Streetbeat News

Acquisitions Mergers

NCLH

Norwegian Cruise Line announced its largest new build order with eight state-of-the-art vessels, adding nearly 25,000 berths across its three brands, and plans to construct a multi-ship pier at Great Stirrup Cay in the Bahamas.

Portfolio Pulse from Benzinga Newsdesk

April 08, 2024 | 8:16 pm

FNV

FSM

Fortuna Silver Mines (NYSE:FSM) reported strong Q1 gold and silver production, with gold production at 89,678 ounces and silver at 1.1 million ounces. The company also repaid $40 million on its credit facility and repurchased 1,030,375 shares. Despite a 49% increase in gold production year-over-year, silver production declined by 32%. The company exercised the right to acquire 50% of the 1.2% net smelter return at the Séguéla mine from Franco Nevada Corp (NYSE:FNV) for $6.6 million. Debt was reduced to $206 million, and cash reserves stood at $128 million.

Portfolio Pulse from Stjepan Kalinic

April 08, 2024 | 7:05 pm

AUUD

LGVN

PERI

PLOW

WTO

U.S. stocks traded higher with the Nasdaq Composite gaining 0.1%. Consumer discretionary shares jumped by 0.9%, while health care shares fell by 0.3%. Perion Network Ltd. (NASDAQ:PERI) cut its FY24 revenue guidance significantly. Auddia Inc. (NASDAQ:AUUD) surged 199% after being awarded a U.S. Patent for its AI technology in the faidr app. UTime Limited (NASDAQ:WTO) and Longeveron Inc. (NASDAQ:LGVN) also saw significant gains. Douglas Dynamics, Inc. (NYSE:PLOW) fell after a downgrade by Baird. Gold and silver prices increased.

Portfolio Pulse from Avi Kapoor

April 08, 2024 | 6:51 pm

MDIA

SOHU

TSQ

Four stocks in the communication services sector, Townsquare Media, Inc. (TSQ), Sohu.com Limited (SOHU), So-Young International Inc. (SY), and MediaCo Holding Inc. (MDIA), are considered overbought according to their RSI values, indicating potential short-term performance issues. Recent company developments and stock movements are highlighted, with TSQ and SOHU posting positive financial results, SY showing strong earnings, and MDIA experiencing a significant stake acquisition by Standard General L.P.

Portfolio Pulse from Avi Kapoor

April 08, 2024 | 6:40 pm

APO

BRK

PARA

PARAA

A potential merger between Skydance and Paramount Global (NASDAQ:PARA)(NASDAQ:PARAA) is under scrutiny as it could dilute shareholder value, according to Matrix Asset Advisors. The deal, valued at around $5 billion, would benefit Shari Redstone's National Amusements with $2 billion in cash but leave Paramount shareholders with diluted ownership. Matrix Asset Advisors, holding 355,445 shares, opposes the deal, urging the board to prioritize all shareholders' interests. Concerns are also raised about ignoring a $26 billion offer from Apollo Global Management (NYSE:APO). Berkshire Hathaway Inc (NYSE:BRK), a Paramount stakeholder, has remained silent on the matter.

Portfolio Pulse from Chris Katje

April 08, 2024 | 6:23 pm

JNJ

LEGN

NVS

The FDA approved Johnson & Johnson's Carvykti for a wider population of multiple myeloma patients, marking it as the first BCMA-targeted therapy for early relapse treatment. This approval is based on the Phase 3 CARTITUDE-4 study results. Johnson & Johnson has increased Carvykti's production and plans further expansion. The company, in collaboration with Legend Biotech Corporation and Novartis AG, aims to double manufacturing by 2024. Despite Carvykti's current market lead, challenges from newer BCMA-targeted therapies could impact its dominance.

Portfolio Pulse from Vandana Singh

April 08, 2024 | 6:19 pm

WAVE

Eco Wave Power Global AB (NASDAQ:WAVE) stock surged over 150% after announcing it was selected to conduct wave energy feasibility studies along the U.S. coastline. The three-month study will assess 77 sites for wave energy commercialization potential over the next 5-10 years. CEO Inna Braverman highlighted the technology's scalability and its role in combating climate change.

Portfolio Pulse from Henry Khederian

April 08, 2024 | 6:18 pm

PARA

Paramount shares are trading lower due to ongoing deal talks with Skydance.

Portfolio Pulse from Benzinga Newsdesk

April 08, 2024 | 6:12 pm

SMFL

Smart for Life, Inc. (NASDAQ:SMFL) shares surged after announcing the acquisition of Purely Optimal Nutrition, an eCommerce nutraceuticals company. The deal, expected to close in eight weeks, aligns with Smart for Life's 'Buy-and-Build' strategy to become a major player in the Health & Wellness sector. Purely Optimal's product line is anticipated to enhance Smart for Life's offerings, with the acquired company generating over $8 million in revenue and $1 million of Adjusted EBITDA in the trailing twelve months. The acquisition led to a significant increase in trading volume for SMFL shares.

Portfolio Pulse from Erica Kollmann

April 08, 2024 | 6:10 pm

BMY

Bristol Myers Squibb & Co (NYSE:BMY) released data from the KRYSTAL-1 study on Krazati (adagrasib) combined with cetuximab for KRASG12C-mutated colorectal cancer, showing promising results. The FDA accepted a supplemental new drug application for this combination, with a review goal date set for June 21, 2024. Additionally, BMY announced positive results from the KRYSTAL-12 study on Krazati as a monotherapy for non-small cell lung cancer. BMY shares slightly declined by 0.27% to $51.18.

Portfolio Pulse from Vandana Singh

April 08, 2024 | 6:00 pm