Streetbeat News

Acquisitions Mergers

ACIC

American Coastal (ACIC) shares surged following the announcement of better-than-expected Q1 financial results and the sale of its entire issued and outstanding stock of Interboro Insurance Company to Forza Insurance Holdings.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 12:27 pm

AMD

AOTG

ARM

INTC

NVDA

SOXQ

AMD has increased its market share in the client and server segments of the x86 processor market, despite competition from Intel. However, AMD faced a significant drop in gaming revenue due to decreased console demand. Intel gained market share due to AMD's reduced SoC business. AMD's server CPU market gains and competition with Nvidia in the merchant accelerators market were highlighted, alongside potential revenue synergies from the Xilinx acquisition. Arm Holdings is seen as a potential disruptor in the server CPU market due to AI adoption. AMD stock is accessible through AOT Growth And Innovation ETF and Invesco PHLX Semiconductor ETF.

Portfolio Pulse from Anusuya Lahiri

May 10, 2024 | 12:15 pm

NVAX

SNY

Novavax Inc has entered a significant co-exclusive licensing agreement with Sanofi SA for COVID-19 and flu-COVID-19 combination vaccines. The deal includes an upfront payment of $500 million to Novavax, potential milestones up to $1.2 billion, and tiered royalty payments on sales. Sanofi will also make a minority equity investment in Novavax. This partnership aims to co-commercialize Novavax's adjuvanted COVID-19 vaccine globally, excluding certain regions with existing agreements. Novavax reported improved financials with a reduced EPS loss and increased sales, though slightly below consensus. The company also announced a cost reduction program and updated its revenue guidance for 2024.

Portfolio Pulse from Vandana Singh

May 10, 2024 | 12:06 pm

F

Ford Motor Company announces leadership changes to bolster its Ford+ plan and drive profitable growth, particularly in EVs, software, and services. John Lawler, current CFO, will become vice chair while continuing as CFO until Sherry House, formerly CFO at Lucid Motors, joins Ford as vice president, Finance, and is planned to succeed Lawler as CFO in early 2025.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 12:03 pm

MNDR

Mobile-Health Network Solutions has announced the establishment of a subsidiary in Malaysia, marking a significant step in its expansion strategy in Asia. This move is aimed at tapping into the growing demand for mobile health services in the region.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 12:01 pm

UBSI

United Bankshares is set to acquire Piedmont Bancorp, with the merger anticipated to conclude late in the fourth quarter of 2024 or early in the first quarter of 2025.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 11:58 am

UBSI

United Bankshares announced its acquisition of Piedmont Bancorp, creating a combined entity with over $32B in assets and a network exceeding 240 locations. This strategic move aims to enhance United Bankshares' market presence and operational scale.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 11:57 am

PMBN

UBSI

United Bankshares has announced its plan to acquire Piedmont Bancorp in a deal valued at approximately $267M. The exchange ratio for the acquisition is set at 0.300 of United's shares for each share of Piedmont.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 11:56 am

LKQ

LKQ Corporation has signed an agreement to sell its subsidiary Elit Polska in Poland to Meko AB. Elit Polska, which reported a revenue of approximately $107M in 2023, is expected to complete the transaction in the second half of 2024.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 11:44 am

GELYY

MBLY

ZK

Zeekr Intelligent Technology Holding Limited (NYSE:ZK) priced its U.S. IPO at $21 per share, at the top end of its estimated range, with shares to begin trading on May 10, 2024. The offering is expected to close on May 14, 2024, potentially raising up to $507.2 million if the underwriters' over-allotment option is fully exercised. Strategic investors including Geely Automobile Holding (OTC:GELYY), Contemporary Amperex Technology, and Mobileye Global Inc (NASDAQ:MBLY) accounted for $300 million of the IPO. Despite a strong demand for Zeekr's IPO, analysts are skeptical about an imminent surge of Chinese listings in New York.

Portfolio Pulse from Shivani Kumaresan

May 10, 2024 | 10:52 am