Streetbeat News

Acquisitions Mergers

AMC

GME

IWM

PLUG

SPWR

UUP

Wall Street trades flat amid mixed producer inflation data and anticipation for consumer inflation report. Fed Chair Powell sees prolonged current monetary policy, while President Biden imposes significant tariffs on Chinese imports. The U.S. dollar index and Treasury yields fell, while small caps and meme stocks like GameStop and AMC surged. Commodities saw mixed movements, and Bitcoin dropped. Key ETFs and stocks like Insulet, Plug Power, SunPower, and Delcath Systems reacted to various news, including earnings and significant financial developments.

Portfolio Pulse from Piero Cingari

May 14, 2024 | 5:59 pm

EQNR

ICOW

PWER

Equinor ASA (NYSE:EQNR) has entered into an asset swap agreement with Petoro, aiming to streamline operations in Norway's Haltenbanken region. This deal will adjust Equinor's ownership in several fields, enhancing its position in Heidrun and Noatun while reducing stakes in Tyrihans, Castberg, Carmen, and Beta. The swap, effective from January 1, 2025, is pending regulatory and Norwegian Parliament approvals. Equinor's strategy focuses on developing the Norwegian continental shelf with high production and lower emissions by 2035. The swap is expected to simplify commercial agreements, lower operating costs, and facilitate new developments.

Portfolio Pulse from Lekha Gupta

May 14, 2024 | 5:53 pm

CVSI

CV Sciences, Inc. (OTCQB:CVSI) reported a slight decline in Q1 2024 revenue to $4 million from $4.1 million in Q1 2023, alongside a net loss of $0.6 million compared to a net income of $5.7 million last year. Despite operational hurdles, the company saw a sequential revenue increase and improved gross margin to 46.3%. CV Sciences also completed the acquisition of Elevated Softgels, aiming to enhance production capabilities and drive long-term growth.

Portfolio Pulse from Patricio Liddle

May 14, 2024 | 5:40 pm

ABBV

AMRS

CRBP

CRDL

HRMY

JAZZ

NTEC

PFE

Roy Bingham, CEO of BDSA, projects the U.S. cannabis market to reach nearly $46 billion by 2028, driven by adult-use and medical market expansion. The DEA's reclassification of cannabis to Schedule III is expected to spur medical research and investment, with significant growth anticipated in pharmaceutical applications and medical cannabis products. This rescheduling may reduce financial pressures on cannabis businesses and attract investment from healthcare and pharmaceutical companies. Despite federal restrictions, the shift is seen as an opportunity for healthcare and pharmaceutical industries to invest in cannabinoid research, potentially impacting medication use and fostering innovation in the sector.

Portfolio Pulse from Nicolás Jose Rodriguez

May 14, 2024 | 5:32 pm

NXPI

SMH

SOXX

TSM

Taiwan Semiconductor Manufacturing Co (TSM) is set to begin construction of its first European semiconductor facility in Dresden, Germany, in Q4 2024, with production starting in 2027. The $11 billion project, named European Semiconductor Manufacturing Co (ESMC), sees Infineon, NXP Semiconductors (NXPI), and Robert Bosch each holding a 10% share. TSMC expects to receive subsidies under the European Chips Act, with strong EU and German government support. The Dresden facility will initially produce 22-nanometre node chips for automotive microcontrollers, with plans for future expansion. TSMC's expansion efforts also include a new facility in Japan. The company's April sales surged 60% to $7.3 billion, attributed to the AI boom and a recovery in consumer electronics, projecting a significant sales increase this quarter. TSMC stock has gained over 75% in the last 12 months, and investors can gain exposure through the VanEck Semiconductor ETF (SMH) and iShares Semiconductor ETF (SOXX).

Portfolio Pulse from Anusuya Lahiri

May 14, 2024 | 5:30 pm

QDEL

Activist investor Jana Partners has built a position in QuidelOrtho during the first quarter, according to Reuters citing sources.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 4:55 pm

TLRY

Tilray Brands' stock is trading higher following the announcement of a private debt-for-equity deal.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 4:34 pm

AMC

GME

GameStop Corporation (NYSE:GME) shares surged as Keith Gill, aka Roaring Kitty, returned to social media, reminiscent of the 2021 rally. High short interest over 24% and a significant price move resulted in a $1.43 billion loss for short sellers in May. AMC Entertainment Holdings (NYSE:AMC) also saw increased interest and price movement, with short interest at 19.0% and short sellers currently showing a profit, though this could change with ongoing price increases.

Portfolio Pulse from Chris Katje

May 14, 2024 | 4:19 pm

ORCL

Oracle shares are experiencing an uptick after reports surfaced about xAI, led by Elon Musk, closing in on a $10 billion agreement to lease AI servers from Oracle.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 4:09 pm

ORCL

Elon Musk's artificial intelligence company, xAI, is reportedly close to finalizing a deal worth approximately $10 billion to lease AI servers from Oracle. This significant agreement underscores the growing demand for AI infrastructure and Oracle's position as a key player in providing these technologies.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 4:02 pm