Streetbeat News

Equity Actions

STM

STMicroelectronics (NYSE:STM) has seen a 12.77% decrease in short interest, with 3.69 million shares sold short, representing 0.41% of available shares. The average time to cover these short positions is 1.0 days. A decrease in short interest may indicate a more bullish sentiment towards STM compared to an increase, which could suggest bearish sentiment. STM's short interest is below its peer group average of 3.70%.

Portfolio Pulse from Benzinga Insights

November 21, 2023 | 1:15 pm

RSLS

ReShape Lifesciences has entered into a warrant exercise transaction, resulting in $1.2 million in gross proceeds. This capital infusion is expected to provide additional financial resources for the company.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 1:08 pm

ANGH

OSN Group has committed to invest up to $50 million in Anghami, valuing the company at $3.65 per share. Upon completion of the transaction, OSN Group will hold a majority stake in Anghami.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 12:46 pm

RELI

Reliance Global Group, Inc. has decided to withdraw its proposed underwritten public offering. The company had previously filed with the SEC to raise capital through the sale of its securities, but has now chosen to retract this plan. The reasons for this decision have not been disclosed. This withdrawal could be due to a variety of factors, such as market conditions, valuation concerns, or changes in the company's capital requirements. Investors in RELI should monitor the situation for further updates and potential implications for the company's financial strategy and stock performance.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 12:28 pm

AIRE

CSCO

EGIO

The article highlights three oversold tech stocks with RSI values near or below 30, suggesting they may be undervalued: reAlpha Tech Corp. (AIRE), Cisco Systems, Inc. (CSCO), and Edgio, Inc. (EGIO). AIRE recently filed a prospectus for a common units offering, CSCO cut FY24 guidance and issued lower-than-expected Q2 guidance, and EGIO posted better-than-expected Q3 sales.

Portfolio Pulse from Lisa Levin

November 21, 2023 | 12:11 pm

PPBT

Purple Biotech reported Q3 EPS of $(0.23), meeting analyst consensus and improving from $(0.27) last year. They have $15.9M in cash and equivalents, and raised $5M in October, extending their cash runway to H2 2025.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 11:56 am

J

Jacobs Solutions Inc (NYSE:J) has announced a definitive agreement to spin off its Critical Mission Solutions and Cyber & Intelligence businesses, merging them with Amentum to form a new publicly traded government services company. The new entity will have an estimated annual revenue of $13 billion. Jacobs and its shareholders will own 58.5%-63% of the new company, and Jacobs will retain its data solutions and digital technologies business. Jacobs expects to receive $1 billion in cash proceeds post-closure, with additional value from divesting its retained stake within 12 months. The deal is expected to close in the second half of FY24 and is projected to generate $50 million-$70 million in net cost synergies. Jacobs' CEO Bob Pragada believes this will streamline the company's portfolio and align it with global trends. Jacobs will announce Q1 2024 earnings and new productivity targets on November 21, 2023. The company's stock closed higher by 1.23% at $136.98 on Monday.

Portfolio Pulse from Lekha Gupta

November 21, 2023 | 11:04 am

YSG

Yatsen Holding Limited (YSG) has increased its share buyback program from $150 million to $200 million and extended the term through November 19, 2025. Since the program's inception on November 17, 2021, Yatsen has repurchased approximately 100 million ADSs for about $126.5 million.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 10:10 am

J

Jacobs (NYSE:J) has announced a definitive agreement to spin-off and merge its Critical Mission Solutions and Cyber & Intelligence government services businesses with Amentum, forming a new publicly-traded company in the government services sector. This follows Jacobs' May announcement of its intent to separate its CMS business. The new entity will have approximately $13 billion in annual revenue. Jacobs will retain its next-generation data solutions and digital technologies business, which is part of its DVS segment.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 7:39 am

OVV

Ovintiv Inc. (NYSE:OVV) announced the upsize and pricing of an underwritten public offering of its common stock by NMB Stock Trust. The offering size increased from 8.4 million to 9.4 million shares at $44.35 per share, totaling approximately $416.9 million. Ovintiv will not sell any shares nor receive proceeds from this offering. The offering is expected to close on November 22, 2023.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 7:35 am