Streetbeat News

Acquisitions Mergers

BANC

PACW

Banc of California and PacWest Bancorp have received approval from their stockholders for a merger. The transaction is anticipated to close around November 30, 2023.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 9:16 pm

ARGT

YPF

Argentina's president-elect Javier Milei plans to privatize national companies, cut public spending, and replace the peso with the U.S. dollar. The Global X MSCI Argentina ETF (ARGT) rose 10% after his election. Milei also intends to renationalize YPF (YPF), which is involved in a legal dispute over a 2012 seizure, with a $16.1B fine currently under appeal in the U.S. Additionally, Milei claims sovereignty over the Falkland Islands, sparking a response from the UK government.

Portfolio Pulse from Neil Dennis

November 22, 2023 | 9:08 pm

GM

Cruise, GM's autonomous vehicle subsidiary, is planning a cautious re-launch of its driverless robotaxi service in one city, potentially in Texas or Arizona, following safety concerns and a pedestrian accident in San Francisco. The company will focus on its electric Bolt robotaxis and lay off non-engineering staff. GM will pause production of the Origin van and does not plan to produce more in 2024. Cruise's license to operate in California has been revoked, making Texas or Phoenix more likely choices for the re-launch.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 9:04 pm

ATVI

MSFT

NTDOY

SONY

Xbox sales in Europe have dropped by 52%, while PlayStation 5 sales surged by 143% and Nintendo Switch sales decreased by 20%. Microsoft's acquisition of Activision Blizzard and the release of Starfield have not significantly boosted Xbox sales. Microsoft plans to release more first-party games in 2024 and may focus more on PC and mobile gaming. A mid-gen refresh for Xbox Series X and S is hinted for 2024, with a next-generation console expected in 2028.

Portfolio Pulse from Franca Quarneti

November 22, 2023 | 8:37 pm

BTC-USD

ETH-USD

The cryptocurrency market saw positive price movements in Bitcoin and Ether following Binance CEO Changpeng Zhao's resignation and a $500 million inflow into Binance's liquid-staked Ether. Bitcoin and Ether prices rose by 4.46% and 7.11%, respectively. The CFTC has filed a lawsuit against Binance and Zhao for offering unregistered crypto derivatives in the U.S. Zhao's guilty plea and Binance’s settlement are seen as potentially paving the way for a U.S. Bitcoin ETF approval.

Portfolio Pulse from Murtuza Merchant

November 22, 2023 | 7:14 pm

RELI

Reliance Global (RELI) shares are up following the withdrawal of its proposed underwritten public offering and the announcement of a Letter of Intent to acquire a benefits enrollment company.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 6:37 pm

UBS

UBS CEO has stated that the acquisition of Credit Suisse has reinforced UBS's strategic direction. The consolidation is expected to strengthen UBS's position in the financial market by integrating Credit Suisse's operations.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 6:20 pm

ARGX

DNTH

SNY

Wedbush initiated coverage on Dianthus Therapeutics Inc (DNTH) with an Outperform rating and a price target of $23, citing the potential of its lead program DNTH103, a monoclonal antibody targeting the complement C1s protein. DNTH103 is advancing in Phase 2 studies, with Phase 1 data showing a meaningful extension of half-life. The generalized myasthenia gravis (gMG) opportunity is highlighted as most attractive. The article also mentions Argenx SE (ARGX) and Sanofi SA (SNY) in the context of supporting the complement-inhibition approach in CIDP. The complement inhibition field is active with three acquisitions in the last three years, indicating a high interest in this therapeutic area. DNTH shares were up 1.14% at $11.50.

Portfolio Pulse from Vandana Singh

November 22, 2023 | 6:12 pm

TXT

Textron Aviation, a Textron Inc. (NYSE:TXT) company, has announced an agreement with BAA Training for the purchase of 48 Cessna Skyhawk aircraft, to be delivered in 2026. The deal, signed at the Dubai Airshow, will expand BAA Training's fleet and enhance the flight training process. The Cessna Skyhawk is known for its stable flight characteristics and reliability, making it a popular training aircraft. BAA Training aims to increase its student capacity to 500-1000 per year, and the new aircraft will support this growth.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 6:08 pm

MCD

McDonald's Corp (NYSE:MCD) has increased its stake in its China business to nearly 50% by acquiring a 28% stake from Carlyle. Despite geopolitical and economic concerns, McDonald's is confident in the Chinese market's growth, with plans to expand to over 10,000 stores by 2028. The stock has risen 6% YTD and experienced a 7% rally in November, approaching the 2022 high of $281. After a peak in July 2023, the stock faced a 17% decline but has since rebounded. The stock closed at $280.47 on November 21, up by 0.52%.

Portfolio Pulse from Zaheer Anwari

November 22, 2023 | 5:14 pm