Streetbeat News

Acquisitions Mergers

JBLU

PENN

SAVE

Spirit Airlines, Inc. (SAVE) experienced significant volatility, hitting 52-week lows after a federal judge blocked its acquisition by JetBlue Airways Corporation (JBLU). Dave Portnoy, founder of Barstool Sports, recently re-acquired from PENN Entertainment (PENN), bought a substantial amount of SAVE stock, which dropped 25% immediately following a restructuring announcement. However, the stock rebounded, closing at $5.70, with Portnoy ending up 5% on his position. SAVE shares are down 62% over the last five days.

Portfolio Pulse from Chris Katje

January 18, 2024 | 11:02 pm

ASTS

GOOG

GOOGL

AST SpaceMobile Inc (NASDAQ:ASTS) experienced volatility after announcing a $155 million strategic investment from AT&T Inc (NYSE:T), Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL), and Vodafone, followed by a $100 million common stock offering. The investment aims to support the commercial rollout of AST SpaceMobile's network, with the new investors also expanding strategic and commercial ties. The stock surged in after-hours trading but pulled back after the stock offering announcement.

Portfolio Pulse from Adam Eckert

January 18, 2024 | 9:59 pm

ARIZ

Arisz Acquisition Corp. (NASDAQ: ARIZ), a SPAC, has extended the deadline to complete a business combination with BitFuFu to February 22, 2024. The extension, funded by a $120,000 deposit into the Trust Account by Arisz Investments LLC, is the final one-month extension allowed under the company's amended certificate of incorporation.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 9:32 pm

ASTS

GOOGL

VOD

AST SpaceMobile has announced new financing of up to $206.5M in gross proceeds, with investments from major companies including AT&T, Google, and Vodafone. This capital infusion is aimed at advancing AST SpaceMobile's mission to deliver space-based mobile broadband services.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 9:12 pm

HBI

HanesBrands Inc. is nearing the end of the sale process for its Champion brand, with bids due by February 21. Goldman Sachs & Co. and Evercore are managing the sale. Potential buyers include Authentic Brands Group, Marquee Brands, WHP Global, and G-III Apparel Group. Despite a 19% decline in Champion's sales last quarter, interest remains due to the brand's strong consumer resonance. HanesBrands faced pressure from Barington Capital Group and is looking to turn around Champion's performance.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 8:56 pm

ANSS

CVS

GILD

QQQ

REGN

SNPS

SPY

Marc Chaikin, CEO of Chaikin Analytics, believes the 'buy everything' market sentiment is over due to the Federal Reserve's stance on interest rates. He predicts a stock picker's market for 2024, with a bullish outlook on stocks, particularly in the tech and biotech sectors. Synopsys (SNPS) is highlighted for its merger with Ansys (ANSS) and its potential value despite recent share price declines. Chaikin also sees opportunities in biotech companies like Gilead Sciences (GILD) and Regeneron Pharmaceuticals (REGN), as well as CVS Health Corp (CVS).

Portfolio Pulse from Neil Dennis

January 18, 2024 | 8:54 pm

CMI

PCAR

Accelera by Cummins (NYSE:CMI), Daimler Truck, and PACCAR (NASDAQ:PCAR) have chosen Mississippi for a new battery cell production facility for commercial electric vehicles. The joint venture, which also includes technology partner EVE Energy, is expected to create over 2,000 jobs and start production in 2027. The factory will focus on lithium-iron-phosphate (LFP) battery technology and is part of the companies' commitment to zero-emissions and the Paris Climate Agreement. The deal is pending regulatory approvals, including CFIUS.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 8:52 pm

MSFT

NTDOY

SONY

Microsoft CEO Satya Nadella is optimistic about the Activision acquisition, seeing it as an opportunity for Microsoft to become a 'good publisher' on multiple platforms, including Sony and Nintendo consoles. The deal enhances Microsoft's gaming portfolio with major franchises and supports its cross-platform strategy. Nadella's comments suggest a focus on broad distribution, including potential releases of some Xbox exclusives on rival consoles after initial exclusivity periods.

Portfolio Pulse from Franca Quarneti

January 18, 2024 | 7:37 pm

COIN

The SEC approved 11 spot Bitcoin ETFs, which are expected to attract new investors to Bitcoin. Coinbase (NASDAQ:COIN) is the custodian for 10 out of the 13 Bitcoin ETF applications, playing a crucial role in their operation. Coinbase's reputation for security and low transaction fees makes it a trusted custodian for these ETFs. The approval of Bitcoin ETFs could lead to further spot ETFs for other cryptocurrencies, potentially expanding Coinbase's custodial role.

Portfolio Pulse from Caden Pok

January 18, 2024 | 7:35 pm

AGFY

ARAV

EHTH

MDC

MTB

PCSA

RAMP

U.S. stocks traded higher, with the Dow Jones gaining over 100 points. M&T Bank Corporation (NYSE:MTB) reported Q4 earnings below expectations at $2.81 per share against estimates of $3.49 per share, though sales slightly exceeded expectations. Agrify Corporation (NASDAQ:AGFY) surged 18% after announcing a sales agreement. M.D.C. Holdings, Inc. (NYSE:MDC) jumped 18% due to acquisition news by Sekisui House. LiveRamp Holdings, Inc. (NYSE:RAMP) gained 9% after announcing an acquisition and preliminary revenue results. Aravive, Inc. (NASDAQ:ARAV), Processa Pharmaceuticals, Inc. (NASDAQ:PCSA), and eHealth, Inc. (NASDAQ:EHTH) saw significant stock declines.

Portfolio Pulse from Avi Kapoor

January 18, 2024 | 7:25 pm