Streetbeat News

Acquisitions Mergers

CRWD

PANW

CrowdStrike Holdings Inc (NASDAQ:CRWD) shares surged after reporting Q4 earnings that exceeded expectations, with 12 analysts revising their forecasts upwards. The company reported a 34% year-on-year increase in ARR to $3.44 billion, surpassing Street expectations. Analysts highlighted strong net new ARR, platform momentum, and robust guidance as key drivers. The positive outlook contrasts with concerns around competitors like Palo Alto Networks Inc. (NASDAQ:PANW). Additionally, CrowdStrike announced its intent to acquire Flow Security.

Portfolio Pulse from Priya Nigam

March 06, 2024 | 5:35 pm

ALB

LINRF

Albemarle (NYSE:ALB) plans to issue $2 billion in convertible preferred stock, equating to 13% of its market cap, following a 50% market cap reduction last year due to falling lithium prices and a failed acquisition of Liontown Resources (OTCPK: LINRF). The stock dropped 20% after the announcement, erasing February's gains. Despite a healthy balance sheet and low net debt/EBITDA ratio, analysts are surprised by the move. Lithium prices are rising, and Albemarle's shares are seen as undervalued by Morningstar. Piper Sandler rates Albemarle as Sell due to potential shareholder dilution and funding challenges for future projects.

Portfolio Pulse from Stjepan Kalinic

March 06, 2024 | 5:30 pm

APM

Aptorum Group Limited (NASDAQ:APM) shares surged by 778% to $12.73 following the announcement of a merger agreement with the privately held YOOV Group Holding Ltd. The merger, approved by both companies' boards, involves Aptorum's subsidiary merging into YOOV, a business AI and automation platform. Additionally, Aptorum and its major shareholder, Jurchen Investment Corporation, have initiated a significant restructuring process, including a split-off agreement where Aptorum will transfer its legacy business assets and liabilities to Aptorum Therapeutics Limited. Post-merger, Aptorum and YOOV shareholders will own approximately 10% and 90% of the combined company, respectively.

Portfolio Pulse from Vandana Singh

March 06, 2024 | 5:27 pm

ENB

Enbridge anticipates a growth in Western Canada's oil supply by 500,000 barrels per day (bpd) through 2025, with pipeline utilization expected to reach 99% by 2026. The company's CEO also mentioned a focus on small tuck-in acquisitions rather than larger deals for the year.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 5:19 pm

HES

XOM

Exxon Mobil's VP commented that if the Chevron-Hess merger does not proceed, Exxon sees potential value in Guyana, indicating interest in capitalizing on opportunities in the region.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 5:15 pm

CVX

HES

XOM

Exxon Mobil has initiated an arbitration process, asserting its right of first refusal in response to the proposed merger between Chevron and Hess in Guyana, as reported by Reuters. This move could potentially impact the dynamics of energy exploration and production in the region, highlighting Exxon Mobil's strategic interests in maintaining its influence and operations in Guyana.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 5:10 pm

KKR

KKR is reportedly in discussions to acquire the energy company Encavis for more than €2 billion, according to Bloomberg News. This potential acquisition highlights KKR's interest in expanding its portfolio in the renewable energy sector.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 5:00 pm

APEI

APM

EVC

MEDS

NEPT

U.S. stocks traded higher with the Nasdaq Composite gaining over 100 points. Energy shares jumped by 1.2% as U.S. crude oil inventories climbed less than expected. Aptorum Group, TRxADE HEALTH, and American Public Education saw significant gains, while Entravision Communications, Neptune Wellness Solutions, and Foot Locker experienced sharp declines. Oil prices rose 2.7% to $80.26, and gold increased by 0.6%.

Portfolio Pulse from Avi Kapoor

March 06, 2024 | 4:57 pm

STLA

Stellantis N.V. (NYSE:STLA) has received approval from China's National Development and Reform Commission (NDRC) for a joint venture with Leapmotor to build and sell Leapmotor's electric vehicles outside China. This follows Stellantis' announcement in October 2023 of acquiring a 21% stake in Leapmotor for $1.6 billion, granting Stellantis exclusive rights for Leapmotor's products outside China. The approval comes amid heightened tensions between China and the European Union over EV subsidies.

Portfolio Pulse from Shivani Kumaresan

March 06, 2024 | 4:49 pm

BOX

MEDS

MSTR

Box, Inc. reported better-than-expected fourth-quarter EPS and announced a $100 million expansion of its stock repurchase program, leading to a 7.3% rise in its shares. Other companies like TRxADE HEALTH, American Public Education, and Dada Nexus also saw significant gains following positive financial results or announcements. Notably, MicroStrategy's shares rose 10% after a previous day's 21% drop due to a proposed convertible senior notes offering.

Portfolio Pulse from Avi Kapoor

March 06, 2024 | 4:45 pm