Streetbeat News

Acquisitions Mergers

AMGN

Amgen (NASDAQ:AMGN) is analyzed in comparison to its biotechnology industry peers. It has a lower P/E ratio, suggesting potential for growth, but higher P/B and P/S ratios, indicating possible overvaluation. Amgen's ROE, EBITDA, gross profit, and revenue growth are above industry averages, showing strong financial performance. However, a high debt-to-equity ratio could signal financial risk. Amgen's portfolio includes drugs for various diseases and a growing biosimilar portfolio, with recent acquisitions enhancing its offerings.

Portfolio Pulse from Benzinga Insights

November 24, 2023 | 4:00 pm

STM

STMicroelectronics NV (STM) has signed a fifteen-year Power Purchase Agreement with ERG to supply renewable energy to its Italian operations from 2024 to 2038. The deal involves the sale of approximately 250 GWh of renewable energy annually from Sicilian wind farms, contributing to STM's goal of becoming carbon neutral by 2027. STM recently reported Q3 FY23 revenue growth of 2.5% YOY to $4.43 billion, surpassing estimates, with an EPS of $1.16.

Portfolio Pulse from Lekha Gupta

November 24, 2023 | 3:02 pm

ICLK

iClick Interactive Asia Group Ltd (ICLK) shares surged over 24% following the announcement of a merger agreement with TSH Investment Holding and TSH Merger Sub Limited. The deal values ICLK at $4.08 per ADS in cash, representing a 3.3% premium over the December 19, 2022 closing price and a 20% premium over the 90-day volume-weighted average price prior to that date. The merger is expected to close in Q1 2024, after which ICLK will become private and delist from the Nasdaq Global Market.

Portfolio Pulse from Lekha Gupta

November 24, 2023 | 2:45 pm

AMZN

BGLC

BPTS

EVLO

FLJ

IMPL

IRBT

U.S. stocks opened mixed with the Dow Jones gaining while the NASDAQ and S&P 500 fell slightly. Energy shares led gains, while real estate shares lagged. Amazon's acquisition of iRobot is close to EU antitrust approval. FLJ Group, BioNexus Gene Lab, and Versus Systems saw significant stock increases, while Impel Pharmaceuticals, Evelo Biosciences, and Biophytis faced declines. Oil prices dropped, gold and silver rose, and copper fell. European shares were mostly up, and Asian markets closed mostly lower.

Portfolio Pulse from Lisa Levin

November 24, 2023 | 2:42 pm

JBT

JBT Corporation (NYSE:JBT) has made a non-binding initial proposal to acquire Marel, a company listed on Nasdaq Iceland and Euronext Amsterdam. JBT has secured an irrevocable undertaking and exclusivity with Eyrir Invest hf., which owns 24.7% of Marel's shares. The proposal aligns with JBT's strategic M&A goals, but there is no certainty that a formal offer will be made. Goldman Sachs is the financial advisor, with LEX and Kirkland & Ellis LLP as legal counsel for JBT.

Portfolio Pulse from Benzinga Newsdesk

November 24, 2023 | 2:36 pm

ALLY

Wall Street's most accurate analysts recommend buying three financial stocks with over 4% dividend yields: Morgan Stanley, The Carlyle Group Inc., and Ally Financial Inc. These stocks are favored during market uncertainty due to their high free cash flows and substantial dividend payouts. Recent analyst ratings and price target adjustments for these companies have been provided, along with notable corporate news such as leadership changes and acquisition deals.

Portfolio Pulse from Lisa Levin

November 24, 2023 | 2:16 pm

BITF

FLJ

IRBT

iRobot shares surged after reports indicated that Amazon's acquisition of the company would receive unconditional EU antitrust approval. Bitfarms shares fell following the announcement of a C$60 million private placement with U.S. institutional investors. FLJ Group shares soared after the company announced a definitive agreement to acquire Alpha Mind Technology.

Portfolio Pulse from ryanfaloona@benzinga.com

November 24, 2023 | 1:54 pm

FLJ

FLJ Group's stock price is on the rise following the announcement of a definitive agreement to acquire Alpha Mind Technology.

Portfolio Pulse from Benzinga Newsdesk

November 24, 2023 | 1:43 pm

AMZN

IRBT

iRobot shares have risen after reports indicated that Amazon's planned acquisition of the company is expected to receive unconditional approval from EU antitrust authorities.

Portfolio Pulse from Benzinga Newsdesk

November 24, 2023 | 1:40 pm

Versus Systems Inc. (NASDAQ:VS) has received a strategic investment from Cronus Equity Capital Group, LLC (CECG), which will result in CECG acquiring up to 51% of Versus' issued and outstanding shares. The investment includes two tranches: the first, already completed, involved the issuance of 15,838,441 shares, and the second, expected next week, will add 8,888,920 shares, both at a premium to the recent average closing price.

Portfolio Pulse from Benzinga Newsdesk

November 24, 2023 | 1:32 pm