Streetbeat News

Acquisitions Mergers

BABA

Chinese AI startup 01.AI, backed by Alibaba Group Holding Ltd. (NYSE:BABA), has raised $200 million from Alibaba Cloud and Sinovation Ventures, reaching a $1 billion valuation in eight months. Under Kai-Fu Lee's leadership, 01.AI is making strides in the AI field with its open-source model Yi, outperforming competitors on the Hugging Face leaderboard. The company aims to meet the demand for large-scale language models in China, where OpenAI and Google face restrictions.

Portfolio Pulse from Caleb Naysmith

February 05, 2024 | 7:27 pm

CTLT

IWM

META

NVDA

SNAP

TLT

Wall Street experienced a downturn as traders adjusted their expectations for Federal Reserve interest rate cuts, influenced by strong economic data and Fed officials' comments. Treasury yields and the dollar rose, while small-cap stocks and bonds fell. Oil prices increased due to Middle East tensions. Notable stock movements included Nvidia's rise after a Goldman Sachs price target increase, Meta Platforms and Snap Inc.'s declines, and Catalent's surge following its acquisition by Novo Nordisk.

Portfolio Pulse from Piero Cingari

February 05, 2024 | 7:12 pm

MCD

SBUX

McDonald's Corporation (NYSE:MCD) reported a rare sales miss attributed to the Israel-Hamas war, affecting its business in the Middle East, China, and India. Despite this, the company saw overall growth in sales and earnings. Starbucks Corporation (NASDAQ:SBUX) also experienced a similar impact. Both companies issued statements to address misconceptions and boycotts. McDonald's Q4 revenue rose 8% to $6.41 billion, missing expectations, with same-store sales growth also falling short. However, net income was $2.04 billion. The company plans to continue its expansion, despite expecting the negative impact from the war to persist.

Portfolio Pulse from Upwallstreet

February 05, 2024 | 6:42 pm

CHEA

Chenghe Acquisition Co. (NASDAQ:CHEA) shares surged after shareholders approved a merger with Taiwan Color Optics, Inc., leading to a name change to 'Semilux Ltd.' The stock experienced heavy trading volume, significantly above its 100-day average.

Portfolio Pulse from Erica Kollmann

February 05, 2024 | 6:26 pm

ARGX

JNJ

Johnson & Johnson announced positive results from Phase 3 VIVACITY and Phase 2 DAHLIAS studies of nipocalimab for treating generalized myasthenia gravis and Sjögren’s disease, respectively. Nipocalimab showed significant clinical effects, marking it as a new contender in the FcRn antagonist category, competing with Argenx SE's Vyvgart Hytrulo. Vyvgart Hytrulo, approved by the FDA in June 2023 for gMG, is expected to generate $2.5 billion in revenue. The news impacted JNJ and ARGX stock prices.

Portfolio Pulse from Vandana Singh

February 05, 2024 | 6:10 pm

AMZN

BABA

PDD

Alibaba's Q4 earnings report is anticipated with hope by investors after a prolonged downturn in its stock value. Despite a broad market rout in China, Alibaba's shares showed resilience, with a slight gain in the U.S. and minimal loss in Hong Kong. The earnings expectations have slightly decreased, but Alibaba's co-founders have shown confidence by purchasing significant amounts of stock. The company is undergoing restructuring under new CEO Eddie Wu, focusing on e-commerce and considering selling non-core assets. Competitors like PDD Holdings and JD.Com are mentioned as part of the competitive landscape, while Alibaba's efforts in cloud computing and AI are highlighted as potential growth areas.

Portfolio Pulse from Neil Dennis

February 05, 2024 | 6:01 pm

APD

DMK

NSTG

Air Products and Chemicals, Inc. (APD) shares fell by around 15% after reporting Q1 financial results below expectations and lowering FY24 EPS guidance. Other stocks showed significant movements, with notable gainers including Yield10 Bioscience (YTEN) and 4D Molecular Therapeutics (FDMT), and losers like NanoString Technologies (NSTG) and DMK Pharmaceuticals (DMK) due to bankruptcy proceedings.

Portfolio Pulse from Avi Kapoor

February 05, 2024 | 5:56 pm

DOCU

DocuSign shares are trading lower after reports emerged that acquisition discussions with Bain Capital and Hellman & Friedman have stalled. This news has negatively impacted investor sentiment towards DocuSign, leading to a decrease in its stock price.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 5:53 pm

INCY

MOR

NVS

MorphoSys AG's stock surged following a report that Novartis AG is in advanced talks to acquire the cancer-drug developer, potentially outbidding Incyte Corporation. MorphoSys, known for its lymphoma drug Monjuvi and the development of Pelabresib for myelofibrosis, saw its shares reach a new 52-week high amid heavy trading volume.

Portfolio Pulse from Erica Kollmann

February 05, 2024 | 5:31 pm

KPTI

Traders are closely monitoring Karyopharm Therapeutics (KPTI) following analyst comments suggesting potential acquisition interest from larger cancer companies for its drug Selinexor, in light of the MOR takeover interest.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 5:23 pm