Streetbeat News

Acquisitions Mergers

STGW

Stagwell (NASDAQ:STGW) has acquired Montreal-based Luxine Relations Publiques, a PR and Influencer Marketing agency, to enhance its Quebec market presence. The acquisition is part of Stagwell's strategy to focus on local markets across Canada. Luxine will merge with Veritas Communications, operating under LuxineVeritas. Caroline Dubé, Luxine's founder, joins the Veritas Executive Leadership Team. This move aims to meet the demand for Quebec-specific marketing strategies and leverages Stagwell's PR and influencer marketing tools like PRophet.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 11:55 am

BDC

Belden has announced its intention to acquire Precision Optical Technologies for approximately $290 million in cash. This acquisition will enhance Belden's Enterprise Solutions products by adding value-added optical transceivers and related components, which are essential for fiber infrastructure deployments.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 11:51 am

SSTK

Shutterstock's stock price increased following the announcement of exceeding Q1 expectations, an upward revision of FY24 guidance, and plans to acquire Envato, a company specializing in digital creative assets and templates.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 11:38 am

SNDL

SNDL Inc. announced that its subsidiary, SunStream USA Group, plans to proceed with the acquisition of equity positions in US cannabis assets. This move signifies SNDL's strategic expansion into the US cannabis market.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 11:23 am

BRKR

Bruker Corporation has updated its FY 2024 financial outlook, raising both revenue and adjusted EPS forecasts. The new revenue range is $3.29B-$3.35B, up from the previous $3.23B-$3.29B, with adjusted EPS now expected to be $2.79-$2.84, up from $2.71-$2.76. This update includes the benefits from the acquisitions of Chemspeed and ELITech but excludes the pending, EPS-dilutive NanoString acquisition. The revised guidance reflects an 11%-13% year-over-year revenue growth, driven by organic growth, constant exchange rate revenue growth, and despite a foreign currency translation headwind.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 11:20 am

AIQ

KSA

Saudi Arabia's need for data centers and semiconductors, described as the 'new oil,' is driving it toward a historic pact with the U.S., potentially offering security guarantees and a pathway to diplomatic ties with Israel. The U.S. could leverage this need, given its control over semiconductor exports, as Saudi Arabia plans to build 60 data centers and has already invested in thousands of Nvidia's H100 chips for AI applications. The iShares MSCI Saudi Arabia ETF (KSA) and the Global X Artificial Intelligence & Technology ETF (AIQ) saw slight declines in their recent trading sessions.

Portfolio Pulse from Shanthi Rexaline

May 02, 2024 | 11:08 am

CTGO

HGMIF

Contango has agreed to acquire HighGold Mining in a deal valued at approximately $37M, with HighGold shares being exchanged for Contango common stock at a ratio based on their respective volume weighted average prices. The exchange ratio implies a consideration of about $0.40 per HighGold share.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 10:19 am

CTLT

LLY

NVO

Novo Nordisk A/S (NVO) is experiencing a significant increase in U.S. patients starting on its weight-loss drug, Wegovy, despite facing supply constraints and competition from Eli Lilly & Co. (LLY). Wegovy sales more than doubled in the first quarter, reaching $1.35 billion, although this was below analysts' expectations. Novo Nordisk is doubling its manufacturing investment to $6.4 billion, not including an $11 billion acquisition of factories from Catalent Inc. (CTLT). The company is also expanding Wegovy's market to Japan and expects sales and operating profit to surge by up to 27% and 30%, respectively, this year. However, pricing pressures and regulatory challenges in the U.S. and Denmark are affecting the company.

Portfolio Pulse from Benzinga Neuro

May 02, 2024 | 9:48 am

ACN

Accenture (NYSE:ACN) is set to acquire Parsionate, a data consultancy firm, to enhance its data readiness and generative AI adoption capabilities. The financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 9:40 am

CVNA

ROOT

Carvana Co. (NYSE:CVNA) shares surged in premarket trading after reporting significant Q1 2024 improvements, including a 16% year-over-year growth in retail units, an adjusted EBITDA of $235 million versus a $(24) million loss the previous year, and a revenue beat with $3.061 billion against the consensus estimate of $2.673 billion. The company also highlighted a ~$75 million gain in the fair value of its warrants to acquire Root, Inc. (NASDAQ:ROOT), increased non-GAAP gross profit by 64%, and is focusing on further cost reductions and efficiency improvements.

Portfolio Pulse from Nabaparna Bhattacharya

May 02, 2024 | 9:33 am