddad

December 29, 2023 | 7:31 pm

CLAR

Clarus Corporation has entered into an agreement to sell its Precision Sport segment for $175 million. The deal is part of Clarus's strategic move to focus on its core brands and streamline operations. The Precision Sport segment includes businesses that specialize in precision shooting sports and related accessories. The sale is expected to provide Clarus with additional capital to invest in its remaining brands and potentially improve its financial flexibility and shareholder value.

Portfolio Pulse from Bill Haddad

December 29, 2023 | 7:31 pm

CGA

FBIO

FSR

GMM

MBOT

TTNP

U.S. stocks traded lower with the Dow Jones falling over 50 points. Consumer staples shares slightly rose, while real estate shares fell by 0.7%. The Chicago PMI dropped to 46.9, below estimates. Fisker Inc. (FSR) surged 15% after a business update. China Green Agriculture (CGA) soared 60% following a stock purchase agreement. Titan Pharmaceuticals (TTNP) gained 16% after announcing a reverse stock split. Global Mofy Metaverse (GMM) plunged 51% after a follow-on offering announcement. Microbot Medical (MBOT) fell 20% after exercising preferred investment options. Fortress Biotech (FBIO) dropped 21% due to a direct offering pricing. Oil slightly rose, while gold and silver traded lower.

Portfolio Pulse from Avi Kapoor

December 29, 2023 | 7:21 pm

BLK

COIN

Coinbase Global Inc. (NASDAQ:COIN) has appointed Rick Schonberg as the new head of Coinbase Custody following the departure of Aaron Schnarch. Schonberg brings experience from Goldman Sachs (NYSE:GS), State Street, and Tagomi. Coinbase Custody, regulated by the New York Department of Financial Services and audited by Deloitte & Touche, is a key player in providing custody services for potential spot-bitcoin ETFs, with clients like BlackRock Inc. (NYSE:BLK). The SEC is currently reviewing applications for Bitcoin ETFs, including one from ARK Investment Management LLC and 21Shares.

Portfolio Pulse from Murtuza Merchant

December 29, 2023 | 6:46 pm

GSK

VRNA

GSK plc (NYSE:GSK) is looking to make acquisitions in the respiratory and autoimmune sectors, with a budget of around $2 billion. Verona Pharma Plc (NASDAQ:VRNA), with a market cap of approximately $1.6 billion, is seen as a potential target due to its advanced COPD treatment, ensifentrine. The drug is under FDA review with a target action date of June 26, 2024, and could be the first novel COPD mechanism in over a decade. Analysts from H.C. Wainwright maintain a Buy rating on VRNA with a price target of $32, despite a slight decline in VRNA's share price.

Portfolio Pulse from Vandana Singh

December 29, 2023 | 6:24 pm

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FLGC

HMBL

KAVL

MRMD

UNRV

The cannabis industry saw significant leadership changes in 2023, with new CEOs appointed at various companies, including Humble & Fume Inc., WeedTube, MariMed, Unrivaled Brands, iAnthus Capital Holdings, PharmaCielo Ltd., MedMen Enterprises, Flora Growth Corp., Charlotte's Web, RX Green Technologies, AFC Gamma, Inc., Société québécoise du cannabis, The Blinc Group, and Kaival Brands Innovations Group. These changes are part of the industry's efforts to drive growth, sustainability, and social responsibility. Analysts are optimistic about the sector's potential for growth, with some stocks already showing substantial gains.

Portfolio Pulse from Jelena Martinovic

December 29, 2023 | 6:15 pm

AZN

MRNA

MYNZ

PFE

AstraZeneca PLC acquired Chinese cancer therapy developer Gracell Biotechnologies, focusing on expanding its oncology business. Pfizer Inc's shares fell but are expected to rebound as it enhances its cancer treatments, including the acquisition of Seagen and approval of a blood cancer therapy. Moderna Inc, in partnership with Merck, developed an experimental cancer vaccine showing promising results. Mainz Biomed reported high sensitivity and specificity for its colorectal cancer screening test, ColoAlert. The pharma industry is making significant strides in cancer treatment and prevention.

Portfolio Pulse from Upwallstreet

December 29, 2023 | 5:49 pm

MARA

RIOT

Shares of Bitcoin mining companies Marathon Digital Holdings, Inc. (MARA) and Riot Platforms, Inc. (RIOT) are trading lower despite recent positive developments. Marathon Digital's stock surged over the past month due to the purchase of new mining sites and anticipation of a spot Bitcoin ETF and the Bitcoin halving event. Riot Platforms reported a 21% increase in Bitcoin mined in November. The decline in stock prices may be attributed to profit-taking on the last trading day of 2023.

Portfolio Pulse from Erica Kollmann

December 29, 2023 | 5:23 pm