Streetbeat News

Acquisitions Mergers

BLK

BlackRock, the world's largest asset manager, announced it will cut about 3% of its workforce, which equates to roughly 600 jobs, despite expecting a larger headcount by the end of 2024. The cuts are not focused on any single team. BlackRock's shares have underperformed the S&P 500 over the last year, and the company is actively seeking acquisition targets to boost growth. With $9.1 trillion in assets under management at the end of Q3 2023, down from $9.4 trillion, the company faces industry headwinds. BlackRock's fourth-quarter results are due on Friday, and its shares were down 0.5% after the announcement.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 8:43 pm

CYTK

NVS

Cytokinetics, Incorporated (NASDAQ:CYTK) stock has seen a significant increase, rising over 200% in the past month, largely due to positive results from its SEQUOIA-HCM Phase 3 trial and a potential acquisition by Novartis (NYSE:NVS). Despite a strong rally, CYTK shares dropped over 11% on Tuesday after reaching an all-time high on Monday.

Portfolio Pulse from Ryan Gustafson

January 09, 2024 | 8:42 pm

ACCD

ACI

CUTR

GRFS

HPE

JBLU

JNPR

TCS

U.S. stocks traded mixed with the Nasdaq Composite turning higher, while the Dow and S&P 500 fell. Information technology shares rose, but energy shares declined. Albertsons Companies Inc. reported higher-than-expected Q3 sales and adjusted EPS. Cutera's shares surged after providing positive preliminary FY23 revenue guidance. Juniper Networks' shares rose on reports of acquisition talks with Hewlett Packard Enterprise. Accolade's shares increased following Q3 results. Grifols' shares fell after a negative report by Gotham City Research. The Container Store Group's shares dropped due to lower-than-expected Q3 net sales forecast. JetBlue Airways' shares declined after a downgrade by B of A Securities and a CEO succession announcement.

Portfolio Pulse from Avi Kapoor

January 09, 2024 | 8:10 pm

LAZR

NVDA

Luminar Technologies, Inc. (NASDAQ: LAZR) has expanded its partnership with Mercedes-Benz, integrating its LiDAR technology into the Official FIA F1 Safety Car and debuting new Automatic Emergency Steering (AES) software with Iris+ LiDAR at CES 2024. The company also showcased its Automated Valet software, announced the production of six new chips by Luminar Semiconductor, and confirmed the start of production for the Volvo EX90 featuring Luminar technology. Luminar's commercial growth includes partnerships with NVIDIA and Mobileye, and agreements with Kodiak Robotics and Gatik for autonomous trucking solutions.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 8:02 pm

AMD

HPE

JNPR

NVDA

SRPT

On Tuesday, Wall Street saw mixed performance with the Nasdaq 100 slightly up and the S&P 500 and Dow Jones down ahead of inflation data and earnings season. Nvidia (NVDA) hit a record high, while Advanced Micro Devices (AMD) also gained. The SPDR S&P 500 ETF (SPY), SPDR Dow Jones ETF (DIA), and Invesco QQQ Trust (QQQ) showed varied movements. Juniper Networks (JNPR) surged on acquisition news by Hewlett Packard Enterprise (HPE), which fell in response. Sarepta Therapeutics (SRPT) continued its rise, and Unity Software (U) dropped after announcing job cuts.

Portfolio Pulse from Piero Cingari

January 09, 2024 | 7:14 pm

AVB

DOC

MAA

MPW

PEAK

REXR

SITC

STAG

Several REITs experienced downgrades at the start of 2024 despite positive developments in late 2023. Stag Industrial, Rexford Industrial Realty, Medical Properties Trust, Physicians Realty Trust, Mid-America Apartment Communities, AvalonBay Communities, and SITE Centers Corp. all received downgrades from various analysts. These downgrades come after a period of significant share price increases for the REIT sector. Key events include lease renewals, acquisitions, dispositions, and dividend increases, but concerns seem to focus on the sustainability of recent price appreciations.

Portfolio Pulse from Ethan Roberts

January 09, 2024 | 7:02 pm

BTCUSD

Bitwise CIO Matt Hougan expressed optimism about the anticipated approval of spot Bitcoin ETFs, which he believes will bring Bitcoin into the mainstream investment world. Hougan suggested that the ETFs could launch as early as Thursday, and emphasized the benefits of fee reductions for investors. He acknowledged the risks highlighted by SEC Chair Gary Gensler but noted that ETFs could offer a safer investment option. Hougan also sees Bitcoin as a potential global reserve asset and expects a surge of institutional investors post-ETF approval.

Portfolio Pulse from Murtuza Merchant

January 09, 2024 | 6:57 pm

POST

Mizuho Securities analyst John J. Baumgartner initiated coverage on Post Holdings Inc (NYSE:POST) with a Buy rating and a $110 price target. Baumgartner highlights POST's strategic acquisitions, alternative structures for enhancing returns, diversified portfolio, and strong cash returns. The company's value-oriented portfolio is seen as well-positioned for consumer economization, with potential for long-term EBITDA growth, especially in the pet category. POST shares saw a slight increase of 0.78% to $93.39.

Portfolio Pulse from Shivani Kumaresan

January 09, 2024 | 6:41 pm

MRK

MRNA

MYNZ

PFE

Pharmaceutical companies Moderna, Pfizer, and Mainz Biomed are shifting focus to cancer treatment and early detection. Moderna's cancer vaccine and Pfizer's acquisition of Seagan aim to accelerate oncology efforts. Mainz Biomed's ColoAlert® shows promise in colorectal cancer (CRC) early detection with high sensitivity and specificity. Moderna's vaccine, combined with Merck's Keytruda, reduced the risk of late-stage skin cancer recurrence. Despite a drop in COVID-19 vaccine sales, Moderna expects sales growth in 2025. The companies are leveraging mRNA technology for personalized cancer treatment, signaling a new era of pharmaceutical innovation.

Portfolio Pulse from Upwallstreet

January 09, 2024 | 6:40 pm

ACCD

CUTR

GRFS

HPE

JNPR

NEOG

SNX

TCS

U.S. stocks were mostly lower, with the Dow Jones down 0.49%. TD SYNNEX Corporation (NYSE:SNX) reported lower Q4 sales but beat EPS estimates and provided Q1 2024 guidance below expectations. Crude oil prices rose by 2.4%. Cutera, Inc. (NASDAQ:CUTR) and Accolade, Inc. (NASDAQ:ACCD) saw stock prices surge after positive financial updates, while Grifols, S.A. (NASDAQ:GRFS) and Neogen Corporation (NASDAQ:NEOG) fell sharply due to negative reports. Juniper Networks, Inc. (NYSE:JNPR) spiked on acquisition talks with Hewlett Packard Enterprise Co (NYSE:HPE). The Container Store Group, Inc. (NYSE:TCS) dropped after projecting lower-than-expected sales.

Portfolio Pulse from Avi Kapoor

January 09, 2024 | 6:08 pm