Streetbeat News

Acquisitions Mergers

AMZN

Jeff Bezos convinced his siblings to invest $10,000 each in Amazon in the mid-1990s, which has now grown to be worth $1.30 billion each. This investment showcases the immense growth of Amazon from its early days to a current market cap of $1.86 trillion, highlighting the potential of visionary entrepreneurship in the digital economy.

Portfolio Pulse from Rounak Jain

April 02, 2024 | 2:59 pm

CHX

MEG

SLB

ChampionX Corporation shares surged 9.5% after Schlumberger Limited announced its acquisition. Other stocks like VirTra, Inc., TMC the metals company Inc., and Montrose Environmental Group also saw significant gains following positive financial results and strategic moves. The overall market was down, with the Dow Jones dropping around 400 points.

Portfolio Pulse from Avi Kapoor

April 02, 2024 | 2:31 pm

BYDDY

TSLA

XIACY

Xiaomi Corporation is entering the EV market, intensifying competition for Tesla Inc. Tesla raised Model Y prices in the US but cut Shanghai production due to competition and slow growth in China. Xiaomi's first EV, the SU7 sedan, received 120,000 pre-orders in 36 hours. Despite a slowdown in China's EV market growth, Xiaomi's entry with a sporty EV priced below Tesla's Model 3 could exacerbate Tesla's challenges. Tesla's vehicle deliveries in China dropped by 6% YoY in the first two months of 2024.

Portfolio Pulse from Upwallstreet

April 02, 2024 | 2:18 pm

MRNA

MYNZ

PFE

Pfizer (PFE) and Moderna (MRNA) experienced a 30% drop in share value post-pandemic but are refocusing on oncology to drive future growth. Pfizer's acquisition of Seagen and product launches aim to offset $17 billion in lost sales, projecting $129 billion in new revenue by decade's end. Moderna, with its sole product being the COVID-19 vaccine, plans to launch up to 15 new products, including a promising RSV vaccine and a melanoma mRNA vaccine developed with Merck. Mainz Biomed (MYNZ) is making strides in cancer prevention with its non-invasive ColoAlert® test and is developing PancAlert for early pancreatic cancer detection.

Portfolio Pulse from Upwallstreet

April 02, 2024 | 2:17 pm

ANGH

Anghami Inc. (NASDAQ:ANGH) and OSN+ have completed a transaction where OSN Group acquired a 55.45% majority stake in Anghami at a valuation of $3.69 per share. This deal, expected to create a company with over 120 million users and $100 million in revenue, has led to ANGH shares dropping 8.29% to $1.79.

Portfolio Pulse from Lekha Gupta

April 02, 2024 | 2:14 pm

LFSWF

Lifeist Wellness Inc. reported its highest quarterly gross profit in history for Q4 2023, totaling CA$2 million with a 42% gross margin. The company announced a definitive share purchase agreement to sell its CannMart Group to 1463663 B.C. Ltd. for CA$5 million, aiming to improve financial positions and focus beyond cannabis regulatory constraints. Q4 net revenue was CA$4.7 million, down from CA$6.2 million in 2022, with an adjusted EBITDA loss of CA$5 million, an improvement from the previous year. The company plans to enhance cost and operational efficiency in 2024.

Portfolio Pulse from Jelena Martinovic

April 02, 2024 | 2:13 pm

AAPL

AMZN

CRM

META

MSFT

Microsoft Corporation (MSFT) announced the global separation of its Teams app from Office offerings to avoid antitrust fines, impacting rivals like Zoom (ZM) and Slack (CRM). Microsoft's Bing, Edge, and advertising services, along with Apple's (AAPL) iMessage, avoided the EU's Digital Markets Act, unlike Meta Platforms' (META) WhatsApp. The Act forced Apple to make significant operational changes. The FTC is investigating Big Tech's AI investments, focusing on Microsoft, Google, and Amazon.com Inc (AMZN), with concerns over Microsoft's influence on OpenAI.

Portfolio Pulse from Upwallstreet

April 02, 2024 | 2:06 pm

ACOR

GOEV

PAYX

VVPR

U.S. stocks traded lower with the Dow Jones falling over 400 points. Paychex, Inc. reported mixed Q3 results, missing sales expectations. VivoPower International, XTI Aerospace, and Kidpik Corp saw significant stock increases due to merger agreements and acquisitions. Conversely, Acorda Therapeutics, Gritstone bio, and Canoo Inc experienced substantial drops, with Acorda filing for Chapter 11 bankruptcy and Canoo issuing weak revenue guidance.

Portfolio Pulse from Avi Kapoor

April 02, 2024 | 1:58 pm

EWJ

FXI

SPY

U.S. Senators have raised concerns about Nippon Steel's connections with China in the context of a merger case. This development could potentially influence investor sentiment regarding companies and ETFs related to U.S.-China relations and the steel industry.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 1:48 pm

AMZN

VCR

XLY

Amazon.com, Inc. (NASDAQ:AMZN) is expanding its AWS free credits program to include models from Anthropic, Meta, Mistral AI, and Cohere, aiming to boost its AI platform, Bedrock's market share. The company has invested $4 billion in Anthropic and offered over $6 billion in credits to startups over the past decade. In partnership with Y Combinator, Amazon is offering $500,000 in credits for AI models and chips. Competitors like Microsoft Azure and Google Cloud are also offering credits for AI models. The FTC has launched an inquiry into generative AI investments due to competitive concerns. Investors can gain exposure to Amazon through ETFs like SPDR Select Sector Fund – Consumer Discretionary (NYSE:XLY) and Vanguard Consumer Discretion ETF (NYSE:VCR). AMZN shares are currently down 1.03% at $179.11.

Portfolio Pulse from Lekha Gupta

April 02, 2024 | 1:33 pm