Streetbeat News

Acquisitions Mergers

AIRE

CAMP

CMTL

LIDR

The article highlights four oversold tech stocks with potential for growth in Q4, based on their low Relative Strength Index (RSI) values. Comtech Telecommunications Corp. (CMTL) reported mixed Q1 results with a significant stock price drop and an RSI of 26.21. reAlpha Tech Corp. (AIRE) signed an intent to acquire United Software Group, with a 68% stock price drop and an RSI of 3.25. CalAmp Corp. (CAMP) reported a Q2 revenue miss, a 45% stock price drop, and an RSI of 24.31. AEye, Inc. (LIDR) was informed by Continental of discontinuing their joint lidar development program, leading to a 41% stock price drop in five days and an RSI of 13.38.

Portfolio Pulse from Avi Kapoor

December 20, 2023 | 12:28 pm

HSIC

Henry Schein (HSIC) has agreed to acquire a majority interest in TriMed, a company specializing in orthopedic solutions for lower and upper extremities. The financial terms of the deal were not disclosed. TriMed reported net sales of about $48 million in 2022. The completion of the transaction is subject to regulatory approvals and closing conditions, with an expected close in the first quarter of 2024.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 12:02 pm

CPK

Chesapeake Utilities Corporation's subsidiary, Sharp Energy, has acquired the propane operating assets of J.T. Lee and Son's in Cape Fear, North Carolina. The acquisition adds approximately 3,000 customers and 800,000 gallons of annual propane distribution to Sharp Energy's portfolio, along with a bulk plant with 60,000 gallons of propane storage. The financial terms were not disclosed, but the deal is expected to provide cost savings and synergistic benefits. CPK shares closed higher by 1.99% at $104.42 on Tuesday.

Portfolio Pulse from Shivani Kumaresan

December 20, 2023 | 11:56 am

WOR

WS

Worthington Enterprises Inc (NYSE:WOR) reported Q2 FY24 sales of $1.086 billion, surpassing analyst estimates of $1.035 billion. The company recently spun off its Steel Processing business, Worthington Steel, Inc. (NYSE:WS), into a separate entity. The sales decline of 7.5% was mainly due to lower average selling prices in Steel Processing, partially offset by higher volumes. Gross profit rose 17% to $123.7 million, and the operating loss narrowed. Adjusted EPS of $0.78 beat estimates of $0.71. Worthington declared a quarterly dividend of $0.16 per share. WOR shares closed up 3.47% at $58.51.

Portfolio Pulse from Shivani Kumaresan

December 20, 2023 | 11:46 am

AAPL

BB

The article discusses the historical impact of Apple's decision to acquire NeXT and bring back Steve Jobs in 1996. It highlights the significant growth of Apple's stock price from $0.2098 in 1996 to $195.89 today, representing a nearly 934-fold increase. An initial investment of $1,000 in Apple then would be worth $933,605 today, compared to much lower returns from the Nasdaq and S&P 500 indices. The article also touches on Apple's future prospects, including the Vision Pro headset and AirPods, and mentions analyst predictions of Apple potentially reaching a $4 trillion market cap by the end of 2024.

Portfolio Pulse from Rounak Jain

December 20, 2023 | 11:36 am

UXIN

Uxin has canceled the $11,964,754 warrant investment with Alpha Wealth Global Limited, terminating the agreement for Alpha to purchase 261,810,806 senior convertible preferred shares of the company.

Portfolio Pulse from Charles Gross

December 20, 2023 | 11:10 am

AON

Aon plc, a leading global professional services firm, has announced its intention to acquire NFP, a provider of risk, benefits, wealth, and retirement plan advisory solutions. The acquisition is valued at $13.4 billion and is aimed at strengthening Aon's position in the middle-market segment.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 11:03 am

VRCA

Perceptive Advisors, a 10%+ owner of Verrica Pharmaceuticals, has reported the purchase of 1,233,931 shares at an average price of $5.63 per share, according to a Form 4 filing on Tuesday.

Portfolio Pulse from Charles Gross

December 20, 2023 | 10:20 am

FMS

Intas Pharmaceuticals Ltd. has entered into an exclusive licensing agreement with mAbxience, a Fresenius Kabi majority-owned group, for the commercialization of a biosimilar for Etanercept, a drug used to treat autoimmune diseases. The agreement grants Intas rights to commercialize the biosimilar in over 150 countries. mAbxience will handle development, manufacturing, and supply. The deal is expected to strengthen Intas's global biosimilar portfolio and improve access to autoimmune disease treatments worldwide.

Portfolio Pulse from Charles Gross

December 20, 2023 | 10:02 am

FSR

NKLA

RMO

TSLA

VLTA

A Wall Street Journal analysis predicts that 18 EV and battery startups, including Nikola Corp. (NKLA) and Fisker Inc. (FSR), may run out of cash by the end of 2024. These companies have seen over 80% declines in their stock prices since their market debuts. Lordstown Motors, Proterra, and Electric Last Mile Solutions have filed for bankruptcy, while Romeo Power (RMO) and Volta (VLTA) were sold at lower valuations. Tesla Inc. (TSLA) is increasing pressure on these startups with price reductions.

Portfolio Pulse from Benzinga Neuro

December 20, 2023 | 9:51 am