Streetbeat News

Acquisitions Mergers

GOOG

GOOGL

Alphabet Inc (NASDAQ:GOOG, GOOGL) is reportedly nearing a $23-billion acquisition of cloud security startup Wiz Inc. Analysts believe this move could trigger a significant wave of mergers and acquisitions in the Big Tech sector, especially if Trump wins the White House in November. The acquisition is seen as a strategic move to enhance Google's cloud security capabilities and position it as a leading player in the cloud security market.

Portfolio Pulse from Surbhi Jain

July 15, 2024 | 6:44 pm

FMCX

KKR

LBO

KKR & Co. Inc. (NYSE:KKR) shares are trading higher after finalizing the purchase of Park 8Ninety, a 12-building industrial logistics park in Houston, Texas, for $234 million. Evercore ISI Group maintained an Outperform rating on KKR and raised its price target from $112 to $117. KKR is also in talks to separate its media assets and reduce its stake in Kokusai Electric. KKR stock has gained around 90% in the last 12 months. Investors can gain exposure to KKR via FM Focus Equity ETF (NYSE:FMCX) and EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF (BATS:LBO).

Portfolio Pulse from Lekha Gupta

July 15, 2024 | 5:16 pm

AKRO

LLY

NVO

Cantor Fitzgerald analyst Louise Chen reiterated an Overweight rating on Eli Lilly (NYSE:LLY) with a price target of $885. The company will report its Q2 FY24 earnings on August 8, which will include $154 million in acquired IPR&D charges. Key growth drivers include potential U.S. approval for Lebrikizumab, the Morphic acquisition, and results from various clinical trials. Competitive readouts from Novo Nordisk (NYSE:NVO) and Akero Therapeutics (NASDAQ:AKRO) are also anticipated.

Portfolio Pulse from Shivani Kumaresan

July 15, 2024 | 5:13 pm

HDRO

HYDR

PLUG

Plug Power Inc. (PLUG) shares are trading lower today following the European Commission's approval of the joint control of HyVia by Renault SA and Plug Power France. The transaction involves the production and supply of fuel cell light commercial vehicles and hydrogen refueling stations. Despite the approval, PLUG shares have lost over 76% in the past year. Investors can gain exposure to the stock via Global X Hydrogen ETF (HYDR) and ETF Series Solutions Defiance Next Gen H2 ETF (HDRO).

Portfolio Pulse from Lekha Gupta

July 15, 2024 | 4:04 pm

KKR

KKR shares are trading higher following the acquisition of Houston Logistics Park and an Outperform rating with a raised price target from Evercore ISI Group.

Portfolio Pulse from Benzinga Newsdesk

July 15, 2024 | 3:49 pm

DXYZ

Sequoia Capital is offering to buy up to $861 million of Stripe shares from its investors, providing liquidity to limited partners. This move reflects Sequoia's faith in Stripe's future despite the company's decision to remain private. Stripe handled over $1 trillion in payments in 2023, a 25% increase from the previous year.

Portfolio Pulse from Benzinga Newsdesk

July 15, 2024 | 2:23 pm

RFV

XRT

Macy's (NYSE:M) shares are down 15% after the company terminated acquisition talks with Arkhouse Management and Brigade Capital, citing lack of compelling value and financing certainty. Macy's will now focus on its 'A Bold New Chapter' strategy. Investors can also gain exposure through Invesco S&P MidCap 400 Pure Value ETF (NYSE:RFV) and SPDR S&P Retail ETF (NYSE:XRT).

Portfolio Pulse from Shivani Kumaresan

July 15, 2024 | 2:03 pm

DKNG

RSI

Rush Street Interactive (NYSE:RSI) is rumored to be up for sale, with a deal potentially closing by September. DraftKings (NASDAQ:DKNG) is mentioned as a possible suitor, though it has not confirmed interest. RSI's strong financial performance and growth in Latin America make it an attractive acquisition target.

Portfolio Pulse from Benzinga Newsdesk

July 15, 2024 | 1:54 pm

Ryder System, Inc. (NYSE:R) has announced the acquisition of Pit Stop Fleet Service to enhance its mobile maintenance services. The deal is expected to add $24 million in gross revenue by 2025 and expand Ryder's services to 140 markets across 20 states.

Portfolio Pulse from Shivani Kumaresan

July 15, 2024 | 1:40 pm

GFL

GFL Environmental is being closely watched by traders as its P/E ratio is circulated and sovereign-wealth funds continue to target the company for a possible deal in the $44-$46 per share range.

Portfolio Pulse from Benzinga Newsdesk

July 15, 2024 | 1:39 pm