Streetbeat News

Acquisitions Mergers

SOFI

SoFi Technologies Inc (NASDAQ:SOFI) has been highlighted as a 'long-term winner' in the digital lending and neobank space by Needham analyst Kyle Peterson, who initiated coverage with a Buy rating and a $10 price target. The company's focus on prime borrowers and its full banking license, acquired through the purchase of Golden Pacific in 2022, are seen as key advantages. Shares of SoFi rose 3.82% to $7.48 following the announcement.

Portfolio Pulse from Priya Nigam

April 03, 2024 | 5:55 pm

PARA

Paramount and Skydance have entered exclusive talks to merge, according to a Wall Street Journal report. This agreement could lead to an exit by Paramount's controlling shareholder, Shari Redstone.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 5:47 pm

ADPT

Adaptive Biotechnologies Corporation (NASDAQ:ADPT) announced a strategic restructuring into two businesses, MRD and IM, with dedicated resources and separate reporting. The company aims to preserve its strong capital position, bridging MRD to profitability and supporting IM investments. Preliminary Q1 FY2024 sales are expected to exceed consensus, with significant year-over-year growth in MRD revenue. CFO Tycho Peterson will depart, succeeded by Kyle Piskel. Despite external challenges, maintaining both businesses is seen as offering long-term valuation upside, with William Blair reiterating an Outperform rating. ADPT shares dropped 7.05% to $2.77.

Portfolio Pulse from Vandana Singh

April 03, 2024 | 5:42 pm

CASA

IWC

VGT

Casa Systems, Inc. (NASDAQ:CASA) shares plummeted after announcing a Chapter 11 sale process for its businesses. The company filed for bankruptcy in Delaware and has agreements to sell its 5G and Cable businesses to Lumine Group (OTC:LMGIF) and an affiliate of Vecima Networks, Inc (OTC:VNWTF), respectively. Casa Systems aims to complete these transactions swiftly, with support from over 98% of its senior secured lenders. The company's CEO cited significant revenue and profit declines due to reduced industry capital investment and the costs of developing 5G products as reasons for the sale. Investors can access Casa Systems stock through IShares Microcap ETF (NYSE:IWC) and Vanguard Information Tech ETF (NYSE:VGT). CASA shares dropped 80.4% to $0.05.

Portfolio Pulse from Lekha Gupta

April 03, 2024 | 5:38 pm

INTC

OWL

SPOT

ULTA

Wall Street rebounded as the ISM Services PMI indicated slower growth, easing overheating concerns. The ADP report showed strong job growth, and the dollar declined. Fed Chair Powell hinted at potential rate cuts. WTI crude and precious metals prices rose. Major indices and ETFs like SPY, DIA, and QQQ saw gains, with GE Aerospace rallying post-separation and Intel facing losses. Blue Owl Capital announced a significant acquisition, while Spotify plans to raise subscription prices. Ulta Beauty and peers faced declines due to competition and demand slowdown.

Portfolio Pulse from Piero Cingari

April 03, 2024 | 5:31 pm

HLT

Hilton Hotels Corporation (NYSE:HLT) has acquired a majority controlling interest in Sydell Group to expand its luxury portfolio, specifically the NoMad Hotels brand. This acquisition marks Hilton's entry into the luxury lifestyle hotel market, aiming to develop up to 100 NoMad properties globally. Sydell will handle design, branding, and management, while Hilton will lead development. The financial terms were not disclosed, but Hilton had $800 million in cash as of the end of 2023.

Portfolio Pulse from Shivani Kumaresan

April 03, 2024 | 4:23 pm

IYF

IYG

JPM

JPMorgan Chase & Co. (NYSE:JPM) has launched Chase Media Solution, a new digital media business aimed at connecting brands directly with its 80 million customers. The platform leverages Chase's retail media network and transaction data for targeted customer engagement. This initiative follows the integration of Figg, acquired in 2022. Investors can also gain exposure to JPM through IShares U.S. Financial Services ETF (NYSE:IYG) and IShares U.S. Financial ETF (NYSE:IYF). JPM shares saw a slight decrease of 0.12% to $198.62.

Portfolio Pulse from Lekha Gupta

April 03, 2024 | 4:17 pm

ABIO

CASA

KTRA

SINT

VIEW

VNDA

U.S. stocks traded higher with the Nasdaq gaining over 0.5%. Industrials shares led gains, while consumer staples fell. Kintara Therapeutics, ARCA biopharma, and Vanda Pharmaceuticals surged on positive news, whereas Casa Systems, View, Inc., and Sintx Technologies plummeted due to financial distress. The ISM services PMI declined, and oil prices rose.

Portfolio Pulse from Avi Kapoor

April 03, 2024 | 4:01 pm

KKR

Tian Tu Capital reported a significant net loss of 873 million yuan for the last year, a stark reversal from a 559 million yuan profit in 2022. The venture capital firm, which focuses on consumer companies and relies on IPOs in the Hong Kong market for exits, is facing challenges due to a weak IPO market and declining asset values. The company is shifting its strategy towards investments aligned with government priorities and exploring IPO alternatives. Despite the downturn, Tian Tu's shares trade at a significant discount compared to global peers like Carlyle (CG) and KKR, with a P/B ratio of 0.28.

Portfolio Pulse from The Bamboo Works

April 03, 2024 | 3:48 pm

JZXN

Jizui Holdings' shares are trading lower following the announcement of its subsidiary's non-binding letter of intent to acquire Shenzhen Maigesong Electric Technology.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 3:43 pm