Streetbeat News

Acquisitions Mergers

AJG

Arthur J. Gallagher & Co. (AJG) has acquired Health Insurance Consultants Australia, although the financial terms of the deal were not disclosed. This strategic move could potentially expand AJG's footprint in the health insurance sector, particularly in the Australian market.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 1:01 pm

ABEQ

CNA

DEMZ

Loews Corp (NYSE:L) reported a 22% Y/Y increase in Q1 FY24 net income to $457 million, with EPS rising to $2.05 from $1.61. Revenues increased to $4.23 billion from $3.78 billion. CNA Financial Corp (NYSE:CNA) contributed with revenue of $3.44 billion, up from $3.15 billion, and net income of $310 million, up from $268 million. Boardwalk Pipelines and Loews Hotels also reported revenue and net income changes. Loews repurchased 0.9 million shares for $67 million. Investors can gain exposure to Loews through ABEQ and DEMZ ETFs. L shares are up 0.13% in premarket trading.

Portfolio Pulse from Lekha Gupta

May 06, 2024 | 12:52 pm

AMD

AOTG

NVDA

AMD is gearing up for AI leadership by expanding its product portfolio and quadrupling its R&D investment to $5.9 billion in 2023 from $1.5 billion in 2019. The company plans significant announcements at Computex, highlighting its strong AI software stack and the benefits of its acquisition of Xilinx. Despite concerns over gaming segment weakness and competition from Nvidia, AMD sees strong demand in AI and data center GPUs. AMD stock has risen over 58% in the last 12 months, with exposure available through AOT Growth And Innovation ETF.

Portfolio Pulse from Anusuya Lahiri

May 06, 2024 | 12:51 pm

ASNS

Actelis Networks, Inc. (NASDAQ:ASNS) has completed a new order for the City of Bakersfield, CA, providing a hybrid-fiber solution to modernize the city's traffic management system. This follows a recent $2.3 million order from the Washington D.C. Department of Transportation. Actelis' technology will support Bakersfield's street safety initiatives by enabling fiber-grade network connectivity for real-time communication between the traffic operations center and traffic controllers at intersections. The solution leverages existing copper infrastructure while offering a path to future fiber upgrades, representing a cost-effective, long-term investment for the city.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 12:50 pm

AFRI

Forafric Global PLC (NASDAQ:AFRI) has announced a 10-year renewable agreement to lease and operate a milling facility in Morocco, aiming to increase its milling capacity by 600 tons per day. This expansion, expected to commence in Q3 2024, is seen as a strategic move to enhance Forafric's operational footprint and crushing capacity with minimal capital investment. The agreement is pending regulatory approvals.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 12:42 pm

CYBN

Cybin Inc. (CYBN) announced updates on its clinical programs, including the expected initiation of a Phase 3 study for CYB003 in MDD by mid-2024 and Phase 2 results for CYB004 in GAD by Q4 2024. The company secured a $150 million funding round and received FDA Breakthrough Therapy Designation for CYB003. CYB003 showed promising Phase 2 results in MDD treatment, and CYB004 is in development for GAD, with a Phase 2 study underway. Cybin's intellectual property portfolio includes over 50 granted patents and 170 pending applications related to psychedelic-based treatments.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 12:42 pm

TCBP

TC BioPharm's stock price increased following the announcement of a non-binding letter of intent to acquire a company focused on developing CAR-T therapies for refractory cancers and solid tumors.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 12:41 pm

TCBP

TC BioPharm (NASDAQ:TCBP) announced its second non-binding letter of intent in recent months to acquire a biotech company focused on CAR-T therapies for cancer. This move aligns with TCBP's M&A strategy to enhance its allogeneic gamma-delta T cell therapy platform. The acquisition target has demonstrated proof of concept for its CAR-T therapies against solid tumors and is developing treatments for autoimmune diseases. The completion of this acquisition is contingent on several factors, including financing and regulatory approvals.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 12:34 pm

BABA

CGRO

PGJ

Alibaba Group's fintech affiliate Ant Group is expanding its global reach with Alipay+, aiming to unify mobile payments worldwide. Launched in 2020, Alipay+ connects 88 million merchants across 57 countries to over 1.5 billion consumer accounts from 25+ e-wallets and banking apps. The platform facilitates payments with users' home-country apps abroad, partnering with services like SGQR and ZeroPay. Ant Group's strategy includes investments in Southeast Asia and expansions into Europe and the Middle East. Mastercard Inc has partnered with Alipay to enhance cross-border remittance capabilities. Despite Alibaba's stock decline over the last 12 months, analysts remain positive about its potential for recovery and growth in cross-border volumes and the public cloud market.

Portfolio Pulse from Anusuya Lahiri

May 06, 2024 | 12:32 pm

RTH

TGT

XLP

Target Corp is expanding its private-label brand sales beyond its own stores, starting with its Cat & Jack brand in Canada through Hudson's Bay Co. The company is exploring further expansion in Europe and the Americas, aiming to rebound from declining sales by leveraging the higher margins of private-label goods. Despite challenges from reduced consumer spending and product controversies, Target plans to boost performance through store expansion, a revamped loyalty program, and exclusive offerings. This strategy aligns with competitors like Walmart and Kroger, focusing on private-label products. Target's stock has seen a modest gain, and its movements can impact related ETFs such as the VanEck Retail ETF and the Consumer Staples Select Sector SPDR Fund.

Portfolio Pulse from Shivani Kumaresan

May 06, 2024 | 12:21 pm