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Acquisitions Mergers

AVGO

VMW

Broadcom Inc. (NASDAQ:AVGO) shares have declined after a period of strength earlier in November, influenced by tech sector momentum, AI optimism, and positive financial results from peers. The pullback began last week following the completion of Broadcom's acquisition of VMware Inc (NYSE:VMW). Despite the recent decline, AVGO shares saw a marginal increase in the after-hours session.

Portfolio Pulse from Ryan Gustafson

November 27, 2023 | 9:45 pm

AUDC

CGNT

EIS

IZRL

TEVA

Israel and Hamas have agreed to extend their truce by an additional two days. The extension follows a prisoner exchange and is supported by Qatar and Egypt. U.S. Secretary of State Antony Blinken acknowledged Qatar's mediation role. President Biden and UN Secretary-General Antonio Guterres expressed support for the extension to aid humanitarian efforts in Gaza. Elon Musk visited Israel and discussed the potential use of Starlink in Gaza, subject to Israeli approval. The iShares MSCI Israel ETF and ARK Israel Innovative Technology ETF saw gains, as did Israeli tech stocks AutoCodes, Cognyte Software, and Teva Pharmaceuticals.

Portfolio Pulse from Piero Cingari

November 27, 2023 | 9:35 pm

ANAB

CNTA

AnaptysBio, Inc. has secured an exclusive license for Centessa Pharmaceuticals' BDCA2 modulator antibody portfolio, including the lead asset CBS004 (to be renamed ANB101), for treating autoimmune and inflammatory diseases. Anaptys plans to file an IND for ANB101 in H2 2024 and expects to maintain a cash runway through 2026. The deal involves a $7M upfront payment from Anaptys to Centessa, with additional potential milestone payments and royalties on sales.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 9:16 pm

SYF

Synchrony Financial has entered into an agreement to sell its unit Pets Best Insurance Services, LLC to Poodle Holdings. The deal includes a combination of cash and equity interest in the company. Synchrony Financial is expected to gain approximately $750 million net of tax from the sale, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 9:05 pm

PCVX

STRO

Vaxcyte, Inc. has exercised an option and entered into a manufacturing rights agreement with Sutro Biopharma, Inc. to gain control over the development and manufacture of cell-free extract for its pneumococcal conjugate vaccine (PCV) franchise. This move is part of Vaxcyte's strategy to support the global commercialization of its PCV candidates, VAX-24 and VAX-31. Vaxcyte paid Sutro $50 million in cash and will pay an additional $25 million within six months, with potential future milestone payments totaling up to $60 million.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 9:01 pm

PARA

PARAA

Charles Gasparino tweeted about persistent rumors of a potential sale of Paramount Global. While these are currently unconfirmed, the speculation suggests that the company is open to a sale if a buyer can be found.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 8:51 pm

ASST

AVXL

BDRX

PGY

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RILY

U.S. stocks traded mixed with the Dow down 0.13%, NASDAQ up 0.11%, and S&P 500 down 0.08%. Real estate shares rose by 0.5%, while energy shares fell by 1.1%. U.S. new home sales declined by 5.6%. RedHill Biopharma's shares spiked 214% due to FDA market exclusivity for Talicia. Biodexa Pharmaceuticals surged 131% after acquiring a license for tolimidone. Asset Entities gained 80% after announcing a stock repurchase program. Pagaya Technologies fell 5.5% as CFO stepped down. B. Riley Financial dropped 9% despite Friday's gains. Anavex Life Sciences fell 8% after Q4 results. Oil was down 0.5%, gold up 0.5%, and silver up 1.4%. European and Asian markets closed lower.

Portfolio Pulse from Lisa Levin

November 27, 2023 | 7:30 pm

AVGO

VMW

Broadcom has completed its $69 billion acquisition of VMware, resulting in layoffs at VMware. The acquisition was announced in May 2022 and recently received regulatory clearance from China. Prior to the acquisition, VMware had already begun job cuts. The exact number of affected employees is unknown. Some VMware employees are concerned about a potential culture clash with Broadcom and the impact on customer deals.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 6:52 pm

ALB

CCI

DIA

DPZ

GDX

IWM

KLC

MELI

QQQ

SPY

TAN

TTD

WOOF

XLE

XLRE

XLY

U.S. stocks saw a slight decline except for tech stocks in the Nasdaq 100, which gained on positive Black Friday online sales data from Adobe and Salesforce. Treasury yields fell, gold prices rose, and oil prices dipped ahead of an oil producers' meeting. Sector-wise, real estate and consumer discretionary stocks performed well, while energy lagged. The Trade Desk, MercadoLibre, and Zoom Video led Nasdaq 100 gains, while Domino's Pizza topped the S&P 500 after a price target raise. Crown Castle rallied on news of a significant investment by Elliott Management. Albemarle Corp., WK Kellog Co, and Petco were among the worst performers. Bond ETFs rose, European indices fell, and cryptocurrencies declined.

Portfolio Pulse from Piero Cingari

November 27, 2023 | 6:14 pm

AMZN

IRBT

Amazon has agreed to acquire iRobot for $61 per share, a deal that was announced on August 5, 2022.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 6:11 pm