Streetbeat News

Acquisitions Mergers

AGLE

ALVR

CDMO

GRPN

LUCY

OSTK

ROOT

TALS

U.S. stocks traded mostly higher, with NASDAQ Composite gaining around 100 points. Crude oil prices dropped over 4%. Consumer discretionary shares rose 1.1%, while real estate shares dipped by 1.3%. Root, Inc. shares shot up 39% after receiving a takeover bid. Aeglea BioTherapeutics acquired Spyre Therapeutics and raised $210 million in gross proceeds.

Portfolio Pulse from Lisa Levin

June 22, 2023 | 6:55 pm

HOOD

Robinhood Markets, Inc. (NASDAQ:HOOD) is acquiring X1 Inc., a no-fee credit card platform, for approximately $95 million in cash. The acquisition is expected to close in Q1 2023 and will help Robinhood broaden its product offerings and strengthen customer relationships.

Portfolio Pulse from Ryan Gustafson

June 22, 2023 | 5:51 pm

WBD

Speculation is growing that Warner Bros. Discovery may sell CNN in the coming year, with former CEO Jeff Zucker emerging as a possible suitor. CNN's ratings and ad revenue have been struggling, and the network is estimated to be worth between $5 billion and $6 billion.

Portfolio Pulse from Benzinga Newsdesk

June 22, 2023 | 5:32 pm

AGLE

CDMO

Avid Bioservices shares fell 14.1% after issuing FY24 revenue guidance below estimates. Other stocks experienced significant gains and losses during Thursday's mid-day session, with Aeglea BioTherapeutics climbing 422% after acquiring Spyre Therapeutics and securing a $210 million private investment.

Portfolio Pulse from Lisa Levin

June 22, 2023 | 5:09 pm

ACI

KR

Kroger announced a 12% increase in its annual dividend to $1.16, marking the 17th consecutive year of dividend growth. The company reported 1.3% YoY sales growth in Q1 FY23 but missed analyst consensus. Kroger has paused its share repurchase program to prioritize de-leveraging following the proposed merger with Albertsons Companies.

Portfolio Pulse from Lekha Gupta

June 22, 2023 | 4:53 pm

DIS

Fortress Investment Group's $225 million stalking horse bid has been declared the winning offer for Vice Media as it exits bankruptcy. GoDigital presented a bid at a $300 million valuation, but Fortress had reservations about their funding. Vice will propose the sale to the bankruptcy court on Friday.

Portfolio Pulse from Vandana Singh

June 22, 2023 | 4:36 pm

AMZN

IRBT

The European Union's antitrust regulators are set to launch a full-scale investigation into Amazon's $1.7 billion acquisition of iRobot. The news led to a 10% drop in iRobot shares and a reduction in gains for Amazon shares.

Portfolio Pulse from Benzinga Newsbot

June 22, 2023 | 4:11 pm

AGLE

OSTK

VRM

The Nasdaq Composite gained over 70 points on Thursday, with consumer discretionary shares rising 1.2%. Aeglea BioTherapeutics acquired Spyre Therapeutics and entered into a definitive agreement for a private placement of Series A non-voting convertible preferred stock, resulting in approximately $210 million in gross proceeds.

Portfolio Pulse from Lisa Levin

June 22, 2023 | 4:11 pm

BBBYQ

OSTK

Overstock.com has won an auction for the intellectual property and digital assets of Bed Bath & Beyond for $21.5 million. The deal does not include keeping Bed Bath & Beyond's stores open or Buy Buy Baby assets.

Portfolio Pulse from Erica Kollmann

June 22, 2023 | 3:45 pm

OSTK

Overstock.com has reportedly won an auction for the intellectual property and digital assets of Bed Bath & Beyond, leading to a rise in its share price.

Portfolio Pulse from Benzinga Newsdesk

June 22, 2023 | 3:35 pm