Streetbeat News

Acquisitions Mergers

Sea's stock is trading lower due to reports that TikTok is acquiring a controlling stake in GoTo Gojek Tokopedia's e-commerce subsidiary, potentially increasing competition for Sea.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 6:50 pm

NEM

Newmont (NYSE:NEM) has seen significant options activity indicating a bullish sentiment among investors, with 62% of trades being bullish and 37% bearish. The options trades suggest a target price range of $37.5 to $42.5 for Newmont over the last 3 months. Notable trades include both calls and puts with varying sentiments and expiration dates. Newmont, the world's largest gold miner, recently acquired Newcrest and is expected to produce 7.3 million ounces of gold in 2023. The stock price is currently down at $38.67 with potential overbought signals. An analyst from Macquarie has set a price target of $45 with an Outperform rating.

Portfolio Pulse from Benzinga Insights

December 11, 2023 | 6:46 pm

LGVC

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LAMF Global Ventures Corp. I has announced a second extension of the deadline to complete an initial business combination, moving it from December 16, 2023, to January 16, 2024. This extension is one of up to six one-month extensions allowed under the company's amended and restated memorandum and articles of association.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 6:21 pm

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bluebird bio, Inc. (NASDAQ:BLUE) shares increased by 6.6% after presenting positive gene therapy data at the ASH Annual Meeting. Other stocks experienced significant movement in Monday's mid-day session, with notable gainers including Pasithea Therapeutics Corp. (NASDAQ:KTTA), NextPlay Technologies, Inc. (NASDAQ:NXTP), and MorphoSys AG (NASDAQ:MOR). The Cigna Group (NYSE:CI) shares rose after withdrawing from a merger with Humana Inc. (NYSE:HUM), and Macy's, Inc. (NYSE:M) increased on news of a buyout bid. Conversely, Near Intelligence, Inc. (NASDAQ:NIR) and Troika Media Group, Inc. (NASDAQ:TRKA) fell sharply due to bankruptcy filings, while Altamira Therapeutics Ltd. (NASDAQ:CYTO) dropped after announcing a reverse stock split. Cryptocurrency-related stocks like Marathon Digital Holdings, Inc. (NASDAQ:MARA) and Riot Platforms, Inc. (NASDAQ:RIOT) declined alongside a drop in Bitcoin's price.

Portfolio Pulse from Avi Kapoor

December 11, 2023 | 6:13 pm

SHEL

Shell plc has agreed to sell a 60% stake in Brazos Wind Holdings and a 50% stake in Madison Fields to InfraRed Capital Partners. Shell will retain power offtake from Brazos and manage both assets, which will benefit from IRA tax credits. The sale is expected to complete by early 2024.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 6:06 pm

AAP

Activist investors are pressuring Advance Auto Parts to proceed with the sale of its Worldpac unit. The move is aimed at unlocking value and improving the company's financial performance. The article suggests that the sale could attract significant interest from potential buyers.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 6:05 pm

ATUS

Altice USA, Inc (NYSE:ATUS) is in discussions to sell Cheddar News to private equity firm Regent LP with an earn-out deal structure, potentially yielding future proceeds of up to $50 million. Altice USA, which acquired Cheddar for $200 million in 2019, has seen its stock price drop nearly 60% this year, amid declining profits and revenues from high-speed broadband losses. The company reported a Q3 revenue decline but beat consensus estimates.

Portfolio Pulse from Anusuya Lahiri

December 11, 2023 | 5:54 pm

LLAP

Terran Orbital's stock price has declined following the company's announcement of a formal review of strategic alternatives to enhance shareholder value. Options may include an investment, sale, a 'take private' transaction, or an alternative strategic relationship.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 5:17 pm

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Javier Milei was inaugurated as Argentina's president, promising radical economic changes amid a hyperinflationary crisis. Milei plans to cut government spending to combat inflation projected to potentially reach 15,000%. U.S. officials attended the inauguration, indicating potential for improved U.S.-Argentina relations. Since Milei's election, Argentine stocks have surged, with the Global X MSCI Argentina ETF (ARGT) up 20%, and companies like EDN, YPF, TEO, and MELI showing significant gains.

Portfolio Pulse from Piero Cingari

December 11, 2023 | 5:12 pm

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U.S. stocks traded mixed with the Dow Jones gaining over 100 points, while the NASDAQ fell and the S&P 500 slightly rose. Industrials shares led gains, while communication services lagged. An investor consortium offered $5.8 billion to acquire Macy's Inc. amid competition from digital retailers. Pasithea Therapeutics, MorphoSys AG, and The Cigna Group saw shares rise on positive developments. Cogent Biosciences shares plunged after Phase 2 trial data, Green Giant announced a public offering, and Near Intelligence filed for Chapter 11. Oil and gold traded down, while European and Asian markets showed mixed results.

Portfolio Pulse from Avi Kapoor

December 11, 2023 | 5:11 pm