Streetbeat News

Acquisitions Mergers

CLRO

ClearOne has entered into a non-exclusive cross-license agreement with Sennheiser Electronic GmbH, according to a recent filing. Sennheiser will pay ClearOne a one-time fee of $4 million by March 20, 2024, for the intellectual property licenses granted under the agreement.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 10:21 pm

DISH

SATS

EchoStar will replace DISH Network in the S&P SmallCap 600 before trading opens on January 2, coinciding with EchoStar's acquisition of DISH Network, subject to final conditions being met.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 10:18 pm

NFE

New Fortress Energy has signed a definitive agreement to acquire a 1.6 GW capacity reserve contract from Ceiba Energy. The transaction is expected to close in March 2024, with project cash flows anticipated to start by July 2026. The Power Purchase Agreement (PPA) will contribute over $280 million in annual fixed capacity payments under a 15-year contract.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 10:06 pm

ACNT

NPSCY

Former Louisiana AG Charles C. Foti, Jr. is investigating the sale of United States Steel Corporation (NYSE:X) to Nippon Steel Corporation (OTC:NPSCY) for $55 per share, questioning if the deal undervalues U.S. Steel. Meanwhile, Ascent Industries Company (NASDAQ:ACNT) has sold its Specialty Pipe & Tube business for $55 million in cash, aiming to reduce debt and focus on growth opportunities.

Portfolio Pulse from Austin DeNoce

December 27, 2023 | 9:14 pm

RPHM

Reneo Pharmaceuticals, Inc. (RPHM) shares rose by 13.6% to $1.59 after receiving an acquisition proposal from Concentra for $1.80 per share. Other stocks also showed significant movement in Wednesday's mid-day session, with notable gainers including First Wave BioPharma, Inc. (FWBI), Cingulate Inc. (CING), and Cytokinetics, Incorporated (CYTK), among others. Losers for the day included Hallmark Financial Services, Inc. (HALL), Baosheng Media Group Holdings Limited (BAOS), and Iovance Biotherapeutics, Inc. (IOVA).

Portfolio Pulse from Avi Kapoor

December 27, 2023 | 7:11 pm

LVS

Mark Cuban is selling a majority stake in the Dallas Mavericks to Miriam Adelson, widow of Sheldon Adelson. The NBA has approved the sale, valuing the Mavericks at $3.5 billion. Patrick Dumont of Las Vegas Sands Corp (NYSE:LVS) will serve as the Mavericks' governor. The sale could facilitate a casino and arena complex in Dallas, with LVS having a vested interest. LVS shares dipped 1.3% on the news.

Portfolio Pulse from Chris Katje

December 27, 2023 | 7:01 pm

AZN

BMY

FUSN

LLY

Fusion Pharmaceuticals Inc (FUSN) is highlighted as a key player in the targeted radiopharmaceutical therapy (TRT) space by Oppenheimer, especially after recent acquisitions by Bristol Myers Squibb & Co (BMY) and Eli Lilly And Co (LLY). Fusion's partnership with AstraZeneca Plc (AZN) on advancing targeted radiotherapies and a profit-sharing agreement could position AstraZeneca for future acquisitions. Raymond James upgraded Fusion's stock from Outperform to Strong Buy with a price target of $15.

Portfolio Pulse from Vandana Singh

December 27, 2023 | 5:42 pm

SONY

Sony Group Corp. (NYSE:SONY) is rumored to be forming a new in-house studio with former Deviation Games employees. The speculation began after job description updates from ex-Deviation Games staff were noticed. The potential new studio could leverage the talent of industry veterans like Jason Blundell, who has a notable history with the Call of Duty series. Deviation Games recently laid off about 90 employees, and Sony is also planning layoffs at Insomniac Games after a cyberattack. The formation of the new studio is still unconfirmed but is seen as promising due to the available talent.

Portfolio Pulse from Franca Quarneti

December 27, 2023 | 5:30 pm

AAPL

CRWD

META

MSFT

NVDA

Gene Munster of Deepwater Asset Management predicts a significant bull market in tech stocks driven by AI, similar to the 1990s dot-com era. He sees Nvidia, Microsoft, and Meta as key beneficiaries, with smaller players like CrowdStrike and Nubank also having potential due to their innovative AI approaches. Munster is bullish on Meta's AI-driven growth and anticipates Apple to make strides in AI. However, he cautions against the potential for a 'bubble-like' environment in AI and emphasizes the need for nimble strategies.

Portfolio Pulse from Piero Cingari

December 27, 2023 | 5:29 pm

SAM

Despite no federal legalization of marijuana or approval of the SAFE Banking Act, optimism persists in the cannabis industry. Experts predict 2024 could bring significant changes, including potential rescheduling of cannabis and advancements in minor cannabinoids and marijuana beverages. Industry leaders emphasize the importance of scalable solutions and cost management. Political dynamics may influence progress, with predictions of reclassification efforts and increased M&A activities. The cannabis sector is also expected to impact alcohol sales, with a projected increase in cannabis users and a decrease in alcohol consumers.

Portfolio Pulse from Nina Zdinjak

December 27, 2023 | 5:17 pm