Streetbeat News

Acquisitions Mergers

CBOE

CME

Piper Sandler analyst Patrick Moley has reiterated an Overweight rating on Cboe Global Markets, Inc. (CBOE) and raised the price target to $174 from $160. The analyst expects CBOE to report its 5th consecutive record quarter for index options volumes and the 10th consecutive QoQ increase in volumes. CBOE shares are up 3.1% since the former CEO resigned, and the analyst suspects this is due to investors pricing in greater odds of a potential sale following the CEO's departure. CME Group Inc (CME) is considered the most likely acquirer if a sale occurs.

Portfolio Pulse from Nabaparna Bhattacharya

September 29, 2023 | 7:07 pm

CHEK

Symetryx has withdrawn and terminated its non-binding proposal to acquire shares of Check Cap, as of September 26. Symetryx intends to propose a different merger candidate.

Portfolio Pulse from Benzinga Newsdesk

September 29, 2023 | 6:12 pm

APRN

CAPR

ICU

NVOS

OPGN

VRAR

Several stocks experienced significant price movements in Friday's mid-day trading session. Blue Apron Holdings (APRN) surged 133.5% after announcing an acquisition agreement with Wonder Group. OpGen (OPGN) jumped 109% after requesting to withdraw its registration statement. Novo Integrated Sciences (NVOS) gained 66.3% after signing a $1 billion Master Collateral Transfer Agreement with Blacksheep Trust. SeaStar Medical Holding (ICU) rose 35% after being granted Breakthrough Device Designation by the FDA. On the downside, The Glimpse Group (VRAR) dipped 42.5% after reporting a wider FY23 loss, and Capricor Therapeutics (CAPR) fell 41.4% after announcing a $23 million registered direct offering.

Portfolio Pulse from Lisa Levin

September 29, 2023 | 6:10 pm

CHS

Chico's FAS Inc (NYSE:CHS) has agreed to be acquired by private equity firm Sycamore Partners for approximately $1 billion. Telsey Advisory Group analyst Dana Telsey has reiterated a Market Perform rating on CHS shares and raised the price target from $6.00 to $7.60. The analyst views Sycamore as a natural suitor for Chico's due to its track record in the apparel sector and its ownership of MGF Sourcing, a global sourcing and supply chain company. The acquisition is seen as likely to be completed on schedule and at a fair price.

Portfolio Pulse from Shivani Kumaresan

September 29, 2023 | 5:55 pm

ABBV

Raymond James has initiated coverage on AbbVie Inc (ABBV) with an Outperform rating and a price target of $177. The analysts believe that ABBV is showing resilience and adaptability, successfully navigating the U.S. loss of exclusivity for Humira and surpassing initial projections. They anticipate a resurgence of mid- to high-single-digit growth in both the top and bottom lines by 2025. ABBV's strategic outlook is intertwined with proactive mergers and acquisitions, and the market can expect increased M&A activity over the next 6-18 months.

Portfolio Pulse from Vandana Singh

September 29, 2023 | 5:37 pm

AGCO

TRMB

AGCO Corporation has agreed to acquire an 85% interest in Trimble Inc's portfolio of Ag assets and technologies for $2.0 billion. The acquisition is expected to increase AGCO's revenue growth, operating margin, and EPS. The deal is seen as a value-creation moment for AGCO, strengthening its tech transformation and complementing existing tech investments. AGCO shares are currently trading lower by 1.63%.

Portfolio Pulse from Shivani Kumaresan

September 29, 2023 | 5:36 pm

BABA

TCEHY

Despite a week-long sell-off in Hong Kong, six companies, including Tencent-backed Tuhu Car Inc. and AI firm Beijing Fourth Paradigm Technology Co., Ltd., listed on the Hang Seng Index, marking a rare moment of new listings activity. Mobile game operator ZX Inc. was 103 times oversubscribed, representing Hong Kong’s largest oversubscription this year. Tuhu Car, the fourth-largest IPO this year, plans to expand its business in China's growing EV market. Alibaba Group also announced it is spinning off its Cainiao Smart Logistics Network Limited subsidiary in a $1 billion IPO later this year.

Portfolio Pulse from Daniel Harrison

September 29, 2023 | 4:32 pm

ATVI

Activision Blizzard Inc is celebrating the 20th anniversary of King, the interactive entertainment company it acquired in 2016. King's Candy Crush Saga has generated $20 billion in revenue since its launch 11 years ago, attracting millions of active players every month and accumulating five billion downloads across all devices. King's president expressed optimism for the future and the company's commitment to delivering fun gameplay and memorable moments for its players.

Portfolio Pulse from Franca Quarneti

September 29, 2023 | 4:21 pm

APRN

CAPR

EBET

NVOS

OPGN

VRAR

US stocks traded higher with the Nasdaq Composite gaining over 100 points. The PCE price index increased from 3.4% in July to 3.5% in August 2023. Novo Integrated Sciences shares shot up 58% after signing a $1bn Master Collateral Transfer Agreement with Blacksheep Trust. Blue Apron Holdings shares surged 133% after announcing an acquisition agreement with Wonder Group. OpGen shares gained 94% after requesting to withdraw its registration statement. The Glimpse Group shares dropped 42% after reporting FY23 financial results. Capricor Therapeutics shares were down 41% after announcing a $23m registered direct offering. EBET shares fell 26% after announcing a 1-for-30 reverse stock split.

Portfolio Pulse from Lisa Levin

September 29, 2023 | 4:05 pm

UBS

UBS Group AG is in discussions with the Mozambican government to potentially forgive up to $100 million in debt, as part of a resolution related to Credit Suisse's involvement in a financing scandal. The settlement could be announced as early as next week, helping UBS avoid a 13-week-long London trial. UBS inherited this legal issue through its acquisition of Credit Suisse. The US Department of Justice is also investigating UBS and Credit Suisse for alleged compliance failures.

Portfolio Pulse from Vandana Singh

September 29, 2023 | 3:38 pm