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Acquisitions Mergers

CRM

FEPI

INFA

MRAD

Salesforce Inc (NYSE:CRM) is advocating for increased environmental regulation on AI, emphasizing the need for standardized emissions reporting due to the technology sector's high energy usage. The company announced its intention to push for legislation that mandates AI emissions disclosure. Additionally, Salesforce ended acquisition talks with Informatica Inc (NYSE:INFA) due to disagreements on merger terms. Salesforce stock has seen a 41% gain in the last 12 months, with exposure available through ETFs like FEPI and MRAD.

Portfolio Pulse from Anusuya Lahiri

April 23, 2024 | 5:36 pm

ARKK

COIN

HOOD

SARK

TARK

Ark Invest, led by Cathie Wood, has seen a significant downturn, with assets under management dropping from $59 billion to $11.1 billion due to high interest rates and investor outflows. The ARK Innovation ETF (ARKK) experienced over $1.3 billion in outflows in 2024. Despite positive returns from Coinbase (COIN) and Robinhood (HOOD), other top holdings underperformed. AXS Investments launched ETFs (SARK, TARK) that short ARKK, seeing substantial returns and increased trading activity following the Silicon Valley Bank fallout.

Portfolio Pulse from Piero Cingari

April 23, 2024 | 5:20 pm

CPRI

TPR

Shares of Capri Holdings Limited (CPRI) and Tapestry, Inc. (TPR) fell after the FTC filed a lawsuit to block Tapestry's $8.5 billion acquisition of Capri Holdings. The FTC argues the merger of their brands (Coach, Kate Spade, and Michael Kors) would harm competition, affecting prices, innovation, and worker conditions. Both companies have defended the merger, stating it won't limit competition and have received approvals from other jurisdictions, planning to contest the FTC's decision in court.

Portfolio Pulse from Nabaparna Bhattacharya

April 23, 2024 | 5:02 pm

KKR

German media company Axel Springer, owner of Insider and Politico, is reportedly considering acquiring The Wall Street Journal to expand its U.S. presence. This ambition aligns with CEO Mathias Döpfner's growth plans in the U.S. amidst the evolving role of AI in journalism. The company's expansion efforts are also aimed at enhancing returns for its largest shareholder, KKR & Co. However, a conflict with investor Bill Ackman over Insider's coverage could divert resources, potentially affecting growth. Axel Springer's past political engagements, including relationships with figures from the Trump administration, highlight its complex position in U.S. media politics.

Portfolio Pulse from Chris Katje

April 23, 2024 | 4:31 pm

PLTR

Palantir Technologies Inc. (NYSE:PLTR) shares are trading higher amid a broader market rally, following its designation as an 'Awardable' vendor for the CDAO's Tradewinds Solutions Marketplace. The company has been pitching its software to ad agencies and is set to report Q1 financial results on May 6. Analysts expect earnings of 8 cents per share and quarterly revenue of $625.33 million. Palantir's stock is up 3.23% at $21.65.

Portfolio Pulse from Erica Kollmann

April 23, 2024 | 4:09 pm

CYN

Cyngn Inc. (NASDAQ:CYN) shares surged after announcing a deal to supply DriveMod Tuggers for industrial automation to John Deere's operation in Dubuque, Iowa. The company's stock experienced heavy trading volume, with over 160 million shares traded, significantly above its 100-day average of 10 million shares. Cyngn, known for developing AI-powered autonomous vehicles, saw its stock price increase by 59% to 19 cents.

Portfolio Pulse from Erica Kollmann

April 23, 2024 | 4:00 pm

EFSH

1847 Holdings (EFSH) shares are trading higher following the announcement of a non-binding Letter of Intent with a strategic buyer to sell all assets of 1847 Cabinets.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 3:46 pm

JBLU

SAVE

JetBlue Airways Corporation (NASDAQ:JBLU) experienced a significant stock price drop of over 10% following a disappointing annual outlook announcement. The company reported a Q1 adjusted EPS loss of 43 cents, beating consensus but showing a decline from the previous year. Sales decreased by 5% Y/Y to $2.21 billion, with a 2.7% Y/Y decrease in capacity. Operating expenses rose by 14%, with a notable increase in costs per available seat mile. JetBlue also mentioned the termination of its $3.8 billion acquisition deal with Spirit Airlines Inc. (NYSE:SAVE) due to legal challenges. For 2024, JetBlue forecasts a revenue drop in the low single digits and a decrease in available seat miles.

Portfolio Pulse from Vandana Singh

April 23, 2024 | 3:29 pm

BTCUSD

Morgan Creek Capital CEO Mark Yusko challenges Bitcoin skeptic Peter Schiff to a $1M charity bet on Bitcoin vs. gold performance over the next 5 years. Yusko supports Bitcoin, while Schiff, a gold bull, has not yet responded. The challenge highlights the ongoing debate between Bitcoin and traditional investment assets like gold, with Yusko having a price target of $150,000 for Bitcoin in the next year.

Portfolio Pulse from Chris Katje

April 23, 2024 | 3:03 pm

CPRI

TPR

The FTC has filed a lawsuit to block the $8.5 billion merger between luxury handbag manufacturers Tapestry Inc. (TPR) and Capri Holdings Ltd. (CPRI), arguing it would eliminate competition and impact consumer benefits. Despite receiving regulatory clearance in the EU and Japan, the FTC's challenge raises concerns over antitrust approval in the U.S. The merger aims to combine brands like Coach, Kate Spade, and Versace, potentially making the entity the fourth largest globally in luxury accessories.

Portfolio Pulse from Benzinga Neuro

April 23, 2024 | 2:59 pm