Streetbeat News

Acquisitions Mergers

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

GRFX

Graphex Group Limited has received a preliminary offer from a NASDAQ-listed blank check company to acquire its subsidiary, Graphex Technologies, for $100M-$200M in stock. The acquisition aims to make Graphex Tech an independent U.S. company serving the Li-ion battery anode material market in North America. The deal is subject to shareholder approval, registration of shares, and compliance with regulatory bodies. The transaction is expected to close in the first half of 2024, with Graphex Group distributing shares to its shareholders post-acquisition. CEO John DeMaio will continue to lead Graphex Tech, which is positioning itself as a key player in the EV battery supply chain amid graphite export restrictions from China.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 2:56 pm

WBUY

Webuy Global's stock price is up following the announcement of a non-binding MOU to acquire a controlling interest in PT. Tiga Sakti Utama.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 2:10 pm

INVO

NAYA Biosciences and ONK Therapeutics have announced a research partnership to evaluate a combination therapy for cancer treatment, involving NAYA's FLEX-NK bispecific antibodies and ONK's engineered natural killer (NK) cell therapies. The partnership will initially focus on preclinical cancer models with the potential to expand into joint clinical development. NAYA is expected to complete its merger with INVO Bioscience (NASDAQ: INVO) in Q1 2024. The collaboration aims to improve treatment options and long-term survival for patients with hepatocellular carcinoma (HCC).

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 2:05 pm

PXD

XOM

Exxon Mobil Corporation (XOM) projects increased oil and gas production, aiming for 4.2 million barrels per day by 2027, with a focus on growth in the Permian and Guyana. The company has improved its earnings power since 2019, adding about $10 billion to its annual earnings and cash flow. Exxon Mobil plans to grow annual earnings and cash flow by $14 billion from year-end 2023 through 2027 and achieve $6 billion in additional structural cost reductions by 2027. Upstream earnings are expected to more than double by 2027. Capital expenditures are projected to be $23-$25 billion in 2024 and $22-$27 billion annually from 2025 through 2027. The company is on track for $17.5 billion in share repurchases in 2023 and plans to increase this to $20 billion annually through 2025 after the Pioneer Natural Resources Company (PXD) merger, subject to market conditions. However, the merger is under scrutiny by U.S. antitrust enforcers. ExxonMobil is also investing in lower-emissions opportunities, with more than $20 billion planned through 2027. XOM shares saw a slight decrease in premarket trading.

Portfolio Pulse from Nabaparna Bhattacharya

December 06, 2023 | 1:55 pm

LCID

NVDA

PLUG

QQQ

SPY

TSLA

XOM

Wall Street is set for a rebound with U.S. futures indicating a positive open after two days of declines. The ADP National Employment Report showed weaker-than-expected private employment growth, fueling speculation about potential Fed rate cuts in 2024. Job openings decreased, suggesting a softening labor market. Oil prices fell, while gold prices rose. Chinese stocks dropped after Moody's downgraded China's credit outlook. Bitcoin and Ethereum's market value surpassed $1 trillion. SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ ETF (QQQ) are up in premarket trading. NVIDIA, Tesla, Lucid Group, and Exxon Mobil saw premarket gains, while Altria Group, Philip Morris, and Plug Power faced declines.

Portfolio Pulse from Piero Cingari

December 06, 2023 | 1:49 pm

FBIO

Cyprium Therapeutics has received a $4.5 million payment upon closing a deal related to its drug CUTX-101. The company is also eligible for royalties and up to $129 million in development and sales milestones. Additionally, Cyprium retains full ownership of any FDA Priority Review Voucher that may be issued upon NDA approval for CUTX-101.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 1:42 pm