Streetbeat News

Acquisitions Mergers

AAPL

ENPH

NYCB

SNAP

Wall Street saw a bullish day with the S&P 500 nearing 5,000 points, driven by strong corporate earnings and the dominance of tech giants, despite regional banking concerns. The 'Magnificent Seven' tech companies surpassed a $13 trillion market cap. NYCB faced a decline after credit rating downgrades. Cryptocurrency and major indices also saw movements, with notable stock performances post-earnings reports.

Portfolio Pulse from Piero Cingari

February 07, 2024 | 6:40 pm

BAM

Brookfield Asset Management Inc (NYSE:BAM) reported Q4 revenues of $1.13 billion, surpassing estimates but missed EPS expectations with $0.23 versus $0.72 consensus. Distributable earnings rose slightly, and the company announced a 19% dividend increase. With $107 billion in dry powder, BAM anticipates a busy dealmaking year ahead. The company also launched a significant Catalytic Transition Fund at COP28.

Portfolio Pulse from Lekha Gupta

February 07, 2024 | 6:38 pm

FAZE

GAME

FaZe Holdings Inc. (NASDAQ:FAZE) shares are trading lower despite announcing the continuation of 'FaZe Fridays' through 2024, a live event series for gamers with over $1 million in cash prizes. Additionally, a special meeting for shareholders is scheduled on Feb. 16 to vote on a merger with GameSquare Holdings, Inc. (NASDAQ:GAME).

Portfolio Pulse from Erica Kollmann

February 07, 2024 | 6:06 pm

GLT

HOLO

SNAP

SUNW

TCS

Container Store Group's shares fell by 23% due to weak quarterly results, missing both earnings and sales estimates. Other stocks showed significant movements, with MicroCloud Hologram Inc. leading gainers by 400% after announcing plans to join the Communications Industry Association. Glatfelter Corporation also saw a notable increase after a merger announcement with Berry Global. On the losing side, Snap Inc. dropped by 35.2% following mixed quarterly results, and Sunworks Inc. plummeted by 29.1% after filing for Chapter 7 bankruptcy.

Portfolio Pulse from Avi Kapoor

February 07, 2024 | 6:02 pm

MSTR

MicroStrategy Inc. co-founder Michael Saylor emphasized Bitcoin's potential as an institutional asset class and store of value, predicting 2024 as the year Bitcoin becomes an institutional-grade asset. He compared Bitcoin's evolution to significant financial milestones like the creation of gold ETFs and the S&P index ETF. Saylor highlighted Bitcoin's transition from an unregulated retail asset to a regulated institutional asset, likening it to the digital transformation seen in tech companies like Microsoft, Google, and Apple. He also mentioned the growth of new job opportunities within the Bitcoin industry and argued that Bitcoin ETFs represent a catalytic moment, shifting the narrative towards Bitcoin as a significant store of value.

Portfolio Pulse from Murtuza Merchant

February 07, 2024 | 5:42 pm

FCX

Freeport-McMoRan (NYSE:FCX) announced Kathleen L. Quirk as its new CEO, effective June 11. Quirk, with the company since 1989 and previously CFO and President, succeeds Richard Adkerson, who remains Chairman. The leadership transition is part of a strategic plan, with Quirk's extensive experience expected to continue Freeport's successful trajectory in the mining industry. The company anticipates $5.8 billion in operating cash flows in 2024, with significant sales volumes of copper, gold, and molybdenum.

Portfolio Pulse from Stjepan Kalinic

February 07, 2024 | 5:23 pm

YUM

Yum! Brands Inc (NYSE:YUM) reported a 1% year-on-year sales growth for Q4 fiscal 2023, totaling $2.04 billion, which missed the analyst consensus estimate of $2.11 billion. Worldwide system sales excluding foreign currency translation grew by 5%, with KFC at 7%, Taco Bell at 6%, and Pizza Hut at 1%. Same-store sales increased by 1% overall, with KFC up 2%, Taco Bell up 3%, and Pizza Hut down 2%. The company's adjusted EPS was $1.26, below the consensus of $1.40. YUM opened 1,853 new units during the quarter and paid off a $325 million debt maturity. The operating margin expanded to 29.9%, and operating income climbed 5.4% to $609 million. The company anticipates the recent purchase of 218 KFC outlets in the U.K. and Ireland to have a negligible effect on its 2024 EPS. YUM shares are trading higher by 3.16% at $131.29.

Portfolio Pulse from Akanksha Bakshi

February 07, 2024 | 5:16 pm

AVNW

GLT

HOLO

SNAP

TCS

TGI

U.S. stocks traded higher with the Nasdaq Composite gaining over 100 points. Information technology shares rose by 1.1%, while energy shares fell by 0.1%. Crude oil inventories increased significantly. MicroCloud Hologram Inc. joined the Communications Industry Association, causing its shares to surge 450%. Glatfelter Corporation's shares surged 77% after announcing a merger with Berry Global's segment. Aviat Networks reported strong financial results, boosting its shares by 24%. Conversely, Triumph Group, The Container Store Group, and Snap Inc. saw their shares plummet due to disappointing financial results.

Portfolio Pulse from Avi Kapoor

February 07, 2024 | 5:08 pm

CTLT

NVO

Novo Nordisk faces manufacturing challenges for its drugs Wegvoy and Ozempic due to high demand, leading to a deal to acquire three fill-finish sites from Novo Holdings for $11 billion. These sites, located in Italy, Belgium, and the US, specialize in sterile drug filling. The acquisition follows FDA scrutiny of Catalent's Bloomington plant, revealing quality control issues, including a pest on the manufacturing line and numerous unexplained discrepancies. Catalent's shares dropped by 0.56% to $58.16.

Portfolio Pulse from Vandana Singh

February 07, 2024 | 5:02 pm

KERN

Akerna Corp. (NASDAQ:KERN) announced the expected closing of its merger with Gryphon Digital Mining, Inc. on February 9, 2024, before markets open. The merger will result in a 1-for-20 reverse stock split for Akerna's common stock. Post-merger, the combined entity will trade under the new name 'Gryphon Digital Mining, Inc.' and symbol 'GRYP' on Nasdaq. Akerna stockholders approved the merger, sale transaction, reverse stock split, and name change in a special meeting. The reverse stock split will adjust all related securities and equity incentive plans accordingly, with no fractional shares issued. Akerna's transfer agent, Continental Stock Transfer & Trust Company, will manage the reverse stock split and issue instructions to stockholders.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 5:01 pm