Streetbeat News

Acquisitions Mergers

BNRG

Brenmiller Energy Ltd. (NASDAQ: BNRG) has signed a non-binding MOU with SolWinHy Cádiz S.L to develop hydrogen and e-methanol projects in Spain. The bGen thermal energy storage system by Brenmiller will be integrated into the SolWinHy Project, which aims to produce 29,000 tons of green e-methanol annually using renewable energy sources. The project, which has completed feasibility studies and proof-of-concept, will operate off-grid, producing 220 MW of electricity from wind and solar power. A final investment decision is expected by Q3 2024.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 1:22 pm

HUM

IYH

PFE

SGEN

SHAK

On CNBC's 'Halftime Report Final Trades,' Shake Shack CEO Randy Garutti announced his retirement in 2024, with the company expecting Q4 revenue in line with consensus. Humana was highlighted for its earnings multiple, while Cigna ended acquisition talks with Humana over price disagreements. Pfizer was noted for its high dividend yield and its donation of Bavencio royalties to address FTC concerns regarding its acquisition of Seagen, which is expected to close on Dec. 14. The iShares U.S. Healthcare ETF was also picked, with all mentioned stocks and ETFs experiencing gains in the last session.

Portfolio Pulse from Avi Kapoor

December 13, 2023 | 1:22 pm

SPRC

SciSparc Ltd. (NASDAQ:SPRC) announced that its joint venture MitoCareX Bio met its second milestone in drug discovery for cancer treatment. This achievement triggers an additional $600,000 investment by SciSparc into MitoCareX Bio, after which SciSparc will hold 50.1% of the share capital.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 1:20 pm

AAPL

FXCOF

Foxconn Technology Co., Ltd. (OTC:FXCOF) has received approval to invest an additional $1 billion in its India-based manufacturing plant for Apple Inc. (NASDAQ:AAPL) devices. This raises Foxconn's total investment in the Bengaluru site to approximately $2.7 billion. The move is part of a strategic shift away from China, reflecting economic challenges and U.S.-China tensions. The investment will expand production capacity, potentially including iPhones, and may also support manufacturing of electric vehicle parts for other clients. AAPL shares rose 0.47% in premarket trading.

Portfolio Pulse from Nabaparna Bhattacharya

December 13, 2023 | 1:16 pm

CSTE

Caesarstone Ltd. (NASDAQ:CSTE) is closing its Richmond Hill manufacturing facility as part of a strategic plan to optimize production, expecting to save $20M annually. The company will incur $45M-$55M in restructuring expenses and impairment charges in Q4 2023, with cash costs of $3M-$5M through 2024. Additionally, Caesarstone faces challenges in Australia, where a ban on engineered stone containing crystalline silica will affect its sales, as Australia represented 18% of its revenue for the first nine months of 2023.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 1:13 pm

AAIC

EFC

Arlington Asset Investment announced its intention to voluntarily delist from the NYSE in connection with its anticipated merger with Ellington Financial. The company plans to file a Form 25 with the SEC on December 26, 2023, with the expected last trading day of the Senior Notes on the NYSE being January 5, 2024. No arrangements have been made for the Senior Notes to be listed or registered on another exchange or quoted on another medium.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 1:09 pm

CMG

Chipotle Mexican Grill (NYSE:CMG) has announced investments in Greenfield Robotics and Nitricity through its $50M Cultivate Next venture fund. Greenfield Robotics focuses on regenerative farming using AI and robotics, while Nitricity creates climate-smart fertilizer with reduced greenhouse gas emissions. These investments align with Chipotle's mission to promote sustainable food practices and may benefit its supply chain by potentially reducing costs and environmental impact.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 1:05 pm

LHX

L3Harris Technologies Inc (NYSE:LHX) has announced the cessation of its M&A activities to focus on strengthening its balance sheet and increasing shareholder returns. The company forecasts $23 billion in revenue through 2026, with 16% segment operating margins and $2.8 billion in free cash flow. Investments will be directed towards R&D and capital expenditures, while also reducing debt to achieve a leverage ratio of 3.0x. CEO Christopher E. Kubasik emphasized operational improvements for productivity and margin expansion.

Portfolio Pulse from Shivani Kumaresan

December 13, 2023 | 12:52 pm

PFE

SGEN

Pfizer Inc (NYSE:PFE) provided its FY24 guidance, including the financial impact from the Seagen Inc (NASDAQ:SGEN) acquisition. The guidance of $58.5-$61.5 billion in revenue is below the consensus of $63.17 billion. Pfizer expects $8 billion in COVID-19 product revenues and $3.1 billion from Seagen. Adjusted diluted EPS is forecasted at $2.05-$2.25, under the consensus of $3.17. Pfizer also announced a cost savings program and released Phase 2b trial results for its weight loss drug, which had high dropout rates due to side effects. PFE shares dropped 6.86% in premarket trading.

Portfolio Pulse from Vandana Singh

December 13, 2023 | 12:50 pm

JNJ

PTGX

Protagonist Therapeutics received a $10M milestone payment from Johnson & Johnson after the third patient was dosed in the Phase 2b ANTHEM-UC trial of JNJ-2113 for moderate to severe active ulcerative colitis.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 12:42 pm