Streetbeat News

Acquisitions Mergers

AVTA

CRNX

GRNT

SGMA

SJM

TNON

TWNK

U.S. stocks traded higher with the Nasdaq Composite gaining over 1%. JM Smucker announced an acquisition of Hostess Brands for $5.60 billion in cash & stock. Hostess Brands shares spiked 19% following the announcement. Other notable movements include Crinetics Pharmaceuticals shares shooting up 64% after positive Phase 3 study results, Avantax shares gaining 29% after agreeing to be acquired by Cetera Holdings, and SigmaTron International shares dropping 50% after releasing Q1 earnings.

Portfolio Pulse from Lisa Levin

September 11, 2023 | 6:31 pm

SAVE

Spirit Airlines' shares are trading higher following the announcement of a divestiture agreement between JetBlue and Allegiant, related to the JetBlue-Spirit combination.

Portfolio Pulse from Bill Haddad

September 11, 2023 | 6:12 pm

BB

CG

BlackBerry Limited (NYSE:BB) stock is trading higher following the launch of a new series of BlackBerry Radar devices for hazardous materials carriers. The devices are backed by an 'Intrinsically Safe' certification, targeting transportation and logistics companies. BlackBerry expects Q2 revenue to be around $132 million, with IoT revenue at $49 million, and licensing and other revenue at $3 million. The company also received a takeover offer from Veritas Capital, a Carlyle Group (NASDAQ:CG) company.

Portfolio Pulse from Anusuya Lahiri

September 11, 2023 | 6:08 pm

AVTA

Avantax has entered into an agreement to be acquired by Cetera Holdings for $26 per share in cash. This has led to a rise in Avantax's share price.

Portfolio Pulse from Bill Haddad

September 11, 2023 | 6:02 pm

JPM

JP Morgan's CEO has expressed expectations for more mergers and acquisitions (M&A) in the banking sector, stating that such activities should be allowed.

Portfolio Pulse from Benzinga Newsdesk

September 11, 2023 | 5:47 pm

KKR

KKR & Co Inc has increased its stake in Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries, through an investment of 2,069.50 crore rupees. This investment raises KKR's stake to 1.42% from 1.17%. KKR also disclosed a new equity investment of over $1 billion in USI Insurance Services. Last month, KKR reported Q2 revenues of $3.63 billion, significantly higher than the previous year. KKR shares are currently trading higher by 0.76% at $63.30.

Portfolio Pulse from Lekha Gupta

September 11, 2023 | 5:19 pm

TECK

Teck Resources shares are trading higher due to a rise in copper prices. Additionally, JSW Steel is reportedly planning to acquire a stake in Teck's coal unit.

Portfolio Pulse from Bill Haddad

September 11, 2023 | 5:17 pm

TGLO

Delfin Midstream, which owns over 70% of TGLO (OTC:TGLO), has not yet completed a long-awaited reverse merger. The company has not diluted its shares or engaged in toxic financing, and it has plans for expansion. The article suggests that Delfin may be waiting for the right time to complete the merger, possibly when natural gas prices are low.

Portfolio Pulse from Buzz Margin Call

September 11, 2023 | 5:14 pm

FANG

Diamondback Energy Inc (FANG) has announced a joint venture with Five Point Energy LLC, named Deep Blue Midland Basin LLC. The 15-year deal involves FANG producing and supplying water in a 12-county area in the Midland Basin. FANG will hold a 30% stake in Deep Blue and has received upfront cash proceeds of around $500 million. Both companies plan to contribute $500 million in follow-on equity capital for future projects and acquisitions. Deep Blue has also secured long-term acreage dedications with two investment-grade customers.

Portfolio Pulse from Lekha Gupta

September 11, 2023 | 5:00 pm

HILS

Hillstream BioPharma Inc. has entered into an exclusive option agreement to acquire a clinical stage asset for chronic pruritis. The terms of the agreement have not been disclosed.

Portfolio Pulse from Benzinga Newsdesk

September 11, 2023 | 3:54 pm