Streetbeat News

Acquisitions Mergers

PH

Mizuho Securities analyst Brett Linzey upgraded Parker-Hannifin Corp (NYSE:PH) from Neutral to Buy and raised the price target from $550 to $650. The upgrade follows the company's announcement of its five-year financial targets, including 4%-6% organic sales growth CAGR through 2029 and a 27% adjusted operating margin. The analyst highlighted the company's strong execution, credible track record, and growth potential in Aerospace & Defense and clean technology trends.

Portfolio Pulse from Shivani Kumaresan

May 28, 2024 | 5:40 pm

AGIO

RPRX

Agios Pharmaceuticals (NASDAQ: AGIO) has agreed to sell its rights to a 15% royalty on potential U.S. net sales of Servier’s vorasidenib to Royalty Pharma (NASDAQ: RPRX) for an upfront payment of $905 million upon FDA approval. Agios will retain a 3% royalty on annual U.S. net sales over $1 billion. The FDA has set a PDUFA action date of August 20 for vorasidenib. AGIO shares are up 20.7% following the announcement.

Portfolio Pulse from Vandana Singh

May 28, 2024 | 5:00 pm

GME

GameStop Corporation (NYSE:GME) has completed an at-the-market share offering, raising nearly $1 billion. The company plans to use the proceeds for general corporate purposes, including potential acquisitions and investments. The stock has rallied, driven by investor excitement and social media interest.

Portfolio Pulse from Chris Katje

May 28, 2024 | 4:32 pm

ET

FANG

OILT

PXE

Energy Transfer LP (NYSE: ET) is acquiring WTG Midstream Holdings LLC from Diamondback Energy, Inc. (NASDAQ: FANG) and other affiliates for $3.25 billion. The deal includes $2.45 billion in cash and 50.8 million newly issued Energy Transfer common units. The acquisition is expected to enhance Energy Transfer's natural gas pipeline and processing network in the Permian Basin. Diamondback Energy will use the proceeds to reduce debt related to its pending merger with Endeavor Energy Resources. The transaction is expected to close in Q3 2024, subject to regulatory approval.

Portfolio Pulse from Lekha Gupta

May 28, 2024 | 4:32 pm

CALT

Asahi Kasei Corporation has made a $1.1 billion offer to acquire Swedish pharmaceutical company Calliditas Therapeutics AB (NASDAQ:CALT). The deal, which offers 208 Swedish krona per share and 416 Swedish krona per ADS, has been unanimously recommended by the Calliditas board. This acquisition aims to enhance Asahi Kasei's global pharmaceutical growth strategy, particularly in the U.S. market, by leveraging Calliditas' lead product, Tarpeyo, for IgA nephropathy.

Portfolio Pulse from Vandana Singh

May 28, 2024 | 4:03 pm

TMUS

USM

T-Mobile US, Inc. (NASDAQ: TMUS) announced it will acquire nearly all of UScellular's (NYSE: USM) wireless operations for approximately $4.4 billion. The acquisition will expand T-Mobile's network to millions of new customers, particularly in underserved rural areas. The deal will be financed with a combination of cash and up to $2 billion of debt. T-Mobile customers will benefit from enhanced network performance and coverage.

Portfolio Pulse from Dylan Berman

May 28, 2024 | 3:59 pm

GROY

Gold Royalty Corp (NASDAQ:GROY) shares fell by 13.8% to $1.65 after announcing a $300 million bought deal financing to acquire a copper stream on the Vares Silver Project. The project is expected to enhance revenue and cash flow, with commercial production starting by Q4 2024.

Portfolio Pulse from Henry Khederian

May 28, 2024 | 3:44 pm

GOOG

GOOGL

HUBS

HubSpot shares surged after CNBC's David Faber confirmed rumors of an acquisition by Alphabet in an all-stock deal. This would be Alphabet's largest acquisition to date. HubSpot's shares rose by 7.96% on heavy trading volume.

Portfolio Pulse from Erica Kollmann

May 28, 2024 | 3:23 pm

KTRA

Florida Congresswoman Laurel Lee made a $100K-$250K convertible promissory note investment in TuHURA Biosciences, which is merging with Kintara Therapeutics. This news has caught the attention of traders.

Portfolio Pulse from Benzinga Newsdesk

May 28, 2024 | 3:14 pm

BITF

RIOT

Bitfarms Ltd (NASDAQ:BITF) shares are trading higher after Riot Platforms Inc (NASDAQ:RIOT) proposed to acquire all outstanding shares of Bitfarms for $2.30 per share, representing a total equity value of approximately $950 million. Riot also accumulated a 9.25% stake in Bitfarms, making it the largest shareholder. Bitfarms' board initially rejected the proposal without substantive dialogue.

Portfolio Pulse from Adam Eckert

May 28, 2024 | 3:07 pm