Streetbeat News

Acquisitions Mergers

SPY

The Foundation Hotel, a $28 million boutique property developed by Aparium Hotel Group and located in Detroit's historic former Fire Department HQ, has opened. The hotel features 100 rooms, a restaurant led by Michelin-starred executive chef Thomas Lents, and incorporates local art and historical elements. It aims to offer an experiential stay with amenities like free bicycles and partnerships with local businesses.

Portfolio Pulse from Dustin Blitchok

April 12, 2024 | 7:28 pm

EZGO

JPM

MOTS

PXMD

JPMorgan Chase & Co. shares fell by 5.1% despite beating first-quarter earnings and revenue expectations, with other stocks experiencing significant movements in Friday's mid-day session. Notable gainers include PaxMedica, EZGO Technologies, and Allarity Therapeutics, among others, with various reasons for their stock movements. Conversely, several companies faced declines, such as Motus GI Holdings, Lixiang Education, and Monogram Orthopaedics, each with specific challenges impacting their stock prices.

Portfolio Pulse from Avi Kapoor

April 12, 2024 | 6:47 pm

AGEN

BMY

Agenus Inc (NASDAQ:AGEN) reported promising Phase 1 trial results for its BOT/BAL therapy in metastatic colorectal cancer, with a 23% overall response rate. The company plans to submit a BLA later this year and present detailed Phase 2 results in 2024. Agenus also executed a one-for-twenty reverse stock split. Despite positive data, funding concerns persist as Agenus ended 2023 with $76.1 million in cash and a significant cash burn. William Blair remains optimistic, maintaining an Outperform rating with a sales forecast of $404 million by 2027 for the therapy.

Portfolio Pulse from Vandana Singh

April 12, 2024 | 6:18 pm

BLK

BlackRock Inc (NYSE:BLK) lost its appeal in a UK tax dispute related to its acquisition of Barclays Global Investors in 2009. The Court of Appeal upheld the decision to disallow tax deductions on interest from loans used in the acquisition, under the 'unallowable purpose rule'. Despite the setback, BlackRock, which has grown significantly since the acquisition, emphasized that all UK taxes, including those related to this matter, have been paid. The company is considering its next steps following the ruling.

Portfolio Pulse from Vandana Singh

April 12, 2024 | 5:50 pm

LUNR

SPCE

Blue Origin, founded by Jeff Bezos, announced its 7th crewed flight, NS-25, with a six-person crew, marking a return to human spaceflight after setbacks. The crew includes notable figures such as Ed Dwight and entrepreneurs from various fields. This follows a period of inactivity due to issues in an uncrewed flight in September 2022. The announcement comes amid increased interest in space travel, with recent achievements by Intuitive Machines and plans by Virgin Galactic to focus on profitability.

Portfolio Pulse from Chris Katje

April 12, 2024 | 5:47 pm

LYV

SEAT

SPY

StubHub is reportedly targeting a valuation exceeding $16.5 billion in a potential IPO slated for the summer. This move is seen as a significant test of the market's appetite for new stock listings.

Portfolio Pulse from Charles Gross

April 12, 2024 | 5:32 pm

PARA

PARAA

Barington Capital is urging Paramount (PARA, PARAA) to halt exclusive negotiations with David Ellison and to evaluate other offers, including a proposal from Apollo, as reported by Bloomberg News.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 5:20 pm

NPSCY

Shareholders of U.S. Steel have approved the takeover offer by Nippon Steel, marking a significant move in the steel industry.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 5:16 pm

BLK

JPM

The article discusses the significant role of crypto-native institutions in advancing the blockchain and cryptocurrency industry, highlighting their understanding and appreciation of decentralization from the industry's inception. It contrasts this with the gradual involvement of traditional financial giants like BlackRock (NYSE:BLK) and JPMorgan (NYSE:JPM), noting that while the entry of these institutions into the crypto space is important, the real driving force behind the industry's growth and innovation are the crypto-native entities. These institutions have been pivotal in major developments such as the rise of DeFi, Ethereum's migration to proof-of-stake, and the approval of Bitcoin ETFs.

Portfolio Pulse from Jupiter Zheng

April 12, 2024 | 4:58 pm

LAZR

Luminar Technologies, Inc. (LAZR) has strengthened its executive team by hiring Dr. David Foster as Executive Vice President of Engineering and John Pinette as Senior Vice President of Communications. Dr. Foster brings a wealth of experience from leading tech companies like Lyft, Apple, Microsoft, and Amazon, having launched major products like the iMac and Kindle. John Pinette has a strong background in communications, having worked for Meta, Microsoft, and Google. Their appointments come at a crucial time as Luminar prepares for the production and deployment of its LiDAR technology in passenger cars, aiming to enhance vehicle safety.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 4:55 pm