Streetbeat News

Acquisitions Mergers

INVH

Invitation Homes Inc. (NYSE:INVH) is set to acquire around 500 newly built homes for $140 million, expanding its footprint in Charlotte, Jacksonville, and Nashville. This move, facilitated through partnerships with three top-tier homebuilders, aims to address the housing supply shortage and is expected to offer favorable risk-adjusted returns to shareholders. The company has already received 648 new homes in 2023 and anticipates around 1,000 new home deliveries in 2024.

Portfolio Pulse from Benzinga Newsdesk

April 08, 2024 | 8:32 pm

FMST

GOLD

NEXA

Barrick Gold targets Peru's Puno district amid gold's price spike, requesting a 400-hectare concession and focusing on Tier One gold mines and strategic copper projects. Foremost Lithium advances its drill program at the Zoro Property, confirming lithium mineralization and aiming to become a leading North American lithium supplier. Nexa Resources concludes a tender offer for its senior unsecured notes, and Ivanhoe Electric announces a new VP of Health and Safety.

Portfolio Pulse from Austin DeNoce

April 08, 2024 | 8:30 pm

MSFT

Sarah Bond, the new Xbox president at Microsoft Corp (NASDAQ:MSFT), is leading a reorganization focused on future-proofing the Xbox game library and embracing next-generation hardware. A dedicated team for game preservation has been established, and efforts to integrate Activision-Blizzard games into Xbox Game Pass are underway, with Diablo IV's successful launch highlighted. Despite industry challenges, Xbox's growth continues, with plans to incorporate more titles and services.

Portfolio Pulse from Franca Quarneti

April 08, 2024 | 8:22 pm

PGC

Peapack-Gladstone Financial Corporation (PGC) and its division Peapack Private are expanding into New York City, hiring Andrew F. Corrado and over 10 teams of commercial and private bankers. Corrado, with a rich background from Signature Bank, Flagstar Bank, and Capital One, aims to leverage his experience for Peapack Private's growth in Manhattan. The expansion capitalizes on the momentum from last year's successful move into NYC, aiming to align client goals with Peapack Private's customized banking solutions.

Portfolio Pulse from Benzinga Newsdesk

April 08, 2024 | 8:21 pm

PAG

Penske Automotive Group, Inc. (NYSE:PAG) plans to expand its retail automotive presence in Melbourne, Australia, by acquiring two Porsche dealerships and a Ducati motorcycle dealership. The acquisition, which includes Porsche Centre Brighton, Porsche Centre Doncaster, and Ducati Melbourne West, is expected to close in Q2 2024. This move aims to leverage Penske's existing infrastructure and experience in the retail automotive industry to drive growth of the Porsche brand in Melbourne.

Portfolio Pulse from Benzinga Newsdesk

April 08, 2024 | 8:18 pm

CNM

Core & Main (CNM) has entered into an agreement to acquire Geothermal Supply Company. The financial details of the transaction were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

April 08, 2024 | 8:17 pm

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