Streetbeat News

Acquisitions Mergers

SLNH

Soluna Holdings, Inc. has registered for ERCOT's Demand Response Program, which will allow the company to generate over $10/MWh in additional revenue for Project Dorothy and potentially reduce power costs below $20/MWh. This positions Soluna as one of the lowest cost operators in the industry. The company also reported strong Q3 results with a 176% increase in revenue and an operating profit milestone. Additionally, Soluna completed the Third Amendment of October Notes to facilitate early payoff of convertible notes, signed new hosting customers at Project Sophie, and established an Advisory Board with AI and data center experts to expand its pipeline of candidates with AI expertise.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 4:38 pm

ABBV

IMGN

AbbVie Inc (NYSE:ABBV) is set to acquire ImmunoGen Inc (NASDAQ:IMGN) for approximately $10.1 billion, gaining access to ImmunoGen's flagship cancer therapy Elahere. The transaction, approved by both boards, is expected to close in mid-2024 and be accretive to AbbVie's EPS starting in 2027. ImmunoGen's Q3 sales for Elahere were $105.2 million. ABBV shares rose 2.18%, while IMGN shares surged 81.7%.

Portfolio Pulse from Vandana Singh

November 30, 2023 | 4:30 pm

DFS

Discover Financial Services (NYSE:DFS) stock is trading higher after the company announced plans to explore the sale of its Discover Student Loans portfolio. The board has authorized the exploration of strategic alternatives for the student loans business, including the sale of the portfolio and the transfer of loan servicing to a third party. Discover will cease accepting new student loan applications on February 1, 2024. Interim CEO John Owen stated that this move aligns with the company's focus on core banking products and growth opportunities to enhance shareholder value. No deadline has been set for the completion of this process.

Portfolio Pulse from Adam Eckert

November 30, 2023 | 4:02 pm

AMZN

DISH

META

NVDA

The article discusses the performance of various sectors and stocks, highlighting DISH Network Corp.'s 54% revenue drop in 2023. It mentions Amazon.com Inc. (AMZN), Meta Platforms Inc. (META), and Nvidia Corp. (NVDA) as thriving stocks with potential for 10%-plus yields. Amazon's revenue and stock performance are strong, with further investment in AI technology. Meta's user base growth and cost-cutting measures have led to a stock increase. Nvidia's success in the AI chip market has made its stock a top performer. Knightscope Inc. is offering bonds with a 10% annual yield, showcasing significant revenue growth in 2023.

Portfolio Pulse from judithnwadigo@gmail.com

November 30, 2023 | 3:22 pm

CRM

IMGN

LZB

QNST

SNAP

SNOW

La-Z-Boy Incorporated reported higher-than-expected earnings for Q2 and raised its dividend, causing shares to rise 7.5%. Other stocks also moved higher, with notable gains from ImmunoGen after an acquisition announcement by AbbVie, REX American Resources following strong Q3 results, and Snowflake after reporting better-than-expected Q3 results and guidance. Salesforce also climbed after issuing positive FY24 guidance. Upgrades from analysts boosted shares of QuinStreet and Snap.

Portfolio Pulse from Lisa Levin

November 30, 2023 | 3:12 pm

ABBV

IMGN

AbbVie (NYSE:ABBV) is set to acquire Immunogen (NASDAQ:IMGN) for $10.10 billion in cash, with the transaction expected to close in the first half of 2024. AbbVie, known for its immunology and oncology drugs, including its top drug Humira, will enhance its portfolio with Immunogen's ADC technology focused on targeted cancer therapies.

Portfolio Pulse from Benzinga Insights

November 30, 2023 | 3:10 pm

BAM

BLK

TPG

The UAE is set to launch a $30bn climate investment fund in collaboration with BlackRock, TPG, and Brookfield during COP28. Lunate Capital, a new Abu Dhabi-based asset manager, will oversee the fund, with $5bn dedicated to investments in the Global South. The initiative is part of the UAE's efforts to position itself as a leader in climate finance and to address scrutiny over its role as a major oil and gas producer hosting the climate summit. The fund aligns with global financial needs for transitioning to green energy and adapting to climate change, as outlined by the UN and the International Energy Agency.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 2:52 pm

AGRI

IMGN

MINM

POET

RDHL

VVOS

U.S. stocks traded mostly higher with the Dow Jones gaining around 200 points. Energy shares rose by 1.5%, while consumer discretionary shares fell by 0.4%. Core PCE inflation in the U.S. was flat month-over-month in October, with annual core PCE inflation easing to 3.5% from 3.7%. Minim Inc (MINM) shares surged 877% after a previous day's gain. ImmunoGen, Inc. (IMGN) shares rose 82% following news of its acquisition by AbbVie. Vivos Therapeutics (VVOS) shares dropped 32% despite recent FDA clearance, and RedHill Biopharma (RDHL) fell 29% after a previous day's gain.

Portfolio Pulse from Lisa Levin

November 30, 2023 | 2:42 pm

AAPL

AMKR

Amkor Technology Inc (NASDAQ:AMKR) announced plans to build an advanced facility for packaging and testing chips, primarily for Apple Inc (NASDAQ:AAPL). The $2 billion investment aims to strengthen the US semiconductor supply chain, with Apple being the first major customer. Amkor's new facility will be located in Arizona, close to TSMC's fab, and the company has applied for CHIPS funding. Following the announcement, AMKR shares rose by 2.89%.

Portfolio Pulse from Adam Eckert

November 30, 2023 | 2:41 pm

FRO

Frontline Plc (NYSE:FRO) reported a slight revenue decline in Q3 FY23 but beat revenue consensus estimates. However, the company missed adjusted EPS expectations and anticipates lower spot TCEs in Q4. Frontline also announced the purchase of 24 VLCCs, expecting to increase its tanker footprint by over 30%. Despite positive operating cash flow and a declared dividend, FRO shares dropped by 7.27% in premarket trading.

Portfolio Pulse from Akanksha Bakshi

November 30, 2023 | 2:30 pm