Streetbeat News

Acquisitions Mergers

JBLU

SAVE

A judge is reportedly leaning towards approving JetBlue's acquisition of Spirit Airlines for $3.8 billion, according to the NY Post. This deal, if finalized, would consolidate JetBlue's position in the airline industry by absorbing Spirit's low-cost operations.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 8:02 pm

JNJ

Johnson & Johnson (NYSE:JNJ) anticipates 5%-6% operational sales growth for FY24, with adjusted operational EPS growth of 7.3% at the midpoint ($10.55-$10.75). The guidance includes a $0.15 dilutive impact from the Laminar, Inc. acquisition. JNJ's Innovative Medicine business aims for over 20 novel therapies and 50 product expansions by 2030, forecasting 5%-7% sales growth from 2025-2030. The MedTech business expects one-third of sales from new products by 2027. Strong demand is expected for cancer treatments Darzalex and Carvykti, and psoriasis drug Stelara. JNJ's stock is down 0.25% to $158.49.

Portfolio Pulse from Nabaparna Bhattacharya

December 05, 2023 | 7:12 pm

GVA

Granite Construction Inc (NYSE:GVA) has acquired Lehman-Roberts Company and Memphis Stone & Gravel Company, enhancing its presence in the Memphis metropolitan area. The acquisition includes strategic assets like asphalt plants and sand and gravel mines, along with significant material reserves. Following the acquisition, GVA raised its FY24 sales outlook from $3.6-$3.9 billion to $3.8-$4.0 billion, while maintaining its adjusted EBITDA margin outlook. The purchase was financed through a new term loan and existing funds. GVA's stock saw a slight decline of 0.72% to $47.10.

Portfolio Pulse from Lekha Gupta

December 05, 2023 | 6:09 pm

MMC

Mercer, part of Marsh McLennan (NYSE:MMC), is set to acquire Vanguard's U.S. Outsourced Chief Investment Officer (OCIO) business, which serves not-for-profit organizations and other institutional investors. The acquisition will see Vanguard's OCIO team of approximately 120 people join Mercer. Financial terms were not disclosed, and the transaction is expected to close in the first quarter of 2024.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 6:06 pm

FYBR

Frontier Communications Parent's stock is trading lower following a letter from JANA Partners urging the company's board to initiate a strategic review. JANA Partners believes that exploring strategic alternatives could enhance shareholder value and is pressing for immediate action.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 6:04 pm

FIVN

Traders are circulating an unconfirmed Seeking Alpha post indicating that Zoom Video Communications is not interested in acquiring Five9. The post suggests that Zoom expressed this sentiment during a bus tour on Tuesday, stating a preference to build independently rather than pursue an acquisition of Five9.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 5:49 pm

SAVE

Spirit Airlines' stock is trading lower after the DOJ presented closing arguments against its proposed acquisition by JetBlue.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 5:31 pm

JBLU

SAVE

Closing arguments in the antitrust case between JetBlue Airways and Spirit Airlines over their proposed merger were presented, with the Justice Department seeking to block the deal. The case, heard by U.S. District Court Judge William Young, marks a more aggressive stance on antitrust enforcement by the Biden administration. JetBlue contends the merger would create a stronger competitor to the top four U.S. carriers, while the Justice Department argues it would harm consumers by reducing competition. JetBlue has offered $33.50 per share for Spirit, valuing the deal at $3.8 billion, and has promised to give up gates at certain airports. The outcome of the case could have significant implications for the airline industry, which has seen consolidation over the years.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 5:18 pm

NIO

NIO Inc's stock (NYSE:NIO) rose 5.5% on Dec. 5 due to record Q3 EV deliveries, up 75.4% Y/Y and 142.3% Q/Q, and the acquisition of manufacturing equipment from Anhui Jianghuai Automobile Group. Despite a year-long decline, the stock showed signs of breaking resistance at $8.13. Positive volume balance and RSI divergence suggest potential upward movement, but moving averages indicate a continued decline. NIO was trading at $7.60 at the time of publication.

Portfolio Pulse from Surbhi Jain

December 05, 2023 | 5:12 pm

PXD

XOM

The Federal Trade Commission (FTC) is investigating Exxon Mobil's proposed $60 billion acquisition of Pioneer Natural Resources. The FTC is seeking additional information to determine if the merger could be anticompetitive. This inquiry is a standard procedure in merger reviews, which on average take about 10 months to complete according to Dechert law firm data.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 5:06 pm