Streetbeat News

Acquisitions Mergers

ABBV

AMGN

GILD

AbbVie Inc (NYSE:ABBV) acquired ImmunoGen on Nov. 30, 2023, leading to a 15% surge in its stock and a Golden Cross on Jan. 10. Despite bullish sentiments, past trends suggest caution as previous Golden Cross rallies were short-lived. AbbVie faces revenue decline due to Humira patent expiration and competition from biosimilars. Growth from strategic initiatives like the ImmunoGen acquisition may not significantly impact the bottom line until 2030. AbbVie's stock is trading at premium valuations compared to peers like Amgen Inc (NASDAQ:AMGN) and Gilead Sciences Inc (NASDAQ:GILD), with a forward P/E of 30.59, higher than AMGN's 22.20 and GILD's 18.30. Investors are advised to consider the long-term growth prospects and potentially wait for a pullback before investing.

Portfolio Pulse from Surbhi Jain

January 11, 2024 | 3:01 pm

DIS

NFLX

PARA

QQQ

WBD

Netflix Inc's gaming division has seen a 180% surge in game downloads in 2023, reaching 81.2 million, with significant growth in Q4. The company's expansion into gaming, including acquisitions of game studios and a diverse library of 89 titles, is proving successful. Netflix is also developing cloud gaming and a multi-platform AAA game. Despite a $1 billion investment in gaming, concerns remain among executives and investors about the strategy and budget. Netflix's stock outperformed Warner Bros. Discovery and Paramount Global but slightly underperformed the Invesco QQQ Trust in the last year.

Portfolio Pulse from Anusuya Lahiri

January 11, 2024 | 2:52 pm

SRG

A study for the Mining Association of British Columbia (MABC) highlights the economic benefits of 16 proposed critical mineral mines in British Columbia, with a potential investment of C$36 billion, 300,000 person-years of employment, and C$11 billion in tax revenue. The province is a significant mining player, and these developments could position Canada as an alternative to Chinese rare minerals. However, concerns arise as Australian company Vital Metals sells a stake to Shenghe Resources, and SRG Mining Inc. may sell a stake to Carbon ONE New Energy Group, despite Ottawa's virtual ban on Chinese acquisitions of Canadian mining companies.

Portfolio Pulse from Stjepan Kalinic

January 11, 2024 | 2:46 pm

CHK

SWN

Southwestern Energy Co (SWN) shares have fallen after announcing a merger with Chesapeake Energy Corp (CHK). The all-stock deal values SWN at $7.4 billion, or $6.69 per share, with SWN shareholders receiving 0.0867 CHK shares per SWN share. Post-merger, CHK and SWN shareholders will own 60% and 40% of the new entity, respectively. The combined company will have an enterprise value of $24 billion, a net production of 7.9 Bcfe/d, and expects $400 million in annual synergies. The merger is set to close in Q2 2024, with Nick Dell'Osso as CEO. SWN's stock dropped 2.25%, while CHK's rose 3.27%.

Portfolio Pulse from Lekha Gupta

January 11, 2024 | 2:40 pm

BEN

EZBC

Franklin Templeton has launched the Franklin Bitcoin ETF (EZBC), a spot bitcoin ETF, on the Cboe BZX Exchange. EZBC aims to track the performance of bitcoin's price, less fund expenses, and is part of Franklin Templeton's expansion into digital assets. The firm has over $20 billion in AUM across its ETF platforms and recently acquired Putnam Investments. EZBC's launch reflects the firm's commitment to innovation and meeting investor interest in digital assets.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 2:31 pm

COIN

ETCUSD

HPE

MSTR

RIOT

Ethereum Classic surged 34% following the SEC's approval of Bitcoin ETFs, outperforming BTC and ETH. The global electric vehicle market saw a 31% increase in sales in 2023. Cathie Wood discussed her personal Bitcoin holdings and the SEC's decision. Jim Cramer commented on the potential market reaction to the ETF approval. Crypto-related stocks like Riot Blockchain, Coinbase, and MicroStrategy are trending due to the Bitcoin Spot ETF spotlight. In other news, Trump discussed his potential 2024 running mate, and a study predicted a $1 trillion boost to the US economy from generative AI. Samsung, Apple, Amazon, and HP Enterprise made headlines in tech, while the electric vehicle and consumer sectors also featured notable updates.

Portfolio Pulse from Akanksha Bakshi

January 11, 2024 | 2:17 pm

FFNW

Global Credit Union has agreed to acquire First Financial Northwest Bank for an all-cash consideration of $231.2 million. This acquisition is expected to have financial and strategic implications for both entities involved.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 2:16 pm

ESGL

ESGL Holdings Limited (NASDAQ:ESGL) has established a new subsidiary, ESG Chemicals Sdn Bhd, in Malaysia to expand its market presence in the ASEAN region. The subsidiary will focus on trading and distributing circular products manufactured by ESGL and is expected to bring cost savings and favorable exchange rates, positively impacting the company's bottom line. The move aligns with ESGL's commitment to environmental sustainability and corporate responsibility.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 2:10 pm

DLPN

Dolphin Entertainment, Inc. (NASDAQ:DLPN) has completed the formation of its 'Super Group' with the acquisition of Special Projects in Q4 2023. CEO Bill O'Dowd's letter to shareholders highlights the company's strategic initiatives, including accelerated synergies and cross-selling in core businesses, expansion into new verticals like skin care/cosmetics/beauty, and receiving equity stakes in marketed assets. Dolphin anticipates the premiere of the 'Blue Angels' documentary, the launch of a celebrity-partnered product, and the announcement of owned or co-owned live events. These ventures are expected to contribute to long-term growth and increased shareholder value without requiring cash investment from Dolphin.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 2:09 pm

NVDA

Yotta has announced plans to purchase nearly 16,000 units of Nvidia's AI chips, specifically the H100 and GH200 models, by March of the following year.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 2:03 pm