Streetbeat News

Acquisitions Mergers

ANGH

Anghami Inc. (NASDAQ:ANGH) and OSN+ have completed a transaction where OSN Group acquired a 55.45% majority stake in Anghami at a valuation of $3.69 per share. This deal, expected to create a company with over 120 million users and $100 million in revenue, has led to ANGH shares dropping 8.29% to $1.79.

Portfolio Pulse from Lekha Gupta

April 02, 2024 | 2:14 pm

LFSWF

Lifeist Wellness Inc. reported its highest quarterly gross profit in history for Q4 2023, totaling CA$2 million with a 42% gross margin. The company announced a definitive share purchase agreement to sell its CannMart Group to 1463663 B.C. Ltd. for CA$5 million, aiming to improve financial positions and focus beyond cannabis regulatory constraints. Q4 net revenue was CA$4.7 million, down from CA$6.2 million in 2022, with an adjusted EBITDA loss of CA$5 million, an improvement from the previous year. The company plans to enhance cost and operational efficiency in 2024.

Portfolio Pulse from Jelena Martinovic

April 02, 2024 | 2:13 pm

AAPL

AMZN

CRM

META

MSFT

Microsoft Corporation (MSFT) announced the global separation of its Teams app from Office offerings to avoid antitrust fines, impacting rivals like Zoom (ZM) and Slack (CRM). Microsoft's Bing, Edge, and advertising services, along with Apple's (AAPL) iMessage, avoided the EU's Digital Markets Act, unlike Meta Platforms' (META) WhatsApp. The Act forced Apple to make significant operational changes. The FTC is investigating Big Tech's AI investments, focusing on Microsoft, Google, and Amazon.com Inc (AMZN), with concerns over Microsoft's influence on OpenAI.

Portfolio Pulse from Upwallstreet

April 02, 2024 | 2:06 pm

ACOR

GOEV

PAYX

VVPR

U.S. stocks traded lower with the Dow Jones falling over 400 points. Paychex, Inc. reported mixed Q3 results, missing sales expectations. VivoPower International, XTI Aerospace, and Kidpik Corp saw significant stock increases due to merger agreements and acquisitions. Conversely, Acorda Therapeutics, Gritstone bio, and Canoo Inc experienced substantial drops, with Acorda filing for Chapter 11 bankruptcy and Canoo issuing weak revenue guidance.

Portfolio Pulse from Avi Kapoor

April 02, 2024 | 1:58 pm

EWJ

FXI

SPY

U.S. Senators have raised concerns about Nippon Steel's connections with China in the context of a merger case. This development could potentially influence investor sentiment regarding companies and ETFs related to U.S.-China relations and the steel industry.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 1:48 pm

AMZN

VCR

XLY

Amazon.com, Inc. (NASDAQ:AMZN) is expanding its AWS free credits program to include models from Anthropic, Meta, Mistral AI, and Cohere, aiming to boost its AI platform, Bedrock's market share. The company has invested $4 billion in Anthropic and offered over $6 billion in credits to startups over the past decade. In partnership with Y Combinator, Amazon is offering $500,000 in credits for AI models and chips. Competitors like Microsoft Azure and Google Cloud are also offering credits for AI models. The FTC has launched an inquiry into generative AI investments due to competitive concerns. Investors can gain exposure to Amazon through ETFs like SPDR Select Sector Fund – Consumer Discretionary (NYSE:XLY) and Vanguard Consumer Discretion ETF (NYSE:VCR). AMZN shares are currently down 1.03% at $179.11.

Portfolio Pulse from Lekha Gupta

April 02, 2024 | 1:33 pm

AAPL

TSLA

UBS

Cryptocurrencies Bitcoin, Ethereum, and Dogecoin experienced a market correction, with analysts predicting all-time highs for Bitcoin as its halving event nears. The US and UK are collaborating to regulate and address risks associated with emerging artificial intelligence technologies. In the US, market sentiment is cautious with Wall Street poised for a weak open, influenced by Fed speeches and key data. Internationally, the Russia-Ukraine conflict may reach a stalemate, and China is seen as a preferred ally in Southeast Asia. In tech, Apple unveils a new AI model, and Tesla's China sales offer hope ahead of its Q1 deliveries report. UBS announces a $2B buyback plan amid its Credit Suisse takeover.

Portfolio Pulse from Akanksha Bakshi

April 02, 2024 | 1:28 pm

GEV

NETZ

PPA

GE Aerospace (NYSE:GE) has officially launched as an independent public company following the spin-off of GE Vernova (NYSE:GEV). Both companies will ring the NYSE opening bell on April 2, 2024. GE Aerospace, with a significant global presence in commercial and military engines, expects a $10 billion operating profit by 2028 and plans to return 70%-75% of available funds to shareholders this year. GE Vernova, focusing on power generation, aims for mid-single digit organic revenue growth and a 10% adjusted EBITDA margin by 2028. TCW Transform Systems ETF (BATS:NETZ) and Invesco Aerospace & Defense ETF (NYSE:PPA) offer exposure to these stocks.

Portfolio Pulse from Lekha Gupta

April 02, 2024 | 1:27 pm

GDNSF

Goodness Growth Holdings, Inc. (OTC:GDNSF) reported a significant increase in Q4 2023 revenue, gross margin, and operating profits, with revenue reaching $24.2 million, a 34.4% increase year-over-year. Operating income for Q4 was $5.4 million, marking the second consecutive quarter of surpassing the $5 million threshold. The company also highlighted the successful execution of its CREAM & Fire strategy and anticipates the launch of adult-use cannabis sales in Minnesota in 2025. Additionally, Goodness Growth announced the divestiture of its New York operations to ACE Venture Enterprises, Inc., including a $20 million investment from Ace for development and assumption of the IIP lease.

Portfolio Pulse from Nicolás Jose Rodriguez

April 02, 2024 | 1:27 pm

BLK

DIS

STT

Disney (NYSE:DIS) is gaining support from major investors like BlackRock (NYSE:BLK) and T. Rowe Price in its proxy battle against Trian Partners. The battle, which could become the most expensive in history, centers on board representation and the direction of the company. Despite Disney's current lead, the outcome remains uncertain with the annual meeting approaching. Trian, advocating for board restructuring for better returns, collaborates with significant shareholders like former Marvel chairman Ike Perlmutter.

Portfolio Pulse from Vandana Singh

April 02, 2024 | 1:22 pm