Streetbeat News

Acquisitions Mergers

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

APO

BRK

PARA

PARAA

A potential merger between Skydance and Paramount Global (NASDAQ:PARA)(NASDAQ:PARAA) is under scrutiny as it could dilute shareholder value, according to Matrix Asset Advisors. The deal, valued at around $5 billion, would benefit Shari Redstone's National Amusements with $2 billion in cash but leave Paramount shareholders with diluted ownership. Matrix Asset Advisors, holding 355,445 shares, opposes the deal, urging the board to prioritize all shareholders' interests. Concerns are also raised about ignoring a $26 billion offer from Apollo Global Management (NYSE:APO). Berkshire Hathaway Inc (NYSE:BRK), a Paramount stakeholder, has remained silent on the matter.

Portfolio Pulse from Chris Katje

April 08, 2024 | 6:23 pm

JNJ

LEGN

NVS

The FDA approved Johnson & Johnson's Carvykti for a wider population of multiple myeloma patients, marking it as the first BCMA-targeted therapy for early relapse treatment. This approval is based on the Phase 3 CARTITUDE-4 study results. Johnson & Johnson has increased Carvykti's production and plans further expansion. The company, in collaboration with Legend Biotech Corporation and Novartis AG, aims to double manufacturing by 2024. Despite Carvykti's current market lead, challenges from newer BCMA-targeted therapies could impact its dominance.

Portfolio Pulse from Vandana Singh

April 08, 2024 | 6:19 pm

WAVE

Eco Wave Power Global AB (NASDAQ:WAVE) stock surged over 150% after announcing it was selected to conduct wave energy feasibility studies along the U.S. coastline. The three-month study will assess 77 sites for wave energy commercialization potential over the next 5-10 years. CEO Inna Braverman highlighted the technology's scalability and its role in combating climate change.

Portfolio Pulse from Henry Khederian

April 08, 2024 | 6:18 pm

PARA

Paramount shares are trading lower due to ongoing deal talks with Skydance.

Portfolio Pulse from Benzinga Newsdesk

April 08, 2024 | 6:12 pm

SMFL

Smart for Life, Inc. (NASDAQ:SMFL) shares surged after announcing the acquisition of Purely Optimal Nutrition, an eCommerce nutraceuticals company. The deal, expected to close in eight weeks, aligns with Smart for Life's 'Buy-and-Build' strategy to become a major player in the Health & Wellness sector. Purely Optimal's product line is anticipated to enhance Smart for Life's offerings, with the acquired company generating over $8 million in revenue and $1 million of Adjusted EBITDA in the trailing twelve months. The acquisition led to a significant increase in trading volume for SMFL shares.

Portfolio Pulse from Erica Kollmann

April 08, 2024 | 6:10 pm

BMY

Bristol Myers Squibb & Co (NYSE:BMY) released data from the KRYSTAL-1 study on Krazati (adagrasib) combined with cetuximab for KRASG12C-mutated colorectal cancer, showing promising results. The FDA accepted a supplemental new drug application for this combination, with a review goal date set for June 21, 2024. Additionally, BMY announced positive results from the KRYSTAL-12 study on Krazati as a monotherapy for non-small cell lung cancer. BMY shares slightly declined by 0.27% to $51.18.

Portfolio Pulse from Vandana Singh

April 08, 2024 | 6:00 pm

WMG

Warner Music Group Corp. (WMG) announced on April 6, 2024, that it will not submit a binding offer for Believe, retracting from a potential acquisition move.

Portfolio Pulse from Benzinga Newsdesk

April 08, 2024 | 5:50 pm

AIRC

COIN

TLT

TSLA

TSM

Wall Street sees a cautious trading session with slight declines in major indices ahead of a data-rich week, focusing on March inflation data. Tesla rallies 4.5% on 'Robotaxi' news, while Bitcoin surpasses $71,500. The iShares 20+ Year Treasury Bond ETF weakens as Treasury yields rise. Oil prices drop 1% due to eased Middle East tensions. Apartment Income REIT surges 23% after Blackstone's acquisition announcement. Taiwan Semiconductor gains on US subsidy news, and Coinbase outperforms in the crypto sector.

Portfolio Pulse from Piero Cingari

April 08, 2024 | 5:49 pm

JNJ

SWAV

Johnson & Johnson (NYSE:JNJ) has agreed to acquire Shockwave Medical Inc (NASDAQ:SWAV) for $335 per share, totaling an enterprise value of approximately $13.1 billion. This acquisition is part of Johnson & Johnson's strategy to enhance its MedTech division, focusing on cardiovascular intervention and moving into higher-growth markets. Goldman Sachs highlighted this move as strategic, aiming to revamp the MedTech division's growth. The acquisition is expected to contribute significantly to Johnson & Johnson's growth, with a projected MedTech business growth rate of 5.1% from 2024 to 2030.

Portfolio Pulse from Vandana Singh

April 08, 2024 | 5:27 pm