Streetbeat News

Acquisitions Mergers

AAP

Advance Auto Parts is set to add three new board members as part of a settlement with Dan Loeb's hedge fund, Third Point, which has taken a stake in the company, according to sources cited by WSJ.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 7:51 pm

PFE

Pfizer Inc (NYSE:PFE) is shifting its strategic focus from COVID-19 to cancer drugs, aiming to recover from a significant market value loss. The company plans to increase its oncology biologic drugs from 6% to 65% by 2030, following a challenging period with over $100 billion in market value lost. Pfizer's acquisition of Seagen doubles its oncology pipeline to 60 programs, with expectations of eight blockbuster medicines by 2030. The company also focuses on expanding its respiratory syncytial virus vaccine and developing treatments for sickle cell disease and obesity.

Portfolio Pulse from Vandana Singh

March 11, 2024 | 6:51 pm

DUO

ELTK

EQT

ETRN

GDS

GNE

LXRX

VTYX

U.S. stocks showed mixed performance with the Dow Jones index rising slightly, while the NASDAQ and S&P 500 fell. Materials shares led gains, while industrials lagged. EQT Corporation announced a merger with Equitrans Midstream Corporation. GDS Holdings, Fangdd Network Group, and Lexicon Pharmaceuticals saw significant stock increases following positive news. Conversely, Eltek, Genie Energy, and Ventyx Biosciences experienced notable declines. Oil prices dipped slightly, while gold and silver saw gains.

Portfolio Pulse from Avi Kapoor

March 11, 2024 | 6:44 pm

MRK

MRNA

Merck & Co Inc (NYSE:MRK) and Moderna Inc (NASDAQ:MRNA) are collaborating on a new clinical trial for V940, an individualized neoantigen therapy, combined with pembrolizumab for treating advanced cutaneous squamous cell carcinoma. The Phase 2 trial will evaluate the safety and efficacy of this combination compared to standard care. The trial is expected to start next month and conclude by 2029. Analysts from Jefferies and RBC Capital have expressed positive views on this development, highlighting the potential of the therapy and the growing incidence of cSCC. MRNA shares rose 8.96% to $112.26.

Portfolio Pulse from Vandana Singh

March 11, 2024 | 6:09 pm

JFBR

MESO

PIK

Mesoblast Limited's shares surged by 13.4% after announcing FDA support for an accelerated approval pathway for rexlemestrocel-L. Other stocks also saw significant movements, with Kidpik Corp. leading the gainers with a 238% increase following a reverse stock split announcement. On the losers' side, Jeffs' Brands Ltd dropped by 45.2%. The market movements were influenced by various factors including FDA approvals, strategic plans, financial results expectations, and investment proposals.

Portfolio Pulse from Avi Kapoor

March 11, 2024 | 5:41 pm

DIA

EQT

META

MRNA

MRVL

QQQ

SPY

Wall Street experienced a slight decline as investors awaited February's inflation report. Treasury yields rose, indicating expectations of a less dovish Fed stance. Gold paused its rally, while Bitcoin surpassed $72,000 amid relaxed U.K. regulations for ETPs. The SPDR S&P 500 ETF Trust, SPDR Dow Jones Industrial Average ETF, and Invesco QQQ Trust saw minor losses. Meta Platforms and Marvell Technology faced significant drops, while Moderna surged. EQT Corp announced a cost-reduction plan amidst inheriting substantial debt.

Portfolio Pulse from Piero Cingari

March 11, 2024 | 5:37 pm

HSBC

HSBC Holdings Plc is expanding its U.S. commercial banking sector by planning to recruit 50 more bankers to focus on lending to startup companies in the technology and healthcare sectors. This move comes after hiring about 40 people from Silicon Valley Bank, aiming to fill a market void. HSBC's innovation banking business, with around 60 employees, has already signed up 250 companies, closing 35 lending deals. Despite this expansion, HSBC reported a revenue decline of 11% in the fourth quarter of FY23.

Portfolio Pulse from Lekha Gupta

March 11, 2024 | 5:35 pm

BABA

E-House's restructuring efforts have stalled due to its inability to use its CRIC asset as collateral for a rights issue, necessary for raising funds. The company faces significant financial difficulties, with over 5 billion yuan in interest-bearing liabilities and upcoming loans and convertible notes. Its situation is exacerbated by the real estate market downturn, affecting its main revenue source from property developers. E-House had planned to raise funds through a rights issue and inject its assets into a joint venture with Alibaba, but the plan is now on hold.

Portfolio Pulse from The Bamboo Works

March 11, 2024 | 5:20 pm

RYDE

Ryde Group Ltd (NYSE:RYDE), a Singapore-based ride-hailing and carpooling company, saw its stock surge after its NYSE American listing. The company recently completed its IPO, offering 3 million Class A ordinary shares at $4.00 each, at the lower end of the $4.00-$5.00 expected range. Ryde, marking the first Singapore ride-hailing startup to go public on the NYSE, aims to use the IPO proceeds to expand globally and disrupt the industry. The company also introduced a 0% commission for drivers in 2024 to support the driver community and promote fairness. RYDE shares jumped 21.4% to $6.40.

Portfolio Pulse from Shivani Kumaresan

March 11, 2024 | 5:03 pm

XPO

JP Morgan has reaffirmed its Overweight rating on XPO Logistics (NYSE:XPO), increasing its price target from $122.00 to $144.00. Following recent spinoffs, XPO is transitioning to a pure-play asset-based less-than-truckload (LTL) carrier, with LTL shipping now constituting 60% of its revenue. The company is also considering divesting its European trucking division. XPO's shares have risen 6.32% in the last 24 hours to $130.17, with the new price target representing a potential 10.63% increase.

Portfolio Pulse from Benzinga Insights

March 11, 2024 | 5:00 pm