Streetbeat News

Acquisitions Mergers

CYH

Community Health Systems announced that its transaction is expected to close in the third quarter of this year.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 8:17 pm

CYH

Community Health Systems (CYH) has reached an agreement to sell its hospital in Cleveland, Tennessee, to Hamilton Health Care System for $160 million in cash. This move is part of CYH's strategy to optimize its portfolio and improve its financial position.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 8:16 pm

KBH

KB Home (NYSE:KBH) announced a new $1 billion share repurchase authorization and a 25% increase in its quarterly dividend, from $0.20 to $0.25 per share. The company plans to continue share repurchases in 2024, targeting between $200 million and $400 million, including $50 million already completed in Q1 2024. This dividend increase follows a previous hike in July 2023, cumulatively raising the dividend by 67% over nine months. The new annualized dividend rate is $1.00 per share, yielding approximately 1.6%. The dividend will be payable on May 23, 2024, to shareholders of record as of May 9, 2024. CEO Jeffrey Mezger highlighted the company's strong balance sheet and cash flow, emphasizing a commitment to growth and shareholder returns.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 8:11 pm

JWN

Nordstrom shares are trading higher after a report indicated that the Nordstrom family is considering taking the company private.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 7:55 pm

JWN

The Nordstrom family is considering taking the retailer private and has formed a special committee to review any proposals from the family, according to the Wall Street Journal.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 7:49 pm

XRPUSD

RippleX's Senior VP, Markus Infanger, predicts the tokenized asset market could reach $16 trillion, driven by traditional finance firms adopting blockchain technology. Infanger highlighted the growing trend of financial assets being tokenized on public blockchains, with Ripple in talks with financial institutions for tokenization projects on the XRP Ledger. He also mentioned a partnership with HSBC and Metaco for a custody platform for tokenized securities. Additionally, Ripple plans to launch a U.S. dollar-pegged stablecoin on the XRP Ledger and Ethereum, aiming to expand its offerings.

Portfolio Pulse from Khyathi Dalal

April 18, 2024 | 7:37 pm

AGBA

DHI

LAC

NRXP

SPCB

THCH

U.S. stocks traded lower with the NASDAQ down 0.5%. D.R. Horton reported better-than-expected Q2 results. AGBA surged 130% after a merger agreement with Triller. 23andMe rose 41% on private take-over considerations. TH International reported increased Q4 results. SuperCom, Lithium Americas, and NRx Pharmaceuticals saw significant drops after financial announcements.

Portfolio Pulse from Avi Kapoor

April 18, 2024 | 6:54 pm

DIS

WBD

The NBA's exclusive negotiating window with Disney and Warner Bros. Discovery for TV rights is set to expire without a deal, opening opportunities for new partners like Amazon, Apple, and Netflix. Despite ongoing discussions, no agreement is expected by the deadline. The NBA seeks to double its previous $24 billion media rights deal, complicating negotiations. Disney and Warner Bros. Discovery, aiming to renew their rights, have also announced a new sports streaming service launching in the fall.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 6:33 pm

AIRC

CHCI

As of April 18, 2024, Apartment Income REIT Corp. (AIRC) and Comstock Holding Companies, Inc. (CHCI) are considered overbought in the real estate sector, with RSI values of 78.85 and 89.05, respectively. AIRC is set to be acquired by Blackstone in a $10 billion deal, while CHCI reported strong quarterly sales, leading to significant stock gains for both companies.

Portfolio Pulse from Avi Kapoor

April 18, 2024 | 6:28 pm

COF

DFS

Discover Financial Services (DFS) reported a Q1 revenue of $4.21 billion, surpassing estimates, but faced concerns over a $799 million charge for card misclassification remediation. Analysts from Goldman Sachs, Evercore ISI, and Wells Fargo commented on the impact of the remediation reserve and the pending acquisition by Capital One Financial Corporation (COF), with mixed ratings and price forecasts for DFS.

Portfolio Pulse from Nabaparna Bhattacharya

April 18, 2024 | 6:19 pm