Streetbeat News

Acquisitions Mergers

BLNK

Blink Charging's Chief Revenue Officer, Mike Battaglia, stated at Benzinga's EV Conference that the company is currently focused on integrating the companies it has acquired. He also expressed belief in future consolidation opportunities in the EV market.

Portfolio Pulse from Benzinga Newsdesk

August 10, 2023 | 3:59 pm

DWAC

Digital World Acquisition Corp. (DWAC) and Trump Media & Technology Group Corp. (TMTG) have reaffirmed their commitment to their merger. They have agreed on an amendment to their Merger Agreement, which is expected to enable them to move forward expeditiously toward their shared objective of completing a business combination in the coming months. The merger will capitalize TMTG and is expected to position TMTG for strategic growth and expansion.

Portfolio Pulse from Happy Mohamed

August 10, 2023 | 3:14 pm

AMZN

BABA

DIS

FTTUSD

GRTX

NVO

PLUG

SIX

WWW

Disney is considering strategic partnerships for ESPN and a shift to streaming. FTX is facing issues with traders and market makers over asset domination. Amazon is reducing its private-label operation to address antitrust scrutiny. Alibaba reported a 14% YoY revenue growth. Plug Power reported a 72% YoY revenue increase but a larger than expected loss. Wolverine World Wide reported a 17.4% YoY revenue decline. Six Flags reported a 2% YoY sales growth. Galera Therapeutics received a Complete Response Letter from the FDA. Novo Nordisk reported a 29% YoY sales increase and raised its FY23 guidance. Novo Nordisk also agreed to buy Inversago Pharma. Two key executives from Amazon's drone delivery program, Prime Air, have quit.

Portfolio Pulse from Vandana Singh

August 10, 2023 | 3:10 pm

CPRI

TPR

Tapestry (NYSE:TPR) has announced its acquisition of Capri Holdings (NYSE:CPRI) for $8.50 billion in cash, expected to be completed by 2024. Tapestry, which owns brands like Coach, Kate Spade, and Stuart Weitzman, will acquire Capri Holdings, the parent company of brands like Michael Kors, Versace, and Jimmy Choo.

Portfolio Pulse from Benzinga Insights

August 10, 2023 | 3:10 pm

CPRI

LULU

TPR

VSCO

Shares of several apparel companies are trading higher amid increased hopes of more luxury brand acquisitions following Tapestry's announcement to buy Capri Holdings.

Portfolio Pulse from Benzinga Newsdesk

August 10, 2023 | 2:57 pm

APP

CPRI

HLLY

MGNX

PGEN

YETI

Several US stocks recorded gains in Thursday's session, with Capri Holdings Limited (CPRI) surging 56.1% after Tapestry announced a definitive agreement to acquire the company. Other notable gainers include Holley Inc. (HLLY), MacroGenics, Inc. (MGNX), YETI Holdings, Inc. (YETI), AppLovin Corporation (APP), and Precigen, Inc. (PGEN). Most of these companies reported better-than-expected Q2 results or raised their FY23 outlook.

Portfolio Pulse from Lisa Levin

August 10, 2023 | 2:39 pm

TLRY

Tilray Brands Inc (NASDAQ:TLRY) shares are trading lower by 7.0% to $2.66 following the company's announcement of an agreement to acquire eight beer and beverage brands from Anheuser-Busch. The acquisition will make Tilray the 5th largest craft beer business in the U.S., up from 9th. The transaction is expected to close in 2023.

Portfolio Pulse from Henry Khederian

August 10, 2023 | 2:19 pm

BSAQ

Black Spade Acquisition Co has announced its intention to voluntarily delist from NYSE American LLC, conditional upon the consummation of its pending business combination with VinFast Auto Ltd. Post the business combination, the company will become a wholly owned subsidiary of VinFast, and VinFast's ordinary shares and warrants are expected to be traded on the Nasdaq Stock Market LLC. Trading of VinFast's ordinary shares and warrants is expected to begin on Nasdaq around August 15, 2023, under the symbols 'VFS' and 'VFSWW'.

Portfolio Pulse from Happy Mohamed

August 10, 2023 | 2:14 pm

NVO

Novo Nordisk (NYSE:NVO) has agreed to acquire Inversago Pharma, a specialist in metabolic disorders, for up to $1.075 billion. The acquisition comes as Novo Nordisk reported a 157% growth in obesity sales in H1 2021. Inversago's lead development asset, INV-202, demonstrated weight loss potential in phase 1b trials and is currently in phase 2 trials for diabetic kidney disease. Novo Nordisk plans to investigate INV-202's potential for obesity and related complications.

Portfolio Pulse from Vandana Singh

August 10, 2023 | 1:48 pm

LIVE

Live Ventures Inc reported Q3 FY23 sales growth of 34.1% Y/Y to $91.5 million, missing the consensus of $98.0 million. The company saw a decrease in revenues in the Retail Entertainment and Flooring Manufacturing segments due to reduced demand, but an increase in the Steel Manufacturing Segment due to the acquisition of Kinetic. EPS of $0.33 missed the consensus of $1.15. The company attributed the decrease in operating income to lower revenues and higher costs. Adjusted EBITDA increased 8.3% to $9.6 million, primarily due to acquisitions.

Portfolio Pulse from Anusuya Lahiri

August 10, 2023 | 1:34 pm