Streetbeat News

Acquisitions Mergers

CLF

Morgan Stanley downgraded United States Steel Corporation (X) and Cleveland-Cliffs (CLF), adjusting their price targets. Cleveland-Cliffs announced the indefinite idling of its tinplate production plant in West Virginia due to tariff issues, affecting 900 employees. Reliance Steel & Aluminum Co. (RS), now Reliance Inc., reported strong financial results for 2023, announced acquisitions, and increased its dividend. Hecla Mining Company (HL) reported significant silver reserves and sales, operational improvements, and strong safety performance. Dakota Gold Corp. (DC) saw a significant share purchase by Director Robert Quartermain.

Portfolio Pulse from Austin DeNoce

February 15, 2024 | 8:38 pm

AMD

AMZN

ARKK

BABA

MSFT

ORCL

David Tepper's Appaloosa Management adjusted its Q4 2023 portfolio, entering positions in Oracle and ARK Innovation ETF, boosting stakes in Amazon, Alibaba, and Microsoft, while reducing semiconductor stocks like AMD, Intel, and Qualcomm. The fund also diversified into home improvement and exited positions in Arista Networks and Enterprise Products Partners.

Portfolio Pulse from Surbhi Jain

February 15, 2024 | 8:14 pm

LTRY

Lottery.com has announced the acquisition of SportLocker, although the financial details of the transaction were not disclosed. This strategic move could potentially expand Lottery.com's offerings and market reach.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 7:57 pm

INGN

PHG

Inogen Inc (NASDAQ:INGN) has been upgraded by William Blair from Market Perform to Outperform following Koninklijke Philips NV's (NYSE:PHG) announcement to halt sales of new CPAP, BiPAP, and other respiratory devices in the U.S. until compliance with a consent decree. Philips Respironics will continue operations internationally under specific conditions. The exit of Respironics, a significant market player, presents an opportunity for Inogen to capture a larger market share, potentially up to 50% compared to Respironics' 15%-25%. Despite recent challenges and management changes at Inogen, the analyst views the current valuation and market opportunity as favorable for the company.

Portfolio Pulse from Vandana Singh

February 15, 2024 | 7:30 pm

PFE

Pfizer Inc. (NYSE:PFE) reported mixed results in its Q4 2023 earnings call, highlighting a year of contrasts. Despite setbacks in COVID-19 product revenues, Pfizer achieved market leadership in pharma-only products, a record number of FDA approvals, and successfully closed the Seagen acquisition. However, missed projections, significant sales declines in COVID-19 products, a 93% dip in full-year diluted EPS, and nearly $1 billion in impairment charges for Prevnar 13 were notable negatives.

Portfolio Pulse from Tornado

February 15, 2024 | 7:01 pm

BZFD

BuzzFeed Inc (NASDAQ:BZFD) shares surged 45.3% to $0.25 following a report that The Independent is in talks to take control of BuzzFeed and Huffington Post operations in the UK and Ireland. The deal would see The Independent managing editorial and commercial aspects of BuzzFeed's UK brands, with BuzzFeed continuing to provide global content support. The stock's volume was over 70x its 100-day trailing average.

Portfolio Pulse from Henry Khederian

February 15, 2024 | 6:59 pm

AAPL

LLY

NFLX

NVDA

Bridgewater Associates, led by Ray Dalio, adjusted its portfolio in Q4 2023, making significant investments in tech and pharma sectors. New positions include AAPL, ORCL, CCI, CTRA, WFC, DAL, and LLY. The fund exited NFLX, TMO, MCHP, AKAM, and CEG. Notably, Bridgewater increased its NVDA stake by 458%, reflecting confidence in the tech sector, alongside investments in META, MSFT, and additional shares in GOOG. These strategic moves indicate a diversification and a bullish outlook on tech and healthcare.

Portfolio Pulse from Surbhi Jain

February 15, 2024 | 6:39 pm

STLA

Stellantis CFO announced during the Wolfe Research Conference Call that the company is actively seeking M&A opportunities, particularly focusing on small deals in the software and materials sectors. The statement emphasizes Stellantis's strategy to expand and strengthen its position through strategic acquisitions.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 6:37 pm

OXY

Occidental Petroleum's CEO announced during a webcast, as reported by Reuters, that the company does not plan any divestitures before the closing of the CrownRock deal. This statement provides clarity on the company's strategy leading up to the completion of this significant transaction.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 6:27 pm

OXY

An Occidental Petroleum executive announced that the Federal Trade Commission's inquiries into the CrownRock deal will delay its closing, now anticipated in the second half of the year, according to Reuters citing a webcast.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 6:24 pm