Streetbeat News

Acquisitions Mergers

DIS

WBD

Warner Bros. Discovery (WBD) sees gaming as a growth opportunity, highlighted in a recent investor call. Gaming's cultural impact is evident with successful movies like 'The Super Mario Bros. Movie' and 'Friday Night at Freddy's'. Disney (DIS) is rumored to be interested in acquiring Electronic Arts (EA), while Netflix is expanding its gaming offerings, including mobile versions of Grand Theft Auto games.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 5:15 pm

CVX

HES

PXD

SHEL

TTE

XOM

Oil and gas M&A activity is expected to continue into 2024, with Exxon Mobil (XOM) and Chevron (CVX) having made significant acquisitions in 2023. Exxon acquired Pioneer Natural Resources (PXD) for $60 billion, and Chevron bought Hess (HES) for $53 billion. These deals reflect a belief in the long-term demand for fossil fuels. European majors like BP (BP) and TotalEnergies (TTE) have focused on green energy but may increase activity in fossil fuels. BP is considering spinning off its BPX segment, and Shell (SHEL) is expected to focus on Canadian gas to support its LNG business. U.S. upstream M&A has totaled $181 billion, surpassing the five-year average.

Portfolio Pulse from Neil Dennis

December 06, 2023 | 4:53 pm

HSYDF

Toyota Motor Corporation (NYSE:TM) is selling its entire stake in Harmonic Drive Systems, Inc. (OTC:HSYDF), consisting of 4.38 million shares valued at approximately $123 million. This decision is part of Toyota's strategy to streamline its holdings and focus on electrification efforts. Harmonic Drive Systems plans to buy back up to 700,000 shares to mitigate the impact on shareholders. TM's stock price rose by 1.87% to $191.50 following the news.

Portfolio Pulse from Akanksha Bakshi

December 06, 2023 | 4:42 pm

ALT

JNJ

LLY

NVO

PFE

RHHBY

Johnson & Johnson's CEO Joaquin Duato stated that the company is not planning to enter the weight-loss drug market due to existing competition, focusing instead on expanding in neurology and oncology. Eli Lilly, Novo Nordisk, and Roche Holdings are already significant players in the obesity treatment market. Roche recently acquired Carmot Therapeutics for $2.7 billion. Altimmune's stock rose after Phase 2 obesity trial results, while Pfizer's fell due to high discontinuation rates in a trial. JNJ shares dropped 1.11% recently.

Portfolio Pulse from Vandana Singh

December 06, 2023 | 4:23 pm

SSNT

SilverSun Technologies Inc (NASDAQ:SSNT) shares dropped 13.8% to $8.49 after a recent surge due to a $1 billion investment from Jacobs Private Equity II. Jacobs will become CEO and major shareholder, planning to split the business and pursue acquisitions in a new industry, alongside a rebranding effort. The company's 52-week range is $2.67 to $7.14.

Portfolio Pulse from Henry Khederian

December 06, 2023 | 4:22 pm

BZAMF

Canadian cannabis producer BZAM Ltd. has agreed to acquire Final Bell Canada Inc. from Final Bell Holdings International Ltd. The deal involves BZAM issuing 90 million common shares at $0.15 each to FBHI, representing about one-third of BZAM's shares post-transaction. The acquisition will make BZAM the Canadian home for brands like Cookies, Sherbinskis, and Wyld. The transaction is expected to close around Dec. 18. BZAM will also enter a supply agreement with FBHI's subsidiary, 14th Round Inc. Key personnel from FBC will join BZAM's leadership team, and FBHI will appoint a new board member to BZAM. BZAM's shares rose 1.8000% to $0.1018 after the announcement.

Portfolio Pulse from Jelena Martinovic

December 06, 2023 | 4:00 pm

NIO

NIO shares are up after reports of plans to spin off its battery unit and following the release of its Q3 financial results and guidance.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 3:41 pm

APO

XLV

U.S. Senators Chuck Grassley and Sheldon Whitehouse have initiated a bipartisan investigation into the role of private equity in the U.S. health care sector. They are examining the impact of private equity on patient care and hospital operations, focusing on Apollo Global Management's ownership of Ottumwa Regional Health Center and Leonard Green & Partners' former ownership of Prospect Medical Holdings. The inquiry is concerned with the financial strategies that prioritize profits over patient care, leading to increased costs, debt burdens, and potentially compromised health care quality.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 3:40 pm

BTDR

CAN

NVDA

Bitdeer and Canaan are diversifying into AI to hedge against crypto volatility. Bitdeer partners with Nvidia to provide AI cloud services, while Canaan is creating a separate AI chip unit. Despite a crypto rally, Canaan's Q3 revenue fell 77% year-on-year, while Bitdeer's grew 14%. Both companies' fortunes may improve with rising crypto prices, but they remain cautious and aim to reduce reliance on crypto through AI diversification.

Portfolio Pulse from The Bamboo Works

December 06, 2023 | 3:17 pm

IGMS

SNY

IGM Biosciences Inc (NASDAQ:IGMS) is shifting its focus towards treating colorectal cancer and autoimmune diseases, discontinuing all blood cancer-related studies. The company plans to file an IND application in 2024 for IGM-2644, aimed at treating autoimmune diseases. As part of the strategic change, IGM Biosciences will stop the development of several product candidates and reduce its workforce by 22%, extending its cash runway into Q2 2026. The company will maintain its collaboration with Sanofi SA (NASDAQ:SNY) on oncology, immunology, and inflammation products.

Portfolio Pulse from Vandana Singh

December 06, 2023 | 3:10 pm