Streetbeat News

Acquisitions Mergers

HNRA

HNR Acquisition Corp (NYSE:HNRA) has completed its acquisition of Pogo Resources, LLC, gaining control of the Grayburg-Jackson oil field in the Permian Basin. The field has significant production potential, with plans to increase output from 1,400 to 4,000 barrels per day in three years. Pogo's assets include 13,700 acres, 343 producing wells, and 207 injection wells. Pogo generated $35 million in revenue in 2022. HNRA's management team, with extensive industry experience, aims to grow the company and expand revenues and profits through strategic acquisitions and a hedging program to protect profits.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 8:20 pm

PXD

XOM

Pioneer Natural Resources Co (PXD) was downgraded by Mizuho Securities analyst Nitin Kumar from Buy to Neutral, maintaining a price target of $301. The downgrade reflects the pending acquisition by Exxon Mobil Corp (XOM). PXD's Q3 FY23 adjusted EPS was $5.83, surpassing consensus, but revenue fell short at $3.46 billion. The company raised its FY23 production guidance. Concerns include potential strategy missteps and underperformance on recoveries per lateral foot on new laterals. Q4 FY23 EBITDAX/CFPS estimates are above consensus. PXD shares dropped by 0.70% to $235.24.

Portfolio Pulse from Lekha Gupta

November 15, 2023 | 8:17 pm

ARKK

Cathie Wood, CEO of ARK Invest, has indicated a shift in the SEC's stance on Bitcoin Spot ETFs, noting improved engagement and the potential for multiple approvals to avoid partiality. The final deadline for ARK's application is January 10. Additionally, ARK Invest has expanded into Europe by acquiring Rize ETFs, now ARK Europe, to cater to its European subscriber base. Bitcoin's price was down 3.70% at $35,596.4.

Portfolio Pulse from Mehab Qureshi

November 15, 2023 | 7:55 pm

JGGC

Jaguar Global Growth Corporation I (NASDAQ: JGGC) and GLAAM/Captivision have completed their business combination, with the merged entity to be named Captivision Inc. The new company's shares and warrants will trade on Nasdaq under the tickers 'CAPT' and 'CAPTW' starting November 16, 2023. This marks an important milestone for Captivision, which specializes in architectural media glass with its proprietary G-Glass technology.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 7:16 pm

CSGP

CoStar Group (NASDAQ:CSGP), a leader in online real estate marketplaces and analytics, has appointed Sandra Roumi as the General Manager for its expansion in France. Roumi, with her extensive experience in the French real estate industry, will lead the launch of CoStar and LoopNet in France. The expansion is part of CoStar's European growth strategy, leveraging its existing French businesses: Business Immo, BureauxLocaux, and Grecam. The France operations will be based in Paris.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 7:04 pm

SHPW

Shapeways Holdings, Inc. (SHPW) shares dropped by approximately 20% following the release of disappointing financial results, with an adjusted loss per share and quarterly sales both missing market expectations. Other stocks experienced significant movement in Wednesday's mid-day session, with various companies reporting financial results, FDA designations, and potential acquisition interest.

Portfolio Pulse from Lisa Levin

November 15, 2023 | 7:04 pm

TXT

Bell Textron Inc. has signed a purchase agreement with Caverton Helicopters Limited for a Bell 429 helicopter. The helicopter will be used for offshore operations in Cameroon.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 7:02 pm

GT

Goodyear Tire & Rubber Company (NASDAQ:GT) announced the retirement of Chairman, CEO, and President Richard J. Kramer in 2024 and the initiation of a search for his successor. The company also unveiled the 'Goodyear Forward' plan, targeting a $1 billion annual run-rate benefit by 2025 through cost reductions and portfolio optimization, including the potential sale of its Chemical business, Dunlop brand, and Off-the-Road tire business. The plan aims for $2 billion in gross proceeds and a doubling of segment operating margin to 10% by Q4 2025. Goodyear expects to reduce debt by $1.5 billion, net of restructuring costs. Elliott Investment Management, a major investor, expressed support for the initiatives. GT shares rose 2.86% to $14.05.

Portfolio Pulse from Shivani Kumaresan

November 15, 2023 | 6:59 pm

KNTE

Kinnate Biopharma's stock price has risen following the announcement that it received a letter from Foresite Capital Management and OrbiMed Advisors expressing interest in potentially acquiring all outstanding shares of the company.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 6:35 pm

BA

EADSY

Airbus SE (EADSY) has signed a deal with Ethiopian Airlines for 11 additional A350-900 aircraft, increasing their total A350 order to 33. This deal comes after Airbus faced limited success at the Dubai Airshow, where Boeing (BA) secured significant orders. Ethiopian Airlines also has an existing order with Boeing for 20 737-8 and 11 787-9 Dreamliners. Airbus shares dropped by 0.88% to $35.53.

Portfolio Pulse from Nabaparna Bhattacharya

November 15, 2023 | 6:27 pm