Streetbeat News

Acquisitions Mergers

TVGN

Tevogen Bio Holdings Inc. has completed a business combination with Semper Paratus Acquisition Corporation and will be listed on Nasdaq under the ticker 'TVGN'. This move is expected to increase Tevogen's access to capital, accelerating the development of its off-the-shelf T cell therapy products for virology, oncology, and neurology. The company's innovative platform aims to address unmet needs in large patient populations with a focus on affordability and advanced science.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 8:56 pm

BIIB

ESALY

NVS

Biogen Inc (NASDAQ:BIIB) reported Q4 2023 sales of $2.39 billion, missing estimates and showing a 6% Y/Y decline. Adjusted EPS also fell by 27%. The company's partner, Eisai Co Ltd (OTC:ESALY), faces delays with Leqembi's patient enrollment, impacting Biogen's stock growth. Baird analyst lowered Biogen's price target to $316 from $333 but maintained an Outperform rating. Competition in Spinal Muscular Atrophy treatments from Novartis AG (NYSE:NVS) and Roche's Genentech affects Biogen's Spinraza. Biogen may pursue $1B-$2B deals to fill revenue gaps, focusing on the CNS space.

Portfolio Pulse from Vandana Singh

February 14, 2024 | 8:11 pm

DIS

Nelson Peltz, CEO of Trian Partners and Disney's largest shareholder, criticizes Disney's management and recent announcements, claiming they lack substance. Despite Disney's efforts to improve shareholder value through dividends and a share repurchase program, Peltz remains unimpressed, highlighting the company's underperformance compared to the S&P 500 and questioning the long-term viability of their financial strategies. Peltz has nominated two directors for Disney's 2024 annual meeting as part of an ongoing proxy battle, advocating for a refreshed board and strategic changes to enhance shareholder value.

Portfolio Pulse from Adam Eckert

February 14, 2024 | 7:37 pm

MIMO

The Division of Naval Surface Warfare Center has announced its intention to procure hardware manufactured by Airspan Networks. This procurement indicates a strategic move towards enhancing the naval division's technological capabilities, potentially involving MIMO technology, which is known for improving wireless communication efficiency.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 7:32 pm

SHOO

Piper Sandler analyst Abbie Zvejnieks initiated coverage on Steven Madden, Ltd. (NASDAQ:SHOO) with a Neutral rating and a price target of $45, highlighting the brand's resilience and growth potential despite shifting trends. The acquisition of Almost Famous is expected to boost the apparel and accessories business, with low-teens earnings growth anticipated in 2024. However, increasing freight rates and delays due to the Red Sea crisis could pressure margins.

Portfolio Pulse from Nabaparna Bhattacharya

February 14, 2024 | 7:18 pm

HITI

NVACF

High Tide Inc. (HITI) has signed an agreement with the Manitoba Liquor and Lotteries Corporation to distribute cannabis products in Manitoba through its subsidiary Valiant Distribution Canada. This deal enhances High Tide's distribution capabilities in Canada, adding to its presence in Saskatchewan, the United States, and Europe. High Tide, recognized by ATB Capital Markets as one of the top cannabis retailers in North America, continues to expand its footprint. The company's strategic expansion and positive financial indicators, such as generating positive free cash flow and trading at low multiples, position it as a leader in the cannabis retail sector.

Portfolio Pulse from Jelena Martinovic

February 14, 2024 | 7:02 pm

AMD

INTC

NVDA

Intel Corp (NASDAQ:INTC) is experiencing a stock price increase due to its plans to raise at least $2 billion in equity for a semiconductor plant in Ireland. This follows a partnership with Brookfield Infrastructure Partners for manufacturing expansion in Arizona and comes amidst Intel's efforts to compete in the AI market, notably against Nvidia Corp (NASDAQ:NVDA) and Advanced Micro Devices, Inc (NASDAQ:AMD). Intel's stock rose over 53% last year, with plans to launch the Gaudi 3 AI accelerator in 2024.

Portfolio Pulse from Anusuya Lahiri

February 14, 2024 | 6:47 pm

BABA

PDD

Alibaba Group Holding Ltd (NYSE:BABA) is expanding its global footprint by seeking partnerships in Saudi Arabia and the UAE, aligning with China's initiative to strengthen Gulf relations. This strategic move aims to help Alibaba recover from recent regulatory challenges and strategic missteps in China. The company's recent financial performance showed a slight miss in revenue and adjusted earnings expectations. Meanwhile, PDD Holdings Inc (NASDAQ:PDD) is mentioned as a domestic competitor, having experienced a significant stock price increase last year, contrasting Alibaba's decline.

Portfolio Pulse from Anusuya Lahiri

February 14, 2024 | 6:43 pm

CNDT

Conduent Inc (NASDAQ:CNDT) reported mixed Q4 FY23 results with a 3.3% Y/Y revenue decline to $953 million, surpassing analyst expectations. The company saw a 6% Q/Q and 10% Y/Y increase in its new business TCV pipeline, primarily in the Government and Transportation Segment. Adjusted EBITDA rose 8.4% Y/Y to $103 million, and adjusted EPS was $0.03, missing estimates by $0.01. Conduent repurchased 6.6 million shares and ended the quarter with $498 million in cash. It also announced the sale of its Curbside Management and Public Safety Solutions businesses for $230 million, expected to close in 1H 2024. For FY24, Conduent forecasts adjusted revenue of $3.60 billion-$3.70 billion. Shares rose 2.5% to $3.4850.

Portfolio Pulse from Lekha Gupta

February 14, 2024 | 6:27 pm

AZTR

DTSS

SONY

Sony Group Corporation's shares fell by 6.3% after reporting Q3 financial results with sales growth of 22% and an EPS beat, but revised its FY23 sales outlook downwards. Other stocks showed significant movements, with notable gainers including Datasea Inc., Earlyworks Co., Ltd., and enGene Holdings Inc., and losers like Azitra, Inc., Ohmyhome Limited, and QuidelOrtho Corporation.

Portfolio Pulse from Avi Kapoor

February 14, 2024 | 6:18 pm