Streetbeat News

Acquisitions Mergers

AADR

IDGT

Eni S.p.A. (NYSE:E) is planning to spin-off interests in high-potential oil and gas projects to finance its shift towards low-carbon activities. This move is part of CEO Claudio Descalzi's strategy to separate some of Eni's operations into distinct entities, attracting investment from private equity and infrastructure funds. The company recently agreed to combine most of its UK upstream assets with Ithaca Energy plc for a 38.5% stake and aims to sell minority stakes in its biofuel and bio-plastic units, expecting to raise EUR1.3 billion. Exposure to Eni's stock can be gained through Pacer Developed Markets International Cash Cows 100 ETF (NYSE:IDGT) and AdvisorShares Dorsey Wright ADR ETF (NASDAQ:AADR).

Portfolio Pulse from Lekha Gupta

May 13, 2024 | 10:53 am

FTRE

Fortrea has revised its FY24 revenue forecast downwards from $3.14B-$3.205B to $2.785B-$2.855B, below the estimated $3.08B. The company also confirmed that its planned divestiture of assets related to the Endpoint Clinical and Patient Access businesses is proceeding as planned.

Portfolio Pulse from Benzinga Newsdesk

May 13, 2024 | 10:40 am

AMZN

VCR

XLY

Amazon.com Inc is investing over $1.3 billion in its French operations, aiming to create 3,000 jobs, focusing on cloud infrastructure for AI and logistics. This is part of France's push to become an AI hub, with involvement from other tech giants. Amazon's stock is accessible through ETFs like XLY and VCR.

Portfolio Pulse from Shivani Kumaresan

May 13, 2024 | 10:20 am

ACIU

TAK

AC Immune and Takeda have entered into an exclusive option and license agreement focusing on the development of an active immunotherapy targeting amyloid beta for Alzheimer's disease. AC Immune will receive an upfront payment of $100 million and could receive up to approximately $2.1 billion in milestone payments.

Portfolio Pulse from Benzinga Newsdesk

May 13, 2024 | 10:06 am

FULC

SNY

Fulcrum Therapeutics has entered into a licensing agreement with Sanofi for the commercialization of losmapimod, a treatment for Facioscapulohumeral Muscular Dystrophy. Fulcrum will receive an $80M upfront payment and could receive up to $975M in milestones. Sanofi gets exclusive rights outside the U.S., while Fulcrum retains U.S. rights.

Portfolio Pulse from Benzinga Newsdesk

May 13, 2024 | 10:04 am

BNED

JAN

TVGN

JanOne Inc. shares surged 19% in pre-market trading following the announcement of its plans to acquire ALT 5 Sigma Inc. Other stocks also showed significant movement in pre-market trading, with Tevogen Bio Holdings, Nauticus Robotics, GameStop Corp., and KOSS Corp among the gainers. Conversely, Barnes & Noble Education, Seritage Growth Properties, and Applied DNA Sciences were among the notable losers.

Portfolio Pulse from Avi Kapoor

May 13, 2024 | 9:46 am

DXYZ

META

Meta Platforms Inc.'s Chief AI Scientist, Yann LeCun, criticized OpenAI's early investor, Vinod Khosla, for supporting a closed-source approach to AI, motivated by financial gains and concerns over China's access to AI technology. LeCun advocates for open-source AI to ensure a diverse and democratic future. Meanwhile, Destiny Tech100 Inc. fund, which invests in tech companies including OpenAI, has seen a significant drop in value.

Portfolio Pulse from Rounak Jain

May 13, 2024 | 9:05 am

ZPTA

Zapata Computing Holdings Inc. (NASDAQ:ZPTA), an Industrial Generative AI company, announced Sumit Kapur as the new CFO effective May 20, 2024. Kapur, with a background in AI, investment banking, and scaling businesses, is expected to support Zapata AI's expansion across various industries. He succeeds Mimi Flanagan, who is leaving for personal reasons. Kapur's previous role was CFO at 3Degrees, where he significantly scaled the business.

Portfolio Pulse from Benzinga Newsdesk

May 13, 2024 | 8:17 am

FXI

KBA

KWEB

MCHI

In the first quarter of 2024, a record number of U.S.-listed China-focused ETFs have shut down, with 13 closures reported, surpassing the previous annual records. This trend is attributed to growing investor concerns and political pressures, with both China-focused and ESG ETFs becoming 'political footballs'. Despite this, the assets held by China-focused ETFs have increased to $364 billion. Key ETFs like KWEB, KBA, MCHI, and FXI have outperformed major U.S.-equity ETFs, indicating a potential market shift.

Portfolio Pulse from Benzinga Neuro

May 13, 2024 | 7:42 am

TSLA

Tesla Inc (NASDAQ:TSLA) has received approval for a new megafactory in Shanghai's Lingang New Area, China, dedicated to producing Megapacks, Tesla's powerful stationary batteries. The factory, spanning over 204,000 square meters, aims to start deliveries by Q1 2025, with plans to manufacture 10,000 Megapacks annually. This expansion aligns with Tesla's focus on energy storage products, which have seen significant demand and growth, outpacing the automotive sector in deployment and revenue growth.

Portfolio Pulse from Anan Ashraf

May 13, 2024 | 7:10 am