Streetbeat News

Acquisitions Mergers

MIRA

MIRA Pharmaceuticals has entered into an exclusive licensing agreement for an oral ketamine analog, Ketamir-2. Additionally, MIRALOGX has extended a $3M line of credit to MIRA Pharmaceuticals to fund the initial development of Ketamir-2.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 1:02 pm

ADBE

Adobe Inc.'s proposed $20 billion acquisition of Figma is facing antitrust scrutiny from the European Union. The EU's preliminary investigation suggests the deal could significantly reduce competition in the market for interactive product design and editing tools. The EU Commission has issued a statement of objections, highlighting concerns over Figma's potential to become a strong competitor to Adobe's Illustrator and Photoshop. Adobe and Figma have the opportunity to respond and propose solutions before the final ruling on February 5th. Regulatory challenges are also emerging in the UK and the US for Adobe.

Portfolio Pulse from Benzinga Neuro

November 20, 2023 | 12:58 pm

A

BA

MSFT

NVDA

QQQ

SPY

ZM

U.S. stock futures indicate a positive start to the week, with attention on Nvidia's earnings and Microsoft's AI team changes. Energy stocks may rise with oil prices, while bond yields are slightly up. The S&P 500 is close to its record high, with LPL Financial suggesting a new high is possible. SPDR S&P 500 ETF Trust and Invesco QQQ ETF saw premarket gains. Microsoft and Boeing stocks are up in premarket trading, while Agilent Technologies and Zoom Video are set to report earnings. Oil prices and Bitcoin are up, while Asian markets are mixed and European stocks show mixed performance.

Portfolio Pulse from Shanthi Rexaline

November 20, 2023 | 12:25 pm

FREY

LICY

NOTE

The article highlights three oversold industrial stocks with RSI values near or below 30, suggesting potential for short-term growth. Li-Cycle Holdings Corp. (LICY) is exploring strategic alternatives and conserving cash. FREYR Battery (FREY) reported a narrower quarterly loss and is focusing on financial strength. FiscalNote Holdings, Inc. (NOTE) achieved Adjusted EBITDA profitability ahead of schedule but reported worse-than-expected revenue.

Portfolio Pulse from Lisa Levin

November 20, 2023 | 12:11 pm

CDE

Coeur Mining, Inc. (CDE) has agreed to purchase mining concessions near its Palmarejo mine from Fresnillo plc for a total of $25 million plus a future royalty. The deal involves an initial $10 million payment at closing, expected in 2024, with additional payments spread over the following two years, and a royalty on new resources discovered.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 12:03 pm

ENLT

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) announced that its subsidiary Clenera's affiliate, Country Acres, has signed agreements for a solar and storage project in California. The project will have a capacity of 392 MWdc/344MWac solar energy and 688 MWh storage. A 30-year PPA for solar and 20-year for storage has been signed with SMUD. Construction is set to begin in 2024, operations in 2026, and the project will power about 80,000 homes annually with zero carbon electricity. It also includes an agrivoltaic pilot program.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 11:59 am

OSCR

Mark Bertolini's Foundation, Anahata, and Deerfield Management have entered into an agreement with a selling shareholder to purchase a total of 5,000,000 shares of Oscar Health's Common Stock. Deerfield will acquire 3,000,000 shares, while Anahata will purchase 2,000,000 shares.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 11:04 am

AAPL

DIS

TSLA

Over the weekend, Bitcoin's price is expected to rise towards $50,000 despite SEC delays in ETF approvals. Tesla Inc. faces an ad boycott and investor criticism due to CEO Elon Musk's controversial posts, with a notable investor switching to a Rivian vehicle. Apple Inc., along with other major companies like Walt Disney, Warner Bros. Discovery, and IBM, have pulled ads from a platform following Musk's controversial statements. OpenAI's CEO Sam Altman was unexpectedly ousted, with CTO Mira Murati stepping in as interim CEO. Tributes were paid to former First Lady Rosalynn Carter after her passing.

Portfolio Pulse from Benzinga Neuro

November 20, 2023 | 10:56 am

BABA

Alibaba Group Holding Limited (NYSE:BABA) is focusing on four new business pillars to drive growth, following the halt of its cloud unit spin-off due to U.S. chip export restrictions. CEO Eddie Wu Yongming emphasized innovation in key areas and announced the creation of independent subsidiaries for greater market flexibility. Alibaba also acquired a minority stake in Vietnamese beauty chain Hasaki, aiming for a 35% local market share by 2027. Amidst rumors of layoffs, Alibaba declared the speculations false and reported the matter to the police.

Portfolio Pulse from Anusuya Lahiri

November 20, 2023 | 10:54 am

BABAF

Alibaba Group Holding Limited (OTC:BABAF) has canceled the spinoff of its cloud business, leading to mixed reactions from analysts and a significant drop in market value. Morgan Stanley removed Alibaba from its top pick and lowered the price target from $125 to $110. Bernstein reduced their price target from $100 to $93, while Barclays maintained a $138 price target, supporting the decision amidst regulatory uncertainties. JPMorgan kept a $150 price target but expressed concerns over the cloud business's growth. The cancellation follows U.S. chip curbs affecting Chinese companies, contributing to a $20 billion loss in Alibaba's market value.

Portfolio Pulse from Benzinga Neuro

November 20, 2023 | 10:43 am