Streetbeat News

Acquisitions Mergers

CGC

Canopy Growth Corporation (CGC) has been approved by the Ontario Superior Court of Justice to sell assets of BioSteel Sports Nutrition Inc. under the Companies' Creditors Arrangement Act. The sale includes assets of BioSteel Canada and BioSteel Manufacturing, LLC, which is expected to improve Canopy Growth's balance sheet. CFO Judy Hong stated that ceasing to fund BioSteel has already enhanced the company's financial position, and the sale proceeds will further improve it. Canopy's shares were up 3.2216% at $0.5479 per share.

Portfolio Pulse from Jelena Martinovic

November 17, 2023 | 4:05 pm

CYTO

Altamira Therapeutics Ltd (NASDAQ:CYTO) is trading over 200% higher after announcing the sale of a 51% stake in its subsidiary Altamira Medica AG to a Swiss private equity investor. The deal includes a cash consideration of CHF 2.04 million and future licensing income. The company will retain a 49% stake in Medica and expects a financial gain of approximately $5.2 million from the transaction. Altamira's CEO anticipates major growth from 2024 and a strategic repositioning into a focused RNA delivery company.

Portfolio Pulse from Vandana Singh

November 17, 2023 | 3:58 pm

AES

AES Corp (NYSE:AES) is in talks to sell its majority stake in a large coal-fired power plant in Vietnam, aligning with its strategy to exit coal assets by 2025. The potential buyer is Sev.en Global Investments, owned by billionaire Pavel Tykac. Posco International, holding a 30% stake, may also sell. AES recently sold parts of its Dominican Republic and Panama businesses for $190 million. In Q3 FY23, AES's adjusted EPS was $0.60, surpassing estimates, but revenue fell short at $3.43 billion.

Portfolio Pulse from Lekha Gupta

November 17, 2023 | 3:49 pm

MANU

Jim Ratcliffe is reportedly close to buying a 25% stake in Manchester United PLC (NYSE:MANU) at $33 per share, a 75% premium over its recent closing price. The club is valued at $3.04 billion. The Glazers aim to finalize the deal before Thanksgiving, with Ratcliffe's firm Ineos Sports acquiring both A and B shares. The investment will be personally financed by Ratcliffe, with $300 million earmarked for infrastructure development. MANU shares rose 7.38% in premarket trading.

Portfolio Pulse from Shivani Kumaresan

November 17, 2023 | 3:32 pm

Toyota Motor Corporation (NYSE:TM) has expanded its recycling agreement with Redwood Materials to include the creation of a circular supply chain for end-of-life automotive batteries from Toyota's electrified vehicles. The deal also allows Toyota to use recycled materials for new battery production. This follows a previous collaboration for battery collection and recycling. Toyota's North American supply chain will be supported by Redwood's Nevada facility, with an emphasis on the retiring fleet in California. TM shares saw a 0.95% increase to $192.20.

Portfolio Pulse from Shivani Kumaresan

November 17, 2023 | 3:24 pm

AAPL

AMZN

GOOG

GOOGL

META

NVDA

The Bill & Melinda Gates Foundation Trust has purchased a $4M stake in Nvidia Corp (NVDA), marking its first investment in the company. The trust also disclosed new stakes in Apple (AAPL), Meta Platforms (META), Amazon (AMZN), and Alphabet (GOOG/GOOGL). Bridgewater Associates acquired a $21M stake in Nvidia, while other investors like Soros Fund Management and Renaissance Technologies reduced or sold their Nvidia holdings. Nvidia's stock has risen by 240% this year, buoyed by optimism in the AI industry.

Portfolio Pulse from Anusuya Lahiri

November 17, 2023 | 3:10 pm

CYTO

Altamira Therapeutics' stock is trading higher following the announcement of a binding agreement to sell a 51% stake in its subsidiary Altamira Medica AG.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 2:51 pm

BBLG

CHPT

CYTO

SGD

VIGL

WLGS

U.S. stocks opened slightly lower with the Nasdaq Composite down by 30 points. Energy shares surged by 0.9%, while communication services fell by 0.5%. Housing starts in the U.S. rose by 1.9% to an annualized rate of 1.372 million in October. Safe and Green Development Corporation (SGD) shares soared 162% after announcing no stock offering. Altamira Therapeutics (CYTO) shares jumped 116% due to a partial spin-off. WANG & LEE GROUP (WLGS) also rose by 76%. Vigil Neuroscience (VIGL), Bone Biologics (BBLG), and ChargePoint Holdings (CHPT) shares fell sharply after negative company-specific news.

Portfolio Pulse from Lisa Levin

November 17, 2023 | 2:51 pm

WOLF

Jana Partners, an activist hedge fund, has disclosed a new position in Wolfspeed, Inc., holding 936,000 shares, according to their latest 13F filing with the SEC.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 2:43 pm

BCS

Barclays is reportedly exploring a deal to acquire the banking business of Tesco, according to sources cited by Reuters. This potential acquisition could expand Barclays' retail banking presence.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 2:24 pm