Streetbeat News

Acquisitions Mergers

FULT

During a conference call, a Fulton Financial executive disclosed that the total office loans in Republic First's book amounted to approximately $200M. The securities were transferred at fair value, with the FDIC assuming some of the loss. Importantly, a capital raise was not required for this transaction, and the bid for Republic First was not contingent on raising additional capital.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 3:43 pm

HOPE

Hope Bancorp shares are trading lower due to disappointing Q1 financial results and the announcement of a definitive merger with Territorial Bancorp.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 3:43 pm

PAHC

ZTS

Phibro Animal Health's stock is trading higher following the announcement of its acquisition of Zoetis' medicated feed additive product portfolio. This strategic move is expected to enhance Phibro's product offerings and market position.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 3:27 pm

FTXL

MCHP

SEMI

Piper Sandler analyst Harsh V. Kumar maintained a Neutral rating on Microchip Technology Inc (NASDAQ:MCHP) with a price target of $80, citing ongoing inventory management and positioning for recovery in H2. The company is focusing on inventory clearances, especially in the auto and industrial sectors, and aims for flat revenue in Q2. Despite the current downturn, MCHP plans to maintain capex and has won a $162 million grant through the CHIPS Act, positioning it well for future cycles. Kumar forecasts Q4 revenue and EPS at $1.33 billion and $0.57, respectively. MCHP stock has gained over 24% in the last 12 months and is part of the Columbia ETF Trust I Columbia Seligman Semiconductor And Technology ETF (NYSE:SEMI) and First Trust Nasdaq Semiconductor ETF (NASDAQ:FTXL).

Portfolio Pulse from Anusuya Lahiri

April 29, 2024 | 3:12 pm

SHEL

Reliance Industries has purchased 2 million barrels of Canadian crude oil from Shell for July delivery, utilizing Canada's new Trans Mountain pipeline. This marks Reliance's first acquisition of Canadian crude, with the pipeline set to enhance crude flow from Alberta to the Pacific Coast, facilitating access to Asian and U.S. West Coast markets. Shell will transfer the oil via ship-to-ship transfers to a Very Large Crude Carrier for shipment to Reliance's Sikka port refinery. The deal was made at a $6/barrel discount to September ICE Brent.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 3:11 pm

FULT

Fulton Financial's CEO announced during a conference call that the acquisition of Republic Bank is expected to add 20% to Fulton's earnings per share in 2024. Additionally, Fulton's total deposits increased by 20% following the deal.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 3:09 pm

VVPR

VivoPower International's stock price increased following the announcement of the sale of its Kenshaw Electrical unit.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 3:02 pm

RAN

RanMarine Technology B.V. (NASDAQ:RAN) is set to IPO on April 30, offering shares at $5.50 each with a 180-day insider lock-up period ending on October 27, 2024. The company specializes in autonomous surface vessels (ASVs) for removing pollutants and collecting water quality data.

Portfolio Pulse from Benzinga Insights

April 29, 2024 | 3:00 pm

ICAGY

The European Union is scrutinizing IAG's planned acquisition of Air Europa for $427.7 million due to competition concerns. The merger could lead to higher prices and reduced service quality, particularly in Spanish and Latin American markets. The European Commission has issued a formal statement of objections, and IAG has until June 10, 2024, to propose measures to address these concerns. IAG's shares fell by 0.80% to $4.33 following the news.

Portfolio Pulse from Akanksha Bakshi

April 29, 2024 | 2:57 pm

DCPH

HTLF

TSLA

Stocks like Tesla, Deciphera Pharmaceuticals, and Heartland Financial saw significant movements. Tesla partnered with Baidu for Full Self-Driving in China, causing a 10.5% jump. Deciphera Pharmaceuticals surged 73% after an acquisition announcement by ONO Pharmaceutical. Heartland Financial rose 17.2% following UMB Financial's acquisition announcement. Other stocks also recorded gains due to various positive developments, including FDA approvals, financial settlements, and analyst upgrades.

Portfolio Pulse from Avi Kapoor

April 29, 2024 | 2:47 pm