Streetbeat News

Acquisitions Mergers

JBL

Jabil Inc. (NYSE:JBL) has acquired Retronix, a company specializing in the reclamation and refurbishment of electronic components. The acquisition is part of Jabil's commitment to sustainability and promoting the circular economy. The integration of Retronix's technologies with Jabil's existing services is expected to reduce waste and create new value in the handling of electronic components.

Portfolio Pulse from Akanksha Bakshi

November 06, 2023 | 3:13 pm

BVH

HGV

Hilton Grand Vacations (NYSE:HGV) has announced its plan to acquire Bluegreen Vacations (NYSE:BVH) for $1.50 billion in cash in exchange for BVH stock. The acquisition is expected to be completed by the first half of 2024.

Portfolio Pulse from Benzinga Insights

November 06, 2023 | 3:10 pm

BVH

CREV

DISH

MLTX

SATS

VERB

US stocks traded higher with the Nasdaq Composite gaining around 50 points. Consumer discretionary shares jumped by 0.6% while real estate shares fell by 1.1%. DISH Network Corp reported Q3 revenue of $3.70 billion, missing the consensus of $3.72 billion. Carbon Revolution Public Limited shares shot up 546% after a merger with Twin Ridge Capital Acquisition Corp. Bluegreen Vacations Holding Corporation shares boosted by 106% after the company announced it would be acquired by Hilton Grand Vacations. Verb Technology Company shares were up by 52% amid the company announcing new technology integrations for its MARKET.live platform. MoonLake Immunotherapeutics shares dropped 25% after the company announced results of its phase 2 study treating active Psoriatic Arthritis. DISH Network Corporation shares were down 19% after the company reported Q3 results. EchoStar Corporation was down, falling 18% after the company reported worse-than-expected Q3 sales.

Portfolio Pulse from Lisa Levin

November 06, 2023 | 2:48 pm

BVH

HGV

Hilton Grand Vacations (HGV) reported a Q3 FY23 sales decline of 8.8% YoY to $1.02 billion, missing the analyst consensus estimate. The company also announced the acquisition of Bluegreen Vacations (BVH) for $1.5 billion. HGV's revenues were affected by Maui wildfires and macro uncertainty. The company lowered its FY23 adjusted EBITDA outlook. HGV shares traded lower by 8.07%, while BVH shares are up 105.6%.

Portfolio Pulse from Shivani Kumaresan

November 06, 2023 | 2:48 pm

HOLI

Advanced Technology has proposed a non-binding, all-cash offer of $26 per share to acquire Hollysys, valuing the company at approximately $1.61 billion, according to an SEC 13D filing.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 2:38 pm

GOLD

Barrick Gold Corporation (NYSE:GOLD) has agreed to subscribe for 21,265,370 units of Hercules Silver Corp. in a non-brokered private placement at a price of $1.10 per unit, for a total consideration of $23,391,907. Post the placement, Barrick will hold approximately 12.33% of Hercules' issued and outstanding common shares on a non-diluted basis, and 15.02% on a partially-diluted basis. The deal includes an investor rights agreement, granting Barrick anti-dilution and information rights, and a right of first refusal in respect of the sale by Hercules of any interest in its Hercules Silver Project.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 2:18 pm

GFL

ADW Capital Management, a significant shareholder of GFL Environmental Inc. (NYSE:GFL), has issued an open letter to GFL's board and management, urging them to undertake a strategic review process. ADW believes that GFL is misunderstood and undervalued by the public markets and suggests that being acquired in a take-private transaction or merger would best maximize value for all shareholders. ADW also criticizes GFL's public market performance and suggests that the company should return to the private markets.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 2:09 pm

AMZN

GOOG

MSFT

NVDA

Amazon, Microsoft, and Alphabet are increasing their capital spending to build up capacity in the AI and cloud computing sectors. This has led to a surge in capital spending to $42 billion in Q3 2023, a 20% YoY increase. Analysts predict a further acceleration in cloud-related spending next year. Nvidia, a key supplier of GPU and chips, is expected to benefit from this trend. However, there are concerns that focusing on capital-intensive AI and cloud services could pressure profit margins.

Portfolio Pulse from Anusuya Lahiri

November 06, 2023 | 2:09 pm

DIS

Hugh F. Johnston has been appointed as the Senior Executive Vice President and Chief Financial Officer of The Walt Disney Company (NYSE:DIS), effective from December 4. Johnston, currently Vice Chairman and CFO of PepsiCo, will report directly to Disney's CEO, Robert A. Iger, and lead the company's worldwide finance organization. Johnston's responsibilities at PepsiCo included providing strategic financial leadership and ensuring the company's strategy creates shareholder value.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 2:01 pm

HUBC

HUB Cyber Security Ltd (NASDAQ:HUBC) has signed a letter of intent for a financing and services agreement and strategic collaboration with Blackswan Technologies, a US-based enterprise AI company. The collaboration will involve a project with a major banking group and may lead to a potential merger. The initial contract requires Hub Security to provide $3.5 million in financing and is expected to contribute over $10 million to Hub Security's revenue in 2024.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 1:50 pm