Streetbeat News

Acquisitions Mergers

MRK

The FDA approved Merck & Co Inc's Winrevair (sotatercept) for pulmonary arterial hypertension, expected to be a key catalyst for Merck's stock in 2024. Cantor Fitzgerald maintains an Overweight rating on MRK with a price target of $135, citing the drug's approval and potential sales impact. Merck's stock has outperformed the S&P 500 year-to-date, and the successful launch of sotatercept could lead to upward earnings revisions and stock multiple expansion. Approximately 40,000 U.S. patients could benefit from sotatercept, with Merck establishing a dedicated business unit for the drug.

Portfolio Pulse from Vandana Singh

March 27, 2024 | 5:38 pm

BABA

Alibaba Group Holding Limited (NYSE:BABA) is focusing on a strategic shift by enhancing its logistics and shipping division, Cainiao, and implementing share buybacks. Mizuho analyst James Lee maintains a Buy rating on Alibaba with a $95 price target. The company withdrew Cainiao's IPO application from the Hong Kong Stock Exchange, citing strategic integration with core e-commerce operations and current market challenges. Alibaba plans to repurchase shares worth up to $3.75 billion from minority shareholders and owns 64% of Cainiao, valuing it at $10.41 billion. The firm also intends to review its dividend policy and provide quarterly updates on share buybacks, aiming to return capital to shareholders. Despite a slight decrease in share price, Alibaba is seen as an attractive turnaround story.

Portfolio Pulse from Anusuya Lahiri

March 27, 2024 | 5:33 pm

APO

UBS

UBS Group AG (NYSE:UBS) and Apollo Global Management Inc. (NYSE:APO) have finalized agreements marking the completion of the carve-out of a former Credit Suisse business. UBS sold $8 billion in senior secured financing facilities to Apollo and terminated its Investment Management Agreement with Atlas. This move aligns with UBS's strategy to simplify its Non-Core and Legacy portfolio, aiming to reduce risk-weighted assets and leverage. UBS anticipates a net gain of $0.3 billion in Q1 2024 from these transactions, while Credit Suisse is expected to face a $0.9 billion net loss. The deal is seen as a step towards reducing costs and complexity for UBS, while Apollo views it as economically neutral, capping off a quarter of record originations and capital raising for Atlas.

Portfolio Pulse from Lekha Gupta

March 27, 2024 | 5:27 pm

GCTS

GCT Semiconductor shares are trading higher amid volatility following the company's recently completed business combination with Concord Acquisition Corp III and its debut on the NYSE today.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 5:15 pm

BLOK

BYON

ONLN

Beyond, Inc. (NYSE:BYON) shares rose after announcing a partnership with X (formerly Twitter) for content delivery and customer engagement strategies. The partnership aims to leverage X's platform to engage U.S. users with creative content and brand-specific promotions. Beyond, the parent company of Overstock, Bed Bath & Beyond, Zulily, and other brands, recently acquired Zulily's intellectual property, enhancing its position in the off-price market. The Zulily site relaunch is expected to contribute to Beyond's revenue goals without additional expenses. BYON stock has gained over 88% in the past year, and investors can also gain exposure through ETFs like BLOK and ONLN.

Portfolio Pulse from Nabaparna Bhattacharya

March 27, 2024 | 5:08 pm

DJT

Trump Media & Technology Group Corp. (NASDAQ:DJT) shares increased following its Nasdaq debut, closing with a market value of $6.58 billion. Financial commentators Herb Greenberg and Jim Cramer expressed skepticism about the stock's valuation, suggesting it is overvalued. DJT shares are up 14.2% at $66.22.

Portfolio Pulse from Erica Kollmann

March 27, 2024 | 4:55 pm

MPW

UNH

Medical Properties Trust, Inc. (MPW) shares rose after its tenant Steward Health Care announced a deal to sell its physician network to UnitedHealth Group Inc.'s Optum Care. The sale aims to strengthen Steward's hospital system. MPW's stock volume exceeded its 100-day average, indicating significant investor interest. Analysts have mixed views on MPW, with an average 12-month price target of $5, suggesting potential upside.

Portfolio Pulse from Erica Kollmann

March 27, 2024 | 4:53 pm

GOOGL

Brad Gerstner of Altimeter announced live on CNBC that they have purchased shares of Alphabet Inc. - Class A.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 4:38 pm

FWONK

Liberty Media, under its ticker FWONK, is in exclusive discussions to acquire the Madrid-based company that operates the motorcycle racing series, according to the Financial Times.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 4:18 pm

AGI

ARNGF

Alamos Gold (NYSE:AGI) is acquiring Argonaut Gold (OTCPK: ARNGF) in a $325 million deal, aiming to create one of Canada's largest and most cost-effective gold mines. The acquisition, centered around Argonaut's Magino mine near Alamos' Island Gold mine, is expected to unlock significant value and synergies, potentially increasing Alamos' gold production past 600,000 ounces this year with a long-term goal of 900,000 ounces. Argonaut shareholders will receive 0.185 shares of Alamos and one share of a spinoff company, which will hold Argonaut's assets in the U.S. and Mexico.

Portfolio Pulse from Stjepan Kalinic

March 27, 2024 | 4:17 pm