Streetbeat News

Acquisitions Mergers

INFI

MEIP

MEI Pharma did not receive the necessary stockholder votes to approve the merger agreement with Infinity Pharmaceuticals. As a result, MEI has sent Infinity a notice terminating the merger agreement.

Portfolio Pulse from Benzinga Newsdesk

July 24, 2023 | 8:37 am

TEVA

Teva Pharmaceuticals has agreed to acquire subordinated convertible bonds issued by Alvotech for $40 million. The investment will be used by Alvotech for the continued development of its biosimilars pipeline.

Portfolio Pulse from Benzinga Newsdesk

July 24, 2023 | 8:07 am

CVX

PDCE

Chevron Corp. (NYSE:CVX) released a preview of its Q2 results, showing a 47% YoY decline in adjusted earnings, but still beating consensus estimates. The company also announced management changes, including the extension of CEO Mike Wirth's tenure and the retirement of CFO Pierre Breber in 2024. Chevron's Permian Basin production hit a new quarterly record and shareholder distributions rose to a record $72 billion. The company's acquisition of PDC Energy, Inc. (NASDAQ:PDCE) is expected to close in August.

Portfolio Pulse from Shanthi Rexaline

July 24, 2023 | 6:01 am

INFI

MEIP

MEI Pharma's merger deal with Infinity Pharmaceuticals failed to secure stockholder approval.

Portfolio Pulse from Benzinga Newsdesk

July 24, 2023 | 4:57 am

DOGEUSD

TWTR

Elon Musk has changed his title from 'Chief Twit' to 'Chief Nothing Officer' amid speculations about Twitter's rebranding to X.com. Musk, who acquired Twitter in October 2022, had previously hinted at the app 'X' as an ambitious 'everything app' linked to the $44 billion deal. The iconic bird logo of Twitter is also set to be changed, as confirmed by Musk.

Portfolio Pulse from Ananya Gairola

July 24, 2023 | 1:50 am

INDA

SPY

Bain Capital has agreed to acquire 90% of Adani Capital and Adani Housing, according to Reuters. The impact on US-listed ETFs INDA and SPY is yet to be determined.

Portfolio Pulse from Charles Gross

July 23, 2023 | 1:37 pm

AAPL

AMC

The S&P 500 and the Dow Jones Industrial Average ended the week positively, while the Nasdaq fell. AMC Entertainment Holdings Inc. (AMC) shares surged after a court blocked the company's move to convert its APE preferred units into common stock. Philip Morris International Inc. (PM) is set to acquire Israeli med-tech company Syqe Medical for $650 million. Despite weak demand and potential delays for the iPhone 15A, a BofA Securities analyst maintains a neutral rating on Apple Inc. (AAPL), raising the price target from $190 to $210. Shares of AT&T Inc. (T), Verizon Communication Inc. (VZ), Telephone and Data Systems, Inc. (TDS), and Frontier Communication Parent, Inc. (FYBR) plummeted following a Wall Street Journal investigation. Jim Cramer of CNBC's Mad Money has turned skeptical about Ford Motor Co. (F) after its 17% price cut for the F-150 Lightning electric pickup.

Portfolio Pulse from Michael Cohen

July 22, 2023 | 1:32 pm

PMGM

Priveterra Acquisition Corp. (NASDAQ:PMGM) has completed its business combination with AEON Biopharma, Inc., a Phase 3 stage-ready biopharmaceutical company. The combined company will be named AEON Biopharma, Inc. and will commence trading on NYSE under the ticker symbols 'AEON' and 'AEON WS' on July 24, 2023. Priveterra's CEO, Robert Palmisano, will join AEON's board as a Director.

Portfolio Pulse from Happy Mohamed

July 21, 2023 | 8:28 pm

BRLI

Brilliant Acquisition Corporation has extended the deadline for its initial business combination with Nukkleus, Inc. to August 23, 2023. This extension was approved by Brilliant's shareholders and allows for further extensions up to December 23, 2023. Nukkleus has deposited $32,300 in Brilliant's trust account as additional interest on the proceeds in the trust account.

Portfolio Pulse from Happy Mohamed

July 21, 2023 | 8:19 pm

BAC

MSFT

NFLX

SCHW

TSLA

XOM

The Dow Jones marked a 10-day winning streak, driven by positive quarterly results from defensive stocks. The Nasdaq Composite, however, was down 0.42% due to disappointing results from Netflix and Tesla. Tesla's stock fell almost 10% after CEO Elon Musk's conference call failed to provide key details about future developments. Netflix's shares also fell despite better-than-expected earnings per share. Major banks, including Bank of America, Morgan Stanley, and Charles Schwab, showed resilience with positive quarterly results. ExxonMobil announced plans to mine lithium, indicating a diversification into the EV industry. The $69 billion merger of Microsoft and Activision Blizzard moved forward after the FTC paused an antitrust lawsuit.

Portfolio Pulse from Natan Ponieman

July 21, 2023 | 8:12 pm