Streetbeat News

Acquisitions Mergers

SWI

SolarWinds Corp (NYSE:SWI) is reportedly exploring options for a potential sale, causing its stock to trade higher. The software provider, controlled by Silver Lake Management and Thoma Bravo, is expected to kick off the sale process in early 2024. In Q2 FY23, SolarWinds reported a 5% YoY revenue growth to $185 million, beating the consensus of $179.5 million. The company expects FY23 revenue to be $740 million - $748 million.

Portfolio Pulse from Anusuya Lahiri

October 27, 2023 | 4:34 pm

PXD

VDE

XLE

XOM

Exxon Mobil Corp is in talks to acquire Pioneer Natural Resources for approximately $60 billion, including debt. The acquisition will expand Exxon's presence in the Permian Basin and boost its overall production. The deal is approved by both companies' boards and is expected to close within the first two quarters of 2024. The Energy Select Sector and Vanguard Energy ETFs are also mentioned as ones to watch.

Portfolio Pulse from Thrash Capital

October 27, 2023 | 4:16 pm

ABVC

ABVC Biopharma Inc's shares are trading higher by 7% following the company's announcement of a term sheet to license global rights for CNS drugs targeting MDD and ADHD to AiBtl BioPharma for a valuation of $667 million. The deal includes a 46 million-share stock allocation from AiBtl, milestone cash payments of $7 million, and royalties potentially reaching $200 million. AiBtl intends to go public on NASDAQ in 2024.

Portfolio Pulse from Henry Khederian

October 27, 2023 | 3:00 pm

PXD

XOM

Exxon Mobil Corp's Q3 FY23 adjusted net profit fell to $9.12 billion, down from $18.682 billion a year earlier, a drop of almost 51%. Despite the slump, the company raised its annual outlook. Revenue also decreased to $90.76 billion from $112.07 billion. Exxon declared a Q4 dividend of $0.95 per share, marking an increase for the 41st consecutive year. The company recently agreed to acquire Pioneer Natural Resources Company in an all-stock transaction valued at $59.5 billion.

Portfolio Pulse from Vandana Singh

October 27, 2023 | 1:40 pm

KFS

Kingsway Financial Services (KFS) has announced the acquisition of Digital Diagnostics Imaging, Inc. (DDI) for $11 million. The acquisition is expected to add $4.2 million of annual unaudited revenue and $1.8 million of annual unaudited adjusted EBITDA to KFS. The transaction was funded with $5.4 million in cash on hand and $5.6 million in debt financing.

Portfolio Pulse from Benzinga Newsdesk

October 27, 2023 | 12:35 pm

STBX

Starbox Group and its subsidiary, Starbox International, have entered into a share sale agreement to acquire 100% of the issued and paid-up share capital of ProSeeds Limited. The deal, valued at $12M, will be paid in 12M shares of Starbox Group.

Portfolio Pulse from Benzinga Newsdesk

October 27, 2023 | 12:22 pm

CVX

HES

Chevron Corp (CVX) reported Q3 FY23 total revenues of $54.1 billion, beating consensus but with sales falling to $51.9 billion from $63.5 billion a year ago due to lower commodity prices. Adjusted net earnings were $5.72 billion, missing the consensus. Lower upstream realizations and decreased margins on refined product sales negatively impacted earnings. The company declared a quarterly dividend per share of $1.51. CVX repurchased shares of $3.4 billion and paid dividends of $2.9 billion. CVX also recently acquired Hess Corp (HES) for $53 billion.

Portfolio Pulse from Lekha Gupta

October 27, 2023 | 11:50 am

SNY

Sanofi SA (NASDAQ:SNY) plans to spin off its consumer healthcare business to increase investment in its drug-development pipeline and cut costs. The separation is expected to occur by Q4 2024. Sanofi is targeting cost savings of up to €2 billion from 2024 until 2025-end. The company reported a 10.4% decline in Q3 business operating income and a 4.1% decrease in revenues. However, consumer healthcare sales increased 4.6%. Sanofi reiterates its FY23 Business EPS guidance to grow mid-single-digit at CER.

Portfolio Pulse from Vandana Singh

October 27, 2023 | 11:44 am

SHFS

SHF Holdings has announced that it is restructuring certain deferred consideration obligations related to its 2022 acquisition of Abaca. The agreement is expected to reduce dilution and provide long-term benefits.

Portfolio Pulse from Benzinga Newsdesk

October 27, 2023 | 11:34 am

CXW

NM

SP

TGH

Four industrial stocks, SP Plus Corporation (SP), Textainer Group Holdings Limited (TGH), Navios Maritime Holdings Inc. (NM), and CoreCivic, Inc. (CXW), are considered overbought and may plunge in Q4. SP Plus and Textainer Group are to be acquired by Metropolis Technologies and Stonepeak respectively. Navios Maritime is to be acquired by N Logistics Holdings. CoreCivic is expected to release its Q3 2023 financial results on Nov. 6, 2023.

Portfolio Pulse from Lisa Levin

October 27, 2023 | 11:23 am