Streetbeat News

Acquisitions Mergers

AMD

DIA

IWM

NVDA

OIH

QQQ

SMH

SPY

TLT

XLK

XLRE

XOP

US stocks saw a rebound with the Nasdaq 100 and small-cap stocks leading the gains, while the Dow Jones was weighed down by Boeing's struggles. Semiconductor stocks like NVIDIA and AMD posted significant gains. The 10-year Treasury Note yield fell, and energy commodity prices dropped. Bonds recovered, and the U.S. dollar depreciated. Bitcoin rose above $45,000, while gold prices fell. Sector ETFs like XLK and XLRE saw upticks, whereas XOP and OIH experienced declines. Notable stock movements included Boeing's drop after an FAA grounding order, NVIDIA's rise on AI chip production news, AMD's gain after a new processor reveal, American Airlines' upgrade by Morgan Stanley, Crocs' surge on raised sales forecast, and Abercrombie & Fitch's increase after raising its sales forecast.

Portfolio Pulse from Piero Cingari

January 08, 2024 | 6:15 pm

CYTK

Cytokinetics' stock price has risen following reports that Novartis is in advanced discussions to acquire the company. This news could indicate a significant corporate event for Cytokinetics, potentially leading to changes in its stock valuation.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 6:07 pm

BZAMF

BZAM Ltd. has completed the acquisition of Final Bell Canada Inc., obtaining brands like Cookies, Sherbinskis, and Wyld. The deal involved issuing 90 million BZAM shares at $0.15 each to FBHI. New executives joined BZAM, and a FBHI nominee was appointed to the board. The merger aims to consolidate BZAM's market presence in Canada, combining its infrastructure with Final Bell's international brands. BZAM has also implemented cost reduction measures, resulting in a 112% increase in net revenue year-over-year. However, over 90 employees were laid off in September 2023. BZAMF's stock price saw a slight increase to $0.1028 per share.

Portfolio Pulse from Jelena Martinovic

January 08, 2024 | 5:49 pm

AMAM

CMC

DADA

DTC

HARP

LMDX

U.S. stocks traded mixed with the Nasdaq Composite up by 1.20%. Crude oil prices fell by 4.9%, while Ambrx Biopharma's shares surged 100% after an acquisition announcement by Johnson & Johnson. Commercial Metals Company reported strong Q1 earnings, beating estimates. Harpoon Therapeutics shares increased by 112% due to an acquisition by Merck. LumiraDx, Dada Nexus, and Solo Brands saw significant share price drops due to various negative developments.

Portfolio Pulse from Avi Kapoor

January 08, 2024 | 5:22 pm

JHG

The lithium market has seen a significant price drop from CNY 600,000/ton to below CNY 100,000/ton due to increased production and reduced demand in China. Chile is planning to open new lithium extraction areas, with major companies in talks with the government. Core Lithium has halted operations at its Finniss site due to market conditions. Janus Henderson (NYSE:JHG) remains optimistic about lithium, predicting a price normalization and increased M&A activity. Kali Metals had a successful IPO on the ASX, indicating continued investor interest in lithium exploration.

Portfolio Pulse from Stjepan Kalinic

January 08, 2024 | 5:20 pm

NWL

Newell Brands Inc (NWL) is undergoing an organizational realignment to enhance commercial capabilities, which includes cutting office roles by 7% by the end of 2024. The company aims to optimize its real estate footprint and implement cost-reduction initiatives. These changes are part of the 'Where to Play / How to Win' strategy introduced in June 2023. Expected annualized pre-tax savings are $65 million to $90 million, with restructuring charges of $75 million to $90 million. NWL's stock rose 2.68% to $8.64.

Portfolio Pulse from Shivani Kumaresan

January 08, 2024 | 5:14 pm

SNX

TD SYNNEX Corporation (NYSE:SNX) is expected to report lower Q4 earnings with an EPS of $2.68 compared to $3.44 the previous year. Revenue is also anticipated to decrease to $14.48 billion from $16.25 billion. The company announced the retirement of Duane Zitzner from its Board and the acquisition of Cokeva, Inc. by its division Shyft Global Services. SNX shares dropped 0.8% to $104.60. Analysts have provided various ratings and price targets for SNX, with the most recent being a Buy rating and a price target of $120 from Stifel.

Portfolio Pulse from Avi Kapoor

January 08, 2024 | 4:46 pm

TWLO

Twilio Inc (NASDAQ:TWLO) shares rose after announcing a CEO transition and updated guidance. Jeff Lawson stepped down as CEO and board member, replaced by Khozema Shipchandler. Jeff Epstein was appointed as Chair of the board. Twilio expects to exceed its Q4 and full-year 2023 forecasts, with revenue and non-GAAP income from operations above November's guidance. The company will report Q4 financial results on Feb. 14, with expected earnings of 57 cents per share on revenue of $1.039 billion.

Portfolio Pulse from Adam Eckert

January 08, 2024 | 4:10 pm

GOEV

Canoo's stock price has increased following the announcement of the company acquiring manufacturing assets at reduced prices to expand production at its Oklahoma City facility.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 4:06 pm

RXRX

Recursion (NASDAQ:RXRX) introduced LOWE, a drug discovery software with a natural language interface, at the J.P. Morgan Healthcare Conference. LOWE, developed by Valence Labs after Recursion's acquisition of Valence Discovery, integrates Recursion's vast biological and chemical datasets and automates experiments in wet labs. It's a step towards creating 'AI scientists' for drug discovery. Recursion and NVIDIA will co-host an event to showcase LOWE, with speakers from NVIDIA, Sixth Street Capital, Genentech, American Enterprise Institute, and Verily.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 4:06 pm