Streetbeat News

Equity Actions

DBGI

Digital Brands Group, Inc. (DBGI) has announced that its Board of Directors will initiate a formal review to explore strategic alternatives for the company. The review aims to evaluate a range of options to maximize shareholder value, given the dislocation between the company's public market value and the intrinsic value of its underlying assets. The company has not set a deadline for the completion of this process.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 2:14 pm

AIG

CRBG

American International Group (AIG) has priced the secondary offering of Corebridge Financial (CRBG) common stock at $20.50 per share. AIG is offering 50 million shares, with potential proceeds of approximately $1.0 billion. The offering is expected to close on November 8, 2023. Goldman Sachs and J.P. Morgan are the underwriters for the offering.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 2:13 pm

GFL

ADW Capital Management, a significant shareholder of GFL Environmental Inc. (NYSE:GFL), has issued an open letter to GFL's board and management, urging them to undertake a strategic review process. ADW believes that GFL is misunderstood and undervalued by the public markets and suggests that being acquired in a take-private transaction or merger would best maximize value for all shareholders. ADW also criticizes GFL's public market performance and suggests that the company should return to the private markets.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 2:09 pm

AMZN

GOOG

MSFT

NVDA

Amazon, Microsoft, and Alphabet are increasing their capital spending to build up capacity in the AI and cloud computing sectors. This has led to a surge in capital spending to $42 billion in Q3 2023, a 20% YoY increase. Analysts predict a further acceleration in cloud-related spending next year. Nvidia, a key supplier of GPU and chips, is expected to benefit from this trend. However, there are concerns that focusing on capital-intensive AI and cloud services could pressure profit margins.

Portfolio Pulse from Anusuya Lahiri

November 06, 2023 | 2:09 pm

CHE

Chemed Corporation (NYSE:CHE) has announced that its Board of Directors has authorized an additional $300 million for stock repurchase under its existing share repurchase program. The repurchases will be funded through cash generated from operations and utilization of its revolving credit facility.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 2:06 pm

PEP

PepsiCo, Inc. (NASDAQ: PEP) announced that its CFO, Hugh Johnston, will be leaving the company on November 30. He will be succeeded by James Caulfield, currently Senior Vice President, CFO, PepsiCo Foods North America. Johnston, who has been with PepsiCo for 34 years, will join The Walt Disney Company as CFO following his departure.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 2:05 pm

CLDX

OGI

PKX

Celldex Therapeutics shares are trading higher after announcing data from its phase 2 trial treating urticaria refractory. Organigram shares also rose after announcing a C$124.6 million investment from BAT and the creation of a strategic investment pool. South Korea ADRs, ETFs, including PKX, are up following a government ban on short selling through the first half of next year.

Portfolio Pulse from ryanfaloona@benzinga.com

November 06, 2023 | 1:55 pm

NVO

The European Federation of Pharmaceutical Industries and Associations (EFPIA) has released research showing that the European Commission's draft Pharmaceutical Legislation could make Europe less innovative than the U.S., China, and Japan. The legislation could decrease the motivation for companies to invest in new medicines by 55% in Europe over the next 15 years. This could result in Europe's share in global research and development declining from 32% to 21% by 2040, leading to €2 billion per year in lost investment. EFPIA President and CEO of Novo Nordisk A/S (NYSE: NVO), Lars Fruergaard Jorgensen, stated that many of Novo's new medicines are being developed in the U.S. due to its more attractive environment.

Portfolio Pulse from Vandana Singh

November 06, 2023 | 1:42 pm

AREN

The Arena Group Holdings, Inc. (NYSE:AREN) has announced a definitive agreement to combine with Bridge Media Networks, a subsidiary of Simplify Inventions, LLC. As part of the deal, 5-Hour International Corporation Pte. Ltd. and The Hans Foundation, USA will purchase $25 million of common and preferred stock respectively of the combined company, New Arena. The transaction is expected to expand The Arena Group's reach and capabilities, provide growth capital, reduce its debt, and extend the terms on its existing debt facilities. The deal is expected to close in Q4 2023 or Q1 2024.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 1:40 pm

BMBL

CRM

Bumble Inc. (NASDAQ:BMBL) has announced a leadership succession plan, with Lidiane Jones, current CEO at Slack, a Salesforce (NYSE:CRM) company, set to succeed Whitney Wolfe Herd as CEO, effective January 2, 2024. Wolfe Herd will transition to the role of Executive Chair. Jones brings over two decades of experience in product and business innovation across prominent consumer and business technology brands.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 1:36 pm