Streetbeat News

Acquisitions Mergers

ARKK

ARKW

DKNG

EXAS

GBTC

ROKU

TDOC

Ark Invest, led by Cathie Wood, purchased $12.6 million worth of Zoom Video Communications (ZM) shares after the company reported positive earnings, surpassing expectations. The shares were bought through ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW). Ark Invest also increased its stake in Teladoc Inc (TDOC), sold shares of Exact Sciences Corp (EXAS), Draftkings Inc (DKNG), Roku Inc (ROKU), and Grayscale Bitcoin Investment Trust (GBTC).

Portfolio Pulse from Benzinga Neuro

November 23, 2023 | 2:17 am

CRLBF

TCNNF

Major cannabis multistate operators (MSOs) like Trulieve Cannabis Corp (TCNNF) and Cresco Labs Inc (CRLBF) are exiting less profitable state markets to strengthen their financial positions in anticipation of federal reforms and increased investor interest. Cresco Labs reported $191 million in Q3 revenue after leaving Arizona and Maryland, while Trulieve divested from California and ceased Massachusetts operations. The industry is hopeful for legislative changes, such as cannabis rescheduling and the SAFER Banking Act, despite political uncertainties.

Portfolio Pulse from Patricio Liddle

November 23, 2023 | 1:43 am

BIDU

MARA

SPRC

TSLA

U.S. stock indices rose on Wednesday, with the Dow Jones up by 0.5%, NASDAQ by 0.46%, and S&P 500 by 0.41%. SciSparc Ltd surged 16.80% after announcing a non-binding letter of intent to merge with an Israeli vehicle importer. Deere & Company's stock fell 3.11% post Q4 FY23 results showing decreased net sales and revenue. Baidu Inc. climbed 5.91% due to positive Q3 financial results and analyst coverage. Marathon Digital Holdings rose 5.92% amid an uptrend in the crypto market. Tesla Inc. dropped 2.90% following legal concerns over its Autopilot system.

Portfolio Pulse from Benzinga Neuro

November 23, 2023 | 1:42 am

MSFT

Sam Altman, CEO of OpenAI, was reportedly dismissed following a staff letter about a significant AI breakthrough named Q*. Elon Musk expressed extreme concern over the development. The AI, Q*, is a step towards AGI and has shown the ability to solve certain mathematical problems. Over 700 employees considered leaving for Microsoft due to the revelation. Altman is set to return as CEO with a new board. Earlier, Musk had called for a pause in advanced AI development, to which Altman had responded skeptically.

Portfolio Pulse from Benzinga Neuro

November 23, 2023 | 12:25 am

FLJ

FLJ Group has signed a definitive agreement to acquire Alpha Mind Technology Limited for $180 million or its RMB equivalent. Upon completion of the acquisition, Alpha Mind will become a wholly-owned subsidiary of FLJ Group. The sellers will receive a promissory note from the company equal to the aggregate purchase price at closing.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 11:00 pm

AMZN

GOOGL

MSFT

OpenAI's leadership turmoil has prompted rivals like Google and Amazon to target its customers with incentives to switch platforms. Google is matching OpenAI's pricing and offering cloud credits and support for customers to use its AI software. Amazon emphasizes the value of its strategy, allowing customers to choose from multiple AI systems. OpenAI, with Microsoft's $13 billion investment, remains a large player, but companies are now considering diversifying their AI suppliers to avoid overreliance on a single provider. OpenAI has reinstated Sam Altman as CEO and named a new board to address concerns. Competitors are quickly moving to capitalize on the situation, with some reporting increased interest from businesses.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 10:21 pm

HOLI

Hollysys Automation Technologies plans to hold a special meeting of shareholders in January 2024. The company's special committee is expediting the sale process, indicating potential changes in ownership or structure.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 10:01 pm

AAPL

MSFT

Microsoft Corp. (MSFT) reached a new all-time high of $377 per share, with a year-to-date gain of 57%. The company's market cap is at $2.8 trillion, just behind Apple Inc. (AAPL). Microsoft's success is attributed to its leadership in AI, cloud computing, and strong financial performance, with Q3 2023 revenue of $56.5 billion and EPS of $2.99. However, its forward P/E ratio of 33x and bearish RSI divergence signal caution among investors. Goldman Sachs sees MSFT as a compelling investment, with a 1-year target of $406.

Portfolio Pulse from Piero Cingari

November 22, 2023 | 10:01 pm

BRLI

Brilliant Acquisition Corporation has extended its deadline to complete a business combination until December 23, 2023. This extension provides additional time for the blank check company to find a suitable merger or acquisition target.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 9:18 pm

NAAS

NaaS Technology Inc. has announced the termination of its previously proposed acquisition of Charge Amps. No specific reasons for the termination were provided in the article.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 9:17 pm