Streetbeat News

Acquisitions Mergers

AGCO

TRMB

AGCO Corporation and Trimble have completed their joint venture, forming PTx Trimble to enhance the mixed-fleet precision agriculture market. AGCO now holds an 85% stake, with Trimble retaining 15%. This move is expected to expand AGCO's precision ag revenue to over $2.0 billion by 2028 and be accretive to its revenue growth and earnings. The transaction was financed through a mix of senior unsecured notes, a term loan, other borrowings, and cash.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 8:06 pm

MMM

3M shares are trading higher following the final approval of its settlement with U.S. public water suppliers by the U.S. District Court in Charleston, South Carolina. Additionally, 3M has completed the planned spin-off of Solventum.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 7:44 pm

ZIMV

ZimVie's stock price increased following the completion of its Spine business sale to an H.I.G. Capital affiliate for $375 million.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 6:53 pm

CXAI

EIGR

NVVE

VSTE

ZPTA

Nuvve Holding Corp. shares plummeted by approximately 30% after reporting Q4 financial results significantly below market expectations. Other stocks experienced notable movements, with Vast Renewables and CXApp Inc. leading the gainers, while Eiger BioPharmaceuticals and Andretti Acquisition Corp. were among the biggest losers.

Portfolio Pulse from Avi Kapoor

April 01, 2024 | 6:31 pm

MSFT

NTDOY

SONY

Russian President Vladimir Putin has directed the government to establish a domestic gaming industry, focusing on the development of stationary and portable consoles, an operating system, and cloud infrastructure for game delivery. This initiative is in response to major game companies like Sony, Microsoft, and Nintendo halting sales to Russia due to its invasion of Ukraine. Despite challenges such as a lack of expertise and potential restrictions on advanced chips, the government, led by Prime Minister Mikhail Mishustin, has until June 15 to explore the proposal. VK, a Russian technology company, may lead the project, which could take up to 10 years to develop. Collaboration with China for a portable console similar to Valve's Steam Deck is also being considered.

Portfolio Pulse from Franca Quarneti

April 01, 2024 | 6:24 pm

FDX

UPS

UPS has secured a contract to become the primary air cargo provider for the USPS, ending FedEx's 20-year partnership. This deal marks a significant win for UPS, potentially boosting its market position and revenue streams. Over the past year, UPS's stock declined by 20.97%, while FedEx's stock increased by 25.34%. Analysts predict a potential upside of 7.18% for UPS and 11.2% for FedEx, despite UPS having a slightly higher forward P/E ratio of 15.31 compared to FedEx's 13.24.

Portfolio Pulse from Surbhi Jain

April 01, 2024 | 6:03 pm

CGC

Canopy Growth Corporation (NASDAQ:CGC) shares fell after ISS recommended shareholders vote to approve exchangeable shares for Canopy USA advancement. This move aims to accelerate Canopy's entry into the U.S. cannabis market. Despite a recent surge due to optimism over German cannabis regulations and potential U.S. rescheduling, a Senate committee's letter to the DEA could impact future rescheduling efforts. Canopy's stock has seen a significant decline over the past 5 years, with a forecast suggesting a potential future price of $0.16.

Portfolio Pulse from Erica Kollmann

April 01, 2024 | 6:00 pm

AEON

CXAI

DOMA

NVVE

OXM

U.S. stocks traded lower with the Dow Jones falling over 300 points. Oxford Industries shares fell more than 4% after reporting downbeat Q4 results and weak Q1 guidance. CXApp Inc. shares surged 143% following a partnership announcement with Google Cloud. Sunshine Biopharma and Doma Holdings also saw significant gains, while Nuvve Holding Corp., AEON Biopharma, and Disc Medicine experienced notable declines.

Portfolio Pulse from Avi Kapoor

April 01, 2024 | 5:47 pm

EIGR

Eiger BioPharmaceuticals Inc (NASDAQ:EIGR) filed for Chapter 11 bankruptcy and announced a 'stalking horse' agreement to sell Zokinvy to Sentynl Therapeutics for up to $26.0 million. The sale is subject to court approval and potential competing bids. Eiger aims to sell most of its assets and wind down operations. Previously, Eiger and AnGes Inc. received marketing approval for Zokinvy for progeria. EIGR shares dropped 73.2% to $1.34.

Portfolio Pulse from Vandana Singh

April 01, 2024 | 5:43 pm

SRZN

Surrozen Inc (NASDAQ:SRZN) announced a private placement for common stock and warrants, aiming to raise approximately $192.5 million if all warrants are exercised. The initial proceeds of about $17.5 million will support the SZN-043 clinical development for severe alcohol-associated hepatitis and other purposes. The funds, along with existing cash, are expected to cover expenses through the first half of 2025. Surrozen also updated on the Phase 1a trial of SZN-043, showing safety and potential efficacy. SRZN shares dropped 27.1% to $11.00.

Portfolio Pulse from Vandana Singh

April 01, 2024 | 5:14 pm