Streetbeat News

Acquisitions Mergers

CDNS

RMBS

Cadence Design Systems (CDNS) has agreed to acquire the SerDes and Memory Interface PHY IP business from Rambus (RMBS). The deal, which is expected to close in Q3 2023, will not materially impact either company's revenue or earnings this year. Rambus will retain its digital IP business, including memory and interface controllers and security IP.

Portfolio Pulse from Benzinga Newsdesk

July 20, 2023 | 8:15 pm

NKLA

Nikola Corp (NASDAQ:NKLA) has been consolidating after a surge of nearly 100% on July 13 and 14, following an agreement with BayoTech. The EV-maker recently announced that Fortescue Future Industries will acquire Nikola's Phoenix Hydrogen Hub project, causing a slight increase in stock price. The consolidation is helping to bring Nikola’s relative strength index (RSI) down from the 82% it reached on Wednesday. Nikola has been trading higher recently and if it can remain above the 200-day simple moving average (SMA), it indicates a new bull cycle.

Portfolio Pulse from Melanie Schaffer

July 20, 2023 | 8:11 pm

KNX

Knight-Swift Transportation has updated its FY23 EPS guidance to $2.10-2.30, down from the previously disclosed range of $3.35 to $3.55. This includes a projected U.S. Xpress loss of $0.25 to $0.30 post acquisition. The new guidance is based on current truckload, LTL, and general market conditions, recent trends, and management's expectations.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 8:06 pm

ATVI

MSFT

The Federal Trade Commission (FTC) has decided to pause the trial of Microsoft's merger, allowing for settlement talks, according to Bloomberg.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 6:27 pm

FLFV

Feutune Light Acquisition Corporation (NASDAQ:FLFV) has announced an extension of the deadline for its initial business combination from July 21, 2023 to August 21, 2023. The company has deposited $100,000 into its trust account to facilitate this extension.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 6:11 pm

UCBI

United Community Banks, Inc. (UCBI) missed Q2 earnings estimates, reporting adjusted earnings of $0.55 against the consensus of $0.61. However, Stephens analyst Russell Gunther reiterated an Overweight rating and raised the price target to $33 from $31, citing better-than-expected non-interest expense run-rate, mid-single-digit organic loan growth, and future M&A integration as positive factors. Gunther lowered FY23 and FY24 Op. EPS estimates due to the Q2 miss and a lower NII outlook.

Portfolio Pulse from Nabaparna Bhattacharya

July 20, 2023 | 5:50 pm

AMGN

HZNP

The FDA has added a new warning to the label for Horizon Pharma's drug Tepezza. This drug is significant to Amgen's deal for the company.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 5:47 pm

KDP

Keurig Dr Pepper Inc (KDP) has entered into a strategic partnership with independent coffee roaster, La Colombe. KDP will invest $300 million in La Colombe for a 33% ownership stake. The partnership includes a long-term sales and distribution agreement for La Colombe's ready-to-drink coffee and a licensing, manufacturing, and distribution agreement for La Colombe branded K-Cup coffee pods. The investment will make KDP the second largest investor in La Colombe.

Portfolio Pulse from Shivani Kumaresan

July 20, 2023 | 4:33 pm

NKLA

Nikola Corporation announced that Fortescue Future Industries (FFI) will acquire Nikola's Phoenix Hydrogen Hub project. The acquisition is part of the Memorandum of Understanding signed in January 2023 between the two companies. Nikola and FFI are also collaborating on a hydrogen supply agreement to support Nikola's hydrogen fuel cell electric vehicle demand.

Portfolio Pulse from Erica Kollmann

July 20, 2023 | 4:20 pm

BTCUSD

ETHUSD

Crypto media company CoinDesk is reportedly nearing a deal with an investor syndicate, which assigns the company an enterprise value of $125 million, according to the Wall Street Journal.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 4:20 pm