Streetbeat News

Acquisitions Mergers

NUMIF

Numinus Wellness (OTCQX:NUMIF) reported a decline in Q2 2024 revenue to $3.66 million from $3.89 million in Q2 2023, amid clinic reshuffling and industry trends. The company's cash position decreased to $4.8 million from $14.33 million year-over-year. Despite reduced revenues and gross profit, Numinus saw a decrease in G&A expenses and total expenses, leading to a smaller net loss compared to the same period in 2023. The company is focusing on profitability and has initiated cost containment measures, including discontinuing its unprofitable Phoenix clinic and reducing headcount by 60%. Numinus is also exploring strategic alternatives for its Canadian operations to focus on growth opportunities in the U.S., where it generated 88% of its revenue in FY2023.

Portfolio Pulse from Lara Goldstein

April 15, 2024 | 8:13 pm

Mastercard has reported an 8.8% stake in DigiAsia as of April 3, 2024, according to a 13G filing with the SEC. This significant investment by Mastercard highlights its interest and potential influence in DigiAsia's operations and strategic direction.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 8:09 pm

MCBC

WTFC

Wintrust Financial is set to acquire Macatawa Bank Corporation in an all-stock transaction valued at approximately $510.3 million, or $14.85 per share. The deal is anticipated to close in the second half of 2024 and is not expected to have a material effect on Wintrust's financials for that year.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 8:07 pm

MODN

ClearBridge Investments, holding 6.97% of Model N, Inc. (MODN), has urged the Board of Directors to reconsider the acquisition by Vista Equity Partners, arguing it undervalues the company. ClearBridge highlights Model N's strong positioning, successful SaaS transition, and potential for long-term growth, suggesting the offer does not reflect the company's true value. They propose exploring superior offers or remaining independent to maximize shareholder value.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 8:01 pm

MOR

NVS

Novartis BidCo AG has initiated a takeover offer for MorphoSys AG, acquiring a 5.36% stake by purchasing 2,023,370 shares at up to €67.95 each. The offer, at €68.00 per share, is open until 13 May 2024. This move is part of Novartis's strategy to expand its portfolio through acquisitions.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 7:55 pm

LGVN

MRNS

NMRA

RARE

SNGX

SNPO

U.S. stocks declined, with the S&P 500 dropping over 1%. Health care shares slightly rose, while information technology shares fell by 1.8%. U.S. retail sales increased by 0.7% in March. Soligenix, Longeveron, and Snap One Holdings saw significant stock increases, while Marinus Pharmaceuticals, Neumora Therapeutics, and Ultragenyx Pharmaceutical experienced notable declines.

Portfolio Pulse from Avi Kapoor

April 15, 2024 | 6:30 pm

BLKB

Blackbaud's stock price increased following a proposal from Clearlake Capital Group to acquire the company for $80 per share in cash.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 6:06 pm

CSPCY

BenQ Hospital, operated by BenQ BM Holding Cayman Corp., has filed for an IPO in Hong Kong, aiming to become the first comprehensive private hospital listed there. With a revenue increase of 15% last year to 2.69 billion yuan, the company plans to use IPO funds for expansion and upgrades. Despite the growing healthcare market in China, BenQ faces challenges in expanding beyond its two main hospitals due to capacity constraints and lacks a major growth story, potentially limiting investor interest.

Portfolio Pulse from The Bamboo Works

April 15, 2024 | 6:03 pm

RIVN

TSLA

Rivian Automotive, Inc. (RIVN) shares have declined over 18% in the past five days, influenced by Ford Motor Company's (F) price reduction on its F-150 Lightning models and news of Tesla, Inc. (TSLA) laying off 10% of its workforce. The broader EV market's challenges and heavy trading volume are also impacting RIVN's stock performance. Rivian's annualized stock performance over the past 5 years is -38.13%, and its shares are currently down 6.9% at $8.50.

Portfolio Pulse from Erica Kollmann

April 15, 2024 | 5:53 pm

AVGO

HACK

TRFK

Broadcom Inc (NASDAQ:AVGO) is facing an EU antitrust investigation over VMware's licensing conditions, leading to a swift revision of pricing strategies. Complaints from EU businesses and trade groups about sudden policy changes and price hikes prompted the investigation. Broadcom responded by adjusting VMware's pricing, aiming to ease cloud and on-premise transitions. The EU has a history of fining tech giants for antitrust violations, with Broadcom, Amazon, Microsoft, and Adobe under scrutiny for various deals and practices. Broadcom's stock has seen significant growth, and exposure to it can be gained through ETFs like Pacer Data And Digital Revolution ETF (NYSE:TRFK) and Amplify Cybersecurity ETF (NYSE:HACK).

Portfolio Pulse from Anusuya Lahiri

April 15, 2024 | 5:38 pm