Streetbeat News

Acquisitions Mergers

MSM

MSC Industrial Supply Co. has acquired KAR Industrial, although the financial terms of the deal have not been disclosed. This acquisition could potentially expand MSC's product offerings and market reach.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 2:02 pm

GOLD

Barrick Gold (NYSE:GOLD) has denied rumors of a potential takeover of First Quantum Minerals, following reports of a meeting between Barrick's executive and First Quantum representatives. Barrick is focusing on developing its existing projects in Tanzania, including the North Mara and Bulyanhulu mines, and investing in the community through the Future Forward education initiative. First Quantum is dealing with financial challenges, including the closure of its Cobre Panama copper mine and the suspension of dividends.

Portfolio Pulse from Stjepan Kalinic

January 22, 2024 | 1:58 pm

Sunoco has announced plans to acquire NuStar Energy in an all-equity transaction valued at approximately $7.3 billion, causing NuStar Energy shares to trade higher.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 1:55 pm

CHRS

RVSN

SGMT

Sagimet Biosciences reported positive results from its Phase 2b FASCINATE-2 trial for Denifanstat in NASH, leading to a 94% stock surge. Rail Vision announced it has received certifications for EU railway standards, causing its stock to jump 142%. Coherus BioSciences has agreed to sell its ophthalmology franchise to Sandoz for $170 million in cash, resulting in a 33% increase in its stock price.

Portfolio Pulse from ryanfaloona@benzinga.com

January 22, 2024 | 1:55 pm

AISP

BYTS

Airship AI Holdings, Inc. (AISP) issued a stockholder letter reflecting on 2023 achievements, including a Nasdaq listing through a merger with BYTE Acquisition Corp. (BYTS). The company anticipates triple-digit revenue growth and positive EBITDA in 2024, backed by a $11.8M backlog and a $140M pipeline. Demand from Fortune 500 and government agencies, especially for border protection technologies, is driving growth. Investments in internal capabilities and new product launches, such as the Outpost AI edge appliance, are expected to capitalize on the $7.0 billion edge AI market.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 1:46 pm

AMAM

JNJ

KVUE

MSFT

Johnson & Johnson (JNJ) is set to report Q4 earnings with a focus on dividend security post-Kenvue split, legal costs from talc litigation, and recent acquisitions. Analysts expect $2.28 EPS and $20.99 billion in revenue. JNJ's acquisition of Abiomed and Ambrx Biopharma (AMAM) strengthens its medical segments. Despite challenges, JNJ's dividend, with a 61-year growth history, seems secure. The stock closed at $161.68, with a Neutral consensus rating and a $175.75 price target.

Portfolio Pulse from Surbhi Jain

January 22, 2024 | 1:35 pm

BNZI

Banzai has executed a Letter of Intent (LOI) to acquire Boast. The financial terms of the deal have not been disclosed to the public.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 1:32 pm

AAPL

SBUX

SEDG

TSLA

XOM

Cryptocurrencies Bitcoin, Ethereum, and Dogecoin have seen a drop as Google search interest in spot ETFs declines. Apple's Vision Pro pre-orders are strong, but an analyst predicts a demand dip. Terraform Labs files for bankruptcy amid legal issues. Starbucks is predicted to see over 6% upside by a highly accurate analyst. Tesla, Netflix, and Intel are in focus during a pivotal earnings week. US and world politics could influence markets, with Trump and DeSantis news. US economic slowdown is forecasted for 2024. In tech, Apple faces challenges, Nvidia's CEO visits China, and OpenAI enforces political rules. The electric vehicle sector sees developments with Nio, Rivian, and Tesla. Exxon Mobil sues shareholders over climate proposal. Boeing is recommended for expanded checks on its 737 fleet. Manchester United appoints a new CEO, and Amer Sports considers a US IPO. SolarEdge shares are up premarket.

Portfolio Pulse from Akanksha Bakshi

January 22, 2024 | 1:27 pm

AMD

ASML

BABA

BIDU

NVDA

TCEHY

China's imports of chipmaking machinery surged by 14% in 2023, reaching nearly $40 billion, in an effort to counter U.S. export controls and boost its semiconductor industry. Nvidia Corp (NVDA) dominates China's AI chip market, but U.S. sanctions and Chinese efforts to develop a domestic chip ecosystem are challenging its position. China's $40 billion state fund aims to support local chip manufacturing, while companies like Baidu (BIDU) and Alibaba (BABA) may reduce Nvidia chip orders. ASML Holding (ASML) halted shipments of high-end machines to China, and Advanced Micro Devices (AMD) is also affected by the embargo.

Portfolio Pulse from Anusuya Lahiri

January 22, 2024 | 1:23 pm

ADM

CHRS

NCL

RILY

Coherus BioSciences, Inc. (NASDAQ:CHRS) shares surged 22.1% in pre-market trading following the announcement of a $170 million all-cash deal to divest its ophthalmology franchise to Sandoz. Other stocks experienced significant movement in pre-market trading, with notable gainers including Northann Corp. (NYSE:NCL), HNR Acquisition Corp (NYSE:HNRA), and Porch Group, Inc. (NASDAQ:PRCH). Conversely, companies like B. Riley Financial, Inc. (NASDAQ:RILY) and Agrify Corporation (NASDAQ:AGFY) saw their shares decline. Archer-Daniels-Midland Company (NYSE:ADM) also dropped after announcing an interim CFO and adjusted EPS expectations.

Portfolio Pulse from Avi Kapoor

January 22, 2024 | 1:21 pm