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CRM

DIS

MSFT

Walt Disney Co (NYSE:DIS) stock is up as ValueAct has been accumulating shares, now one of its largest shareholders. ValueAct, with a history of enhancing profitability at companies like Salesforce (NYSE:CRM) and Microsoft (NASDAQ:MSFT), sees potential for similar improvements in Disney. They suggest revenue increases through bundling, pricing tiers, and advertising, which could boost Disney's EBIT. The return of Bob Iger and the current proxy fight with Nelson Peltz and Trian Partners also present opportunities for ValueAct's involvement.

Portfolio Pulse from Anusuya Lahiri

November 15, 2023 | 2:52 pm

PCT

Bleecker Street Research has issued a second report on PureCycle Technologies (PCT), highlighting operational issues and the risk of imminent default due to the company's inability to meet production milestones. PureCycle's Ironton facility has faced production shortfalls, leading to a planned shutdown for repairs. The company's debt-heavy capital structure and stringent municipal bond covenants pose a significant risk, as failure to meet production targets could trigger default. The report suggests that PureCycle's equity could become worthless if it defaults, as its assets are collateralized against its bonds. Bleecker Street Research remains short on PCT shares.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 2:50 pm

ALRM

DHR

EXPE

ILMN

RBLX

ValueAct Capital Management has acquired stakes in Recruit Holdings and Expedia Group, anticipating strong growth for both companies. The investment firm highlighted Recruit's undervalued assets and Expedia's improving margins and cost management. ValueAct works behind the scenes with management and has a history of involvement with tech companies. It also disclosed new positions in Illumina, Danaher Corp, Roblox Corp, and Alarm.com Holdings in a recent regulatory filing.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 2:33 pm

KNTE

Kinnate Biopharma has disclosed in an SEC 8K filing that it received a letter indicating an intent to explore a potential acquisition of all outstanding shares of the company in a going-private deal. This suggests that there may be an upcoming offer to purchase the shares of Kinnate Biopharma that are currently publicly traded.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 2:23 pm

BRK.A

SIRI

Sirius XM Holdings' stock price has increased following the disclosure by Berkshire Hathaway that it acquired 9.68 million shares of Sirius XM in the third quarter.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 2:21 pm

SSNT

SilverSun Technologies, Inc. (SSNT) has acquired the business assets of JCS Computer Resource Corporation, a reseller of Sage Software solutions. This acquisition by SSNT's subsidiary, SWK Technologies, expands its geographic reach and adds over 350 Sage 100 customers. The integration is expected to be quick and seamless, with both companies having previously worked together and sharing similar corporate cultures and values.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 2:14 pm

CVX

HES

Chevron Corp (NYSE:CVX) is considering selling its East Texas assets, which include approximately 70,000 net acres in the Haynesville shale formation. Development of these assets was halted earlier this year. The company is exploring various options, including a sale or a partnership with regional producers. This move is part of Chevron's strategy to offload assets worth up to $15 billion over the next five years following its recent acquisitions, including Hess Corp (NYSE:HES) for $53 billion and PDC Energy for $7.6 billion. These acquisitions added 500,000 barrels of oil and gas per day to Chevron's U.S. shale portfolio. Chevron's Q3 FY23 results showed total revenues of $54.1 billion, surpassing expectations, but an adjusted EPS of $3.05, which missed the consensus. CVX shares are down 0.21% in premarket trading.

Portfolio Pulse from Lekha Gupta

November 15, 2023 | 2:11 pm

MFC

Manulife Investment Management has agreed to acquire CQS, a multi-sector alternative credit manager with approximately $13.5 billion in assets under management. The acquisition will enhance the global investment solutions for clients of both firms and allow Manulife to scale its distribution footprint. CQS will continue to be led by its current CEO and Senior Partners, and the CQS brand will be co-branded with Manulife. The transaction is expected to close in early 2024, subject to regulatory approvals, with financial terms not disclosed. Lord Hintze's Directional Opportunities Fund is not included in the deal.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 2:10 pm

JNJ

Ethicon, a Johnson & Johnson MedTech company, announced the approval of ETHIZIA Hemostatic Sealing Patch, designed to stop bleeding in surgeries. ETHIZIA is unique for being equally active on both sides and has shown to stop bleeding six times faster than the leading Fibrin Sealant Patch in clinical trials. It will launch in EMEA in Q1 2024, with plans for North America, APAC, and LATAM. Ethicon acquired GATT Technologies B.V. in May 2022, enhancing its portfolio with synthetic polymer technology for surgical bleeding and leak challenges.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 2:07 pm

DIS

Activist investor ValueAct Capital has been accumulating a significant stake in The Walt Disney Company (DIS) since the summer, during the Hollywood strikes. ValueAct, known for its corporate governance focus, is in dialogue with Disney's management and considers Disney's theme parks and consumer products businesses to be worth low $80s per share on their own. ValueAct's involvement has historically led to increased profitability and stock prices in other companies. Disney's current market value is $167 billion, and the company has announced an aggressive cost-cutting plan. ValueAct's history of board involvement and strategic initiatives in other companies suggests potential for a similar impact at Disney, especially with the ongoing proxy fight with Nelson Peltz and Trian Partners.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 2:05 pm