Streetbeat News

Acquisitions Mergers

IPGP

IPG Photonics Corporation (NASDAQ:IPGP) announced the appointment of Mark Gitin as the next CEO effective June 5, 2024. Gitin, with over 30 years in the lasers and optics sector, currently oversees the Photonics Solutions Division at MKS Instruments, Inc. He succeeds Dr. Eugene Scherbakov, a co-founder of IPG, who will remain on the Board and serve as an advisor. The transition is part of IPG's strategic objectives to diversify revenue, invest in growth products, and enhance stockholder value. Dr. Scherbakov has significantly contributed to IPG's growth and strategic repositioning, including shifting manufacturing out of Russia and focusing on key markets.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 12:10 pm

JYD

Jayud Global Logistics Limited (NASDAQ:JYD) has announced the acquisition of a 51% controlling interest in HYTX Warehouse Inc, marking its expansion into the North American logistics market. This move is aimed at capitalizing on the expected global e-commerce logistics growth of over 10% per year. The acquisition is performance-based, with payment to be made partly in cash and partly in Jayud ordinary shares in 2027. This strategic acquisition positions Jayud to benefit from the booming e-commerce and air cargo demand, with HYTX's expertise expected to enhance Jayud's logistics services.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 12:08 pm

BLND

CYCC

MED

MRIN

WGS

GeneDx Holdings Corp. (NASDAQ:WGS) shares surged 37.4% in pre-market trading after reporting Q1 financial results that exceeded analyst expectations and raising its FY2024 sales guidance. Other stocks also showed significant movement in pre-market trading, with notable gainers including Cyclacel Pharmaceuticals, Greenwave Technology Solutions, and Marin Software, among others. Losers in pre-market trading included Lichen China Limited, Medifast, and iClick Interactive Asia Group.

Portfolio Pulse from Avi Kapoor

April 30, 2024 | 12:08 pm

DARE

Dare Bioscience shares surged following the announcement that XOMA has acquired an economic interest in its women's health assets. This deal enables Dare Bioscience to concentrate on progressing its Phase 3 women's health product candidates.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 11:47 am

CECO

CECO Environmental has reaffirmed its 2024 guidance, expecting revenue of $590M-$610M, in line with consensus estimates, and an Adjusted EBITDA of $67M-$70M. The company anticipates a 10% year-over-year revenue increase and a 20% increase in Adjusted EBITDA, with free cash flow representing 50%-70% of Adjusted EBITDA. This outlook, raised in early March, is supported by a large sales pipeline and potential M&A activities.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 11:46 am

IYK

KO

VTI

Coca-Cola Co is reportedly planning an IPO for its African bottling unit, Coca-Cola Beverages Africa, aiming for a valuation over $8 billion. The IPO, considering a dual listing in Johannesburg and Amsterdam, is in early stages with Coca-Cola holding a 66.5% stake in the unit. The move comes after a postponement from an initial 2021 announcement. Coca-Cola Beverages Africa is a major player in the African market, operating in 15 countries and employing over 18,000 people. Coca-Cola's stock has seen a decline of over 3% in the past year, with current premarket trading showing a decrease of 0.47%.

Portfolio Pulse from Shivani Kumaresan

April 30, 2024 | 11:40 am

MASS

908 Devices Inc. has acquired RedWave Technology for an initial payment of $53.5 million, with the potential for an additional 4 million shares of contingent consideration. RedWave reported unaudited revenue of $13.7 million for 2023.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 11:38 am

DARE

XOMA

Xoma has acquired an economic interest in three women's health assets from Daré Bioscience for an upfront payment of $22M, including interests in Ovaprene and Sildenafil Cream. Organon has initiated XACIATO commercial activities, and Bayer HealthCare holds exclusive rights to Ovaprene in the U.S.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 11:36 am

HUBB

Hubbell projects FY24 Adjusted EPS of $16.00-$16.50, aligning with a $16.43 estimate, and forecasts 8%-10% sales growth YoY, versus a $5.8B estimate. The company expects organic net sales growth of 3%-5% YoY. Adjusted EPS factors out amortization of acquisition-related intangible assets, a loss on the residential lighting business disposition, and transaction costs. Hubbell also anticipates acquisitions net of divestitures to contribute 5% to sales growth, with a diluted EPS of $14.10-$14.60 after adjustments, aiming for a full year 2024 free cash flow of approximately $800 million.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 11:35 am

VZIO

Vizio's stock price has declined following news that Walmart received a request for additional information from the FTC concerning their planned merger. This development suggests potential regulatory hurdles that could delay or impact the merger's completion.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 11:32 am