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Acquisitions Mergers

BGSF

BGSF shares are trading lower following the announcement of disappointing Q1 sales results. Additionally, the company is exploring potential strategic alternatives and has suspended its quarterly cash dividend.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 3:25 pm

USFD

US Foods Holding Corp (NYSE:USFD) reported Q1 FY24 sales growth of 4.8% Y/Y to $8.95 billion, surpassing analyst estimates. Adjusted EPS was $0.54, beating expectations. The company reaffirmed its FY24 outlook, expecting adjusted EPS of $3.00-$3.20 and revenue of $37.5-$38.5 billion. Shares rose 4.98% to $54.99. US Foods also completed the acquisition of IWC Food Service for about $220 million.

Portfolio Pulse from Shivani Kumaresan

May 09, 2024 | 3:09 pm

WMG

Warner Music Group Corp (NASDAQ:WMG) reported fiscal Q2 2024 results with a GAAP EPS of $0.18, surpassing the analyst consensus of $0.16, and a 7% Y/Y revenue increase to $1.49 billion, beating estimates. Recorded Music and Music Publishing revenues grew, driven by hits from artists like Ed Sheeran and Green Day. Despite positive financial performance, WMG shares fell 6.1% to $33.46. The company also completed the sale of non-core media properties and plans to reduce headcount by 600.

Portfolio Pulse from Anusuya Lahiri

May 09, 2024 | 3:01 pm

LRTX

Lirum Therapeutics, Inc (NASDAQ:LRTX) is set to IPO on May 10, offering shares priced between $10.00 and $12.00. The company, a clinical stage biopharmaceutical firm, focuses on developing novel drug candidates for debilitating diseases. An insider lock-up period is set for 180 days, ending on November 06, 2024.

Portfolio Pulse from Benzinga Insights

May 09, 2024 | 3:00 pm

VRNT

Verint Systems (NASDAQ:VRNT) has secured a $7M contract with a Fortune 500 company to implement AI business outcomes using its hybrid cloud and four AI-powered bots. This move allows the customer to enhance customer experience automation without altering their existing on-premises solutions. The contract, part of Verint's fiscal first quarter roadmap, involves both Bundled SaaS and Unbundled SaaS deployments over a three-year term.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 2:48 pm

NSC

Norfolk Southern Corporation (NYSE:NSC) shareholders voted to retain CEO Alan Shaw, rejecting an activist investor's plan for a management overhaul. Ancora Holdings criticized Norfolk's performance and response to a train derailment, seeking board control and CEO replacement. Despite this, Shaw and 10 other nominees were elected to the board, alongside three Ancora nominees. NSC shares dropped 2.9% following the vote.

Portfolio Pulse from Nabaparna Bhattacharya

May 09, 2024 | 2:37 pm

GTHX

G1 Therapeutics shares are trading higher due to speculation of a takeover offer, as reported by an M&A blog.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 2:34 pm

RNW

ReNew (NASDAQ:RNW), India's leading renewable energy company, announced the signing of five Power Purchase Agreements (PPAs) totaling approximately 2.2 GW of renewable energy capacity. This expansion brings ReNew's total portfolio to 15.6 GW, making it one of the largest globally. The PPAs include three solar agreements totaling 800 MW with NTPC, DVC, and SECI, a 1 GW agreement with SJVN, and a 438 MW agreement with a large multinational C&I customer. These projects, comprising 1,500 MW of solar and 688 MW of wind, are expected to be commissioned within the next 24 months.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 2:33 pm

AGS

ASLE

SPB

Spectrum Brands Holdings, Inc. (SPB) reported upbeat earnings, with shares rising 12.4%. Other companies like Sezzle Inc. (SEZL), Embecta Corp. (EMBC), and Consensus Cloud Solutions, Inc. (CCSI) also saw significant gains following positive financial results. Companies such as PlayAGS, Inc. (AGS) and AerSale Corporation (ASLE) were among those recording substantial stock price increases due to various positive financial updates and acquisitions.

Portfolio Pulse from Avi Kapoor

May 09, 2024 | 2:25 pm

AKAM

Akamai Technologies, Inc. (NASDAQ:AKAM) is set to release its Q1 earnings after the market closes on May 9, with expectations of earnings per share at $1.61, up from $1.4 the previous year, and revenue projected at $989.26 million, up from $910.52 million. Additionally, Akamai has entered into an agreement to acquire Noname Security. Shares rose 0.4% to $102.12 recently. Analysts have provided mixed ratings, with adjustments to price targets and ratings reflecting a range of investment outlooks.

Portfolio Pulse from Avi Kapoor

May 09, 2024 | 2:24 pm