Streetbeat News

Acquisitions Mergers

CMBM

MXCT

ORTX

RIVN

STZ

US stocks traded lower with the Dow Jones index falling over 100 points. Constellation Brands Inc (STZ) reported better-than-expected Q2 earnings and raised its FY24 EPS outlook. Orchard Therapeutics (ORTX) shares rose after agreeing to be acquired by Kyowa Kirin. Lamb Weston Holdings (LW) and SP Plus Corporation (SP) shares also rose after positive financial results and acquisition news respectively. Cambium Networks Corporation (CMBM), Rivian Automotive (RIVN), and MaxCyte (MXCT) shares fell due to disappointing financial forecasts.

Portfolio Pulse from Lisa Levin

October 05, 2023 | 4:10 pm

TAP

TLRY

Nevis Brands Inc. has secured an agreement with Blaze Life Holdings LLC to produce and distribute its THC beverage, Major, in California. The company anticipates production and distribution to begin in 2023. Meanwhile, Tilray Brands, Inc recently acquired the remaining 57.5% equity ownership of Truss Beverage Co. from Molson Coors Beverage Co.

Portfolio Pulse from Jelena Martinovic

October 05, 2023 | 4:10 pm

BROG

Brooge Energy's shares are trading lower despite the recent acquisition proposal by Gulf Navigation Holdings. The stock had gained on Wednesday following the announcement of the proposal.

Portfolio Pulse from Bill Haddad

October 05, 2023 | 4:09 pm

BYDDY

Ford Motor Co (NYSE:F) has announced that negotiations with a potential investor for its Saarlouis plant in Germany have stalled, reigniting concerns about the plant's future and the jobs of its workforce. The unidentified investor had entered a provisional agreement in June but has now chosen to discontinue talks. This follows Ford's decision to favor a Spanish location for the assembly of its forthcoming electric vehicle, implying the Saarlouis location will cease production of the Ford Focus by 2025. Ford plans to retain 1,000 positions at the location under a new plan, potentially transforming it into a technology hub.

Portfolio Pulse from Shivani Kumaresan

October 05, 2023 | 3:50 pm

JPM

JPMorgan Chase & Co. (NYSE:JPM) is transitioning to a product-operating model to compete with smaller, agile financial services providers. The company has undergone a significant transformation, reshaping its organizational structure around products. The new model allows for swift decision-making and efficient cross-team communication. The company is also focusing on automation testing and leveraging customer data to offer personalized experiences. The company's Chief Information Officer of Consumer and Community Banking, Gill Haus, believes this approach will lead to the launch of new products and innovations in 2024.

Portfolio Pulse from Renato Capelj

October 05, 2023 | 3:23 pm

MANU

Scottish football club Haddington Town AFC has noticed similarities between its logo and the new logo of SpaceX, owned by Elon Musk. The club has joked about the situation on Twitter and expressed a wish for Musk to buy the team, rather than pursuing legal action. This comes after rumors of Musk's interest in buying Manchester United (NYSE:MANU) were debunked.

Portfolio Pulse from Chris Katje

October 05, 2023 | 3:18 pm

Parking company SP Plus Corporation (NASDAQ: SP) is set to be acquired by Metropolis Technologies, Inc. for $54.00 per share in cash, a 52% premium to SP's closing stock price on October 4, 2023. The enterprise value of the acquisition is approximately $1.5 billion. Metropolis has secured $1.7 billion in equity and debt financing for the transaction, which is expected to close in 2024.

Portfolio Pulse from Shivani Kumaresan

October 05, 2023 | 2:25 pm

DADA

EURN

IMVT

LOB

ORTX

TAC

UNFI

URG

VEON

Despite a general downturn in the U.S. stock market, several stocks recorded gains. Orchard Therapeutics surged 97.7% after agreeing to be acquired by Kyowa Kirin. SP Plus Corporation jumped 47.5% following the announcement of its acquisition by Metropolis Technologies. Euronav NV climbed 17.3% amid discussions with Frontline and CMB NV. Lamb Weston Holdings gained 12.2% after reporting better-than-expected Q1 results. VEON Ltd. rose 9.6% after its Beeline Uzbekistan opened the Beeline Academy. Other stocks that gained include Immunovant, TransAlta Corporation, Dada Nexus Limited, Live Oak Bancshares, United Natural Foods, and Ur-Energy Inc.

Portfolio Pulse from Lisa Levin

October 05, 2023 | 2:09 pm

HOTH

Hoth Therapeutics, Inc. (NASDAQ:HOTH) has announced its initiative to use Artificial Intelligence for drug discovery and screening its current pipeline. The company will form a new wholly owned subsidiary, Merveille.ai, to focus on this initiative and explore licensing opportunities for novel therapeutics for rare diseases.

Portfolio Pulse from Benzinga Newsdesk

October 05, 2023 | 2:06 pm

AMZN

BKE

CAG

CLX

DELL

DIS

DOV

MRK

MSFT

PSNY

STZ

VFS

Disney reduces ticket prices for children due to attendance slump. Amazon discontinues its live-audio app, Amp. US government to stop free distribution of Merck's COVID-19 pill. UK regulators investigate Amazon and Microsoft's dominance in cloud computing. Dell to update its long-term financial framework. Dover acquires FW Murphy for $530M. Constellation Brands reports Q2 net sales growth of 7%. Polestar Automotive reports Q3 delivery growth of 50%. VinFast Auto reports Q3 revenues of $342.66 million. Clorox shares fall after reporting preliminary Q1 FY24 financial results. ConAgra Brands reports flat Q1 FY24 sales. Buckle Inc reports 11.1% drop in comparable store sales for September.

Portfolio Pulse from Vandana Singh

October 05, 2023 | 2:01 pm