Streetbeat News

Acquisitions Mergers

INTT

inTEST Corporation has acquired Alfamation S.p.A., with Alfamation set to join inTEST's Electronic Test division. Alfamation reported annual revenue of approximately $25 million in 2023 and had a backlog of $15 million as of December 31, 2023. The acquisition is expected to be accretive to inTEST's earnings in 2025, following Alfamation's history of double-digit annual revenue growth.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 8:20 pm

Recent options activity for Philip Morris Intl (NYSE:PM) shows a bearish sentiment among investors, with 77% of trades being bearish. The trades range from $60.0 to $110.0 strike prices, indicating expected price movements within this range over the next three months. The company, known for its tobacco products and recent diversifications, is currently trading at $94.67, with a potential overbought status as indicated by RSI readings. Its next earnings release is anticipated in 42 days.

Portfolio Pulse from Benzinga Insights

March 12, 2024 | 8:15 pm

PRPL

TPX

Purple Innovation and Tempur Sealy International have entered into a post-acquisition framework to continue their partnership with Mattress Firm. This agreement also includes confirmation of Purple's patents, ensuring their technology remains protected. This strategic move aims to strengthen their market position and leverage their combined expertise in the mattress industry.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 8:04 pm

NVDA

NYCB

Citadel's Ken Griffin revealed that his hedge fund invested in New York Community Bancorp (NYCB) earlier this month, citing the investment was made because the price was right. Additionally, Griffin commented on the artificial intelligence (AI) sector, noting that while it's uncertain where we are in the journey of AI, Nvidia (NVDA) appears to be leading the field.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 7:38 pm

JNJ

Johnson & Johnson (NYSE:JNJ) has completed the acquisition of Ambrx Biopharma for approximately $2.0 billion, aiming to enhance its oncology therapeutics portfolio. Despite a 1.22% decline over six months, JNJ's stock shows a bullish signal with a recent Golden Cross on the charts, indicating potential upward momentum.

Portfolio Pulse from Surbhi Jain

March 12, 2024 | 7:05 pm

NHI

BMO Capital Markets analyst Juan C. Sanabria upgraded National Health Investors, Inc. (NYSE:NHI) from Market Perform to Outperform, maintaining a price forecast of $67. The upgrade is based on potential for multiple expansions, upside to earnings from SHOP and acquisitions, and a solid start to FY24. Sanabria highlights the company's low leverage, strong 4Q23 occupancy, and forecasts FY24 SHOP same-store net operating income growth of +30% y/y. The company's conservative balance sheet, expanding acquisition opportunity set, and solid management are also noted as positive factors.

Portfolio Pulse from Nabaparna Bhattacharya

March 12, 2024 | 6:59 pm

EQT

ETRN

EQT Corporation (NYSE:EQT) announced a definitive merger agreement to acquire Equitrans Midstream Corporation (NYSE:ETRN) in an all-stock transaction, creating a combined company valued over $35 billion. The deal, approved by both boards, expects closure in Q4 2024. Post-announcement, EQT's stock fell 0.9%. Analysts revised EQT's price targets, with B of A Securities raising it to $60, while Scotiabank, BMO Capital, and Truist Securities reduced theirs.

Portfolio Pulse from Avi Kapoor

March 12, 2024 | 6:21 pm

AMD

FTXL

INTC

NVDA

SOXQ

Intel Corp has managed to continue its chip sales to Huawei, leveraging a license from the previous U.S. administration despite AMD's objections and broader sanctions concerns. This situation underscores the competitive and regulatory challenges in the tech industry, with Intel's ability to supply Huawei being a significant factor for both companies. Additionally, Intel is positioned to benefit from U.S. government funding under the Chips Act, highlighting its role in artificial intelligence technology alongside Nvidia Corp. The First Trust Nasdaq Semiconductor ETF and Invesco PHLX Semiconductor ETF offer investment avenues into this sector.

Portfolio Pulse from Anusuya Lahiri

March 12, 2024 | 6:17 pm

AEZS

Securityholders have approved the merger between Aeterna Zentaris and Ceapro at special meetings. This strategic move is expected to combine the strengths of both companies, potentially enhancing their market position and financial stability.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 6:13 pm

AMD

BABA

BIDU

INTC

IYW

MSFT

NVDA

The U.S. and China are competing closely in the field of generative artificial intelligence (GenAI), with both nations investing heavily. Microsoft, backing OpenAI, is seen as a leader in the U.S. AI industry. China, with companies like Baidu and Alibaba, is rapidly developing its AI capabilities. However, U.S. export controls on advanced semiconductors and GPUs, crucial for AI development, could hinder China's progress. These controls have impacted U.S. tech companies, including NVIDIA, AMD, and Intel, and affected the iShares U.S. Technology ETF.

Portfolio Pulse from Neil Dennis

March 12, 2024 | 6:08 pm