Streetbeat News

Acquisitions Mergers

BMY

Bristol Myers Squibb (NYSE:BMY) and Repertoire Immune Medicines have announced a strategic collaboration worth up to $1.8 billion to develop tolerizing vaccines for autoimmune diseases. Repertoire will receive an upfront payment of $65 million, with potential for additional milestone payments and tiered royalties.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 10:03 am

BKKT

CLVR

PHG

TSLA

Koninklijke Philips N.V. (PHG) shares surged 37.1% in pre-market trading after announcing Q1 results and a $1.1 billion settlement in the US. Other stocks showed significant movement, with Inno Holdings, Ryde Group, and Akanda Corp among the top gainers. Conversely, Bakkt Holdings and Clever Leaves led the pre-market losers following a reverse stock split and delisting announcement, respectively. Tesla also gained attention with a 7.3% increase after announcing layoffs and a price hike for its Model 3 Performance.

Portfolio Pulse from Avi Kapoor

April 29, 2024 | 9:53 am

BTCUSD

ETHUSD

The Australian Securities Exchange (ASX) is reportedly on track to approve Australia's first spot-Bitcoin ETF before the end of 2024. DigitalX Ltd., VanEck, and BetaShares are among the entities that have submitted applications. This move follows the U.S. and Hong Kong's approval of Bitcoin ETFs, indicating a growing acceptance of cryptocurrency-based financial products in Asia. Morgan Stanley is also considering recommending Bitcoin ETFs to its clients, highlighting the increasing interest in these products.

Portfolio Pulse from Benzinga Neuro

April 29, 2024 | 9:38 am

GXO

GXO Logistics, Inc. (NYSE:GXO) has finalized its acquisition of Wincanton plc, becoming its sole shareholder. Financial terms were not disclosed. Wincanton shareholders are set to receive 605 pence per share on May 13, 2024. The companies will operate independently until the U.K. Competition and Markets Authority review is complete.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 7:34 am

KOS

Kosmos Energy (NYSE/LSE: KOS) has re-financed its reserve-based lending facility, extending its maturity to December 2029 and increasing its size to $1.35 billion from $1.25 billion. The facility, secured against assets in Ghana and Equatorial Guinea, has $800 million currently drawn, with the first payment due in April 2027. The interest margin has slightly increased, starting at 400 basis points above SOFR. Additionally, Kosmos downsized its revolving credit facility from $250 million to $165 million.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 7:09 am

GOOGL

TSLA

Cathie Wood, founder of Ark Investment Management, praised Tesla, Inc. for its significant investment in artificial intelligence, highlighting it as a key differentiator from other companies in the auto and tech sectors. This stance aligns with Elon Musk's view of Tesla as the largest AI project on Earth. Wood's comments come amid a backdrop where companies, including Alphabet Inc., are increasingly focusing on short-term shareholder returns, such as dividends and share repurchases. Alphabet recently announced its first-ever dividend, contrasting with Tesla's focus on long-term investments in AI and self-driving technology.

Portfolio Pulse from Shanthi Rexaline

April 29, 2024 | 6:53 am

NDTAF

NVDA

Northern Data (OTC:NDTAF), a Frankfurt-based tech company, has shifted its focus from Bitcoin mining to cloud solutions and data center infrastructure, catching the attention of Berenberg Bank. Berenberg has initiated coverage with a Buy rating and a price target suggesting a 53.2% upside. The company's partnership with NVIDIA Corp (NASDAQ:NVDA) as an 'Elite' partner for cloud computing and its investments in liquid-cooling technology are highlighted as key growth drivers.

Portfolio Pulse from Benzinga Neuro

April 29, 2024 | 4:58 am

AAPL

GOOGL

META

Meta Platforms Inc. and Alphabet Inc. are revising their strategies to compete with Apple Inc.'s iPhone and Vision Pro. Meta is opening its VR operating system to all headset manufacturers, challenging Apple's closed ecosystem. Google has restructured its management, with Rick Osterloh overseeing Android, aiming to enhance revenue and establish a stronger presence in mixed-reality, an area where Google lags behind Apple and Meta. Despite criticism for its high price, Apple's Vision Pro has been praised for its advanced technology.

Portfolio Pulse from Ananya Gairola

April 29, 2024 | 4:57 am

PARA

The Redstone family and David Ellison have proposed concessions to make Paramount Global more attractive to smaller investors, with Ellison planning to purchase shares at a premium. This move is aimed at boosting investor confidence and appeal in Paramount Global.

Portfolio Pulse from Charles Gross

April 29, 2024 | 12:38 am

PAHC

ZTS

Zoetis Inc. (ZTS) will sell its medicated feed additive portfolio to Phibro Animal Health Corporation (PAHC) for $350 million. The deal includes certain water soluble products and related assets, expected to close in the second half of 2024.

Portfolio Pulse from Charles Gross

April 29, 2024 | 12:09 am