Streetbeat News

Acquisitions Mergers

BABA

FANG

UBER

XLE

On CNBC's 'Halftime Report Final Trades', Brian Belski of BMO Capital Markets recommended Uber Technologies, Stephen Weiss of Short Hills Capital Partners recommended Alibaba Group Holding, Joseph Terranova of Virtus Investment Partners recommended Diamondback Energy, and Liz Young of BNY Mellon Investment Management recommended Energy Select Sector SPDR Fund. Uber recently signed a deal with Hy-Vee for grocery delivery in the Midwest. Alibaba was reiterated with a Positive rating and a $160 price target by Susquehanna analyst Shyam Patil. Diamondback Energy's subsidiary, Viper Energy Partners, announced a purchase and sale deal to acquire certain mineral and royalty interests.

Portfolio Pulse from Lisa Levin

September 07, 2023 | 12:44 pm

SASI

Sigma Additive Solutions (NASDAQ:SASI) has announced a non-binding LOI to acquire travel technology company NextTrip for approximately $48M, or $0.40/share, if all milestones are met. The deal will be paid in Sigma common stock, constituting 19.99% of its outstanding common stock plus additional shares upon achievement of post-closing milestone earnouts. Sigma also plans to sell its quality assurance software assets to a strategic buyer. The transactions are expected to be completed in Q4 2023, subject to negotiation, regulatory and shareholder approvals.

Portfolio Pulse from Happy Mohamed

September 07, 2023 | 12:34 pm

GLLI

Globalink Investment Inc. (NASDAQ:GLLI) has extended the deadline to complete its initial business combination from September 9, 2023 to October 9, 2023. This is the third of five extensions permitted under the company's governing documents. The company deposited $130,000 into its trust account with Continental Stock Transfer and Trust Company to facilitate this extension.

Portfolio Pulse from Happy Mohamed

September 07, 2023 | 12:32 pm

CGC

LSDI

TLRY

High Times Holding Corp. has announced a transaction with Lucy Scientific Discovery Inc. (NASDAQ:LSDI) that will make High Times publicly traded. The deal involves a divestment of core High Times assets to Lucy in exchange for 19.9% of Lucy's publicly traded shares. The assets being transferred include intellectual property and domain names such as Hightimes.com, CannabisCup.com and 420.com. Lucy plans to license back these assets to High Times under a long-term arrangement.

Portfolio Pulse from Javier Hasse

September 07, 2023 | 12:30 pm

PDS

Precision Drilling Corp (NYSE:PDS) has agreed to acquire CWC Energy Services Corp for approximately C$141 million. The deal includes 947,909 PDS shares valued at C$88 million, C$14 million in cash, and the assumption of CWC's outstanding debt. The acquisition is expected to add 62 service rigs in Canada and 11 in the U.S. to PDS's fleet. The transaction is expected to be completed in Q4 FY23 and is anticipated to be accretive on a 2024 cash flow per share basis.

Portfolio Pulse from Lekha Gupta

September 07, 2023 | 12:20 pm

BRO

Brown & Brown, Inc. (NYSE:BRO) has promoted Mike Bruce to CEO of Brown & Brown Europe. Bruce was formerly the CEO of Global Risk Partners, which Brown & Brown acquired in July 2022. In his new role, Bruce will lead the company's overall European strategy, aiming to build more connectivity and leverage the financial strength and scale of Brown & Brown with insurers, customers, and potential acquisitions.

Portfolio Pulse from Happy Mohamed

September 07, 2023 | 12:11 pm

SPWH

WRK

Several stocks have shown significant movement in pre-market trading. WestRock Company (NYSE:WRK) gained 11.6% as it is nearing a deal to merge with Smurfit Kappa. Other gainers include American Rebel Holdings, Inc. (NASDAQ:AREB), Artelo Biosciences, Inc. (NASDAQ:ARTL), and Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR). On the other hand, Sportsman's Warehouse Holdings, Inc. (NASDAQ:SPWH) fell 25.8% after posting downbeat Q2 results. Other losers include NeuBase Therapeutics, Inc. (NASDAQ:NBSE), Verint Systems Inc. (NASDAQ:VRNT), and Yext, Inc. (NYSE:YEXT).

Portfolio Pulse from Lisa Levin

September 07, 2023 | 12:10 pm

GNSS

Genasys Inc. (NASDAQ:GNSS) has announced new Long Range Acoustic Device (LRAD) orders valued at $1.6 million from the U.S. Department of Defense (DOD). The orders include LRAD-1950XLs for the United States Special Operations Command in Europe, LRAD 360-XT mobile communications trailers for the U.S. Navy in Africa, and various spares for Navy units in the United States.

Portfolio Pulse from Happy Mohamed

September 07, 2023 | 12:08 pm

LSDI

Lucy Scientific is acquiring the IP of High Times and will issue 19.9% of its outstanding stock to High Times. Lucy will make semi-annual payments for the next 5 years based on EBITDA generated from the acquired IP. Lucy will also license the right to operate retail stores and manufacture and sell THC products in the US back to High Times for a license fee of $1.0M per year, increasing to $2.0M per year upon Federal legalization.

Portfolio Pulse from Benzinga Newsdesk

September 07, 2023 | 12:05 pm

EDR

WWE

Endeavor Group Holdings (EDR) and World Wrestling Entertainment (WWE) have announced that their transaction to form TKO Group Holdings is expected to close on September 12, 2023. Upon closure, TKO will begin trading on the New York Stock Exchange under the ticker symbol 'TKO'.

Portfolio Pulse from Happy Mohamed

September 07, 2023 | 12:02 pm