Streetbeat News

Acquisitions Mergers

BYON

Beyond, Inc. (BYON) has acquired the intellectual property and other brand assets of Zulily, including its website, domain names, trademarks, customer database, and software for $4.5 million plus acquisition-related costs, excluding liabilities. The purchase was funded with cash on hand.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 12:37 pm

BURL

Burlington Stores has provided its FY24 outlook, projecting an adjusted EPS of $7.00-$7.60, which is around the estimated $7.08. This forecast does not include $0.11, net of tax, of expected expenses related to the acquired Bed Bath & Beyond leases, with an assumption of a fully diluted share count of approximately 64 million shares.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 11:49 am

AGR

Avangrid's unaffiliated board committee received a non-binding proposal from Iberdrola, S.A. to acquire all Avangrid common shares not already owned by Iberdrola or its affiliates for $34.25 in cash per share on March 6, 2024.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 11:40 am

GE

GE Aerospace, a division of General Electric, is set to become an independent publicly traded company on April 2, 2024. It will list on the NYSE under the ticker 'GE'.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 11:20 am

DTI

SDPI

Drilling Tools International (DTI) has signed an agreement to acquire Superior Drilling Products (SDPI) for approximately $32.2 million, payable in both cash and DTI stock.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 11:03 am

TRP

TC Energy Corporation (NYSE:TRP) is reportedly implementing layoffs as part of its strategy to integrate its natural gas pipeline units, primarily affecting employees in Calgary and Houston. The company aims to improve its balance sheet and reduce debt by selling the Portland Natural Gas System for $1.14 billion. TC Energy recently reported Q4 FY23 results that surpassed estimates and raised its quarterly dividend, with shares closing higher by 0.30% at $40.04.

Portfolio Pulse from Lekha Gupta

March 07, 2024 | 10:35 am

PLTR

Palantir Technologies, Inc. (NYSE:PLTR) experienced a premarket surge, continuing its upward trend following a $179 million U.S. Army contract for the TITAN ground station system. The anticipation for Palantir's AIP Conference, where 60 customers will showcase their work with Palantir's AI Platform and new partnerships are expected to be announced, also contributed to the stock's rise. The TITAN system, powered by AI and machine learning, represents a significant advancement in military technology. Palantir's collaboration with partners like Northrop Grumman and L3Harris was highlighted by CTO Shyam Sankar.

Portfolio Pulse from Shanthi Rexaline

March 07, 2024 | 10:04 am

ADT

CDMO

DADA

MTC

SWIN

TPVG

VSCO

XPEV

Victoria's Secret reported mixed Q4 results with higher earnings but lower sales than expected, leading to a 32.1% drop in pre-market trading. The company also announced a $250 million share repurchase program and provided a full-year 2024 revenue forecast below estimates. Other stocks like Avid Bioservices, Solowin Holdings, ADT Inc., TriplePoint Venture Growth BDC Corp., MMTec, Inc., Dada Nexus Limited, and XPeng Inc. also saw pre-market declines due to various reasons including disappointing financial results, secondary public offerings, and completion of independent reviews.

Portfolio Pulse from Avi Kapoor

March 07, 2024 | 9:50 am

NINOY

Nikon Corporation (OTCPK: NINOY) is set to acquire RED.com, LLC, a leading U.S. cinema camera manufacturer, aiming to strengthen its position in the professional digital cinema camera market. The acquisition, negotiated with RED's founder and president, will make RED a wholly-owned subsidiary of Nikon. This move follows a legal dispute between the two companies over Nikon's Z9 camera, which has now been resolved with the dismissal of the case. Nikon plans to leverage RED's technology and expertise to expand its offerings in the cinema camera market.

Portfolio Pulse from Rounak Jain

March 07, 2024 | 9:35 am

WMG

Warner Music Group (WMG) has expressed interest in acquiring Believe SA, a French digital music company, for at least €17/share. WMG's proposal, announced on February 27, 2024, aims to provide Believe with strategic support and financial stability, contrasting with a previous offer from a consortium led by EQT, TCV, and Denis Ladegaillerie. WMG's offer could include a cash component and possibly shares, without financing conditions, pending necessary regulatory approvals.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 8:03 am