Streetbeat News

Acquisitions Mergers

UBS

UBS plans to achieve gross cost reductions of over $10 billion by the end of 2026. This will be achieved through the integration of UBS AG and Credit Suisse AG, planned for 2024, and other measures. The bank aims to have an exit rate cost income ratio of less than 70% by the end of 2026, and a return on CET1 capital of around 15%. UBS Group's 3Q23 underlying PBT is expected to be around breakeven, with positive PBT in 2H23.

Portfolio Pulse from Benzinga Newsdesk

August 31, 2023 | 7:22 am

UBS

UBS Group CEO, Sergio P. Ermotti, announced that the company expects positive net new asset flows in its wealth and asset management franchises, and higher asset valuations. The decision on Credit Suisse (Schweiz) AG follows a thorough evaluation, with full integration deemed the best outcome for UBS, stakeholders, and the Swiss economy. The company will maintain its sponsorship of civic, sporting, and cultural activities in Switzerland until at least the end of 2025.

Portfolio Pulse from Benzinga Newsdesk

August 31, 2023 | 7:09 am

DDS

TWTR

A lawsuit accusing Elon Musk's Twitter, now rebranded as X, of age discrimination during last year's mass layoffs has not been dismissed by a California federal judge. The plaintiff, John Zeman, alleges that X disproportionately laid off older workers after Musk's acquisition. The judge dismissed the claim that X intentionally targeted older workers but allowed Zeman to amend the lawsuit. X faces multiple lawsuits related to the layoffs, including allegations of inadequate notice and adverse impact on workers with disabilities.

Portfolio Pulse from Ananya Gairola

August 31, 2023 | 6:41 am

FCPT

Four Corners Property Trust (FCPT) has expanded its portfolio with the acquisition of three developer properties for $5.2 million.

Portfolio Pulse from Benzinga Newsdesk

August 31, 2023 | 6:11 am

CHWY

CRM

CRWD

ICCT

TSLA

US stocks ended in the green on Wednesday with the Nasdaq Composite marking a gain of around 75 points. The Dow Jones Industrial Average edged up by 0.11%, while the NASDAQ climbed by 0.54%. The S&P 500 also witnessed an uptick, rising by 0.38%. iCoreConnect Inc. (NASDAQ:ICCT) surged by 118.89% after closing its business combination with FG Merger Corp. Chewy, Inc. (NYSE:CHWY) reported a 14.3% YoY increase in its Q2 net sales. CrowdStrike Holdings, Inc. (NASDAQ:CRWD) reported a 37% YoY increase in its Q2 revenue. Salesforce, Inc. (NYSE:CRM) reported an 11% YoY increase in its Q2 revenue. Tesla, Inc. (NASDAQ:TSLA) experienced a slight decrease of 0.11%.

Portfolio Pulse from Benzinga Neuro

August 31, 2023 | 2:14 am

WTS

Watts Water Technologies has agreed to acquire Bradley Corporation, a manufacturer of commercial washroom and emergency safety products, for $303 million. The net transaction value is approximately $268 million after adjusting for the estimated net present value of expected tax benefits of approximately $35 million. Bradley has annual net sales of approximately $200 million.

Portfolio Pulse from Benzinga Newsdesk

August 30, 2023 | 9:00 pm

NEX

PTEN

Shareholders of Patterson-UTI Energy, Inc. (PTEN) and NexTier Oilfield Solutions Inc. (NEX) have approved the all-stock merger of equals transaction. Over 93% of PTEN shares and 90% of NEX shares represented at the special meetings voted in favor of the merger. The merger is expected to close on September 1, 2023, with NexTier shareholders receiving 0.7520 shares of Patterson-UTI common stock for each share of NexTier common stock owned.

Portfolio Pulse from Happy Mohamed

August 30, 2023 | 8:27 pm

GEF

Greif has acquired a 51% stake in ColePak, LLC in an all-cash transaction. The financial results of ColePak will be reported within the Greif Paper Packaging & Services segment as part of Q4 2023 results. The acquisition was funded through Greif's existing credit facility.

Portfolio Pulse from Benzinga Newsdesk

August 30, 2023 | 8:19 pm

ACER

Acer Therapeutics has reacquired worldwide development, commercialization, and economic rights to OLPRUVA from Relief Therapeutics, excluding Europe. Relief Therapeutics will receive $10M and an additional $1.5M.

Portfolio Pulse from Benzinga Newsdesk

August 30, 2023 | 8:16 pm

TITN

Titan Machinery has acquired O'Connors, the largest Case IH dealership group in Australia, for $63M in cash. The combined enterprise is expected to generate approximately $2.9 billion in revenue and $5.20 in diluted earnings per share on an annualized basis, based on Titan's full fiscal year 2024 guidance.

Portfolio Pulse from Benzinga Newsdesk

August 30, 2023 | 8:12 pm