Streetbeat News

Acquisitions Mergers

MEG

Montrose Environmental Group (MEG) has acquired Epic Environmental, an environmental science and engineering consultancy with offices across Australia. The terms of the acquisition were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

February 01, 2024 | 9:01 pm

ACGL

JRVR

Everest and Arch are reportedly in the running to acquire James River Group Holdings, Ltd. (JRVR) as the bidding process for the company narrows. This development indicates a significant interest in James River's operations and potential for growth.

Portfolio Pulse from Benzinga Newsdesk

February 01, 2024 | 8:43 pm

RACE

Ferrari (NYSE:RACE) confirmed Lewis Hamilton will join their Formula 1 team after the 2024 season, replacing likely Carlos Sainz. Hamilton, a seven-time champion, leaves Mercedes after over a decade. Ferrari's stock rose 12.3% to $388.61, buoyed by strong earnings and the Hamilton announcement.

Portfolio Pulse from Aaron Bry

February 01, 2024 | 8:42 pm

GDX

GOLD

HMY

KGC

NEM

Gold has remained above $2,000 per ounce since November, nearing its record high. Despite this, gold miners have underperformed, with the VanEck Gold Miners ETF (GDX) losing 8% last year. However, recent World Gold Council data shows a surge in gold demand, particularly from central banks, which has led to a positive performance in gold stocks like Newmont Goldcorp (NEM), Kinross Gold (KGC), Barrick Gold (GOLD), and Harmony Gold Mining (HMY). The underperformance of gold miners compared to gold prices is attributed to rising mining costs and dilution from acquisitions, mergers, and capital raises. Yet, there's optimism that gold miners are now better managing costs, reducing debt, and improving cash flows, making them historically undervalued and poised for a potential reversal in trend.

Portfolio Pulse from Neil Dennis

February 01, 2024 | 8:36 pm

ACB

AGFY

Aurora Cannabis Inc. (NASDAQ:ACB) is maintaining its financial forecasts, aiming for positive annual adjusted EBITDA and free cash flow in 2024, alongside a share consolidation strategy to meet Nasdaq's requirements. Agrify Corporation (NASDAQ:AGFY) has secured its Nasdaq listing through strategic financial maneuvers, including debt conversion and equity issuance, improving its equity position.

Portfolio Pulse from Nicolás Jose Rodriguez

February 01, 2024 | 8:24 pm

AAPL

AMZN

GOOGL

MAGS

META

MSFT

NVDA

QQQ

SPY

TSLA

The Magnificent Seven stocks, coined by Bank of America analyst Michael Hartnett, are seven high-profile technology stocks that have significantly outperformed in recent years due to their involvement in major tech trends like AI, cloud computing, and EVs. These stocks include Microsoft (MSFT), Amazon (AMZN), Meta Platforms (META), Apple (AAPL), Alphabet (GOOGL), Nvidia (NVDA), and Tesla (TSLA). They dominate the market by leveraging their technological advancements, strong balance sheets, and brand power. Despite their high valuations and low yield, their growth prospects, especially in AI, make them attractive. The SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust (QQQ) offer broader market exposure, while the Roundhill Magnificent Seven ETF (MAGS) provides direct investment in these stocks.

Portfolio Pulse from Stjepan Kalinic

February 01, 2024 | 8:13 pm

QRVO

Qorvo's stock is trading higher following the announcement of its Q3 financial results, which exceeded expectations. Additionally, the company has provided guidance and announced its plans to acquire Anokiwave.

Portfolio Pulse from Benzinga Newsdesk

February 01, 2024 | 7:58 pm

KRE

MCB

NYCB

VLY

WAL

Regional bank stocks, including New York Community Bancorp Inc (NASDAQ:NYCB), are experiencing significant declines after NYCB reported disappointing financial results and cut its quarterly dividend. This has raised concerns about the health of the banking sector, especially following the collapse of Signature Bank, which NYCB acquired certain assets from. The SPDR S&P Regional Banking ETF (NYSE:KRE) and other regional banks like Metropolitan Bank Holding Corp (NYSE:MCB), Western Alliance Bancorp (NYSE:WAL), and Valley National Bancorp (NASDAQ:VLY) also saw sharp declines. The banking sector's vulnerability is partly attributed to significant exposure to commercial real estate, with a substantial amount of debt needing refinancing soon.

Portfolio Pulse from Adam Eckert

February 01, 2024 | 7:48 pm

GOOG

MSFT

NVDA

Microsoft and Alphabet's Google are tapping into India's AI talent pool, with top executives visiting to foster AI adoption. Microsoft's CEO Satya Nadella and Google's chief scientist Jeff Dean are engaging with developers and industry leaders in India. Nvidia also recognizes India's potential in AI, with a significant deal and partnerships enhancing its presence. India's vast programming community and significant contributions to AI projects highlight its pivotal role in global AI innovation.

Portfolio Pulse from Anusuya Lahiri

February 01, 2024 | 7:23 pm

MRK

MRNA

MYNZ

PFE

Pfizer Inc (NYSE:PFE) reported a Q4 revenue drop of over 41% to $14.25 billion, missing Wall Street estimates. Despite a net loss, adjusted earnings exceeded expectations. Pfizer's focus shifts to oncology, with significant investments in cancer treatment, including the acquisition of Seagen. Moderna Inc (NASDAQ:MRNA) and Mainz Biomed N.V. (NASDAQ:MYNZ) also made strides in cancer treatment, with Moderna's skin cancer vaccine showing promising results in combination with Merck & Co Inc's (NYSE:MRK) Keytruda. Mainz Biomed reported high accuracy in colorectal cancer detection with its ColoAlert test. Pfizer aims for $4 billion in annual net cost savings and expects new drugs and business deals to drive future growth.

Portfolio Pulse from Upwallstreet

February 01, 2024 | 7:17 pm