Streetbeat News

Acquisitions Mergers

MSTR

MicroStrategy Incorporated (NASDAQ:MSTR) stock is trading higher, correlating with a surge in Bitcoin's price, which crossed the $41,500 mark. MicroStrategy's CEO Michael Saylor announced the purchase of additional Bitcoin, now holding 174,530 BTC. The company's stock hit a new 52-week high of $577.77, with a significant short interest of 25.16%. The optimism around a potential spot ETF for Bitcoin has also contributed to the crypto rally this year.

Portfolio Pulse from Erica Kollmann

December 04, 2023 | 4:43 pm

NVOS

Novo Integrated Sciences, Inc. (NASDAQ:NVOS) has received court approval for the Purchase and Sale Agreement to acquire the Ophir Collection, consisting of 43 gemstones, for $60 million. The acquisition is expected to provide significant cash surplus, debt retirement, and growth opportunities for Novo.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 4:31 pm

SLG

SL Green Realty Corp (NYSE:SLG) shares rose approximately 7% following the announcement of a deal to sell its ownership stake in 625 Madison Avenue for $632.5 million. The sale to a global real estate investor values the property at $1,123 per square foot. SL Green plans to use the net proceeds to repay corporate debt and will also originate a $234.5 million preferred equity investment in the property. Truist Securities reaffirmed a Buy rating on SLG and increased its price target to $42 from $41. SLG's stock price increased to $43.08.

Portfolio Pulse from Lekha Gupta

December 04, 2023 | 4:23 pm

SLG

SL Green Realty Corp. (SLG) shares rose following the announcement of the sale of 625 Madison Avenue. Additionally, Truist Securities reaffirmed a Buy rating on SLG and increased the price target from $41 to $42.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 3:57 pm

GM

General Motors Co (NYSE:GM) shares are up after Mizuho Securities analyst Vijay Rakesh upgraded the company from Neutral to Buy and increased the price target from $38 to $42. The upgrade follows GM's announcement of a $10 billion buyback and the resolution of the UAW strike. Rakesh expects production to rebound in 2024, with a focus on high margin ICE trucks, and notes GM's strategic decisions to offset wage increases, pause Cruise investments, and scale back Brightdrop vans to North America.

Portfolio Pulse from Priya Nigam

December 04, 2023 | 3:55 pm

ALK

HA

Alaska Air Group, Inc. (ALK) shares dropped over 15% after announcing an acquisition deal with Hawaiian Holdings, Inc. (HA). The deal, valued at a 270% premium over HA's last closing price, is expected to close in 12-18 months. Raymond James analyst Savanthi Syth downgraded ALK from Strong Buy to Market Perform, citing the complexity of the deal and macro uncertainty as factors that could negatively affect sentiment and limit near- to medium-term upside.

Portfolio Pulse from Priya Nigam

December 04, 2023 | 3:46 pm

HUT

Hut 8 Mining Corp (NASDAQ:HUT) completed its all-stock merger with US Bitcoin Corp last week, resulting in Hut 8 common shares ceasing to trade on Nasdaq and TSX before December 4, 2023. New Hut common stock will trade under the ticker 'HUT' starting December 4. The merger is considered the largest in the industry and is expected to leverage complementary strengths of both companies. Bitcoin's price surge and Hut 8's strong position in the industry are highlighted. Hut 8's stock has surpassed its 50-day moving average and set a new 52-week high.

Portfolio Pulse from Erica Kollmann

December 04, 2023 | 3:45 pm

GNRC

WBX

Shares of Wallbox NV (WBX) surged approximately 15% after Generac Holdings Inc (GNRC) announced a minority investment in the EV charging firm. The partnership includes a Generac seat on Wallbox's board and a global commercial agreement to provide Wallbox's EV charging solutions to Generac's customers. The financial terms were not disclosed. Wallbox's CEO highlighted the deal's alignment with their vision of accelerating the energy transition and the benefits to customers and shareholders. Last month, WBX expanded its charging network in Southern Europe through a partnership with Atlante, part of NHOA Group.

Portfolio Pulse from Lekha Gupta

December 04, 2023 | 3:45 pm

ABBV

IMGN

AbbVie Inc (ABBV) is set to acquire ImmunoGen, Inc. (IMGN) for approximately $10 billion, with the deal expected to close in mid-2024. The acquisition price of $31.26 per share is considered a 'great price' for ImmunoGen by Piper Sandler. Analyst Joseph Catanzaro downgraded ImmunoGen's rating from Overweight to Neutral and increased the price target from $24 to $31, reflecting the deal terms. The acquisition is timely for ImmunoGen as it faces future uncertainties regarding the Elahere launch. A competing bid is deemed unlikely by the analyst, who also notes that ImmunoGen's ADC platform will complement AbbVie's oncology franchise.

Portfolio Pulse from Priya Nigam

December 04, 2023 | 3:44 pm

HA

SAIC

UBER

WBX

Science Applications International Corporation (SAIC) reported Q3 results with a slight revenue decline but beat consensus estimates and raised FY24 guidance, causing its shares to surge by 6.9%. Other stocks also moved higher, including Hawaiian Holdings (HA) after an acquisition announcement by Alaska Air Group (ALK), and several companies like Wallbox (WBX), CleanSpark (CLSK), and Carvana (CVNA) due to various positive developments. Uber (UBER) rose after news it would join the S&P 500 index.

Portfolio Pulse from Lisa Levin

December 04, 2023 | 3:33 pm