Streetbeat News

Acquisitions Mergers

NAVI

Navient, a major player in the student loan servicing sector, has announced plans to outsource its student loan servicing operations following a comprehensive review of its business. Additionally, the company is exploring strategic options for its Business Processing division, which could include a sale or other transaction. These strategic actions are aimed at optimizing Navient's business model and focusing on areas with the most potential for growth and profitability.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 9:32 pm

NAVI

Navient Corporation plans to outsource its student loan servicing operations to create a variable expense model. The company is also exploring strategic options for its Business Processing division, which may include a potential divestment.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 9:31 pm

MINM

David E. Lazar, an activist investor, has disclosed a significant 51% active stake in Minim Inc. This level of ownership suggests a potential for substantial influence over the company's strategic direction, operational decisions, and potential for future corporate actions such as mergers, acquisitions, or restructuring.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 9:28 pm

CNM

Core & Main, a specialized distributor of water, wastewater, storm drainage and fire protection products, has signed an agreement to acquire Dana Kepner Company, a waterworks distributor. The financial terms of the deal were not disclosed. This acquisition is expected to expand Core & Main's footprint and enhance its distribution capabilities.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 9:20 pm

MSFT

Microsoft Corporation (NASDAQ:MSFT) reported Q2 revenue of $62 billion, up 18% YOY, beating estimates of $61.12 billion. Adjusted EPS was $2.93, surpassing the $2.76 consensus. The quarter featured the completion of Activision Blizzard's acquisition and significant growth in cloud revenue, with Microsoft Cloud earning $33.7 billion, a 24% increase YOY. CEO Satya Nadella emphasized the application of AI at scale. Segment revenues also saw increases, with Xbox content and services up 61% YOY, largely due to Activision. After-hours trading saw MSFT shares down 1%.

Portfolio Pulse from Chris Katje

January 30, 2024 | 9:18 pm

JBLU

SAVE

JetBlue Airways Corporation's CEO, Robin Hayes, expressed disagreement with a court ruling that blocked the proposed $3.8 billion merger with Spirit Airlines, Inc. The companies are seeking an expedited appeal before the merger agreement's outside closing date of July 24. JetBlue reported its Q4 earnings and reiterated commitment to the Spirit deal terms. JetBlue's stock (JBLU) closed down 4.73%, while Spirit's stock (SAVE) closed up 5.8% on Thursday.

Portfolio Pulse from Erica Kollmann

January 30, 2024 | 9:14 pm

AMGN

Benzinga's options scanner revealed significant bullish options activity for Amgen (NASDAQ:AMGN), with 71% of the heavyweight investors' sentiment leaning bullish. The options activity suggests a price target range between $250 and $360. Amgen is a biotech leader with a diverse portfolio, including recent acquisitions like Horizon. The stock is slightly down with a potential overbought RSI, and earnings are expected in 7 days. One analyst from UBS maintains a Neutral rating with a target price of $314.

Portfolio Pulse from Benzinga Insights

January 30, 2024 | 8:00 pm

ADBE

Adobe Systems Incorporated has decided to discontinue investment in its XD web-design program following the collapse of its deal to acquire Figma, a rival design software company. Adobe will now focus on delivering future product design features through partnerships rather than in-house development.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 7:38 pm

AMD

DHR

DIA

GOOGL

LCID

MSCI

MSFT

QQQ

SLB

SPY

UPS

XLF

XLK

US stocks showed mixed performance ahead of key tech earnings and the Fed meeting. The S&P 500 and Nasdaq 100 dipped, while the Dow edged up. Microsoft, Alphabet, and AMD are set to report earnings. Economic data showed higher job openings and home prices, but below expectations. UPS shares fell after a revenue miss and job cuts, while GM surged on strong results and outlook. Danaher, MSCI, and Lucid also rose, but Schlumberger fell with the oil sector. ETFs SPY, DIA, and QQQ moved in line with their indices, and sector funds XLF and XLK reflected financial and tech sector performance.

Portfolio Pulse from Piero Cingari

January 30, 2024 | 6:31 pm

TSLA

Tesla Inc. (NASDAQ:TSLA) will halt production at its Berlin plant from Jan. 29 to Feb. 11, 2024, due to supply chain issues caused by attacks on the Red Sea shipping route. The proposed India-Middle East-Europe Economic Corridor (IMEC) could provide an alternative shipping route, potentially benefiting Tesla's long-term strategy. The corridor would connect India's western coast to Israel and Europe, offering a reliable shipping route for Tesla's batteries from China. Additionally, the discovery of lithium reserves in India could influence EV manufacturing and Tesla's interest in setting up a manufacturing plant in India.

Portfolio Pulse from Shankar Iyer

January 30, 2024 | 6:30 pm