Streetbeat News

Acquisitions Mergers

BMY

KRTX

LLY

Bristol-Myers Squibb Company (BMY) has agreed to acquire Karuna Therapeutics, Inc. (KRTX) for $330 per share, totaling $14.0 billion. H.C. Wainwright analyst Raghuram Selvaraju downgraded KRTX to Neutral from Buy, raising the price target to $330 from $300. The acquisition is expected to close in the first half of 2024, ahead of the U.S. approval decision for KarXT, Karuna's lead candidate. Eli Lilly And Company (LLY) will receive milestone payments and royalties from KarXT sales due to its involvement in the development of one of the drug's components. KRTX shares are trading slightly lower following the news.

Portfolio Pulse from Nabaparna Bhattacharya

December 26, 2023 | 7:02 pm

ARM

BIRK

CART

CAVA

KVUE

KVYO

NDAQ

NXT

Nasdaq, Inc. (NDAQ) is leading over the New York Stock Exchange in IPO listings for the fifth consecutive year, having raised $13.6 billion from IPOs in 2023 compared to NYSE's $10.4 billion. Notable Nasdaq IPOs include Arm Holdings Plc (ARM), Maplebear Inc. (CART), and Nextracker Inc. (NXT). The NYSE attracted Kenvue Inc. (KVUE), Birkenstock Holding PLC (BIRK), CAVA Group, Inc. (CAVA), and Klaviyo, Inc. (KVYO). Nasdaq's competitive listing fees and appeal to tech and global firms are seen as strengths. NDAQ shares rose 0.60% to $57.39.

Portfolio Pulse from Nabaparna Bhattacharya

December 26, 2023 | 6:55 pm

ARBB

BACK

MIST

RYZB

RayzeBio, Inc. (RYZB) shares surged 100% after announcing its acquisition by Bristol Myers Squibb for $62.50 per share in cash, valuing the deal at $4.1 billion. Other stocks also moved significantly in Tuesday's mid-day session, with ARB IOT Group Limited (ARBB) and IMAC Holdings, Inc. (BACK) among the top gainers, while PARTS iD, Inc. (ID) and Milestone Pharmaceuticals Inc. (MIST) were among the top losers.

Portfolio Pulse from Avi Kapoor

December 26, 2023 | 6:48 pm

AMZN

Jeff Bezos, founder of Amazon.com Inc. (NASDAQ:AMZN), was Time Magazine's Person of the Year in 1999. Since then, Amazon's stock has increased by 3,683%, turning a $1,000 investment into $37,823.11. Amazon expanded from books to various products and launched AWS, now the largest cloud services provider. Amazon is investing in AI with a $4 billion commitment to Anthropic. Analysts at Wedbush predict significant future revenue for AWS and Amazon's advertising.

Portfolio Pulse from Rounak Jain

December 26, 2023 | 6:00 pm

SALM

Salem Media Group has reached an agreement to sell Regnery Publishing to Skyhorse Publishing. The financial terms of the deal have not been disclosed.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 5:57 pm

ADEX

AZN

GRCL

IINN

MIST

ONCT

SSYS

U.S. stocks traded higher with the Dow Jones gaining over 100 points. Energy shares led the gains, while health care shares fell slightly. The S&P CoreLogic Case-Shiller 20-city home price index reported a 4.9% increase year-over-year in October. Gracell Biotechnologies surged 59% after AstraZeneca agreed to acquire it. Inspira Technologies rose 93% on positive blood sensor results. Stratasys gained 11% after a buyout proposal from Nano Dimension. Adit EdTech announced plans to de-list from NYSE American, causing its shares to drop 18%. Milestone Pharmaceuticals fell 34% after an FDA refusal to file letter. Oncternal Therapeutics dropped 12% after updating its Phase 1/2 study status.

Portfolio Pulse from Avi Kapoor

December 26, 2023 | 5:20 pm

BCEL

Atreca, Inc. (BCEL) shares dropped following the announcement of selling antibody-related assets to Immunome for $5.5 million upfront and potential $7 million in milestones.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 5:03 pm

DDC

DDC Enterprise, Ltd. (NYSE:DDC), known as DayDayCook, has agreed to acquire Yai's Thai, Inc., a Thai American food brand, for an undisclosed sum. The acquisition is part of DayDayCook's expansion in the U.S. and will be funded through cash and stock. Yai's Thai is expected to continue its growth with projected revenues of $8 million-$10 million in 2023. Its products are sold in over 4,500 stores, including Costco, Whole Foods Market, Safeway, Sprouts, and Kroger. DDC shares rose 7.64% to $4.79 following the news.

Portfolio Pulse from Akanksha Bakshi

December 26, 2023 | 4:34 pm

MULN

Mullen Automotive, Inc. (NASDAQ:MULN) delivered 63 additional Class 3 electric trucks to Randy Marion Automotive Group for $3.97 million, bringing the total delivered to 121 for $7.62 million. Mullen aims to deliver 150 Mullen THREEs by end of 2023, with Randy Marion committed to purchasing 1,000 vehicles for $63 million, mostly in 2024. Mullen also announced a 1-for-100 reverse stock split to comply with Nasdaq's $1.00 minimum bid price requirement. MULN shares dropped by 2.87% to $9.56.

Portfolio Pulse from Nabaparna Bhattacharya

December 26, 2023 | 4:21 pm

DIS

PARA

WBD

Warner Bros. Discovery's 'Aquaman and the Lost Kingdom' underperformed at the box office with a $40 million four-day haul, below estimates and with a 7% drop from 2022's Christmas weekend. The company faces a potential merger with Paramount Global. Warner Bros. had the highest grossing movie of 2023 with 'Barbie', but other titles like 'The Flash' underperformed. Disney also saw no $1 billion grossing titles in 2023. Warner Bros. Discovery shares are trading at $11.29.

Portfolio Pulse from Chris Katje

December 26, 2023 | 4:12 pm