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United States Steel Corp (NYSE:X) stock surged over 28% in premarket trading due to its acquisition by Nippon Steel Corp (OTC:NISTF), valuing the company at $14.9 billion. Over the past year, U.S. Steel has outperformed the S&P 500, with a 59.3% return compared to the S&P 500 ETF's 23.6% gain. The company's stock also outperformed the SPDR S&P Metals & Mining ETF (NYSE:XME) by 40%, with XME holders gaining 17.5% over the same period.

Portfolio Pulse from Surbhi Jain

December 18, 2023 | 1:51 pm

BCAN

BYND Cannasoft Enterprises Inc. (NASDAQ:BCAN) has reached a significant milestone in its intellectual property strategy by filing a national phase application for its EZ-G Device in the U.S. and 11 additional jurisdictions. The application was filed under the Patent Prosecution Highway, which allows for accelerated processing. The company has also filed two provisional patent applications in the U.S. and two design applications in China. CEO Yftah Ben Yaackov believes this expansion in IP strategy will significantly increase shareholder value.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 1:38 pm

ZIMV

ZimVie Inc. has agreed to sell its spine business to private equity firm H.I.G. Capital for $375 million. The deal is part of ZimVie's strategic shift to focus on its core businesses. The transaction is expected to provide ZimVie with additional capital to invest in growth opportunities and streamline its operations.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 1:02 pm

ARKK

BLK

FNF

Analyst Nate Geraci expressed concerns about a potential 'rug pull' event in the crypto market if the spot Bitcoin ETF fails to gain approval in January 2022. The SEC, led by Gary Gensler, is reconsidering its stance on spot Bitcoin ETFs following court decisions in the District of Columbia. Optimism is high as Bitcoin crossed $44,000, and traders anticipate potential approval for ETF applications from ARK Investment, 21 Shares, BlackRock, and Fidelity.

Portfolio Pulse from Mehab Qureshi

December 18, 2023 | 1:00 pm

PCT

PureCycle Technologies reported mechanical issues at its Ironton, Ohio purification facility, which had restarted after a November outage. The facility was shut down safely with no further damage, and maintenance is in progress. The company will use a 90-day cure period as it will not meet the December 31, 2023, operational milestone for its Ironton bonds.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 12:54 pm

KKR

KKR & Co Inc (NYSE:KKR) has acquired a $7.2 billion super-prime RV loan portfolio from BMO Bank National Association, a part of BMO Financial Group. BMO will continue to service the loans and manage RV loan origination. BMO also purchased $6.4 billion in senior notes backed by the loans. The acquisition aligns with KKR's Asset-Based Finance strategy and adds diversification to its credit portfolio. KKR has $47 billion in ABF assets and a team of over 50 professionals. The investment was made through KKR's credit funds and accounts, with Kennedy Lewis Investment Management LLC also participating. KKR's AUM increased by 6% Y/Y to $528 billion in Q3, with $14 billion in new capital raised.

Portfolio Pulse from Lekha Gupta

December 18, 2023 | 12:44 pm

FSV

FirstService Corporation (NASDAQ:FSV) has acquired Roofing Corp of America for $413M, expanding its property services portfolio. Roofing Corp, with $400M in annual revenues and higher margins than FirstService's average, operates across 11 states with over 900 employees. The deal is funded by cash and credit facility, which has a $1.25B capacity after a recent expansion.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 12:34 pm

PSTV

Plus Therapeutics announced receiving an award payment of $3.3M, which, along with its existing cash, is expected to fund operations until the second half of 2025. The company also anticipates an additional $6.9 million in grant revenue in 2024.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 12:21 pm

VGZ

Vista Gold Corp. has received a $3 million installment from Wheaton Precious Metals as part of a $20 million royalty agreement for the Mt Todd gold project. The funds will be used to advance the project and for corporate purposes, with further payments expected in the first half of 2024 pending Australian government approval.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 11:43 am

EBIX

Ebix, Inc. has entered into a 'stalking horse' agreement to sell its North American life and annuity assets to Zinnia, a business under Eldridge. This move is part of Ebix's recapitalization strategy.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 11:15 am