Streetbeat News

Acquisitions Mergers

Morgan Stanley (NYSE:MS) is expanding its investment in early-stage companies through the Morgan Stanley Next Level Fund, which has $50 million in capital commitments. Despite a global decline in startup investing, Morgan Stanley has invested $12.5 million across nine companies. Additionally, Morgan Stanley Investment Management Inc. raised $1.2 billion for North Haven Expansion Equity IX and North Haven Expansion Credit II, surpassing its target by 40%. Barclays and Goldman Sachs have given Morgan Stanley an Overweight and Buy rating, respectively, with price targets suggesting potential upsides.

Portfolio Pulse from Aditi Ganguly

January 11, 2024 | 7:18 pm

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TTGT

TechTarget, Inc. (TTGT) shares rose by 14.4% after announcing a strategic combination with Informa Tech's digital businesses. Other stocks experienced significant movements in Thursday's mid-day session, with various companies reporting acquisitions, financial results, and other business updates. Notably, First Financial Northwest, Inc. (FFNW) surged 53% due to an acquisition announcement, and Transphorm, Inc. (TGAN) jumped 25.3% after a buyout offer. Crypto-related stocks like Canaan Inc. (CAN) and Stronghold Digital Mining, Inc. (SDIG) also rose after the SEC approved the listing and trading of spot Bitcoin ETFs. Conversely, several companies saw their shares fall, such as Clearmind Medicine Inc. (CMND), Office Properties Income Trust (OPI), and Plug Power Inc. (PLUG), which was downgraded by an analyst.

Portfolio Pulse from Avi Kapoor

January 11, 2024 | 6:32 pm

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TSLA

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Tesla Inc (TSLA) achieved its target of 1.8 million EV deliveries in 2023, while BYD Company Limited (BYDDY) surpassed Tesla's quarterly sales. Ford Motor (F) is adjusting prices for its 2024 F-150 Lightning models. Worksport Ltd (WKSP) is increasing production capacity for its solar-powered tonneau cover and battery system for Hyundai Motor Company (HYMTF). Hyundai surpassed Ford and General Motors in U.S. EV sales, ranking behind Tesla. VinFast is entering the electric pickup market with its VF Wild concept. Worksport plans a second soft cover factory and is ramping up production in Buffalo, New York.

Portfolio Pulse from Upwallstreet

January 11, 2024 | 6:30 pm

ACI

The Federal Trade Commission (FTC) is not expected to make a decision on the proposed merger between Kroger (KR) and Albertsons (ACI) until February. The delay in the regulatory review process means that stakeholders will have to wait to see if the FTC will challenge the merger of these two supermarket giants.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 5:55 pm

BTCUSD

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JPM

The SEC has approved applications for spot Bitcoin ETFs, potentially boosting Bitcoin's price. Meanwhile, Congressman Mike Collins has been purchasing Ethereum, with recent trades disclosed in January. Collins' investment activity comes amid scrutiny of Congress members' trading due to potential conflicts of interest. Collins' stance on cryptocurrency was highlighted in a tweet responding to JPMorgan CEO Jamie Dimon's criticism. The approval of Bitcoin ETFs and interest in Ethereum ETFs, such as from the Grayscale Ethereum Trust, could signal increased institutional interest in cryptocurrencies.

Portfolio Pulse from Chris Katje

January 11, 2024 | 5:55 pm

BTCUSD

Better Markets CEO Dennis M. Kelleher criticizes the SEC's approval of Bitcoin ETFs, predicting it will 'unleash crypto predators' and increase systemic risks. He describes Bitcoin as a 'worthless, volatile, and fraud-filled financial product' and expresses concerns over inadequate regulation by the CFTC. Despite such criticism, Bitcoin's price surged past $48K, and crypto-related stocks are rallying.

Portfolio Pulse from Khyathi Dalal

January 11, 2024 | 5:36 pm

BTCUSD

South Korea's Financial Services Commission maintains a stance against recognizing cryptocurrencies as financial assets and prohibits financial institutions from investing in them. Despite the U.S. SEC approving Bitcoin ETFs, South Korea will not amend its laws to allow virtual asset ETFs, believing its financial stability during crypto downturns is due to such restrictions. SEC Chairman Gary Gensler stated that the SEC's approval is limited to cash exchange-traded products holding Bitcoin.

Portfolio Pulse from Murtuza Merchant

January 11, 2024 | 5:26 pm

ACI

Washington State is preparing to file a lawsuit to prevent the merger between Kroger Co. and Albertsons Companies Inc. The state's action adds to the regulatory challenges the deal may face, as it could potentially reduce competition in the grocery sector.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 5:23 pm

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NVS

Novartis' expected acquisition of Cytokinetics, a developer of heart drugs, has lost momentum. The deal was anticipated to be finalized as soon as this week, according to the Wall Street Journal.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 5:22 pm

SUN

Sunoco LP (NYSE:SUN) has agreed to sell 204 convenience stores to 7-Eleven for approximately $1 billion, with adjustments for fuel and merchandise inventory. The deal includes an amendment to Sunoco's existing fuel supply agreement with 7-Eleven, promising additional fuel gross profit. Proceeds will be used to reduce leverage and fund growth, with the sale expected to close after regulatory approvals. Sunoco also plans to acquire Zenith Energy's terminals in Amsterdam and Bantry Bay, which is expected to close in Q1 2024 and be accretive to unitholders in the first year. The acquisition will be funded through Sunoco's credit facility. Sunoco reaffirmed its FY24 EBITDA guidance of $975 million to $1 billion. SUN shares rose 1.7% to $59.05.

Portfolio Pulse from Lekha Gupta

January 11, 2024 | 5:21 pm