Streetbeat News

Acquisitions Mergers

AAPL

GOOG

GOOGL

SPOT

A federal jury ruled in favor of Epic Games in an antitrust lawsuit against Alphabet Inc.'s Google, finding that Google illegally monopolized Android app distribution and its Play billing system. Epic Games CEO Tim Sweeney confirmed his suspicions about Google's practices were true, citing 'Project Hug' as an example of Google's efforts to maintain control. Sweeney also criticized Google for giving preferential treatment to Spotify, allowing it to keep all revenue from payments processed. The verdict may lead to increased antitrust scrutiny of other tech giants, including Apple.

Portfolio Pulse from Ananya Gairola

December 13, 2023 | 2:12 am

ADBE

ADTX

CAVA

OXY

TSLA

On Tuesday, U.S. stocks were up, with the Dow Jones, NASDAQ, and S&P 500 all showing gains. Aditxt, Inc. saw a significant rise after acquiring Evofem Biosciences. Occidental Petroleum's stock dipped slightly despite a Buy rating from Truist Securities. Cava Group's stock surged post-IPO lockup expiration. Adobe Inc. is anticipated to report strong Q4 earnings. Tesla's stock fell slightly but is expected to increase production next year.

Portfolio Pulse from Benzinga Neuro

December 13, 2023 | 2:01 am

XPO

YELL

XPO Logistics has received approval to acquire 28 service centers as part of Yellow Corporation's Chapter 11 bankruptcy proceedings. The deal involves the purchase of 26 service centers and the assumption of leases for two additional locations, with the transaction expected to close by the end of 2023.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 10:38 pm

SLGC

Madryn Asset Management, holding about 4.2% of SomaLogic's common stock, has issued a letter opposing SomaLogic's proposed merger with Standard BioTools. The opposition from a significant shareholder could influence other investors and potentially affect the merger's progress and SomaLogic's stock price.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 10:36 pm

GWW

W.W. Grainger, Inc. has sold its subsidiary E&R Industrial Sales to Paradigm Equity Partners. The details of the transaction were not disclosed. E&R Industrial has been a subsidiary of Grainger since 2013.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 10:01 pm

CVSI

CV Sciences, Inc. (OTCQB:CVSI) has completed the acquisition of Cultured Foods, a European manufacturer and distributor of vegan foods, for up to $535,000. The deal includes a cash payment, shares of CVSI stock, and a potential earn-out. This acquisition allows CV Sciences to expand its +PlusCBD products in Europe and introduce Cultured Foods' products in the US. The acquisition is expected to be accretive in its first year and contribute to scaling economics. CVSI shares dropped 6.2657% to $0.0374 per share after the announcement.

Portfolio Pulse from Jelena Martinovic

December 12, 2023 | 9:52 pm

AAIC

EFC

Arlington Asset Investment Corp. (AAIC) shareholders have overwhelmingly approved a merger with Ellington Financial Inc. (EFC). The merger agreement details the exchange of Arlington common stock for Ellington Financial common stock and cash, as well as the conversion of Arlington preferred stock into Ellington Financial preferred stock. The merger is expected to close on December 14, 2023, pending the satisfaction of remaining conditions.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 9:31 pm

BABA

XPEV

Alibaba Group Holding Limited has amended its 13D filing to report a 12.5% stake in XPeng Inc. as of December 6, 2023, according to a recent SEC filing.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 9:23 pm

KIM

RPT

RPT Realty shareholders have overwhelmingly approved the mergers with Kimco Realty Corporation, with 99.8% of votes in favor. The mergers are set to close on January 2, 2024, subject to customary closing conditions. RPT common shareholders will receive 0.6049 Kimco shares for each RPT share, and RPT Preferred Shareholders will receive Kimco Class N Preferred Stock on a 1:1000 basis. Post-merger, the combined company will trade under the ticker 'KIM' on the NYSE, and RPT's shares will be delisted.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 9:20 pm

AMD

AVGO

Broadcom Inc. (NASDAQ:AVGO) shares increased following a November pullback, resuming their upward trend in December after announcing the completion of VMware Inc. acquisition and releasing mixed Q4 financial results with an earnings win, revenue miss, but a positive full-year outlook and dividend increase. The stock received an additional boost from a Citigroup analyst's Buy rating and $1100 price target. A partnership with Caltech for quantum science research and general chip sector momentum, partly due to Advanced Micro Devices, Inc. (NASDAQ:AMD) announcements, also contributed to the positive sentiment.

Portfolio Pulse from Ryan Gustafson

December 12, 2023 | 9:20 pm