Streetbeat News

Acquisitions Mergers

ZM

Zoom Video Communications (NASDAQ:ZM) has seen a 15% decline in stock price over the past year and 13.6% this year, now trading at a forward P/E of 12.56, below the sector median. JPMorgan analyst Mark R. Murphy rates ZM as Neutral with a $83 price target, indicating a 33.69% upside. Despite post-pandemic growth slowdown, Zoom's expansion into new services and a strong market position suggest an undervalued stock with over 30% upside potential. However, potential M&A activity introduces uncertainty.

Portfolio Pulse from Surbhi Jain

February 23, 2024 | 1:49 pm

SQNS

Sequans Communications' stock price dropped following the announcement by Renesas that it has terminated the Memorandum of Understanding (MOU) for the proposed acquisition of Sequans Communications.

Portfolio Pulse from Benzinga Newsdesk

February 23, 2024 | 1:49 pm

DSX

Diana Shipping has agreed to sell its 2009-built vessel 'Houston' to an unaffiliated third party for $23.3 million, excluding commissions. The delivery to the buyer is scheduled by September 16, 2024.

Portfolio Pulse from Benzinga Newsdesk

February 23, 2024 | 1:44 pm

HASI

SPWR

SunPower Corp. (NASDAQ:SPWR) has secured over $300 million in project financing commitments from Apollo Funds, ATLAS SP Partners, and Hannon Armstrong Sustainable Infrastructure Capital, Inc. (HASI) for its residential solar and storage lease programs. This financing, which will be paid upon installation, enhances SunPower's ability to offer various financing options to its customers, supporting its mission to expand access to clean energy. The company now has access to more than half a billion dollars in capital, contingent on meeting certain conditions. SunPower's solar lease contracts have significantly increased, making up 73% of its originated volume in Q4 2023.

Portfolio Pulse from Benzinga Newsdesk

February 23, 2024 | 1:31 pm

BLK

FTNT

JEPQ

SHAK

On CNBC's 'Halftime Report Final Trades,' experts highlighted JPMorgan Nasdaq Equity Premium Income ETF (JEPQ), BlackRock (BLK), Fortinet (FTNT), and Shake Shack (SHAK) as their final trades. BlackRock reported a 7% Y/Y revenue growth in Q4 and announced a deal to acquire Global Infrastructure Partners. Fortinet and Shake Shack both reported better-than-expected Q4 financial results. The mentioned assets experienced positive price movements on Thursday.

Portfolio Pulse from Avi Kapoor

February 23, 2024 | 1:26 pm

UAVS

AgEagle Aerial Systems Inc. (UAVS) has secured a contract from ADS, Inc. to supply the Department of Defense (DOD) with Altum-PT multispectral cameras. These advanced sensors, which integrate various imaging technologies, will be used by the DOD to enhance geospatial information and military terrain analysis. Financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

February 23, 2024 | 1:13 pm

WCC

Wesco has announced an agreement to sell its Wesco Integrated Supply business to Vallen Distribution, a portfolio company of Nautic Partners, for $350 million. This strategic move allows Wesco to streamline its operations and focus on its core businesses.

Portfolio Pulse from Benzinga Newsdesk

February 23, 2024 | 1:06 pm

AZN

SLN

Silence Therapeutics plc (SLN) has received a $10M milestone payment from AstraZeneca following the initiation of a Phase 1 trial for the first product candidate under their siRNA collaboration. This marks the first clinical milestone in the partnership aimed at developing therapies for cardiovascular, renal, metabolic, and respiratory diseases. The collaboration, which began in March 2020, could see Silence receiving up to $140M in development milestones and $250M in commercialization milestones per target, with the deal covering up to ten targets.

Portfolio Pulse from Benzinga Newsdesk

February 23, 2024 | 1:05 pm

ACBA

Ace Global Business Acquisition Limited (ACBA) announced an extension for completing a business combination until April 8, 2024, thanks to a $98,858.95 contribution to its Trust Account by its sponsor, Ace Global Investment Limited. This extension, funded at approximately $0.05 per share, allows ACBA more time to finalize a business combination. A promissory note was issued to the sponsor, convertible into company units at $10.00 per unit upon a successful business combination.

Portfolio Pulse from Benzinga Newsdesk

February 23, 2024 | 1:03 pm

ENVB

Enveric Biosciences has announced an agreement to sell its cancer-targeting cannabinoid-related intellectual property. This move could indicate a strategic shift or focus for the company, potentially impacting its future revenue streams and research directions.

Portfolio Pulse from Benzinga Newsdesk

February 23, 2024 | 1:02 pm