Streetbeat News

Acquisitions Mergers

AMZN

GOOG

MSFT

The European Commission (EC) is 'checking' Microsoft Corp's (NYSE:MSFT) investment in OpenAI, which may be subject to EU Merger Regulation review. This follows the UK's Competition and Markets Authority (CMA) investigation into whether Microsoft's partnership with OpenAI resulted in an 'acquisition of control.' The EC is also conducting a wider probe into virtual worlds and generative AI, inviting feedback on competition levels. Global regulators are concerned about big tech firms like Microsoft, Amazon.com Inc (NYSE:AMZN), and Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) dominating AI innovation through investments.

Portfolio Pulse from Neil Dennis

January 09, 2024 | 5:12 pm

DIS

SONY

Zee Entertainment Enterprises Ltd. missed a $200 million payment to Walt Disney Co's India unit for cricket TV rights, amid financial challenges and uncertainty over its merger with Sony Group Corp. The missed payment raises concerns about Zee's cash conservation and potential legal issues, while Disney seeks explanations. Zee's stock struggles as it relies on cricket rights to boost viewership and advertising in cricket-loving India. Disney's stock dipped 1.08% to $90.56.

Portfolio Pulse from Shivani Kumaresan

January 09, 2024 | 5:02 pm

DTIL

TGTX

Precision BioSciences' stock is up following the announcement of a licensing agreement with TG Therapeutics for the development of Azer-Cel, a treatment for autoimmune diseases.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 5:01 pm

HPE

JNPR

Hewlett Packard Enterprise (HPE) has reportedly agreed to acquire Juniper Networks (JNPR) in a deal valued at $13 billion, with an announcement expected as soon as Tuesday, according to Bloomberg.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 4:52 pm

EADSY

Air Lease Corp (AL) provided an operational and financing update for Q4 FY23, reporting the delivery of 22 new aircraft, including models from Airbus (EADSY) and Boeing (BA). The company invested approximately $1.2 billion in aircraft during the quarter and sold seven aircraft for about $440 million. Air Lease's fleet now includes 463 owned and 78 managed aircraft, with 334 new aircraft on order to be delivered by 2029. The company also increased its senior unsecured revolving credit facility to $7.4 billion. AL plans to announce Q4 FY23 results on February 15, 2024. In November, AL signed a lease agreement with EGYPTAIR for 18 new Boeing 737-8 aircraft. AL's stock is currently trading down by 0.91% at $40.15.

Portfolio Pulse from Lekha Gupta

January 09, 2024 | 4:46 pm

DTIL

TGTX

Precision BioSciences, Inc. (NASDAQ:DTIL) stock rose after announcing a licensing agreement with TG Therapeutics, Inc. (NASDAQ:TGTX) to develop Azercabtagene Zapreleucel for autoimmune diseases. Precision will receive $17.5 million upfront and could earn up to $288 million in future milestones. The news has significantly increased trading volume for DTIL, with over 26 million shares traded, surpassing the 100-day average of 938,000 shares.

Portfolio Pulse from Erica Kollmann

January 09, 2024 | 4:39 pm

JBL

Institutional holdings data from Quiver Quantitative shows hedge funds and asset managers, including Fidelity, Point72, and Whale Rock Capital Management, have increased their positions in Jabil Inc. (NYSE:JBL). Fidelity notably raised its stake by 15.86%. Jabil reported solid Q1 FY24 earnings with $8.4 billion in net revenue and provided guidance for Q2 FY24 with expected softer demand. Jabil is a leading global manufacturing services provider with a competitive edge in the EMS and DMS segments. The company's strategy focuses on growth through diversification, customer expansion, and strategic acquisitions. Jabil's management has been returning value to shareholders through share repurchases and dividends, with a recent authorization for a $2.5 billion share repurchase program. Management's compensation is heavily tied to performance, aligning with shareholder interests. Jabil's financial health is strong, with efficient operations, manageable debt, and significant free cash flow growth. A reverse discounted cash flow analysis suggests Jabil's stock is undervalued, with a 'fair' share price estimated at $157, indicating a potential investment opportunity.

Portfolio Pulse from Quiver Quantitative

January 09, 2024 | 4:36 pm

DTIL

TGTX

TG Therapeutics, Inc. (NASDAQ:TGTX) shares are trading lower by 5.2% despite a recent 18% increase over five days. The company has acquired a license for a CAR T cell therapy program, azer-cel, from Precision BioSciences, Inc. (NASDAQ:DTIL) for non-oncology indications. TG Therapeutics will pay Precision $17.5 million upfront and potential near-term payments. The company aims to file an IND for azer-cel by mid-2024. TGTX's stock is above its 50-day moving average and has a high short interest of 29.7%.

Portfolio Pulse from Erica Kollmann

January 09, 2024 | 4:36 pm

GOOG

MSFT

QQQ

The EU is scrutinizing Microsoft's $13 billion investment in OpenAI for potential anti-competitive practices, which could lead to a full investigation. Concerns arise that the partnership may unfairly dominate the AI and virtual worlds market. The European Commission and the UK's CMA are examining the depth of Microsoft's involvement with OpenAI, especially after the firing and rehiring of OpenAI's CEO Sam Altman. Microsoft's integration of OpenAI's products has made it a leading AI company, prompting rivals like Google to increase their efforts in AI. The EU's potential regulation of AI technologies could impact companies like Microsoft and Google. Microsoft's stock performed well last year, gaining 65% compared to Invesco QQQ Trust's 50%.

Portfolio Pulse from Anusuya Lahiri

January 09, 2024 | 4:28 pm

AAPL

AMZN

GOOG

GOOGL