Streetbeat News

Acquisitions Mergers

ATVI

EA

MSFT

TTWO

A federal judge ruled in favor of Microsoft's acquisition of Activision Blizzard, causing Activision's shares to rally by 10%. Analysts from Wedbush Securities, Benchmark Company, and Stifel Financial Corporation weighed in on the ruling. Wedbush maintained an Outperform rating on Microsoft, predicting the deal will close by next Tuesday. Benchmark downgraded Activision from Buy to Hold as the share price exceeded their target. Stifel also downgraded Activision from Buy to Hold, but raised the price target. The analysts believe this ruling could open the door for more M&A in the tech industry.

Portfolio Pulse from Franca Quarneti

July 12, 2023 | 8:13 pm

VMW

VMware shares are trading higher following the conditional EU approval of Broadcom's acquisition of the company.

Portfolio Pulse from Benzinga Newsdesk

July 12, 2023 | 6:22 pm

RXST

Needham analyst David Saxon has reiterated a Buy rating on RxSight, Inc. (NASDAQ:RXST), raising the price target to $34 from $27. The analyst expects an upside to utilization and margins when the company reports 2Q results. Saxon also sees RxSight as an attractive acquisition target and believes it could sell for >10x forward EV/sales multiple, implying a share price of $45+.

Portfolio Pulse from Nabaparna Bhattacharya

July 12, 2023 | 6:07 pm

NVDA

NVIDIA is reportedly in discussions to support the Initial Public Offering (IPO) of Softbank's ARM, according to Bloomberg.

Portfolio Pulse from Benzinga Newsdesk

July 12, 2023 | 5:55 pm

PYPL

TSLA

Elon Musk has launched a new venture, xAI, with the aim to 'understand the true nature of the universe'. The team includes members from DeepMind, OpenAI, Google Research, Microsoft Research, Tesla, and the University of Toronto. xAI will closely cooperate with X Corp, Tesla, and other companies. The name xAI refers to Musk's early endeavor, X.com, which later merged with PayPal Holdings Inc. Musk has previously expressed his AI ambitions and concerns about its potential dangers.

Portfolio Pulse from AJ Fabino

July 12, 2023 | 4:55 pm

LMNL

Liminal BioSciences Inc's (NASDAQ:LMNL) shares are trading higher after Structured Alpha, a fund managed by Thomvest Asset Management, agreed to acquire the company. The acquisition price is $8.50 per share, a 135% premium over Liminal's closing share price on April 4. BMO Capital Markets provided a formal valuation of Liminal's shares, indicating a fair market value range of $5.00-$15.00 as of July 11, 2023.

Portfolio Pulse from Vandana Singh

July 12, 2023 | 4:39 pm

NVDA

RXRX

Recursion Pharmaceuticals Inc (RXRX) shares are trading higher after the company announced a $50 million investment by NVIDIA Corporation (NVDA). Recursion plans to accelerate the development of its AI foundation models for biology and chemistry, in collaboration with NVIDIA. The company also plans to utilize its vast proprietary biological and chemical dataset to accelerate the training of foundation models on NVIDIA DGX Cloud for possible commercial license/release on BioNeMo, NVIDIA's cloud service for generative AI in drug discovery.

Portfolio Pulse from Vandana Singh

July 12, 2023 | 4:26 pm

VWAGY

Audi AG, a subsidiary of Volkswagen AG (OTC:VWAGY), is reportedly in discussions with Chinese state-owned automaker SAIC Motor Corp to acquire an electric vehicle (EV) platform. This move comes as Audi seeks to improve its sales performance in China and capture a larger share of the world's largest auto market. Currently, Audi uses Volkswagen's EV-dedicated MEB platform for models offered in China.

Portfolio Pulse from Shivani Kumaresan

July 12, 2023 | 3:36 pm

LYV

Live Nation Canada, a subsidiary of Live Nation Entertainment, has acquired The Opera House, a historic music venue in Toronto. The venue, which has hosted numerous notable artists, will continue to be managed by the Ellinas family. This acquisition expands Live Nation's venue portfolio in Canada and globally.

Portfolio Pulse from Benzinga Newsdesk

July 12, 2023 | 3:25 pm

BLK

KKR

BlackRock Inc. (BLK) and KKR & Co. (KKR) are reportedly close to selling their stake in an oil pipeline owned by Abu Dhabi National Oil Co. (ADNOC) to ADQ, a state-owned holding company in the United Arab Emirates. The deal is expected to be announced soon.

Portfolio Pulse from Benzinga Newsdesk

July 12, 2023 | 3:14 pm