Streetbeat News

Acquisitions Mergers

GPI

Group 1 Automotive, Inc. (NYSE:GPI) reported Q1 earnings with adjusted EPS of $9.49, surpassing Wall Street expectations of $9.38, and revenues of $4.471 billion, exceeding forecasts of $4.379 billion. Sales increased by 8.2% YoY, while net income from continuing operations decreased by 7.2% YoY to $147.4 million. The company highlighted strong performance in the UK, with parts and service revenues up 5.1% YoY and UK total revenues up 4.7%. GPI also announced the acquisition of dealerships expected to generate $1.0 billion in annual revenues and the disposal of six dealerships in Texas. GPI shares rose 6.6% to $298.10.

Portfolio Pulse from Nabaparna Bhattacharya

April 24, 2024 | 2:24 pm

EQX

Equinox Gold (AMEX:EQX) acquires the remaining 40% stake in Greenstone Gold Mines for $995 million from Orion Mine Finance, gaining full ownership. The deal, expected to close in Q2 2024, will boost Equinox's annual gold production by 160,000 ounces and enhance shareholder value through increased EBITDA and cash flow. Financing includes $745 million in cash and 42 million shares, with a $500 million loan and $260 million in equity financing.

Portfolio Pulse from Stjepan Kalinic

April 24, 2024 | 2:15 pm

CRBU

Caribou Biosciences, Inc. (NASDAQ:CRBU) announced its participation in the 2024 ASCO Annual Meeting with two abstracts on its CRISPR genome-editing CAR-T cell therapies, CB-010 and CB-012, for r/r B-NHL and r/r AML, respectively. CB-010, a first-in-clinic allogeneic CAR-T therapy with a PD-1 knockout, targets B cell non-Hodgkin lymphoma and has received FDA designations including RMAT, Fast Track, and Orphan Drug. CB-012, targeting acute myeloid leukemia, features five genome edits for enhanced antitumor activity. Both presentations aim to showcase initial data and trial designs.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 2:03 pm

ADPV

NETZ

VRT

Vertiv Holdings Co (NYSE:VRT) shares surged after reporting strong Q1 FY24 results, surpassing expectations with an 8% Y/Y net sales increase to $1.64 billion and raising its 2024 guidance. The company's adjusted operating profit rose 42% Y/Y, and it announced a $600 million share buyback. Vertiv's positive outlook is driven by robust demand for AI deployments, with a raised FY24 revenue guidance to $7.54-$7.69 billion and adjusted EPS to $2.29-$2.35. TCW Transform Systems ETF (BATS:NETZ) and Series Portfolios Trust Adaptiv Select ETF (NYSE:ADPV) offer exposure to Vertiv's stock.

Portfolio Pulse from Lekha Gupta

April 24, 2024 | 1:51 pm

BG

FXG

MOO

Bunge Limited (NYSE:BG) shares fell over 5% after Q1 results were announced, with earnings per share of $3.04 beating expectations but revenue of $13.417 billion missing forecasts. The company maintained its full-year 2024 EPS outlook at approximately $9.00, below the $9.39 estimate. Bunge's agribusiness saw mixed results, and it continued to invest in growth projects and the integration with Viterra. Investors can also gain exposure to BG through First Trust Cons. Staples AlphaDEX (NYSE:FXG) and VanEck Agribusiness ETF (NYSE:MOO).

Portfolio Pulse from Nabaparna Bhattacharya

April 24, 2024 | 1:32 pm

EFSH

1847 Holdings LLC has signed a letter of intent to acquire a leading company in millwork, cabinetry, and door manufacturing for $16.75 million. The name of the target company has not been disclosed.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 1:27 pm

NVDA

NVIDIA announced its acquisition of Run:ai, a provider of Kubernetes-based workload management and orchestration software for AI workloads. This acquisition aims to enhance NVIDIA's AI platform capabilities, particularly in managing and optimizing compute infrastructure across various environments. Run:ai's platform, known for efficient GPU cluster resource utilization and integration with NVIDIA's products, will continue to be offered and further developed as part of NVIDIA DGX Cloud. This move is expected to benefit NVIDIA's enterprise customers by improving GPU utilization and management for complex AI deployments.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 1:27 pm

ETHE

The SEC has delayed the decision on Ethereum ETFs, affecting companies like Grayscale and BlackRock. Grayscale aims to convert its Ethereum Trust (ETHE) into an ETF, while BlackRock continues its application amid regulatory uncertainties. Analysts are skeptical about the approval by the May deadline, with probabilities ranging from 20% to 50%. The delays highlight the SEC's cautious approach to cryptocurrency ETFs.

Portfolio Pulse from Murtuza Merchant

April 24, 2024 | 1:19 pm

BSRUF

UUUU

Energy Fuels (AMEX:UUUU) has agreed to acquire Base Resources (OTCPK: BSRUF) for $240 million, aiming to enhance its uranium and critical minerals production capabilities. The deal focuses on the Toliara project in Madagascar, rich in minerals crucial for clean energy and defense sectors. This acquisition is expected to strengthen Energy Fuels' position in the rare earth oxide supply chain, leveraging its White Mesa mill in Utah. The transaction, offering a significant premium to Base Resources shareholders, is set to close in Q3 2024, pending regulatory approval.

Portfolio Pulse from Stjepan Kalinic

April 24, 2024 | 1:18 pm

BA

Boeing's CEO announced that the deal with Spirit is not delayed and everything is proceeding as planned, according to a statement made to CNBC. This clarification comes amid speculations about potential delays or issues with the transaction.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 1:14 pm