Streetbeat News

Acquisitions Mergers

BAYRY

GOOG

IBM

INTC

MSFT

NVDA

AI is significantly impacting the pharmaceutical industry, from drug discovery to marketing, with Alphabet Inc's Google DeepMind developing AlphaFold 3, an AI model that predicts the structure of biological molecules. McKinsey reports AI could generate $60 billion-$110 billion annually for the industry, speeding up drug discovery and development. Collaborations like Bayer AG and Google Cloud are developing AI solutions for healthcare. Key players include Nvidia, Intel, IBM, Google, GE, Microsoft, Medtronic, Micron Technology, Amazon Web Services, and Siemens Healthineers.

Portfolio Pulse from Vandana Singh

May 10, 2024 | 6:49 pm

MSFT

Sarah Bond, Xbox president, hinted that the 2024 Call of Duty game might launch directly on Microsoft's Game Pass, following the company's acquisition of Activision Blizzard. This move aims to attract new subscribers and boost the gaming business amid stagnant subscriber growth and falling console sales.

Portfolio Pulse from Franca Quarneti

May 10, 2024 | 6:12 pm

GILD

Financial analysts have observed a bullish trend in Gilead Sciences's (NASDAQ:GILD) options trading, with a majority of trades leaning bullish. Analysis of unusual trades shows a preference for calls over puts, indicating expectations of a price increase. The company, known for its life-saving therapies, is currently trading up by 2.29% at $66.06, with a neutral RSI reading. The anticipated earnings release is in 83 days, and the options activity suggests a price window of $60.0 to $70.0.

Portfolio Pulse from Benzinga Insights

May 10, 2024 | 5:52 pm

LKQ

LKQ Corporation has announced the sale of Elit Polska, a Poland-based distributor of automotive parts, to MEKO AB. This move is part of LKQ's strategy to streamline its asset portfolio. Elit Polska reported 2023 revenue of approximately $107 million. The transaction is expected to close in the second half of 2024, pending regulatory approvals. LKQ also projects a free cash flow of $1 billion for 2024. LKQ owns 26.6% of MEKO AB, a leading spare parts distributor in northern Europe.

Portfolio Pulse from Nabaparna Bhattacharya

May 10, 2024 | 5:45 pm

NVDA

Nvidia's market value has reached $2.27 trillion, driven by confidence in AI technology, with Goldman Sachs predicting a further 22% growth. A partnership with Mitre to use a $20 million supercomputer for the U.S. government highlights Nvidia's role in AI and government tech projects. Despite a recent consolidation phase in its stock price, with fluctuations between $756 and $974, the outlook remains positive with potential for further increases.

Portfolio Pulse from Zaheer Anwari

May 10, 2024 | 4:55 pm

WISH

ContextLogic Inc. announced its ticker symbol will change from 'WISH' to 'LOGC' on May 13, 2024, following the sale of its Wish e-commerce platform to Qube Network Pte. Ltd., a subsidiary of Qoo10 Pte. Ltd.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 4:54 pm

GLD

IWM

MGNX

NVAX

Stocks paused due to a dismal consumer confidence report, with inflation expectations rising, impacting various assets. The S&P 500 and Dow Jones showed mixed reactions, while the iShares Russell 2000 ETF and SPDR Gold Trust experienced notable movements. Bitcoin's value dropped significantly. Noteworthy stock movements included Novavax's surge after a licensing deal, MacroGenics' decline due to a study update, and various companies reacting to earnings reports.

Portfolio Pulse from Piero Cingari

May 10, 2024 | 4:45 pm

DIOD

MGNX

NVAX

Diodes Incorporated shares fell by approximately 10% after reporting quarterly financial results that missed market expectations. Other stocks experienced significant movements, with notable gainers including Novavax, Inc. and iTeos Therapeutics, Inc., and losers like MacroGenics, Inc. and Greenwave Technology Solutions, Inc.

Portfolio Pulse from Avi Kapoor

May 10, 2024 | 4:44 pm

SQSP

Mizuho analyst Siti Panigrahi upgraded Squarespace (NYSE:SQSP) to Buy from Neutral, with a price target increase to $50 from $34, citing potential for significant growth driven by Google Domains acquisition, pricing tailwinds, and Squarespace Payments. The company is expected to see 20%+ growth with 30% uFCF margins over the medium term. The Google Domains acquisition has already contributed $13 million in revenue, with expectations of substantial revenue contributions from domains and pricing increases in the coming years.

Portfolio Pulse from Nabaparna Bhattacharya

May 10, 2024 | 4:35 pm

TSLA

Elon Musk announced Tesla will invest over $500M in expanding its Supercharger network, contradicting reports of the unit's closure and recent layoffs of about 500 employees. Despite a brief uptick, Tesla's stock fell 2% in morning trading, continuing an 8.8% decline over four sessions. This comes amid broader concerns over layoffs, potential new tariffs on EVs from China affecting Tesla's significant revenue from the region, and increasing competition in the EV market. Tesla's stock has dropped 32.2% this year but saw an 18.7% increase since a 15-month low in April.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 4:04 pm