Streetbeat News

Acquisitions Mergers

SUN

Sunoco LP (SUN) and NuStar Energy L.P. (NS) announced the approval by NuStar unitholders of their merger, with NuStar merging into a subsidiary of Sunoco. Approximately 69% of NuStar's outstanding common units voted in favor. The merger is expected to close on May 3, 2024, with NuStar unitholders receiving 0.400 of a Sunoco common unit for each NuStar unit, plus Sunoco's Q1 2024 distribution.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 9:32 pm

PNTG

Pennant Group, Inc. (PNTG) has expanded its portfolio by acquiring South Davis Home Health and South Davis Hospice, which offer skilled home health and hospice services in Davis County, Utah. The financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 9:30 pm

CULP

Culp, Inc. (NYSE:CULP) announced a major restructuring plan focused on its mattress fabrics segment to reduce costs and improve efficiency, expecting to save $10M-$11M annually. The plan includes reducing the workforce by ~240 people (~35% of the segment's workforce), consolidating operations, and transitioning to strategic sourcing models. The restructuring, aimed at addressing reduced demand and excess capacity, will also involve selling real estate and equipment to fund the costs, with anticipated cash proceeds of $10M-$12M. The company expects to return to profitability and maintain competitive advantage without impacting top-line sales.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 9:23 pm

BIDU

GOOG

META

NYT

SNAP

TCEHY

The U.S. government's legislation requiring TikTok to divest its U.S. operations or face a ban has sparked debate over censorship and national security. The law, which aims to address the national security risk posed by TikTok's 170 million U.S. users, has bipartisan support. European Commission president Ursula von der Leyen indicated the EU might follow suit. The article also discusses China's internet censorship, known as the Great Firewall, which blocks access to many foreign websites and apps, including those owned by Alphabet Inc (GOOG), Meta Platforms Inc (META), Snap Inc (SNAP), and The New York Times Co (NYT), and mentions China's domestic internet products like Baidu (BIDU) and Tencent Holdings ADR (TCEHY).

Portfolio Pulse from Natan Ponieman

May 01, 2024 | 9:11 pm

ADV

Advantage Solutions has sold its digital marketing agency, Adlucent, to BarkleyOKRP. The terms of the sale were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 9:10 pm

HST

Starwood Capital Group, Crescent Real Estate, and High Street Real Estate Partners have sold 1 Hotel and Embassy Suites Nashville to Host Hotels and Resorts. The terms of the transaction were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 9:02 pm

MGX

Metagenomi, Inc. (NASDAQ:MGX) has regained full global rights to its gene editing technologies, including base editors and RIGS, previously under exclusive rights with Moderna, Inc. The companies mutually agreed to terminate their collaboration on the PH1 program, returning all rights to Metagenomi. This move allows Metagenomi to advance its technologies in areas like Alpha-1 antitrypsin deficiency and Wilson's disease, leveraging its expanded gene editing toolbox and in-house manufacturing capabilities. Moderna remains a shareholder in Metagenomi.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 8:51 pm

CENX

IPX

RYI

USAP

IperionX partners with Vegas Fastener to develop titanium alloy components for critical sectors. Universal Stainless reports near-record Q1 sales of $77.6M and a 12-year high gross margin of 18.9%. Century Aluminum sees a sales downturn but secures a $500M investment for a green smelter. Ryerson Holding faces a Q1 net loss amid challenging conditions but announces significant cost savings and capital expenditure plans.

Portfolio Pulse from austin@walkonholdings.com

May 01, 2024 | 8:42 pm

APA

APA Corporation has updated its FY24 guidance following the completion of the Callon acquisition. The company plans to invest $2.7 billion in upstream oil and gas capital in 2024 and expects to average around 10 rigs in the U.S. for the remainder of the year, as it integrates and optimizes the combined rig fleet.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 8:37 pm

VTR

Ventas reiterates its full year 2024 guidance, projecting net income between $11M-$45M and normalized FFO between $1,276M-$1,309M. The guidance includes assumptions of closing ~$350M in senior housing investments, disposing assets for $300M net proceeds, and FAD capital expenditures of ~$250M. Interest expenses are expected to range from $604M to $614M.

Portfolio Pulse from Benzinga Newsdesk

May 01, 2024 | 8:15 pm