Streetbeat News

Acquisitions Mergers

ILMN

QCOM

An adviser to Europe's top court criticized EU antitrust regulators for overstepping their powers by blocking Illumina Inc's $7.1 billion bid for Grail Inc. The opinion could affect the EU's approach to mergers, including Qualcomm Inc's deals. Illumina completed the Grail transaction before approval, leading to a legal challenge. The adviser emphasized that the EU Commission should not have broad powers to review global mergers without significant EU presence. Illumina welcomed the recommendation, and a court ruling is expected soon. Illumina's stock rose 3.60% following the news.

Portfolio Pulse from Vandana Singh

March 21, 2024 | 5:56 pm

RDDT

Reddit Inc (NYSE:RDDT) opened for trading at $47, surpassing its targeted IPO range of $31-$34. The IPO was five times oversubscribed, indicating strong investor interest. Analysts predict a significant impact on the tech industry, with Reddit allocating 8% of IPO shares to its active users and insiders. Despite negative discussions on r/WallStreetBets, Reddit's stock rose to $52 post-IPO. This marks Reddit as the first major IPO of 2024, potentially influencing the IPO market's future.

Portfolio Pulse from Adam Eckert

March 21, 2024 | 5:24 pm

MSFT

Microsoft has agreed to pay $650 million to Inflection, a move that includes hiring Inflection's staff. This strategic decision could indicate Microsoft's intention to bolster its workforce and possibly integrate Inflection's technology or expertise into its operations.

Portfolio Pulse from Benzinga Newsdesk

March 21, 2024 | 4:43 pm

COIN

Coinbase Inc. (NASDAQ:COIN) UK CEO Daniel Seifert highlighted Bitcoin as a viable financial alternative in challenging economies, citing regulatory advancements and the anticipation of Bitcoin's halving event as key growth drivers. Seifert emphasized the role of Bitcoin ETFs in boosting investor confidence and noted the growing mainstream acceptance of digital currencies. He also discussed the potential of Bitcoin in emerging markets, the importance of regulation for the crypto industry's future, and addressed misconceptions about Bitcoin mining's energy consumption.

Portfolio Pulse from Murtuza Merchant

March 21, 2024 | 3:09 pm

ARGX

JNJ

RHHBY

Argenx SE (NASDAQ:ARGX) shares surged due to Chugai Pharmaceutical's disappointing gMG trial results, boosting Argenx's market cap to $21.2 billion. Argenx's Vyvgart Hytrulo was FDA approved in June 2023 for gMG in adults, contributing to $1.2 billion in FY2023 revenues. Chugai's Enspryng failed to meet expectations in its Phase 3 LUMINESCE study for gMG, despite being developed with Roche Holdings AG (OTC:RHHBY). Johnson & Johnson (NYSE:JNJ) reported success in its Phase 3 VIVACITY study of nipocalimab for gMG.

Portfolio Pulse from Vandana Singh

March 21, 2024 | 3:06 pm

AUNA

Auna S.A. (NYSE:AUNA) is set to IPO on March 22, offering shares between $13.00 and $15.00 with a 180-day insider lock-up period. The company operates hospitals and clinics in Mexico, Peru, and Colombia, and offers prepaid healthcare plans in Peru and dental and vision plans in Mexico.

Portfolio Pulse from Benzinga Insights

March 21, 2024 | 3:00 pm

PARA

PARAA

Paramount Global's stock is trading lower following reports that Shari Redstone, a key figure in the company, favors a deal with Skydance over Apollo's bid for Paramount Studio.

Portfolio Pulse from Benzinga Newsdesk

March 21, 2024 | 2:55 pm

NEM

Newmont (NYSE:NEM) has seen a surge in options activity, with 80% of trades showing bearish sentiment despite the stock's recent 1.92% increase to $34.96. Analysis of unusual trades reveals a price target range of $30.0 to $40.0. The company, the world's largest gold miner, recently acquired Newcrest, planning to sell 20% of its higher cost mines. Analysts have set an average target price of $43.5, with Scotiabank maintaining a Sector Perform rating at $43.

Portfolio Pulse from Benzinga Insights

March 21, 2024 | 2:19 pm

AMC

GME

RDDT

Reddit Inc (NYSE:RDDT) is making its public debut on the NYSE, with CEO Steve Huffman highlighting the company's commitment to retail investors by reserving 8% of IPO shares for its users and moderators. Reddit, known for its role in the meme stock phenomenon with stocks like GameStop (NYSE:GME) and AMC Entertainment (NYSE:AMC), warned of the risks associated with 'meme stock' schemes in its S-1 filing. The IPO is priced at $34 a share, valuing Reddit at around $6.5 billion.

Portfolio Pulse from Adam Eckert

March 21, 2024 | 2:16 pm

RTX

Raytheon, a business unit of RTX (NYSE:RTX), has been awarded a $1.2 billion contract to supply Germany with additional Patriot air and missile defense systems. This contract includes the latest Patriot Configuration 3+ radars, launchers, command and control stations, and associated support, enhancing Germany's air defense capabilities and interoperability with allies.

Portfolio Pulse from Benzinga Newsdesk

March 21, 2024 | 2:13 pm