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Acquisitions Mergers

MSFT

Sam Altman is reportedly attempting to return as CEO of OpenAI, with the situation at the company remaining unresolved. Despite earlier reports of Altman's move to Microsoft, this transition is not yet finalized. OpenAI's board dynamics are in flux, with Ilya Sutskever, a board member and chief scientist, now supporting Altman. Only two of the three remaining board members need to change their stance for Altman's return to be possible. Altman hinted at ongoing efforts to work together in a recent post on X. Microsoft has declined to comment on the situation.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 7:05 pm

MSFT

Sam Altman and Greg Brockman, formerly of OpenAI, have been hired to lead a new advanced AI research team at Microsoft following their ouster from OpenAI. Analysts from Wedbush, Oppenheimer, and Evercore ISI view this as a positive move for Microsoft, with all maintaining an Outperform rating and setting price targets ranging from $410 to $432. Microsoft's stock was trading at $376.5 at the time of publication.

Portfolio Pulse from Surbhi Jain

November 20, 2023 | 7:02 pm

ARGT

MSFT

NVDA

PARA

PENN

USO

XLE

XLK

U.S. stocks are trading higher, with major indices in the green. The U.S. dollar index has fallen to its lowest since August. Oil prices have rallied, with WTI surpassing $78 per barrel ahead of an OPEC+ meeting. The Energy Select Sector SPDR Fund (XLE) is up 0.5%. Treasury yields are flat. Tech stocks lead gains, with the Technology Select Sector SPDR Fund (XLK) up 1%. Microsoft hired former OpenAI executives, boosting its shares by 2%. Nvidia (NVDA) is up 1% before its earnings release. Citigroup (C) rose after announcing layoffs. Boeing (BA) surged 4% after an upgrade from Deutsche Bank. Paramount Global (PARA) soared 6.5% after selling Bellator MMA. PENN Entertainment (PENN) rallied 7% after an upgrade from Bank of America. The United States Oil Fund (USO) increased by 3.1%. European and emerging market ETFs saw mixed results, with ARGT up 12% after Argentina's presidential elections. Cryptocurrencies Bitcoin and Ethereum are up.

Portfolio Pulse from Piero Cingari

November 20, 2023 | 6:35 pm

MSFT

PLTR

Palantir Technologies, Inc. (NYSE:PLTR) shares reached a new 52-week high of $21.50, driven by investor interest in AI stocks after corporate developments at OpenAI and Microsoft Corporation (NASDAQ:MSFT). OpenAI removed CEO Sam Altman, who is joining Microsoft's AI team, along with Greg Brockman. OpenAI hired Emmett Shear as interim-CEO. Palantir's stock is up over 33% in the last month.

Portfolio Pulse from Erica Kollmann

November 20, 2023 | 6:15 pm

NEPT

Neptune Wellness has announced a letter of intent to acquire Datasys for a potential total consideration of $112 million, causing its shares to trade higher.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 6:07 pm

AMZN

GOOG

MSFT

NVDA

Microsoft Corp (NASDAQ:MSFT) has made strategic moves to strengthen its position in artificial intelligence (AI) by hiring Sam Altman and Greg Brockman, former executives of OpenAI, after Altman's ouster as CEO of OpenAI. OpenAI, known for developing ChatGPT, experienced a culture clash leading to Altman's firing. Microsoft, a major investor in OpenAI, attempted to reinstate Altman but instead brought him and Brockman on board. This move is seen as positive for Microsoft's AI ambitions but negative for competitors like Alphabet Inc Class C (NASDAQ:GOOG) and Amazon.com, Inc. (NASDAQ:AMZN). Microsoft also announced two new AI semiconductor chips, which could impact NVIDIA Corp (NASDAQ:NVDA) as Altman had plans to start a semiconductor company to compete with NVIDIA before his firing. NVIDIA's upcoming earnings report is highly anticipated. Early trade money flows are positive for Microsoft, Meta Platforms Inc (NASDAQ:META), Tesla Inc (NASDAQ:TSLA), and Apple Inc (NASDAQ:AAPL), but negative for Alphabet and Amazon. Mixed money flows are seen in SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust Series 1 (NASDAQ:QQQ).

Portfolio Pulse from The Arora Report

November 20, 2023 | 5:43 pm

MCD

McDonald's Corp (MCD) is set to increase its stake in its China business from 20% to 48% by acquiring Carlyle Group Inc's (CG) minority stake. The financial terms were not disclosed. CITIC Consortium will maintain a 52% majority stake. The deal, subject to regulatory approval, is expected to close in Q1 2024. McDonald's China has seen over 30% systemwide sales growth since September 2019. MCD shares rose 0.59% on the news.

Portfolio Pulse from Shivani Kumaresan

November 20, 2023 | 5:36 pm

VCIG

VCI Global Ltd (NASDAQ:VCIG) has acquired the IP and assets of Playstack Limited's AI-based AdTech platforms. The financial details were not disclosed. The technology aims to enhance VCIG's customer engagement and monetization strategies by using AI, gamification, and augmented reality to maximize brand engagements. VCI Global had $3.3 million in cash and equivalents as of June 30, 2023. VCIG shares dropped by 2.05% to $2.86.

Portfolio Pulse from Shivani Kumaresan

November 20, 2023 | 5:25 pm

STLA

Stellantis NV plans to expand vehicle production in Italy, aiming to increase annual output to one million vehicles. Negotiations with the Italian government, labor unions, and automotive groups will begin on Dec. 6 to discuss production targets, R&D, worker retraining, and supplier support. The success of the plan depends on government measures such as revising the Euro 7 emission regulation, EV incentives, charging network expansion, and energy cost reduction. Stellantis shares rose 0.99% to $20.43.

Portfolio Pulse from Shivani Kumaresan

November 20, 2023 | 5:18 pm

OSCR

Oscar Health's stock price has risen following the announcement that an affiliate of Deerfield Management Company and the Anahata Foundation will purchase shares from a selling shareholder under a Stock Purchase Agreement.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 5:02 pm