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Acquisitions Mergers

AMZN

GOOGL

MSFT

Alphabet Inc.'s Google is in discussions to invest hundreds of millions in AI startup Character.AI, which uses Google's cloud services and TPUs. Character.AI, co-founded by ex-Google employees, offers chatbots and AI assistants, and is seeking funds to manage growth and user demand. The investment could be in the form of convertible notes. Character.AI is also pursuing equity funding, potentially valuing it over $5 billion. The FTC is scrutinizing cloud provider investments in AI startups for anti-competitive practices.

Portfolio Pulse from Benzinga Newsdesk

November 10, 2023 | 11:39 pm

AEP

American Electric Power (AEP) anticipates finalizing the strategic review of its Transource Energy joint venture within the year. The company also confirms it is progressing as planned with the sales processes for its retail and distributed resources businesses.

Portfolio Pulse from Benzinga Newsdesk

November 10, 2023 | 9:41 pm

DECA

Denali Capital Acquisition Corp. (DECA) has extended the deadline to complete its business combination from November 11, 2023, to December 11, 2023. An additional $50,000 has been deposited into the company's trust account to facilitate this extension, as per the company's amended and restated memorandum and articles of association.

Portfolio Pulse from Benzinga Newsdesk

November 10, 2023 | 9:36 pm

AEP

American Electric Power (AEP) is focusing on regulated operations and expects to generate value for customers and investors. AEP reaffirmed its 2023 operating earnings guidance range of $5.24 to $5.34 per share and announced a 2024 guidance range of $5.53 to $5.73 per share. The company also confirmed a long-term growth rate of 6%-7%. AEP's $43 billion capital investment plan over five years will prioritize transmission, distribution, and regulated renewables. The company completed the sale of its unregulated renewables portfolio and is progressing with the sale of other non-core businesses. AEP increased its quarterly dividend to 88 cents per share, aligning with its earnings growth and targeted payout ratio.

Portfolio Pulse from Benzinga Newsdesk

November 10, 2023 | 9:34 pm

AAPL

AMAT

AMZN

BLK

CSCO

DIS

GOOG

META

MSFT

NVDA

TSLA

WMT

XLE

Tech giants led by the 'Magnificent 7' drove the Nasdaq 100 to outperform other indices, with Microsoft reaching new all-time highs. The Dow's blue-chip stocks stalled, and small caps fell. Energy sector lagged, while Bitcoin's market cap surpassed Tesla's. BlackRock showed interest in an Ethereum ETF. Fed Chair Powell's hawkish speech snapped the stock market's winning streak. Disney's Q3 results were mixed but received a positive rating from Morgan Stanley. Upcoming economic reports and earnings from Home Depot, Cisco, Walmart, and Applied Materials are on the watchlist.

Portfolio Pulse from Piero Cingari

November 10, 2023 | 9:23 pm

HNNA

Hennessy Advisors, Inc. (HNNA) has acquired the CCM Small/Mid-Cap Impact Value Fund, which represents about $12M in assets. The fund will be reorganized into the Hennessy Stance ESG ETF, an existing ETF managed by Hennessy Advisors. The acquisition aims to serve additional shareholders and integrate the fund's assets. The CCM Core Impact Equity Fund, with $53M in assets, may also join the Hennessy Stance ESG ETF pending shareholder approval.

Portfolio Pulse from Benzinga Newsdesk

November 10, 2023 | 9:18 pm

TSNDF

TerrAscend Corp. (OTC:TSNDF) reported strong financial performance in Q3 with a 24% QoQ and 35% YoY revenue increase to $89.2 million, beating the consensus estimate. Growth was driven by Maryland's adult-use conversion and efficiency gains. Needham analysts praised the company's strategic moves and operational realignment, projecting a solid Q4 with consistent revenue and improved EBITDA margins. TerrAscend has reduced debt by 40% and interest expenses by 30%, focusing on asset acquisition in existing states. Despite being rated as a 'Hold' and trading at an EV/EBITDA premium, the company's strategic financial management positions it for robust cash flow and steady revenue. However, risks include market expansion, regulatory challenges, and pricing dynamics in the U.S. cannabis industry.

Portfolio Pulse from Javier Hasse

November 10, 2023 | 7:45 pm

HSIC

Stifel analyst Jonathan D. Block upgraded Henry Schein Inc (HSIC) to Buy from Hold with a $70 price target, citing easing headwinds from market consolidation and online competition. Despite a cybersecurity incident, the analyst sees potential for FY24 EPS to align with FY23 guidance. HSIC's shift from distributor to manufacturer, bolstered by acquisitions, is viewed positively. HSIC will report Q3 FY23 results on November 13, 2023, and shares are up 2.25% at $63.56.

Portfolio Pulse from Lekha Gupta

November 10, 2023 | 7:39 pm

BUSDUSD

Binance (CRYPTO: BUSD) announced plans to exit Russia and will stop accepting Russian ruble deposits starting Nov. 15, 2023. Withdrawals in rubles will end on Jan. 31, 2024. Users are advised to transfer funds to CommEX, which acquired Binance's Russian division, for zero-fee ruble withdrawals. The move comes amid Western sanctions against Russia, and Binance denies any ties with CommEX post-acquisition. The off-boarding process for Russian users is expected to take up to a year.

Portfolio Pulse from Khyathi Dalal

November 10, 2023 | 7:05 pm

LILA

Liberty Latin America's stock is up following the release of Q3 earnings per share (EPS) that exceeded expectations. Additionally, the company has entered into an agreement with Phoenix Tower International to monetize its mobile tower assets.

Portfolio Pulse from Benzinga Newsdesk

November 10, 2023 | 6:57 pm