Streetbeat News

Acquisitions Mergers

PGSS

Pegasus Digital Mobility Acquisition Corp. has amended its business combination agreement with Gebr. Schmid Group, extending the deadline for the combination to April 30, 2024. The amendment also reduces the number of shares to be issued in the combination to 28.725 million.

Portfolio Pulse from Benzinga Newsdesk

January 29, 2024 | 9:27 pm

AMZN

GOOG

GOOGL

IRBT

iRobot Corporation's (NASDAQ:IRBT) merger with Amazon.com, Inc. (NASDAQ:AMZN) was terminated, causing iRobot shares to fall over 16%, then recover to a 7% daily drop. Amazon will pay a $94 million termination fee. iRobot is restructuring, laying off 350 employees, and CEO Colin Angle resigned. The European Commission's antitrust concerns over competition in the vacuum industry led to the deal's collapse. Short seller Spruce Point Capital had a long-standing bearish position on iRobot. Amazon's stock was up 1%, but the failed deal may affect its future acquisitions and comes amid antitrust scrutiny.

Portfolio Pulse from Natan Ponieman

January 29, 2024 | 8:12 pm

AMZN

LCID

TSLA

Amazon.com Inc (NASDAQ:AMZN) now owns the distribution rights to the James Bond franchise after acquiring MGM. Lucid Group (NASDAQ:LCID) CEO Peter Rawlinson hinted at a partnership with Aston Martin to supply electric powertrain technology for an electric vehicle that may be featured in the next Bond movie. This could boost Amazon's media efforts and Lucid's brand visibility. Tesla Inc (NASDAQ:TSLA) CEO Elon Musk, who owns a vehicle from a Bond film, has also been mentioned in relation to the Cybertruck's design inspiration.

Portfolio Pulse from Chris Katje

January 29, 2024 | 7:56 pm

BFRG

CDLX

PBLA

SNCE

SOFI

U.S. stocks saw a slight increase, with the Nasdaq Composite up by 75 points. The Dow and S&P 500 also experienced modest gains. Consumer discretionary shares led the gains, while energy shares declined following a 1.3% drop in crude oil prices. Science 37 Holdings (SNCE) surged 16% after agreeing to be acquired by eMed. SoFi Technologies (SOFI) jumped 16% on strong quarterly revenue, and Cardlytics (CDLX) rose 28% after a settlement agreement and updated Q4 results. Conversely, Panbela Therapeutics (PBLA) plummeted 67% due to a public offering, Bullfrog AI Holdings (BFRG) fell 24% after a shelf offering, and Bloom Energy (BE) dropped 7% after a downgrade by B of A Securities. The Federal Reserve Bank of Dallas reported a decline in Texas manufacturing activity.

Portfolio Pulse from Avi Kapoor

January 29, 2024 | 7:24 pm

HARP

MRK

Merck & Co Inc (MRK) is experiencing a stock rally ahead of its Q4 earnings report, driven by optimism around its cancer drug Keytruda, which has received four FDA approvals since November 2023. The latest approval on Jan. 12 allows Keytruda to be used with chemoradiotherapy for certain cervical cancers. Merck's stock has also been positively influenced by the acquisition of Harpoon Therapeutics Inc (HARP) for $680 million, aimed at enhancing its cancer treatment pipeline. A technical indicator, the Golden Cross, has occurred for Merck stock, suggesting continued upward momentum.

Portfolio Pulse from Surbhi Jain

January 29, 2024 | 7:05 pm

ABBV

CERE

IMGN

William Blair has upgraded AbbVie Inc (NYSE:ABBV) from Market Perform to Outperform, citing confidence in the company's growth prospects into 2024 despite competitive pressures. AbbVie's growth is attributed to strong performance by Skyrizi and Rinvoq, strategic acquisitions of ImmunoGen Inc (NASDAQ:IMGN) and Cerevel Therapeutics Holdings Inc (NASDAQ:CERE), and the highest dividend yield among peers. AbbVie faces competition for Humira, Imbruvica, and Botox but is expected to sustain growth. Q4 2023 earnings are anticipated on February 2, with an expected EPS of $2.81 and sales of $14.03 billion.

Portfolio Pulse from Vandana Singh

January 29, 2024 | 7:04 pm

SIRI

Smartless Podcast Group has reportedly signed a deal worth $100 million with SiriusXM. This deal could potentially enhance content offerings and attract more subscribers to SiriusXM's platform.

Portfolio Pulse from Benzinga Newsdesk

January 29, 2024 | 6:19 pm

LLY

NVO

Eli Lilly (LLY) is in talks with the German government to allow public health coverage for weight-loss treatments, following EU approval for its drug Mounjaro. The company plans to invest €2 billion in a German production plant. A study showed Mounjaro is more effective than Novo Nordisk's (NVO) Ozempic for weight loss. LLY shares rose 0.59%.

Portfolio Pulse from Vandana Singh

January 29, 2024 | 6:14 pm

GILD

HOOK

MRK

RHHBY

Roche Holdings AG (OTC:RHHBY) has terminated its collaboration with HOOKIPA Pharma Inc (NASDAQ:HOOK) on the HB-700 program for KRAS mutated cancers. HOOKIPA will regain full control of the program in April 2024 and plans to submit an IND in Q1 2024, seeking a new partner. HOOKIPA is refocusing on its HB-200 program for HPV16+ HNSCC and infectious disease programs with Gilead Sciences Inc (NASDAQ:GILD). The company will reduce its workforce by 30% and rebalance costs. HOOKIPA's cash position was $117.5 million as of December 31, 2023, bolstered by Gilead's purchase of 15 million shares in December. HOOKIPA's stock price dropped 15% to $0.59.

Portfolio Pulse from Vandana Singh

January 29, 2024 | 5:55 pm

ALK

UAL

BofA Securities analyst Ronald J. Epstein discussed the FAA's production freeze of Boeing's 737 MAX and its implications for MAX 7 and MAX 10 certification with Chris Brady, author of The Boeing 737 Technical Guide. The freeze may lead to customer loss as airlines like United Airlines may seek other providers due to delivery delays. Boeing aims to fix the anti-ice system by June 2026. Epstein maintains a Neutral rating on Boeing with a $225 price target. Boeing shares are slightly down.

Portfolio Pulse from Lekha Gupta

January 29, 2024 | 5:44 pm