Streetbeat News

Acquisitions Mergers

ASXC

CTCX

FEMY

MCD

MRSN

NOA

TPIC

US stocks fell on Thursday, with the Dow Jones dropping 0.59% and the NASDAQ falling 0.44%. McDonald's Corp (MCD) reported better-than-expected Q2 results, with sales growth of 13.6% YoY to $6.50 billion. Carmell Therapeutics Corporation (CTCX) shares rose 71% after announcing a merger with Axolotl Biologix. Femasys Inc. (FEMY) shares rose 128% after the US Patent and Trademark Office issued a Notice of Allowance for FemBloc. North American Construction Group Ltd. (NOA) shares rose 35% after better-than-expected Q2 results. Mersana Therapeutics, Inc. (MRSN) shares fell 78% after its UPLIFT clinical trial did not meet the primary endpoint. TPI Composites, Inc. (TPIC) shares fell 34% after lowering its 2023 forecast. Asensus Surgical, Inc. (ASXC) shares fell 39% after reporting a $10 million registered direct offering.

Portfolio Pulse from Lisa Levin

July 27, 2023 | 6:40 pm

IMAX

IMAX Corp's stock is trading higher following upbeat Q2 results. Analysts from Wedbush, Rosenblatt, Benchmark, and Barrington Research have reiterated their bullish stance on the company, citing reasons such as the theatrical rebound, global expansion, and the company's potential as an acquisition target. IMAX's global screen count is expected to continue expanding, and the company's proposed acquisition of its unowned shares of IMAX China is also seen as a positive move. Despite potential delays due to ongoing labor strikes, analysts view any consequent share price decline as an investment opportunity.

Portfolio Pulse from Anusuya Lahiri

July 27, 2023 | 5:17 pm

ATVI

MSFT

SONY

SPY

Microsoft Corp (NASDAQ:MSFT) has seen significant growth since the release of its Xbox gaming console in 2001. An investment of $1,000 in Microsoft stock at the time of Xbox's release would be worth $10,139.77 today, a hypothetical return of 914%. This outperforms the same investment in the SPDR S&P 500 ETF (NYSE:SPY), which would be worth $4,020.90, and Sony Group Corp (NYSE:SONY), which would be worth $2,082.69. Microsoft continues to grow its gaming division, with plans to acquire Activision Blizzard (NASDAQ:ATVI).

Portfolio Pulse from Chris Katje

July 27, 2023 | 5:05 pm

AAPL

DIS

Disney CEO Bob Iger is reportedly considering selling Disney's assets, with Apple being a potential buyer. Iger's recent comments and actions, including his criticism of the ongoing writers' and actors' strike, suggest he is preparing for a major deal. The sale could include Disney's entertainment assets, but not its theme parks or TV networks. Iger's contract has been extended through 2026, providing enough time for a potential deal.

Portfolio Pulse from Happy Mohamed

July 27, 2023 | 4:53 pm

AZN

BMY

Bristol-Myers Squibb (BMY) has entered into an agreement with AstraZeneca (AZN) to settle all outstanding claims in CTLA-4 and two PD-l1 antibody litigations. As part of the settlement, AstraZeneca will pay an aggregate of $560M to Bristol-Myers in four payments through September 2026.

Portfolio Pulse from Happy Mohamed

July 27, 2023 | 4:51 pm

ASXC

CTCX

FEMY

META

MRSN

NOA

TPIC

U.S. stocks traded higher with the Nasdaq Composite gaining around 1%. Meta Platforms, Inc. (NASDAQ:META) shares jumped 7% after reporting better-than-expected Q2 results. Carmell Therapeutics Corporation (NASDAQ:CTCX) shares shot up 41% after announcing a merger with Axolotl Biologix. Femasys Inc. (NASDAQ:FEMY) shares shot up 174% after the US Patent and Trademark Office issued a Notice of Allowance for FemBloc. North American Construction Group Ltd. (NYSE:NOA) shares were up 38% after posting better-than-expected Q2 results. Mersana Therapeutics, Inc. (NASDAQ:MRSN) shares dropped 77% after UPLIFT clinical trial did not meet primary endpoint. TPI Composites, Inc. (NASDAQ:TPIC) shares were down 35% after lowering its 2023 forecast. Asensus Surgical, Inc. (NYSE:ASXC) shares fell 35% after reporting a $10 million registered direct offering.

Portfolio Pulse from Lisa Levin

July 27, 2023 | 4:16 pm

CBWTF

Auxly Cannabis Group Inc. and Imperial Brands PLC have agreed to extend the maturity date of their previously issued $123 million debenture by 24 months. The debentures are convertible into common shares at a price of $0.81 per share. Auxly remains Imperial Brands' exclusive global partner for cannabis products. Imperial Brands' nominee, Murray McGowan, has resigned from Auxly's board as Imperial Brands no longer holds the required percentage under the investor rights agreement. Auxly's CFO, Brian Schmitt, has also resigned and Travis Wong has been appointed interim CFO.

Portfolio Pulse from Vuk Zdinjak

July 27, 2023 | 3:48 pm

WTRG

Essential Utilities Inc. (NYSE:WTRG) has announced that its subsidiary, Aqua Pennsylvania, has completed the acquisition of the Municipal Authority of the Borough of Shenandoah (MABS) water system for $12 million. MABS, which serves around 3,000 customers, has been dealing with frequent outages and main leaks, with water loss estimated at 60%. Essential plans to invest over $23 million in MABS over the next 10 years, including $10 million to replace water mains. This acquisition is part of Essential's strategy to grow by investing in infrastructure that delivers clean, safe, and reliable natural resources.

Portfolio Pulse from Happy Mohamed

July 27, 2023 | 3:08 pm

BSX

Boston Scientific Corp (NYSE:BSX) reported Q2 revenues of $3.59 billion, surpassing Wall Street's estimate of $3.50 billion. The company's adjusted EPS was $0.53, beating the consensus of $0.49. However, Boston Scientific terminated its $230 million plan to acquire a majority stake in M.I. Tech due to regulatory hurdles. The company revised its FY23 revenue growth guidance to 10.5%-11.5% and forecasts an adjusted EPS of $1.96-$2.00.

Portfolio Pulse from Vandana Singh

July 27, 2023 | 3:05 pm

ACN

Accenture has acquired Strongbow Consulting to expand its technology strategy capabilities. The terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

July 27, 2023 | 2:11 pm