Streetbeat News

Acquisitions Mergers

STLA

Stellantis NV plans to expand vehicle production in Italy, aiming to increase annual output to one million vehicles. Negotiations with the Italian government, labor unions, and automotive groups will begin on Dec. 6 to discuss production targets, R&D, worker retraining, and supplier support. The success of the plan depends on government measures such as revising the Euro 7 emission regulation, EV incentives, charging network expansion, and energy cost reduction. Stellantis shares rose 0.99% to $20.43.

Portfolio Pulse from Shivani Kumaresan

November 20, 2023 | 5:18 pm

OSCR

Oscar Health's stock price has risen following the announcement that an affiliate of Deerfield Management Company and the Anahata Foundation will purchase shares from a selling shareholder under a Stock Purchase Agreement.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 5:02 pm

MRMD

MariMed Inc. (OTCQX:MRMD) has closed a $58.7 million refinancing deal with a U.S. chartered bank, securing a 10-year mortgage loan with favorable terms. The loan is secured by the company's Maryland and Massachusetts assets, and the proceeds were used to pay off existing debts, freeing up other assets and brands. The deal is expected to save cash and support strategic growth, including mergers and acquisitions. MariMed's stock traded slightly lower following the announcement.

Portfolio Pulse from Jelena Martinovic

November 20, 2023 | 4:55 pm

NRG

NRG Energy Inc (NYSE:NRG) has appointed Lawrence Coben as Interim President and CEO, succeeding Mauricio Gutierrez. The company also announced the appointment of four new independent directors in cooperation with Elliott Investment Management L.P. This is part of NRG's Board refreshment process, which aims to reduce the Board size to 11 members by H2 FY24. NRG is conducting a review of its operations to improve efficiency and enhance shareholder returns. The company reaffirmed its FY23 and FY24 financial outlooks, including adjusted EBITDA, operating cash flow, and FCFbG. NRG reiterated its 2024 capital allocation plan, including debt reduction, share repurchases, and a dividend increase, as well as its cost savings plan. Despite these announcements, NRG shares dropped by 2.66% to $46.80 after a Q3 earnings miss earlier this month.

Portfolio Pulse from Lekha Gupta

November 20, 2023 | 4:51 pm

PARA

The Professional Fighters League (PFL) has acquired Bellator from Paramount Global (NASDAQ:PARA), positioning itself as a co-leader in the MMA industry. The combined PFL and Bellator fighter roster is now on par with UFC, with 30% of fighters being top 25 world-ranked. PFL plans to launch a reimagined Bellator in 2024 with the Bellator International Champions Series and a mega-event featuring PFL Champions vs. Bellator Champions. The acquisition enhances PFL's live fight franchises and its year-round calendar of 30 premium MMA events. PFL's global expansion includes the development of international leagues and innovative technologies like the PFL SmartCage. Financial advisors Citi and LionTree, along with legal counsel Sidley Austin LLP, assisted PFL in the acquisition.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 4:32 pm

CARV

Carver Bancorp's stock price has increased following an announcement that Dream Chasers has increased its offer to $3.25 per share to acquire a 35% stake in the company.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 4:20 pm

NEM

Benzinga's options scanner detected significant options trades for Newmont (NYSE:NEM), with over 11 trades totaling $628,322 and 7 trades totaling $362,072. Market whales are targeting a price range of $30.0 to $35.0 for NEM options. The mean open interest is 1602.5 with a total volume of 4,609.00. Noteworthy bullish options activity includes trades and sweeps with expiration dates ranging from March 2024 to June 2024 and strike prices at $30 and $35. Newmont, the world's largest gold miner, is in the process of acquiring Newcrest, expected to close in November 2023. NEM's stock is currently trading at $36.48 with a neutral RSI, and its next earnings report is due in 94 days. An analyst from BMO Capital downgraded NEM to Outperform with a price target of $58.

Portfolio Pulse from Benzinga Insights

November 20, 2023 | 4:01 pm

AMRC

Ameresco Inc (NYSE:AMRC) has signed a contract to build a battery energy storage system (BESS) for Silicon Valley Power (SVP) to enhance electrical system reliability. The BESS, named Kifer Energy Storage LLC, will have a capacity of up to 50-megawatts and 200 megawatt-hours. Construction is set to begin in mid-2024, initiating a 25-year lease and Energy Storage Agreement with the City of Santa Clara. Ameresco will develop, own, and operate the BESS, which aims to integrate renewable energy, reduce reliance on gas-fired generation, and cut emissions. Despite the positive news, AMRC shares dropped by 1.90% to $28.39.

Portfolio Pulse from Shivani Kumaresan

November 20, 2023 | 3:50 pm

CDE

FNLPF

Coeur Mining, Inc. (NYSE:CDE) has acquired mining concessions near its Palmarejo gold-silver complex in Mexico from a subsidiary of Fresnillo plc (OTC:FNLPF) for $25 million in cash and future royalties. The concessions span nearly 7,000 acres and are adjacent to two primary zones within Palmarejo. The transaction is expected to increase Coeur's land holdings by 20% and create a contiguous district of over 70,000 acres. Coeur had $53.22 million in cash and equivalents as of September 30, 2023. CDE shares rose 0.99% to $2.5450.

Portfolio Pulse from Shivani Kumaresan

November 20, 2023 | 3:32 pm

ARGT

BMA

GGAL

YPF

Javier Milei's victory in Argentina's presidential election led to a surge in Argentine ADRs and ETFs in U.S. markets. The Global X MSCI Argentina ETF (ARGT) rose by 13%, while ADRs like YPF Sociedad Anonima (YPF), Banco Macro S.A. (BMA), and Grupo Financiero Galicia S.A. (GGAL) saw significant premarket gains. Milei's economic proposals include privatization, dollarization, and fiscal reforms. Goldman Sachs highlighted risks associated with these changes, particularly for the exchange rate. The Argentine peso's volatility against the dollar Tether (USDT) on Binance and the disparity between official and parallel exchange rates are concerns for financial stability.

Portfolio Pulse from Piero Cingari

November 20, 2023 | 2:45 pm