Streetbeat News

Acquisitions Mergers

ADTX

Aditxt, Inc. shares have risen following the announcement of their agreement to acquire Evofem Biosciences, indicating a strategic move that could potentially expand Aditxt's product portfolio and market presence.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 5:02 pm

ACHV

ADTX

CCCC

GGE

HCDI

ICVX

ORCL

U.S. stocks saw gains with the Dow Jones rising over 100 points. Oracle Corporation reported mixed Q2 results with earnings beating estimates but revenue falling short. Aditxt, Inc. surged after agreeing to acquire Evofem Biosciences. C4 Therapeutics and Icosavax also saw stock increases due to a collaboration agreement with Merck and an acquisition by AstraZeneca, respectively. Conversely, Achieve Life Sciences, Harbor Custom Development, and Green Giant Inc. experienced significant stock declines.

Portfolio Pulse from Avi Kapoor

December 12, 2023 | 4:58 pm

ITCI

Shares of Intra-Cellular Therapies (ITCI) are trading higher on rumors of potential takeover interest, based on an unconfirmed report from an M&A blog.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 4:58 pm

AZN

ICVX

Icosavax, Inc. (ICVX) shares surged following the announcement of its acquisition by AstraZeneca. Additionally, Icosavax released positive interim Phase 2 clinical trial results for IVX-A12, targeting RSV and hMPV in older adults.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 4:44 pm

BA

Boeing Co (NYSE:BA) is reportedly reducing its strategic planning team by half in key divisions to focus on industrial challenges. The company, which faces supply chain disruptions and a $40 billion debt, is realigning its strategy towards operational efficiency. Stephanie Pope was named COO, indicating a potential succession plan for CEO Dave Calhoun. Concerns remain about Boeing's long-term innovation focus. The extent of job cuts is not disclosed, but redundancy notices are expected soon. BA shares are up 0.77% at $250.

Portfolio Pulse from Akanksha Bakshi

December 12, 2023 | 4:43 pm

M

Macy's Inc (NYSE:M) stock is experiencing volatility, trading lower by 3.7% after Citigroup downgraded it from Neutral to Sell. This follows a surge on Monday due to a reported $5.8 billion buyout offer from an investor group led by Arkhouse Management and Brigade Capital Management. The offer aims to take Macy's private at $21 per share, a 32% premium over the recent closing price. Macy's has struggled against online competition, with its share value significantly reduced from its 2015 peak.

Portfolio Pulse from Henry Khederian

December 12, 2023 | 4:24 pm

CHH

WH

Choice Hotels International Inc (CHH) has initiated an exchange offer to acquire Wyndham Hotels & Resorts, Inc (WH), taking the proposal directly to Wyndham's shareholders after Wyndham's board rejected a previous offer. Choice holds about 1.5 million shares of Wyndham, valued over $110 million, and proposes $49.50 in cash and 0.324 shares of Choice stock per Wyndham share. The offer expires on March 8, 2024. Wyndham, owning less than 1.7% of its stock, advises shareholders to wait for its recommendation.

Portfolio Pulse from Shivani Kumaresan

December 12, 2023 | 4:10 pm

EGLE

SBLK

Eagle Bulk Shipping Inc. (NYSE:EGLE) is trading higher after announcing an all-stock merger with Star Bulk Carriers Corp. (NASDAQ:SBLK). Eagle shareholders will receive 2.6211 shares of Star Bulk for each Eagle share, equating to roughly $52.60 per share. Analysts have adjusted their ratings and price targets for Eagle following the news, with Noble Capital Markets downgrading to Market Perform with a $52 target, and B. Riley Securities downgrading to Neutral with a $52.20 target. Eagle's stock price has risen over 9% to $50.48.

Portfolio Pulse from Erica Kollmann

December 12, 2023 | 4:08 pm

EGLE

Eagle Bulk Shipping (EGLE) and Star Bulk have agreed to an all-stock merger, causing EGLE shares to trade higher.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 4:04 pm

CHH

WH

Choice Hotels CEO Patrick Pacious commented on the Wyndham proposal, expressing belief that the regulatory process will conclude in under a year, which aligns with customary timelines.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 3:25 pm