Streetbeat News

Acquisitions Mergers

CDRE

Cadre Holding has entered into a definitive agreement to acquire ICOR Technology, a leading provider of EOD robots to law enforcement agencies and military organizations. The deal is expected to close in Q1 2023, subject to customary closing conditions. The acquisition, which will be funded through available cash and possibly a draw on Cadre's revolving credit facility, aligns with Cadre's strategy to acquire accretive, high-margin businesses with mission-critical products.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 9:16 pm

CSCO

Cisco Systems is acquiring Isovalent, a cloud networking and security startup, for approximately $650 million in cash. This valuation is about 32 times Isovalent's annual recurring revenue (ARR), significantly higher than the average valuation multiple of 8.2 times ARR for enterprise software stocks. The acquisition indicates a boost in startup valuations within the enterprise software sector, influenced by the rebound of enterprise software stocks.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 8:57 pm

ANSS

SNPS

ANSYS shares have risen after reports emerged that Synopsys is in discussions to acquire the company. This news could indicate a significant change in the competitive landscape of the software industry, particularly in the electronic design automation (EDA) sector where both companies operate.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 8:36 pm

SNPS

Synopsys shares are trading lower after reports emerged that the company is in discussions to acquire Ansys.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 8:34 pm

ARKK

COIN

CRSP

META

PATH

RBLX

ROKU

TSLA

Cathie Wood, CEO of ARK Invest, predicts deflation in 2024, leading to aggressive rate cuts by the Federal Reserve. She emphasizes a focus on innovation and technological advancements, particularly in AI and gene editing technologies. ARK's flagship fund, ARK Innovation ETF (ARKK), has seen a 70% year-to-date increase and is diversifying its portfolio. Wood has shown renewed interest in Meta Platforms Inc. (META) and highlighted the potential of CRISPR Therapeutics. Coinbase Global Inc. (COIN) has become ARK's top holding, surpassing Tesla Inc. (TSLA). Other key holdings include UI Path Inc. (PATH), Zoom Video Communication Inc. (ZM), Roku Inc. (ROKU), Block Inc. (SQ), Roblox Corp. (RBLX), and CRISPR Therapeutics AG (CRSP).

Portfolio Pulse from Piero Cingari

December 22, 2023 | 8:32 pm

ANSS

SNPS

Synopsys is reportedly in discussions to acquire Ansys, a company valued at nearly $30 billion. If successful, the deal would create a major player in the design-software industry. The acquisition could be finalized early in 2024, but there is still a possibility that the talks may not lead to a deal or that another buyer may step in.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 8:26 pm

BRKH

Blaize, a provider of AI solutions for edge computing, is set to go public through a merger with BurTech Acquisition Corp. (NASDAQ: BRKH). The transaction values Blaize at $894 million and is expected to provide at least $70 million in proceeds to accelerate Blaize's product roadmap and capitalize on business opportunities. Blaize has a strong customer pipeline and strategic investors like DENSO and Mercedes Benz. The merger is expected to close in Q2 2024, subject to approvals and conditions.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 8:18 pm

ADN

ALVR

BMY

DSKE

KRTX

NCPL

NKE

RMCO

The Dow Jones index closed slightly lower, while the NASDAQ and S&P 500 saw modest gains. Nike reported Q2 earnings that beat expectations but missed on sales, with revenue of $13.39 billion against an expected $13.43 billion. Nike also plans to achieve up to $2 billion in cost savings over the next three years. In other news, Karuna Therapeutics will be acquired by Bristol Myers Squibb, Royalty Management's unit began production, and Daseke will be acquired by TFI International. AlloVir, Advent Technologies, and Netcapital saw their shares fall due to clinical trial updates, a stock offering, and a public offering, respectively.

Portfolio Pulse from Avi Kapoor

December 22, 2023 | 7:47 pm

FWRD

HUBG

Hub Group, Inc. (HUBG) has acquired Forward Air Final Mile, which is expected to be accretive to HUBG's FY24 earnings by $0.20. Benchmark analyst Christopher Kuhn maintains a Buy rating on HUBG and raises the price target from $85 to $98. The acquisition aligns with HUBG's strategy to increase non-asset business and expedite integrations. It also allows Forward Air Corporation (FWRD) to focus on expedited LTL. The deal provides HUBG with new cross-selling opportunities in the appliance and installation sector.

Portfolio Pulse from Nabaparna Bhattacharya

December 22, 2023 | 7:36 pm

GAU

BMO Capital Markets analyst Raj Ray upgraded Galiano Gold Inc. (AMEX:GAU) to Outperform from Market Perform and raised the price target to C$1.50 from C$1.20. The upgrade follows Galiano's consolidation of the Asanko Gold Mine, which simplifies ownership and enhances operational flexibility. The deal is expected to double Galiano's share of reserves, resources, production, and cash flows with minimal equity dilution. Galiano's production is projected to increase and its pro forma cash balance by the end of 2023 is expected to be $128 million with no debt. GAU shares rose 3.78% to $0.8593.

Portfolio Pulse from Nabaparna Bhattacharya

December 22, 2023 | 7:15 pm