Streetbeat News

Acquisitions Mergers

FTHM

Fathom Holdings Inc. (NASDAQ:FTHM) has sold its insurance business, Dagley Insurance, to its founder Nathan Dagley for $15M, aiming to strengthen its financial position and support growth. The deal includes $8M upfront and $7M over 24 months. Dagley Insurance will continue supporting Fathom Realty's agent network in 47 states, ensuring no change in service for Fathom Realty's agents. This strategic move is expected to provide Fathom with capital to navigate future challenges and pursue growth opportunities.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 8:13 pm

JNJ

SWAV

Shockwave Medical announced the withdrawal of its full year 2024 financial guidance due to its proposed acquisition by Johnson & Johnson (JNJ). The guidance was initially issued on February 15, 2024.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 8:09 pm

AXON

Axon has announced its plans to acquire Dedrone, a drone technology company, with the terms of the acquisition not disclosed. The deal is expected to close in the second half of 2024.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 8:09 pm

CVX

PXD

XOM

At the Milken Conference, Exxon Mobil's CEO Darren Woods discussed the need for a market-based system for carbon reduction and highlighted that the acquisition of Pioneer will enable Exxon to produce more oil at a lower cost. Chevron's CEO Mike Wirth expressed concerns about the IRA rules, stating they complicate making multi-billion dollar investments and are slowing down processes.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 7:27 pm

GILD

Gilead Sciences (NASDAQ:GILD) has seen significant options trading activity, with a bearish sentiment prevailing among financial giants. Analysis of 13 unusual trades shows a mix of bullish (38%) and bearish (61%) positions, with puts and calls indicating a targeted price range of $55.0 to $77.5. The largest options trades include both bullish and bearish sentiments, with notable trades aiming at strike prices between $55.00 and $67.50. Gilead, known for its life-threatening infectious disease treatments, has seen its stock price slightly increase by 0.63% to $65.19, with an upcoming earnings announcement in 87 days.

Portfolio Pulse from Benzinga Insights

May 06, 2024 | 7:15 pm

EYPT

GLYC

LYRA

PRFT

SAVE

SGE

XBP

U.S. stocks saw gains with the Dow Jones rising by 0.35% and NASDAQ by 0.95%. Energy shares led the gains, while consumer staples fell. Spirit Airlines' shares dropped after missing Q1 revenue and EPS estimates. Perficient surged 53% post-acquisition news and earnings report. Strong Global Entertainment jumped 120% on acquisition news by FG Acquisition Corp. XBP Europe Holdings gained 55% after winning a $40 million contract. Lyra Therapeutics, GlycoMimetics, and EyePoint Pharmaceuticals saw significant drops due to disappointing trial results.

Portfolio Pulse from Avi Kapoor

May 06, 2024 | 7:04 pm

GOOGL

IYW

MSFT

NVDA

XLK

Microsoft Corp is developing a new AI language model, MAI-1, to compete with Alphabet Inc's Google and OpenAI. Led by Mustafa Suleyman, this model aims to surpass Microsoft's previous models in size and capability. Microsoft's recent AI advancements, including the Phi-3-mini model, have positioned it as a leader in generative AI. The MAI-1 model, expected to be unveiled at the Build developer conference, could have significant implications for Microsoft's AI strategy. Microsoft stock has seen a 33% increase over the past 12 months, with exposure available through ETFs like XLK and IYW.

Portfolio Pulse from Shivani Kumaresan

May 06, 2024 | 6:34 pm

SGE

Strong Global Entertainment, Inc. (AMEX:SGE) shares surged after announcing the acquisition of Strong/MDI Screen Systems, Inc. by FG Acquisition Corp. Post-acquisition, the company will be renamed Saltire Holdings, Ltd., aiming to grow a portfolio of profitable private equity investments. The move is seen as an opportunity for Strong Global to unlock the value of its investment in MDI and participate in Saltire's future growth. SGE's trading volume significantly exceeded its 100-day average following the news.

Portfolio Pulse from Erica Kollmann

May 06, 2024 | 6:30 pm

HAP

HJEN

SHEL

Shell plc plans to divest the majority of its shareholding in its South African downstream unit, SDSA, following a comprehensive review of its global businesses. The decision aims to reshape Shell's downstream portfolio. Despite the divestiture, Shell intends to maintain SDSA's operational capabilities and brand presence during the sale process. Shell, with over a century of presence in South Africa, continues to explore offshore opportunities in the country amidst environmental opposition. Additionally, Shell is in discussions to sell its gas station business in Malaysia to Saudi Aramco. Shell's stock has seen a ~19% increase over the past year, and it is featured in the Direxion Hydrogen ETF (HJEN) and VanEck Natural Resources ETF (HAP).

Portfolio Pulse from Lekha Gupta

May 06, 2024 | 6:03 pm

SNPS

Synopsys Inc (NASDAQ:SNPS) has agreed to sell its Software Integrity Group business to Clearlake Capital Group, L.P. and Francisco Partners for up to $2.1 billion. The transaction includes up to $475 million in cash, contingent on the buyers achieving a specified return rate. This sale will allow Synopsys to concentrate on its core business of silicon and systems engineering, particularly in the AI-driven era. The Software Integrity Group will become an independent entity focused on application security testing, led by its current management. The deal is expected to close in the second half of 2024.

Portfolio Pulse from Shivani Kumaresan

May 06, 2024 | 5:53 pm