Streetbeat News

Acquisitions Mergers

HNRA

HNR Acquisition Corp has announced that the results from its recent acquisition will only be included for the last six weeks of Q4 2023. This indicates that the acquisition was completed close to the end of the quarter, and its financial impact will be partially reflected in the quarter's results.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 1:55 pm

ADBE

AMZN

AVGO

IRBT

VMW

The UK's Competition and Markets Authority (CMA) has provisionally found that Adobe Inc's proposed $20 billion acquisition of Figma could reduce competition in the UK's digital design software market. Adobe and Figma disagree with the CMA's findings. The CMA will accept further comments until December 19 before making a final decision. Meanwhile, Broadcom Inc's merger with VMware, Inc has received all necessary approvals, and Amazon's acquisition of iRobot is expected to receive EU antitrust approval without conditions.

Portfolio Pulse from Anusuya Lahiri

November 28, 2023 | 1:54 pm

IWINF

Irwin Naturals Inc. reported a decrease in Q3 revenue to $19.1 million from $22.0 million YOY and a net loss of $1.96 million, up from $583,000 YOY. Despite falling revenue and surging losses, the company saw success in its cannabis sector licensing initiative and expanded its mental health footprint with the acquisition of Ketamine Media. The company also sold assets of underperforming clinics, focusing on wholly owned operations, and signed ten brand licensing deals for THC products in various regions.

Portfolio Pulse from Nina Zdinjak

November 28, 2023 | 1:50 pm

BITF

Bitfarms Ltd (NASDAQ:BITF), a Bitcoin miner, saw its stock price rise after announcing the purchase of 35,888 Bitmain T21 miners for delivery and installation in the first half of 2024. The company has secured liquidity for the purchase and an option for an additional 28,000 miners. The upgrade is part of a strategy to reach 17 EH/s by H2 2024, with hardware secured for 21 EH/s. A conference call to discuss the fleet upgrade plans is scheduled for Tuesday at 8:30 a.m. ET. Bitfarms shares were up 16% Tuesday morning at $1.23.

Portfolio Pulse from Adam Eckert

November 28, 2023 | 1:45 pm

ICCM

RNA

SMX

IceCure Medical announced the release of a study published in 'Cancers' showing the safety and efficacy of ProSense with a 92% disease-free survival rate at a median follow-up of 26.5 months. Avidity Biosciences has partnered with Bristol Myers Squibb in a $2.3 billion deal for cardiovascular RNA therapeutics, receiving $100 million upfront. SMX shares surged 50% premarket after announcing the planned launch of the world's first Plastic Cycle Token.

Portfolio Pulse from ryanfaloona@benzinga.com

November 28, 2023 | 1:45 pm

Toyota Motor Corp (NYSE:TM) and its affiliates are planning to sell approximately 10% of their shares in Denso, an automotive components manufacturer, for an estimated $4.7 billion. This move is part of Toyota's strategy to divest stakes in group companies to fund an increase in electric vehicle (EV) production. Toyota will remain the largest shareholder in Denso post-sale, and Denso may buy back some of its shares to mitigate the impact on its stock price.

Portfolio Pulse from Benzinga Neuro

November 28, 2023 | 1:33 pm

NHMD

Reborn Coffee has announced a Memorandum of Understanding (MOU) for a $5 million investment from KIB Plug Energy Korea. This strategic investment aims to support Reborn Coffee's growth and expansion plans. The news could signal increased financial stability and potential for expansion for Reborn Coffee, which may positively influence investor sentiment.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 1:33 pm

BMRN

EWG

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) has reached an agreement with the German National Association of Statutory Health Insurance Funds on the reimbursement for ROCTAVIAN, a gene therapy for severe hemophilia A. This marks the first gene therapy for hemophilia with an approved federal price in Germany. The therapy is priced at €28,933.53 per vial, approximately $900,000 per patient. The agreement includes an outcome-based model tied to real-world data and has a minimum term of 3 years. Two patients in Germany have received ROCTAVIAN, and 60 are eligible for treatment. BioMarin is also negotiating the final price with the Italian Medicines Agency and is working with U.S. payers to increase access to ROCTAVIAN.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 1:31 pm

CVGW

PLAG

SPB

UPXI

XXII

The article highlights five consumer staples stocks considered oversold based on their Relative Strength Index (RSI) values, suggesting they may be undervalued. Spectrum Brands Holdings (SPB) reported a slight sales decline but is increasing marketing investments. Planet Green Holdings (PLAG) saw a significant stock price drop over the past month. Upexi (UPXI) reported a larger-than-expected quarterly loss but showed revenue growth. Calavo Growers (CVGW) posted strong earnings with a focus on avocado margins. 22nd Century Group (XXII) is selling most of its Hemp/Cannabis operations. All companies have RSI values near or below 30, indicating potential for short-term performance improvement.

Portfolio Pulse from Lisa Levin

November 28, 2023 | 1:27 pm

FOR

Forestar Group Inc. announced the retirement of CEO Daniel C. Bartok and the appointment of Anthony W. Oxley as the new CEO, effective January 1, 2024. Oxley, currently serving as Senior VP at D.R. Horton, brings extensive experience in land acquisition and development. Bartok will remain in a consulting role to ensure a smooth transition. The leadership change aims to continue Forestar's growth as a leading residential lot developer.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 1:15 pm