Streetbeat News

Acquisitions Mergers

GILD

RCUS

Gilead Sciences Inc (GILD) has increased its investment in Arcus Biosciences Inc (RCUS) by $320 million at $21.00 per share, causing RCUS stock to soar. The investment and amended collaboration will accelerate the companies' joint cancer treatment programs, focusing on Phase 3 studies for lung and gastrointestinal cancers. Johanna Mercier of Gilead will join the Arcus Board. The additional funds extend Arcus's cash runway into 2027, supporting Phase 3 studies for pancreatic and kidney cancer treatments and preparation for potential product approvals. The ARC-10 study will be discontinued to prioritize the STAR-121 and STAR-221 studies, and the pancreatic cancer study will become an Arcus-independent study.

Portfolio Pulse from Vandana Singh

January 30, 2024 | 11:27 am

BABA

NTES

TCEHY

Tencent Holding Ltd's CEO Pony Ma highlighted challenges in the gaming sector and the company's progress in AI at their annual meeting. Tencent, facing competition from companies like miHoYo and NetEase Inc, has seen its gaming performance decline. Ma emphasized the integration of Tencent's 'Hunyuan' AI model to improve efficiency and is exploring live-streaming e-commerce to grow WeChat. Tencent also invested in Beijing land for office space. The company's stock dropped over 27% last year and closed lower by 1.22% at $36.55 on Monday.

Portfolio Pulse from Anusuya Lahiri

January 30, 2024 | 11:14 am

BCAL

CALB

Southern California Bancorp and California BanCorp have announced an all-stock merger valued at approximately $233.6 million, or $26.54 per share of California Bancorp. Under the terms of the agreement, each share of California BanCorp common stock will be exchanged for 1.590 shares of Southern California Bancorp common stock.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 11:03 am

AGFY

I-Tseng Jenny Chan reported a 49.99% stake in Agrify Corporation (AGFY) through a 13D filing on Monday. Following the news, AGFY shares surged 64% in premarket trading.

Portfolio Pulse from Charles Gross

January 30, 2024 | 10:37 am

AAPL

GOOG

META

MSFT

Xreal, a Chinese AR glasses manufacturer, has raised $60 million in funding, surpassing a $1 billion valuation. The company plans to use the funds to expand manufacturing and R&D to meet demand beyond 2024. Xreal is preparing for an IPO within two years and expects revenues of $200-$300 million by 2025. The company competes with Apple, Meta, and Google in the AR market but does not intend to enter the VR space. Xreal captured about 50% of the AR-exclusive device market in Q3 of the previous year.

Portfolio Pulse from Ananya Gairola

January 30, 2024 | 10:36 am

DIS

Reliance Industries has not commented on rumors of a potential merger with Walt Disney Co's India unit. The speculation arose from reports of advanced discussions to merge media and entertainment operations in India, potentially creating the largest media conglomerate in the country. However, Reliance has remained silent following a recent dispute involving Zee Entertainment and Disney Star, which could lead to a $2-billion valuation downgrade for Disney Star due to financial losses from media rights agreements.

Portfolio Pulse from Utkarsh Roshan

January 30, 2024 | 10:35 am

NUTX

Nutex Health has fully paid off its $2.74M debt to Yorkville Advisors and is executing a new strategic plan. This includes closing two underperforming hospitals in Texas, which is expected to save approximately $5 million annually. The company is also working on initiatives to reduce cash operating expenses and improve profitability by the third quarter of fiscal year 2024.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 10:33 am

AMZN

GOOG

GOOGL

IRBT

MSFT

PFE

Market sentiment improved slightly with the CNN Money Fear and Greed index indicating 'Extreme Greed'. The S&P 500 hit a new record ahead of major tech earnings and the Fed's interest-rate decision. iRobot shares fell 8.8% after terminating its acquisition agreement with Amazon. The Dallas Fed's manufacturing index dropped significantly. The Dow Jones, S&P 500, and Nasdaq closed higher. Investors anticipate earnings from Microsoft, General Motors, Alphabet, and Pfizer.

Portfolio Pulse from Avi Kapoor

January 30, 2024 | 8:03 am

AAPL

META

Gene Munster of Deepwater Asset Management compared Meta Platforms Inc.'s competition with Apple Inc. in the AR/VR headset market to the past rivalry between BlackBerry Ltd and Apple in the smartphone market. Munster suggested that Meta might face a similar fate to BlackBerry, which lost its market dominance to Apple's innovative products. Apple is set to launch its Vision Pro mixed-reality headset, while Meta has already released its Quest 3 VR headset. Munster believes that Apple's entry into the market could validate Zuckerberg's vision but also poses a significant threat to Meta, echoing the past when Apple overtook BlackBerry.

Portfolio Pulse from Ananya Gairola

January 30, 2024 | 7:11 am

SVM

The NYSE American has approved Silvercorp Metals Inc.'s listing application, which is a significant step forward for the company's proposed acquisition of OreCorp Limited. This approval facilitates the offer by providing Silvercorp with a more prominent platform that could potentially enhance liquidity and investor exposure. The listing on a major U.S. exchange is likely to be viewed positively by investors as it represents a milestone for Silvercorp's growth and expansion strategy.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 6:54 am