Streetbeat News

Acquisitions Mergers

INDI

indie Semiconductor's stock is trading higher following the announcement of its investment in Expedera. This strategic move could signal indie Semiconductor's commitment to expanding its technological capabilities and market reach.

Portfolio Pulse from Benzinga Newsdesk

March 21, 2024 | 11:00 am

CLVT

Clarivate Plc (NYSE:CLVT) has announced the acquisition of the majority of assets from MotionHall, a Silicon Valley-based AI start-up focusing on life sciences. The financial details of the transaction were not disclosed. This acquisition is a strategic move to enhance Clarivate's Life Sciences & Healthcare offerings through generative AI and AI solutions, aiming to improve products like Clarivate Cortellis and introduce new tools such as a Business Development & Licensing Enterprise Workbench. Clarivate's cash position was $370.7 million as of December 31, 2023. Following the news, CLVT shares rose 4.06% in premarket trading.

Portfolio Pulse from Shivani Kumaresan

March 21, 2024 | 10:53 am

TITN

Titan Machinery forecasts FY25 EPS to be between $3.00-$3.50, below the estimated $4.40. The growth is expected from the O'Connors acquisition and parts and service business, despite anticipating equipment margin compression and investments in customer care.

Portfolio Pulse from Benzinga Newsdesk

March 21, 2024 | 10:52 am

SCVL

Shoe Carnival forecasts Fiscal 2024 net sales of $1.21B-$1.25B, slightly below the $1.23B consensus, with comparable store sales expected to decrease by 3%-1% YoY. The company anticipates adjusted EPS of $2.55-$2.75, under the $2.84 consensus. Growth is expected from the Rogan's acquisition, Shoe Station banner, and e-commerce, despite a projected increase in SG&A expenses and a higher income tax rate.

Portfolio Pulse from Benzinga Newsdesk

March 21, 2024 | 10:21 am

ARKG

ARKK

MRNA

PFE

Cathie Wood's Ark Invest has significantly increased its stake in Moderna, Inc. (MRNA), doubling its holdings since the fourth quarter, as indicated by recent purchases through its ARK Innovation ETF (ARKK) and Ark Genomic Revolution ETF (ARKG). This move comes as Moderna diversifies its product pipeline beyond its COVID-19 vaccine, Spikevax, and reports strong revenue figures. Meanwhile, Ark has sold off its shares in Pfizer, Inc. (PFE), a rival COVID-19 vaccine maker. Moderna's stock has seen a modest year-to-date gain, lagging behind the broader market, but analysts see a potential upside.

Portfolio Pulse from Shanthi Rexaline

March 21, 2024 | 10:00 am

SHEL

Shell (NYSE:SHEL) has sold its 50% stake in SouthCoast Wind Energy LLC to Ocean Winds North America LLC, streamlining its renewables portfolio. This move aligns with Shell's Powering Progress strategy to focus on renewable generation projects in key markets. The financial terms of the deal were not disclosed. Shell also aims to reduce customer emissions from its oil products by 15-20% by 2030.

Portfolio Pulse from Lekha Gupta

March 21, 2024 | 9:57 am

APO

PARA

Shari Redstone, a key figure in the ownership of Paramount Studio, reportedly prefers a deal with Skydance over an $11 billion bid from Apollo Global Management. This preference could influence the future ownership and strategic direction of Paramount Studio.

Portfolio Pulse from Charles Gross

March 21, 2024 | 9:38 am

GOOG

GOOGL

RDDT

Wedbush's Dan Ives highlighted the upcoming Reddit Inc. IPO as a potential 'watershed' moment for the tech industry, emphasizing its engagement, advertising potential, and AI data generation capabilities. Ives predicts Reddit will hit $1 billion in revenue next year. The IPO is drawing attention for its potential impact on tech and AI, with Reddit having secured a $60 million deal with Alphabet Inc. ahead of its IPO, which could be priced at the top range of $31 to $34 per share.

Portfolio Pulse from Rounak Jain

March 21, 2024 | 9:38 am

DIS

Ross Gerber, CEO of Gerber Kawasaki, publicly supports Disney's CEO Bob Iger during a proxy battle with activist investors. Gerber praises Iger's leadership and Disney's recent successes, including a new deal with ESPN and the addition of Taylor Swift to their platform. George Lucas also supports Iger, highlighting the broad industry backing against activist investor Nelson Peltz. Disney's strategic moves, including a studio overhaul, aim to revitalize its business amidst challenges.

Portfolio Pulse from Benzinga Neuro

March 21, 2024 | 9:11 am

BABA

XPEV

Alibaba Group Holding Ltd. (NYSE:BABA) sold approximately 33 million U.S.-traded shares of XPeng Inc. (NASDAQ:XPEV), totaling $317 million. The sale price was $9.60 each, a 2.9% discount to XPeng's closing price of $9.89. This follows a previous sale in December and comes despite ongoing collaboration between the two companies in R&D and marketing. XPeng reported a Q4 sales growth of 153.9% and expects vehicle deliveries to increase by 15.2% - 23.4% year-on-year in Q1. XPeng's stock closed down 3.84% at $9.51.

Portfolio Pulse from Anan Ashraf

March 21, 2024 | 8:48 am