Streetbeat News

Acquisitions Mergers

RITM

SCU

Sculptor Capital Management (SCU) has rejected a series of revised, unsolicited proposals from a consortium led by the founder of 'Bidder J'. The company's special committee concluded that the consortium's proposal does not constitute a superior proposal to the merger agreement with Rithm Capital Corp (RITM). The committee cited concerns about the consortium's proposal, including the risk of Sculptor's fund investors not approving of Bidder J's CEO and other outsiders having control over their capital, insufficient equity commitments, and increased risk due to the consortium providing the debt commitments for its proposed debt financing.

Portfolio Pulse from Happy Mohamed

August 30, 2023 | 8:04 pm

ICCT

iCoreConnect announced the closing of its business combination with FG Merger Corp. This news has led to a rise in iCoreConnect's share prices.

Portfolio Pulse from Bill Haddad

August 30, 2023 | 7:15 pm

TLRY

Tilray Brands, Inc. (NASDAQ:TLRY) has launched its new 'Diamonds Collection' by its Premium cannabis lifestyle brand RIFF. The collection includes diamond-infused pre-rolls and plans to expand with more innovative products later this year. Tilray holds a 13.8% share in the pre-roll segment of the Canadian cannabis market, a position strengthened by its acquisition of HEXO. The company plans to continue enhancing consumer experience and evolve the Canadian cannabis industry.

Portfolio Pulse from Jelena Martinovic

August 30, 2023 | 5:50 pm

MSFT

NVDA

Cloud computing provider CoreWeave is exploring a minority stake sale that could value the company at up to $8 billion. The company, which was an early adopter of Nvidia Corp. graphics chips for data centers, is building out data centers based on Nvidia’s chips to offer artificial intelligence-related computing as a service. CoreWeave has raised $421 million in equity this year, including from Nvidia, which is valued at more than $1.2 trillion. Microsoft Corp. has agreed to spend billions of dollars over several years on cloud infrastructure from CoreWeave.

Portfolio Pulse from Happy Mohamed

August 30, 2023 | 4:27 pm

PECO

Phillips Edison & Company, Inc. (NASDAQ:PECO) has acquired Lake Pointe Market, a grocery-anchored neighborhood shopping center in Rowlett, Texas. The acquisition is part of PECO's plan to acquire $200 to $300 million in net acquisitions this year. The financial terms of the deal were not disclosed. PECO shares are trading lower by 0.12% to $34.32.

Portfolio Pulse from Nabaparna Bhattacharya

August 30, 2023 | 3:51 pm

ICCT

iCoreConnect, Inc. (NASDAQ:ICCT) shares have been volatile with multiple trading halts. This follows the company's recent business combination with FG Merger Corp., a SPAC. Trading was halted when it was found that certain shares did not convert using the post-business combination exchange ratio. The issue was corrected and trading resumed. iCoreConnect shares are moving higher on heavy trading volume, with over 26.6 million shares traded compared to the 100-day average of just over 1 million shares.

Portfolio Pulse from Erica Kollmann

August 30, 2023 | 3:48 pm

JNJ

KVUE

Johnson & Johnson (JNJ) has updated its 2023 projections, predicting double-digit profit growth following its recent spinoff of Kenvue Inc (KVUE). The company expects FY23 reported sales growth of 7%-8% and adjusted reported EPS of $10 to $10.10. JNJ retains a 9.5% stake in KVUE after accepting 190.9 million JNJ stock in exchange for around 1.5 billion KVUE common stock.

Portfolio Pulse from Vandana Singh

August 30, 2023 | 3:42 pm

LLY

NVO

Novo Nordisk has acquired Embark Biotech, marking its second acquisition within a month aimed at bolstering its obesity portfolio. The deal includes an upfront payment of €15 million, with potential milestones of up to €456 million. All Embark Biotech employees will transfer to a new group, Embark Laboratories, which will focus on cardiometabolic disease and collaborate with Novo Nordisk on obesity R&D for three years. Earlier this month, Novo Nordisk also acquired Inversago Pharma for up to $1.075 billion. Novo Nordisk's shares are currently down 0.40% at $189.60.

Portfolio Pulse from Vandana Singh

August 30, 2023 | 3:39 pm

BYDDY

NIO

TSLA

WKSP

XPEV

The EV industry is seeing intense competition with Tesla facing rivals on multiple fronts. Ford, BYD, Nio, and XPeng have all responded to Tesla's price war. Worksport, an automotive parts manufacturer, is set to deliver the world's first solar-powered tonneau cover and portable battery system. BYD posted record sales results and acquired the electronics manufacturing business in China owned by Jabil Inc. XPeng has agreed to buy a smart EV development business from DiDi Global and is developing two EVs with Volkswagen. Nio, despite a wider-than-expected Q2 loss, is revamping its products and launching a phone.

Portfolio Pulse from Upwallstreet

August 30, 2023 | 3:38 pm

DOTUSD

EOSUSD

ETHUSD

A195 Capital has invested an undisclosed amount in Islamic Coin, a Shariah-compliant cryptocurrency set to launch in September. Islamic Coin recently announced collaborations with DDCAP Group and Holiday Swap. A195 Capital, led by Scott Walker, has previously invested in Ethereum, EOS, and Block.one.

Portfolio Pulse from Murtuza Merchant

August 30, 2023 | 1:50 pm