Streetbeat News

Acquisitions Mergers

COIN

JNPR

Analysts predict Bitcoin ETFs could face premiums up to 8% amid high anticipation and lobbying efforts for approval. Cathie Wood's ARK Invest halts Coinbase selling and invests $8M in a chip giant. Emirates President highlights Boeing's quality control issues after a 737 Max 9 incident. Jim Cramer believes Bitcoin is topping out as ETF approval nears. Solana-based meme coin Bonk surges 30%. Former SEC Chair Jay Clayton sees Bitcoin ETF approval as inevitable. Juniper Networks' stock surges on news of a potential $13B acquisition by Hewlett Packard Enterprise.

Portfolio Pulse from Akanksha Bakshi

January 09, 2024 | 12:47 pm

GSK

LLY

NVO

PFE

Pfizer Inc's CEO Albert Bourla confirmed at the JP Morgan Healthcare Conference the company's commitment to the obesity drug market despite a previous candidate's failure due to side effects. Competitors Eli Lilly and Novo Nordisk are already established in this market with their GLP-1 agonist drugs. The obesity drug sector is projected to reach $100 billion by the end of the decade. Pfizer is looking for licensing deals or early-stage medications rather than acquiring a late-stage treatment. Pfizer's danuglipron showed significant weight loss but had high dropout rates due to side effects. Pfizer also revised its 2024 sales forecast down by up to $5 billion, and its RSV vaccine Abrysvo is underperforming compared to GSK's rival vaccine. Pfizer's stock was up 0.61% in premarket trading.

Portfolio Pulse from Vandana Singh

January 09, 2024 | 12:42 pm

Alcoa Corporation (NYSE:AA) is set to fully curtail production at its Kwinana Alumina Refinery in Western Australia in 2024, starting in Q2 2023. The refinery, operating at 80% capacity since January 2023, will gradually reduce its workforce from 800 to 50 by Q3 2025. The curtailment is due to the refinery's age, costs, and market conditions. Alcoa expects to improve annual earnings by $70 million post-curtailment, despite incurring $40 million in non-cash expenses. Restructuring charges of $180-$200 million will be recorded in Q1 2024, with Alcoa's share at $76-$84 million. Alcoa's stock dropped 1.04% in premarket trading.

Portfolio Pulse from Vandana Singh

January 09, 2024 | 12:37 pm

AAPL

ALK

CRM

HPE

INTC

JNPR

MTCH

NVDA

QQQ

SPY

WBA

U.S. stock futures indicate a potential downtrend on Tuesday after Monday's rally, with traders eyeing the upcoming inflation report and big bank earnings. Despite caution, a tech merger, Bitcoin ETF optimism, and rising oil prices could drive buying. Boeing's issues with the 737 Max 9 affected the Dow, but it recovered thanks to gains in Apple, Intel, Salesforce, and Walgreens. Juniper Networks surged on acquisition news by Hewlett Packard Enterprise, while Match Group rose on Elliott Management's stake. The International CES and JPMorgan Healthcare Conference may impact related stocks. Oil prices and Bitcoin are up, while Asian markets closed mostly higher.

Portfolio Pulse from Shanthi Rexaline

January 09, 2024 | 12:35 pm

SURG

SurgePays, Inc. has acquired ClearLine Mobile, but the financial terms of the deal have not been disclosed to the public.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 12:32 pm

GSK

GSK plc has acquired Aiolos Bio Inc. for $1 billion with an additional $400 million in potential milestone payments. The deal gives GSK access to AIO-001, a monoclonal antibody for asthma treatment, ready for phase 2 trials. AIO-001, licensed from Jiangsu Hengrui Pharmaceuticals, could expand GSK's respiratory portfolio, targeting a broader asthma patient base. GSK's focus on respiratory diseases is part of its strategy to offset upcoming patent expirations. In 2022, respiratory products generated £11 billion for GSK. GSK shares rose 0.30% in premarket trading.

Portfolio Pulse from Vandana Singh

January 09, 2024 | 12:26 pm

GOEV

MBLY

RENT

The article highlights three consumer discretionary stocks considered oversold based on their Relative Strength Index (RSI) values, suggesting a potential buying opportunity. Canoo Inc. (GOEV) recently purchased manufacturing assets and saw a slight stock decline, with an RSI of 29.65. Rent the Runway, Inc. (RENT) reported disappointing revenue results, leading to a 30% stock drop over the past month and an RSI of 26.16. Mobileye Global Inc. (MBLY) announced significant production design wins, yet its stock fell 26% in the past five days, with an RSI of 19.38.

Portfolio Pulse from Avi Kapoor

January 09, 2024 | 12:22 pm

CCM

Concord Medical Services announced plans to list its subsidiary on the Stock Exchange of Hong Kong, expecting to raise HK$562.9M (approximately $72.2M) from the initial public offering.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 12:14 pm

VNT

Vontier Corporation has sold its Coats business to Victor Capital Partners for $72.5 million in an all-cash deal. Coats is expected to generate $110 million in revenue and $10 million in EBITDA for 2023. The financial results of Coats are included in Vontier's 'Other' segment and will be removed from continuing operations from the transaction's completion date, January 8, 2024.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 12:05 pm

TLRY

Tilray Brands has reaffirmed its FY24 adjusted EBITDA target of $68M-$78M and is on track to achieve $30M-$35M in annual savings from the integration of its HEXO acquisition.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 12:05 pm