Streetbeat News

Acquisitions Mergers

AZN

BMY

CYTK

NVS

Novartis AG (NVS) has decided not to pursue the acquisition of Cytokinetics Inc (CYTK), a developer of a promising heart drug. Despite this, analysts predict Cytokinetics' cardiomyopathy drug could reach sales of $3.6 billion by 2032. Cytokinetics' aficamten has shown significant improvement in exercise capacity for patients with symptomatic obstructive hypertrophic cardiomyopathy (HCM) and could be available by 2025. It has also received Breakthrough Therapy designation from the FDA. HC Wainwright maintains a Buy rating for CYTK stock. Aficamten is considered a potential leading therapy for HCM, potentially more effective than Bristol Myers Squibb Co’s (BMY) Camzyos (mavacamten).

Portfolio Pulse from Vandana Singh

January 12, 2024 | 7:38 pm

AAL

BAC

DAL

DIA

GDX

GLD

IWM

JETS

NLOP

QQQ

SPY

TSLA

UAL

UNH

XLE

XLY

U.S. stocks showed mixed performance with the S&P 500 and Nasdaq stable, while the Dow Jones fell 0.4%. The PPI rose less than expected, and Bitcoin dropped over 6% after a spot ETF approval. Gold rose, surpassing $2,050/oz. UnitedHealth, Tesla, and Bank of America stocks fell post-earnings, while BNY Mellon and Net Lease Office Properties rose. Delta and other airlines declined due to revised earnings forecasts.

Portfolio Pulse from Piero Cingari

January 12, 2024 | 7:33 pm

AUVI

DAL

FLXS

GNS

MNTS

VCIG

WIT

U.S. stocks showed mixed performance with the S&P 500 and NASDAQ Composite rising, while the Dow fell. Energy shares gained 1% with crude oil prices increasing by 1.2%. Delta Air Lines (DAL) shares dropped over 8% after Q4 results, despite beating revenue and EPS estimates, due to conservative EPS guidance for the current year. Applied UV (AUVI), Flexsteel Industries (FLXS), and Wipro Limited (WIT) saw their shares surge after positive announcements. Genius Group (GNS) shares plummeted 47% following an $8.25 million public offering announcement. VCI Global (VCIG) and Momentus (MNTS) also saw significant declines after announcing their respective public offerings and funding issues.

Portfolio Pulse from Avi Kapoor

January 12, 2024 | 7:27 pm

DAL

FLXS

WIT

Wipro Limited (NYSE:WIT) shares surged over 16% after reporting Q3 results, guidance, and an interim dividend. Other stocks showed significant movement in Friday's mid-day session, with various gainers such as Charge Enterprises, Inc. (NASDAQ:CRGE) and losers like Genius Group Limited (NYSE:GNS). Notable movements included Flexsteel Industries, Inc. (NASDAQ:FLXS) rising after strong Q2 preliminary results and Delta Air Lines, Inc. (NYSE:DAL) falling post Q4 financial results and 2024 guidance.

Portfolio Pulse from Avi Kapoor

January 12, 2024 | 6:28 pm

STLA

Stellantis N.V. (NYSE:STLA) is using airfreight to mitigate supply chain disruptions caused by incidents in the Red Sea affecting shipping routes. The company claims there has been almost no impact on manufacturing so far. Stellantis has also invested in Tiamat, a French company developing sodium-ion battery technology, which aligns with its Dare Forward 2030 strategic plan aiming for carbon net zero by 2038. STLA shares dropped by 1.93% to $22.32 recently.

Portfolio Pulse from Nabaparna Bhattacharya

January 12, 2024 | 6:17 pm

SYT

SYLA Technologies Co., Ltd. (NASDAQ:SYT), a Japanese real estate crowdfunding platform operator, has completed the acquisition of a 20.39% stake in RIBERESUTE CORPORATION, becoming its largest shareholder. The acquisition involved 2,158,800 shares and was finalized on January 12, 2024, following an agreement made on November 15, 2023.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 5:58 pm

ALK

DAL

EADSY

Airbus SE delivered a record 735 commercial aircraft in 2023, an 11% increase from 2022, with 2,319 gross orders. Boeing Company, on the other hand, delivered 528 aircraft and secured 1,314 net new orders in 2023. Boeing's shares have been declining since the Alaska Air Group incident. Airbus' new orders include 18 A350-1000s and 15 A321neos from EVA Air, and 20 A350-1000s with options for 20 more from Delta Air Lines. Airbus shares (EADSY) rose by 2.36% to $40.78 recently.

Portfolio Pulse from Nabaparna Bhattacharya

January 12, 2024 | 5:42 pm

Deutsche Bank is reportedly analyzing potential deals with Commerzbank, ABN Amro, and other financial institutions, according to Bloomberg. The bank is looking into various options as part of its growth strategy, although no final decisions have been made and the discussions may not lead to any transactions.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 5:22 pm

DOCU

DocuSign shares have risen after a report indicated that Bain Capital and Hellman & Friedman are both interested in acquiring the company.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 5:15 pm

ABBNY

ABB Ltd (OTC:ABBNY) acquired Swiss start-up Sevensense, a provider of AI-enabled 3D vision navigation technology for robots. This acquisition aligns with ABB's focus on AI solutions for industries like logistics and manufacturing and follows their minority investment in Sevensense in 2021. The mobile robots market is expected to grow at a 20% CAGR through 2026. ABB plans to integrate Sevensense's technology into its AMR portfolio, enhancing speed, accuracy, and payload. Sevensense's team will remain in Zurich, and ABB will report Q4 FY23 earnings on February 1, 2024. ABBNY shares saw a slight increase of 0.46% to $42.90 on Friday.

Portfolio Pulse from Lekha Gupta

January 12, 2024 | 5:14 pm