Streetbeat News

Acquisitions Mergers

PVSP

Pervasip Corp. (OTCPK: PVSP) is restructuring its cannabis operations, converting $15M in debt into equity in a new subsidiary, aiming for profitability and an OTCQB listing. The move focuses on high-margin branded product sales and reduces debt-to-equity ratios, signaling a strategic shift towards financial health and long-term growth.

Portfolio Pulse from Jelena Martinovic

February 02, 2024 | 6:38 pm

AMZN

GOOG

MSFT

Amazon.com Inc (NASDAQ:AMZN) reported a strong fourth quarter with pre-tax earnings of $13.2 billion, surpassing analyst estimates due to a record holiday season and cost discipline. Revenue rose 14% to $170 billion, also beating forecasts. AWS saw a 13% year-over-year increase to $24.2 billion. Amazon's advertising revenue grew by 26%, and the company is expanding its AI capabilities, including launching Amazon Q and an AI shopping assistant. Microsoft Corporation (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOG) also reported growth in their cloud services, with AI enhancements contributing to Microsoft's Azure revenue. Amazon plans to increase capital spending on AI infrastructure.

Portfolio Pulse from Upwallstreet

February 02, 2024 | 6:17 pm

BTCUSD

ETHUSD

Bloomberg Intelligence ETF analyst James Seyffart predicts a 60% chance of spot Ethereum ETFs being approved in 2024, following the significant approval of spot Bitcoin ETFs in the United States. Seyffart highlights the efficiency and investment benefits of spot ETFs over futures ETFs and expresses cautious optimism for Ethereum ETFs, despite less confidence compared to Bitcoin ETF approvals. He also mentions political influences on the SEC's decision-making process.

Portfolio Pulse from Murtuza Merchant

February 02, 2024 | 6:07 pm

MAT

Activist investor Barington Capital has acquired a stake in Mattel (NASDAQ:MAT) and is pushing for significant organizational changes to boost the company's underperforming stock. Barington's proposals include exploring strategic alternatives for Fisher-Price and American Girl, addressing stock-based compensation, and initiating a $2 billion share buyback plan. The investor believes these actions could potentially double Mattel's share price in three years. Mattel is reviewing Barington's proposals and has been exploring ways to leverage its intellectual property, including film projects.

Portfolio Pulse from Vandana Singh

February 02, 2024 | 6:02 pm

TSX:NUMI

Numinus Wellness Inc. partners with Eight Capital in a $6 million bought deal to strengthen its financial position for future mental health initiatives, involving the purchase of 50,000,000 units. The deal, supported by MAPS and Integrated V.C., highlights growing interest in psychedelic-assisted therapy. The offering includes common shares and warrants, with an Over-Allotment Option, indicating a strategic approach to funding Numinus's expansion in mental health care and therapist training programs.

Portfolio Pulse from The Dales Report

February 02, 2024 | 5:58 pm

CART

KVYO

PINS

Reddit is preparing for its IPO in March 2024 with a potential valuation exceeding $5 billion, marking a significant event in the tech sector after a period of few IPOs. The company, having raised $1.3 billion from investors, has yet to turn a profit despite generating over $800 million in advertising revenue in 2023. Pinterest Inc (PINS), Instacart (CART), and Klaviyo Inc (KVYO) are mentioned in the context of recent tech IPOs, with the latter two facing public market challenges.

Portfolio Pulse from Surbhi Jain

February 02, 2024 | 5:48 pm

GSK

NVAX

Novavax Inc announced that its R21/Matrix-M malaria vaccine, developed with the University of Oxford and Serum Institute of India, received WHO prequalification based on Phase 3 trial results published in The Lancet. The vaccine showed a 75% reduction in symptomatic malaria cases in seasonal transmission areas and 68% efficacy in perennial regions among children aged 5-36 months. Priced at approximately $3 per dose, it's considered more affordable and accessible than GSK Plc's vaccine, with 25 million doses already produced for the current year.

Portfolio Pulse from Vandana Singh

February 02, 2024 | 5:41 pm

XOM

Goldman Sachs analyst Neil Mehta provided insights on Exxon Mobil Corp's (NYSE:XOM) Q4 FY23 performance, highlighting its upstream strength and cost strategies amid a production surge. The company's adjusted net profit was $9.96 billion, surpassing consensus and Goldman Sachs' estimates. However, revenue fell short of expectations. Net production exceeded analyst estimates, and upstream earnings were above expectations. The focus for the upcoming conference call includes cost reduction, volume guidance, refining outlook, the Pioneer Natural Resources acquisition, and capital spending. Mehta forecasts revenue and EPS for FY24 and FY25, maintaining a Neutral rating with a $114 price target. XOM shares rose by 1.00% to $103.42.

Portfolio Pulse from Lekha Gupta

February 02, 2024 | 5:31 pm

LFSWF

Lifeist Wellness Inc. (OTC:LFSWF) is divesting its cannabis business, CannMart Group, to 1463663 B.C. Ltd. for CA$5 million ($3.72 million) to focus on nutraceuticals. The deal includes cash, a vendor takeback loan, and share purchase warrants in Tierra Corp. This strategic shift aims to leverage the growing nutraceutical market, forecasted to reach $118.7 billion by 2028, while retaining the option to re-enter the cannabis space.

Portfolio Pulse from Jelena Martinovic

February 02, 2024 | 5:15 pm

TPR

Wells Fargo has maintained its Overweight rating on Tapestry (NYSE:TPR) and increased its price target from $50.00 to $60.00. Despite a 1.27% decline in share price over the last 24 hours to $39.51, the new target suggests a potential 51.86% upside. Tapestry, owning brands like Coach, Kate Spade, and Stuart Weitzman, recently agreed to acquire Capri, adding brands such as Michael Kors, Versace, and Jimmy Choo.

Portfolio Pulse from Benzinga Insights

February 02, 2024 | 5:00 pm