Streetbeat News

Acquisitions Mergers

AAPL

DIS

META

PSHZF

Bill Ackman, through his hedge fund The Pershing Square Foundation, has disclosed a $10 million investment in Elon Musk's social media company, X. Ackman defended Musk's stance on free speech and criticized big advertisers like Apple, Disney, and Meta Platforms for boycotting X while supporting platforms with similar content issues. Ackman is not focused on profit from this investment and supports Musk's ownership of X, which is now seeking smaller advertisers to offset a significant loss in ad revenue.

Portfolio Pulse from Rounak Jain

December 02, 2023 | 10:00 am

SON

Sonoco, a global packaging solutions leader, has acquired Inapel Embalagens Ltda., a Brazil-based paperboard tube and core manufacturer. The terms of the acquisition were not disclosed. This strategic move is expected to expand Sonoco's manufacturing presence in South America and enhance its global supply chain capabilities.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 9:08 pm

JPM

Bill Ackman has suggested JPMorgan Chase CEO Jamie Dimon as a potential presidential candidate. Dimon, while not running, shared hypothetical first 100 days plans, including a bipartisan Cabinet and addressing issues like education, immigration, and the wealth gap. He also mentioned eliminating the carried interest tax loophole. Dimon has been critical of the current state of the U.S. and expressed support for Nikki Haley. Rumors of Dimon's retirement were sparked by an insider filing, hinting at a possible generous bonus if he leaves for a government job before 2026.

Portfolio Pulse from Chris Katje

December 01, 2023 | 9:05 pm

NVO

Denmark's Health Minister, Sophie Lohde, has indicated a willingness to discuss cost-sharing for Novo Nordisk's weight-loss drug Wegovy. Novo Nordisk is working to convince European governments to subsidize the drug. In Denmark, a risk-sharing program already exists for severe obesity cases, but the largest private health insurer will stop reimbursing weight loss medication from January 2024. Novo Nordisk has spent $25.8 million over a decade promoting obesity drugs, with significant payments to physicians. NVO shares dropped 1.20% to $100.62.

Portfolio Pulse from Vandana Singh

December 01, 2023 | 8:20 pm

DELL

GLD

MRVL

PFE

SOFI

TSLA

U.S. stocks, gold, and bonds rallied while the dollar tumbled as traders anticipate Federal Reserve rate cuts in 2024. The S&P 500, Dow Jones, and Nasdaq indices marked their fifth consecutive week of gains. The ISM manufacturing activity indicated a slowdown, leading to a drop in Treasury yields. The SPDR Gold Trust (GLD) surged as gold prices neared all-time highs. Sector ETFs, especially real estate and materials, saw gains, while technology lagged. Stocks like Dell (DELL) and Marvell Technology (MRVL) fell post-earnings, while Pfizer (PFE) dropped due to halted drug trials. SoFi Technologies (SOFI) rallied after Cathie Wood's investment. Tesla (TSLA) saw a decline after the Cybertruck event. Oil tracked by USO fell slightly, and European markets ended positively. Cryptocurrencies Bitcoin and Ethereum rose.

Portfolio Pulse from Piero Cingari

December 01, 2023 | 7:36 pm

BTB

Bit Brother's stock is trading higher following the announcement of the acquisition of 3,300 units of S19 miners, which are expected to enhance the company's mining capabilities.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 6:52 pm

TCNNF

YOURF

YourWay Cannabis Brands Inc. has agreed to sell Labtronix, Inc. for $3 million, structured as a secured note. The sale will relieve YourWay of all lawsuits, liabilities, and tax liabilities related to Labtronix. Shareholder Carl Saling III, holding 11% of YourWay's shares, has nominated six directors to the board, expressing concern over the company's direction and the asset sale's terms. Saling aims to halt the sale, complete an audit, and restore trading status. Trulieve Cannabis Corp. previously filed a complaint against YourWay and Labtronix for alleged kickback schemes.

Portfolio Pulse from Jelena Martinovic

December 01, 2023 | 6:46 pm

NEM

Options trading activity for Newmont (NYSE:NEM) shows a bearish sentiment among big money investors, with 66% of the trades being bearish. The trading range for the stock is targeted between $35.0 and $52.5. The largest trades include both calls and puts, with varying sentiments and expiration dates. Newmont, the world's largest gold miner, has recently acquired Newcrest and is expected to produce 7.3 million ounces of gold in 2023. The stock price is currently up 2.2% at $41.08, with potential overbought signals from RSI indicators. Analysts have given mixed reviews, with an average target price of $51.5, but with recent downgrades from BMO Capital and Macquarie to Outperform with price targets of $58 and $45, respectively.

Portfolio Pulse from Benzinga Insights

December 01, 2023 | 6:45 pm

DIS

Activist investor Nelson Peltz, with the support of former Marvel boss Ike Perlmutter, is making a second attempt to gain seats on Disney's board. Perlmutter, whose shares are controlled by Peltz's Trian Fund Management, is critical of Disney's recent performance, citing a $70 billion loss in shareholder value. CEO Bob Iger, who returned after Bob Chapek's short tenure, has made strides in reducing debt and reinstating dividends. Blackwells Capital's Jason Aintabi supports Iger, opposing Peltz's approach. Despite a 10% rally in November, Disney's shares are down 40% over three years.

Portfolio Pulse from Neil Dennis

December 01, 2023 | 6:43 pm

AAL

DAL

LUV

UAL

Southwest Airlines Company (NYSE:LUV) is experiencing a stock rise as it nears a new contract agreement with its pilots' union, potentially increasing salaries for over 11,000 pilots before the holiday season. This news has also positively impacted the shares of Delta Air Lines (NYSE:DAL), United Airlines Holdings (NASDAQ:UAL), and American Airlines Group (NASDAQ:AAL), which have already secured labor agreements with their pilots this year. A successful agreement for Southwest could prevent a potential strike and follows a recent pay raise agreement with its flight attendants' union.

Portfolio Pulse from Nabaparna Bhattacharya

December 01, 2023 | 6:41 pm