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Acquisitions Mergers

MSFT

OpenAI is facing internal turmoil with discussions about the return of ousted co-founder Sam Altman as CEO. Employees have threatened mass resignations, and Microsoft Corp (NASDAQ:MSFT) has hired Altman and Greg Brockman for a new AI research team. Microsoft's CEO Satya Nadella has expressed openness to hiring more OpenAI staff and hinted at potential changes in governance, including a possible board seat for Microsoft.

Portfolio Pulse from Neil Dennis

November 21, 2023 | 7:49 pm

ANGH

Anghami's stock price is trading higher following the announcement of a business combination deal with OSN+.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 7:47 pm

AIRE

BURL

GLMD

HIBB

SYM

VTVT

U.S. stocks declined as the FOMC minutes were released, with the Dow, NASDAQ, and S&P 500 all falling. Health care shares rose by 0.8%, while information technology shares dropped by 0.9%. Burlington Stores, Symbotic, and Hibbett saw their shares rise after reporting positive financial results. Conversely, reAlpha Tech, vTv Therapeutics, and Galmed Pharmaceuticals experienced significant share price drops due to a public offering, reverse stock split, and study delay, respectively. Gold prices increased by 1.1%, and sales of previously owned homes in the U.S. fell by 4.1%.

Portfolio Pulse from Lisa Levin

November 21, 2023 | 7:35 pm

BLK

BNBUSD

BTCUSD

ETHUSD

Changpeng Zhao's resignation as CEO of Binance, following a U.S. Justice Department investigation, is seen as an opportunity for traditional financial institutions like BlackRock to dominate the Bitcoin and Ether ETF markets. Industry experts believe Zhao's departure marks the end of an era but also a positive step towards regulatory standards and sustainable crypto adoption. The anticipated approval of a Bitcoin ETF could signal a new growth phase for cryptocurrencies. Binance's $4 billion settlement is viewed as significant, though opinions on the impact of Zhao's exit on Binance itself are mixed.

Portfolio Pulse from Murtuza Merchant

November 21, 2023 | 7:12 pm

ANGH

Anghami Inc. (NASDAQ:ANGH) shares surged after announcing that OSN Group will invest in the company at a valuation of $3.65 per share. The deal will merge Anghami with OSN Group, creating a large streaming platform with over 120 million users, 2.5 million subscribers, and over $100 million in revenue. The investment is backed by up to $50 million from OSN Group. Anghami's trading volume spiked, with over 37.9 million shares traded, far exceeding its 100-day average.

Portfolio Pulse from Erica Kollmann

November 21, 2023 | 6:23 pm

BBY

DIA

IWM

KSS

LOW

NVDA

QQQ

SPY

Stocks edged down ahead of the release of the FOMC minutes and Nvidia's earnings report. Disappointing results from Lowe's, Kohls, and Best Buy influenced market sentiment. Gold prices surged past $2,000 per ounce due to the dollar's weakness. Sector ETFs saw mixed performance, with healthcare and materials up, while tech and real estate were down. Agilent Technologies rose after earnings, while AMC hit a new low. Other companies are set to report earnings after market close. USO, TLT, and global equity ETFs like FEZ saw slight declines, while ARGT dropped after a previous rally. Cryptocurrencies Bitcoin and Ethereum also fell.

Portfolio Pulse from Piero Cingari

November 21, 2023 | 6:23 pm

CNTB

Connect Biopharma Holdings Limited (CNTB) reported positive Stage 2 trial results for rademikibart in treating moderate-to-severe atopic dermatitis, with high maintenance of efficacy at Week 52. The company also announced a partnership with Simcere Pharmaceutical for rademikibart's development and commercial rights in Greater China, including an upfront payment and potential milestones and royalties. Despite the positive news, CNTB shares dropped 31.8% to $1.41.

Portfolio Pulse from Vandana Singh

November 21, 2023 | 6:20 pm

Ford Motor Company (NYSE:F) is scaling back its investment in the BlueOval Battery Park Michigan, reducing the number of jobs created from 2,500 to 1,700 and the annual EV production capacity from 400,000 to 230,000 vehicles. The overall investment in the plant is also being cut from $3.5 billion to approximately $2 billion. This adjustment is part of Ford's broader reduction in its EV strategy, which includes delaying $12 billion in spending on battery-powered models. The company cites slower than expected EV adoption as a reason for the re-timing and resizing of investments.

Portfolio Pulse from Nabaparna Bhattacharya

November 21, 2023 | 5:54 pm

MSFT

Analysts are optimistic about Microsoft's AI future after hiring Sam Altman, previously fired by OpenAI. Piper Sandler and Mizuho analysts maintain positive ratings on Microsoft with price targets of $425 and $420, respectively. The hiring is seen as a strategic move to control Microsoft's AI destiny and build an end-to-end AI stack. However, there is uncertainty about OpenAI's future, with concerns of rapid value destruction. Microsoft's Q2 revenue and EPS projections are slightly above and below consensus, respectively. MSFT shares saw a slight premarket decline.

Portfolio Pulse from Anusuya Lahiri

November 21, 2023 | 5:13 pm

BYDDF

GELYF

MBGAF

TSLA

Geely Automobile Holdings Ltd. (GELYF) has launched its electric vehicles in Malaysia, competing with Tesla (TSLA) and BYD (BYDDF). Geely introduced three models with prices ranging from $40,640 to $60,640, while Tesla's Model 3 and BYD's Atto are priced at $40,640 and $31,840 respectively in Malaysia. Pro-Net, partly owned by Geely, will distribute the Smart cars and aims for a 10% market share. Geely is also investing in an automotive city in Tanjung Malim. Mercedes Benz Group AG (MBGAF) has started local assembly of its EQS model in Malaysia. Geely's shares closed down 2.44% at $1.20.

Portfolio Pulse from Nabaparna Bhattacharya

November 21, 2023 | 5:08 pm