Streetbeat News

Acquisitions Mergers

PIRS

Pieris Pharmaceuticals (NASDAQ:PIRS) announced a strategic update following AstraZeneca's decision to terminate their R&D collaboration and discontinue the Phase 2a study for elarekibep. Pieris will focus on new partnerships to advance its therapeutic programs and has initiated a corporate restructuring that will reduce its workforce by 70%. The company has retained Stifel, Nicolaus & Company as its financial advisor to evaluate strategic options, which may include an acquisition, merger, reverse merger, sale of assets, or other transactions.

Portfolio Pulse from Happy Mohamed

July 18, 2023 | 1:17 pm

AXON

RCAC

Set Jet, a membership-based private jet charter program, is set to go public through a merger with Revelstone Capital Acquisition Corp. (RCAC). The deal includes $18 million in fully committed financing from Coleman Group. The combined company will operate as Set Jet and plans to continue listing on the Nasdaq under the symbol SJET. The merger is expected to close in Q4 2023.

Portfolio Pulse from Happy Mohamed

July 18, 2023 | 1:05 pm

AADI

FGEN

INGN

SILK

THRX

The article lists the top 5 oversold health care stocks that could potentially boost your portfolio. The stocks mentioned are FibroGen, Inc. (FGEN), Theseus Pharmaceuticals, Inc. (THRX), Silk Road Medical, Inc (SILK), Inogen, Inc. (INGN), and Aadi Bioscience, Inc. (AADI). The companies have recently released significant news, such as trial results, discontinuation of studies, downgrades, acquisitions, and quarterly results.

Portfolio Pulse from Lisa Levin

July 18, 2023 | 12:54 pm

STGW

Stagwell (NASDAQ:STGW) has acquired Tinsel Experiential Design, a marketing and design studio focused on immersive customer experiences. Tinsel will join Stagwell's Constellation Network of agencies, complementing TEAM Enterprises with creative resources and integrated production capabilities. The acquisition is part of Stagwell's strategy to expand its experiential offerings to clients. Financial terms of the deal were not disclosed.

Portfolio Pulse from Happy Mohamed

July 18, 2023 | 12:31 pm

ATVI

BRK-A

MSFT

Warren Buffett's Berkshire Hathaway sold 70% of its stake in Activision Blizzard in Q2, missing out on potential gains from Microsoft's approved takeover of the video game maker. Berkshire's remaining Activision stake is the same size as before Buffett started buying, suggesting he has exited the arbitrage bet. Microsoft has also made deals with Nvidia, Nintendo, and Sony to discourage opposition against the merger.

Portfolio Pulse from Anusuya Lahiri

July 18, 2023 | 12:26 pm

NVDA

Nvidia is reportedly nearing a deal to take an equity stake in Lambda Labs, a startup that competes with Amazon Web Services in renting servers with Nvidia chips to other companies. The deal could total $300 million in new capital and might value Lambda Labs at over $1 billion. This follows Nvidia's similar equity stake in CoreWeave, a Lambda rival.

Portfolio Pulse from Benzinga Newsdesk

July 18, 2023 | 12:24 pm

SEVN

Seven Hills Realty Trust (NASDAQ:SEVN) has closed a $27.5 million first mortgage floating rate bridge loan to finance the acquisition of Woodfield Commerce Center, an industrial warehouse building in South Carolina. An initial advance of $24.3 million was funded at closing with future advances of up to $3.2 million available for capital expenditures. The loan is structured with a two-year initial term with a one-year extension option. The transaction was advised by Medalist Capital and the sponsor is Lightstone Group, a repeat borrower of SEVN.

Portfolio Pulse from Benzinga Newsdesk

July 18, 2023 | 12:13 pm

CSTM

Constellium SE (NYSE:CSTM) has signed a binding agreement to sell three of its soft alloy extrusion facilities in Germany to Vaessen Aluminium for a total cash consideration of €48.8 million. The transaction, which involves nearly 450 employees, is expected to close in the second half of 2023, subject to regulatory approval.

Portfolio Pulse from Happy Mohamed

July 18, 2023 | 12:05 pm

AMZN

GOOG

GOOGL

INFY

META

MSFT

WIT

Infosys Limited's stock is trading higher after disclosing a $2 billion deal with an existing client to provide AI and automation-led services over five years. Wipro Limited plans to invest $1 billion into AI over the next three years. Microsoft's investment in OpenAI has triggered an AI war with companies like Alphabet, Meta Platforms, and Amazon. Infosys reported Q4 FY23 revenue growth of 6.4% to $4.55 billion, missing the consensus of $4.74 billion.

Portfolio Pulse from Anusuya Lahiri

July 18, 2023 | 11:55 am

NVS

Novartis AG reported Q2 FY23 sales of $13.62 billion, up 7% Y/Y and 9% on constant currency, beating the consensus of $13.17 billion. The company also announced a $15 billion share buyback program to be completed by 2025 and plans to spin off its generics division, Sandoz. Novartis has raised its revenue forecast for 2023 to high single digits, up from mid, with core operating income set to grow in the low double digits.

Portfolio Pulse from Vandana Singh

July 18, 2023 | 11:11 am