Streetbeat News

Acquisitions Mergers

GTHX

Traders are closely monitoring G1 Therapeutics following a circulated M&A blog suggesting the company is rumored to have a Contingent Value Right (CVR) aspect, potentially valuing it between $12-$14 per share.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 2:04 pm

MSFT

TSLA

Elon Musk's AI startup, X.AI Corp., is nearing the completion of a funding round that could value the company at approximately $18 billion. The round aims to raise $6 billion, with interest from investors like Sequoia Capital. The valuation and timing are still subject to change. X.AI Corp.'s pitch highlights Musk's track record with Tesla and SpaceX, and the importance of data from X for AI development. The company competes with Microsoft-backed OpenAI, valued at $80 billion, in the AI chatbot market.

Portfolio Pulse from Shivani Kumaresan

May 09, 2024 | 1:51 pm

EHAB

AREX Capital Management, holding approximately 4.8% of Enhabit, Inc. (EHAB) shares, expressed disappointment in the conclusion of Enhabit's strategic review, which ended without a sale. AREX criticized Enhabit's Board for the company's underperformance and nominated seven directors to enhance operational expertise in home health and hospice, aiming to improve shareholder value.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 1:40 pm

TTEK

Tetra Tech, Inc. (NASDAQ:TTEK) has acquired Convergence Controls & Engineering, enhancing its digital water and energy practices. This acquisition brings in expertise in process automation, systems integration, and cybersecurity, aligning with Tetra Tech's Leading with Science approach to offer integrated automation platforms for real-time data visualization and analytics. The terms of the acquisition were not disclosed, and Convergence will join Tetra Tech's Government Services Group.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 1:31 pm

ATAI

CMPS

CYBN

KAYS

Kaya Holdings Inc. (OTCQB:KAYS), a Florida-based cannabis company, has been granted a license by the Oregon Health Authority to operate a Psilocybin Service Center named The Sacred Mushroom in Oregon. This center, under its subsidiary Fifth Dimension Therapeutics, Inc., aims to provide psilocybin treatment in a unique setting, expecting to welcome its first guests within the next thirty days. The move is seen as a significant step in the mental health sector, with KAYS aiming to become a leader in psychedelic care delivery. Other companies like Compass Pathways (NASDAQ:CMPS), ATAI Life Sciences (NASDAQ:ATAI), and Cybin (AMEX:CYBN) are developing synthetic psilocybin for treatment-resistant mental health disorders, expected to be administered in centers like The Sacred Mushroom.

Portfolio Pulse from Nina Zdinjak

May 09, 2024 | 1:29 pm

GOOGL

HUBS

VOX

XLC

Alphabet Inc (NASDAQ:GOOGL) is in advanced talks to acquire HubSpot Inc (NYSE:HUBS), as reported by Bloomberg. No final agreement has been reached, and there's a possibility of other buyers. HubSpot's shares have surged by 32% over the past year, with a notable increase of up to 6% in premarket trading. The acquisition could enhance Alphabet's position in the CRM sector, competing with Microsoft, Oracle, and Salesforce. Alphabet's stock has gained over 57% in the last 12 months, and exposure to it can be gained through ETFs like XLC and VOX.

Portfolio Pulse from Shivani Kumaresan

May 09, 2024 | 1:27 pm

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