Streetbeat News

Acquisitions Mergers

AAPL

RIVN

DJ Novotney, Apple's Vice President of Hardware, has left the company to take on a top product role at Rivian. This move could signal a significant shift in talent between the tech giant and the electric vehicle manufacturer, potentially impacting their respective product development strategies.

Portfolio Pulse from Charles Gross

January 28, 2024 | 12:56 am

COIN

DKNG

INTC

JBLU

SAVE

TSLA

Barron's weekend stock coverage includes Intel's 12% drop after weak guidance, Flutter Entertainment's NYSE debut and its implications for DraftKings, Tesla's minimal rebound and expected short-term weakness, Coinbase's stock rise due to an Oppenheimer upgrade, and Spirit Airlines' stock tumble as JetBlue hints at walking away from their merger. Analysts downgraded Intel on AI competitiveness concerns, DraftKings is expected to withstand Flutter's entry, Tesla is subject to the 'three-day rule' post-underperformance, Coinbase is seen as resilient despite SEC challenges, and Spirit faces uncertainty over its merger with JetBlue.

Portfolio Pulse from Justin Chan

January 28, 2024 | 12:37 am

ARKK

ARKW

TSLA

Cathie Wood's Ark Invest purchased $66 million worth of Tesla shares after the company's stock slumped following a Q4 earnings miss. Ark's ETFs, ARKK and ARKW, bought 182,541 and 177,870 Tesla shares respectively. Despite Tesla's recent downtrend and a double miss in Q4 earnings, Wood remains bullish on Tesla, projecting a $2,000 stock price by 2027, largely based on the potential of its robotaxi service. Tesla is a major holding in both ARKK and ARKW, which saw a slight increase in their share price.

Portfolio Pulse from Shanthi Rexaline

January 27, 2024 | 7:23 pm

NPSCY

President Biden's economic advisors have indicated a focus on protecting union jobs and domestic manufacturing in the U.S. steel industry amid the proposed acquisition of United States Steel Corporation (NYSE:X) by Nippon Steel Corporation (OTC:NPSCY). The $14.1 billion deal, which would create the world's second-largest steel company, is under review by the Committee on Foreign Investment in the United States (CFIUS). Statements from Biden's advisors suggest that Nippon Steel may need to increase support for organized labor to secure deal approval. The deal's outcome is politically sensitive in an election year, with implications for Biden's reelection campaign. Despite commitments to honor agreements with the United Steelworkers union, there are objections to the deal, and Pennsylvania senators have called for its halt to protect jobs. The CFIUS, led by Treasury Secretary Janet Yellen, can approve, modify, or reject the deal, which is expected to close in the second or third quarter, although insiders suggest it could take a year.

Portfolio Pulse from Nabaparna Bhattacharya

January 27, 2024 | 7:02 pm

CMPS

GHRS

IXHL

PSIL

A new study suggests suggestibility plays a role in the antidepressant effects of psilocybin therapy. The EU has allocated $7M for psychedelic research for various disorders. In Australia, the first psychedelic-assisted medical treatments in 50 years were provided. Incannex Healthcare's CEO discussed the company's role in psychedelic-assisted therapies on the Benzinga Psychedelics Podcast. Psychedelics stocks showed varied performance, with COMPASS Pathways, GH Research, and Incannex Healthcare closing higher, while others like Seelos Therapeutics and Enveric Biosciences closed lower. The AdvisorShares Psychedelics ETF (PSIL) closed at $1.43.

Portfolio Pulse from Lara Goldstein

January 27, 2024 | 3:00 pm

AMD

NVDA

TSLA

Elon Musk announced that Tesla Inc (TSLA) will buy chips from Advanced Micro Devices Inc (AMD) for AI advancements and invest over $500 million in hardware from NVIDIA Corp (NVDA). This investment includes the installation of a Dojo supercomputer in Buffalo, New York. Musk emphasized the importance of significant investment in AI to remain competitive, describing the Dojo project as a high-risk, high-reward initiative.

Portfolio Pulse from Anan Ashraf

January 27, 2024 | 4:15 am

BABA

MSFT

NFLX

TSLA

U.S. stock indices hit record highs, driven by AI investment enthusiasm and Fed rate cut expectations. The economy shows strong growth and easing inflation. Netflix soared after exceeding revenue expectations and announcing a WWE deal, while Tesla tumbled following disappointing quarterly results and analyst downgrades. Microsoft reached a $3-trillion valuation amid AI optimism. Alibaba surged on co-founders' share purchases and China's market support. Trump-linked stocks rose with his political momentum.

Portfolio Pulse from Piero Cingari

January 26, 2024 | 9:23 pm

U. S. Steel has reached a consent decree with Allegheny County Health Department, Clean Air Council, and PennEnvironment regarding its Clairton Plant. The agreement includes $19.5 million in upgrades to coke oven gas cleaning facilities and a $4.5 million contribution to local community projects. Additionally, Clairton battery #15 will be permanently idled with no job losses, and U. S. Steel will pay $500,000 to the Allegheny County Clean Air Fund and cover litigation costs for PennEnvironment and Clean Air Council.

Portfolio Pulse from Benzinga Newsdesk

January 26, 2024 | 9:02 pm

BHP

FCX

MTAL

VALE

Metals Acquisition Limited (MTAL) is pursuing a dual listing in Australia with an IPO aiming to raise A$300 million for repaying a loan, increasing working capital, and other expenses. Vale S.A. (VALE) and BHP Group Limited (BHP) have been ordered by a Brazilian judge to pay $9.67 billion for damages from a 2015 dam collapse. Freeport-McMoRan Incorporated (FCX) is expected to benefit from rising copper and gold demand, with significant sales and active projects tracked for 2024.

Portfolio Pulse from Austin DeNoce

January 26, 2024 | 8:57 pm

JCI

Johnson Controls International Plc is considering the sale of a portion of its HVAC (heating, ventilation, and air conditioning) business, which could be valued at around $5 billion. The company is working with advisers to gauge interest from potential buyers. This move is part of a strategic review of the company's operations to streamline its portfolio and focus on its core businesses.

Portfolio Pulse from Benzinga Newsdesk

January 26, 2024 | 7:51 pm