Streetbeat News

Acquisitions Mergers

CCI

DIS

QQQ

SPY

U.S. stocks are expected to pause after recent gains, with a data-heavy week ahead potentially influencing market direction. Last week, major indices like the Nasdaq Composite, S&P 500, and Dow Industrials posted their fourth consecutive week of gains. Analysts anticipate a year-end rally based on historical patterns. Futures indicate a modestly lower opening, with SPY and QQQ slightly down in premarket trading. Walt Disney Co. (DIS) shares fell premarket after a weak box office performance, while Crown Castle Inc. (CCI) rose after Elliott Investment Management reportedly built a significant stake. Zscaler, Inc. (ZS) is set to release quarterly results. Crude oil prices dropped ahead of the OPEC+ meeting, and the 10-year Treasury note yield decreased slightly.

Portfolio Pulse from Shanthi Rexaline

November 27, 2023 | 12:04 pm

KKR

KKR has acquired Potter Global Technologies from Gryphon Investors. The financial terms of the transaction were not disclosed. This acquisition could potentially expand KKR's portfolio and strengthen its position in the market.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 12:04 pm

THRX

Theseus Pharmaceuticals has received an unsolicited acquisition proposal from Foresite Capital and OrbiMed Advisors. The company is currently evaluating the offer.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 11:34 am

CCI

Elliott Investment Management is reportedly increasing its efforts to influence Crown Castle Inc (NYSE:CCI), now holding a $2 billion stake. Elliott aims to engage with Crown Castle to improve stock performance and may nominate directors at the upcoming shareholder meeting. In 2020, Elliott criticized Crown Castle's fiber strategy and called for a board shake-up. Crown Castle's stock has struggled due to higher interest rates and reduced 5G spending. CCI shares rose 5.04% in premarket trading.

Portfolio Pulse from Shivani Kumaresan

November 27, 2023 | 11:20 am

BABA

MPNGF

MPNGY

Alibaba Group Holding Limited (NYSE:BABA) is undergoing business restructuring, including closing its quantum computing research lab and donating the equipment to Zhejiang University. The move affects about 30 staff members and marks a shift from advanced technology research to cost-cutting. Alibaba co-founder Jack Ma has started a new venture, 'Hangzhou Ma's Kitchen Food,' focusing on pre-packaged food. Alibaba's workplace app, DingTalk, is being updated to support Huawei's HarmonyOS, with a partnership that aligns with other Chinese tech giants like JD.com Inc (NASDAQ:JD) and Meituan (OTC:MPNGF) (OTC:MPNGY) developing apps for HarmonyOS. BABA shares traded slightly lower in premarket.

Portfolio Pulse from Anusuya Lahiri

November 27, 2023 | 10:35 am

CCI

Elliott Management, an activist investment firm, has acquired a stake of over $2 billion in Crown Castle International Corp. (CCI). The Wall Street Journal reported this on Sunday, indicating that Elliott is likely to push for changes at the wireless tower company to boost its stock performance.

Portfolio Pulse from Charles Gross

November 27, 2023 | 9:54 am

LCID

RIVN

TSLA

Tesla, Inc. (TSLA) stock's recent weakness is partly attributed to Elon Musk's acquisition of Twitter, according to Future Fund Managing Partner Gary Black. Since Musk announced his intention to buy Twitter in April 2022, Tesla's stock has underperformed compared to the 'Magnificent Seven' tech stocks, dropping from $328 to around $235, a 28% decline, while the Nasdaq 100 Index rose 15%. Musk sold $15 billion worth of Tesla stock between April and August 2022, and $23 billion in total for the year to fund the Twitter purchase. Black also criticized comparisons of Tesla to other EV makers, stating that most are unprofitable and headed for bankruptcy. Additionally, Tesla's management decision to cut EV prices by an average of 18% year-over-year has not changed volume growth estimates for 2023 but has led to a 43% drop in 2024 earnings estimates. Despite these challenges, Black is optimistic about the potential 'halo effect' of the upcoming Cybertruck on Tesla's sales.

Portfolio Pulse from Shanthi Rexaline

November 27, 2023 | 7:41 am

ARBK

Argo Blockchain has appointed Thomas Chippas as its new CEO and Director, effective immediately. Along with his appointment, Chippas has been awarded 2,850,000 performance share units (PSUs) tied to the company's American Depositary Shares.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 7:12 am

BTC-USD

ETH-USD

Mark Cuban expressed interest in a crypto real estate project that uses blockchain for urban development. The project involves smart contracts and NFTs to manage construction permits and funding through USDC stablecoin. Cuban's interest highlights his belief in practical crypto applications. Despite a past cryptocurrency scam costing him $870,000, Cuban remains a vocal advocate for the technology. Bitcoin and Ethereum saw slight declines in their prices.

Portfolio Pulse from Mehab Qureshi

November 27, 2023 | 4:05 am

MSFT

Ross Gerber, Tesla investor and CEO of Gerber Kawasaki Wealth And Investment Management, named Microsoft CEO Satya Nadella as 'CEO of the year' for his leadership and the company's success, particularly highlighting the OpenAI partnership. Microsoft's stock hit a record high this week, with the company's growth attributed to Nadella's 'cloud-first, mobile-first' strategy and a $10 billion investment in OpenAI. AdvisorShares Gerber Kawasaki ETF, which has Microsoft as its third biggest holding, may be influenced by these developments.

Portfolio Pulse from Shanthi Rexaline

November 26, 2023 | 9:18 pm