Streetbeat News

Acquisitions Mergers

DLR

Digital Realty and Blackstone have formed a $7 billion joint venture to develop hyperscale data centers. Blackstone will acquire an 80% ownership interest in the joint venture with approximately $700 million of initial capital contributions, while Digital Realty retains a 20% interest.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 9:39 pm

CPB

Piper Sandler analyst Michael Lavery has maintained a Neutral rating on Campbell Soup Company (CPB) but increased the price target from $44 to $47. The upgrade is based on CPB's evolution in direct store delivery (DSD) for its Snacks division, which includes consolidating mixing centers and depots, updating technology for inventory monitoring and ordering, and improving automation. The Goldfish brand's strong position among teens and new product innovations are expected to help expand its market share. The anticipated FTC approval and closure of the SOVO acquisition by the end of FY24 also contribute to the positive outlook. CPB's shares rose by 1.23% to $43.77.

Portfolio Pulse from Shivani Kumaresan

December 07, 2023 | 8:20 pm

ABBV

CERE

IMGN

AbbVie Inc (NYSE:ABBV) is set to acquire Cerevel Therapeutics Holdings Inc (NASDAQ:CERE) for $8.7 billion and ImmunoGen Inc (NASDAQ:IMGN) for $10.1 billion. The Cerevel acquisition, expected to close in mid-2024, will enhance AbbVie's neuroscience portfolio, including treatments for schizophrenia and Parkinson's disease. However, the deals may attract FTC scrutiny due to potential market dominance, particularly as AbbVie already has approved products in these areas. ABBV shares rose 1.06% following the news.

Portfolio Pulse from Vandana Singh

December 07, 2023 | 8:19 pm

LTBR

Lightbridge Corporation's stock (LTBR) is trading higher following the announcement of a contract with Centrus Energy to conduct a Front-End Engineering Design (FEED) study for a new Lightbridge Pilot Fuel Fabrication Facility.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 8:15 pm

DHR

Goldman Sachs downgraded Danaher Corp (NYSE:DHR) from Buy to Neutral, citing a shift towards the pharmaceutical market and less attractive valuation compared to other opportunities in the Tools space. Despite Danaher's strong performance year-to-date, driven by recovery in diagnostics and focus on high-growth markets, Goldman Sachs sees increased vulnerability to market fluctuations due to the company's recent spinoff of its industrial segment and acquisition of Abcam.

Portfolio Pulse from Vandana Singh

December 07, 2023 | 8:13 pm

BNED

CIEN

CYN

PHIO

SVFD

TRKA

ZVSA

U.S. stocks saw gains with the Dow Jones rising by 100 points. Ciena Corp (CIEN) reported Q4 earnings that exceeded expectations with a 16% revenue increase to $1.129 billion and an adjusted EPS of $0.75. Save Foods (SVFD) shares surged 93% targeting the US carbon credit market. Cyngn (CYN) rose 88% on a new patent announcement. Barnes & Noble Education (BNED) gained 26% after positive earnings. Conversely, Troika Media Group (TRKA) plummeted 64% due to a Chapter 11 filing, ZyVersa Therapeutics (ZVSA) fell 35% after pricing a public offering, and Phio Pharmaceuticals (PHIO) dropped 41% following a warrant exercise.

Portfolio Pulse from Avi Kapoor

December 07, 2023 | 7:26 pm

DISH

SATS

DISH Network Corp (NASDAQ:DISH) shares rose 8.6% after the FCC approved the transfer of control to EchoStar Corp (NASDAQ:SATS). The approval allows the recombination of DISH and EchoStar, which were once part of the same entity. The merger received support from independent directors and majority shareholders, with Charles W. Ergen retaining significant control. The FCC deemed the transfer to be in the public interest, effective immediately. DISH's 52-week trading range is $3.21 to $16.45.

Portfolio Pulse from Henry Khederian

December 07, 2023 | 7:23 pm

MSFT

The FTC is continuing its legal battle against Microsoft's acquisition of Activision Blizzard, despite the deal's approval in the UK and finalization in October 2023. The FTC believes the judge set too high a standard for proving anticompetitive effects, while Microsoft's lawyer argues the FTC's case lacks evidence of any motive to limit game availability on other platforms.

Portfolio Pulse from Franca Quarneti

December 07, 2023 | 7:20 pm

ARKF

ARKK

ARKW

PLTR

Stephen Cohen, co-founder and president of Palantir Technologies Inc (NYSE:PLTR), sold a significant amount of his shares, causing a 3% drop in pre-market trading. He sold 500,000 shares on 12/01/23 and 156,100 shares on 12/04/23 for around $19-$20 each, totaling nearly $13 million. In contrast, Cathie Wood's Ark Investment Management purchased 1,578,738 Palantir shares for $27.04 million across three of its ETFs: ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). Despite a recent decline in Palantir's stock value, Ark's investment aligns with its focus on disruptive technologies. Palantir stock closed 6.4% lower at $17.13 on Wednesday and was up 0.05% by noon on Thursday.

Portfolio Pulse from Surbhi Jain

December 07, 2023 | 7:20 pm

CHEK

Institutional Shareholder Services (ISS) has recommended that shareholders of Check-Cap Ltd. (CHEK) vote in favor of the proposed business combination with Keystone Dental. This endorsement could influence shareholder approval for the merger, which is a significant step in the process of combining the two companies.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 6:59 pm