Streetbeat News

Acquisitions Mergers

NSC

Norfolk Southern has won a contract to link the Blue Ridge connector Inland Terminal to the GPA's Mason Mega Rail Terminal in Savannah, with the facility opening in 2026. The inland port is expected to handle 200,000 containers annually and will be integrated into Norfolk Southern's extensive intermodal network.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 6:12 pm

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USO

The Bank of Japan's (BOJ) potential shift away from yield control is causing significant movement in the yen and impacting global stock markets, including the U.S. The yen's rise is affecting strategies that involve borrowing in yen to invest in U.S. markets. JPMorgan Chase CEO Jamie Dimon expressed a desire to shut down cryptocurrencies if possible. U.S. jobless claims came in slightly below consensus, which may influence the Fed's rate decisions. European GDP contraction supports the expectation of rate cuts. Positive early money flows are seen in major tech stocks, while mixed flows are observed in SPY and QQQ ETFs. Gold and oil are seeing buying interest due to the yen's move. Bitcoin experiences a pullback after recent retail investor enthusiasm. The Arora Report advises investors to maintain a protection band strategy to balance risk and opportunity.

Portfolio Pulse from The Arora Report

December 07, 2023 | 6:00 pm

AMZN

WMT

Amazon.com, Inc (NASDAQ:AMZN) has made significant strides in 2023, including AI-driven logistics, grocery business overhaul, AI chip development, and a rivalry with Walmart Inc (NYSE:WMT). CEO Andy Jassy discussed Amazon's strategy for same-day order fulfillment, which has led to 60% of shipments in top metropolitan areas being delivered the same or next day. This has improved customer conversion rates. Prime Video also secured a multiyear rights agreement with Premier Boxing Champions, starting in March 2024. AMZN stock was up 1.99% to $147.39.

Portfolio Pulse from Anusuya Lahiri

December 07, 2023 | 5:52 pm

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Charlie Munger, the late vice chairman of Berkshire Hathaway, learned from the See's Candies acquisition that paying full price for a beloved brand can be a bargain. This shaped his and Warren Buffett's investment strategy, focusing on companies with fair prices and loyal customers. They initially passed on Amazon and Tesla, considering them too risky despite admiring their founders. However, they later invested in Apple, which became a significant part of Berkshire's portfolio. Munger passed away at 99, leaving behind a legacy of value investing.

Portfolio Pulse from Adam Eckert

December 07, 2023 | 5:49 pm

DISH

SATS

EchoStar Corporation's stock is trading higher following the FCC's approval for the transfer of control of Dish Network and its subsidiaries to EchoStar. This regulatory approval is a significant step in the consolidation process between the two entities, potentially leading to operational synergies and a more streamlined corporate structure.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 5:47 pm

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SNY

VNDA

Vanda Pharmaceuticals Inc (VNDA) has acquired the U.S. and Canadian rights to the multiple sclerosis drug Ponvory from Actelion Pharmaceuticals, a Johnson & Johnson (JNJ) company. The drug is FDA and Health Canada approved for treating relapsing forms of multiple sclerosis (RMS). Vanda paid $100 million for the rights, and Janssen will continue to operate under a Transitional Business License Agreement. Ponvory has shown superiority to Sanofi SA's (SNY) Aubagio in clinical studies. VNDA shares dropped 3.05% to $3.92.

Portfolio Pulse from Vandana Singh

December 07, 2023 | 5:32 pm

DISH

SATS

SPY

The FCC has approved the transfer of control of Dish Network and its subsidiaries to EchoStar on December 6. This regulatory approval is a significant step in the transaction between the two entities.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 5:29 pm

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U.S. stocks traded mostly higher, with the Nasdaq Composite up by 100 points. Dollar General Corp (NYSE:DG) reported Q3 sales growth of 2.4% to $9.69 billion, surpassing estimates, with EPS of $1.26 beating the $1.19 consensus. Communication services shares led gains, while health care shares declined. Save Foods, Inc. (NASDAQ:SVFD) surged 200% after targeting the US carbon credit market. Cyngn Inc. (NASDAQ:CYN) rose 87% on a new patent announcement. Barnes & Noble Education, Inc. (NYSE:BNED) gained 29% after positive earnings. Troika Media Group, Inc. (NASDAQ:TRKA) plummeted 74% due to Chapter 11 filing. ZyVersa Therapeutics, Inc. (NASDAQ:ZVSA) and Phio Pharmaceuticals Corp. (NASDAQ:PHIO) fell sharply after a public offering and warrant exercise, respectively. Oil prices increased slightly, while gold and silver declined.

Portfolio Pulse from Avi Kapoor

December 07, 2023 | 5:18 pm

ABBV

CERE

Cerevel Therapeutics Holdings, Inc. (NASDAQ:CERE) shares have risen after AbbVie Inc. (NYSE:ABBV) announced plans to acquire Cerevel for approximately $8.7 billion, or $45 per share in cash. The deal is expected to close in mid-2024. Following the announcement, analysts from Cantor Fitzgerald and Piper Sandler downgraded CERE from Overweight to Neutral, adjusting their price targets to $45. CERE's trading volume surged, with shares trading at $41.53, up more than 12%.

Portfolio Pulse from Erica Kollmann

December 07, 2023 | 5:05 pm

TRKA

Troika Media Group Inc (NASDAQ:TRKA) shares plummeted by 67.6% to $0.38 as the company announced its acquisition by Blue Torch Finance LLC amid Chapter 11 bankruptcy proceedings. The deal includes a stalking horse credit bid and a court-supervised auction. Troika has secured $11 million in financing from its lenders and aims to continue operations with minimal disruption, transitioning to a private company.

Portfolio Pulse from Henry Khederian

December 07, 2023 | 4:58 pm