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Equity Actions

PSX

Phillips 66 (NYSE:PSX) is engaging in a 'constructive dialogue' with Elliott Investment Management after the latter outlined a turnaround strategy with 75% upside potential for PSX. Phillips 66 acknowledges the value of strategic priorities since its Investor Day in November 2022 and has raised its shareholder distribution target to $13-15 billion. The company plans to monetize over $3 billion in non-core assets and achieve $1.4 billion in savings by 2024, including refining cost reductions. Elliott criticized PSX's operational expenditure discipline and suggested appointing two new board directors with refining experience. PSX shares rose 0.54% to $122.88 in premarket trading.

Portfolio Pulse from Nabaparna Bhattacharya

November 30, 2023 | 10:54 am

NCTY

The9 Limited has successfully raised $12 million through a private placement transaction. The funds are earmarked for supporting the company's business growth initiatives.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 10:11 am

GME

Investors are speculating on a 28% rise in GameStop (NYSE:GME) stock ahead of its Q3 earnings report, with heavy trading in out-of-the-money call options expiring on Dec. 8. The stock has already surged 32% over two days, and while it has declined 87% since its peak in January 2021, retail investors are driving the current buying activity, indicating a potential for continued volatility.

Portfolio Pulse from Navdeep Yadav

November 30, 2023 | 9:49 am

ASML

ASML's Supervisory Board plans to appoint Christophe Fouquet as President and CEO, with current Co-Presidents Peter Wennink and Martin van den Brink retiring on April 24, 2024. Jim Koonmen is set to join the Board of Management as Chief Customer Officer.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 8:38 am

XENE

Xenon Pharmaceuticals has priced an upsized public offering of 8,461,542 common shares at $32.50 per share, along with pre-funded warrants to purchase up to 769,230 common shares.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 8:26 am

DINO

HEP

HF Sinclair (DINO) and Holly Energy Partners (HEP) have announced the final results of their note exchange and consent solicitations. The details of the transaction, including the acceptance rates and terms, were not disclosed in the provided information.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 7:41 am

PSX

Phillips 66 confirms ongoing discussions with Elliott Investment and updates on its business goals, including raising shareholder distributions, monetizing non-core assets, returning cash flow to shareholders, and increasing savings and EBITDA targets.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 7:25 am

NCNO

Rich Data Co (RDC), an AI decisioning platform for banks, has raised $17.5 million in a Series B funding round. The round was led by Westpac and nCino, with additional support from BMYG and Octava Fund. The capital will be used for RDC's expansion into North America and to strengthen its position in the global banking sector.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 6:59 am

AVGO

Broadcom Inc. (NASDAQ:AVGO) is exploring 'strategic alternatives' for two VMware business units following its $69 billion acquisition of VMware. CEO Hock Tan communicated this in a leaked email, stating that the End-User Computing and Carbon Black cybersecurity units will be reviewed. Despite supporting these units during the transition, past actions by Broadcom suggest potential spin-offs or sales. Post-acquisition changes include employee layoffs and the departure of top VMware executives. Broadcom's stock saw a slight increase in after-hours trading.

Portfolio Pulse from Ryan Gustafson

November 29, 2023 | 11:02 pm

FEBO

Fenbo Holdings has priced its initial public offering (IPO) of 1 million ordinary shares at $5.00 per share, aiming to raise total gross proceeds of $5 million. The shares have been approved for listing on the Nasdaq Capital Market and are expected to begin trading on November 30, 2023, under the ticker symbol 'FEBO'.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 10:29 pm