Streetbeat News

Acquisitions Mergers

DJT

DWAC

A judge has scheduled former President Donald Trump's hush money trial for April 15, potentially impacting his 2024 presidential campaign. The trial date could be delayed through a motion related to pretrial publicity. Trump faces 34 counts related to payments to Stormy Daniels. Meanwhile, Trump's media company, Trump Media & Technology Group, is set to go public after a merger with Digital World Acquisition Corporation (DWAC), with Trump owning 80 million shares.

Portfolio Pulse from Chris Katje

March 25, 2024 | 7:14 pm

ABBV

AKAN

FSR

LABP

U.S. stocks showed mixed performance with the Nasdaq turning higher, while the Dow and S&P 500 fell. Energy shares led gains, while industrials lagged. Notably, Landos Biopharma surged 169% after an acquisition announcement by AbbVie. Nkarta and Altamira Therapeutics also saw significant gains. Conversely, Sintx Technologies, Akanda Corp., and Fisker Inc. experienced sharp declines. Sales of new single-family houses in the U.S. slightly fell, missing market estimates.

Portfolio Pulse from Avi Kapoor

March 25, 2024 | 7:00 pm

ABBV

LABP

Landos Biopharma, Inc. (LABP) shares surged over 170% following acquisition news by AbbVie Inc. (ABBV). Other stocks also showed significant movement in Monday's mid-day session, with notable gainers including Next.e.GO N.V. (EGOX), Altamira Therapeutics Ltd. (CYTO), and MicroAlgo Inc. (MLGO), among others. Losers for the day included Sintx Technologies, Inc. (SINT), Akanda Corp. (AKAN), and Fisker Inc. (FSR), with declines attributed to various factors such as public offerings and terminated negotiations.

Portfolio Pulse from Avi Kapoor

March 25, 2024 | 6:44 pm

GOOG

META

Elon Musk's lawsuit against the Center for Countering Digital Hate (CCDH) for calling X (formerly Twitter) out for hate speech was dismissed by a California judge, citing anti-SLAPP law. Musk plans to appeal the decision. The case highlights Musk's legal challenges since acquiring X, including a decline in advertisers and multiple lawsuits filed by Musk against various entities. Additionally, the article mentions Meta Platforms Inc (META), Alphabet Inc (GOOG, GOOGL) in the context of a law prohibiting social media giants from flagging or removing user posts.

Portfolio Pulse from Anthony Noto

March 25, 2024 | 6:27 pm

AAPL

AMD

GOOGL

INTC

META

XLE

US stocks saw a mixed session with tech giants like Apple, Alphabet, and Meta facing regulatory scrutiny, while energy stocks surged due to rising crude prices. The Energy Select Sector SPDR Fund reached levels close to its all-time highs. Intel and AMD stocks were volatile after China's move to phase out U.S. microprocessors. Bitcoin reclaimed $70,000. Notable stock movements included gains for Bitcoin-related companies and Micron Technology, while United Airlines and Take-Two Interactive faced declines.

Portfolio Pulse from Piero Cingari

March 25, 2024 | 5:58 pm

SCLX

Scilex Holding Co (SCLX) and Ya II PN have mutually agreed to terminate their Amended and Restated Standby Equity Purchase Agreement, initially dated February 8, 2023, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

March 25, 2024 | 5:49 pm

EGY

VAALCO Energy's shares are trading higher following the announcement of finalized agreements in Equatorial Guinea, indicating positive market reception.

Portfolio Pulse from Benzinga Newsdesk

March 25, 2024 | 5:21 pm

LBAI

PFS

Provident Financial Services, Inc. (PFS) and Lakeland Bancorp, Inc. (LBAI) have received regulatory approvals from the FDIC and the New Jersey Department of Banking and Insurance for their merger. The only remaining approval needed is from the Federal Reserve. The merger, expected to complete in Q2, will see the combined entity operate under the Provident name, aiming for growth and enhanced service offerings. Provident must raise $200 million in Tier 2 subordinated debt and adhere to specific capital and lending ratios post-merger.

Portfolio Pulse from Benzinga Newsdesk

March 25, 2024 | 5:01 pm

CENX

Century Aluminum (CENX) shares surged following the announcement that it was chosen by the Department of Energy to receive a $500 million grant for constructing a new green aluminum smelter, aimed at accelerating industrial decarbonization.

Portfolio Pulse from Benzinga Newsdesk

March 25, 2024 | 4:11 pm

CB

DWAC

A New York appeals court has reduced Donald Trump's appeals bond from $454 million to $175 million and extended the deadline by 10 days in a civil fraud case. This ruling allows Trump and his sons to continue business operations in New York. The bond reduction and extension provide Trump with a financial lifeline, potentially preventing the seizure of his assets by New York Attorney General Letitia James. Trump previously secured a $91.6-million appeal bond with Chubb Limited's unit for a different lawsuit. Meanwhile, Trump's media company merged with Digital World Acquisition Corp (DWAC), which saw its shares rise 12%.

Portfolio Pulse from Chris Katje

March 25, 2024 | 4:08 pm