Streetbeat News

Acquisitions Mergers

NX

Quanex Building Products Corporation (NYSE:NX) has announced the acquisition of Tyman plc for approximately $1.1 billion, aiming to expand its product offerings and geographic footprint. The deal, expected to close in the second half of 2024, is anticipated to be accretive to earnings in the first full fiscal year post-completion. Tyman shareholders will own about 30-32% of Quanex post-acquisition.

Portfolio Pulse from Shivani Kumaresan

April 22, 2024 | 10:10 am

GIL

The board of Gildan has indicated that there is ongoing external interest in acquiring the company, and the acquisition process is still in progress.

Portfolio Pulse from Charles Gross

April 22, 2024 | 9:04 am

AON

CB

Chubb has entered into a definitive agreement to acquire Healthy Paws, a leading pet insurance provider, from Aon plc. This acquisition aims to position Chubb in a niche market with significant growth potential. The financial terms were not disclosed, and the deal is expected to close in the second quarter.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 9:02 am

SUUN

SolarBank Corporation (NASDAQ:SUUN) has signed lease agreements for five sites in Orleans County, New York, totaling 94 acres for the development of a 30 MW DC solar power project. These projects are expected to qualify for incentives under the New York State Energy Research and Development Authority (NYSERDA) NY-Sun Program.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 7:48 am

META

In 2006, Mark Zuckerberg declined offers to sell Facebook, now Meta Platforms Inc. (NASDAQ:META), for up to $900 million. In a recent interview, Zuckerberg discussed his thought process at the time, revealing he lacked the financial sophistication to evaluate such deals and was more focused on what he personally wanted to achieve with the company. Despite not having a specific sell price in mind, he suggested that a hypothetical $5 trillion offer might have swayed him, but ultimately, his passion for building the company outweighed the appeal of selling.

Portfolio Pulse from Ananya Gairola

April 22, 2024 | 7:37 am

BRO

Brown & Brown, Inc. (NYSE:BRO) is anticipated to report higher Q1 earnings with an expected EPS of $1.05, up from 84 cents year-over-year, and revenue of $1.22 billion, up from $1.07 billion. The company has recently acquired CHAPP and Citrus Insurance assets. Shares rose 1.3% to $82.17 recently. Analysts from Citigroup, Wells Fargo, Keefe, Bruyette & Woods, Raymond James, and Truist Securities have updated their ratings and price targets for BRO, reflecting optimism about its financial performance.

Portfolio Pulse from Avi Kapoor

April 22, 2024 | 7:32 am

ERJ

Embraer reported a 67% year-over-year increase in Q1 deliveries, with its backlog volume reaching $21.1 billion, up 13% from the previous quarter. American Airlines placed a firm order for 90 E175 jets, contributing to a 26% quarter-over-quarter increase in the Commercial Aviation backlog, which rose by $2.3 billion. Additionally, Embraer's Executive Aviation deliveries in Q1 were the highest in the last eight years.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 7:25 am

LI

TSLA

Tesla has resumed its price-cutting strategy in China, prompting domestic EV maker Li Auto to reduce prices on its entire lineup, excluding the new Li L6, by up to $4,000. This move by Li Auto, which includes refunds to recent customers, follows Tesla's price reductions on its China-made and imported models. The price war initiated by Tesla's cuts has led to a decrease in Li Auto's stock price by over 9% in both Hong Kong and U.S. markets, reflecting the competitive pressure and potential margin squeeze on EV manufacturers.

Portfolio Pulse from Shanthi Rexaline

April 22, 2024 | 7:25 am

UUUU

Energy Fuels (UUUU) has signed a definitive agreement to acquire all issued shares of Base Resources for approximately A$375M, including the Toliara heavy mineral sands project in Madagascar. This acquisition will enable low-cost, U.S.-centered rare earth oxide production through processing at Energy Fuels' White Mesa Mill. The deal also includes Base Resources' experienced mine development and operations team. Energy Fuels is in discussions with U.S. government agencies for support on this critical mineral project, which complements its U.S. uranium production capabilities.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 7:01 am

ACI

NFLX

NUE

PARA

ZION

Investor sentiment declined further, with the S&P 500 falling for a sixth consecutive day, marking its worst weekly performance since March 2023. The Dow Jones, however, saw a slight increase. Netflix shares dropped over 9% following Q1 results, while Paramount Global shares surged 13% amid acquisition talks. The Fear & Greed Index remained in the 'Fear' zone. Upcoming earnings from Zions Bancorporation, Nucor Corporation, and Albertsons Companies are anticipated.

Portfolio Pulse from Avi Kapoor

April 22, 2024 | 7:00 am