Streetbeat News

Acquisitions Mergers

SNAP

Snap shares are trading lower after a recent gain due to the House passing a TikTok crackdown bill. The decline may also be attributed to Steven Mnuchin forming an investor group to buy TikTok, potentially impacting Snap's competitive landscape.

Portfolio Pulse from Benzinga Newsdesk

March 14, 2024 | 3:54 pm

GROM

Grom Social Enterprises, Inc (NASDAQ:GROM), a Florida-based entertainment provider, has entered into a Letter of Intent to acquire Arctic7, a company specializing in game development, co-development, virtual production, and transmedia IP extension. This acquisition aims to broaden Grom's portfolio, complementing its family-friendly programming, web filtering technology, and safe social media for kids with Arctic7's gaming and virtual production capabilities. Arctic7 will operate as a division within Grom post-acquisition, focusing on delivering engaging experiences and exploring partnership opportunities.

Portfolio Pulse from Benzinga Newsdesk

March 14, 2024 | 3:16 pm

CURLF

TLRY

Tilray and Curaleaf are expanding their presence in Europe, capitalizing on the rapidly growing cannabis market. Curaleaf announced a new supply agreement in the Czech Republic, while Tilray received approval for its first medical cannabis extract in Portugal. The European cannabis market surpassed €2 billion in 2023, with Germany, Czech Republic, Switzerland, and the Netherlands leading regulatory developments. The Benzinga Cannabis Capital Conference in Florida will further discuss these market dynamics.

Portfolio Pulse from Jelena Martinovic

March 14, 2024 | 2:58 pm

BBW

DKS

EGY

HEAR

Build-A-Bear Workshop, Inc. (BBW) reported better-than-expected Q4 EPS but missed on revenue, leading to a 15.7% stock increase. Other stocks also moved higher, including Turtle Beach Corporation (HEAR), VAALCO Energy, Inc. (EGY), DICK'S Sporting Goods, Inc. (DKS), and several others due to various positive financial results, acquisitions, and strategic moves.

Portfolio Pulse from Avi Kapoor

March 14, 2024 | 2:38 pm

GRFS

Grifols announces its ongoing commitment to reducing leverage by improving EBITDA and through the proceeds from the sale of its 20% stake in Shanghai Raas (SRAAS) for $1.8 billion. The sale is on track to close in the first half of 2024.

Portfolio Pulse from Benzinga Newsdesk

March 14, 2024 | 2:02 pm

BUD

MO

Altria Group, Inc. (MO) announced a $2.4B increase to its existing $1B share repurchase program following the sale of 35 million shares of Anheuser-Busch InBev SA/NV (BUD) for approximately $2.4B. The sale includes a direct repurchase by ABI of $200M of its shares from Altria. The expanded share repurchase program is expected to be completed by December 31, 2024. Altria also raised its FY24 EPS guidance to $5.05-$5.17 from an estimated $5.05, reflecting confidence in its future and the value of its shares. The transactions are expected to be accretive to Altria's 2024 full-year adjusted diluted EPS.

Portfolio Pulse from Benzinga Newsdesk

March 14, 2024 | 2:00 pm

SOLO

XOS

ElectraMeccanica Vehicles Corp. (NASDAQ:SOLO) is set to host a special meeting on March 20, 2024, to vote on a proposed combination with Xos, Inc. (NASDAQ:XOS). The meeting aims to get shareholder approval for the arrangement, which has been detailed in a joint proxy statement filed with the SEC. The Board of Directors unanimously recommends voting in favor of the proposal.

Portfolio Pulse from Benzinga Newsdesk

March 14, 2024 | 1:48 pm

ABVC

ABVC BioPharma, Inc. (NASDAQ:ABVC) announced its fiscal year 2024 Q1 business update, highlighting a licensing deal with AiBtl BioPharma Inc. for CNS drugs, regaining Nasdaq compliance, strategic investments in real estate for healthcare development, and various financial transactions including securities purchase agreements with Lind Global Fund II, LP. The company reported a decrease in revenues and operating expenses, a net loss reduction, and progress in R&D including patents, FDA approvals, and a licensing agreement with Xinnovation Therapeutics Co., Ltd for the Chinese market.

Portfolio Pulse from Benzinga Newsdesk

March 14, 2024 | 1:35 pm

AMC

DIS

LYV

The Walt Disney Company (NYSE:DIS) acquired streaming rights for Taylor Swift's concert film, 'The Eras Tour (Taylor's Version)', set to release on Disney+ on March 14. The film, previously shown in theaters through a partnership with AMC Entertainment Holdings (NYSE:AMC), grossed over $261.7 million worldwide. Live Nation Entertainment (NYSE:LYV) also benefited from the demand for Swift's concerts. Disney's exclusive streaming rights could attract more subscribers to Disney+, potentially boosting its stock in the short term.

Portfolio Pulse from Chris Katje

March 14, 2024 | 1:19 pm