Streetbeat News

Acquisitions Mergers

AMSWA

BBLG

BKE

CHPT

CYTO

GPS

TWST

The S&P 500 saw a slight increase, with energy shares leading the gains and communication services shares lagging. The Buckle, Inc. (BKE) shares surged over 8% after reporting Q3 earnings that beat EPS estimates but missed on sales. Gap Inc. (GPS) shares also jumped 31% following strong Q3 results. Altamira Therapeutics Ltd. (CYTO) saw a 259% increase after selling a majority stake in a subsidiary. Twist Bioscience Corporation (TWST) shares rose 29% after positive quarterly results. American Software, Inc. (AMSWA) shares fell 10% due to disappointing revenue guidance and a price target cut. Bone Biologics Corporation (BBLG) shares dropped 31% after announcing a priced offering. ChargePoint Holdings, Inc. (CHPT) fell 35% after preliminary results and a CEO transition announcement.

Portfolio Pulse from Lisa Levin

November 17, 2023 | 7:30 pm

TMBR

Timber Pharmaceuticals announced that its proposal to approve a merger agreement with Leo US and Leo Spiny Merger Sub was not approved by a majority of the outstanding shares entitled to vote, as per an SEC filing. A special meeting was held to vote on this matter.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 6:19 pm

AGE

PFE

Serina Therapeutics Inc has licensed its POZ polymer technology to Pfizer Inc for research and development activities. Serina, which is set to merge with AgeX Therapeutics Inc in an all-stock transaction, will continue under the Serina name post-merger. AgeX Therapeutics' stock (AGE) is trading lower on heavy volume, with shares down 28.3% at $0.42.

Portfolio Pulse from Vandana Singh

November 17, 2023 | 6:10 pm

APO

PCRFY

Panasonic Holdings Corp (OTC:PCRFY) plans to sell part of its automotive systems division to funds managed by Apollo Global Management (NYSE:APO). They signed an MOU to become strategic partners in Panasonic Automotive Systems Corporation's business, aiming to finalize the agreement by March 31, 2024. PAS specializes in infotainment systems and other advanced vehicle technologies. Panasonic is also considering a future listing of this business segment.

Portfolio Pulse from Shivani Kumaresan

November 17, 2023 | 6:00 pm

BABA

BIDU

NVDA

TCEHY

Alibaba Group Holding Limited (NYSE:BABA) shares fell nearly 10% after announcing it will not spin off its cloud computing segment due to U.S. chip export restrictions. The restrictions have made it difficult for Chinese companies to obtain chips from U.S. firms, affecting Nvidia Corporation (NASDAQ:NVDA) and creating uncertainty for Alibaba's cloud prospects. Alibaba's quarterly report showed a 9% revenue increase, meeting expectations, but the bottom line fell short of estimates. Despite global uncertainty, Alibaba sees a more stable operating environment and plans a strategic review to focus on core businesses. Competition in AI, a key part of Alibaba's strategy, is intense with players like Tencent Holdings Limited (OTC:TCEHY) and Baidu Inc (NASDAQ:BIDU), as well as U.S. tech giants.

Portfolio Pulse from Upwallstreet

November 17, 2023 | 5:23 pm

KHRNF

Khiron Life Sciences Corp. (OTC:KHRNF) has amended its agreement for the sale of its European subsidiaries, removing the option to acquire shares of its Colombian subsidiary, Zerenia S.A.S., to comply with TSX Venture Exchange conditions. The sale includes Pharmadrug Production GmbH and other entities, with regulatory approvals received and expected completion on November 17, 2023. Khiron's shares fell 11.3475% to $0.01 following the announcement.

Portfolio Pulse from Jelena Martinovic

November 17, 2023 | 5:11 pm

BBLG

CHPT

CYTO

GPS

TWST

ZENV

U.S. stocks were mostly flat, with the Dow slightly up and the NASDAQ marginally down. Energy shares surged by 2% while communication services fell by 0.9%. BJ's Wholesale Club Holdings Inc reported Q3 sales growth of 2.9% to $4.92 billion, missing estimates, but beat EPS expectations. The Gap, Inc. shares soared after strong Q3 results. Altamira Therapeutics Ltd. shares surged following a stake sale agreement. Twist Bioscience Corporation shares rose on robust quarterly results. Zenvia Inc., Bone Biologics Corporation, and ChargePoint Holdings, Inc. saw shares fall post-earnings or due to corporate announcements. Oil prices increased by 3.3%, while gold and silver saw slight declines.

Portfolio Pulse from Lisa Levin

November 17, 2023 | 5:10 pm

THC

Tenet Healthcare (THC) shares are up following the announcement of a deal to sell three of its hospitals in South Carolina to Novant Health for $2.4 billion in cash.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 5:05 pm

FMC

FMC Corp (NYSE:FMC) announced during its Investor Day a strategic review of non-core assets, including the potential sale of its Global Specialty Solutions line. The company revealed plans to introduce four new synthetic ingredients and expand its biologicals platform, targeting $2 billion in revenue from each by 2033. FMC provided FY24 revenue guidance of $4.65-$4.85 billion, adjusted EBITDA of $1.025-$1.125 billion, and free cash flow conversion over 100%. FY26 revenue is projected at $5.5-$6.0 billion with adjusted EBITDA of $1.3-$1.5 billion. Shares traded lower by 0.86% at $52.97.

Portfolio Pulse from Lekha Gupta

November 17, 2023 | 4:30 pm

BTCW

WisdomTree has amended its spot Bitcoin ETF prospectus, indicating ongoing plans to launch an ETF with ticker BTCW, and Coinbase Custody Trust as custodian. Other firms like VanEck have also filed amended applications, while Franklin Templeton and Global X await approval deadlines. Bloomberg analysts expect further SEC delays but maintain a 90% likelihood of a spot Bitcoin ETF approval by January 2024.

Portfolio Pulse from Khyathi Dalal

November 17, 2023 | 4:29 pm