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Acquisitions Mergers

HON

ISSC

Innovative Solutions and Support Inc (ISSC) reported a 79% year-on-year increase in Q4 sales to $12.99 million, surpassing analyst estimates, largely due to product lines acquired from Honeywell International (HON). Gross profit rose 80% to $8.1 million, while operating expenses increased by 105.5%. EPS was $0.15, beating estimates of $0.09. The company's backlog stood at $13.5 million, with $3.1 million in cash and equivalents. CEO Shahram Askarpour is confident about a 40% revenue increase post full integration of Honeywell's product lines in fiscal 2024. ISSC shares closed up 5.26% at $8.

Portfolio Pulse from Shivani Kumaresan

December 21, 2023 | 11:22 am

IMOS

The Board of Directors of ChipMOS has approved the sale of its equity interests in Unimos Microelectronics for a total of $137.1 million. This strategic move is expected to impact ChipMOS's financials and potentially its stock price.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 11:02 am

C

Citigroup Inc is shutting down its global distressed-debt business as part of CEO Jane Fraser's strategy to exit poorly performing operations. The division, which deals with securities of companies near or in bankruptcy, employs around 40 people. The bank's recent restructuring, including senior management layoffs, has incurred about $1 billion in charges, mostly accounted for in the first three quarters. Citigroup's stock was up 0.54% at $50.34 in premarket trading on Thursday.

Portfolio Pulse from Lekha Gupta

December 21, 2023 | 10:58 am

MSFT

SONY

Sony Group Corp. anticipates a $1.5 billion loss by 2027 due to Microsoft Corp.'s acquisition of Activision Blizzard, viewing it as a threat to its console and subscription businesses. Internal documents from the Insomniac hack reveal Sony's concerns about Microsoft's potential to dominate with Activision's strategic assets. Despite Microsoft's commitment to provide Call of Duty on PlayStation for ten years, Sony fears Microsoft could manipulate release schedules to its advantage.

Portfolio Pulse from Rounak Jain

December 21, 2023 | 10:49 am

META

Meta Platforms, Inc. (NASDAQ:META) experienced a 190% surge in stock price, marking its best year ever. The rally followed a year-long downtrend due to ad spending slowdown and competition. CEO Mark Zuckerberg's 'Year of Efficiency' strategy, including workforce reductions and cost management, led to a rebound. Meta's revenue grew by 12% year-over-year to $94.79 billion, with net income up 35% to $25.08 billion. The company anticipates higher spending in 2024 but remains optimistic due to potential lower interest rates and its AI initiatives. Analysts see an 11% growth potential with a price target of $388.43.

Portfolio Pulse from Shanthi Rexaline

December 21, 2023 | 10:45 am

E

Eni has reached an agreement with Energy Infrastructure Partners (EIP) for an investment in Plenitude. EIP will invest up to €0.7 billion for a 9% stake post-transaction, with an initial capital increase of €0.5 billion. This deal values Plenitude's equity at around €8 billion and the enterprise at over €10 billion.

Portfolio Pulse from Charles Gross

December 21, 2023 | 10:18 am

ACN

Accenture has agreed to acquire Jixie, an Indonesian media and marketing technology company. Jixie's intelligent digital marketing platform will enhance Accenture Song's marketing transformation capabilities, aiming to provide Indonesian businesses with more efficient and effective marketing solutions for sustainable growth. The deal's terms were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 6:24 am

CPG

HHRS

Hammerhead Energy Inc. has received approval from its shareholders and the court for a plan of arrangement with Crescent Point Energy Corp. Under the arrangement, Crescent Point will acquire all issued and outstanding shares of Hammerhead, making it a wholly owned subsidiary. Shareholders will receive $15.50 in cash and 0.5340 of a Crescent Point common share for each Hammerhead share they hold.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 6:03 am

LVS

The NBA Board of Governors has initiated the process for Mark Cuban to sell his majority stake in the Dallas Mavericks. Potential buyers include Miriam Adelson and the Las Vegas Sands Casino family. The Adelson family is selling $2 billion of their Las Vegas Sands Corp stake to finance the purchase of a sports team. Cuban is expected to retain a 25% stake in the Mavericks and continue managing basketball operations.

Portfolio Pulse from Benzinga Neuro

December 21, 2023 | 5:50 am

COIN

GBTC

META

TSLA

Cathie Wood's Ark Invest made significant trades on Wednesday, buying shares of Tesla (TSLA) and Meta Platforms (META), while selling shares of Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC). The purchases were made through various Ark ETFs, including ARKK, ARKW, and ARKF. The trades reflect Wood's confidence in Tesla and Meta as tech innovators and her strategic adjustments to market volatility and potential regulatory changes in the crypto space.

Portfolio Pulse from Benzinga Neuro

December 21, 2023 | 2:49 am