Streetbeat News

Acquisitions Mergers

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Skydance Media is set to meet with Paramount Global's management next week to discuss ongoing merger talks, indicating a potential significant consolidation in the entertainment industry. This meeting is part of the due diligence process, suggesting that the discussions are at an advanced stage.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 7:24 pm

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Nasdaq surged 250 points as U.S. stocks traded higher, with significant gains in information technology shares. Constellation Brands Inc reported better-than-expected Q4 earnings, leading to a positive market response. Rallybio Corporation, Eliem Therapeutics, and Rent the Runway saw substantial stock price increases due to strategic collaborations and financial results. Conversely, Aptevo Therapeutics, Enlivex Therapeutics, and AVITA Medical experienced significant drops following public offering pricing, trial results, and revenue update announcements.

Portfolio Pulse from Avi Kapoor

April 11, 2024 | 7:21 pm

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Ginkgo Bioworks Holdings, Inc. (NASDAQ:DNA) announced the acquisition of AgBiome's platform assets and the expansion of its strategic partnership with Novo Nordisk A/S (NYSE:NVO). The acquisition includes over 115,000 sequenced strains and over 500 million unique gene sequences. The partnership with Novo Nordisk aims to improve the manufacturing of medicines for chronic diseases, including diabetes and obesity.

Portfolio Pulse from Erica Kollmann

April 11, 2024 | 7:07 pm

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Vertex Pharmaceuticals Incorporated (VRTX) has agreed to acquire Alpine Immune Sciences Inc (ALPN) for approximately $4.9 billion in cash, at $65 per share. Analysts from Evercore, BofA, and William Blair have commented positively on the acquisition, highlighting the potential of Alpine's lead molecule, povetacicept (ALPN-303), and its alignment with Vertex's nephrology and cystic fibrosis pipelines. Evercore upgraded VRTX to Outperform with a $438 price target, while BofA maintains a Buy rating with a $550 price target. The acquisition is seen as a strategic move to bolster Vertex's clinical pipelines.

Portfolio Pulse from Vandana Singh

April 11, 2024 | 6:47 pm

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Micron Technology Inc (NASDAQ:MU) announced a temporary reduction in DRAM supply due to an April 3 earthquake in Taiwan, affecting up to a mid-single-digit percentage of its calendar quarter supply. Despite the disruption, Micron's long-term DRAM production capacity remains unaffected. The chips are crucial for Nvidia Corp's (NASDAQ:NVDA) H200 GPUs for AI applications, with Micron seeing a surge in demand, especially from the AI sector. Taiwan Semiconductor Manufacturing Co (NYSE:TSM) also faced temporary disruptions but expects a swift recovery. Micron's stock has surged over 96% in the last 12 months, with exposure available through REX FANG & Innovation Equity Premium Income ETF (NASDAQ:FEPI) and Invesco Semiconductors ETF (NYSE:PSI).

Portfolio Pulse from Anusuya Lahiri

April 11, 2024 | 6:26 pm

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MicroStrategy Inc (NASDAQ:MSTR) has caused short sellers to incur losses of $1.92 billion since March, due to its significant bitcoin holdings and the stock's performance surpassing Bitcoin itself. The SEC's approval of spot bitcoin ETFs has mainstreamed cryptocurrency investments, impacting short positions against companies like Coinbase and CleanSpark, Inc (NASDAQ:CLSK), with losses of $593.50 million and $106.40 million respectively. MicroStrategy plans to further increase its bitcoin holdings, already at nearly 190,000 bitcoins by the end of 2023, by raising funds through convertible debt sales. Despite challenges, such as a 280% increase in the cost of refinancing its convertible bonds, MicroStrategy's stock has surged 390% since late 2020. Investors can also gain exposure to MicroStrategy through ETFs like First Trust SkyBridge Crypto Industry And Digital Economy ETF (NYSE:CRPT) and Advisor Managed Portfolios Miller Value Partners Appreciation ETF (NYSE:MVPA).

Portfolio Pulse from Anusuya Lahiri

April 11, 2024 | 6:19 pm

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Toncoin (CRYPTO: TON), a Layer-1 blockchain, has entered the top 10 most valuable cryptocurrencies by market cap, recently hitting a new all-time high of $7.63. This surge is attributed to AI collaborations and innovations, including a palm-scanning project with Human Code, and the introduction of tap-to-earn meme coins. Additionally, TON announced a $5 million incentive for AI developers and a $2.19 million airdrop for memecoin traders, leveraging its integration with Telegram's user base.

Portfolio Pulse from Murtuza Merchant

April 11, 2024 | 6:16 pm

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Stocks rebounded with the Nasdaq 100 leading gains, up 1.2%, driven by Nvidia's 3.1% surge. The Producer Price Index (PPI) inflation was slightly lower than expected, affecting Fed rate cut expectations. Treasury yields were mixed, impacting the iShares 20+ Year Treasury Bond ETF (TLT), which fell 0.2%. Gold, tracked by the SPDR Gold Trust (GLD), rose nearly 1%, while Bitcoin softened. Notable stock movements included Nike's 3.8% rise after an upgrade, Paramount Global's 6.5% rally, and significant drops for Globe Life, CarMax, and Nikola Corp. Vertex Pharmaceuticals announced a $4.9 billion deal to buy Alpine Immune Sciences.

Portfolio Pulse from Piero Cingari

April 11, 2024 | 6:13 pm

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Scotiabank analyst Cameron Bean upgraded EQT Corporation to Sector Outperform and raised its price target to $52, citing the expected benefits from its acquisition of Equitrans Midstream Corporation. Bean downgraded Range Resources Corporation and Southwestern Energy Company to Sector Perform, adjusting their price targets due to various factors including production profiles and mergers. The analysis reflects expectations of volatile North American gas prices, influenced by U.S. production volumes and new LNG export facilities.

Portfolio Pulse from Lekha Gupta

April 11, 2024 | 5:53 pm

The UAE's ADNOC considered a takeover of BP but did not progress beyond preliminary discussions. The deal was deemed not the right fit for ADNOC's strategy, and political considerations also played a role in the evaluation. Both ADNOC and BP declined to comment on the matter, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 5:49 pm