Streetbeat News

Acquisitions Mergers

CSCO

Raymond James analyst Simon Leopold has downgraded Cisco Systems Inc (NASDAQ:CSCO) to Market Perform from Outperform, citing concerns over declining campus application sales and the pending $28 billion Splunk acquisition. The analyst anticipates a worse-than-seasonal sales decline in Cisco's January quarter and sees restrained IT spending due to a sluggish macroeconomic environment and higher interest rates. However, he sees AI as an emerging tailwind for the company's multi-year growth.

Portfolio Pulse from Lekha Gupta

October 30, 2023 | 6:37 pm

AAWH

AFCG

AFC Gamma, Inc. (NASDAQ:AFCG), a cannabis-focused commercial real estate finance company, has appointed Daniel Neville as its new CEO, effective Nov. 13, 2023. Neville, an industry veteran, previously served as CFO for Ascend Wellness Holdings, Inc. (OTCQX:AAWH). The move is seen as AFC Gamma's commitment to lending to the cannabis industry and expanding as it grows.

Portfolio Pulse from Jelena Martinovic

October 30, 2023 | 5:56 pm

MIRO

The article lists the stocks that have gained and lost the most in Monday's mid-day session. Notable gainers include Miromatrix Medical, Eargo, VYNE Therapeutics, and JinkoSolar Holding, among others, due to various reasons such as acquisitions, private placements, FDA approvals, and strong quarterly results. On the other hand, significant losers include CommScope Holding, LumiraDx, Alzamend Neuro, and ON Semiconductor due to factors like disappointing financial results, Nasdaq delisting, and reverse stock splits.

Portfolio Pulse from Lisa Levin

October 30, 2023 | 5:55 pm

MGTX

SNY

MeiraGTx Holdings plc (MGTX) shares are trading higher after Sanofi SA (SNY) invested $30 million in the company. Sanofi also received a right of first negotiation for the use of MeiraGTx's Riboswitch gene regulation technology. MeiraGTx is also being approached by multiple parties with strategic interest in different assets of the company.

Portfolio Pulse from Vandana Singh

October 30, 2023 | 5:25 pm

CSCO

DDOG

GOOG

GOOGL

MSFT

SPLK

Wells Fargo analyst Andrew Nowinski downgraded Datadog Inc (DDOG) from Overweight to Equal-Weight and lowered the price target from $120 to $95. The downgrade is based on cost optimization trends, FY24 consensus revenue estimates not aligning with management's historical guidance trends, Datadog's potential to gain share following Cisco Systems' acquisition of Splunk Inc, and Datadog's new AI-based solutions. Nowinski projects Q3 revenue of $523 million vs. consensus $524.16 million and EPS of $0.34.

Portfolio Pulse from Anusuya Lahiri

October 30, 2023 | 5:09 pm

SCBFF

Zodia Custody, a cryptocurrency security subsidiary of Standard Chartered Bank (OTC:SCBFF), is expanding into Hong Kong as part of its Asia-Pacific strategy. The move aligns with Hong Kong's growing affinity for digital assets and its established regulatory framework for digital assets. Zodia's backers include Standard Chartered, Northern Trust, and Japan’s SBI Holdings.

Portfolio Pulse from Murtuza Merchant

October 30, 2023 | 4:54 pm

CSIQ

Canadian Solar Inc (NASDAQ:CSIQ) plans to establish a 5 GW Solar photovoltaic cell production facility in Jeffersonville, Indiana, with an investment of over $800 million. The company expects to create around 1,200 high-tech jobs by 2025. The facility is expected to produce 5 GW annually, which will be used at the previously announced 5 GW module assembly plant in Mesquite, Texas. Last week, CSIQ's subsidiary CSI Solar Co., Ltd won a supply and integration contract for 1 GWh DC of energy storage solutions for DEPCOM Power, Inc. and Tucson Electric Power (TEP) in Arizona.

Portfolio Pulse from Lekha Gupta

October 30, 2023 | 4:37 pm

PTC

Shares of PTC Inc. (NASDAQ:PTC) rose in early trading on Monday following the company's acquisition of Pure-Systems. Analyst Ken Wong from Oppenheimer upgraded PTC's rating from Perform to Outperform, setting a price target of $165. Wong believes PTC will continue to show resilient growth while maintaining discipline on expenses. He also noted that PTC's stock trades at a significant discount to its peers, which could narrow as investors gain confidence in the company's ongoing business transitions.

Portfolio Pulse from Priya Nigam

October 30, 2023 | 4:30 pm

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IRBT

The European Union's antitrust regulators will reportedly give their verdict on Amazon's $1.4 billion acquisition of iRobot by February 14 next year. The investigation was temporarily paused for a more comprehensive assessment of the information provided by Amazon. There are concerns over the potential implications of this acquisition on competition in the market of robotic vacuum cleaning devices. Amazon adjusted its offer for iRobot by approximately 15%, lowering the purchase price to about $1.42 billion due to iRobot accruing more debt.

Portfolio Pulse from Shivani Kumaresan

October 30, 2023 | 4:26 pm

COMM

MIRO

U.S. stocks traded higher with the Nasdaq Composite gaining more than 100 points. ON Semiconductor Corporation reported upbeat Q3 results but issued weak Q4 guidance. Miromatrix Medical shares spiked after United Therapeutics agreed to acquire the company. VYNE Therapeutics and Eargo shares also rose following a private placement announcement and a takeover respectively. CommScope Holding Company, Alzamend Neuro, and LumiraDx Limited shares dropped due to preliminary Q3 results, a reverse stock split, and a Nasdaq delisting determination respectively.

Portfolio Pulse from Lisa Levin

October 30, 2023 | 4:14 pm