Streetbeat News

Acquisitions Mergers

DIS

EA

MSFT

NFLX

SONY

TTWO

Microsoft Corp (NASDAQ:MSFT) is closing several video-game studios within its Xbox division as part of a broad cost-cutting strategy, affecting ZeniMax and other subsidiaries. The closures, including Tokyo-based Tango Gameworks, aim to reallocate resources amid a gaming sector experiencing extensive layoffs, with companies like Sony Group Corp (NYSE:SONY), Electronic Arts Inc (NASDAQ:EA), and Take-Two Interactive Software Inc (NASDAQ:TTWO) also reducing workforces. Meanwhile, Walt Disney Co (NYSE:DIS) and Netflix Inc (NASDAQ:NFLX) are increasing their focus on gaming.

Portfolio Pulse from Anusuya Lahiri

May 09, 2024 | 1:21 pm

SNY

Sanofi's shares are trading lower following the announcement that Royalty Pharma has acquired a royalty interest in Sanofi's Frexalimab.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 1:17 pm

SEED

Origin Agritech Ltd. announced receiving a GMO safety certificate for its triple stack maize, BBL2-2, marking a significant milestone in agricultural biotechnology. The certification paves the way for the commercial launch of BBL2-2, which is resistant to various pests and has a herbicide-tolerance gene, promising to enhance agricultural productivity and sustainability. Additionally, Origin Agritech has developed a high-yield corn inbred line through gene editing, showing a yield increase of over 50%, now undergoing agricultural biosafety assessment.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 1:15 pm

GOLD

Barrick Gold's CEO, Mark Bristow, argues that mergers and acquisitions won't solve the copper shortage, emphasizing the need for new copper discoveries and developments. He comments on the limitations of M&A in the context of BHP's proposed $39 billion takeover of Anglo American. Bristow highlights Barrick Gold's focus on developing its copper assets independently, particularly the Reko Diq project in Pakistan, which is expected to significantly contribute to the local economy and create thousands of jobs.

Portfolio Pulse from Stjepan Kalinic

May 09, 2024 | 1:02 pm

NSC

Preliminary voting results from the 2024 Annual Meeting indicate that Ancora has successfully secured board seats for its nominees, signaling a significant shift in leadership and strategy for the company. Shareholders showed a lack of support for current board members including Amy Miles, Jennifer Scanlon, and John Thompson, and CEO Alan Shaw received a vote of no confidence with barely 50% support. This development underscores Ancora's ongoing campaign for changes at the company, especially in light of the upcoming government report on the East Palestine derailment and toxic burn.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 12:55 pm

ALAB

BX

CGNX

ECL

KKR

NET

Jim Cramer recommended buying Cloudflare (NET) citing upbeat earnings and Cognex (CGNX) for its niche market. He praised KKR (KKR) and Blackstone (BX) for their performance, despite typically avoiding such recommendations. Cramer advised waiting on Astera Labs (ALAB) due to high prices but endorsed Ecolab (ECL) after its earnings report. Cloudflare, Cognex, KKR, Blackstone, and Ecolab shares saw varied movements, while Astera Labs shares dipped significantly.

Portfolio Pulse from Avi Kapoor

May 09, 2024 | 12:50 pm

AGS

PlayAGS, a gaming company, anticipates its proposed merger transaction valued at $1.1 billion to be finalized in the second half of 2025. This strategic move is expected to significantly impact the company's market position and financial health.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 12:35 pm

AGS

PlayAGS has entered into a definitive agreement to be acquired by affiliates of Brightstar Capital Partners for $12.50 per share in cash. This purchase price is a 41% premium over the last 90 days' volume-weighted average share price and a 40% premium over AGS' closing price on May 8, 2024.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 12:33 pm

ALOT

AstroNova acquired Portugal-based MTEX NS, S.A. for a total enterprise value of €24.3M, with an additional earnout of up to €4M based on revenue growth. The acquisition is expected to add $8M to $10M in revenue for AstroNova this fiscal year. MTEX NS has a significant presence in Europe, the Middle East, and the Americas.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 12:14 pm