Streetbeat News

Acquisitions Mergers

AXON

The Federal Trade Commission (FTC) has dismissed its administrative enforcement action against Axon Enterprise related to Axon's 2018 acquisition of body camera competitor Vievu. This follows Axon's U.S. Supreme Court victory in April over its constitutional challenges to the FTC's structure.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2023 | 11:32 am

PXD

XOM

David Scott, Senior Vice President at Exxon Mobil Corporation (NYSE:XOM), responsible for its shale oil and gas sector, has been reportedly taken into custody on allegations of sexual assault. This news comes amid Exxon's ongoing merger discussions with Pioneer Natural Resources Company (NYSE:PXD). Scott's arrest could potentially impact the company's operations and its ongoing merger discussions.

Portfolio Pulse from Shivani Kumaresan

October 09, 2023 | 11:21 am

HT

LUXH

The article identifies LuxUrban Hotels Inc. (NASDAQ:LUXH) and Hersha Hospitality Trust (NYSE:HT) as overbought stocks in the real estate sector, suggesting they may be overvalued. LuxUrban recently eliminated its senior secured debt and future Revenue Share payments, while Hersha announced a merger with KSL Capital Partners LLC.

Portfolio Pulse from Lisa Levin

October 09, 2023 | 11:20 am

VTS

Vitesse Energy has released early estimates for 2024, indicating a production range of 12,500 to 13,500 barrels of oil equivalent (Boe) per day. The company also expects capital spending, including NTD acquisitions, to be between $90M and $110M.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2023 | 11:10 am

VTS

Vitesse has acquired additional oil and gas interests in the Williston Basin of North Dakota. This will result in approximately $50M of acquisition and related development capital expenditures, primarily in Q3 and Q4 of 2023.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2023 | 11:05 am

C

HSBC

Citigroup Inc plans to sell its onshore consumer wealth portfolio in China to HSBC Holdings Plc's China division. The deal, expected to close in H1 2024, includes assets under management and total deposits worth about $3.6 billion. This is in line with Citigroup's strategy to divest its consumer banking business in various regions. The bank also plans an IPO of its consumer, small business and middle-market banking operations in Mexico.

Portfolio Pulse from Lekha Gupta

October 09, 2023 | 10:41 am

MRTX

SPOT

TRTX

TSLA

Several US stocks traded lower in Monday's pre-market session. TPG RE Finance Trust, InMode, Gilat Satellite Networks, Mobileye Global, Camtek, Global-e Online, Spotify, Mirati Therapeutics, and Tesla all recorded losses. Notably, Spotify was downgraded by Redburn Atlantic from Buy to Neutral with a lowered price target. Mirati Therapeutics slipped after Bristol Myers Squibb announced plans to acquire the company, leading to a downgrade by Jefferies. Tesla's shares fell following a reported 10.9% YoY decrease in China-made electric vehicle sales in September.

Portfolio Pulse from Lisa Levin

October 09, 2023 | 9:57 am

C

HSBC

Citi has agreed to sell its onshore consumer wealth portfolio in China, including clients, assets under management (AUM) and deposits, to HSBC Bank China. The deal covers total deposits and investment AUMs of $3.6B. HSBC plans to extend offers to employees supporting Citi's local consumer wealth business in China.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2023 | 9:09 am

BMY

MRTX

Bristol Myers Squibb (BMY) has announced a definitive merger agreement to acquire Mirati Therapeutics (MRTX) for $58.00 per share in cash, totaling $4.8 billion. Mirati stockholders will also receive one non-tradeable Contingent Value Right (CVR) per share, potentially worth $12.00 per share in cash, adding an additional $1.0 billion of value opportunity. The transaction was unanimously approved by both companies' Boards of Directors.

Portfolio Pulse from Charles Gross

October 08, 2023 | 9:27 pm

BAC

BCS

MS

Three major banks, Morgan Stanley (NYSE:MS), Barclays (NYSE:BCS), and Bank of America Corp (NYSE:BAC), that backed Elon Musk's acquisition of Twitter, now known as X, are considering protective measures due to potential financial repercussions. They are retaining the debt and considering selling the loans at discounts to hedge funds or other distressed asset buyers. The banks have voiced concerns over the opacity of X's financial data and are hopeful that the new CEO will bring in a CFO for more transparency. There is speculation that Musk could use this situation to his advantage by purchasing a significant chunk of the debt at a discounted rate or persuading the banks to forgive a portion of the loans.

Portfolio Pulse from Bibhu Pattnaik

October 07, 2023 | 9:03 pm