Streetbeat News

Acquisitions Mergers

DRRX

ESTA

FTCI

GAN

REAL

WISH

US stocks traded lower with the Dow Jones falling around 100 points. US wholesale inventories rose by 0.2% month-over-month in September. ContextLogic Inc. (WISH), GAN Limited (GAN), and The RealReal, Inc. (REAL) saw their shares rise following strong quarterly sales and acquisition news. DURECT Corporation (DRRX), FTC Solar, Inc. (FTCI), and Establishment Labs Holdings Inc. (ESTA) shares dropped due to disappointing results and executive departures.

Portfolio Pulse from Lisa Levin

November 08, 2023 | 5:55 pm

BLK

GS

USDCUSD

Circle Internet Financial, the firm behind the USD Coin (CRYPTO: USDC) stablecoin, is reportedly exploring a transition into a publicly traded company as early as 2024. The company is in the consultation phase, engaging with advisory entities regarding a potential IPO. The company's valuation ambitions for an IPO remain undisclosed, but in a previous attempt to enter the public market through a SPAC in 2022, Circle was pegged at a $9 billion valuation. Circle is backed by heavyweight investors such as Goldman Sachs Group Inc. (NYSE:GS), General Catalyst Partners, BlackRock Inc. (NYSE:BLK), Fidelity Management and Research, and Marshall Wace.

Portfolio Pulse from Murtuza Merchant

November 08, 2023 | 5:54 pm

BIIB

Biogen Inc (NASDAQ:BIIB) reported Q3 FY23 sales of $2.53 billion, beating the consensus of $2.39 billion. However, the company revised its FY23 revenues to decline in a low-single-digit percentage versus FY22 due to the completed acquisition of Reata and other factors. The company's shares are trading lower by 4.60% at $234.32.

Portfolio Pulse from Vandana Singh

November 08, 2023 | 5:43 pm

TWLO

Twilio Inc (NYSE:TWLO) is set to report its Q3 earnings on Nov. 8. Analysts are optimistic about the company's growth potential, particularly due to its strategic acquisition of Segment and its latest generative AI tools. The company has also increased its portfolio diversification and capacity for growth through product development and acquisitions. The Street expects Twilio to report 35 cents in EPS and $988.23 million in revenue. The consensus price target on the stock is $67.61, representing a 22% upside.

Portfolio Pulse from Surbhi Jain

November 08, 2023 | 5:16 pm

SFIX

Stitch Fix has hired Tony Bacos, a former Amazon Fashion executive, as its new Chief Product and Technology Officer. Bacos will lead the company's technology, product, data science, security, and IT teams, with a focus on utilizing data science and stylist expertise to improve personalization efforts and unlock new growth opportunities. This move comes as Stitch Fix continues to struggle financially, with a 21% year-over-year net revenue decrease and a 13% drop in active clients for fiscal 2023.

Portfolio Pulse from Benzinga Newsdesk

November 08, 2023 | 4:54 pm

HCAT

Outcome Capital has announced the acquisition of Electronic Registry Systems, Inc. (ERS), a provider of cancer registry solutions and compliance and informatics services, by Health Catalyst, Inc. (NASDAQ: HCAT), a healthcare technology and data analytics company. The financial terms of the deal were not disclosed. ERS, a profitable B2B SaaS company in the cancer data and analytics segment, has over 750 cancer center partnerships and longitudinal data covering more than 10 million patient records.

Portfolio Pulse from Benzinga Newsdesk

November 08, 2023 | 4:45 pm

EQRX

RVMD

Revolution Medicines, Inc. (NASDAQ:RVMD) and EQRx, Inc. (NASDAQ:EQRX) stockholders have approved Revolution Medicines' proposed acquisition of EQRx. The transaction is expected to close in November 2023. Upon completion, each share of EQRx will be converted into 0.1112 shares of Revolution Medicines. Revolution Medicines expects to issue approximately 55 million shares of its common stock in connection with the merger.

Portfolio Pulse from Benzinga Newsdesk

November 08, 2023 | 4:33 pm

VSH

Vishay Intertechnology is set to acquire Nexperia's Newport Wafer Fab for approximately $177 million in cash. Meanwhile, a report from Preqin indicates that the majority of investors plan to maintain or increase their allocation to alternative investments over the longer term.

Portfolio Pulse from Benzinga Newsdesk

November 08, 2023 | 1:12 pm

MOBV

MOBVU

Mobiv Acquisition Corp (NASDAQ:MOBVU, MOBV) has announced an extension of the deadline to complete its initial business combination from November 8, 2023, to December 8, 2023. This is the seventh of up to nine one-month extensions permitted under the company's governing documents. In connection with the extension, Mobiv Pte. Ltd. will deposit $100,000 into the company's trust account on behalf of the company.

Portfolio Pulse from Benzinga Newsdesk

November 08, 2023 | 1:01 pm

JRVR

James River Group Holdings Ltd. has announced an agreement to sell its Casualty Reinsurance business to Fleming Holdings for an estimated transaction value of $277 million.

Portfolio Pulse from Benzinga Newsdesk

November 08, 2023 | 12:39 pm