Streetbeat News

Acquisitions Mergers

BILL

BILL Holdings' shares have experienced a significant increase following unconfirmed rumors of a potential takeover approach, as discussed in an M&A blog. The details of the takeover, including the interested parties, remain speculative at this stage.

Portfolio Pulse from Benzinga Newsdesk

March 22, 2024 | 6:48 pm

FDX

LULU

NKE

NKTX

NVDA

TLT

Stocks slightly retreated in New York's morning session on Friday, with the S&P 500 nearing its best week of 2024 after a dovish Federal Reserve meeting. Nvidia Corp. rallied for the 11th week, while Bitcoin and gold saw declines. The iShares 20+ Year Treasury Bond ETF rose, and major indices showed mixed results. Notable stock movements included Nike's drop due to a revenue decline forecast, FedEx's rise after exceeding earnings expectations and announcing a buyback program, Lululemon's fall despite positive earnings, and Nkarta's decline after price target cuts.

Portfolio Pulse from Piero Cingari

March 22, 2024 | 5:55 pm

CHX

OIH

PXJ

ChampionX Corporation (NASDAQ:CHX) announced its plan to acquire RMSpumptools Limited for approximately $110 million, aiming to strengthen its global presence in artificial lift solutions. The acquisition, expected to close by Q3 2024, is anticipated to generate around $65 million in revenues and $18 million in adjusted EBITDA for 2024. This move aligns with ChampionX's strategy for technology acquisitions and is funded by cash on hand, without affecting its 2024 capital return framework. CHX stock has seen over a 35% increase in the past year.

Portfolio Pulse from Nabaparna Bhattacharya

March 22, 2024 | 5:17 pm

EADSY

RTX

Airbus SE has secured orders for 65 jets from two of Boeing Co's key Asian customers, Japan Airlines and Korean Air, marking a significant shift in the aviation market. This development highlights Airbus's growing influence in Asia and poses challenges for Boeing amidst its manufacturing crisis. The aviation community on Reddit has shown a keen interest in this shift, discussing the potential impacts on Boeing's market position and exploring investment opportunities in companies associated with Airbus, such as engine manufacturers Safran SA, Rolls-Royce Holdings PLC, General Electric Co, and RTX Corp.

Portfolio Pulse from Surbhi Jain

March 22, 2024 | 5:08 pm

NEM

Newmont Corp. has initiated the sale of its Akyem gold mine in Ghana, drawing interest from several potential bidders, including Chinese producers Shandong Gold Mining Co. and Zijin Mining Group Co., amid rising gold prices. The sale process is being facilitated by Citigroup Inc. Other firms like China's Chifeng Gold and Australia's Perseus are also reviewing the asset.

Portfolio Pulse from Benzinga Newsdesk

March 22, 2024 | 4:58 pm

MRNO

Murano Global Investments PLC (NASDAQ:MRNO) shares surged over 50% on Friday after a significant drop of 47% on Thursday. This volatility follows the announcement of Murano's business combination with HCM Acquisition Corp, leading to the start of trading under the ticker MRNO on Thursday. Murano, a real estate firm focusing on properties in Mexico, does not pay dividends but engages in other value-returning activities. Trading volume spiked, causing a temporary halt on Friday.

Portfolio Pulse from Erica Kollmann

March 22, 2024 | 4:54 pm

MRNO

Murano Global Investments' shares are experiencing increased trading activity and volatility after the company completed a business combination with HCM Acquisition Corp and made its debut on Nasdaq earlier this week.

Portfolio Pulse from Benzinga Newsdesk

March 22, 2024 | 4:53 pm

MPLX

SMLP

Summit Midstream Partners, LP (NYSE:SMLP) shares surged after announcing the sale of Summit Midstream Utica to MPLX LP for $625 million in cash. This transaction reduces Summit's net leverage and aligns with its strategic goals, including a focus on crude oil-oriented basins and potential for further growth and acquisitions. The deal also improves liquidity and leads to an updated 2024 Adjusted EBITDA guidance.

Portfolio Pulse from Nabaparna Bhattacharya

March 22, 2024 | 4:35 pm

HPCO

ISPR

Ispire Technology Inc. (NASDAQ:ISPR), a company specializing in e-cigarettes and cannabis vaping products, announced a public offering of 2.05 million shares at $6 each, aiming to raise $12.3 million. The funds are intended for the establishment of a manufacturing facility in Malaysia, funding a joint venture, and general corporate purposes. The company's cannabis business has shown significant growth, with a 30.7% increase in revenue year-over-year. Ispire has partnerships with celebrities like Snoop Dogg and Burna Boy for product endorsements. Following the announcement, ISPR shares dropped 27.91% to $5.85. Hempacco Co., Inc. (NASDAQ:HPCO) also has a distribution agreement with Ispire's subsidiary.

Portfolio Pulse from Jelena Martinovic

March 22, 2024 | 4:23 pm

BIOL

CUTR

ISPR

NKE

OTLK

SINT

SMLP

U.S. stocks traded lower with the Dow Jones falling over 200 points. Nike Inc shares dropped more than 8% after Q3 results, beating revenue and EPS estimates but still saw a decline. Summit Midstream Partners, Outlook Therapeutics, and BIOLASE saw significant gains after positive announcements. Conversely, Cutera, Sintx Technologies, and Ispire Technology experienced notable drops following disappointing financial results and public offering announcements. Oil and gold prices also fell slightly.

Portfolio Pulse from Avi Kapoor

March 22, 2024 | 4:18 pm