Streetbeat News

Acquisitions Mergers

ADN

ALVR

BMY

DSKE

KRTX

NCPL

RMCO

U.S. stocks traded higher with the Dow Jones, NASDAQ, and S&P 500 all seeing gains. Karuna Therapeutics surged 47% after an acquisition announcement by Bristol Myers Squibb. Royalty Management and Daseke also saw significant stock increases due to positive company developments. Conversely, AlloVir, Advent Technologies, and Netcapital experienced substantial drops in share prices following negative updates. Gold prices increased, while oil saw a slight uptick. Consumer sentiment in the U.S. improved slightly in December.

Portfolio Pulse from Avi Kapoor

December 22, 2023 | 5:18 pm

BMY

KRTX

Bristol Myers Squibb & Co (NYSE:BMY) has agreed to acquire Karuna Therapeutics Inc (NASDAQ:KRTX) for $14 billion, or $12.7 billion net of cash acquired. The acquisition at $330.00 per share reflects Bristol Myers' strategy to bolster its neuroscience pipeline and counter upcoming loss of exclusivities. Karuna's lead drug, KarXT, shows promise in schizophrenia and other indications, with potential multibillion-dollar revenue. William Blair maintains a Market Perform rating for Bristol Myers, awaiting further details on the commercial portfolio. BMY shares rose 3.01% to $52.81.

Portfolio Pulse from Vandana Singh

December 22, 2023 | 5:08 pm

POSAF

POSaBIT Systems Corporation, operating in the cannabis fintech sector, has applied for listing on the TSX Venture Exchange. CEO Ryan Hamlin views this as a step to increase investor exposure and improve trading liquidity. The company also plans a non-brokered private placement to raise CA$870,000 to repay convertible promissory notes. Perga Capital Partners LP has committed to purchasing a significant portion of the units offered and agreed to cancel previously issued warrants. POSaBIT's shares (OTC:POSAF) fell 4.7619% to $0.2 after the announcement.

Portfolio Pulse from Jelena Martinovic

December 22, 2023 | 5:06 pm

Bloom Energy Corp (NYSE:BE) has extended its Preferred Distributor Agreement with SK ecoplant until 2027, increasing the commitment to 500 MW of Energy Servers. The deal is expected to generate approximately $1.5 billion in product revenue and $3 billion in service revenue over 20 years. SK ecoplant, which has invested $566 million in Bloom and owns about 10% of its shares, will be a preferred distributor for Bloom's SOFC and SOEC products in key markets.

Portfolio Pulse from Shivani Kumaresan

December 22, 2023 | 5:06 pm

CVX

HES

TALO

Talos Energy Inc (TALO) has been named the apparent high bidder on 13 deepwater blocks in the U.S. Gulf of Mexico, totaling approximately 74,000 gross acres. Additionally, Talos has entered into Lease Exchange Agreements with BP P.L.C. (BP), Chevron Corporation (CVX), and Hess Corporation (HES) to consolidate acreage across 15 blocks in the Green Canyon area. The company expects to participate with a 15-20% interest in these blocks. Talos's strategy is to leverage proximity to existing assets to enhance its infrastructure-led approach and reduce carbon intensity. The company also anticipates first production from Venice and Lime Rock by the end of 2023 and reaffirmed its Q4 average daily production estimate. TALO shares saw a slight increase of 0.60% to $14.35.

Portfolio Pulse from Lekha Gupta

December 22, 2023 | 4:46 pm

FANH

PUYI

Puyi Inc (NASDAQ:PUYI) has signed an agreement to repurchase a 4.46% stake from Fanhua Inc (NASDAQ:FANH). Additionally, Fanhua's subsidiary in China will acquire a 15.41% stake in Fanhua Puyi Fund Sales Co., Ltd. for RMB10.5 million. The transaction is expected to close by December 31, 2023, after which Fanhua will no longer hold any direct equity interest in Puyi. Puyi's cash and cash equivalents as of June 30 were $22.3 million. PUYI shares dropped 0.51% to $3.90 in the last trading session.

Portfolio Pulse from Lekha Gupta

December 22, 2023 | 4:27 pm

PPL

PPL Corporation (NYSE:PPL) has reached a settlement agreement with Talen Energy to pay $115 million, ending litigation related to the 2015 spinoff of PPL Energy Supply, now Talen Montana. The settlement resolves all claims, with PPL avoiding further litigation costs and uncertainty. PPL's CEO Vincent Sorgi emphasized the company's belief in having acted appropriately during the sale of Montana hydro assets and the decision to settle was made considering the risks of ongoing defense and Talen's bankruptcy, which limited PPL's financial recovery options.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 4:16 pm

PRTC

PureTech Health's stock price has risen following the announcement that its Founded Entity, Karuna Therapeutics, will be acquired by Bristol Myers Squibb. This acquisition is significant as it may affect the valuation and future prospects of PureTech Health.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 3:48 pm

DSKE

Daseke Inc. shares have risen following the announcement that the company will be acquired by TFI International. This acquisition is expected to have a significant impact on Daseke's stock price in the short term.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 3:39 pm

EQNR

Equinor ASA (NYSE:EQNR) has transferred its assets in Azerbaijan to SOCAR, including interests in the Azeri Chirag Gunashli oil fields, the Baku-Tbilisi-Ceyhan pipeline, and the Karabagh field. This strategic move aligns with Equinor's plan to reshape its international oil and gas business and focus its portfolio. The companies also signed an MoU for low carbon solutions. EQNR shares rose by 1.03% to $31.92 following the news.

Portfolio Pulse from Akanksha Bakshi

December 22, 2023 | 3:34 pm