Streetbeat News

Acquisitions Mergers

LMNR

Limoneira Company (NASDAQ:LMNR) has initiated a process to explore strategic alternatives to maximize shareholder value, which could include a sale, merger, or other transactions. The Board, with management support, is considering all options and has engaged Stephens Inc. as financial advisor and Squire Patton Boggs as legal advisor.

Portfolio Pulse from Charles Gross

December 01, 2023 | 2:15 pm

PCTY

Paylocity (NASDAQ:PCTY), a provider of cloud-based HR and payroll software, has acquired TraceHQ.com, Inc., a company offering solutions for headcount planning. This acquisition aims to enhance Paylocity's HCM platform by adding strategic headcount planning capabilities, which is increasingly important due to changing workforce dynamics. Paylocity's Co-CEO highlighted the need for nimble headcount planning solutions. The acquisition is not expected to materially impact Paylocity's Q2 and fiscal 2024 financial results, and the company will provide updated financial guidance in its Q2 fiscal 2024 earnings release.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 2:04 pm

INTC

LMT

MSFT

NVDA

Lockheed Martin (NYSE:LMT) has secured over $500 million in U.S. government army contracts in November, including a recent $199.15 million contract for industrial engineering services. The company's revenue heavily relies on U.S. defense spending, which is expected to increase annually until 2033. Lockheed Martin's partnerships with Nvidia (NASDAQ:NVDA), Microsoft (NASDAQ:MSFT), and Intel (NASDAQ:INTC) focus on advancing defense digitization through AI, cloud technologies, and 5G. While Lockheed Martin's stock trades at $447.77, above the analyst consensus target of $438.04, the company's strong contract acquisition and strategic partnerships may influence its stock performance.

Portfolio Pulse from Surbhi Jain

December 01, 2023 | 1:25 pm

TMO

Thermo Fisher Scientific Inc. (NYSE:TMO) has extended the expiration of its tender offer for all outstanding common shares and ADSs of Olink Holding AB until December 14, 2023. The offer price is $26.00 per share, in cash. As of November 30, 2023, approximately 95.2% of Olink's outstanding shares have been tendered. The completion of the offer is subject to certain conditions as described in the tender offer statement filed with the SEC.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 1:02 pm

CGC

Canopy Growth has completed the sale of its BioSteel business, receiving aggregate gross proceeds of $30.4 million. This move is part of Canopy Growth's strategic shift to focus on its core markets and operations.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 12:36 pm

AAPL

AVGO

GOOG

GOOGL

Broadcom Inc (NASDAQ:AVGO) is set to lay off approximately 1,300 VMware Inc. employees in California after acquiring the cloud-computing firm. The $69 billion acquisition was completed on November 22, following approval from China. Broadcom, which supplies chips to Apple Inc (NASDAQ:AAPL) and Alphabet Inc's Google (NASDAQ:GOOG) (NASDAQ:GOOGL), plans to cut jobs at VMware's headquarters starting January 26. The layoffs are part of Broadcom's strategy to streamline operations and cut support roles to reduce costs, while retaining key engineering staff. Broadcom is also considering strategic options for two VMware business units.

Portfolio Pulse from Anusuya Lahiri

December 01, 2023 | 12:12 pm

XRT

Neiman Marcus has reportedly rejected a $3 billion takeover bid from Saks Fifth Avenue, according to the Wall Street Journal citing sources. The news could indicate ongoing interest in consolidation within the luxury retail sector.

Portfolio Pulse from Charles Gross

December 01, 2023 | 12:08 pm

TU

TELUS Corp (NYSE:TU) has acquired new 3800 MHz spectrum licenses across Canada for $620 million, increasing their average national spectrum to 72 MHz. This acquisition, combined with the 3500 MHz spectrum from 2021, gives TELUS around 100 MHz of 5G mid-band spectrum with 96% contiguity, including all major markets. The company's Q3 FY23 operating revenues grew by 7.2% to C$5.01 billion, but adjusted EPS fell to C$0.25 from C$0.34 a year ago. TELUS shares closed up 2.11% at $17.91.

Portfolio Pulse from Lekha Gupta

December 01, 2023 | 11:56 am

RCI

Rogers Communications Inc (NYSE:RCI) has acquired 3800 MHz spectrum in Canada's third 5G auction, enhancing its 5G network with more coverage, speed, and capacity. This acquisition complements its existing 3500 MHz 5G spectrum and aims to extend coverage to rural and Indigenous communities. The company has a history of reinvesting profits into Canada, with over $40 billion invested since 1985. RCI's commitment to building a robust 5G network is reflected in its recent activation of 5G service in the TTC subway system. RCI reported a 36% year-over-year revenue growth in Q3, with C$5.09 billion in revenue and C$2.53 billion in cash reserves. RCI's stock price saw a 2.01% increase to close at $43.10 on Thursday.

Portfolio Pulse from Lekha Gupta

December 01, 2023 | 11:43 am

CPK

Chesapeake Utilities Corporation has completed the acquisition of Florida City Gas, which is expected to increase the company's regulated operations to approximately 87% of its business mix.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 11:42 am