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Acquisitions Mergers

NVDA

RENB

Renovaro Biosciences Inc (NASDAQ:RENB) shares plummeted nearly 30% following a Hindenburg Research report. The report exposed co-founder Dr. Serhat Gumrukcu's criminal charges and fraudulent activities, including faked clinical data. Despite these revelations, Renovaro proceeded with a questionable merger with GEDi Cube, an AI company with no operational history. Key executives resigned without proper disclosure, and a supposed partnership with Nvidia Corporation (NASDAQ:NVDA) was criticized. The company now faces allegations of securities law violations and governance issues.

Portfolio Pulse from Vandana Singh

February 13, 2024 | 4:01 pm

HRI

Herc Holdings Inc (NYSE:HRI) reported a 6% year-on-year increase in Q4 FY23 sales to $831 million, missing analyst expectations. Adjusted EPS was $3.24, below the consensus of $3.47. Equipment rental revenue rose by 4.9% to $748 million. The company is exploring the sale of its Cinelease studio entertainment business, acquired in 2019. Herc projects 7-10% organic rental-revenue growth and 6-9% higher adjusted EBITDA for 2024, with an expected adjusted EBITDA of $1.55 billion to $1.60 billion. HRI shares closed up 2.00% at $154.68.

Portfolio Pulse from Anusuya Lahiri

February 13, 2024 | 4:01 pm

ACI

Albertsons Companies (NYSE:ACI) has received mixed analyst ratings over the past three months, with an average 12-month price target of $25.25. The company, a major grocer in America, is under a $25 billion acquisition deal by Kroger, expected to close in 2024. Albertsons shows strong financial health with notable revenue growth, net margin, ROE, and ROA, despite a high debt-to-equity ratio. Analysts maintain diverse ratings, reflecting varied market perceptions.

Portfolio Pulse from Benzinga Insights

February 13, 2024 | 4:00 pm

AMD

A comparative study of Advanced Micro Devices (AMD) and its competitors in the Semiconductors & Semiconductor Equipment industry reveals AMD's premium valuation with a high P/E ratio, potential undervaluation based on P/B ratio, overvaluation in terms of P/S ratio, and inefficiency in utilizing equity with a low ROE. Despite these challenges, AMD demonstrates robust sales expansion with a revenue growth surpassing the industry average. The company's acquisition of Xilinx aims to diversify its business and enhance opportunities in key markets.

Portfolio Pulse from Benzinga Insights

February 13, 2024 | 4:00 pm

META

SNAP

Snap Inc. (SNAP) and Meta Platforms Inc. (META) have been rivals since Snapchat rejected Meta's (then Facebook) $3B buyout offer in 2013. Despite Snapchat's innovative features, Meta's acquisition of Instagram and its subsequent introduction of Instagram stories, which mimic Snapchat's features, have significantly bolstered Meta's user base. Snapchat's recent earnings report showed a 35% stock drop, while Meta's stock has risen 36% year to date. The competition highlights the struggle of smaller companies against tech giants, with Snapchat still valued at $18 billion, significantly more than Meta's initial offer but lagging in stock performance compared to Meta's 1,700% increase since 2013.

Portfolio Pulse from Caleb Naysmith

February 13, 2024 | 3:30 pm

ECL

FREE

JBLU

Ecolab Inc. reported better-than-expected Q4 financial results, leading to a 6.4% rise in its shares. Other stocks like Whole Earth Brands, Larimar Therapeutics, and JetBlue Airways also saw significant gains due to various positive developments. The overall market, however, was down with the Dow Jones index dropping over 500 points.

Portfolio Pulse from Avi Kapoor

February 13, 2024 | 3:09 pm

ARM

Arm Holdings Plc (NASDAQ:ARM) shares declined Tuesday after a significant rally following last week's earnings, where it beat analyst estimates and issued strong guidance. The company plans to expand into new markets due to AI demand. Several analysts raised price targets post-earnings. SoftBank, which acquired Arm in 2016 and took it public in the biggest IPO of 2023, owns about 90% of Arm's shares. Arm's 180-day post-IPO lockup expires next month.

Portfolio Pulse from Adam Eckert

February 13, 2024 | 3:07 pm

PENN

WYNN

PENN Entertainment has reached an agreement with Wynn Interactive Holdings to acquire its New York mobile sports wagering licenses for $25M, aiming to launch ESPN BET in New York in 2024. The acquisition includes WSI US, LLC, which holds the licenses issued by the New York State Gaming Commission in 2021. This move is part of PENN's strategy to expand ESPN BET across the U.S., with New York being a significant market.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 3:01 pm

AMDI

Amphitrite Digital Inc (NASDAQ:AMDI) is set to begin trading on NASDAQ on February 14, with an IPO price range of $3.50 to $4.50 per share. The company specializes in providing in-destination tours, activities, and attractions in the US and the Caribbean, focusing on marine wildlife, nature, history, and culture.

Portfolio Pulse from Benzinga Insights

February 13, 2024 | 3:00 pm

WYY

WidePoint Corporation (WYY) announced positive financial results for FY23 with revenues of approximately $106 million, surpassing estimates of $104.16 million. The company highlighted its 26th consecutive quarter of positive Adjusted EBITDA and a substantial federal contract backlog of $359 million as of December 31, 2023. WidePoint expects double-digit percentage growth in revenue for 2024, driven by strong demand and strategic operational achievements. The company's focus on Identity & Access Management (IAM), Telecommunications, and Managed Mobility Services (MMS) among others, has positioned it for continued growth. WidePoint's strategic investments and product developments, including the Intelligent Telecommunications Management System (ITMS) and Unified Communication Analytics Application, are expected to fuel long-term growth.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 2:49 pm