Streetbeat News

Acquisitions Mergers

ABNB

ADBE

COIN

Adobe Inc.'s proposed $20 billion acquisition of Figma Inc. is expected to face an antitrust warning from the European Commission. The Commission is preparing a statement of objections, highlighting concerns about potential anti-competitive effects of the deal. The EU initiated an in-depth investigation into the takeover in August over concerns of reduced competition in the market for interactive product design tools. Figma collaborates with companies like Zoom Video Communications, Airbnb, and Coinbase Global. The Commission's decision on the deal is expected by February 5.

Portfolio Pulse from Nabaparna Bhattacharya

November 14, 2023 | 7:10 pm

THRX

Shares of Theseus Pharmaceuticals are on the rise following the company's announcement to explore strategic alternatives, which could include a sale, merger, divestiture, or other options to enhance shareholder value.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 6:38 pm

SAFRY

Safran (OTC:SAFRY) has secured contracts worth over $1.2 billion from Emirates, including a $1 billion deal for Safran Seats for Emirates' new A350, 777X-9, and existing 777-300 aircraft. The contracts also involve Safran Cabin providing Galley shipsets and Safran Landing Systems supplying wheels and carbon brakes for the A350 fleet. Additionally, a 10-year service agreement with Safran Aerosystems for 777 safety and cabin systems components repair and maintenance is included. Safran's stock price increased by 2.77% to $42.63.

Portfolio Pulse from Shivani Kumaresan

November 14, 2023 | 6:38 pm

MCO

NTRS

At the Benzinga Future of Digital Assets conference, experts including Rajeev Bamra from Moody's Corp. (MCO) and Patrick Martinez from Northern Trust Corp. (NTRS) discussed the potential of blockchain to coexist with traditional assets and enhance transaction security and efficiency. They highlighted the growth in digital bond issuances and the evolving role of traditional financial institutions in the digital asset space. Martinez mentioned Northern Trust's partnership with Standard Chartered to establish Zodia, a cryptocurrency custodian. The panelists believe blockchain integration with the entire finance value chain is key to future growth, with predictions of trillions in growth by 2030.

Portfolio Pulse from Piero Cingari

November 14, 2023 | 6:33 pm

AUVI

BCDA

INVO

KBNT

SKIN

THRX

U.S. stocks traded higher with the Dow Jones gaining around 500 points. Real estate shares surged by 4.6%, while energy shares rose by 0.2%. The U.S. annual inflation rate decreased to 3.2% in October. BioCardia, Inc. (BCDA) soared 206% after FDA approval for a Phase 3 clinical trial. INVO Bioscience, Inc. (INVO) rose 28% after posting a narrower Q3 loss. Theseus Pharmaceuticals, Inc. (THRX) gained 50% after announcing a strategic alternatives exploration process. The Beauty Health Company (SKIN) plunged 60% due to weak Q3 results and a suspended 2025 forecast. Kubient, Inc. (KBNT) dropped 51% after announcing a voluntary delisting from Nasdaq. Applied UV, Inc. (AUVI) fell 44% after pricing a public offering. Oil and gold prices increased.

Portfolio Pulse from Lisa Levin

November 14, 2023 | 6:11 pm

ENGIY

WRK

WestRock Company (NYSE:WRK) has signed two virtual power purchase agreements (VPPAs) with ENGIE North America, a subsidiary of ENGIE S.A. (OTC:ENGIY), to support renewable energy projects in Texas. The agreements, which align with WestRock's goal to reduce greenhouse gas emissions by 27.5% by 2030, involve 282 MW from ENGIE's Bernard Creek and Chillingham Solar projects. The Bernard Creek project is expected to generate significant revenue and jobs for Wharton County. WestRock's stock (WRK) rose by 1.95% to $38.25.

Portfolio Pulse from Shivani Kumaresan

November 14, 2023 | 5:56 pm

BXP

Boston Properties Inc (BXP) has sold a 45% stake in two life sciences development properties in Cambridge, Massachusetts, to Norges Bank Investment Management for approximately $1.66 billion. BXP retains a 55% interest and will continue to provide development, property management, and leasing services. The deal will reduce BXP's future development spend by about $533.5 million. BXP recently reported a Q3 FFO per share of $1.86 and sales of $824.28 million, surpassing consensus estimates. BXP shares have risen 10.6% to $56.67.

Portfolio Pulse from Lekha Gupta

November 14, 2023 | 5:45 pm

TLIS

Talis Biomedical Corp (NASDAQ:TLIS) stock surged 30% after announcing strategic options exploration to enhance shareholder value. The company is considering financing, mergers, or asset divestiture, and is reducing its workforce by 90% and consolidating operations in Chicago. Despite lower revenues in Q3 2023, operating expenses and net losses decreased, with cash reserves reported at $88.0 million as of September 30. Talis Biomedical will not hold a Q3 results conference call but details are in their 10-Q report.

Portfolio Pulse from Henry Khederian

November 14, 2023 | 5:21 pm

LICY

Li-Cycle Holdings Corp (NYSE:LICY) stock fell after announcing engagement with Moelis & Company LLC to evaluate financing and strategic alternatives. The company reported Q3 revenue of $4.7 million, surpassing estimates, and an adjusted loss per share better than expected. Li-Cycle is also taking steps to conserve cash following the pause in the Rochester Hub project.

Portfolio Pulse from Adam Eckert

November 14, 2023 | 4:58 pm

LIVE

Private equity firm F9 Investments, LLC has proposed to acquire LL Flooring Holdings Inc (NYSE:LL) for $3.00 per share, owning about 8.8% of the company. The offer is based on LL Flooring's poor Q3 2023 performance and is fully financed with cash and credit. F9's owner, Thomas Sullivan, plans to nominate three directors to LL Flooring's board in 2024. Previously, LL Flooring rejected F9's $5.76/share offer and Live Ventures Incorporated (NASDAQ:LIVE) proposed $5.85/share to acquire LL Flooring. LL shares rose 7.09% to $3.02.

Portfolio Pulse from Shivani Kumaresan

November 14, 2023 | 4:16 pm