Streetbeat News

Acquisitions Mergers

FBGRX

TSLA

Fidelity Investments, a key backer of Elon Musk's acquisition of Twitter (now known as X), has been consistently raising the valuation of the social media platform. This is the third consecutive month that Fidelity has increased the valuation of its Twitter/X holdings, with an 8% increase in July. Fidelity's stake in X is held through the Fidelity Blue Chip Growth Fund (FBGRX). Musk, who funded part of the Twitter acquisition by selling some of his Tesla (TSLA) shares, has hinted that X could go public again in the future.

Portfolio Pulse from Chris Katje

September 01, 2023 | 5:01 pm

MEDS

UBS

TRxADE HEALTH, Inc. (NASDAQ:MEDS) is merging with Superlatus, Inc. to create a plant-based consumer goods company. The news of the merger led to a nearly 500% increase in MEDS' stock price within a week. Superlatus plans to offer plant-based meats, cheeses, and dairy products, a market that could reach $72 million by 2030 according to a UBS report. The deal requires two acquisitions to expand Superlatus' global consolidation platform.

Portfolio Pulse from Johnny Rice

September 01, 2023 | 4:59 pm

PSYCF

Psyched Wellness, a life sciences company focused on wellness products derived from the Amanita Muscaria mushroom, has secured a capital infusion of up to $7.52 million from cannabis investment firm Gotham Green Fund III. The investment will be used to facilitate the nationwide rollout of products centered around Psyched Wellness's proprietary extract, AME-1. The agreement also provides Gotham Green with the right to nominate board members.

Portfolio Pulse from Javier Hasse

September 01, 2023 | 4:19 pm

MEDS

TRxADE HEALTH, Inc. (NASDAQ:MEDS) shares have surged over 40% in a single session and over 160% in the last 30 days, despite no company-specific news. The stock has seen heavy trading volume, with over 10 million shares traded in the session, significantly higher than the 100-day average of 654 thousand shares. Last week, the company announced that Superlatus, a company it recently merged with, agreed to acquire The Urgent Company and its portfolio of brands.

Portfolio Pulse from Erica Kollmann

September 01, 2023 | 3:35 pm

SHEL

Shell PLC (NYSE:SHEL) has agreed to sell its home energy businesses in the UK and Germany to Octopus Energy Group. The businesses, which serve around two million customers, will be sold for an undisclosed amount. The deal is expected to close in Q4 FY23, pending regulatory approval. Shell and Octopus also plan to explore a potential international partnership to enhance the experience of EV charging customers.

Portfolio Pulse from Lekha Gupta

September 01, 2023 | 3:27 pm

AMGN

HZNP

The U.S. Federal Trade Commission (FTC) has approved Amgen Inc's $27.8 billion acquisition of Horizon Therapeutics Plc. The FTC had previously objected to the deal, but suspended its opposition in late August. The acquisition will give Amgen access to Horizon's rare disease assets, including the thyroid eye disease therapy Tepezza. As part of the settlement, Amgen is prohibited from bundling any of its products with Tepezza or Krystexxa, Horizon's gout medication.

Portfolio Pulse from Vandana Singh

September 01, 2023 | 2:47 pm

HOOD

Robinhood Markets Inc (NASDAQ:HOOD) has announced an agreement to repurchase 55.3 million shares of its own stock from the U.S. government for $605.7 million. The shares were initially seized from Sam Bankman-Fried, the founder of FTX, following his bankruptcy and ongoing legal issues. The repurchase agreement pushed Robinhood's shares up by nearly 3% in Friday's early session.

Portfolio Pulse from AJ Fabino

September 01, 2023 | 2:14 pm

BKNG

European Union regulators are likely to block the €1.63 billion acquisition of Sweden's Etraveli Group by Booking Holdings Inc (BKNG) due to competition concerns. This decision contradicts the UK's Competition and Markets Authority, which approved the deal last year. The European Commission expressed concerns about the deal granting Booking an advantage in the hotel booking sector, potentially facilitating its entry into other areas like car rentals and flights. A formal decision is expected later this month.

Portfolio Pulse from Vandana Singh

September 01, 2023 | 1:55 pm

WWW

Wolverine World Wide, Inc. (NYSE:WWW) has agreed to sell Hush Puppies intellectual property in China, Hong Kong, and Macau to Beijing Jiaman Dress Co., Ltd for $58.8 million. The company will continue to own and operate the Hush Puppies brand in the rest of the world. This move is part of Wolverine's brand portfolio transformation, which includes the sale of its U.S. Wolverine Leathers business to New Balance for approximately $6 million. The company's shares traded higher by 4.08% to $8.41 on the last check Friday.

Portfolio Pulse from Nabaparna Bhattacharya

September 01, 2023 | 1:49 pm

HYMLF

HYMTF

Hyundai Motor Co., Ltd. and LG Energy Solution will invest an additional $2 billion in their battery cell manufacturing joint venture at the Metaplant in Bryan County, Georgia. This will raise the JV's total value to over $4.3 billion and create 400 new jobs. The facility will support the production of 300,000 units of EVs annually. Hyundai Mobis will assemble battery packs using cells from the plant and supply them to Hyundai Motor Group’s U.S. manufacturing facilities.

Portfolio Pulse from Nabaparna Bhattacharya

September 01, 2023 | 1:20 pm