Streetbeat News

Acquisitions Mergers

BRSH

Bruush Oral Care, Inc. (NASDAQ:BRSH) shares surged after announcing a merger with Arrive Technology. The all-stock reverse triangular merger will transform Bruush into a technology company focusing on a Mailbox-as-a-Service platform for automated last-mile delivery. The combined entity will be named Arrive Technology Inc. and trade under the ticker 'ARRV' on the Nasdaq. BRSH shares soared by 34.9% to 23 cents with trading volume significantly exceeding the 100-day average.

Portfolio Pulse from Erica Kollmann

December 15, 2023 | 4:31 pm

BRSH

Bruush Oral Care Inc. (NASDAQ: BRSH) and Arrive Technology are merging to form Arrive Technology Inc., focusing on AI-driven last-mile delivery solutions. The new entity will list on Nasdaq under 'ARRV' after a reverse triangular all-stock merger. Prior to the merger, BRSH will conduct a reverse stock split and ensure a $10 million net cash reserve. BRSH shares surged 36.06% to $0.2313 following the announcement.

Portfolio Pulse from Akanksha Bakshi

December 15, 2023 | 4:26 pm

ELV

Health Care Service Corp. (HCSC) and Elevance Health Inc. (ELV) are in competition to acquire Cigna Group's (CI) Medicare Advantage business, which may be valued at over $3 billion. Final bids are expected next week. Cigna's Medicare Advantage segment, a smaller part of its overall business with fewer than 600,000 enrollees, is projected to incur losses this year and the next. The sale process is ongoing with no guarantee of a transaction, and other bidders may emerge. Previously, Cigna's merger talks with Humana Inc. failed, leading Cigna to plan a significant increase in stock buybacks.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 4:20 pm

GOOG

MSFT

OpenAI's Superalignment team, led by Microsoft's Ilya Sutskever, is focused on developing methods to control superintelligent AI systems. Amidst leadership changes with Sam Altman, the team presented their research at a conference and announced a $10 million grant program to advance their work. The program has attracted support from industry figures like former Google CEO Eric Schmidt. Microsoft shares saw a 1.22% increase to $370.45 recently.

Portfolio Pulse from Anusuya Lahiri

December 15, 2023 | 4:09 pm

ACIU

JNJ

AC Immune SA (ACIU) is advancing its Alzheimer's targeting immunotherapy, ACI-35.030, into a Phase 2b trial. The trial will evaluate the treatment in patients with preclinical Alzheimer's disease. AC Immune will receive milestone payments totaling CHF 40 million from its development partner, Janssen Pharmaceuticals Inc, a Johnson & Johnson (JNJ) company. Additionally, AC Immune has priced an underwritten offering of 14.3 million shares at $3.50 each, raising $50.1 million. ACIU shares have risen 2.83% to $3.82.

Portfolio Pulse from Vandana Singh

December 15, 2023 | 3:58 pm

Eni is in talks to sell a minority stake in its Novamont unit, a bioplastic maker, which could be valued at around 1 billion euros. Eni, which owns Novamont through Versalis, acquired the remaining 64% of Novamont last October. Potential investors include HitecVision and Blackstone. The sale would enhance Eni's sustainability profile in the chemical sector by growing Novamont, a leader in bioplastics production. Discussions are preliminary, and no final decision has been made on the stake size to be sold.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 3:54 pm

AAL

The Panamanian government has ordered the shutdown of First Quantum Minerals' Cobre Panama copper mine due to a Supreme Court ruling and protests. This closure, which affects a significant portion of Panama's GDP and employment, exacerbates the global copper deficit, with potential impacts on prices and economic growth. The copper market is already facing a projected deficit due to increased demand, particularly from the electric vehicle sector, and production cuts from other major miners like Anglo American.

Portfolio Pulse from Stjepan Kalinic

December 15, 2023 | 3:33 pm

ATNI

BATL

CEG

U.S. stocks were mixed on Friday, with notable gains in several companies. Battalion Oil Corporation surged 81.4% after announcing its acquisition by Fury Resources. ATN International's stock climbed 13.1% following an expansion of its share repurchase program and a dividend increase. Constellation Energy Corporation also saw a 4.3% rise after approving a $1 billion increase to its share repurchase program. Other stocks that moved higher include loanDepot, Compañía de Minas Buenaventura, ZIM Integrated Shipping Services, Context Therapeutics, Bicycle Therapeutics, MINISO Group Holding, Lithium Americas, Alector, Nextdoor Holdings, and JD.com.

Portfolio Pulse from Avi Kapoor

December 15, 2023 | 3:21 pm

AADI

BATL

BRSH

COST

EOSE

GETR

INHD

U.S. stocks were mixed with the Dow Jones down 0.20%, NASDAQ up 0.31%, and S&P 500 down 0.19%. Costco (COST) reported strong Q1 earnings and a special dividend. Getaround (GETR), Battalion Oil (BATL), and Bruush Oral Care (BRSH) saw stock surges due to positive financial results and acquisition news. Conversely, Aadi Bioscience (AADI), Inno Holdings (INHD), and Eos Energy Enterprises (EOSE) experienced significant stock declines following trial results, IPO pricing, and a public offering announcement.

Portfolio Pulse from Avi Kapoor

December 15, 2023 | 2:41 pm

SHEL

Shell PLC (NYSE:SHEL) is reportedly selling its 37.5% stake in the Schwedt refinery, which is crucial for fuel supply in eastern Germany. The sale to Prax Group is part of Shell's strategy to reduce its global refining portfolio and focus on key sites. The deal is expected to close in the first half of 2024, subject to regulatory approvals. Financial details were not disclosed. Shell's shares are trading lower by 0.87% in premarket.

Portfolio Pulse from Nabaparna Bhattacharya

December 15, 2023 | 2:26 pm