Streetbeat News

Acquisitions Mergers

FWRD

Forward Air, an expedited trucking company, is reportedly moving forward with a sales process by retaining investment bankers to sell the company.

Portfolio Pulse from Benzinga Newsdesk

October 17, 2024 | 7:52 pm

CERS

GEVO

IRDM

LCID

NIXX

PAL

U.S. stocks rose with the S&P 500 gaining 0.08%. Gevo, Inc. secured a $1.46 billion DOE loan, boosting its stock by 18%. Nixxy, Inc. surged 52% after business updates. Iridium Communications rose 12% on strong earnings. Proficient Auto Logistics fell 28% due to poor earnings outlook. Cerus Corporation dropped 18% after program updates. Lucid Group fell 16% after announcing a new investment.

Portfolio Pulse from Avi Kapoor

October 17, 2024 | 6:12 pm

KZR

Kezar Life Sciences (NASDAQ:KZR) has terminated its Phase 2b trial for lupus nephritis due to safety concerns and will focus on autoimmune hepatitis. The FDA placed a hold on their lupus nephritis drug after fatal events. Kezar rejected a $1.10/share acquisition offer from Concentra Biosciences, citing undervaluation. KZR stock fell 8.48% to $0.82.

Portfolio Pulse from Vandana Singh

October 17, 2024 | 5:37 pm

CALF

RNSC

XRX

Xerox Holdings (NASDAQ:XRX) is acquiring ITsavvy for $400 million to expand its IT infrastructure capabilities. The acquisition is expected to be accretive to earnings and free cash flow, with the transaction closing in Q4 2024. XRX shares rose 4.25% following the announcement.

Portfolio Pulse from Nabaparna Bhattacharya

October 17, 2024 | 5:18 pm

Alcoa Corporation reported better-than-expected earnings for Q3, with adjusted EPS surpassing expectations. Despite missing sales forecasts, Alcoa increased its shipment projections and announced strategic moves, including the sale of its interest in Ma'aden joint ventures. Analysts have adjusted their ratings and price targets for Alcoa, reflecting a positive outlook.

Portfolio Pulse from Avi Kapoor

October 17, 2024 | 4:56 pm

CERS

GEVO

IRDM

LCID

NIXX

PAL

U.S. stocks rose with the Nasdaq Composite gaining 0.5% as retail sales exceeded expectations. Gevo, Inc. surged 18% after securing a $1.46 billion DOE loan, while Nixxy, Inc. soared 116% on business updates. Iridium Communications rose 16% on strong earnings. Proficient Auto Logistics fell 23% due to expected lower net income, and Cerus Corporation dropped 20% after program updates. Lucid Group declined 15% following an investment announcement.

Portfolio Pulse from Avi Kapoor

October 17, 2024 | 4:45 pm

BP is considering selling a minority stake in its offshore wind business to reduce its investment burden and focus on high-margin oil and gas operations. The company has faced shareholder pressure over its energy transition strategy, and CEO Murray Auchincloss is revamping plans to prioritize profitability. BP has paused new offshore wind investments and plans to sell its U.S. onshore wind business.

Portfolio Pulse from Benzinga Newsdesk

October 17, 2024 | 4:38 pm

GAME

GameSquare Holdings, Inc. (NASDAQ:GAME) shares surged after announcing preliminary Q3 results, exceeding revenue expectations and improving EBITDA. The company raised its 2024 revenue guidance and anticipates cost savings from the FaZe Clan acquisition.

Portfolio Pulse from Nabaparna Bhattacharya

October 17, 2024 | 4:04 pm

USAP

Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP) is being acquired by Luxembourg-based Aperam for $45 per share, a 19% premium over its recent average stock price. The acquisition, expected to close in Q1 2025, will expand Aperam's reach into the U.S. market.

Portfolio Pulse from Lekha Gupta

October 17, 2024 | 3:44 pm

AGR

Senator Richard Blumenthal's office in Connecticut is investigating the acquisition of Avangrid (AGR) by Iberdrola. This scrutiny could impact the acquisition process and Avangrid's stock price.

Portfolio Pulse from Benzinga Newsdesk

October 17, 2024 | 3:34 pm