Streetbeat News

Acquisitions Mergers

VSTO

Vista Outdoor and Czechoslovak Group a.s. (CSG) have re-filed their notice for the proposed sale of The Kinetic Group to CSG with the Committee on Foreign Investment in the United States (CFIUS) to allow more time for a thorough review. This step is part of the standard review process by CFIUS, which permits parties to re-file to ensure a comprehensive evaluation.

Portfolio Pulse from Benzinga Newsdesk

March 28, 2024 | 8:39 pm

BX

REXR

Rexford Industrial Realty, Inc. (REXR) has acquired approximately 3 million square feet of industrial properties from Blackstone (BX) for $1.0 billion. The portfolio includes 48 properties, mostly located in Los Angeles and Orange counties, and is 98% leased. The acquisition was funded through Rexford's recent exchangeable senior note offerings and cash on hand. This strategic investment is expected to generate a weighted average initial unlevered cash yield of 4.7% and a stabilized yield of 5.6%. Rexford's total investment pipeline now stands at $1.4 billion, with anticipated yields of 5.0% and 5.7%, respectively.

Portfolio Pulse from Benzinga Newsdesk

March 28, 2024 | 8:36 pm

SRFM

Surf Air Mobility Inc. (NYSE:SRFM) reported its Q4 earnings with non-GAAP losses of 28 cents per share and revenue of $26.8 million, slightly beating the revenue estimate. The company also reported a fiscal year 2023 loss of $6.35 per share. Significant achievements include a direct listing on the NYSE and a merger with Southern Airways. The company forecasts Q1 revenue to be between $28.5 million and $29.5 million, below the $32.3 million estimate. Shares rose 4.39% in after-hours trading.

Portfolio Pulse from Erica Kollmann

March 28, 2024 | 8:15 pm

SSIC

Silver Spike Investment Corp. (NASDAQ:SSIC), a cannabis-focused finance company, reported its 2023 financial results, highlighting a net investment income of $6.6 million, or $1.07 per share, and a net asset value (NAV) per share decrease to $13.77. The company also announced a cash dividend of $0.25 per share, payable in March 2024, and the acquisition of the Chicago Atlantic Loan Portfolio, marking a strategic pivot. Despite a challenging environment for cannabis operators, SSIC's CEO remains optimistic about future investment opportunities.

Portfolio Pulse from Patricio Liddle

March 28, 2024 | 8:11 pm

MA

V

Visa Inc (NYSE:V) and Mastercard Inc (NYSE:MA) have reached a $30 billion settlement with U.S. merchants, ending two decades of antitrust litigation over swipe fees and merchant restrictions. The settlement includes capping credit interchange rates for five years, offering savings to merchants, and enhancing consumer payment options. Meanwhile, credit card APRs are on the rise, with the average new card offer at 24.66%, despite the Federal Reserve's current stance on rates.

Portfolio Pulse from Surbhi Jain

March 28, 2024 | 7:20 pm

SMPL

Stifel analyst Matthew E. Smith has reiterated a Buy rating on Simply Good Foods Co (NASDAQ:SMPL) but lowered the price target from $48 to $38 due to weaker-than-anticipated consumption trends. The company's Q2 revenue growth estimate has been reduced to 5% with an EBITDA of $54.6 million. Despite the adjustments, the analyst believes the current guidance is achievable, albeit at the lower end, and expects EBITDA growth to outpace revenue growth. The consumption trends indicate potential for the Quest brand and a decline for the Atkins brand. The possibility of acquisitions to diversify the portfolio was also mentioned.

Portfolio Pulse from Shivani Kumaresan

March 28, 2024 | 7:07 pm

AVTX

BDRX

DTST

MSM

PMEC

UGRO

XLO

Crude oil prices surged over 2%, while MSC Industrial Direct Co., Inc. (NYSE:MSM) shares fell after reporting mixed Q2 results. Energy sector shares rose by 1.1%, but communication services fell by 0.2%. Avalo Therapeutics, Xilio Therapeutics, and Biodexa Pharmaceuticals saw significant stock increases due to positive developments. Conversely, Primech Holdings, urban-gro, and Data Storage Corporation experienced notable declines.

Portfolio Pulse from Avi Kapoor

March 28, 2024 | 6:56 pm

AMGN

Raymond James has resumed coverage of Amgen Inc (NASDAQ:AMGN), highlighting its diversified portfolio across various therapeutic areas, which is expected to drive long-term growth. Recent deals, like the Horizon deal, and successful product launches have strengthened its position, particularly in rare diseases. However, concerns about the durability of flagship products and market challenges persist. The company's innovative pipeline in oncology, rare diseases, and obesity shows promise despite uncertainties. The FDA's review of Lumakras and the requirement for an additional study by 2028 are noted. Despite challenges, Amgen's confidence in sustaining margins remains, with the stock's risk-reward balance appearing stable.

Portfolio Pulse from Vandana Singh

March 28, 2024 | 6:28 pm

KMB

Piper Sandler analyst Korinne Wolfmeyer has reiterated an Overweight rating on Kimberly-Clark Corp (NYSE:KMB) and increased the price target from $145 to $152. The company is adopting a new operating model to accelerate innovation, optimize costs, and reorganize into three business segments. Expected savings of $200 million over the next two years will be reinvested into the business. Strategies include focusing on low private-label penetration categories, global scaling of innovations, and mergers & acquisitions. The company aims for 3%+ top line growth, margin expansion, and more than $2 billion in annual free cash flow, supporting dividend growth and share repurchases. KMB shares rose 1.91% to $129.71.

Portfolio Pulse from Shivani Kumaresan

March 28, 2024 | 6:12 pm

AVTX

KOD

PMEC

Kodiak Sciences Inc. shares fell by around 20% after reporting a wider-than-expected Q4 loss. Other stocks showed significant movement, with Avalo Therapeutics leading gainers with a 430% jump after acquiring a Phase 2-ready anti-IL-1β mAb and announcing a private placement financing. Losers included Primech Holdings, falling 46.7% after issuing financial updates. The market saw a mix of positive and negative movements across various sectors.

Portfolio Pulse from Avi Kapoor

March 28, 2024 | 6:08 pm