Streetbeat News

Acquisitions Mergers

GRAM

STHZF

California's cannabis market, six years post-legalization, faces challenges like oversupply and illicit trade, impacting financial expectations despite generating $5.7 billion in taxes. StateHouse Holdings (OTC:STHZF) and Gold Flora (OTC:GRAM) are highlighted as key players, with Zuanic & Associates providing analysis. StateHouse faces revenue drops and debt concerns, while Gold Flora thrives amid market consolidation with strong financials and strategic expansion. The market sees price pressures and a trend towards consolidation, with a few brands dominating. The upcoming Benzinga Cannabis Conference in Los Angeles aims to connect industry leaders and investors.

Portfolio Pulse from Nicolás Jose Rodriguez

February 06, 2024 | 4:26 am

MCD

McDonald's Corp (NYSE:MCD) plans to open 1,000 new outlets in China this year as part of its strategy to expand in lower-tier cities and aims for 10,000 restaurants in mainland China by 2028. This expansion is in response to market saturation in major cities and economic challenges in China. Despite international challenges, McDonald's reported a 4.3% rise in U.S. same-store sales and 3.4% worldwide in Q4. However, McDonald's shares fell 3.73% following the announcement.

Portfolio Pulse from Benzinga Neuro

February 06, 2024 | 4:11 am

DNA

HOOD

NTLA

NVDA

SHOP

SPOT

TSLA

Cathie Wood's Ark Invest purchased over $11 million worth of Tesla Inc (TSLA) shares, demonstrating confidence in the electric vehicle company despite market fluctuations. The firm also sold over $4.5 million in Nvidia Corp (NVDA) shares, aligning with Wood's preference for Tesla as a top AI investment over Nvidia. Additionally, Ark Invest adjusted its portfolio by selling Shopify Inc (SHOP) shares, and increasing investments in biotech firms Intellia Therapeutics Inc (NTLA) and Ginkgo Bioworks Holdings Inc (DNA), as well as in Robinhood Markets Inc (HOOD) and Spotify Technology SA (SPOT).

Portfolio Pulse from Benzinga Neuro

February 06, 2024 | 3:45 am

DIS

MTSFY

OLCLY

Elliott Management, an activist investor, has acquired a 2% stake in Mitsui Fudosan (OTC:MTSFY) and is pressuring the company to sell its shares in Oriental Land (OTC:OLCLY), the operator of Tokyo Disney Resort. Elliott proposes using the sale proceeds for a $6.7 billion share buyback to improve Mitsui Fudosan's return on equity. This move is part of Elliott's broader strategy to influence Japanese companies, similar to its past involvement with companies like SoftBank Group and Toshiba.

Portfolio Pulse from Benzinga Neuro

February 06, 2024 | 3:00 am

TSLA

Investors are being drawn to Elon Musk's AI venture, xAI, with a presentation highlighting its potential by leveraging Musk's network of companies and comparing its path to OpenAI's success. The presentation lists Tesla Inc. (TSLA) and X (formerly Twitter) as strategic partners, providing crucial training data for xAI. Despite Musk's denial of seeking up to $6 billion in funding, xAI has reportedly secured $500 million in financing, aiming for $1 billion in equity and a valuation between $15 billion and $20 billion.

Portfolio Pulse from Ananya Gairola

February 06, 2024 | 2:24 am

MSFT

NTDOY

SONY

Microsoft Corp. is reportedly considering releasing certain Xbox games, including Indiana Jones and the Great Circle and possibly Starfield, on Sony Group Corp.'s PS5. This potential shift to multi-platform gaming may also extend to Nintendo ADR's Switch. The strategy reflects Microsoft's broader aim to be a 'good publisher' across multiple platforms, following its acquisition of Activision Blizzard. The move could change the exclusivity dynamics of future titles like The Elder Scrolls 6.

Portfolio Pulse from Franca Quarneti

February 05, 2024 | 11:13 pm

MOR

NVS

MorphoSys AG has entered into a Business Combination Agreement with Novartis for a takeover valued at €2.7 billion, or €68 per share in cash, representing a significant premium over recent share prices. This agreement also includes the sale of rights for tafasitamab to Incyte Corporation for US$25 million. Novartis aims to maximize the potential of pelabresib, a promising therapy in MorphoSys' pipeline, with its resources. The takeover offer is subject to customary closing conditions and regulatory approvals, expected to close in the first half of 2024.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 9:53 pm

NTCO

Natura &Co's board has authorized management to explore the potential separation of Natura & Co Latam and Avon into two independent, publicly traded companies. This move aims to unlock further shareholder value by allowing each entity to pursue more tailored strategies with their own governance and management teams.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 9:50 pm

INCY

MOR

Incyte has entered into an asset purchase agreement with MorphoSys, acquiring exclusive global development and commercialization rights for tafasitamab (Monjuvi/Minjuvi). Incyte will pay MorphoSys $25 million, taking over all U.S. commercialization and clinical development responsibilities. MorphoSys will no longer receive future milestone, profit split, or royalty payments.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 9:48 pm

PINC

Premier Inc (PINC) shares are up following a $1 billion buyback announcement and plans to seek partners for ownership stakes in Contigo Health and S2S Global. The company also shared its Q2 earnings results.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 9:37 pm