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Spirit Airlines' stock is up following the announcement that it will appeal, alongside JetBlue, a judge's decision to block their proposed merger.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 6:00 pm

Arkhouse's Kahane expressed optimism about the possibility of increasing their offer for Macy's. This statement suggests that negotiations or considerations are ongoing regarding the acquisition of Macy's by Arkhouse. The potential for a higher bid may influence Macy's stock price as investors anticipate a more favorable outcome for shareholders.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 5:49 pm

TSLA

Elon Musk, CEO of Tesla Inc. (NASDAQ:TSLA), co-founded OpenAI but left due to disagreements, launching a competitor, xAI. Musk invested over $40 million in OpenAI, which he envisioned as open-source, but it became profit-focused. Musk's xAI, with $134.7 million raised from investors, aims to innovate in AI, challenging OpenAI's market position. Musk's experience and strategic vision could make xAI a formidable player in the AI space, despite OpenAI's first-mover advantage.

Portfolio Pulse from Caleb Naysmith

January 22, 2024 | 5:37 pm

ADM

DWAC

GILD

RVSN

SGMT

VIRI

U.S. stocks traded higher with the Dow Jones gaining around 150 points. Real estate shares led the gains, while consumer discretionary shares fell. The US leading economic index dropped by 0.1% in December, less than the expected 0.5% decline. Sagimet Biosciences' stock surged 94% after positive clinical trial results. Rail Vision's stock jumped 69% following EU certifications for its railway system. Digital World Acquisition Corp's stock rose 26% after Ron DeSantis ended his presidential campaign. Virios Therapeutics' stock plummeted 40% due to plans to advance development for long-COVID treatment. Archer-Daniels-Midland's stock fell 20% amid an investigation into accounting practices. Gilead Sciences' stock dropped 10% after a failed phase 3 study. Oil prices increased by 2.3%, while gold saw a slight decline.

Portfolio Pulse from Avi Kapoor

January 22, 2024 | 5:18 pm

AMZN

IRBT

iRobot Corp (IRBT) shares hit 52-week lows amid reports that the EU may reject its acquisition by Amazon (AMZN) due to competition concerns. iRobot's sales fell 29% to $583 million in the first nine months of 2023, with an adjusted operating loss of $153 million. Needham analyst James Ricchuiti maintains a Hold rating on IRBT, citing the company's deteriorating business, increased competition, and supply chain issues. If the deal fails, iRobot may receive a $94 million termination fee, but the company still faces challenges in achieving profitability without further cost reductions and demand improvements.

Portfolio Pulse from Anusuya Lahiri

January 22, 2024 | 5:04 pm

AMAM

JNJ

The FDA has granted full approval to Johnson & Johnson's Balversa for certain adult bladder cancer patients, after its initial accelerated approval in April 2019. The Phase 3 THOR study demonstrated Balversa's efficacy in extending overall survival compared to chemotherapy. Additionally, Johnson & Johnson is set to acquire Ambrx Biopharma for approximately $2.0 billion, enhancing its targeted oncology portfolio.

Portfolio Pulse from Vandana Singh

January 22, 2024 | 5:00 pm

GOOG

GOOGL

AI startup ElevenLabs has achieved a $1.1 billion valuation after raising $80 million in a funding round led by Andreessen Horowitz. The company's voice replication software supports over two dozen languages and is eyed for advertising and media. Concerns over deepfakes are addressed by Alphabet Inc's Google and Universal Music through licensing discussions. ElevenLabs is expanding its technology to media production and monetization of AI voices, while also investing in emotional and intonational enhancements. Greg Brockman of OpenAI launched ChatGPT Voice with five human-like voices.

Portfolio Pulse from Anusuya Lahiri

January 22, 2024 | 4:56 pm

SUN

NuStar Energy LP (NYSE:NS) shares surged after Sunoco LP (NYSE:SUN) announced plans to acquire NuStar in an all-equity deal valued at $7.3 billion. NuStar unitholders will receive 0.400 Sunoco units per share, a 24% premium based on the 30-day VWAP as of January 19, 2024. The deal, expected to close in Q2 2024, is projected to increase Sunoco's distributable cash flow by 10%+ by the third year and achieve $150 million in synergies. NS shares rose 15.2%, while SUN shares fell 6.74% following the announcement.

Portfolio Pulse from Lekha Gupta

January 22, 2024 | 4:39 pm

GOOGL

Alphabet Inc.'s X, the company's moonshot technology lab, is laying off staff and seeking external funding for its projects. The lab is restructuring to allow its ventures to spin out as independent startups with support from both Alphabet and outside investors. This move is part of Alphabet's broader strategy to enhance cost-efficiency across its operations.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 4:38 pm

ARVL

Arrival, an electric van maker listed on Nasdaq, is nearing insolvency and in talks with EY for potential administration if it fails to secure rescue funding. The company's shares have dropped by 95% over the past year, and it faces delisting due to non-compliance with Nasdaq's listing rules. Arrival went public via a SPAC merger in 2021 with a valuation of $5.4bn but now has a market cap of just over $20m. It has not yet started commercial production of its vehicles and has been reducing its workforce.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 4:33 pm