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Acquisitions Mergers

HUT

MARA

Marathon Digital Holdings, Inc. (MARA) has announced an agreement to take over operational control from Hut8 Mining Corp. affiliates of two Bitcoin mining sites in Granbury, Texas, and Kearney, Nebraska. This transition is expected to be completed by April 30, 2024.

Portfolio Pulse from Charles Gross

February 01, 2024 | 6:42 pm

META

SNAP

TSLA

Fidelity increased the valuation of Twitter, now X Holdings, by 11% in its Fidelity Blue Chip Growth Fund (FBGRX), despite holding it at a 68% discount to Musk's purchase price, implying a $14.1 billion valuation. The rise may be influenced by the performance of peer companies like Snap Inc (SNAP) and Meta Platforms (META), and Musk's hints at future AI company stakes for Twitter shareholders. Other major investors have also marked down their Twitter valuations, potentially affecting Musk's capital raising efforts. Fidelity's fund holds stakes in major tech firms, with NVIDIA, Microsoft, Apple, Amazon, Alphabet, and Meta as its largest assets.

Portfolio Pulse from Chris Katje

February 01, 2024 | 6:26 pm

CHRW

CMND

MINM

NVIV

REVB

C.H. Robinson Worldwide, Inc. (CHRW) shares fell over 12% after reporting Q4 financial results below market expectations. Other stocks showed significant movement, with companies like Minim, Inc. (MINM) and Clearmind Medicine Inc. (CMND) experiencing substantial gains. Conversely, Revelation Biosciences, Inc. (REVB) and InVivo Therapeutics Holdings Corp. (NVIV) saw notable declines. The article also highlights stocks that moved due to earnings reports, strategic agreements, and other corporate actions.

Portfolio Pulse from Avi Kapoor

February 01, 2024 | 6:17 pm

RCM

Jefferies conducted an LBO analysis of R1 RCM, suggesting that an acquisition could yield a 20%+ IRR over a 5-year period. The analysis assumes a 40% takeout premium.

Portfolio Pulse from Benzinga Newsdesk

February 01, 2024 | 6:09 pm

AMZN

GOOG

META

MSFT

OKTA

Okta, Inc (NASDAQ:OKTA) announced a restructuring plan involving a 7% workforce reduction, approximately 400 employees, aiming to improve operating efficiencies. The company expects to incur about $24 million in restructuring charges in Q4 fiscal 2024 but reaffirmed its financial guidance for the same period. This move is part of a broader trend in the tech industry, with companies like Alphabet Inc (GOOG, GOOGL), Meta Platforms Inc (META), Microsoft Corp (MSFT), and Amazon.Com Inc (AMZN) also announcing significant layoffs in 2023.

Portfolio Pulse from Anusuya Lahiri

February 01, 2024 | 6:07 pm

CMND

Clearmind Medicine's stock is trading higher following the announcement of an exclusive long-term license agreement with BIRAD, signaling potential growth and expansion opportunities for the company.

Portfolio Pulse from Benzinga Newsdesk

February 01, 2024 | 5:34 pm

KPRX

Kiora Pharmaceuticals, Inc. (NASDAQ:KPRX) shares surged after announcing a private placement of up to $45 million and an exclusive license and development agreement with Théa Open Innovation SAS. The deal includes an upfront payment of $16 million to Kiora, potential milestone payments of up to $285 million, and tiered royalties on net sales. Additionally, Kiora will issue 15,800,000 shares and warrants to institutional investors for approximately $15 million, with potential future proceeds of $30 million from warrant exercises. KPRX's stock is currently trading above its 200-day moving average, indicating a bullish signal.

Portfolio Pulse from Erica Kollmann

February 01, 2024 | 4:57 pm

CAH

Cardinal Health Inc (NYSE:CAH) reported a 38% Y/Y increase in Q2 FY24 adjusted EPS to $1.82, surpassing consensus estimates. Sales rose 12% to $57.45 billion, also beating expectations. The pharmaceutical segment saw a 12% increase, while the Medical segment grew by 3%. Cardinal Health announced the acquisition of Specialty Networks for $1.2 billion, aiming to expand its specialty therapeutic areas. The company raised its FY24 adjusted EPS guidance and forecasts sales growth in its Pharmaceutical and Specialty Solutions and GMPD segments. Despite the positive report, CAH shares dropped 4.30% to $104.49.

Portfolio Pulse from Vandana Singh

February 01, 2024 | 4:52 pm

NSC

Norfolk Southern shares are trading higher after a Wall Street Journal report revealed that an Ancora-led investor group has acquired a $1 billion stake in the company. The group intends to change the board and CEO to potentially improve the company's performance and direction.

Portfolio Pulse from Benzinga Newsdesk

February 01, 2024 | 4:14 pm

HARP

MRK

Merck & Co Inc (NYSE:MRK) reported a surprise Q4 2023 profit with sales of $14.63 billion, up 6% Y/Y, driven by oncology, vaccines, and hospital acute care. Keytruda sales rose 21% to $6.61 billion, while Lagevrio sales dropped 77%. Adjusted EPS was $0.03, beating consensus. The company forecasts 2024 sales of $62.7 billion-$64.2 billion and adjusted EPS of $8.44-$8.59. Merck also announced the acquisition of Harpoon Therapeutics Inc (NASDAQ:HARP), expected to close in H1 2024.

Portfolio Pulse from Vandana Singh

February 01, 2024 | 3:43 pm