Streetbeat News

Acquisitions Mergers

ENVB

Enveric Biosciences (NASDAQ:ENVB) has signed a non-binding term sheet with MindBio Therapeutics to out-license a class of Novel Psilocin Prodrugs for treating neuropsychiatric conditions. The deal could lead to MindBio advancing a drug candidate, with potential payments to Enveric up to $66.5 million plus royalties. This partnership aims to leverage psychedelic-based compounds for neuropsychiatric treatments, highlighting the synergy between Enveric's molecular discovery and MindBio's innovative approach.

Portfolio Pulse from Nina Zdinjak

May 14, 2024 | 12:00 pm

TCS

The Container Store Group has initiated a formal review process to evaluate strategic alternatives and has suspended its financial guidance. The decision comes as the Board of Directors and management team believe the current market value does not reflect the company's intrinsic value. They are committed to acting in the best interests of the company and its stakeholders.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 10:49 am

FXG

KHC

RDIV

Kraft Heinz Co is considering selling its Oscar Mayer brand, with a potential sale price between $3 billion to $5 billion. The company has engaged Bank of America and Centerview Partners for the sale process, aiming to adapt to evolving consumer demands for healthier alternatives. This move is part of a broader strategy under CEO Carlos Abrams-Rivera to revitalize the company's portfolio amid challenges such as disappointing quarterly results and a more than 9% stock decline over the last 12 months.

Portfolio Pulse from Shivani Kumaresan

May 14, 2024 | 10:38 am

LLAP

LMT

Terran Orbital is continuing its review of strategic alternatives, with no updates provided unless deemed necessary. The company acknowledged Lockheed Martin's withdrawn proposal to acquire Terran Orbital shares at $1.00 each, emphasizing the value of their strategic relationship and openness to future arrangements.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 10:34 am

TSLA

Former Cruise CEO Kyle Vogt has raised $150 million for The Bot Company, co-founded with ex-Tesla AI head Paril Jain and former Cruise engineer Luke Holoubek. The startup, now valued at $550 million, aims to develop home robots for chores like cleaning and laundry. Key investors include Spark Capital and Nat Friedman. Jain's departure from Tesla, where he contributed to the Full Self-Driving software, is seen as a significant move to advance robotics beyond automotive applications.

Portfolio Pulse from Benzinga Neuro

May 14, 2024 | 10:29 am

BABA

BIDU

NVDA

TCEHY

China has reportedly instructed its tech giants, including Alibaba, Baidu, ByteDance, and Tencent, to reduce their reliance on foreign-made chips like those from Nvidia and increase their purchase of domestic AI chips. This directive aims to balance the purchase of local and foreign AI chips for new data centers, posing a challenge for Nvidia, which counts China as a critical market, making up 19% of its data center chip revenue in fiscal year 2023. Despite U.S. export restrictions affecting revenue, Nvidia is developing three new GPUs for China. HSBC Global Research maintains a Buy rating on Nvidia, raising its 12-month price target.

Portfolio Pulse from Benzinga Neuro

May 14, 2024 | 9:34 am

BMBL

Bumble Inc. has withdrawn its anti-celibacy ad campaign due to backlash, promising to remove the ads and donate to the National Domestic Violence Hotline and other organizations. The company faced criticism for undermining choice with ads that were intended to bring humor to modern dating frustrations. This controversy follows a 22% stock price drop this year and leadership changes after an acquisition by Blackstone Group. Despite challenges, Bumble continues to innovate in online dating, with proposals for AI-driven services.

Portfolio Pulse from Benzinga Neuro

May 14, 2024 | 9:04 am

AIQ

NET

NVDA

SMCI

The AI boom has significantly increased the net worth of executives and founders at companies like Nvidia, Super Micro Computer, and Cloudflare. Nvidia's Jensen Huang and others have seen their fortunes grow due to their companies' pivotal roles in advancing AI technology, with Nvidia's revenue and earnings per share experiencing substantial growth. The Global X Artificial Intelligence & Technology ETF (AIQ) also saw an increase, reflecting the sector's overall positive performance.

Portfolio Pulse from Shanthi Rexaline

May 14, 2024 | 8:54 am

LCW

Learn CW Investment Corporation, a special purpose acquisition company, has announced an extension of the deadline to complete its initial business combination from May 13, 2024, to June 13, 2024. This extension, facilitated by a $150,000 deposit into the company's trust account, marks the eighth of up to twelve possible one-month extensions. This decision follows an Extraordinary General Meeting of the Company's shareholders on October 11, 2023.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 8:07 am