Streetbeat News

Acquisitions Mergers

FBTC

Fidelity Investments has filed an S-1 form with the SEC for a spot Ethereum ETF, including staking capabilities. This follows the successful launch of spot Bitcoin ETFs in the U.S., notably the Fidelity Wise Origin Bitcoin Fund (FBTC), which contributed to a significant rise in Bitcoin's price. The proposed Ethereum ETF would trade on the CBOE and offer investors the ability to earn rewards through staking. This development is part of a broader trend of major investment firms, including BlackRock, VanEck, and ARK Invest, filing for cryptocurrency ETFs.

Portfolio Pulse from Murtuza Merchant

March 27, 2024 | 6:36 pm

CURLF

MRMD

VRNOF

The upcoming Benzinga Cannabis Capital Conference will feature discussions on scaling marijuana businesses to self-sustainability, with insights from industry experts Seth Yakatan, Bryan Gerber, and Jon Levine. Yakatan emphasizes operating within market constraints due to federal illegality and capital challenges. Gerber's Hara Supply, a major player in the cone industry, serves clients like Verano Holdings and Curaleaf, boasting significant market share and profitability. Levine, of MariMed, highlights the importance of consistency and passion in achieving success in the cannabis industry. The conference aims to provide strategies for growth amidst regulatory and financial hurdles.

Portfolio Pulse from Nina Zdinjak

March 27, 2024 | 6:30 pm

GPN

In the past three months, 14 analysts have provided diverse ratings for Global Payments (NYSE:GPN), with a shift towards more bullish and neutral stances in recent evaluations. The average 12-month price target for GPN has been raised to $159.93, indicating a 10.46% increase from the previous target. Analyst actions include maintaining, raising, and lowering ratings and price targets, reflecting dynamic market conditions and company performance. Global Payments, a leader in payment processing and software solutions, merged with Total System Services in 2019, enhancing its issuer processing operations. Despite positive revenue growth, the company's ROE and ROA lag behind industry averages, presenting potential challenges.

Portfolio Pulse from Benzinga Insights

March 27, 2024 | 6:01 pm

ENPH

FSLR

SEDG

SPWR

Solar stocks surged following the announcement of a three-year, $400M deal between Suniva and Heliene to supply solar cells, enabling US solar project developers to benefit from federal subsidies for American-made equipment. SunPower, SolarEdge, Enphase Energy, First Solar, and Canadian Solar saw significant stock price increases.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 5:48 pm

MRK

The FDA approved Merck & Co Inc's Winrevair (sotatercept) for pulmonary arterial hypertension, expected to be a key catalyst for Merck's stock in 2024. Cantor Fitzgerald maintains an Overweight rating on MRK with a price target of $135, citing the drug's approval and potential sales impact. Merck's stock has outperformed the S&P 500 year-to-date, and the successful launch of sotatercept could lead to upward earnings revisions and stock multiple expansion. Approximately 40,000 U.S. patients could benefit from sotatercept, with Merck establishing a dedicated business unit for the drug.

Portfolio Pulse from Vandana Singh

March 27, 2024 | 5:38 pm

BABA

Alibaba Group Holding Limited (NYSE:BABA) is focusing on a strategic shift by enhancing its logistics and shipping division, Cainiao, and implementing share buybacks. Mizuho analyst James Lee maintains a Buy rating on Alibaba with a $95 price target. The company withdrew Cainiao's IPO application from the Hong Kong Stock Exchange, citing strategic integration with core e-commerce operations and current market challenges. Alibaba plans to repurchase shares worth up to $3.75 billion from minority shareholders and owns 64% of Cainiao, valuing it at $10.41 billion. The firm also intends to review its dividend policy and provide quarterly updates on share buybacks, aiming to return capital to shareholders. Despite a slight decrease in share price, Alibaba is seen as an attractive turnaround story.

Portfolio Pulse from Anusuya Lahiri

March 27, 2024 | 5:33 pm

APO

UBS

UBS Group AG (NYSE:UBS) and Apollo Global Management Inc. (NYSE:APO) have finalized agreements marking the completion of the carve-out of a former Credit Suisse business. UBS sold $8 billion in senior secured financing facilities to Apollo and terminated its Investment Management Agreement with Atlas. This move aligns with UBS's strategy to simplify its Non-Core and Legacy portfolio, aiming to reduce risk-weighted assets and leverage. UBS anticipates a net gain of $0.3 billion in Q1 2024 from these transactions, while Credit Suisse is expected to face a $0.9 billion net loss. The deal is seen as a step towards reducing costs and complexity for UBS, while Apollo views it as economically neutral, capping off a quarter of record originations and capital raising for Atlas.

Portfolio Pulse from Lekha Gupta

March 27, 2024 | 5:27 pm

GCTS

GCT Semiconductor shares are trading higher amid volatility following the company's recently completed business combination with Concord Acquisition Corp III and its debut on the NYSE today.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 5:15 pm

BLOK

BYON

ONLN

Beyond, Inc. (NYSE:BYON) shares rose after announcing a partnership with X (formerly Twitter) for content delivery and customer engagement strategies. The partnership aims to leverage X's platform to engage U.S. users with creative content and brand-specific promotions. Beyond, the parent company of Overstock, Bed Bath & Beyond, Zulily, and other brands, recently acquired Zulily's intellectual property, enhancing its position in the off-price market. The Zulily site relaunch is expected to contribute to Beyond's revenue goals without additional expenses. BYON stock has gained over 88% in the past year, and investors can also gain exposure through ETFs like BLOK and ONLN.

Portfolio Pulse from Nabaparna Bhattacharya

March 27, 2024 | 5:08 pm

DJT

Trump Media & Technology Group Corp. (NASDAQ:DJT) shares increased following its Nasdaq debut, closing with a market value of $6.58 billion. Financial commentators Herb Greenberg and Jim Cramer expressed skepticism about the stock's valuation, suggesting it is overvalued. DJT shares are up 14.2% at $66.22.

Portfolio Pulse from Erica Kollmann

March 27, 2024 | 4:55 pm