Streetbeat News

Acquisitions Mergers

RILY

B. Riley Financial's shares dropped following its Q4 financial results announcement and the initiation of a strategic review for its Appraisal and Valuation Services, and Retail, Wholesale & Industrial Solutions businesses.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 1:46 pm

HOOD

SOLUSD

Robinhood (NASDAQ:HOOD) has added Dogwifhat (CRYPTO: WIF) to its trading platform, resulting in a 28% increase in WIF's value and reaching a $1B market cap. The listing on Robinhood Europe and the potential for future listings on other major exchanges like Coinbase highlight the growing acceptance of meme coins in the cryptocurrency market. WIF, launched on Solana (CRYPTO: SOL) in December 2023, has seen substantial growth, with expectations of continued interest from retail traders.

Portfolio Pulse from Murtuza Merchant

March 01, 2024 | 1:39 pm

NSC

Ancora Holdings Group, LLC and its affiliates (the Investor Group), holding a significant stake in Norfolk Southern Corporation (NYSE:NSC), issued an open letter criticizing the company's leadership and proposing changes. They highlighted CEO Alan Shaw's 37% pay raise despite poor performance, including the East Palestine derailment. The Investor Group nominated eight candidates for the board and proposed a new management team, urging a focus on safety, growth, and value creation. They criticized the current board's actions as serving CEO interests over shareholders and called for a fact-based election contest.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 1:37 pm

KNTE

Kinnate Biopharma Inc. has sold its investigational pan-RAF inhibitor, exarafenib, and other assets to Pierre Fabre Laboratories for up to $31M. This sale is part of Kinnate's strategic alternatives exploration. Pierre Fabre will assume all ongoing program costs, with Kinnate receiving $500,000 at closing and up to $30.5M contingent on future milestones. The deal aims to expand the global reach of targeted therapies for solid tumors.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 1:34 pm

EVRI

Everi Holdings Inc. (NYSE:EVRI) reported Q4 sales of $192.00 million, missing expectations of $198.46 million, but posted adjusted earnings of 30 cents per share, beating estimates of 20 cents. The company announced a strategic combination with IGT's Gaming and Digital businesses. Shares gained 5.1% to close at $11.86. Analysts from Jefferies and Truist Securities adjusted their price targets and downgraded the stock following the results.

Portfolio Pulse from Avi Kapoor

March 01, 2024 | 12:59 pm

GAME

GameSquare has announced the sale of Complexity Gaming to Jason Lake and Global Esports Properties for $10.36 million. This strategic move could potentially reshape GameSquare's business focus and financial outlook.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 12:16 pm

BA

Boeing Company (NYSE:BA) has been awarded a $3.4 billion contract by the U.S. Navy to manufacture P-8A Poseidon aircraft for the Royal Canadian Air Force and the German Navy. The contract includes aircraft for Canada, with the first delivery expected in 2026, and additional aircraft for Germany, increasing their total to eight with the first delivery in 2025. This contract is expected to generate significant economic benefits, including over 3,000 jobs in Canada.

Portfolio Pulse from Shivani Kumaresan

March 01, 2024 | 12:14 pm

TDCX

TDCX Inc. has announced a definitive merger agreement with Transformative Investments Pte Ltd for a going-private transaction, led by its CEO Laurent Junique and affiliates, valuing the company at approximately $1.037 billion.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 11:33 am

MSFT

TSLA

Elon Musk, CEO of Tesla Inc., has expressed his readiness to compete against OpenAI, Microsoft Corp., and Jeff Bezos' investment in Figure AI Inc., which aims to develop the world's first autonomous humanoid robot. Musk highlighted Tesla's Optimus, a humanoid robot in development, as a challenger to Figure's project. Optimus, which has been in development for two years, is expected to perform useful tasks in Tesla factories by 2024, despite not being autonomous yet.

Portfolio Pulse from Rounak Jain

March 01, 2024 | 11:19 am

EVBG

Everbridge, Inc. (NASDAQ:EVBG) and Thoma Bravo have amended their merger agreement, increasing the acquisition price to $35.00 per share in cash, which is $6.40 higher than the original price. This adjustment reflects a significant increase in the valuation of Everbridge by Thoma Bravo.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 11:02 am