Streetbeat News

Acquisitions Mergers

ADBE

FANG

SIRI

TSM

On CNBC's 'Halftime Report Final Trades,' analysts highlighted Diamondback Energy (FANG), TSMC (TSM), Adobe (ADBE), and Sirius XM (SIRI). FANG was praised for its 10% free cash flow yield and Q3 results. TSMC saw a significant increase in net revenue for October. Adobe's upcoming EU antitrust warning regarding its Figma takeover was noted, and Berkshire Hathaway's purchase of SIRI shares was mentioned. Stock movements for the session were mixed, with FANG and SIRI down, while ADBE was up.

Portfolio Pulse from Lisa Levin

November 17, 2023 | 1:58 pm

AMAT

GPS

MANU

Gap Inc. (GPS) reported Q3 2023 adjusted earnings per share (EPS) of $0.59, surpassing the $0.18 estimate, with revenue of $3.767B beating the $3.610B estimate. Manchester United (MANU) shares rose after reports of Ineos Sports' interest in buying a 25% stake at $33 per share. Applied Materials (AMAT) shares fell due to Q4 earnings and a report of a US criminal investigation for possibly evading export restrictions to China's SMIC.

Portfolio Pulse from ryanfaloona@benzinga.com

November 17, 2023 | 1:53 pm

DOCS

HIMS

NTRA

OSUR

PNT

Five health care stocks are considered overbought based on their RSI values, which may signal a potential short-term decline. OraSure Technologies (OSUR) reported positive quarterly results but saw a slight share price drop. POINT Biopharma (PNT) reported a net loss and is being acquired by Lilly, with a minor share price decrease. Natera (NTRA) partnered with Merck for oncology research, experiencing a small share price fall. Doximity (DOCS) exceeded financial expectations, yet shares closed lower. Hims & Hers Health (HIMS) reported strong sales and announced a share repurchase program, with shares also closing down.

Portfolio Pulse from Lisa Levin

November 17, 2023 | 1:33 pm

THC

Tenet Healthcare Corp (THC) shares rose after announcing a deal to sell three hospitals and related operations in South Carolina to Novant Health for approximately $2.4 billion in cash. The sale is expected to yield about $1.750 billion in after-tax proceeds, which Tenet plans to use primarily for debt retirement. The included facilities generated revenues of around $552 million in the last 12 months. Tenet will also sign a new 15-year contract with Conifer Health Solutions for revenue cycle management services. The transaction is expected to close in Q1 2024, and Tenet anticipates a pre-tax book gain of about $1.6 billion. THC's Q3 net operating income was $101 million with an adjusted EPS of $1.44, surpassing the consensus of $1.20. THC shares are up 4.92% at $61.00 in premarket trading.

Portfolio Pulse from Lekha Gupta

November 17, 2023 | 1:22 pm

MANU

Manchester United shares have risen after reports that Ineos Sports, owned by Jim Ratcliffe, is negotiating to purchase a 25% stake in the club at $33 per share.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 1:16 pm

Masanori Mochida, President of Goldman Sachs Japan, is stepping down after 38 years. His departure is part of a move for fresh leadership as the firm faces increased competition in Japan. Mochida was instrumental in establishing Goldman's presence in Japan, competing with domestic banks. His retirement aligns with a growing interest in Japanese investments due to corporate governance reforms and shareholder activism. Mochida's post-retirement plans may involve rugby, reflecting his past interest in the sport.

Portfolio Pulse from Anusuya Lahiri

November 17, 2023 | 12:52 pm

FMC

FMC Corporation is conducting a strategic review of its non-core assets, which may include the sale of its non-crop product line, Global Specialty Solutions. This review is aimed at optimizing the company's portfolio and focusing on its core agricultural business.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 12:50 pm

CGC

Canopy Growth Corporation (CGC) announced that its subsidiary, BioSteel, has received court approval for successful bids in its sale and investment solicitation process. This development could potentially lead to new investments or ownership changes in BioSteel, which may impact CGC's financials and strategic direction.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 12:38 pm

ABCM

DHR

Abcam has received all necessary clearances for its acquisition by Danaher at a price of $24.00 per share in cash. This marks a significant step towards the completion of the acquisition process.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 12:08 pm

LLY

PNT

Eli Lilly and Company has extended its tender offer to acquire POINT Biopharma until December 1, 2023. The purchase price offered is $12.50 per share in cash.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 11:48 am