Streetbeat News

Acquisitions Mergers

NOVT

Novanta's stock is trading higher following the announcement of its agreement to acquire Motion Solutions for $189 million.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 5:24 pm

TSLA

Elon Musk has refuted a Bloomberg report claiming discussions of a 2024 IPO for SpaceX's Starlink satellite business. Musk labeled the report as 'false' on the social media platform he owns, X (formerly Twitter). Despite past statements suggesting a future IPO for Starlink, Musk's recent comment casts doubt on the immediate plans for a public offering. SpaceX, still a private company, has seen strong revenues from Starlink, which could surpass its rocket launch business in sales.

Portfolio Pulse from Neil Dennis

November 15, 2023 | 5:08 pm

ADBE

VGK

Adobe anticipates receiving an antitrust warning from the European Union regarding its proposed $20 billion acquisition of Figma. The company is open to discussing remedies to address regulatory concerns and is committed to proceeding with the deal, pending a clear understanding of the EU's specific issues.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 5:01 pm

CSCO

Cisco Systems, Inc. (NASDAQ:CSCO) is expected to report Q1 FY2024 earnings of $1.03 per share, up from $0.86 the previous year, with revenue estimated at $14.62 billion versus $13.31 billion. The company has also agreed to acquire Splunk for $28 billion. Ahead of the earnings call, analysts have revised their price targets for Cisco, with most maintaining a Neutral rating and one maintaining an Outperform rating. Cisco's stock closed up 1.8% at $53.17.

Portfolio Pulse from Lisa Levin

November 15, 2023 | 3:45 pm

VEON

VEON Ltd. (NASDAQ:VEON) has appointed Michael R. Pompeo as an independent non-executive director of Kyivstar's Board and CEO Kaan Terzioglu as Chair of the same board. This follows VEON's challenge to a freeze on its corporate rights in Ukraine and its commitment to invest $600 million in the country. VEON has also completed the sale of its Russian subsidiary. Shares of VEON are up 3.16% to $20.22.

Portfolio Pulse from Nabaparna Bhattacharya

November 15, 2023 | 3:42 pm

LVO

PODC

PodcastOne, a subsidiary of LiveOne, has acquired exclusive rights to the 'Lost In Panama' podcast, including IP for potential TV/film adaptations. The acquisition, paid in stock, is expected to be immediately accretive to revenues and EBITDA. 'Lost In Panama' was a top true crime podcast in 2022, with over 2 million downloads. PodcastOne plans to continue expanding its library and has added 19 new shows this year.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 3:16 pm

SIRI

Shares of Sirius XM Holdings Inc (NASDAQ:SIRI) surged after Berkshire Hathaway reported purchasing 9.68 million shares in the third quarter. The stock's rise also follows SiriusXM's announcement of new features for its streaming app, set to launch on Dec. 14, which aims to enhance user experience with improved search capabilities and content discovery.

Portfolio Pulse from Adam Eckert

November 15, 2023 | 3:07 pm

OMQS

OMNIQ Corp. (NASDAQ:OMQS) has received a repeat order for its AI-based Machine Vision solution to upgrade parking systems at four major airports managed by the Port Authority of New York and New Jersey (PANYNJ). The upgrade includes omniQ's latest AI neural network engine, aiming to improve traffic flow, revenue, and convenience for travelers. The project is in collaboration with DESIGNA, a leader in automated parking systems. OMNIQ's CEO expressed confidence in the technology and anticipates further orders from other airports.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 3:03 pm

KNTE

Kinnate Biopharma Inc (NASDAQ:KNTE) shares surged after Foresite Capital Management and OrbiMed Advisors expressed interest in potentially acquiring the company. Kinnate, a clinical-stage precision oncology company, has been focusing on cancer-targeted therapies and recently prioritized certain programs while reducing its workforce by 70%. The company's cash reserves are expected to fund operations into Q2 2026. KNTE's stock price jumped 45.60% to $2.29.

Portfolio Pulse from Vandana Singh

November 15, 2023 | 3:02 pm

YNDX

Yandex NV (NASDAQ:YNDX), often referred to as 'Russia's Google', is considering a complete sell-off of its Russian assets. The Dutch holding company aims to finalize the deal by the end of the year and refocus on international business lines. The potential deal value is estimated to be around 560 billion roubles ($6.18 billion), with previous bids for half the company at $7 billion. Yandex has faced challenges due to geopolitical tensions and pressure from the Kremlin, leading to the sale of certain assets to VK and a corporate restructuring to depoliticize its operations. A board meeting in Dubai is scheduled for the end of November to discuss the deal, which requires shareholder and Russian government approval.

Portfolio Pulse from Vandana Singh

November 15, 2023 | 2:58 pm