Streetbeat News

Acquisitions Mergers

Cigna Corporation is considering the sale of its Medicare Advantage business, which could be worth billions. The decision comes after a decade of expansion in the sector and may be a response to a challenging reimbursement environment. Profit margins have fallen short of Cigna's 4% to 5% target, and changes to the government's star rating system are expected to decrease the ratings of Cigna's Medicare Advantage plans in 2024. Despite this, Cigna has expanded its Medicare Advantage footprint, now covering over 40% of eligible individuals.

Portfolio Pulse from Vandana Singh

November 06, 2023 | 6:17 pm

ABBV

AbbVie has implemented an integration plan to reduce costs and integrate the combined company following the closing of the Allergan deal. The company has incurred charges of $2.5 billion through September 30, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 6:10 pm

CREV

TRCA

Carbon Revolution Public Limited Company (NASDAQ:CREV) shares are trading higher after the company completed its business combination with Twin Ridge Capital Acquisition Corporation (NYSE:TRCA) and began trading under the CREV symbol. The company also announced a $70 million initial investment from Orion Infrastructure Capital, with $35 million immediately available and the rest to be released upon achieving certain milestones.

Portfolio Pulse from Erica Kollmann

November 06, 2023 | 5:40 pm

CREV

Carbon Revolution shares are experiencing volatility after the company started trading post its merger with Twin Ridge Capital Acquisition Corp.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 5:39 pm

PANW

Palo Alto Networks (NASDAQ:PANW) has agreed to acquire Talon Cyber Security for $625 million. Talon's Enterprise Browser technology will be combined with Prisma SASE to enable secure access to business applications from any device. This acquisition follows Palo Alto's recent purchase of cloud data specialist Dig Security for $400 million. PANW shares traded lower by 2.50% at $237.45 on the last check Monday.

Portfolio Pulse from Anusuya Lahiri

November 06, 2023 | 5:19 pm

BNTX

BVH

CREV

DISH

MLTX

SATS

VERB

BioNTech reported better-than-expected Q3 earnings but lowered its FY23 Covid-19 vaccine revenue guidance. Carbon Revolution's shares rose after a merger with Twin Ridge Capital Acquisition Corp. Bluegreen Vacations' shares increased after an acquisition announcement by Hilton Grand Vacations. Verb Technology's shares rose after announcing new technology integrations. MoonLake Immunotherapeutics' shares dropped after announcing phase 2 study results. DISH Network's shares fell after Q3 results and the CEO's resignation announcement. EchoStar's shares fell after reporting worse-than-expected Q3 sales.

Portfolio Pulse from Lisa Levin

November 06, 2023 | 5:15 pm

Cigna Group is reportedly working with an investment bank to explore the sale of its Medicare Advantage business, according to sources cited by Reuters.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 4:37 pm

BTI

OGI

Organigram Holdings Inc. (NASDAQ:OGI) announced a C$124.6 million investment from British American Tobacco PLC (NYSE:BTI). The investment will be used to expand Organigram's geographic footprint and capitalize on emerging growth opportunities, as well as for general corporate purposes. Following the announcement, OGI shares are trading higher with a 28% increase.

Portfolio Pulse from Erica Kollmann

November 06, 2023 | 3:55 pm

CRNT

Ceragon Networks Ltd (NASDAQ: CRNT) reported a Q3 FY23 revenue increase of 10.9% YoY to $87.3 million, beating the consensus of $84.5 million. Adjusted EPS of $0.06 also beat the consensus of $0.03. The company saw strong bookings in India and North America, and added 20 new customers in this segment since the beginning of the year. The pending acquisition of Siklu is expected to accelerate this trend. Ceragon raised its FY23 revenue guidance to $338 million - $346 million. However, CRNT shares were down 3.28% to $1.77 at last check.

Portfolio Pulse from Anusuya Lahiri

November 06, 2023 | 3:44 pm

DISH

HGV

MLTX

SATS

Several US stocks recorded losses on Monday despite the Dow Jones gaining around 25 points. Notable declines include MoonLake Immunotherapeutics (MLTX) after announcing phase 2 study results, DISH Network Corporation (DISH) following Q3 results and CEO resignation, EchoStar Corporation (SATS) due to worse-than-expected Q3 sales, and Hilton Grand Vacations Inc. (HGV) after reporting a Q3 sales decline and announcing an acquisition.

Portfolio Pulse from Lisa Levin

November 06, 2023 | 3:27 pm