Streetbeat News

Acquisitions Mergers

AEL

BAM

BNRE

Truist Securities analyst Mark Hughes has downgraded American Equity Investment Life Holding Co (AEL) to Hold from Buy, with an increased price target of $55. Hughes expects AEL's acquisition by Brookfield Reinsurance Ltd (BNRE) to be completed at the current offer price of ~$4.3 billion. AEL shareholders will receive $55.00 per AEL share, consisting of $38.85 in cash and 0.49707 of Brookfield Asset Management Ltd. (BAM) shares. Hughes estimates EPS of $6.30 in 2023 and $6.70 in 2024.

Portfolio Pulse from Lekha Gupta

July 14, 2023 | 6:34 pm

ATVI

MSFT

NTDOY

Microsoft Corp. (NASDAQ:MSFT) has released a filing stating that Activision Blizzard Inc's (NASDAQ:ATVI) decision to remove Call of Duty from Steam was a failure. The move was an attempt to grow Activision's Battle.net platform, but it did not result in an increase in active users. Microsoft used this information in its legal dispute with the Federal Trade Commission (FTC), which is trying to block Microsoft's $69 billion acquisition of Activision Blizzard.

Portfolio Pulse from Franca Quarneti

July 14, 2023 | 6:22 pm

STX

WDC

Western Digital and Kioxia are reportedly aiming to finalize a merger deal by August. The deal would be structured as a tax-free spinoff of Western Digital's flash business.

Portfolio Pulse from Happy Mohamed

July 14, 2023 | 5:40 pm

INGN

Needham analyst Mike Matson downgraded Inogen, Inc (NASDAQ:INGN) to Hold from Buy, with a price target of $26. Inogen is acquiring Physio-Assist SAS for $32 million, a move that is expected to diversify its respiratory portfolio and expand its international market opportunities. However, the deal is not expected to impact Inogen's revenue growth until 2025. Matson notes that Inogen's margins have deteriorated due to inflationary headwinds, sales channels, and other investments. The analyst also lowered revenue estimates for FY23 and FY24.

Portfolio Pulse from Nabaparna Bhattacharya

July 14, 2023 | 5:04 pm

LGEIY

LGEJY

LG Electronics plans to invest $39.5 billion in research and development, facilities, and strategic investments to achieve $79 billion in sales by 2030. The company is shifting from a home appliance and electronics goods maker to a platform-based technology company. The new strategy includes bolstering service platforms for home appliances and strengthening business-to-business units. LG also plans to grow in areas like electric vehicle charging and digital healthcare. The company will offer webOS, its operating system for smart TVs, as a service platform provider.

Portfolio Pulse from Anusuya Lahiri

July 14, 2023 | 4:58 pm

FREQ

PRFX

STT

THRX

The article lists the stocks that gained and lost the most in Friday's mid-day session. Among the gainers, PainReform Ltd. (PRFX) shares climbed 103% after announcing pricing of a $2.7 million concurrent registered direct offering and private placement. Frequency Therapeutics, Inc. (FREQ) gained 41.7% after agreeing to merge with Korro Bio. Among the losers, Theseus Pharmaceuticals, Inc. (THRX) shares dipped 69.9% after discontinuing enrollment in Phase 1/2 study and terminating development of THE-630 for gastrointestinal stromal tumors. State Street Corporation (STT) fell 10.5% after reporting slightly worse-than-expected second-quarter revenues and an increase in total expenses.

Portfolio Pulse from Lisa Levin

July 14, 2023 | 4:54 pm

MRK

MRVI

Traders are circulating a rumor from a Betaville note suggesting that Maravai LifeSciences is seeing takeover interest, with Merck & Co mentioned as a potential suitor.

Portfolio Pulse from Benzinga Newsdesk

July 14, 2023 | 3:14 pm

METX

Blockchain tech company, Meten Holding Group Ltd (NASDAQ:METX) has entered into an asset purchase agreement to acquire 200 units of Bitcoin mining machines. The company also agreed to issue ordinary shares valued at $880,000 to the sellers. The machines are expected to be operational by July 31, 2023. With this purchase, the company will have 1,954 units of Bitcoin mining machines with a computing power of more than 208PH/s.

Portfolio Pulse from Shivani Kumaresan

July 14, 2023 | 3:13 pm

ACAD

AEHR

ARCT

CJET

ELAN

GKOS

GOEV

LUNR

NKLA

ORGO

SFWL

TMC

UNH

Several US stocks traded higher on Friday, with the Dow Jones gaining around 100 points. Notable gainers include Chijet Motor Company, Canoo Inc., TMC the metals company Inc., ACADIA Pharmaceuticals, Aehr Test Systems, Nikola Corporation, Organogenesis Holdings Inc., Arcturus Therapeutics Holdings Inc., Elanco Animal Health Incorporated, Shengfeng Development Limited, Intuitive Machines, Inc., Glaukos Corporation, and UnitedHealth Group Incorporated. The gains were driven by various factors such as breakthroughs in export models, acquisitions, better-than-expected results, agreements, and positive reviews.

Portfolio Pulse from Lisa Levin

July 14, 2023 | 2:48 pm

HWKN

Hawkins Inc (NASDAQ:HWKN) has acquired EcoTech Enterprises, Inc., a manufacturer of water treatment chemicals. The acquisition, for an undisclosed amount, expands Hawkins' presence in the water treatment business and adds its 40th location. As of April 2, 2023, Hawkins held cash and cash equivalent of $7.5 million and net debt of $104 million. HWKN shares are trading higher by 1.88% at $47.19.

Portfolio Pulse from Lekha Gupta

July 14, 2023 | 2:38 pm