Streetbeat News

Acquisitions Mergers

TSNDF

TerrAscend Corp. (OTC:TSNDF) reported strong financial performance in Q3 with a 24% QoQ and 35% YoY revenue increase to $89.2 million, beating the consensus estimate. Growth was driven by Maryland's adult-use conversion and efficiency gains. Needham analysts praised the company's strategic moves and operational realignment, projecting a solid Q4 with consistent revenue and improved EBITDA margins. TerrAscend has reduced debt by 40% and interest expenses by 30%, focusing on asset acquisition in existing states. Despite being rated as a 'Hold' and trading at an EV/EBITDA premium, the company's strategic financial management positions it for robust cash flow and steady revenue. However, risks include market expansion, regulatory challenges, and pricing dynamics in the U.S. cannabis industry.

Portfolio Pulse from Javier Hasse

November 10, 2023 | 7:45 pm

HSIC

Stifel analyst Jonathan D. Block upgraded Henry Schein Inc (HSIC) to Buy from Hold with a $70 price target, citing easing headwinds from market consolidation and online competition. Despite a cybersecurity incident, the analyst sees potential for FY24 EPS to align with FY23 guidance. HSIC's shift from distributor to manufacturer, bolstered by acquisitions, is viewed positively. HSIC will report Q3 FY23 results on November 13, 2023, and shares are up 2.25% at $63.56.

Portfolio Pulse from Lekha Gupta

November 10, 2023 | 7:39 pm

BUSDUSD

Binance (CRYPTO: BUSD) announced plans to exit Russia and will stop accepting Russian ruble deposits starting Nov. 15, 2023. Withdrawals in rubles will end on Jan. 31, 2024. Users are advised to transfer funds to CommEX, which acquired Binance's Russian division, for zero-fee ruble withdrawals. The move comes amid Western sanctions against Russia, and Binance denies any ties with CommEX post-acquisition. The off-boarding process for Russian users is expected to take up to a year.

Portfolio Pulse from Khyathi Dalal

November 10, 2023 | 7:05 pm

LILA

Liberty Latin America's stock is up following the release of Q3 earnings per share (EPS) that exceeded expectations. Additionally, the company has entered into an agreement with Phoenix Tower International to monetize its mobile tower assets.

Portfolio Pulse from Benzinga Newsdesk

November 10, 2023 | 6:57 pm

EA

RBLX

Roblox Corporation (RBLX) and Electronic Arts (EA) have reported strong financial results, defying concerns about the impact of high-interest rates and a weak economy on the gaming industry. Roblox's Q3 results exceeded revenue and profit estimates with a 20% YoY increase in bookings and a narrowed net loss. The company also acquired an AI startup and reduced its workforce to improve its bottom line. EA raised its annual profit guidance following a successful launch of its FC24 soccer game, with Q2 bookings and profit surpassing estimates.

Portfolio Pulse from Upwallstreet

November 10, 2023 | 6:42 pm

TDG

TransDigm Group Incorporated (NYSE:TDG) exceeded Q4 FY23 earnings expectations with a 23% year-on-year sales increase to $1.852 billion and an adjusted EPS of $8.03, surpassing consensus estimates. The company forecasts FY24 net sales between $7.48 billion and $7.68 billion and adjusted EPS of $31.00-$32.94, both above consensus. TransDigm also plans to acquire the Electron Device Business of Communications & Power Industries for $1.385 billion. Following the news, TDG shares rose 1%, and analysts at Susquehanna and Morgan Stanley raised their price targets for TDG.

Portfolio Pulse from Lisa Levin

November 10, 2023 | 6:18 pm

INVO

INVO Bioscience Inc (NASDAQ:INVO) is experiencing a surge in stock price, trading over 100% higher, following its announcement of soliciting waivers from holders of common stock purchase warrants related to its upcoming merger with NAYA Biosciences Inc. The merger, agreed last month, is an all-stock deal where NAYA shareholders will receive 7.3333 INVO shares per NAYA share, totaling approximately 18.15 million INVO shares. Post-merger, the company will operate as NAYA Biosciences with Daniel Teper as Chairman and CEO. The waiver solicitation expires on November 15, 2023. INVO's stock volume soared to 49.8 million shares, significantly higher than the 100-day average of 1.81 million shares.

Portfolio Pulse from Vandana Singh

November 10, 2023 | 5:42 pm

GAME

GameSquare Holdings Inc (NASDAQ:GAME) has agreed to sell its noncore radio business, Frankly Media LLC, to SoCast, Inc. for $4 million. The deal includes $3 million at closing and up to $1 million based on future revenues. The sale is part of GameSquare's strategy to focus on its core marketing, gaming, creative, and technology solutions, following the recent acquisition of Engine Gaming. The transaction is expected to close by the end of November 2023. GAME shares rose 6.5% to $1.64 following the announcement.

Portfolio Pulse from Lekha Gupta

November 10, 2023 | 4:26 pm

ASTR

COIN

GAN

LLY

MARA

Benzinga's Stock Whisper Index highlights five stocks: GAN Limited after an acquisition announcement by Sega Sammy Creation; Marathon Digital Holdings following Q3 results and Bitcoin production increase; Eli Lilly with FDA approval for Tirzepatide; Astra Space after a buyout proposal from its founders; and Coinbase Global due to Q3 revenue beat and Bitcoin optimism. These stocks are gaining investor interest and could see short-term impacts.

Portfolio Pulse from Chris Katje

November 10, 2023 | 3:45 pm

BWMN

Bowman Consulting Group Ltd (NASDAQ:BWMN) has acquired CFA, Inc., a firm offering civil engineering, planning, surveying, mapping, and remote sensing services. The acquisition is expected to be immediately accretive, with CFA's staff of approximately 30 professionals joining Bowman. The financial details were not disclosed, but the acquisition will be financed through cash, seller notes, and equity. The acquisition is expected to contribute an annualized net service billing run rate of about $5 million. As of September 30, 2023, Bowman had $14.4 million in cash and equivalents. BWMN shares dropped 1.3% to $28.68 after the announcement.

Portfolio Pulse from Shivani Kumaresan

November 10, 2023 | 3:00 pm