Streetbeat News

Acquisitions Mergers

ARKK

DKNG

DraftKings, Inc. (NASDAQ:DKNG) stock is trading higher, with a nearly 10% increase over the past five days. Ark Invest, led by Cathie Wood, sold 229,215 shares of DraftKings through the ARK Innovation ETF (NYSE:ARKK), valued at approximately $8.04 million. DraftKings has launched its online sportsbook in Vermont, expanding its reach to 26 U.S. states and Ontario, Canada. BMO Capital analyst Brian Pitz initiated coverage on DraftKings with an Outperform rating and a price target of $43, citing the potential for the U.S. sports-betting market to exceed $100 billion.

Portfolio Pulse from Erica Kollmann

January 18, 2024 | 5:17 pm

AGFY

ARAV

EHTH

MDC

PCSA

TSM

U.S. stocks were mostly higher with the Nasdaq Composite up over 1%. The Dow was slightly down, while the S&P 500 gained. Information technology shares led gains, while health care shares declined. Crude oil inventories decreased more than expected, boosting oil prices. Agrify Corporation announced a significant sales agreement, M.D.C. Holdings will be acquired by Sekisui House, and Taiwan Semiconductor reported strong financial results. Conversely, Aravive plans to delist from Nasdaq, Processa Pharmaceuticals announced a reverse stock split, and eHealth was downgraded by an analyst.

Portfolio Pulse from Avi Kapoor

January 18, 2024 | 5:00 pm

Goldman Sachs Group, Inc. (GS) is actively recruiting for its asset and wealth management divisions, following a strong performance in these sectors with a 23% revenue surge in Q4. This comes after a period of layoffs where GS cut 3,200 jobs. Meanwhile, Citigroup, Inc. (C) plans to eliminate 20,000 jobs to save costs and improve performance, with a goal to reduce overall expenses to $51-$53 billion by 2026. GS shares dropped slightly by 0.48% to $375.38.

Portfolio Pulse from Nabaparna Bhattacharya

January 18, 2024 | 4:59 pm

SAVE

Spirit Airlines is reportedly exploring balance-sheet options following the collapse of its merger with JetBlue. The company is planning to engage with advisers to tackle its debt challenges, according to sources cited by The Wall Street Journal.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 4:59 pm

WKEY

WISeKey International Holding Ltd (NASDAQ:WKEY) announced its subsidiary, WISe.Art, has signed an agreement with GMA to digitalize over $500M worth of Italian Renaissance Art. The project will digitize masterpieces by renowned artists, using advanced technology to create Artistic Security Tokens, distinct from Bitcoins and NFTs, and will operate within a regulated framework. The Renaissance Coin will be launched, connecting physical art to digital counterparts. WISeKey's experience in security and object authentication will ensure the authenticity of artworks and their digital twins. The WISe.ART platform will use blockchain technology, including NFTs on the Hedera blockchain, and will launch the TrustECoin token in May for compliant NFT trading. WISeKey's strategic partnerships, including with Hedera and GMA, position it uniquely in the market.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 4:12 pm

STLA

Goodyear Tire & Rubber Co (GT) has appointed Mark Stewart as the new CEO and President, effective January 29, 2024. Stewart, previously COO of North America at Stellantis N.V. (STLA), will succeed Richard J. Kramer. The change in leadership follows a shareholder activism campaign by Elliott Investment Management, which led to a cooperation agreement and the creation of a Strategic and Operational Review Committee at Goodyear. GT shares rose 2.13% to $14.18 following the announcement.

Portfolio Pulse from Lekha Gupta

January 18, 2024 | 4:05 pm

RAMP

LiveRamp (RAMP) shares are up following the announcement of its agreement to acquire Habu for approximately $200 million and reporting preliminary Q3 revenue results that exceeded expectations. Additionally, Benchmark has increased its price target for RAMP from $44 to $51.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 4:05 pm

JBLU

SAVE

Spirit Airlines' stock (SAVE) continues to trade lower following a federal judge's decision to block JetBlue Airways' acquisition of the company. This legal setback is likely to affect investor sentiment and the future strategic direction of Spirit Airlines.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 3:15 pm

FAST

MDC

NVCR

TSM

Fastenal Company (NASDAQ:FAST) reported Q1 earnings of $0.46 per share, surpassing estimates by $0.01, and sales of $1.76 billion, slightly above the $1.75 billion forecast, causing its shares to rise by 7%. Other stocks also moved higher: M.D.C. Holdings (NYSE:MDC) after acquisition news; NovoCure (NASDAQ:NVCR) on FDA acceptance of a therapy application; Taiwan Semiconductor (NYSE:TSM) after strong Q4 results; and others on various positive updates.

Portfolio Pulse from Avi Kapoor

January 18, 2024 | 3:10 pm

BPRN

CFIC

Princeton Bancorp (NASDAQ:BPRN) is set to merge with Cornerstone Financial (OTC:CFIC) in a deal expected to close in Q3 of 2024. The agreement involves Princeton Bancorp providing $17.90 million for CFIC stock, with the payment method not yet disclosed. Both companies operate in the financial sector, with Princeton Bancorp offering business and personal banking services, while Cornerstone Financial focuses on commercial real estate and lending to small businesses and professionals.

Portfolio Pulse from Benzinga Insights

January 18, 2024 | 3:10 pm