Streetbeat News

Acquisitions Mergers

APDN

Applied DNA Sciences Inc. has announced the acquisition of Spindle Biotech, causing its shares to trade higher.

Portfolio Pulse from Benzinga Newsdesk

July 13, 2023 | 4:28 pm

PPC

Pilgrim's Pride Corp (PPC) has been upgraded to Outperform from Market Perform by BMO Capital Markets analyst Andrew Strelzik, with a price target of $28, up from $26. The upgrade is due to increased investor optimism following the announcement of PPC's acquisition by JBS Food Group. The acquisition is expected to limit the downside related to the softer U.S. chicken margin environment. Lower feed costs and potential improvement in supply/demand are expected to benefit PPC's U.S. chicken margins and drive increased chicken prices.

Portfolio Pulse from Lekha Gupta

July 13, 2023 | 4:00 pm

SVT

Servotronics, Inc. and its subsidiary, The Ontario Knife Company, have entered into an Asset Purchase Agreement with Blue Ridge Knives, Inc. The agreement involves the sale of substantially all of the inventory, intellectual property assets, tangible personal property and goodwill of The Ontario Knife Company for a total of $2.1 million.

Portfolio Pulse from Happy Mohamed

July 13, 2023 | 3:50 pm

HSBC

HSBC Holdings, Plc (NYSE:HSBC) is expanding its green finance and bond teams in China, despite geopolitical uncertainties. This follows the acquisition of Hong Kong-based Green Transition Partners in January. The bank is planning to grow its asset and wealth management in China, including launching new teams dedicated to green assets and fixed income in 2023. HSBC is also considering offering carbon-offsetting products to customers. The bank's shares traded higher by 0.76% at $40.40 on the last check Thursday.

Portfolio Pulse from Anusuya Lahiri

July 13, 2023 | 3:43 pm

Goldman Sachs Group, Inc. (GS) has sold $1 billion of Marcus loans to investment firm Varde Partners as part of its plan to exit the lending business. The personal loans were purchased at a bargain to face value last month. This is the latest tranche of Marcus borrowings that Goldman has been offloading since earlier this year. GS shares are trading higher by 0.53% to $328.13.

Portfolio Pulse from Nabaparna Bhattacharya

July 13, 2023 | 3:37 pm

DEN

XOM

Exxon Mobil (NYSE:XOM) has announced the acquisition of Denbury (NYSE:DEN) for $4.90 billion in stock, expected to be completed in Q4 of 2023. ExxonMobil is an integrated oil and gas company, while Denbury is an independent energy company focused on the Gulf Coast and Rocky Mountain regions.

Portfolio Pulse from Benzinga Insights

July 13, 2023 | 3:10 pm

MLKN

NKLA

PPC

SSYS

Several US stocks traded higher on Thursday, with notable gains for Nikola Corporation, Kingsoft Cloud Holdings, Sify Technologies, Camtek, HIVE Digital Technologies, Stratasys, TeraWulf, LanzaTech Global, Rocket Lab USA, MillerKnoll, Bicycle Therapeutics, SoundHound AI, ACM Research, Redfin Corporation, Agora, AVITA Medical, Affirm Holdings, Unity Software, Pilgrim's Pride Corporation, and Mesoblast Limited. Key drivers include partnerships, order momentum, merger offers, better-than-expected quarterly results, and analyst upgrades.

Portfolio Pulse from Lisa Levin

July 13, 2023 | 2:59 pm

DDD

SSYS

Stratasys Ltd. has received a revised unsolicited proposal from 3D Systems Corporation to acquire Stratasys for $7.50 in cash and 1.5444 newly issued shares of 3D Systems common stock per ordinary share of Stratasys. The Stratasys Board will review the proposal in consultation with its advisors. The Board has not changed its approval of the previously announced transaction with Desktop Metal, Inc., which is expected to be completed in Q4 2023.

Portfolio Pulse from Happy Mohamed

July 13, 2023 | 2:57 pm

DDD

NNDM

SSYS

Stratasys Ltd. (SSYS) shares are trading higher by over 12% after receiving an enhanced proposal from 3D Systems Corp (DDD). The revised offer is 15% better than the previous one, representing a value per Stratasys share of $24.07. The offer implies a total value of about $2 billion, including cost synergies of $100 million. This would result in SSYS shareholders owning ~44% of the combined company and receiving around $540 million in cash. DDD has delivered a signed merger agreement in escrow to SSYS and commits to paying the termination fees to Desktop Metal, Inc (DM).

Portfolio Pulse from Lekha Gupta

July 13, 2023 | 2:43 pm

ATAT

GHG

HLT

HTHT

GreenTree Hospitality Group Ltd. (NYSE:GHG) reported a 17% increase in revenue from its organic hotel business in Q1, with its revpar rising by 25%. The company also completed the acquisition of two restaurant chains, which are expected to contribute significantly to its revenue. The company's shares rose by 3.6% following the announcement and have increased by nearly 60% this year. GreenTree's revenue and profit are expected to rise by about 67% this year, compared to 58% growth forecast for Atour (NASDAQ:ATAT), 43% for H World Group (NASDAQ:HTHT) and 13% for Hilton Worldwide (NYSE:HLT).

Portfolio Pulse from The Bamboo Works

July 13, 2023 | 2:39 pm