Streetbeat News

Acquisitions Mergers

PXD

XOM

BMO Capital Markets analyst Phillip Jungwirth has downgraded Pioneer Natural Resources Co (PXD) to Market Perform from Outperform rating following its all-stock merger with Exxon Mobil Corp (XOM) for $59.5 billion. Despite the downgrade, the analyst views the deal favorably and anticipates it to close in 2Q24. PXD shares are trading higher by 0.17% at $248.65.

Portfolio Pulse from Lekha Gupta

October 16, 2023 | 4:38 pm

ALHC

APH

LULU

PCTI

Several US stocks recorded significant gains on Monday, with PCTEL, Inc. (NASDAQ:PCTI) leading the pack with a 47.3% increase following its acquisition by Amphenol Corporation (NYSE:APH). Other notable gainers include Almacenes Éxito S.A. (NYSE:EXTO), E2open Parent Holdings, Inc. (NYSE:ETWO), Prothena Corporation plc (NASDAQ:PRTA), and Alignment Healthcare, Inc. (NASDAQ:ALHC), which saw its stock upgraded by Raymond James. Lululemon Athletica Inc. (NASDAQ:LULU) also climbed 9.8% after it was announced the stock will join the S&P 500.

Portfolio Pulse from Lisa Levin

October 16, 2023 | 4:08 pm

ALDX

CNSL

ETWO

OMER

PCTI

SCHW

STRM

U.S. stocks traded higher with the Nasdaq Composite gaining more than 100 points. Charles Schwab Corporation reported better-than-expected earnings for Q3, despite a 16% YoY decline in net revenue. Consolidated Communications Holdings, PCTEL, and E2open Parent Holdings saw their shares rise following acquisition announcements and stake reporting. Aldeyra Therapeutics, Streamline Health Solutions, and Omeros Corporation saw their shares drop due to FDA feedback, strategic restructuring, and discontinuation of a trial respectively.

Portfolio Pulse from Lisa Levin

October 16, 2023 | 4:08 pm

MSFT

NVDA

SONY

Microsoft Corp's stock is trading higher after the company completed the $69 billion Activision Blizzard acquisition, having won the U.K. regulator approval. The deal was closed on the condition that they sell the streaming rights to Activision's games to Ubisoft Entertainment. Microsoft had also cut similar deals with Nvidia Corp and Sony Group Corporation. However, the U.S. Federal Trade Commission (FTC) remains opposed to the deal, viewing it as a threat to competition. Analysts have reiterated Microsoft with an Overweight and Buy rating, with price targets of $400 and $370 respectively.

Portfolio Pulse from Anusuya Lahiri

October 16, 2023 | 3:50 pm

PRTA

Prothena Corporation is reportedly in talks with advisors, potentially preparing for a sale. This news has led to an increase in the company's share price.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 3:32 pm

LRHC

La Rosa Holdings Corp (NASDAQ:LRHC) announced the acquisition of a controlling interest in La Rosa Realty Lake Nona, Inc., a franchisee based in Orlando, Florida. Lake Nona had over $9.8 million in revenue and a positive net income last year. The acquisition is expected to expand La Rosa's footprint in Florida and increase its top line revenue. LRHC recently closed its IPO of 1 million shares at $5.00 per share. LRHC shares are trading higher by 11.68% at $3.06.

Portfolio Pulse from Akanksha Bakshi

October 16, 2023 | 3:31 pm

BMY

NVO

PRTA

RHHBY

Prothena Corporation (NASDAQ:PRTA) is reportedly preparing for a potential sale, attracting interest from large drugmakers. The company has collaborations with Bristol Myers Squibb Co (NYSE:BMY), Roche Holding AG (OTC:RHHBY), and Novo Nordisk A/S (NYSE:NVO). Recently, Bristol Myers Squibb exercised its option to obtain exclusive worldwide commercial rights for PRX005, an anti-tau antibody for potentially treating Alzheimer's disease, and will pay Prothena $55 million. Prothena's shares are up 20% at $52.90.

Portfolio Pulse from Vandana Singh

October 16, 2023 | 3:28 pm

PRTA

Biotech firm Prothena Corp., known for developing a treatment for Alzheimer's disease, is reportedly preparing for a potential sale or partnership. This comes ahead of key data expected in the coming months.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 2:47 pm

VSTO

Vista Outdoor Inc (VSTO) shares dropped by around 20% after the company announced asset sales and lowered its FY24 outlook. The company is selling its Sporting Products business to Czechoslovak Group a.s. (CSG) for $1.91 billion. After the sale, VSTO's Outdoor Products business will become an independent publicly traded company, Revelyst, Inc., trading under the ticker 'GEAR'. The company also reduced its outlook for adjusted EPS and sales due to economic challenges and market normalization.

Portfolio Pulse from Lekha Gupta

October 16, 2023 | 2:40 pm

AAPL

ALB

AZN

BTCUSD

CVS

HON

MANU

NVAX

NWSA

PFE

RAD

WBA

Bitcoin's price spiked on false rumors of an ETF approval by BlackRock. Albemarle Corporation withdrew its offer to acquire Liontown Resources. Pfizer cut its annual revenue guidance by $9B due to a slump in COVID-19 vaccine sales, and BioNTech warned of €900M write-offs. Rite Aid filed for Chapter 11 bankruptcy. AstraZeneca's Tagrisso-Chemo combo is under FDA priority review. Honeywell projects a 10% increase in new business jet deliveries in 2024. WeWork appointed David Tolley as CEO. Novavax faces a setback as the EMA delays a decision on its COVID-19 vaccine. Activist shareholder Starboard Value acquired a stake in News Corp. Goldman Sachs is reconsidering its consumer lending venture. Manchester United shares fell as the Qatari group pulled away from acquisition. Apple is reshuffling its executive ranks and focusing on reducing the price of Vision Pro. Walgreens and CVS pharmacy staff are planning a nationwide walkout over poor working conditions.

Portfolio Pulse from Vandana Singh

October 16, 2023 | 2:35 pm