Streetbeat News

Acquisitions Mergers

AAPL

CRWD

DDOG

IWO

PANW

PTON

SPY

TSLA

TTWO

XLK

Deepwater Asset Management, co-founded by Gene Munster, has released its tech predictions for 2024 after achieving an 87.5% success rate with its 2023 predictions. The firm anticipates the iShares Russell 2000 Growth ETF (IWO) to outperform the SPDR S&P 500 ETF Trust (SPY), and expects tech companies like CrowdStrike (CRWD), Palo Alto Networks (PANW), and Datadog (DDOG) to be in acquisition mode. Apple (AAPL) is predicted to enhance Siri with AI and sell 400,000-500,000 units of Vision Pro, but not release new devices in the Vision line. Tesla (TSLA) is expected to maintain its U.S. EV market share in 2024. Deepwater also predicts Apple may acquire Peloton (PTON), and Take-Two Interactive (TTWO) could be the top U.S. gaming stock due to GTA VI anticipation. AI is expected to disrupt the 2024 presidential election with deepfakes. The Technology Select Sector SPDR Fund (XLK) saw a slight increase.

Portfolio Pulse from Shanthi Rexaline

December 27, 2023 | 3:59 pm

CDXS

NSRGY

Codexis, Inc. (CDXS) has entered into a purchase agreement with Nestlé Health Science, a division of Nestlé S.A. (NSRGY), for the enzyme CDX-7108, a potential treatment for exocrine pancreatic insufficiency (EPI). The deal could be worth up to $45 million in milestone payments for Codexis, including a $5 million upfront payment and additional sales-based royalties. Codexis may receive another $5 million if Nestlé exercises an option for two more early-stage enzymes. Nestlé Health Science will take over the development and marketing of CDX-7108. Following the news, CDXS shares rose by 4.52% to $3.47.

Portfolio Pulse from Akanksha Bakshi

December 27, 2023 | 3:28 pm

CMPS

IXHL

PSIL

President Biden signed the 2024 NDAA, which includes funding for clinical trials with psychedelics for active military members. Robert F. Kennedy Jr. expressed support for psychedelics in mental health treatment. Incannex Healthcare (NASDAQ:IXHL) is set to open Australia's first dedicated psychedelic-assisted therapy clinic. Psychedelics stocks showed varied performance, with COMPASS Pathways (NASDAQ:CMPS) closing at $8.75, and AdvisorShares Psychedelics ETF (NYSE:PSIL) closing at $1.42.

Portfolio Pulse from Lara Goldstein

December 27, 2023 | 3:09 pm

CHRS

CING

FWBI

HALL

IOVA

ROI

U.S. stocks saw a slight increase with the Dow Jones gaining over 20 points. Coherus BioSciences, Inc. (NASDAQ:CHRS) announced FDA approval for UDENYCA ONBODY. First Wave BioPharma, Inc. (NASDAQ:FWBI) surged 236% after announcing a term sheet to sell its Niclosamide program. Cingulate Inc. (NASDAQ:CING) and RiskOn International, Inc. (NASDAQ:ROI) also saw significant gains. Hallmark Financial Services, Inc. (NASDAQ:HALL) and Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) experienced declines, with HALL intending to delist from Nasdaq and IOVA facing an FDA clinical hold.

Portfolio Pulse from Avi Kapoor

December 27, 2023 | 2:56 pm

NVDA

SPY

SSNLF

Nvidia Corp (NASDAQ:NVDA) is trading higher after reports of making significant advance payments to SK Hynix and Micron Technology, Inc (NASDAQ:MU) for High Bandwidth Memory (HBM). The payments, totaling billions, aim to secure a stable supply of HBM3e for Nvidia's 2024 GPU products. This move is seen as a proactive strategy in a competitive market. Nvidia's investment is also beneficial to memory suppliers like SK Hynix and Samsung Electronics Co (OTC:SSNLF), especially after a challenging year. Samsung has completed product testing for HBM3 and HBM3e and signed a supply contract with Nvidia, although its technology might require additional processes. Nvidia's stock has outperformed SPDR S&P 500 (NYSE:SPY) with a year-to-date gain of over 244%.

Portfolio Pulse from Anusuya Lahiri

December 27, 2023 | 2:37 pm

RPHM

Reneo Pharmaceuticals' stock price has risen following an acquisition proposal from Concentra to purchase all outstanding shares at $1.80 each.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 2:29 pm

ADSE

ADS-TEC Energy PLC (NASDAQ:ADSE) has entered into a definitive agreement for a private investment from Svelland Capital. The deal is set to close on December 28, 2023, with undisclosed financial terms. The investment is expected to strengthen ADS-TEC's financial position, allowing for strategic initiatives and securing profitable opportunities. CEO Thomas Speidel anticipates the strongest quarter in company history for Q4 2023 in terms of revenues and margins, with positive expectations for 2024. ADS-TEC specializes in lithium-ion battery storage solutions and fast charging systems. ADSE's stock closed up 0.73% at $6.90.

Portfolio Pulse from Shivani Kumaresan

December 27, 2023 | 2:27 pm

NIO

NIO Inc (NYSE:NIO) shares dropped after a surge earlier in the week due to the launch of its new ET9 sedan and entry into the luxury EV segment. The ET9 is available for pre-order in China with deliveries expected in Q1 2025. Nio also introduced new power swap stations and a liquid-cooled charger. Additionally, Nio completed a $2.2 billion investment from CYVN Investments, giving CYVN a 20.1% stake in Nio. Analysts have a consensus price target of $28.13 for Nio stock, with 12 positive and 5 neutral ratings.

Portfolio Pulse from Adam Eckert

December 27, 2023 | 2:14 pm

WMB

Williams Companies Inc (NYSE:WMB) has agreed to purchase a portfolio of natural gas storage assets from an affiliate of Hartree Partners LP for $1.95 billion, approximately 10x the estimated 2024 EBITDA multiple. The acquisition includes six storage facilities in Louisiana and Mississippi with a total capacity of 115 Bcf, 230 miles of pipeline, and 30 interconnects. The deal is expected to close in January 2024 and is seen as a strategic move to meet growing demand for natural gas, especially as renewable energy adoption increases. WMB's stock showed a slight premarket decline.

Portfolio Pulse from Lekha Gupta

December 27, 2023 | 2:11 pm

LRHC

La Rosa Holdings Corp. (NASDAQ: LRHC) has acquired a 51% interest in its franchisee, La Rosa Realty Orlando, LLC, which generated $3.6 million in revenue and positive net income in 2022. Despite a down market, Realty Orlando increased transactions by 14% in 2023 compared to 2022. The company aims for a $100 million annual revenue run rate by end of 2024 and plans to acquire more franchisees soon.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 2:02 pm