Streetbeat News

Acquisitions Mergers

KYCH

ZOOZ

Keyarch Acquisition Corporation (NASDAQ:KYCH) and ZOOZ Power Ltd. (TASE:ZOOZ) have completed their business combination, with ZOOZ's ordinary shares and public warrants set to trade on Nasdaq under the symbols 'ZOOZ' and 'ZOOZW' respectively, starting April 5, 2024. This merger marks ZOOZ's entry into Nasdaq, enhancing its growth in the EV charging infrastructure market. The merger was supported by a $13 million PIPE investment from accredited investors.

Portfolio Pulse from Benzinga Newsdesk

April 04, 2024 | 8:16 pm

DUK

Duke Energy has announced its decision to sell a 50% ownership interest in the Pioneer Transmission Joint Venture to John Laing. This move is part of Duke Energy's strategy to optimize its asset portfolio and focus on core operations.

Portfolio Pulse from Benzinga Newsdesk

April 04, 2024 | 8:07 pm

CHKP

EIS

ITEQ

IZRL

MBLY

NICE

Israeli stocks and ETFs are facing declines due to escalating tensions with Iran, except for large Israeli tech companies with a global presence. The TA-35 Index dropped over 3% this week following Iran's retaliation promise. However, U.S.-listed Israeli tech firms like Mobileye, Check Point Software, and Nice Ltd are showing resilience. ETFs like EIS, IZRL, and ITEQ have varied responses, with EIS down 2.6%, while IZRL and ITEQ saw slight gains.

Portfolio Pulse from Natan Ponieman

April 04, 2024 | 7:52 pm

GLD

HUBS

QQQ

Tech stocks declined due to uncertainty over rate cuts, affecting ETFs like QQQ. Gold also saw a pullback, impacting GLD. Meanwhile, HubSpot (HUBS) experienced gains amid reports of a potential takeover.

Portfolio Pulse from Benzinga Newsdesk

April 04, 2024 | 7:52 pm

ACHL

ALUR

CADL

EFTR

KWE

RPM

TCBP

U.S. stocks declined with the Dow Jones falling over 200 points. RPM International's shares dropped after Q3 results, showing a slight sales increase but beating EPS estimates. TCBP, ALUR, and CADL shares surged on positive news, while EFTR, ACHL, and KWE shares plummeted due to disappointing updates. Oil and gold prices rose.

Portfolio Pulse from Avi Kapoor

April 04, 2024 | 6:39 pm

SPY

Fed's Neel Kashkari expressed expectations for increased mergers in the banking sector and reiterated his view that Bitcoin lacks a legitimate use case. This statement could influence market perceptions regarding the stability and future consolidation in the banking industry, as well as the credibility and utility of cryptocurrencies like Bitcoin.

Portfolio Pulse from Benzinga Newsdesk

April 04, 2024 | 6:21 pm

NVS

Novartis AG (NYSE:NVS) shares rose after the company announced plans to file for Pluvicto's label expansion in H2 2024, based on positive Phase 3 PSMAfore study results. The study showed improved overall survival rates and a consistent safety profile for Pluvicto in advanced prostate cancer treatment. Additionally, Novartis confirmed its acquisition of MorphoSys for €2.7B. In 2023, Pluvicto sales reached $980 million.

Portfolio Pulse from Vandana Singh

April 04, 2024 | 6:09 pm

CHK

OILT

PXE

Keybanc Capital Market analyst Tim Rezvan initiated coverage on Chesapeake Energy Corporation (CHK) with a Sector Weight rating, citing near/medium-term outlook for natural gas and potential synergies from the Southwestern merger. However, concerns over regulatory risks, asset degradation, and uncertainties in natural gas prices due to delays in LNG export projects and volume growth were highlighted. The analyst estimates EBITDA of $3.180 billion for 2024 and $5.182 billion for 2025. Investors can also gain exposure through Invesco Energy Exploration & Production ETF (PXE) and Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (OILT). CHK shares were down 0.34% at $89.99.

Portfolio Pulse from Lekha Gupta

April 04, 2024 | 6:05 pm

ALK

Boeing Co compensated Alaska Air Group Inc with $160 million for the 737-9 MAX groundings' impact on Q1 operations, causing significant financial losses. Despite these challenges, Alaska Air's adjusted pretax profit would have seen an 80% increase over the previous year without these issues. Additional compensation is expected, with the terms undisclosed. The compensation will mainly reduce aircraft assets, affecting EPS expectations. Alaska Air's shares rose by 4.58% to $43.80.

Portfolio Pulse from Shivani Kumaresan

April 04, 2024 | 5:29 pm

KBUF

KPRO

KWEB

Henry Greene, Investment Strategist at KraneShares, highlights the investment opportunities in China's market, focusing on the internet and technology sectors due to low internet penetration and government support for domestic tech companies. He remains optimistic about China as an asset class despite geopolitical tensions, noting the KraneShares CSI China Internet ETF (KWEB) and its top holdings. KraneShares has also launched two ETFs, KPRO and KBUF, offering downside protection on KWEB. Greene believes China's stock market has bottomed, presenting a rare buying opportunity, especially in internet stocks and AI applications.

Portfolio Pulse from Surbhi Jain

April 04, 2024 | 5:20 pm