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Acquisitions Mergers

AMZN

WBA

Amazon Inc. (NASDAQ:AMZN) is set to replace Walgreens Boots Alliance Inc. (NASDAQ:WBA) in the Dow Jones Industrial Average (DJIA), a move that CNBC's Brian Sullivan suggests might not be favorable for Amazon. Drawing parallels with Microsoft and Apple's performance post their inclusion in DJIA, Sullivan speculates whether Amazon's stock might experience a similar period of stagnation. Despite this, Amazon's shares traded higher in after-hours session following the announcement.

Portfolio Pulse from Benzinga Neuro

February 21, 2024 | 9:32 am

ADI

COF

DFS

EXC

NVDA

RIVN

WMT

The CNN Money Fear and Greed index indicated a decline in market sentiment, remaining in the 'Greed' zone with a reading of 67.3. U.S. stocks, including the Nasdaq, Dow Jones, and S&P 500, closed lower, ending their five-week winning streak. The Conference Board's Leading Economic Index fell more than expected. Capital One Financial Corp plans to acquire Discover Financial Services in a $35.3 billion deal. Walmart Inc. shares rose after reporting strong Q4 results. Sectors like consumer discretionary, energy, and IT saw losses, while consumer staples gained. Investors await earnings from Exelon Corporation, Analog Devices, NVIDIA, and Rivian Automotive.

Portfolio Pulse from Avi Kapoor

February 21, 2024 | 8:46 am

COF

DFS

The proposed merger between Capital One Financial Corp (COF) and Discover Financial Services (DFS) valued at $35.3 billion has faced criticism from Democratic lawmakers and consumer advocacy groups. They argue it could decrease competition and increase costs for customers. The merger, pending regulatory and shareholder approval, could make Capital One the sixth-largest bank and the largest credit card issuer in the U.S. Critics, including Senators Sherrod Brown and Elizabeth Warren, have called for regulators to block the deal, citing concerns over financial stability and consumer costs.

Portfolio Pulse from Benzinga Neuro

February 21, 2024 | 8:35 am

HSBC

HSBC plans to buy back up to $2.0 billion in shares before the Q1 FY24 results announcement and is considering a special dividend of $0.21 per share in H1 FY24 after selling its Canada business.

Portfolio Pulse from Benzinga Newsdesk

February 21, 2024 | 8:13 am

DAN

Dana Incorporated (NYSE:DAN) is selling its European hydraulics business to HPI Group, a venture of Apogee Group and EiM Capital. The deal, expected to close in the first half of 2024, includes operations in Italy, France, and Germany. This segment generated about $90 million in sales in 2023.

Portfolio Pulse from Benzinga Newsdesk

February 21, 2024 | 8:01 am

NCTY

The9 Limited (NASDAQ:NCTY), an established Internet company, has announced a strategic partnership with Zhejiang Fazhidao Information Technology Co., Ltd. (Fazhidao), acquiring a 19% stake through cash and issuance of restricted shares. Additionally, The9 has an option to increase its stake to 51% based on a valuation of 7 times Fazhidao's audited annual profit after tax, with a minimum valuation threshold.

Portfolio Pulse from Benzinga Newsdesk

February 21, 2024 | 7:49 am

General Dynamics European Land Systems - Steyr has secured a $1.3 billion contract to manufacture 225 PANDUR EVO wheeled armored vehicles for Austria. This significant contract highlights General Dynamics' strength in the defense sector and its ability to secure large-scale international contracts.

Portfolio Pulse from Benzinga Newsdesk

February 21, 2024 | 7:29 am

WMT

Walmart Inc's CEO Doug McMillon, in an interview with Jim Cramer, expressed optimism about the company's advertising business, highlighting its 28% growth and the strategic acquisition of TV manufacturer Vizio for $2.3 billion. McMillon emphasized Walmart's unique position to leverage its digital and e-commerce growth for advertising sales, attributing success to its ability to connect digital ads with in-store transactions. This comes alongside Walmart's strong financial performance, including surpassing $100 billion in e-commerce sales and exceeding Q4 earnings expectations.

Portfolio Pulse from Benzinga Neuro

February 21, 2024 | 4:10 am

COIN

HOOD

ROKU

TWLO

TXG

Cathie Wood's Ark Invest purchased over $25M worth of Roku shares, signaling confidence in its long-term value despite recent dips. The firm also sold shares in Coinbase and Robinhood, adjusting its portfolio amid market dynamics. Additionally, Ark Invest bought shares in Unity Software and 10X Genomics, while selling Twilio and Zoom shares, reflecting strategic shifts in its investment focus.

Portfolio Pulse from Benzinga Neuro

February 21, 2024 | 3:54 am

AAPL

Gary Geaves, Apple Inc.'s acoustics chief and key developer of AirPods and HomePod, is stepping down and will be succeeded by Ruchir Davé. This leadership change is part of a broader shuffle within Apple's hardware engineering group, which is crucial for the company's audio product development including AirPods, Macs, and speakers. Apple reported strong performance in Q1 2024, driven by record Services and iPhone revenue, amidst a strategic shift towards its wearable and audio products business.

Portfolio Pulse from Ananya Gairola

February 21, 2024 | 1:58 am