Streetbeat News

Acquisitions Mergers

BGLC

BIOL

IPGP

OMH

SBFM

IPG Photonics Corporation's shares fell by 11% after reporting mixed Q4 financial results and soft Q1 guidance. Other stocks showed significant movements, with notable gainers including Ohmyhome Limited, BioNexus Gene Lab Corp, and Digital Brands Group, Inc., among others. Losers included BIOLASE, Inc., Sunshine Biopharma, Inc., and Sientra, Inc., with significant drops after various announcements.

Portfolio Pulse from Avi Kapoor

February 13, 2024 | 6:13 pm

AMZN

BABA

PDD

WMT

Temu, owned by PDD Holdings Inc, is challenging Shein by attracting manufacturers cut off by Shein for not meeting certification standards. Temu's strategy targets not only Shein's market share by offering a platform for low-cost goods but also aims to compete with Amazon and Walmart by encouraging suppliers to manage logistics for faster delivery and lower prices. This move comes as Shein prepares for a U.S. IPO, contingent on Beijing's approval. PDD's stock saw a decrease of 1.87% to $129.11.

Portfolio Pulse from Anusuya Lahiri

February 13, 2024 | 6:11 pm

PARA

WBD

Paramount Global (NASDAQ:PARA) plans to reduce its workforce by approximately 800 employees, or 3% of its total staff, as detailed by CEO Bob Bakish. This move aims to streamline operations and focus on strategic goals, despite the company's streaming service, Paramount+, reporting a $238 million loss in Q3. Paramount is also exploring merger and acquisition opportunities, including discussions with Skydance Media and Warner Bros. Discovery Inc (NASDAQ:WBD). PARA shares dropped 2.05% to $13.14. The company's 200-day moving average is $14.56, suggesting potential future stock movement predictions.

Portfolio Pulse from Anusuya Lahiri

February 13, 2024 | 5:57 pm

ARBB

ARB IOT Group's shares surged following a 13G filing on Monday, revealing ARB Berhad has acquired a 28.38% stake in the company.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 5:46 pm

SBAC

SBA Communications Corp (SBAC), Phoenix Tower (backed by Blackstone, BX), and Asterion Industrial Partners are competing to acquire Cellnex's Irish unit, which manages nearly 2,000 sites. Advised by Santander and Barclays, Cellnex is expected to receive binding offers next week, valuing the unit at approximately 1 billion euros. This move is part of Cellnex's strategy to reduce debt and exit non-core markets, aiming for an investment grade credit rating by 2024.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 5:44 pm

BYDDF

BYD Co is exploring the possibility of establishing a manufacturing plant in Mexico, as stated by the head of the company's local unit. This initiative is part of BYD's broader strategy in Latin America, which includes a plan to invest 3 billion Reals in constructing a plant in Brazil. The company has initiated a feasibility study for the Mexican plant to assess the potential and logistics of the expansion.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 5:39 pm

TFC

The sale of the remaining 80% of Truist Insurance Holdings is imminent, with Stone Point Capital and Clayton Dubilier & Rice expected as investors. Dan Glaser is set for a major role in the parent company of CRC Group, McGriff, and AmRisc post-deal.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 5:23 pm

BDRX

Biodexa Pharmaceuticals Plc (NASDAQ:BDRX) shares surged after a Schedule 13G filing revealed Bigger Capital Fund's 9.9% stake. The company, focusing on brain cancer treatments, showed promising updates from its MAGIC-G1 study on recurrent glioblastoma. Additionally, a new patent for Tolimidone, potentially treating Type 1 Diabetes, was allowed. BDRX shares rose 30% in premarket and 13.80% to $1.65 in the latest trading session.

Portfolio Pulse from Vandana Singh

February 13, 2024 | 5:12 pm

ETHUSD

Franklin Templeton has filed for a spot Ether ETF, aiming for listing on the Chicago Board Options Exchange. The firm plans to stake a portion of the ETF's Ether holdings to earn rewards. This move places Franklin Templeton among other applicants like BlackRock Inc., VanEck, and Fidelity seeking SEC approval for spot Ether ETFs. The SEC's decision timeline spans from May 23 to Aug. 7 for various applications. Despite a crowded field, Bloomberg analysts suggest a unified decision by May 23, with a cautious outlook on approval chances.

Portfolio Pulse from Murtuza Merchant

February 13, 2024 | 5:11 pm

BIOL

BMR

DBGI

FREE

SBFM

SIEN

U.S. stocks traded lower with the Nasdaq Composite down over 1%. Coca-Cola (KO) reported better-than-expected Q4 sales, forecasting 6%-7% organic revenue growth for FY 2024. Beamr Imaging (BMR), Whole Earth Brands (FREE), and Digital Brands Group (DBGI) saw significant stock price increases. Conversely, Sunshine Biopharma (SBFM), BIOLASE (BIOL), and Sientra (SIEN) experienced substantial declines. Gold fell 1.4%, while oil prices rose.

Portfolio Pulse from Avi Kapoor

February 13, 2024 | 5:06 pm