Streetbeat News

Acquisitions Mergers

ELF

e.l.f. Beauty, Inc. (NYSE:ELF) has announced an agreement to acquire skin care brand Naturium for $355 million in cash and stock. The acquisition is expected to double e.l.f. Beauty's presence in skin care to approximately 18% of retail sales. Naturium has seen net sales grow at an approximately +80% CAGR over the last two years, with approximately $90 million of net sales expected this year. The transaction is expected to close around September 30, 2023.

Portfolio Pulse from Ryan Gustafson

August 29, 2023 | 6:21 pm

VFC

Wedbush analyst Tom Nikic has reiterated a Neutral rating on VF Corp (VFC) with a $21 price target. Nikic believes that VFC's growth depends on product innovation in its Vans brand. The North Face (TNF), another brand in VFC's portfolio, has been performing well due to strong outdoor industry and company-specific drivers. The company's priority is to deleverage its balance sheet before looking at M&A again. Despite the underperformance of its recent acquisition, Supreme, the analyst sees geographic expansion as a big opportunity. VFC's stock direction is likely to be driven by the Vans brand.

Portfolio Pulse from Shivani Kumaresan

August 29, 2023 | 5:48 pm

BTCUSD

ETHUSD

TWTR

Social media platform X, formerly known as Twitter, has obtained a Rhode Island Currency Transmitter License, enabling it to provide crypto payments and trading services in the US. This will allow the platform to store, transfer, and exchange digital assets for its users. X has previously incorporated crypto features such as Bitcoin tips and support for NFTs as profile pictures.

Portfolio Pulse from Happy Mohamed

August 29, 2023 | 3:23 pm

ELF

e.l.f. Beauty has announced an agreement to acquire Naturium, causing its shares to trade higher.

Portfolio Pulse from Benzinga Newsdesk

August 29, 2023 | 3:01 pm

CSCO

NVDA

Cisco (NASDAQ:CSCO), an old-school technology stock, is outperforming the S&P 500 this year with a 17% increase. The company reported a 16% YoY revenue increase in its earnings report on August 16th, and has acquired two cybersecurity companies, Smartlook and Lightspin, to expand its presence in the security space. The stock's monthly chart shows potential resistance at $58, with possible future increases to $60 and $64.

Portfolio Pulse from Thrash Capital

August 29, 2023 | 2:53 pm

ICCT

iCoreConnect shares are trading higher following the company's recent debut on Nasdaq and its business combination with FG Merger Corp.

Portfolio Pulse from Benzinga Newsdesk

August 29, 2023 | 2:49 pm

AMZN

BBY

CTLT

ELF

GOOG

INTC

META

MMM

MSFT

NIO

China is taking measures to shield its economy from the real estate sector crisis by reducing bank deposit and mortgage rates. President Biden targets cancer and diabetes drugs in a controversial Medicare price battle. Google collaborates with Nvidia in AI expansion. 3M Co settles a multi-billion dollar lawsuit. Catalent Inc finalizes a deal with Elliott Investment Management and reports mixed Q4 earnings. e.l.f. Beauty acquires Naturium skincare brand. Intel Corp eyes a next-generation data center chip. Meta Platforms Inc tackles China-linked disinformation surge. Microsoft's president cautions against weaponizing AI. Amazon raises its free shipping minimum for non-Prime customers. Google ventures into renewable energy mapping. Nio Inc and Best Buy Co Inc report their Q2 results.

Portfolio Pulse from Vandana Singh

August 29, 2023 | 2:06 pm

GSAT

QCOM

Globalstar Inc (GSAT) has appointed Paul Jacobs, founder and CEO of XCOM Labs and former CEO of Qualcomm Inc (QCOM), as its new CEO. In addition, Globalstar has entered into a strategic perpetual licensing agreement with XCOM Labs for exclusive access to certain key technologies and personnel. The agreement will be compensated with approximately 60 million shares of Globalstar common stock. The news has led to a 23.6% increase in Globalstar's share price.

Portfolio Pulse from Adam Eckert

August 29, 2023 | 1:50 pm

DBVT

RWLK

STXS

VNRX

Insiders at four penny stocks, ReWalk Robotics Ltd. (RWLK), VolitionRx Limited (VNRX), DBV Technologies S.A. (DBVT), and Stereotaxis, Inc. (STXS), have recently made significant purchases. This could indicate their confidence in the companies' prospects. RWLK recently closed an acquisition of AlterG, Inc. VNRX reported cash and cash equivalents of around $19.7 million as of June 30, 2023. DBVT closed the second quarter with a cash balance of $174 million. STXS reported a 28% revenue growth in the second quarter.

Portfolio Pulse from Lisa Levin

August 29, 2023 | 1:22 pm

ELF

e.l.f. Beauty Inc (NYSE: ELF) has agreed to acquire skincare brand Naturium for $355 million in a mix of cash and stock. The deal is expected to double e.l.f. Beauty's presence in skincare to about 18% of retail sales. Naturium has seen a net sales growth of approximately +80% CAGR over the last two years and is expected to contribute approximately $48 million in net sales, $9 million in adjusted EBITDA, and $0.04 in adjusted EPS in fiscal 2024. The transaction is expected to close around September 30, 2023.

Portfolio Pulse from Shivani Kumaresan

August 29, 2023 | 1:03 pm