Streetbeat News

Acquisitions Mergers

CVLY

Codorus Valley Bancorp (CVLY) shares are up following the announcement of a definitive merger agreement with Orrstown Financial Services.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 7:54 pm

TPX

Wedbush analyst Seth Basham has reiterated an Outperform rating on Tempur Sealy International Inc (TPX) with a price target of $50. Mattress Firm's Q4 FY23 earnings showed a 2.2% year-over-year sales increase to $1.18 billion, suggesting market share gains and margin improvements. The analyst believes the potential merger with Mattress Firm offers significant value and sees a greater than 50% chance of completion. TPX is addressing antitrust concerns to achieve its goal of finalizing the merger by 2H24. TPX shares rose 3.39% to $48.49.

Portfolio Pulse from Shivani Kumaresan

December 13, 2023 | 7:45 pm

APO

FTCH

Shares of Farfetch Limited (NYSE:FTCH) surged after reports of potential emergency funding talks with Apollo Global Management, Inc. (NYSE:APO) and other firms. The exact terms and amount of funding are unclear, but Farfetch may need up to $500 million. The company, which has struggled post-pandemic with a significant Q2 loss, has also attracted investment from Point72 and Steven A. Cohen. Farfetch has refrained from providing forecasts and plans to update the market soon.

Portfolio Pulse from Nabaparna Bhattacharya

December 13, 2023 | 7:18 pm

United States Steel Corporation's stock is trading higher after reports indicated that the company has received several acquisition bids exceeding $40 per share.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 7:05 pm

BLBX

Blackboxstocks' shares are trading lower following the announcement of a definitive agreement to acquire Evtec Aluminium Limited.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 7:05 pm

CVX

EQNR

SHEL

TTE

XOM

Oil majors like Exxon Mobil, Shell, Chevron, TotalEnergies, BP, and Equinor are flush with cash despite the oil bear market. Exxon and Chevron are pursuing all-stock acquisitions, with Exxon buying Pioneer Natural Resources and Chevron acquiring Hess. These companies have healthy covered ratios, indicating their ability to service debt. Share buybacks are in focus, with Exxon and Shell announcing significant programs. Investors are eyeing potential shareholder returns and considering the attractive P/E multiples as a possible buy signal for these stocks.

Portfolio Pulse from Surbhi Jain

December 13, 2023 | 6:59 pm

CCCC

DESP

RSLS

STTK

TTWO

Despegar.com, Corp. (DESP) shares rose by 16.4% after raising its FY23 revenue guidance. Other stocks moved in Wednesday's mid-day session with significant gainers including Shattuck Labs (STTK), ReShape Lifesciences (RSLS), and C4 Therapeutics (CCCC), among others. Losers included Hywin Holdings (HYW), Boqii Holding (BQ), and Processa Pharmaceuticals (PCSA). Notable mentions include ABM Industries (ABM) with positive results and guidance, and Take-Two Interactive Software (TTWO) being added to the Nasdaq-100 Index.

Portfolio Pulse from Avi Kapoor

December 13, 2023 | 6:40 pm

MRNA

Moderna Inc (NASDAQ:MRNA) stock fell by 4.5% to $74.50 amid a broader sell-off in COVID vaccine stocks triggered by Pfizer Inc.'s FY24 guidance, which was below consensus estimates. Pfizer's guidance included projections from the Seagen Inc acquisition. Investors are reassessing expectations for companies like Moderna, leading to a decline in their stock prices. Moderna has a 52-week range between $217.25 and $62.55.

Portfolio Pulse from Henry Khederian

December 13, 2023 | 6:30 pm

APO

FTCH

Farfetch, a British luxury fashion site listed on the NYSE, is in discussions with Apollo Global Management and other parties to secure emergency funding. The company is struggling financially and may need up to $500m. Farfetch's market value has plummeted from $23bn to $221m since its 2018 IPO. Richemont, a backer, has refused to invest more, and Farfetch has delayed its quarterly results announcement. The company is also considering selling subsidiaries and is unlikely to complete its planned acquisition of a stake in Yoox Net-a-Porter.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 5:44 pm

PERI

Perion Network Ltd (NASDAQ:PERI) stock rose on Wednesday after Oppenheimer analyst Jason Helfstein reiterated an Outperform rating and a price target of $45, naming it a top small-cap pick. The positive outlook follows PERI's acquisition of Hivestack, a digital out-of-home (DOOH) platform, for $125 million. The acquisition is expected to provide revenue and EBITDA growth through geographic cross-selling and operational leverage. Helfstein projects Q4 revenue and EPS for Perion at $231.12 million and $0.76, respectively. PERI shares were up 5.88% at $31.49.

Portfolio Pulse from Anusuya Lahiri

December 13, 2023 | 5:34 pm