Streetbeat News

Acquisitions Mergers

CYTK

Cytokinetics Inc (NASDAQ:CYTK), a biotech company focused on cardiovascular treatments, is reportedly exploring potential takeover options after garnering interest from at least one major pharmaceutical company. The company is currently assessing its next course of action. Potential suitors may wait until Cytokinetics releases data from an upcoming Phase 3 trial before pursuing any acquisition. The company's shares are down 0.34% at $34.74.

Portfolio Pulse from Vandana Singh

November 01, 2023 | 5:38 pm

ACU

Acme United Corporation (NYSE:ACU) has sold its Camillus and Cuda hunting and fishing product lines to GSM Holdings for $19.8 million. The company will recognize an after-tax gain of approximately $10 million in Q4 2023. The proceeds will be used to pay down about $15 million of bank debt. The sale is expected to be earnings breakeven after eliminating associated expenses and interest savings from debt reduction.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 5:12 pm

CLLS

IRIX

PATI

PAYC

TGTX

WE

U.S. stocks traded higher with the Nasdaq Composite gaining over 100 points. Information technology shares jumped by 1.3%. Cellectis S.A. (CLLS) shares shot up 148% after reporting strategic collaboration and investment agreements with AstraZeneca. Patriot Transportation Holding, Inc. (PATI) shares shot up 104% after announcing an agreement for United Petroleum Transports to acquire all of its outstanding shares. TG Therapeutics, Inc. (TGTX) shares were up 29% following third-quarter results. WeWork Inc. (WE) shares dropped 52% following reports of nearing bankruptcy. IRIDEX Corporation (IRIX) shares were down 43% after withdrawing its previously announced annual guidance for 2023. Paycom Software, Inc. (PAYC) shares fell 38% after reporting worse-than-expected third-quarter sales results and issuing FY23 revenue guidance below estimates.

Portfolio Pulse from Lisa Levin

November 01, 2023 | 4:38 pm

SHEL

Shell Plc (NYSE:SHEL) is reportedly planning to sell its Pakistan unit to Saudi firm Wafi Energy, a part of Asyad Holding Group. The decision aligns with Shell's June announcement to exit its 77% stake in Pakistan. The transaction is expected to be completed by Q4 2024. Shell Pakistan's operations include over 600 mobility sites, 10 fuel terminals, a lubricant oil blending plant, and a 26% stake in Pak-Arab Pipeline Company Limited.

Portfolio Pulse from Shivani Kumaresan

November 01, 2023 | 4:24 pm

CSCO

SPLK

Splunk Inc plans to cut 7% of its global workforce, mainly in the U.S., under a new restructuring plan. The company expects to incur approximately $42 million in charges related to the restructuring. The plan is expected to be completed by April 30, 2024. Cisco Systems, Inc agreed to acquire Splunk for $157 per share in cash, a deal expected to close by the end of the third quarter 2024. Splunk's shares traded lower by 0.27% at $146.77 on the last check Wednesday.

Portfolio Pulse from Anusuya Lahiri

November 01, 2023 | 4:10 pm

SCHW

Charles Schwab Corp. has laid off 5% to 6% of its total workforce, amounting to 1,795 to 2,154 people, as part of its cost-cutting measures and to simplify operations during the integration of its acquisition of TD Ameritrade.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 3:39 pm

BIP

Brookfield Infrastructure reported Q3 results and announced an asset purchase agreement to acquire substantially all of Cyxtera's assets for $775 million. This news has led to a rise in Brookfield's share prices.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 3:11 pm

METC

Ramaco Resources Inc. has acquired a patent from the National Energy Technology Laboratory (NETL) for the commercial development of a coal-to-products technology. The patented process uses coal to create carbon nanosheets, also known as graphene, which can be used in vehicle batteries, construction materials, and consumer products. The technology allows for large-scale production of carbon nanosheets using inexpensive domestic coal as the base manufacturing feedstock.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 3:04 pm

ABBV

ALDX

Aldeyra Therapeutics (ALDX) has entered into an agreement with AbbVie (ABBV) where ALDX will receive a $1M option fee and an upfront payment of $100M less option fees if ABBV chooses to exercise. ALDX could also be eligible to receive up to $300M in regulatory and commercial milestone payments, including a $100M payment upon FDA approval.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 2:54 pm

CWBR

CohBar has announced the termination of its merger with Morphogenesis, leading to a decrease in its share price.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 2:45 pm