Streetbeat News

Acquisitions Mergers

CVS

HUM

CVS Health Corporation (NYSE:CVS) shares dropped approximately 3% in response to reports of merger discussions between Cigna Group (NYSE:CI) and Humana Inc (NYSE:HUM). The potential merger, which could be finalized by the end of 2023, is seen as a threat to CVS's position in the health insurance market. CVS stock has been underperforming, with a 27.89% decline year-to-date.

Portfolio Pulse from Ryan Gustafson

November 29, 2023 | 8:54 pm

BLBX

Blackboxstocks entered into a binding amendment to an amended Letter of Intent (LOI) with Evtec Group Limited on November 24, 2023. The company has agreed to negotiate in good faith to finalize the proposed acquisition of Evtec as outlined in the LOI.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 8:38 pm

AAPL

Apple Inc (NASDAQ:AAPL) shares dropped 0.5% despite market gains, amid news of ending its partnership with Goldman Sachs for a digital credit card and savings account product. The termination is planned within 12-15 months, despite a 2022 extension to 2029. Apple is also reportedly working on a more affordable Vision Pro headset, aiming to cut production costs by 50%. Apple's 52-week trading range is between $124.17 and $198.23.

Portfolio Pulse from Henry Khederian

November 29, 2023 | 7:44 pm

GHL

Greenhill & Co has announced that it has received all necessary regulatory approvals to proceed with its planned merger with Mizuho Americas, as per the agreement dated May 22, 2023. The closing of the transactions is expected to take place on November 30, 2023, according to a recent SEC 8K filing.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 7:31 pm

BIVI

FLNC

FTCH

HRL

ROVR

SEEL

VVOS

U.S. stocks traded higher, with the Dow Jones gaining over 100 points. Hormel Foods Corp reported Q4 sales decline and missed earnings estimates, projecting lower FY24 EPS than expected. Vivos Therapeutics received FDA clearance, causing shares to surge. Rover Group will be acquired by Blackstone. Fluence Energy reported strong Q4 results and provided FY24 guidance. BioVie, Seelos Therapeutics, and Farfetch saw significant share price drops due to negative news. The U.S. economy grew more than expected in Q3, and corporate profits jumped.

Portfolio Pulse from Lisa Levin

November 29, 2023 | 7:20 pm

PDCO

ROVR

VVOS

WOOF

Patterson Companies, Inc. (PDCO) shares fell by 14% after reporting Q2 earnings of $0.50 per share, missing estimates of $0.58 per share, and lowering FY24 adjusted EPS guidance below expectations. The company's sales were $1.65 billion, below the expected $1.70 billion. Other stocks moved in the mid-day session with various companies experiencing significant gains or losses due to various factors such as FDA clearances, earnings reports, acquisition announcements, and public offerings.

Portfolio Pulse from Lisa Levin

November 29, 2023 | 7:02 pm

HSAI

OUST

Hesai Technology (NASDAQ:HSAI) has responded to allegations by the House of Representatives Select Committee on the Chinese Communist Party, denying claims about its lidar technology. Hesai asserts that its lidars do not store or wirelessly transmit data, as confirmed by TÜV Rheinland and Dekra. The company has ISO/SAE 21434 certification and passed TISAX assessments. Hesai lidars, which cannot capture biometric data, are not designed for military use and are EAR99 classified. Hesai also won an ITC case against Ouster (NYSE:OUST), proving it did not infringe on Ouster's IP. Hesai is a publicly traded company that operates independently of the Chinese government and has not received government equity investments or intervention.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 7:00 pm

CRWD

DIA

GME

IWM

NTAP

QQQ

SPY

WDAY

Stocks are on the rise with the S&P 500 and Nasdaq 100 nearing highs, driven by stronger-than-expected U.S. GDP growth data for Q3. Despite hawkish comments from Richmond Fed President Thomas Barkin, the market is optimistic about future rate cuts. OPEC+ is considering oil production cuts, which has led to a rebound in oil prices. U.S. stock indices and sector ETFs saw gains, with notable performances from GM, WDAY, CRWD, GME, and NTAP after positive news. Other stocks and ETFs are also mentioned in relation to earnings reports and market performance.

Portfolio Pulse from Piero Cingari

November 29, 2023 | 6:59 pm

CVS

ELV

HUM

UNH

Cigna Group (NYSE:CI) and Humana Inc (NYSE:HUM) are in talks about a potential merger, which could be a significant event in the health insurance industry. The deal, which may include both stock and cash, is expected to be completed by year-end. This merger would create a new competitor to UnitedHealth Group Inc (NYSE:UNH) and CVS Health Inc (NYSE:CVS), combining Cigna's pharmacy-benefit unit and commercial insurance with Humana's Medicare business. Previous merger attempts by Cigna with other companies faced antitrust issues. Humana's CEO transition plan is underway, with Jim Rechtin set to become President and COO, and eventually CEO. Cigna's stock fell 5.6%, while Humana's dropped 1.17%.

Portfolio Pulse from Vandana Singh

November 29, 2023 | 6:02 pm

CSCO

SPLK

Splunk Inc (SPLK) shares saw an early rise after reporting strong Q3 results, driven by cybersecurity demand. Analysts from Truist Securities, Mizuho Securities, Needham, and KeyBanc Capital Markets provided insights, with a common price target of $157. Truist downgraded SPLK from Buy to Hold, while others maintained Neutral or Sector Weight ratings. Cisco Systems Inc. (CSCO) plans to acquire SPLK for $157 per share in cash, expected to close by end of 2024. The acquisition is seen as favorable for Splunk's shareholders and reasonable for Cisco.

Portfolio Pulse from Priya Nigam

November 29, 2023 | 5:29 pm