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Acquisitions Mergers

RNLSY

RNSDF

VWAGY

Volkswagen AG (OTC:VWAGY) is in preliminary talks with Renault SA (OTC:RNSDF, OTC:RNLSY) to develop an affordable electric vehicle (EV) priced around €20,000. The discussions are at an early stage and may not result in a partnership. The goal is to produce 200,000-250,000 vehicles annually. Renault confirms ongoing talks for cooperation in the small-entry EV segment. European automakers are competing with lower-priced Chinese models, with the average EV price in Europe at over €65,000, compared to €31,000 in China. Renault launched a new electric Twingo model, and Volkswagen plans to launch an EV for about €25,000 by 2025. VWAGY shares are up 0.19% at $13.35.

Portfolio Pulse from Shivani Kumaresan

December 08, 2023 | 5:59 pm

CRSP

VRTX

Vertex Pharmaceuticals and CRISPR Therapeutics announced FDA approval of CASGEVY, a CRISPR-based gene-editing therapy for sickle cell disease (SCD) in patients 12+ with severe symptoms. This marks the first U.S. approval of a CRISPR therapy, potentially benefiting 16,000 patients. Vertex will make a $200 million milestone payment to CRISPR and handle global development, manufacturing, and commercialization of CASGEVY, recording 100% of revenues and costs, and sharing net profits or losses with CRISPR. CASGEVY is also under review in Europe and Saudi Arabia, and a PDUFA date for TDT treatment in the U.S. is set for March 30, 2024.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 5:54 pm

ALT

KVUE

MLGO

NIO

SATL

Benzinga's Stock Whisper Index highlights five stocks that are gaining attention: Kenvue Inc (KVUE), MicroAlgo Inc (MLGO), NIO Inc – ADR (NIO), Satellogic Inc (SATL), and Altimmune Inc (ALT). Kenvue beat Q3 sales estimates with EPS in-line, while options activity suggests bearish sentiment. MicroAlgo's stock surged then fell after announcing a postgraduate training practice base. NIO delivered strong Q3 results and plans to spin off its battery division, but faced potential job cuts. Satellogic signed a multi-million dollar deal with Uzma, boosting its stock. Altimmune's Phase 2 obesity trial results were positive, especially as Pfizer halted its weight loss pill development, and M&A activity in the sector is rising.

Portfolio Pulse from Chris Katje

December 08, 2023 | 5:50 pm

CVX

HES

The FTC has requested additional information from Chevron Corp (CVX) and Hess Corp (HES) regarding their merger, extending the HSR waiting period. Chevron also announced a 2024 capex budget of $15.5 to $16.5 billion, with significant investments in U.S. shale, the Permian Basin, and Gulf of Mexico projects. The company aims to maintain capital discipline and grow free cash flow to increase shareholder returns. CVX shares rose by 1.07% to $143.94.

Portfolio Pulse from Lekha Gupta

December 08, 2023 | 5:39 pm

Boeing Company (NYSE: BA) has been invited by China's aviation regulator to expand its presence in the Chinese market. The Civil Aviation Administration of China (CAAC) encouraged Boeing to enhance cooperation during a meeting with Boeing's SVP Mike Fleming. This comes as China considers resuming sales of the 737 Max aircraft, which were suspended after two fatal accidents over four years ago. Boeing's shares rose by 1.55% to $241 following the news.

Portfolio Pulse from Nabaparna Bhattacharya

December 08, 2023 | 5:02 pm

JBLU

SAVE

The trial between JetBlue Airways Corp (JBLU) and Spirit Airlines Inc (SAVE) over their proposed $3.8 billion merger has concluded. U.S. District Judge William Young indicated the acquisition might be approved with conditions, such as JetBlue divesting additional assets. The Justice Department had sued to block the merger, citing antitrust concerns. JetBlue's stock has seen a recent recovery, while Spirit's stock has rallied significantly over the past month.

Portfolio Pulse from Surbhi Jain

December 08, 2023 | 4:48 pm

PARA

Paramount shares are up after reports that David Ellison and RedBird Capital have approached National Amusements, which holds a 77% stake in Paramount, for a potential deal.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 3:34 pm

PARA

Paramount Global (NASDAQ:PARA) is in the spotlight due to speculation about a potential move by Skydance CEO David Ellison and RedBird Capital through National Amusements, which holds 77% of Paramount's Class A shares. The focus of interest appears to be Paramount Pictures and intellectual properties, rather than its TV stations or certain cable networks. Paramount faces challenges in the streaming market and traditional TV, with a 14% drop in TV Media ad revenue in Q3. PARA stock is up 12.79% at $16.95.

Portfolio Pulse from Vandana Singh

December 08, 2023 | 3:19 pm

LYB

LyondellBasell Industries NV (NYSE:LYB) has agreed to sell its Ethylene Oxide & Derivatives (EO&D) business and the Bayport, Texas production facility to INEOS Oxide for $700 million. The deal is expected to close in Q2 2024, subject to regulatory approvals and completion of planned maintenance. CEO Peter Vanacker emphasized the divestiture as part of focusing on core operations. LYB's cash and liquid investments were $2.84 billion as of September 30, 2023. LYB's stock rose 1.57% to $93.63.

Portfolio Pulse from Lekha Gupta

December 08, 2023 | 3:08 pm

BTCUSD

Custodia Bank CEO Caitlin Long anticipates a bull market in 2024, especially with the upcoming Bitcoin halving. She highlights the launch of Custodia's Bitcoin custody service for institutions and warns of fraud in the crypto sector, referencing the legal issues faced by FTX's Sam Bankman-Fried and Binance's Changpeng Zhao. Long advocates for better U.S. crypto regulations and has contributed to Wyoming's pro-blockchain legislation, positioning the state as a blockchain hub.

Portfolio Pulse from Anthony Noto

December 08, 2023 | 2:56 pm