Streetbeat News

Acquisitions Mergers

MMC

TRMK

Trustmark National Bank has agreed to sell its Fisher Brown Bottrell Insurance, Inc. subsidiary to Marsh & McLennan Agency for $345 million in cash. The transaction is anticipated to close by the end of Q2.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 8:41 pm

SPR

Spirit Aerosystems announced that Boeing will make an advance payment of $425M to support Boeing's contractual demands, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 8:12 pm

SSP

E.W. Scripps Company is reportedly exploring the sale of Bounce TV, a broadcast network focusing on Black culture. This move is part of the company's strategic review of its assets to enhance shareholder value.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 7:48 pm

UNIT

Uniti Group and Windstream are reportedly close to finalizing a combination deal valued at approximately $15 billion. This development is significant for investors monitoring Uniti Group's stock (UNIT) as it could have substantial implications for the company's future operations and financial structure.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 7:44 pm

BRK

BYDDY

TSLA

Warren Buffett, through Berkshire Hathaway, missed out on investing in Tesla before its IPO, a decision highlighted by Tesla CEO Elon Musk. Musk often references a 2009 meeting with Charlie Munger, Berkshire's Vice Chairman, where the potential failure of Tesla was discussed. Despite this, Tesla's market cap has soared to $463 billion, indicating a missed opportunity for a 231,400% return on a hypothetical $20 million investment based on Tesla's $200 million valuation at the time. Berkshire Hathaway instead invested in BYD Co, a Tesla rival, in 2008 and has seen significant returns from its investment in Apple in 2016.

Portfolio Pulse from Chris Katje

April 23, 2024 | 7:08 pm

INCY

MOR

Incyte Corporation (NASDAQ:INCY) has agreed to acquire Escient Pharmaceuticals for $750 million, aiming to enhance its portfolio with EP262 and EP547, targeting inflammatory diseases. Cantor Fitzgerald initiated coverage on Incyte with a Neutral rating, citing undervaluation due to its cash flow and concerns over its pipeline prospects. The analyst suggests a significant stock buyback and prioritizing R&D to improve valuation. William Blair remains optimistic, highlighting the potential of povorcitinib and the Escient deal's complement to Incyte's portfolio.

Portfolio Pulse from Vandana Singh

April 23, 2024 | 7:03 pm

FOSUF

Fosun International Ltd. (OTC:FOSUF) is transitioning to an 'asset-light' strategy, having reduced its debt through significant asset sales, including a recent sale of a stake in Belgian insurer Ageas to BNP Paribas. The company's debt-to-capitalization ratio improved to 50.4%, with a total of 57.3 billion yuan raised from asset sales over two years. Fosun's shift from acquisition to divestiture reflects a strategic pivot towards stabilizing its financials and focusing on core businesses, with its outlook upgraded to 'stable' by S&P Global in mid-2023.

Portfolio Pulse from The Bamboo Works

April 23, 2024 | 6:52 pm

AMD

BOTZ

NVDA

SMH

Advanced Micro Devices, Inc (AMD) and Nvidia Corp (NVDA) stocks rose on Tuesday, recovering from last Friday's selloff triggered by concerns over U.S. Federal Reserve rate cuts and geopolitical tensions. Reports of Chinese companies circumventing U.S. embargoes to procure Nvidia chips have surfaced. Analysts predict Nvidia's dominance in the AI accelerator market, while AMD's new product launches and the Xilinx acquisition are expected to drive growth. Both stocks have seen significant gains over the past year, with exposure to Nvidia also available through ETFs like VanEck Semiconductor ETF (SMH) and Global X Robotics & Artificial Intelligence ETF (BOTZ).

Portfolio Pulse from Anusuya Lahiri

April 23, 2024 | 6:49 pm

NEM

Market whales have shown a mixed sentiment towards Newmont (NYSE:NEM), with a bearish lean in recent options trading. Analysis of 15 trades reveals a split in expectations, with 40% bullish and 46% bearish. Significant trading activity targets a price range of $25.0 to $42.5 for NEM. The company, the world's largest gold miner, has made strategic acquisitions and is expected to sell some higher cost mines. Current market data shows NEM's price up 0.83% at $37.77, with potential overbought signals and an upcoming earnings release. Analysts, including one from Citigroup, maintain a positive outlook with a target price of $45.

Portfolio Pulse from Benzinga Insights

April 23, 2024 | 6:45 pm

ABEO

HIBB

JBLU

LKQ

U.S. stocks saw gains with the S&P 500 up 1.24%, driven by General Motors' better-than-expected earnings. GM reported a 7.6% sales growth and raised its EPS outlook. Hibbett, Inc. surged 19% after being acquired by JD Sports Fashion. Oportun Financial and Palisade Bio also saw significant gains following positive announcements. Conversely, JetBlue Airways, Abeona Therapeutics, and LKQ Corporation experienced declines due to disappointing financial results and outlooks. Crude oil prices increased by 1.8%.

Portfolio Pulse from Avi Kapoor

April 23, 2024 | 6:31 pm