Streetbeat News

Acquisitions Mergers

PARA

Paramount Global reported Q1 results with revenue missing estimates and EPS beating estimates. The company announced CEO Bob Bakish's departure, replaced by a 3-person team. Analysts are divided on Paramount's value, citing uncertainty around potential merger activity and leadership changes. Bank of America sees shares as volatile, KeyBanc highlights a potential merger with Skydance impacting Class B shareholders, Needham downgrades due to leadership and strategic uncertainty, and Benchmark suggests a deal may be imminent but remains optimistic.

Portfolio Pulse from Chris Katje

April 30, 2024 | 4:07 pm

CNPOF

RIV Capital Inc. (OTC:CNPOF) reported a revenue increase to $2.1 million in CQ4 2023 from $1.9 million in CQ4 2022, driven by retail and wholesale sales of Etain-branded products in New York. Despite revenue growth, the company faced a gross loss of $0.6 million due to increased costs and an impairment charge of $48.7 million related to its acquisition of Etain, leading to a net loss of $47.3 million for CQ4 2023.

Portfolio Pulse from Rolando García

April 30, 2024 | 4:06 pm

HRMY

Harmony Biosciences Holdings' shares surged following the announcement of better-than-expected Q1 adjusted EPS results and the acquisition of Epygenix Therapeutics.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 4:01 pm

LEA

Lear Corporation (NYSE:LEA) reported Q1 earnings with adjusted EPS of $3.18, surpassing estimates of $3.02, but missed revenue forecasts with $5.995 billion against expectations of $6.01 billion. The company announced operational restructuring including plant closures in Europe to improve cost structures amid a 1% decrease in global vehicle production. Despite this, LEA reaffirmed its full-year 2024 revenue outlook of $24.0 billion to $24.6 billion and adjusted EBITDA of $1.795 billion to $1.945 billion. Shares fell by 5.04% to $130.32.

Portfolio Pulse from Nabaparna Bhattacharya

April 30, 2024 | 3:55 pm

HRMY

Harmony Biosciences (NASDAQ:HRMY) announced the acquisition of Epygenix Therapeutics, expanding its CNS-focused pipeline with a rare epilepsy franchise. The deal includes up to $645 million in milestone payments. Harmony reported Q1 earnings with an EPS of $0.88, beating the consensus of $0.62, and sales of $154.6 million. The company reaffirmed its 2024 revenue guidance of $700 million to $720 million. HRMY shares rose 9.79% to $32.11.

Portfolio Pulse from Vandana Singh

April 30, 2024 | 3:44 pm

ECL

Ecolab Inc. (NYSE:ECL) shares rose after reporting Q1 sales of $3.752 billion, surpassing expectations and showing a 5% year-over-year increase. The company also raised its FY24 EPS outlook from $6.10-$6.50 to $6.40-$6.70, above the $6.39 estimate. Additionally, Ecolab announced the divestiture of its global surgical solutions business to Medline for $950 million, expected to close in the second half of 2024. The sale and positive financial performance are part of Ecolab's strategy to transform its global healthcare business.

Portfolio Pulse from Nabaparna Bhattacharya

April 30, 2024 | 3:19 pm

WMT

Walmart has inaugurated a new high-tech consolidation center in Minooka, Illinois, spanning over 492,000 square feet and expected to create 700 jobs. This facility, the third of its kind in Walmart's supply chain, will utilize automated technology to triple the volume throughput and enhance supply chain efficiency. It aims to ensure product availability across all 4,700 Walmart stores by facilitating small to medium-sized regional suppliers. The technology will also streamline purchase order fulfillment for suppliers, reduce lead times, and enable faster delivery, with the savings potentially passed on to customers through lower prices.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 3:03 pm

FIS

Analysts have provided mixed ratings for Fidelity National Info (FIS) with a recent average price target of $74.15, reflecting a 9.04% increase from the previous target. The company has seen a revenue decline of -0.59% over the last 3 months and holds a minority stake in Worldpay after selling a majority interest. Despite a lower market capitalization and ROE, FIS maintains a strong net margin of 10.0%.

Portfolio Pulse from Benzinga Insights

April 30, 2024 | 3:01 pm

VIK

Viking Holdings Ltd (NYSE:VIK) is set to IPO on May 01, offering shares priced between $21.00 and $25.00. The company, known for its destination-focused and culturally immersive travel experiences, operates a fleet of 92 ships. An insider lock-up period is set for 180 days, ending on October 28, 2024.

Portfolio Pulse from Benzinga Insights

April 30, 2024 | 3:00 pm

HPCO

Hempacco and Illumination Brands have entered into a non-binding LOI to merge their US operations, retaining the name 'Illumination Brands' and Hempacco's Nasdaq listing. The merger is expected to generate approximately $35M in annual revenues for the combined entity, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 2:55 pm