Streetbeat News

Acquisitions Mergers

DWAC

Trump Media & Technology Group (TMTG) went public through a merger with Digital World Acquisition Corporation (NASDAQ:DWAC), despite facing multiple setbacks including shareholder vote delays, investigations, and legal actions. Market experts view TMTG as a 'meme stock' and a way to bet on or against Trump rather than its underlying business. The stock saw a 37% increase on its debut day, with shares hitting new 52-week highs. Trump, owning 80 million shares, faces a six-month lockup, with speculation about potential share sales to free up capital.

Portfolio Pulse from Chris Katje

March 26, 2024 | 6:36 pm

JNJ

SWAV

Johnson & Johnson is reportedly in discussions to acquire Shockwave Medical, according to sources cited by the Wall Street Journal. This potential acquisition could significantly impact both companies' market positions and financial outlooks.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 6:19 pm

BMMJ

Body and Mind Inc. (BMMJ) reported its Q2 fiscal year 2024 financial results, showing a 94% reduction in net loss year-over-year and flat revenue growth. The company announced the divestiture of its Nevada operations for $2 million to focus on expanding in the Illinois and New Jersey markets, which are seen as underserved. Gross profit and margin improved, while operating expenses decreased. BMMJ's stock dropped 15.9574% following the announcement.

Portfolio Pulse from Jelena Martinovic

March 26, 2024 | 6:16 pm

MKC

STX

TNDM

TSLA

UPS

VKTX

Wall Street is poised to end a two-day losing streak with major indices showing modest gains. The S&P 500, Dow Jones, Nasdaq 100, and Russell 2000 all saw increases, while the VIX index's decline indicates low market volatility. Economic data revealed a 1.4% rise in durable goods orders, exceeding expectations. Sector performance was mixed, with retail stocks leading gains. Notable stock movements include Tesla's rise after Italy's interest in electric truck production, UPS's decline following CEO remarks, and McCormick's surge on strong earnings. Other significant movers were Seagate Technology, Tandem Diabetes Care, and Viking Therapeutics. GameStop, nCino, and Progress Software are set to report earnings.

Portfolio Pulse from Piero Cingari

March 26, 2024 | 6:08 pm

DFEN

ITA

Boeing's CEO David Calhoun and chairman Larry Kellner are stepping down amid an investigation into a safety incident. Boeing also announced the departure of Stan Deal, president of the Commercial Airplanes division. Analysts from Benchmark and BofA Securities provided their insights, with Benchmark giving a Buy rating and a $250 price target, while BofA maintains a Neutral rating with a $210 price target. The changes come as Boeing faces delivery concerns and safety issues. Investors can gain exposure to Boeing through IShares U.S. Aerospace & Defense ETF (ITA) and Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN).

Portfolio Pulse from Lekha Gupta

March 26, 2024 | 6:07 pm

International Paper (IP) has confirmed its intention to acquire DS Smith by making an all-equity proposal for the entire issued share capital of DS Smith. This strategic move aims to expand IP's footprint in the packaging sector.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 6:06 pm

International Paper (IP) shares are trading lower following the confirmation from DS Smith that they are in discussions regarding a potential acquisition by IP through an all-share offer.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 5:59 pm

AMD

INTC

NVDA

SK Hynix plans to invest $4 billion in a new semiconductor facility in Indiana, aiming to strengthen the US semiconductor industry. This move is in line with the Biden administration's goals and is expected to create up to 1,000 jobs. The facility, which will start operations in 2028, is near Purdue University and will benefit from state and federal incentives. SK Hynix is Nvidia's exclusive partner for high-bandwidth memory, crucial for advanced GPUs. The investment also comes amid escalating US-China semiconductor tensions, with both countries imposing restrictions affecting companies like Nvidia, AMD, Intel, and Micron Technology.

Portfolio Pulse from Anusuya Lahiri

March 26, 2024 | 5:58 pm

BHVN

LLY

NVO

Biohaven (NYSE:BHVN) is developing an obesity drug, taldefgrobep alfa, targeting myostatin to prevent muscle loss while aiding weight loss, differentiating from Novo Nordisk (NYSE:NVO) and Eli Lilly (NYSE:LLY)'s GLP-1 drugs. Preclinical data shows promising results, with a Phase 2 trial expected in Q2 2024. Eli Lilly's acquisition of Versanis Bio introduces a competing myostatin inhibitor, bimagrumab. BHVN shares rose 3.84% to $57.35.

Portfolio Pulse from Vandana Singh

March 26, 2024 | 5:48 pm

DS Smith is currently in discussions with International Paper Company about a potential acquisition through an all-share offer. The board of DS Smith is actively progressing these discussions.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 5:33 pm