Streetbeat News

Acquisitions Mergers

ARM

BIRK

IPO

KSPI

TBBB

The IPO market is expected to rebound in 2024 after a downturn, with notable companies like Plaid, Chime, and Skims potentially going public. ARM Holdings, Birkenstock, Kaspi, Amer Sports, and BBB Foods have seen successful IPOs recently. The Renaissance IPO ETF has also performed well. Market conditions are improving, but volatility may increase due to the presidential election.

Portfolio Pulse from Neil Dennis

February 20, 2024 | 3:51 pm

MCQEF

Goldman Sachs (NYSE:GS) and Macquarie (OTCPK: MCQEF), along with hedge funds, are entering the uranium derivatives market as uranium prices have doubled to $102 per pound due to a supply shortfall and increased demand for nuclear energy. Goldman Sachs is writing options on physical uranium, marking its first derivative for the metal. The bank has been involved in the uranium market since 2009 and holds significant uranium inventories. The interest in physical uranium is growing, with financial institutions holding a significant portion of the global annual consumption.

Portfolio Pulse from Stjepan Kalinic

February 20, 2024 | 3:43 pm

MMC

Marsh McLennan Agency (MMA), a subsidiary of Marsh & McLennan Companies (MMC), announced the acquisition of two Louisiana-based agencies, Querbes & Nelson and Louisiana Companies, effectively doubling its presence in the state. The acquisitions, expected to close by the end of Q1 2024, aim to enhance MMA's service offerings in key industries such as energy, construction, and healthcare. The terms of the acquisitions were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 3:31 pm

MEDS

TRxADE HEALTH, Inc. (NASDAQ:MEDS) shares surged over 140% following the announcement of the sale of assets of its subsidiary Trxade, Inc. to Micro Merchant Systems (MMS) for $22.5 million. The deal includes a potential additional payment of $7.5 million to Trxade if MMS receives $1.6 million or more in certain collections from third parties within four months post-closing. The legal firm Dykema facilitated the transaction, which was completed in three weeks. TRxADE will retain pharmaceutical wholesaling assets through its subsidiary, Integra Pharma Solutions, LLC.

Portfolio Pulse from Nabaparna Bhattacharya

February 20, 2024 | 3:29 pm

DFS

IOVA

OMI

VZIO

WMT

Walmart Inc. reported better-than-expected Q4 FY24 results, with net sales growth of 5.7% to $173.39 billion and adjusted EPS of $1.80, surpassing consensus estimates. The company also announced a 9% increase in its annual cash dividend for FY25. Other stocks like Iovance Biotherapeutics, Phathom Pharmaceuticals, VIZIO Holding Corp, Discover Financial Services, Barclays PLC, Korea Electric Power Corporation, Qurate Retail, InterContinental Hotels Group, Armstrong World Industries, Telephone and Data Systems, and Owens & Minor recorded gains in Tuesday's session.

Portfolio Pulse from Avi Kapoor

February 20, 2024 | 3:26 pm

Macy's, Inc. (NYSE:M) has received director nominations from Arkhouse Management Co. LP for its 2024 Annual Meeting. This follows an unsolicited proposal from Arkhouse and Brigade to buy Macy's at $21.00 per share, which the Board deemed not actionable due to financing concerns. Macy's emphasizes its commitment to value creation and plans to share its strategy in the upcoming earnings report. The company's financial advisors, Bank of America Securities and Wells Fargo, along with legal advisor Wachtell, Lipton, Rosen & Katz, are engaging with Arkhouse and Brigade to potentially advance discussions.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 3:23 pm

AGRI

AgriFORCE Growing Systems Ltd. (NASDAQ:AGRI) shares surged over 170% after announcing a new patent grant from the United States Patent and Trademark Office for its FORCEGH+ facilities, a proprietary cultivation facility design. This design aims to provide a sustainable environment for growing high-quality crops in extreme macroclimates, meeting GMP standards. The patent, number 11,895,958, enhances the company's IP portfolio, focusing on maximizing crop yields without the need for pesticides, fungicides, and herbicides. Despite the recent surge, AGRI shares have experienced a significant decline over the past year, attributed to a 'massive erosion' of the macro business environment as noted by CFO and interim CEO Richard Wong. The company is actively seeking new investors and plans to participate in investor conferences in 2024.

Portfolio Pulse from Nabaparna Bhattacharya

February 20, 2024 | 3:13 pm

TDY

Teledyne FLIR, a subsidiary of Teledyne Technologies Incorporated, has secured a contract to supply the Canadian government with over 800 drones, valued at CAD$95 million, for use by Ukraine. This donation complements the unmanned systems and counter-drone technology that Ukraine forces are currently utilizing.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 3:11 pm

BOX

Traders are closely monitoring Box Inc. due to unconfirmed comments from an M&A blog suggesting that recent bylaw amendments may indicate the presence of a significant activist investor in the company.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 3:08 pm

COF

DFS

Discover Financial Services (DFS) shares surged after announcing a merger with Capital One Financial Corp (COF), where DFS shareholders will receive a 26.6% premium. The deal, expected to close by early 2025, will see COF and DFS shareholders owning 60% and 40% of the new entity, respectively. This merger aims to enhance COF's credit card portfolio and deposit base, with expected synergies generating significant financial benefits by 2027.

Portfolio Pulse from Lekha Gupta

February 20, 2024 | 2:57 pm