Streetbeat News

Acquisitions Mergers

BRDS

Bird Global, Inc. (NYSE:BRDS) shares fell sharply on Wednesday following a surge in price on Tuesday due to the company's announcement of its acquisition of Skinny Labs, Inc. The stock experienced above-average trading volume of 2.84 million shares on Wednesday compared to its average volume of 498,502. Shares of BRDS were down 31.8% at $0.98 at the time of publication.

Portfolio Pulse from Ryan Gustafson

September 20, 2023 | 6:48 pm

ATVI

MSFT

Microsoft Corp (NASDAQ:MSFT) faced a significant leak of confidential information related to Xbox plans and discussions. The leaked documents, originally intended for the Federal Trade Commission's (FTC) involvement in Microsoft's acquisition of Activision Blizzard Inc (NASDAQ:ATVI), were accidentally made public. The documents offered an inside look at Xbox's operations from 2019 to 2022, including plans for mid-gen updates and next-gen consoles, the company's cloud gaming aspirations and discussions about acquiring other gaming companies.

Portfolio Pulse from Franca Quarneti

September 20, 2023 | 6:43 pm

DTOC

American Oncology Network (AON) and Digital Transformation Opportunities Corp. (DTOC) have completed their previously announced business combination. The combined company will be renamed American Oncology Network, Inc., and its common stock will start trading on the Nasdaq under the ticker symbol 'AONC' from September 21, 2023. AON has grown significantly since its inception in 2018, now including over 1,500 employees and over 200 providers in more than 75 clinics serving over 450,000 patients nationwide. The DTOC partnership and recent strategic investment from AEA Growth will help further AON's goals of supporting community oncology practices and improving the patient experience.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 6:43 pm

RBLX

Roblox Corp (NYSE:RBLX) has acquired Finnish voice tech startup, Speechly, to strengthen its voice chat capabilities and enhance its moderation tools for real-time communication. The financial terms of the deal remain undisclosed. Speechly's technology will be invaluable for Roblox as it seeks to ensure a safe and civil environment for its users. Roblox recently reported Q2 FY23 bookings growth of 22% YoY to $780.7 million, but missed revenue consensus.

Portfolio Pulse from Anusuya Lahiri

September 20, 2023 | 6:19 pm

ATVI

MSFT

A leaked presentation from Microsoft Corporation (NASDAQ:MSFT) reveals the company's gaming strategy, emphasizing mobile gaming and advertising. The company expects gaming revenue to double to $36 billion by 2030, with advertising and mobile transactions playing a significant role. The acquisition of Activision Blizzard Inc (NASDAQ:ATVI), which owns the popular mobile game franchise 'Candy Crush', is seen as crucial to achieving this growth.

Portfolio Pulse from Franca Quarneti

September 20, 2023 | 4:51 pm

GPRE

Green Plains Partners has recently combined with an activist-targeted ethanol fuel company, making the latter more attractive to buyers and facilitating asset divestment. This has resulted in a rise in the company's share prices.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 4:13 pm

CATC

FRTX

GIS

ICCM

SCS

SEEL

SPRY

U.S. stocks traded mixed with the Nasdaq Composite turning lower. General Mills Inc reported better-than-expected earnings for its first quarter. Steelcase Inc. reported better-than-expected results for its second quarter. Shares of Cambridge Bancorp surged after the company announced a merger with Eastern Bankshares. Fresh Tracks Therapeutics shares were up after the company announced a plan of liquidation and dissolution. Seelos Therapeutics shares dropped after its SLS-002 Phase II study did not meet the pre-defined primary endpoint. ARS Pharmaceuticals shares were down after the FDA issued a Complete Response Letter regarding its New Drug Application. IceCure Medical shares fell after the FDA denied its De Novo Classification request for breast cancer.

Portfolio Pulse from Lisa Levin

September 20, 2023 | 4:09 pm

FWRD

Forward Air Corp (FWRD) has raised $925 million through a private offering of senior secured notes due 2031. The proceeds will be used to pay for its combination with Omni, repay certain existing debts, and cover transaction costs. The gross proceeds will be deposited into an escrow account pending the merger's completion. FWRD shares are trading higher by 0.79% at $68.98.

Portfolio Pulse from Shivani Kumaresan

September 20, 2023 | 2:57 pm

AZUL

BBW

BHC

CATC

EAF

EHTH

GOL

HAIN

HMY

HPP

IHS

SCS

SKIN

TXT

VNET

WDC

Several US stocks recorded gains on Wednesday, including Steelcase Inc., Cambridge Bancorp, eHealth, Inc., Azul S.A., The Hain Celestial Group, Inc., Harmony Gold Mining Company Limited, Gol Linhas Aéreas Inteligentes S.A., GrafTech International Ltd., Bausch Health Companies Inc., IHS Holding Limited, Hudson Pacific Properties, Inc., Build-A-Bear Workshop, Inc., The Beauty Health Company, Western Digital Corporation, VNET Group, Inc., and Textron Inc. The gains were driven by various factors such as better-than-expected results, merger agreements, insider trading, upgrades by financial institutions, and stock repurchase programs.

Portfolio Pulse from Lisa Levin

September 20, 2023 | 2:53 pm

AKAN

Akanda Corp. (NASDAQ:AKAN) has entered a purchase deal for farming land and related operations and licenses with 1107385 B.C. LTD. The company plans to issue a non-refundable payment of $1.8 million, potentially in common shares. The deal gives Akanda the right to develop the property for two years, with plans to develop THC and CBD facilities. Additional payments will be made based on milestones achieved from the development.

Portfolio Pulse from Jelena Martinovic

September 20, 2023 | 2:33 pm