Streetbeat News

Acquisitions Mergers

CMCSA

KKR

ORCL

PARA

WBD

David Ellison's Skydance Media has made a preliminary offer to acquire National Amusements Inc., aiming to control Paramount Global (PARA). Discussions are ongoing, with financial exchanges taking place. Ellison plans to finance the deal with help from investors, including Larry Ellison and firms like KKR & Co. Paramount faces challenges with a declining share price and a $15 billion net debt. Warner Bros. Discovery (WBD) is also interested in acquiring Paramount, which could influence Shari Redstone's decision. PARA shares rose 3.89% to $13.88.

Portfolio Pulse from Vandana Singh

January 25, 2024 | 6:56 pm

IXHL

Incannex Healthcare (NASDAQ:IXHL), a clinical-stage pharmaceutical company, is developing medicinal cannabinoid drugs and psychedelic medicine therapies. The company is opening the first dedicated psychedelic-assisted therapy clinic in Melbourne, Australia, and has recently redomiciled to the U.S. from Australia. Incannex is working with the FDA to achieve authorization for its drugs and has 28 assets under development, with a focus on three main assets. The company's strategy is to provide favorable outcomes for shareholders and make a difference in patients' lives.

Portfolio Pulse from Lara Goldstein

January 25, 2024 | 6:44 pm

PARA

Paramount CEO Bob Bakish announced layoffs at the company, aiming to operate more leanly and manage costs effectively. The exact number of layoffs was not disclosed. Paramount is also reducing international content spending. The company will report quarterly earnings at the end of February and will provide more details on its 2024 strategy. This news comes amidst industry-wide layoffs and reports of Skydance Media's interest in taking Paramount private.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 6:35 pm

HITI

High Tide Inc (NASDAQ:HITI) CEO Raj Grover discussed the company's success and expansion plans on Benzinga’s Cannabis Insider podcast. High Tide, with over 160 stores in Canada and $500 million in revenue, aims to expand to 300 stores. The podcast also featured Sanity Group's CEO, Finn Hänsel, who spoke about the potential legalization of cannabis in Germany and its impact on Europe. The U.S. rumors of rescheduling cannabis could influence global legalization. Both CEOs called for international cooperation on cannabis regulation.

Portfolio Pulse from Patricio Liddle

January 25, 2024 | 6:32 pm

CYN

INTC

NVDA

TSLA

Cyngn Inc. shares surged after announcing a strategic shift to Nvidia AI computers for its DriveMod autonomous industrial vehicles, following Tesla's hardware approach and moving away from Intel microprocessors. The company believes Nvidia's technology aligns with its vision for advanced robotics platforms.

Portfolio Pulse from Nabaparna Bhattacharya

January 25, 2024 | 6:23 pm

AAPL

DIS

META

SNAP

Fidelity's Blue Chip Growth Fund has marked down the valuation of X, formerly Twitter, to $5.3 million, a significant drop from its pre-Elon Musk takeover valuation of $19.66 million. Since Musk's acquisition, the valuation has potentially decreased by 72%, with the current valuation around $12.3 billion, less than the $13 billion debt incurred for the purchase. Major advertisers like Disney, Apple, and Coca-Cola have pulled advertising, impacting X's financial stability. In contrast, Meta and Snap have seen stock increases in November.

Portfolio Pulse from Surbhi Jain

January 25, 2024 | 6:14 pm

AKTS

INBS

LVTX

PCSA

RDHL

TSLA

VERA

Tesla, Inc. (TSLA) shares fell over 12% after reporting Q4 results that missed consensus estimates, with revenue at $25.17 billion against an expected $25.62 billion and EPS at 71 cents versus 74 cents expected. Meanwhile, U.S. stocks were slightly higher, with the Nasdaq up 0.2%. Communication services shares led gains, while consumer discretionary shares, including Tesla, lagged. Oil prices rose 2%, and Vera Therapeutics (VERA), Processa Pharmaceuticals (PCSA), and LAVA Therapeutics (LVTX) saw significant stock increases due to positive clinical trial data and partnerships. Conversely, RedHill Biopharma (RDHL), Akoustis Technologies (AKTS), and Intelligent Bio Solutions (INBS) experienced sharp declines.

Portfolio Pulse from Avi Kapoor

January 25, 2024 | 6:08 pm

SOLUSD

Colosseum, a new venture capital fund, has been launched by a former Solana veteran to support blockchain startups, particularly those on the Solana platform. The organization will take over the organization of Solana Foundation’s hackathons, which have been instrumental in the ecosystem's growth. Colosseum will also introduce an Accelerator Program offering $250,000 in pre-seed capital to select hackathon winners. Despite the bear market, Solana has seen an 83% increase in new developer growth and a rise in developer retention rates from 31% to 50%.

Portfolio Pulse from Murtuza Merchant

January 25, 2024 | 5:30 pm

ADT

ADT Inc's stock is soaring after announcing the exit from its residential solar business and revealing shareholder appreciation initiatives. The solar segment reported an Adjusted EBITDA loss of $(89) million in nine months of FY23. The Board approved the divestiture of the solar business and is assessing the net costs of the exit. Additionally, ADT raised its quarterly dividend by 57% to $0.055 and authorized a $350 million share buyback program. The company also repaid $500 million of debt, reducing total debt by $2 billion. ADT will report Q4 and full-year results on February 28, 2024, and its shares are currently up 11.08% at $6.86.

Portfolio Pulse from Lekha Gupta

January 25, 2024 | 5:08 pm

BZFD

According to the Wall Street Journal, BuzzFeed and Vice Media are exploring the sale of parts of their businesses. Both companies have faced challenges in the digital media landscape, and this move could be an attempt to streamline operations and stabilize finances. No specific parts or potential buyers have been mentioned.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 4:02 pm