Streetbeat News

Acquisitions Mergers

DIS

Vanguard, Disney's largest shareholder, has announced its support for Disney's management in the upcoming board vote against activist investor Nelson Peltz. BlackRock, the second-largest shareholder, also supports the current board. The decision has drawn criticism from investor Bill Ackman regarding the early release of voting information. The outcome of the vote, with major investors backing CEO Bob Iger, could significantly impact Disney's future direction.

Portfolio Pulse from Benzinga Neuro

April 03, 2024 | 1:50 pm

ABIO

CASA

KTRA

SINT

VIEW

VVPR

U.S. stocks edged lower following the release of positive ADP jobs data, indicating private businesses added 184,000 workers in March, surpassing expectations. Health care shares rose by 0.5%, while consumer staples fell by 0.5%. Kintara Therapeutics, ARCA biopharma, and VivoPower International saw significant stock increases due to merger agreements and a stock buyback program, respectively. Conversely, Casa Systems, View, Inc., and Sintx Technologies experienced substantial declines due to bankruptcy filings and a public offering.

Portfolio Pulse from Avi Kapoor

April 03, 2024 | 1:47 pm

TSLA

Tesla Inc (NASDAQ:TSLA) plans to scout locations in India for a new EV plant, focusing on states with automotive manufacturing or ports for export. The company intends to invest $2 billion to $3 billion in the factory. This move aligns with India's policy to lower import tariffs for automakers committing to local production within three years. Tesla is also constructing a plant in Mexico for a future lower-priced vehicle.

Portfolio Pulse from Anan Ashraf

April 03, 2024 | 1:42 pm

GEV

GE Vernova's shares are trading higher following its spinoff from GE Aerospace, with RBC Capital initiating coverage with an Outperform rating and a $160 price target.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 1:25 pm

LGVC

LAMF Global Ventures Corp. I (LGVC) shares are experiencing an uptick following shareholder approval of its business combination with Nuvo. This strategic move is anticipated to enhance LGVC's market position and growth prospects.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 1:20 pm

ABAT

American Battery Technology Company (ABTC) has been awarded a $20M tax credit by the U.S. DOE to support its battery recycling facility's expansion in Nevada. This award, part of the Qualifying Advanced Energy Project Credits program, will fund capital expenditures and equipment for ABTC's commercial scale recycling operations. ABTC's innovative recycling process aims to recover battery materials efficiently and with a low environmental impact. This funding complements over $70M in previous U.S. DOE grants, furthering ABTC's efforts to establish a domestic battery metals supply chain and support workforce development in Nevada.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 1:17 pm

KTRA

Kintara Therapeutics, Inc. (NASDAQ:KTRA) shares surged 129% in premarket trading on news of a definitive merger agreement with TuHURA Biosciences. The merger aims to advance personalized cancer vaccines and bi-functional ADCS, with the combined entity to operate under TuHURA Biosciences, Inc. and trade under the ticker 'HURA'. The merger is supported by a $31 million financing from TuHURA, expected to fund operations through late 2025. Kintara equityholders will own approximately 2.85% of the combined company, or about 5.45% including CVR shares.

Portfolio Pulse from Nabaparna Bhattacharya

April 03, 2024 | 1:17 pm

EDBL

EDBLW

Edible Garden AG Incorporated (NASDAQ:EDBL, EDBLW) announced the transition of its business to Edible Garden Heartland in Grand Rapids, Michigan, focusing on vertical integration. This move allows the company to shift potted herb production in-house, enhancing margins by reducing production costs. The integration includes advanced technologies and high-speed packing lines, aiming for increased efficiency and profitability.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 1:06 pm

LGND

Ligand Pharmaceuticals (NASDAQ:LGND) has launched Pelthos Therapeutics to commercialize ZELSUVMI, a novel drug for treating molluscum contagiosum. Scott Plesha is appointed CEO of Pelthos. ZELSUVMI, developed with NITRICIL technology, is expected to be available in the US by late 2024. Ligand acquired ZELSUVMI's rights from Novan, Inc. in September 2023. Ligand aims to commercialize ZELSUVMI with partners, continuing its strategy of maximizing value through equity and royalty rights in new entities.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 1:05 pm

SIG

Signet Jewelers Ltd (NYSE:SIG) shares are up in premarket trading after announcing an amendment with Leonard Green & Partners, L.P. to net share settlement and the repurchase of half of its Series A Convertible Preference Shares for approximately $414 million. This transaction will reduce Signet's diluted share count by about 4.1 million shares, or 7.6%, and is funded from $1.4 billion in cash on hand. Following this, Signet raised its FY25 adjusted EPS outlook to $9.90 – $11.52 from $9.08 – $10.48.

Portfolio Pulse from Shivani Kumaresan

April 03, 2024 | 12:55 pm