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Acquisitions Mergers

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U.S. stocks rose after the Federal Reserve left interest rates unchanged, with the Dow, NASDAQ, and S&P 500 all posting gains. Industrials and health care sectors saw mixed performance. Several companies experienced significant stock movements, including ETAO International, XTL Biopharmaceuticals, and TruGolf Holdings seeing sharp increases, while Lifecore Biomedical, Aquestive Therapeutics, and Signet Jewelers reported declines. The Fed's decision to maintain rates between 5.25% and 5.5% was anticipated, aligning with investor expectations.

Portfolio Pulse from Avi Kapoor

March 20, 2024 | 7:22 pm

PARA

Paramount shares are trading higher after a report that Apollo offered $11 billion for its Hollywood studio.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 7:08 pm

RIO

Rio Tinto (NYSE:RIO) announced a $350 million investment in its Rincon lithium project in Argentina, aiming to expand the plant and support the EV market with high-quality lithium. This move highlights Argentina's growing role in the global lithium market, with the country's production increasing by 45% from 2022 to 2023. The Rincon project, part of the lithium-rich Salta province, aims for first lithium production by year's end, aligning with Rio Tinto's decarbonization goals.

Portfolio Pulse from Stjepan Kalinic

March 20, 2024 | 6:53 pm

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Cybin Inc. received FDA Breakthrough Therapy designation for its psilocybin therapy for Major Depressive Disorder, alongside positive clinical data and a $150M private placement. MindMed also received the designation for its LSD-derived treatment for Generalized Anxiety Disorder, with expected proceeds of $175M from share offerings. Gilgamesh Pharmaceuticals was awarded a $14M grant for ibogaine analog research. Psyence Biomedical, Red Light Holland, and Clearmind Medicine were mentioned for their developments in psychedelics. The article also covered stock performances of several psychedelics companies.

Portfolio Pulse from Lara Goldstein

March 20, 2024 | 6:49 pm

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Cisco Systems Inc (CSCO) secured EU clearance for its Splunk acquisition, closing the deal ahead of schedule. Piper Sandler analyst James Fish maintained a Neutral rating on Cisco but raised the price target from $47 to $51, citing the deal's potential for significant revenue and free cash flow growth by fiscal 2026. Cisco financed the transaction by raising $13.5 billion of debt. Despite some concerns, the acquisition is seen as a positive move for Cisco's growth, especially in AI and cybersecurity, although challenges in networking and cloud exposure remain. CSCO shares saw a slight increase, and the stock can also be accessed through ETFs like CIBR and FDN.

Portfolio Pulse from Anusuya Lahiri

March 20, 2024 | 6:34 pm

APO

PARA

Apollo Global Management has made an $11 billion offer for Paramount's Hollywood studio, according to a Wall Street Journal report. This move could potentially reshape the landscape of the entertainment industry by combining Apollo's financial resources with Paramount's storied film and television assets.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 6:27 pm

MGM

MGM Resorts is reportedly exploring the sale of its casino properties in Ohio and Massachusetts, according to Bloomberg. This move could indicate a strategic shift or financial restructuring for the company.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 6:09 pm

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Lifecore Biomedical's shares plummeted by 31.7% after announcing the conclusion of its strategic evaluation process, management changes, and board reshuffling. Other stocks experienced significant movements, with gainers like ETAO International and XTL Biopharmaceuticals seeing sharp increases due to a reverse stock split and acquisition news, respectively. Losers included NuScale Power Corporation, which dropped 28% following a downgrade by Wells Fargo, and Ontrak, Inc., which fell 26% after a previous day's surge.

Portfolio Pulse from Avi Kapoor

March 20, 2024 | 6:03 pm

MODG

Top Golf has issued a statement in response to a recent media report suggesting discussions about a potential sale of the company or its golf equipment business. The company has clarified that it is not aware of any such decisions being made.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 5:58 pm

Certified Collectibles Group is set to acquire James Spence Authentication. The financial details of the transaction have not been disclosed. This acquisition could potentially enhance Certified Collectibles Group's offerings in the collectibles authentication space.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 5:54 pm