Streetbeat News

Acquisitions Mergers

DWAC

Digital World Acquisition Corp. (NASDAQ:DWAC) shares rose after Trump's legal team filed a brief with the U.S. Supreme Court seeking 'ultimate immunity' for him. The company, expected to take Trump's social media company public, has seen its stock price influenced by Trump's legal issues. Despite a recent drop due to a bond issue in a fraud case, DWAC shares have gained 206.02% year to date, outperforming historical averages. The stock's current RSI is 30.01, indicating neutral conditions.

Portfolio Pulse from Erica Kollmann

March 20, 2024 | 4:15 pm

AVGO

HACK

KKR

KNCT

Broadcom Inc's acquisition of VMware has raised concerns among Europe-based Cloud Infrastructure Service Providers due to changes in VMware's partnership program, including a shift to a subscription model. CISPE urges regulators to intervene, citing potential impacts on costs and competition. Meanwhile, Broadcom focuses on AI infrastructure development, expecting significant revenue from AI chip sales by 2024. The company's stock is part of the Amplify Cybersecurity ETF and Invesco Next Gen Connectivity ETF.

Portfolio Pulse from Anusuya Lahiri

March 20, 2024 | 3:18 pm

JAGX

Jaguar Health's stock is trading higher following the announcement that GEN will commercialize Jaguar's crofelemer in Turkey and eight neighboring countries. Additionally, GEN will invest $2 million in Jaguar stock at a 75% premium to the market price.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 3:04 pm

RDDT

Reddit, Inc (NYSE:RDDT) is set to begin trading on the NYSE under the ticker RDDT on March 21, with an IPO price range of $31.00 to $34.00 per share. The company emphasizes its mission to foster community, belonging, and empowerment worldwide.

Portfolio Pulse from Benzinga Insights

March 20, 2024 | 3:00 pm

FINV

LC

QFIN

Qifu Technology Inc. (NASDAQ:QFIN) reported a 13% year-on-year revenue increase and a 21.5% net profit rise in Q4, outperforming its annual figures and projections. The company announced a significant share repurchase plan of up to $350 million, exceeding its previous $132 million buyback. This move, along with a dividend payout of 20%-30% of its GAAP-based net profit, has led to a more than 20% increase in its stock price post-announcement. In contrast, FinVolution Group (NYSE:FINV) reported modest growth, highlighting the competitive and economic challenges in China. Qifu's strategy focuses on shareholder returns amid limited growth opportunities, with its P/E ratio currently at 5, compared to FinVolution's 4 and LendingClub's (NYSE:LC) 21.

Portfolio Pulse from The Bamboo Works

March 20, 2024 | 2:54 pm

ETAO

GIS

LFCR

MNTS

SMR

U.S. stocks edged lower ahead of the Federal Reserve's interest rate decision, with the Dow, NASDAQ, and S&P 500 all seeing slight declines. General Mills reported better-than-expected Q4 financial results, with a slight sales decline but beating analyst estimates. Utilities shares rose, while energy shares fell. Several companies saw significant stock movements, including ETAO International, XTL Biopharmaceuticals, and TruGolf Holdings experiencing sharp increases, whereas Lifecore Biomedical, NuScale Power Corporation, and Momentus Inc. saw notable declines.

Portfolio Pulse from Avi Kapoor

March 20, 2024 | 2:53 pm

ACB

Aurora Cannabis Inc. (NASDAQ:ACB) has received Good Manufacturing Practice (GMP) certification from Australia's Therapeutic Goods Administration (TGA) for its Canadian facilities, River and Ridge. This certification enables Aurora to expand its product offerings in the Australian market, which is rapidly growing and estimated to be worth AUD 400 million. The company's international medical cannabis revenue grew 41% year-over-year, with significant contributions from Australia and Europe. Aurora also acquired the remaining interest in Indica Industries Pty Ltd, operating as MedReleaf Australia, for AUD$50 million.

Portfolio Pulse from Jelena Martinovic

March 20, 2024 | 2:26 pm

XTLB

XTL Biopharmaceuticals (XTLB) is set to acquire The Social Proxy, obtaining all issued and outstanding share capital, initially representing 44.6% of the share capital, with a payment of $430,000 to Social Proxy shareholders. This acquisition expands XTLB's IP portfolio into AI web data, as The Social Proxy is an AI company focused on developing a platform for AI & BI applications. Additionally, The Social Proxy has secured $1.5 million in a private placement.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 2:23 pm