Streetbeat News

Acquisitions Mergers

CEIX

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GLD

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David Einhorn's Greenlight Capital is positioned for higher oil prices, which he believes could lead to a recession. The portfolio has increased stakes in the material and energy sectors, with a significant move towards gold as a safe haven. Materials make up 39.31% of the portfolio, with Green Brick Partners Inc (GRBK) being the top holding. The energy sector allocation has grown to 23.84%, with CONSOL Energy Inc (CEIX) as the second-largest holding. The fund has also taken positions in oil futures and options, expecting higher crude oil prices throughout 2024.

Portfolio Pulse from Surbhi Jain

November 16, 2023 | 3:18 pm

QDEL

QuidelOrtho Corp (NASDAQ:QDEL) is considering selling its transfusion medicine division, which could be valued between $1.5 billion and $2 billion. The company is working with advisors to gauge interest from potential buyers. The unit, acquired through the purchase of Ortho Clinical Diagnostics Holdings Plc in 2022, reported a Q3 revenue of $164 million, a 0.5% increase year-over-year. The sale discussions are preliminary, and there is no certainty of a transaction. QDEL's stock price rose 0.99% to $64.10.

Portfolio Pulse from Vandana Singh

November 16, 2023 | 3:16 pm

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WAVD

U.S. stocks traded lower with the Dow, NASDAQ, and S&P 500 all seeing declines after jobless claims data showed an increase to 231,000, the highest in three months. Utilities shares surged, while energy shares fell. Apollomics, WaveDancer, and Bone Biologics saw significant stock price increases, whereas Volcon, Nogin, and Velo3D experienced substantial drops. Oil prices decreased, while gold and silver prices increased.

Portfolio Pulse from Lisa Levin

November 16, 2023 | 2:43 pm

ABVC

ABVC BioPharma Inc and its unit Biolite have each entered into a multi-year, global licensing agreement with AiBtl BioPharma Inc. According to the agreements, ABVC and Biolite will each receive 23 million shares of AiBtl stock, as disclosed in an SEC 8K filing.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 2:33 pm

LUCD

PAVM

Lucid Diagnostics Inc. (LUCD) has expanded its executive team by hiring Natalie S. Carfora as VP, Market Access, and James M. Fricchione as VP, Employer Markets to support market access and direct contracting efforts. Shaun M. O'Neil has been promoted to President and COO. These moves aim to drive EsoGuard payor coverage and secure direct contracts, which are vital for Lucid's revenue growth. Lucid is a majority-owned subsidiary of PAVmed Inc. (PAVM).

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 2:14 pm

AJG

Arthur J. Gallagher & Co. has acquired Coverys Insurance Services. The financial terms of the deal were not disclosed. This acquisition could potentially expand Gallagher's insurance offerings and market reach.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 2:06 pm

BCAN

BYND Cannasoft Enterprises Inc. (NASDAQ:BCAN) has submitted a plan for developing CRM software with AI for the medical cannabis industry, with a budget of $1.5M and a potential grant of $0.75M from Israel's Innovation Authority. The Israeli Finance Ministry has increased the high-tech sector fund to $100M to support startups during wartime challenges. The high-tech sector is vital to Israel's economy, contributing 18% to the GDP and 50% to foreign exports. The grant decision is pending, and there is no assurance of its full amount being awarded.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 1:47 pm

CTNT

Cheetah Net Supply Chain Services has signed a Letter of Intent to acquire Edward Transit Express Group for $1.5M, with the payment comprising $300K in cash and $1.2M in Cheetah's Class A Common Stock.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 1:34 pm

CYRX

CryoPort, Inc. has expanded its U.S. operations by acquiring Bluebird Express. The financial terms of the acquisition have not been disclosed. This strategic move is expected to enhance CryoPort's service offerings and market presence in the U.S.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 1:33 pm

VET

Vermilion Energy Inc. has acquired additional common shares and warrants of Coelacanth Energy Inc., increasing its ownership to approximately 18.55% of the issued and outstanding common shares, or 19.62% on a partially diluted basis. The acquisitions were made through various transactions, including a public offering and purchases through the TSX Venture Exchange. Vermilion may continue to acquire more shares until November 27, 2023, and will adjust its investment strategy based on market conditions and Coelacanth's performance.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 1:23 pm