Streetbeat News

Acquisitions Mergers

CION

David's Bridal CEO appeared on CNBC to discuss the company's purchase of CION. Following the announcement, shares of CION moved higher.

Portfolio Pulse from Happy Mohamed

August 10, 2023 | 7:24 pm

BSAQ

Black Spade Acquisition Co (BSAQ) and VinFast have announced that their shareholders have approved their merger, which is expected to close on August 14. This news has led to an increase in BSAQ's share price.

Portfolio Pulse from Benzinga Newsdesk

August 10, 2023 | 6:24 pm

AEL

BAM

BMO Capital Market analyst Sohrab Movahedi has raised the price target for Brookfield Asset Management Ltd (BAM) to $34 from $33, maintaining a Market Perform rating. The analyst is optimistic about BAM's earnings growth due to continued investor interest in its alternative asset strategies and the potential addition of $50 billion in perpetual assets from the American Equity Investment Life Holding (AEL) acquisition. Despite missing Q2 2023 revenue and EPS consensus, BAM shares are up 4.24%.

Portfolio Pulse from Lekha Gupta

August 10, 2023 | 5:26 pm

GLOB

Globant SA (NYSE:GLOB) plans to invest $1 billion over five years in Latin America to strengthen its regional presence. The company will open an Emerging Technologies Innovation Center in Brazil and hire 20,000 people across its 30 development centers in Latin America. The aim is to accelerate the development of AI-based products. As of March 31, 2023, the company's cash and equivalents stood at $284.8 million.

Portfolio Pulse from Lekha Gupta

August 10, 2023 | 5:20 pm

AMRS

BLND

CPRI

EDBL

GRTX

ORGN

Several stocks experienced significant price movements in Thursday's mid-day session. Edible Garden AG Incorporated (EDBL), Capri Holdings Limited (CPRI), and Blend Labs, Inc. (BLND) were among the gainers, with shares jumping due to better-than-expected Q2 results and acquisition news. On the other hand, Galera Therapeutics, Inc. (GRTX), Amyris, Inc. (AMRS), and Origin Materials, Inc. (ORGN) were among the biggest losers, with shares falling due to FDA response, bankruptcy filing, and mixed Q2 results respectively.

Portfolio Pulse from Lisa Levin

August 10, 2023 | 5:17 pm

CPRI

LULU

TPR

Tapestry, Inc. (TPR) is set to acquire Capri Holdings, Ltd. (CPRI) for approximately $8.5 billion. This news has sparked interest in luxury fashion brands and increased hopes of additional mergers and acquisitions within the apparel and luxury goods sector. Lululemon Athletica, Inc. (LULU) shares are trading higher following the announcement.

Portfolio Pulse from Erica Kollmann

August 10, 2023 | 5:04 pm

BSAQ

Shareholders have approved the SPAC merger between VinFast and BSAQ, with VinFast set to debut on Nasdaq next week. Following the announcement, BSAQ shares spiked higher.

Portfolio Pulse from Happy Mohamed

August 10, 2023 | 4:45 pm

TWTR

Twitter has been rebranded to X under the new CEO Linda Yaccarino, who replaced Elon Musk. The company is transitioning from a cost-cutting stage to a growth stage, introducing new features like long-form video, articles, subscriptions, and income sources for creators. The platform is also attracting advertisers like Coca-Cola, Visa, and State Farm. Despite some estimates suggesting a loss of up to $20 billion in brand value after the rebranding, the company claims to be close to breaking even operationally and is seeing continued revenue growth.

Portfolio Pulse from Adam Eckert

August 10, 2023 | 4:39 pm

GLOB

Globant (NYSE:GLOB) has announced a five-year, $1 billion investment plan in Latin America to strengthen its presence in the region. The plan includes opening an Emerging Technologies Innovation Center in Brazil, continuing the development of AI-based products, and hiring 20,000 professionals across the region. The company aims to leverage emerging technologies like AI and Quantum Computing to help its clients.

Portfolio Pulse from Happy Mohamed

August 10, 2023 | 4:31 pm

GOLD

Saudi Arabia is reportedly in discussions to invest in a large copper mine being developed by Canada's Barrick Gold in Western Pakistan. The project is estimated to cost $7 billion.

Portfolio Pulse from Happy Mohamed

August 10, 2023 | 4:29 pm