Streetbeat News

Acquisitions Mergers

TTE

TotalEnergies SE (NYSE:TTE) is reportedly exploring the sale of a 50% stake in its renewable projects portfolio valued at approximately $2.5 billion, spanning the U.S., Spain, Portugal, France, and Greece. This follows a recent acquisition of a 50% stake in SapuraOMV Upstream Sdn for $903 million and winning a 20-year contract to supply 1.34 GW of renewable electricity to New Jersey. TTE shares dipped by 1.23% to $64.65.

Portfolio Pulse from Nabaparna Bhattacharya

February 02, 2024 | 4:51 pm

JBLU

SAVE

A U.S. Appeals Court has established an expedited schedule for the appeal by JetBlue and Spirit Airlines against the rejection of their merger. This move indicates a swift progression through the legal system, potentially impacting the future operations and strategic positioning of both airlines.

Portfolio Pulse from Benzinga Newsdesk

February 02, 2024 | 4:44 pm

ABBV

CERE

IMGN

AbbVie Inc (NYSE:ABBV) reported a Q4 adjusted EPS of $2.79, down 22.5% Y/Y but above consensus. Q4 revenues were $14.301 billion, down 5.4% Y/Y, also beating expectations. The company saw mixed results in its drug portfolios, with significant declines in Humira sales but strong growth in Skyrizi and Rinvoq sales. AbbVie has made strategic acquisitions of ImmunoGen Inc (NASDAQ:IMGN) and Cerevel Therapeutics Holdings Inc (NASDAQ:CERE) to bolster its oncology and neuroscience portfolios, respectively. The company raised its long-term revenue outlook for several drugs and expects a high single-digit annual revenue growth rate through 2029. ABBV shares rose 1.44% to $170.01.

Portfolio Pulse from Vandana Singh

February 02, 2024 | 4:12 pm

HUT

MARA

Marathon Digital Holdings, Inc. (MARA) and Hut 8 Corp. (HUT) announced the termination of property management agreements at two of Marathon's Bitcoin mining sites. Hut 8 will receive a termination fee of $13.568 million and continue to provide services until April 30. Marathon aims to leverage its operational expertise at new sites in Texas and Nebraska.

Portfolio Pulse from Erica Kollmann

February 02, 2024 | 4:11 pm

REGN

SNY

TSVT

Regeneron Pharmaceuticals Inc (REGN) reported a Q4 adjusted EPS of $11.86, surpassing estimates and showing a revenue increase of 1% to $3.43 billion. Dupixent sales, recorded by Sanofi (SNY), rose 31% to $3.22 billion. Regeneron's Eylea sales slightly declined, while Libtayo sales surged 44%. Additionally, Regeneron formed Regeneron Cell Medicines after acquiring assets from 2seventy bio Inc (TSVT), with REGN shares rising 3.26% in premarket trading.

Portfolio Pulse from Vandana Singh

February 02, 2024 | 4:08 pm

FFNTF

FLGC

MMNFF

OGI

SBIG

January saw significant executive and board changes in the cannabis industry. Flora Growth Corp.'s CEO, Clifford Starke, was elected chairman of the U.S. Hemp Roundtable. 4Front Ventures and The Cannabist Company Holdings announced new CEOs. Organigram Holdings and other companies made board appointments, while MedMen Enterprises and BZAM Ltd. saw departures. Trulieve Cannabis appointed a new COO, and other companies expanded their executive teams.

Portfolio Pulse from Jelena Martinovic

February 02, 2024 | 4:01 pm

LYB

LyondellBasell Industries N.V. (NYSE:LYB) reported mixed Q4 fiscal 2023 results with revenues of $9.93 billion, slightly above consensus but down from the previous year. Adjusted EBITDA increased by 5.2% Y/Y, while adjusted EPS missed expectations. The company highlighted strong cash conversion and strategic moves including divestitures and a new joint venture. However, LYB warned of headwinds from slow demand and economic uncertainty, expecting continued challenges in Q1 2024. Shares fell by 2.65% to $92.11.

Portfolio Pulse from Akanksha Bakshi

February 02, 2024 | 3:30 pm

META

PUB

TSLA

Cryptocurrencies like Bitcoin, Ethereum, and Dogecoin remain strong amid US banking concerns. US charges individuals in a $400M hack, and arrests are made related to BTC-e for money laundering. Apple's Q1 results lead to a pre-market drop, while Meta's stock surges 16% premarket. Investor optimism boosts the Dow by over 350 points. Global demand for AI infrastructure is highlighted by Nvidia's CEO. Amazon continues layoffs despite profits, and Google expands AI features globally. Tesla recalls Cybertrucks, and GM focuses on EV production. Publicis settles in opioid marketing case, and commercial real estate issues affect regional banking stocks.

Portfolio Pulse from Akanksha Bakshi

February 02, 2024 | 2:39 pm

AMD

GOOG

MSFT

NVDA

Nvidia's RTX 4090 graphics cards are in high demand across Asia, especially in Taiwan, due to U.S. export controls aimed at curbing China's AI advancements. Nvidia is also taking pre-orders for its H20 AI chip, designed for the Chinese market, to compete with Huawei's offerings. The company's sales doubled last fiscal year, with significant investments from clients like Microsoft and Alphabet. Despite U.S. restrictions on chip exports to China, demand for Nvidia's products remains strong. Nvidia stock gained over 190% last year, outperforming broader indexes, with AMD also benefiting as a significant AI player.

Portfolio Pulse from Anusuya Lahiri

February 02, 2024 | 2:37 pm