Streetbeat News

Acquisitions Mergers

CVX

HES

Chevron Corporation (NYSE:CVX) has announced its acquisition of Hess Corp. (NYSE:HES). The future of the Holiday Hess Truck, a popular Christmas-time toy, is uncertain following the merger. However, Hess CEO John Hess has assured that the tradition will continue. Chevron's stock traded down about 3% following the announcement.

Portfolio Pulse from Aaron Bry

October 23, 2023 | 4:52 pm

MSFT

Microsoft Corporation (NASDAQ:MSFT) plans to invest $3.2 billion over two years to strengthen its artificial intelligence (AI) and cloud computing capabilities in Australia. This move represents a 250% increase in Microsoft's computing capacity in Australia and is seen as a strategic push into the Australian market. The investment also includes plans to train 300,000 Australians in digital skills and enhance a cyber threat information-sharing pact with Australia's premier cyber defense agency.

Portfolio Pulse from Shivani Kumaresan

October 23, 2023 | 4:17 pm

AKU

APLM

INVO

LICY

LMDX

RVMD

The Nasdaq Composite gained over 60 points on Monday, with communication services shares rising by 0.9%. LumiraDx Limited, INVO Bioscience, and Akumin Inc. saw significant increases in their share prices due to strategic collaborations and acquisitions. However, Li-Cycle Holdings Corp., Revolution Medicines, and Apollomics saw a decrease in their share prices due to halted projects and clinical trial data.

Portfolio Pulse from Lisa Levin

October 23, 2023 | 4:06 pm

MSFT

Microsoft Corp (NASDAQ:MSFT) is set to report Q1 financial results, with analysts estimating a revenue of $54.50 billion and earnings per share of $2.65. Analysts from Raymond James and Citigroup have expressed positive sentiment towards Microsoft due to its investments in artificial intelligence (AI), with price targets of $400 and $430 respectively. The company's cloud business, Azure, is expected to see a 26% YoY increase due to strong demand for AI services. Microsoft's recent acquisition of Activision Blizzard for $69 billion, the largest in its history, is also expected to have a significant impact.

Portfolio Pulse from Chris Katje

October 23, 2023 | 4:02 pm

TECK

JSW Steel Ltd's discussions with Canada's Teck Resources over buying a stake in its coking coal unit have yielded 'nothing concrete', according to JSW Steel Chief Executive Jayant Acharya. The process had slowed due to a diplomatic spat between India and Canada. Acharya stated that the company is exploring overseas coal assets in different countries, including Australia. The company reported a Q2 profit last week, helped by robust domestic demand and lower input costs.

Portfolio Pulse from Benzinga Newsdesk

October 23, 2023 | 3:46 pm

CVX

HES

Chevron Corp (NYSE:CVX) has announced plans to acquire Hess Corp (NYSE:HES) in an all-stock transaction valued at $53 billion. The deal is expected to extend Chevron's production and free cash flow growth outlook into the 2030s and support higher distributions for shareholders. Chevron's shares are down nearly 10% year-to-date, and the stock was down 2.53% at the time of the announcement.

Portfolio Pulse from Adam Eckert

October 23, 2023 | 3:42 pm

NM

Navios Maritime has announced a definitive merger agreement, leading to a rise in its share prices.

Portfolio Pulse from Benzinga Newsdesk

October 23, 2023 | 3:30 pm

AJX

Great Ajax Corp. and Ellington Financial have mutually terminated their merger agreement, leading to a drop in Great Ajax's share price.

Portfolio Pulse from Benzinga Newsdesk

October 23, 2023 | 3:15 pm

AKU

Akumin Inc. has announced an agreement with Stonepeak to transition into a private company. This news has led to a rise in Akumin's share prices.

Portfolio Pulse from Benzinga Newsdesk

October 23, 2023 | 3:04 pm

AMN

AMN Healthcare Services Inc has agreed to acquire MSDR, a combination of two healthcare staffing companies, for $300 million. The acquisition is expected to significantly enhance AMN's potential locum tenens revenue and expand its candidate pool for high-demand services. The deal is funded through a combination of available cash and borrowings from the revolving credit facility, with the anticipated closing in the fourth quarter of 2023.

Portfolio Pulse from Akanksha Bakshi

October 23, 2023 | 3:04 pm