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Acquisitions Mergers

APO

PARA

RPV

RSPC

SONY

Paramount Global (NASDAQ:PARA) shares are rising after reports emerged that Sony Group Corporation (NYSE:SONY) and Apollo Global Management, Inc. (NYSE:APO) are considering a bid for the company. Despite Paramount's current exclusive negotiations with Skydance Media, the potential offer would involve purchasing all outstanding Paramount shares, aiming to privatize the company. Apollo previously made a $26 billion bid for Paramount and a separate $11 billion offer for its film studio. The joint bid with Sony would see Sony Pictures managing Paramount and its film library, while Apollo would take over CBS and local TV stations. PARA stock has dropped over 51% in the past year but saw a 9.9% increase to $12.04 recently. Investors can also gain exposure to PARA through Invesco S&P 500 Equal Weight Communication Services ETF (NYSE:RSPC) and Invesco S&P 500 Pure Value ETF (NYSE:RPV).

Portfolio Pulse from Nabaparna Bhattacharya

April 19, 2024 | 2:10 pm

RWOD

Redwoods Acquisition Corp. (RWOD) shares surged after shareholders approved a merger with Anew Medical, changing its name to Anew Medical post-transaction. The deal, valued at $94 million, is expected to provide $54 million in cash proceeds. RWOD's stock has declined over 22% in the past year but jumped 53.80% to $12.30 recently. Last year, RWOD received a delinquency notice from Nasdaq for not filing its Q1 report on time.

Portfolio Pulse from Nabaparna Bhattacharya

April 19, 2024 | 2:09 pm

AGBA

EGOX

ISPC

NFLX

SBFM

TIRX

ZCMD

U.S. stocks traded mixed with the Dow Jones gaining over 100 points and the NASDAQ falling. Netflix shares dropped around 8% after Q1 results, despite reporting upbeat earnings and subscriber growth. Other notable movements included significant gains for Next.e.GO, Zhongchao Inc., and AGBA Group Holding, and declines for Sunshine Biopharma, iSpecimen Inc., and Tian Ruixiang Holdings. Commodities saw oil and gold trading down, while silver and copper experienced mixed results. European and Asian markets mostly closed lower.

Portfolio Pulse from Avi Kapoor

April 19, 2024 | 1:55 pm

SLB

Schlumberger N.V. (NYSE:SLB) reported a 13% year-over-year revenue increase to $8.707 billion for Q1 2024, surpassing expectations. The growth was significantly driven by the Aker subsea business from the OneSubsea joint venture. Despite a 6% decline in North American revenue, international markets saw robust growth, particularly in the Middle East & Asia and Europe & Africa. Adjusted EPS matched consensus at $0.75, with adjusted EBITDA up 15% Y/Y. SLB announced a quarterly dividend and plans to return $7 billion to shareholders over the next two years, buoyed by confidence in global revenue growth and the ChampionX acquisition.

Portfolio Pulse from Akanksha Bakshi

April 19, 2024 | 1:36 pm

NVDA

TDIV

TSM

XNTK

Taiwan Semiconductor Manufacturing Co (TSM) is introducing a pricing premium for chips made outside Taiwan, driven by the need to expand globally amid tensions with China and rising costs. This strategy, highlighted by CEO CC Wei, aims to cover increased operational expenses in various locations and aligns with efforts to reduce semiconductor supply reliance on Taiwan. TSM, a key supplier to Nvidia Corp (NVDA), reported strong Q1 net profit and revenue growth expectations from AI chip demand, despite anticipating a slight gross margin dip due to higher costs. TSM plans to increase its U.S. investment to $65 billion, including advanced 2-nanometer chip production by late 2025, aiming for a gross margin above 53%. TSM stock has risen 52% in the past year, with exposure available through ETFs like TDIV and XNTK.

Portfolio Pulse from Anusuya Lahiri

April 19, 2024 | 1:35 pm

LKNCY

NYKHF

SBUX

Nayuki Holdings Ltd. (OTC:NYKHF) faces increased competition as it slows store openings and tweaks its franchising model. The premium tea seller, known for its bubble tea, is adjusting its strategy to boost presence in smaller cities. Meanwhile, at least five major rivals, including industry leader Mixue and newly listed Chabaidao, have filed for IPOs in Hong Kong, increasing competition for investor attention. Nayuki's P/S ratio of 0.72 contrasts with Chabaidao's 1.4, indicating investor wariness towards the sector. Nayuki's stock has declined significantly, reflecting skepticism and challenges ahead, including quality control and margin pressure in franchising.

Portfolio Pulse from The Bamboo Works

April 19, 2024 | 1:23 pm

JWN

Nordstrom Inc (NYSE:JWN) is considering a go-private proposal after its CEO Erik Nordstrom and President Pete Nordstrom expressed interest in such a transaction. The company's Board has formed a special committee to explore this and other strategic alternatives. This move reflects broader challenges in the retail sector, including inflation and borrowing concerns. The Nordstrom family, owning about 30% of shares, previously attempted to take the company private in 2018. Macy's Inc (NYSE:M) has also received privatization offers, indicating a trend in the sector. JWN shares saw a slight increase in premarket trading.

Portfolio Pulse from Shivani Kumaresan

April 19, 2024 | 1:11 pm

AMZN

Amazon Inc. (NASDAQ:AMZN) has been secretly gathering intelligence on competitors for nearly a decade through Big River Services International, a covert operation originating from a 2015 plan named 'Project Curiosity'. Big River sold goods on e-commerce platforms like eBay, Shopify, Walmart, and Amazon, using sales data to inform Amazon's business strategies. This operation is revealed as Amazon faces antitrust charges from the U.S. FTC and 17 states for marketplace practices.

Portfolio Pulse from Benzinga Neuro

April 19, 2024 | 12:55 pm

TSLA

Tesla, Inc. (NASDAQ:TSLA) has received support from T. Rowe Price, its tenth-largest shareholder, for the reinstatement of Elon Musk's 2018 pay package, previously voided by a Delaware judge for being unfair to investors. This backing is crucial ahead of Tesla's June 13 annual shareholder meeting, where a special vote will seek re-approval of the compensation plan. T. Rowe Price's support, holding 22.4 million shares, signifies confidence in Musk's leadership and the plan's alignment with long-term investor interests.

Portfolio Pulse from Anan Ashraf

April 19, 2024 | 12:48 pm

AGBA

AGBA Group's shares are experiencing an increase due to the continued upward momentum following the announcement of a definitive merger agreement with Triller.

Portfolio Pulse from Benzinga Newsdesk

April 19, 2024 | 12:46 pm