Streetbeat News

Acquisitions Mergers

AAPL

BAC

GBTC

GOOGL

IBIT

JPM

MSFT

TSLA

WFC

The SEC approved spot Bitcoin ETFs, with significant inflows on their debut. Inflation rose to 3.4%, potentially affecting Fed policies. JPMorgan, Bank of America, Wells Fargo, and Citigroup reported mixed financial results. A study predicts a $1-trillion boost from generative AI, while Google's layoffs cause concern. Microsoft briefly overtook Apple as the most valuable company, and Tesla cut prices in China to boost competitiveness.

Portfolio Pulse from Piero Cingari

January 12, 2024 | 9:36 pm

AVGO

KKR

EQT and KKR are reportedly among the potential buyers for a Broadcom asset valued at around $5 billion. The sale is part of Broadcom's strategy to divest certain assets. The news indicates a competitive bidding process that could attract private equity firms and other investors interested in the technology sector.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 9:24 pm

KALU

METC

RGLD

Royal Gold, Inc. will present at the CIBC conference on Jan. 17. Kaiser Aluminum Corporation declared a quarterly dividend of $0.77/share, payable on Feb. 15, with a neutral rating and a lowered price target from JPMorgan. Bragar Eagel & Squire is investigating Ramaco Resources, Inc. for potential legal violations after a report questioned the profitability of its mining claims and noted insider stock sales.

Portfolio Pulse from Austin DeNoce

January 12, 2024 | 9:21 pm

DMAQ

TruGolf and Deep Medicine Acquisition Corp (DMAQ) have announced that the SEC has declared their Form S-4 effective. The business combination values TruGolf at an $80 million equity value and is expected to close by the end of January 2024, pending shareholder approvals and other closing conditions.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 9:13 pm

PZZA

Piper Sandler analyst Brian Mullan maintained a Neutral rating on Papa John's International, Inc. (PZZA) with a $67 price target. The company's 'Back to Better 2.0' initiative changes franchisee marketing contributions, increasing national marketing funds to 6% and eliminating mandatory local marketing, potentially benefiting franchisee P&Ls by 200 bps. In the U.K., franchisee consolidation has led to improved sales trends. The company is also considering strategic store closures internationally to prepare for sustainable growth in 2025 and beyond. The analyst forecasts FY24E EPS of $2.68 and revenues of $2.211 billion. PZZA shares closed at $71.89, down 0.44% on Friday.

Portfolio Pulse from Nabaparna Bhattacharya

January 12, 2024 | 9:09 pm

PYPL

Prometeo, a fintech infrastructure firm, has raised $13 million in Series A funding led by Antler Elevate, with PayPal Ventures, Samsung Next, and others participating. The funds will expand its multi-banking data and payments offerings in Latin America. Prometeo's platform connects global corporations with over 283 financial institutions in the region through a unified API, aiming to standardize financial operations across Latin American markets.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 9:04 pm

CHK

SWN

Chesapeake Energy Corp (CHK) shares rose after Citigroup and Mizuho upgraded the stock post its merger with Southwestern Energy Co (SWN). The all-stock deal is valued at $7.4 billion and is expected to yield $400 million in annual synergies, being accretive to financial metrics. Mizuho upgraded CHK to Buy with a $104 target, citing the creation of a shale gas leader and significant cost synergies. Citigroup also upgraded to Buy with a $95 target, highlighting scale and efficiency benefits. B of A Securities maintained a Buy rating with a $120 target, considering the synergies conservative and expecting outperformance due to market changes and competitive scale. CHK's stock is up 3.25% at $82.21.

Portfolio Pulse from Lekha Gupta

January 12, 2024 | 8:34 pm

GTBIF

IWM

MSOS

QQQ

SPY

VRNOF

Virginia lawmakers have filed legislation to legalize marijuana sales, despite the governor's lack of interest. New Jersey is considering over a dozen cannabis policy bills, while Arizona's cannabis market shows stability. The U.S. cannabis ETF MSOS showed resilience despite market volatility, and there's anticipation for a DEA headline regarding marijuana rescheduling. Putnam Global Health Care Fund made notable stock moves in the cannabis sector, and Illinois reported an increase in adult-use cannabis sales. Analysts predict significant financial benefits if the 280E tax is removed for U.S. cannabis companies.

Portfolio Pulse from Todd Harrison

January 12, 2024 | 7:47 pm

COIN

Coinbase Global (NASDAQ:COIN) is partnering with African stablecoin exchange Yellow Card to expand into Africa, starting with 20 countries from February 2024. The partnership will allow over 50% of the African population to access USDC purchases through the Coinbase wallet app, with fee-free stablecoin transfers via email and social messaging apps. Coinbase's Layer-2 blockchain Base will enable cheaper USDC transactions. This move is part of Coinbase's international expansion strategy, targeting Africa's young population. Yellow Card has previously raised funds through seed and Series A and B rounds. The market sentiment is positive with a historic Spot Bitcoin ETF approval, leading Wedbush to raise its price target on Coinbase to $180. Mizuho Securities, however, calls the approval a 'pyrrhic victory for COIN.' Coinbase is also acquiring a MiFID-licensed entity to expand in the EU, with the deal expected to close in 2024.

Portfolio Pulse from Khyathi Dalal

January 12, 2024 | 7:41 pm

XPO

YELLQ

Oppenheimer analyst Scott Schneeberger has reiterated an Outperform rating on XPO Inc (NYSE:XPO) and raised the price target from $90 to $100, citing the company's strategic shift towards enhanced customer service and aggressive acquisitions, such as the addition of 28 service centers from Yellow Corp.'s auction. The analyst maintains a 4Q23E adjusted EBITDA of $243 million and increased 2024E adjusted EBITDA to $1.185 billion. XPO's shares rose by 1.16% to $85.99.

Portfolio Pulse from Shivani Kumaresan

January 12, 2024 | 7:40 pm