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Acquisitions Mergers

AVDE

AVSD

UBS

UBS Group AG (NYSE:UBS) shares surged after reporting a 46% Y/Y increase in FY24 Q1 sales to $12.74 billion, surpassing the $12.02 billion consensus. Operating profit and net profit also saw significant increases, with EPS beating expectations at $0.52 versus the $0.24 consensus. The bank highlighted its role in stabilizing financial systems through the Credit Suisse acquisition, achieving $5 billion in annualized gross cost savings. UBS anticipates further savings and the completion of the UBS and Credit Suisse merger by May 31. The bank also plans a new $2B buyback and job cuts in Switzerland. UBS shares are up 6.34%.

Portfolio Pulse from Lekha Gupta

May 07, 2024 | 5:59 pm

MSFT

Microsoft Corp. (NASDAQ:MSFT) is closing several Bethesda studios, including Arkane Austin, Tango Gameworks, and Alpha Dog Studios, as part of a restructuring effort. This move will likely lead to the cancellation of updates for various games and result in job losses. The closures are part of a strategy to focus on high-impact projects within Bethesda's portfolio. The gaming industry is currently experiencing a wave of layoffs, with over 10,000 workers affected last year. Despite these cuts, Microsoft remains committed to its gaming endeavors, with several upcoming releases.

Portfolio Pulse from Franca Quarneti

May 07, 2024 | 5:31 pm

AIRE

reAlpha Tech Corp (NASDAQ:AIRE) shares surged 29% to $1.11 after announcing the acquisition of Naamche, adding 43 AI engineers and developers to its team. This move is expected to enhance reAlpha's AI-driven real estate solutions, including their AI platform Claire. The acquisition aligns with reAlpha's and Naamche's shared goal of innovating in the real estate sector.

Portfolio Pulse from Henry Khederian

May 07, 2024 | 5:08 pm

ARKQ

ARKX

BLDE

Blade Air Mobility Inc (NASDAQ:BLDE) reported a 13.8% Y/Y increase in Q1 FY24 revenue to $51.5 million, surpassing estimates. Despite a decline in Short Distance revenue due to weather and lower passenger volume, Flight Profit and Medical segment performance improved significantly. The company reduced its net loss and reaffirmed its 2024 revenue outlook, expecting positive adjusted EBITDA. Blade's strategic aircraft acquisitions are already showing cash flow benefits. BLDE is included in ARK Space Exploration & Innovation ETF (BATS:ARKX) and ARK Autonomous Technology & Robotics ETF (BATS:ARKQ).

Portfolio Pulse from Lekha Gupta

May 07, 2024 | 5:07 pm

VST

Financial giants have shown a bearish sentiment towards Vistra (NYSE:VST) through options trading, with 63% of trades being bearish. The trading activity suggests a price target range of $27.0 to $100.0. Vistra, a major power producer and retail energy provider, recently acquired Energy Harbor and is currently trading at $83.29, slightly up by 0.06%. Analysts have set an average price target of $82.0 for VST, with a recent downgrade to Buy by Janney Montgomery Scott.

Portfolio Pulse from Benzinga Insights

May 07, 2024 | 5:00 pm

BKIV

IWFH

PTON

Peloton Interactive Inc. (NASDAQ:PTON) shares surged following reports of potential buyout interest from private equity firms. Amid 13 consecutive quarters of losses and a recent disappointing quarterly report, Peloton has been exploring a sale and operational cost reductions. The company announced a CEO transition, a 15% workforce reduction, and a cut in its full-year revenue outlook. Despite a profitable subscription service, high production costs and declining demand for its products have impacted its financials. Peloton's market cap has significantly decreased, making it an attractive acquisition target. Peloton stock is up 12.8%, and exposure to Peloton can also be gained through BNY Mellon Innovators ETF (NASDAQ:BKIV) and iShares Virtual Work And Life Multisector ETF (NYSE:IWFH).

Portfolio Pulse from Anusuya Lahiri

May 07, 2024 | 4:43 pm

RBT

Rubicon announced the sale of its fleet technology business unit and issued convertible preferred stock, leading to a decrease in its share price.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 4:11 pm

CXXIF

C21 Investments Inc. has completed a non-brokered private placement offering, raising CA$4 million through convertible debenture units to fund the acquisition of Deep Roots Harvest, Inc.'s assets in Nevada for $3.5 million. The proceeds will support the purchase of a retail cannabis dispensary in Southern Reno, Nevada, by C21's subsidiary, Silver State Relief, LLC. The deal includes a $100,000 non-refundable deposit and a $3.4 million payment at closing. Meanwhile, potential cannabis rescheduling discussions by the Nevada Supreme Court and on a federal level could impact the industry.

Portfolio Pulse from Jelena Martinovic

May 07, 2024 | 4:01 pm

SELF

Global Self Storage's stock price increased following a proposal from Etude Storage Partners to acquire the company.

Portfolio Pulse from Benzinga Newsdesk

May 07, 2024 | 3:46 pm

BLMN

Bloomin' Brands, Inc. (NASDAQ:BLMN) reported Q1 adjusted EPS of 70 cents, missing estimates by 4 cents, and sales of $1.195 billion, slightly below expectations. The company cited decreased restaurant-level operating margins, the 2023 Closure Initiative, and higher expenses as reasons for the shortfall. Additionally, it announced the exploration of strategic alternatives for its Brazil operations, including a potential sale, with BofA Securities as its financial advisor. Despite the miss, Bloomin' Brands reaffirmed its FY24 adjusted EPS outlook and expects flat to 1.5% US comparable restaurant sales growth in Q2. Shares fell 2.72% to $24.28.

Portfolio Pulse from Nabaparna Bhattacharya

May 07, 2024 | 3:41 pm