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Assets

MMSI

Merit Medical Systems, Inc. (MMSI) plans to offer $550 million in Convertible Senior Notes due 2029 to qualified institutional buyers, with an option for an additional $82.5 million. The notes are senior unsecured obligations with semiannual interest. Upon conversion, Merit may pay in cash, stock, or a mix. Proceeds will fund general corporate purposes, potential acquisitions, and capped call transactions to minimize dilution from conversions. The notes and any shares from conversions are not registered under the Securities Act and are subject to Rule 144A.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 9:23 pm

ALT

HRTS

LLY

NVO

PFE

Pharmaceutical companies are racing to develop obesity treatments, with Novo Nordisk and Eli Lilly seeing significant share price increases due to their obesity drugs. Pfizer's development setback has led to a share price decline, while Altimmune's successful drug tests boosted its shares. Roche acquired Carmot Therapeutics to enter the obesity drug market. The Tema Cardiovascular and Metabolics ETF (HRTS) was launched to track the performance of weight loss drugs and their producers.

Portfolio Pulse from Neil Dennis

December 04, 2023 | 9:20 pm

HOOD

In November 2023, Robinhood Markets Inc. saw a significant increase in customer activity, with approximately $1.4 billion in net deposits and a 75% increase in crypto notional trading volumes compared to October 2023, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 9:19 pm

AROW

Arrow Financial Corp has repositioned its available-for-sale securities portfolio by selling approximately $100M of lower-yielding securities. This sale resulted in a pre-tax loss of about $9.2M, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 9:14 pm

AROW

V

Arrow Financial Corp has executed a two-part balance sheet repositioning strategy, which included the sale of all 27,771 shares of Visa Class B common stock. The transaction resulted in a pre-tax gain of approximately $9.3 million, as reported in an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 9:14 pm

KAR

OPENLANE, Inc. (NYSE:KAR) has signed an agreement to acquire Manheim Canada from Cox Automotive for approximately $95 million USD. The acquisition includes the Manheim Montreal facility, auction sales, operations, and select staff, as Manheim Canada plans to exit the Canadian market. This move is set to enhance OPENLANE's digital strategy by expanding inventory, data, and customer base, and is expected to deliver accelerated cash flow through asset sale, cost, and operational synergies. The integration will consolidate operations and transition customers and business to OPENLANE's digital marketplace and vehicle logistics centers, excluding other Manheim Canada facilities. OPENLANE will also market and sell its existing Montreal facility to fund a significant portion of the acquisition.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 9:13 pm

TVTX

Travere Therapeutics, Inc. has announced that it expects to have a sufficient cash runway into 2028, indicating a strong financial position and the ability to fund its operations and capital requirements for the next several years.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 9:12 pm

BONEUSD

SHIBUSD

Shiba Inu (CRYPTO: SHIB) has experienced a 4% price increase in the past 24 hours, coinciding with a record high daily transaction volume of 7.84 million on Shibarium. The total transaction count has reached 31.05 million. BONE ShibaSwap (CRYPTO: BONE) also saw a 6% price increase. A whale wallet's significant withdrawal of SHIB from Binance suggests increased investor activity. Despite the crypto winter, Shiba Inu has maintained its trajectory, with the project lead developer expressing optimism about the future.

Portfolio Pulse from Khyathi Dalal

December 04, 2023 | 9:05 pm

DE

$1000 invested in Deere (NYSE:DE) 5 years ago would now be worth $2,381.89, with the stock outperforming the market with an annualized return of 20.09%. Deere's market cap stands at $105.41 billion.

Portfolio Pulse from Benzinga Insights

December 04, 2023 | 9:00 pm

SNPS

Over the past 10 years, Synopsys (NASDAQ:SNPS) has delivered an average annual return of 30.13%, outperforming the market by 20.43%. A $100 investment in SNPS a decade ago would be worth $1,406.01 today. Synopsys currently has a market cap of $82.40 billion.

Portfolio Pulse from Benzinga Insights

December 04, 2023 | 9:00 pm