Streetbeat News

Acquisitions Mergers

PLL

Piedmont Lithium Inc (NASDAQ:PLL) plans to increase its stake in Atlantic Lithium Limited's Ewoyaa Lithium Project to 50% through a staged investment agreement. Piedmont will provide an additional $70 million toward Ewoyaa development capital to acquire an additional 27.5% interest. The company will share the remaining project capital costs equally with Atlantic Lithium, committing about $128 million toward the total estimated $185 million project capital costs. Piedmont is entitled to purchase 50% of lithium concentrate production at Ewoyaa for the life of the mine.

Portfolio Pulse from Shivani Kumaresan

August 17, 2023 | 2:10 pm

EMR

Emerson Electric Co (NYSE:EMR) has agreed to acquire Afag Holding AG, a company specializing in electric linear motion, feeding, and handling automation solutions. The acquisition will enhance Emerson's factory automation capabilities and expand its market by over $9 billion. The deal is expected to close by the end of Emerson's fiscal 2023.

Portfolio Pulse from Lekha Gupta

August 17, 2023 | 2:06 pm

INTC

Intel and Tower Semiconductor have terminated their pending merger agreement, leading to a drop in Intel's share price.

Portfolio Pulse from Benzinga Newsdesk

August 17, 2023 | 2:06 pm

Bruker

PhenomeX

PhenomeX has signed a definitive agreement to be acquired by Bruker in an all-cash transaction valued at $108 million, or $1 per share. This has led to a rise in PhenomeX's share price.

Portfolio Pulse from Benzinga Newsdesk

August 17, 2023 | 2:03 pm

CGC

Canopy Growth Corporation (NASDAQ:CGC) has agreed to sell its Hershey Drive facility in Smiths Falls, Ontario to Hershey Canada, Inc. for CA$53 million. This is part of Canopy's strategy to transition to an asset-light operating model. The company's Q2 earnings report showed sales of CA$109 million, beating the analyst consensus estimate of CA$67.98 million. Canopy has also reduced its debt by over $1 billion. The company's shares were trading 0.313% higher at $0.3851 per share.

Portfolio Pulse from Nina Zdinjak

August 17, 2023 | 1:54 pm

AMZN

BALL

BILI

CVS

GOOG

LNVGY

MSFT

NVO

TPR

TSLA

TSN

WMT

WOOF

Blue Shield of California ends its partnership with CVS Health's Caremark and partners with Amazon for at-home drug deliveries. Alphabet's Verily Life Sciences intensifies cost-cutting measures. Microsoft-backed OpenAI acquires Global Illumination. Petco expands partnership with DoorDash. Ball Corp plans to sell its aerospace business. Tesla's autopilot system is under scrutiny again. Novo Nordisk's Wegovy could potentially prevent 1.5 million heart attacks and strokes over ten years. Tyson Foods plans to divest its China poultry business. Walmart and Bilibili report strong Q2 earnings while Tapestry and Lenovo miss estimates.

Portfolio Pulse from Vandana Singh

August 17, 2023 | 1:38 pm

HKD

AMTD Group, AMTD IDEA Group and AMTD Digital Inc. have jointly announced the successful acquisition of the franchisee operating the L'Officiel's Philippines business, which includes both digital and social platforms.

Portfolio Pulse from Happy Mohamed

August 17, 2023 | 1:21 pm

BABA

CLF

Stephen Weiss of Short Hills Capital Partners named Alibaba Group Holding Limited (BABA) as his final trade on CNBC's 'Halftime Report Final Trades'. Alibaba Cloud's business communication and collaboration platform DingTalk will split from Alibaba Cloud as the latter will spin off from Alibaba Group to seek an IPO. Jim Lebenthal of Cerity Partners named Cleveland-Cliffs Inc. (CLF) as his final trade. Karen Firestone of Aureus Asset Management picked Blackstone Inc. (BX). Joseph Terranova of Virtus Investment Partners picked Morgan Stanley (MS).

Portfolio Pulse from Priya Nigam

August 17, 2023 | 1:08 pm

BRKR

CELL

Bruker Corporation has announced a definitive agreement to acquire PhenomeX in an all-cash transaction valued at $108M, or $1 per share.

Portfolio Pulse from Benzinga Newsdesk

August 17, 2023 | 1:02 pm

CPRI

TPR

Tapestry Inc (NYSE:TPR) reported Q4 FY23 sales of $1.62 billion, missing the analyst consensus of $1.65 billion. EPS of $0.95 also missed the consensus of $0.97. However, gross profit rose to $1.17 billion from $1.12 billion a year ago. The company also provided a below-consensus outlook for FY24. Last week, Tapestry announced the acquisition of Capri Holdings (NYSE:CPRI) for $8.5 billion, expected to be completed in 2024.

Portfolio Pulse from Lekha Gupta

August 17, 2023 | 12:43 pm