Streetbeat News

Acquisitions Mergers

JD

ONLN

RTH

JD.com Inc (NASDAQ:JD) has decided not to proceed with the acquisition of British electrical retailer Currys, leading to a decline in its stock price. This decision follows a similar move by US investor Elliott Advisors and comes amid JD.com's exploration of expansion opportunities in the UK and Europe. Despite recent revenue growth, JD.com's stock slipped by 3.43% to $27.05. Investors can gain exposure to JD.com through VanEck Retail ETF (NASDAQ:RTH) and ProShares Online Retail ETF (NYSE:ONLN).

Portfolio Pulse from Anusuya Lahiri

March 15, 2024 | 5:53 pm

HST

Raymond James has maintained its Outperform rating for Host Hotels & Resorts (NASDAQ:HST) and increased its price target from $19.00 to $23.00. Despite a slight decrease in share price over the last 24 hours, the new target suggests a potential 11.7% increase. Host Hotels & Resorts, owning 77 luxury properties in the US, has recently divested from ventures in Europe and Asia.

Portfolio Pulse from Benzinga Insights

March 15, 2024 | 5:00 pm

CBAY

GILD

Gilead Sciences Inc (NASDAQ:GILD) plans to quadruple its production of CAR-T cancer treatments by 2026, aiming to diversify beyond its HIV business. The company's executive VP of the Kite cell therapy unit, Cindy Perettie, highlighted manufacturing improvements and a strategic shift towards oncology. Gilead also acquired CymaBay Therapeutics Inc (NASDAQ:CBAY) for $4.3 billion, further expanding its oncology portfolio. Despite a recent slowdown in CAR-T revenue growth, Gilead is optimistic about revitalizing growth.

Portfolio Pulse from Vandana Singh

March 15, 2024 | 4:51 pm

BYDDY

TSLA

VFS

India reportedly lowers import taxes on select electric vehicles to 15%, a significant reduction from the previous maximum of up to 100%. This policy allows eligible companies to import up to 8,000 EVs annually, priced at $35,000 or higher. Tesla, Inc. (TSLA), BYD Co. (BYDDY), and VinFast Auto Ltd. (VFS) are directly impacted as they compete for entry into the Indian market. Tesla faces challenges with an aging lineup and competition, particularly from BYD, while VinFast is investing $2 billion in a factory in Tamil Nadu, India.

Portfolio Pulse from Nabaparna Bhattacharya

March 15, 2024 | 4:28 pm

PLUG

J.P. Morgan analyst Bill Peterson discussed Plug Power Inc.'s (NASDAQ:PLUG) 2024 outlook, highlighting the company's guidance for ~15% of annual revenue in Q1 with 10%-15% Y/Y growth, second-half revenue weight, and plans to deploy 300MW-400MW of electrolyzers mainly in Europe. The company aims for hydrogen production at $4-$5/kg, potentially $3/kg from its Texas plant, and expects improved fuel margins from Q2 onwards. Plug Power also exchanged existing notes for new convertible senior notes.

Portfolio Pulse from Lekha Gupta

March 15, 2024 | 4:09 pm

SNY

Private equity firms, including CD&R, are considering leveraged financing of approximately €7.5 billion ($8.16 billion) for the acquisition of Sanofi's consumer health division. This potential deal could rank as one of the largest leveraged buyouts in recent history. The financing is expected to involve both banks and direct lenders.

Portfolio Pulse from Benzinga Newsdesk

March 15, 2024 | 4:03 pm

GCT

GigaCloud Technology Inc. (NASDAQ:GCT) shares surged after reporting Q4 FY 2023 earnings that exceeded expectations and providing an optimistic 2024 guidance. Revenue increased by 94.8% Y/Y to $244.7 million, surpassing the consensus of $224.2 million, driven by higher demand for large parcel merchandise. The company's GMV and active buyers also saw significant year-over-year growth. Gross profit and adjusted EBITDA rose substantially, with EPS of $0.87 beating the consensus of $0.58. The company highlighted the integration of Noble House and Wondersign as key to its global expansion. GCT expects Q1 2024 revenues to be between $230 million and $240 million, above the consensus of $210.2 million. Shares were up 14.2% to $39.96.

Portfolio Pulse from Lekha Gupta

March 15, 2024 | 3:50 pm

CBSTF

Cannabist Company Holdings Inc. (CBSTF) plans to complete a nearly $26M private placement of convertible debentures due 2027, with $17.5M in binding commitments and an additional $2M expected. The funds will be used to repay debt, for working capital, and general corporate purposes. The offering includes converting previous notes and is set to close by March 19, 2024, pending regulatory approvals. Cannabist's Q4 financials show a 76% decrease in net loss to $72.5M, with 2023 revenue steady at $511M. CBSTF shares fell 3.2349% to $0.2393.

Portfolio Pulse from Jelena Martinovic

March 15, 2024 | 3:49 pm

APLD

MARA

Marathon Digital Holdings, Inc. (MARA) is set to acquire Applied Digital Corporation's (APLD) Bitcoin mining data center in Texas for $87.3 million in cash, aiming to close the deal in Q2 2024. This acquisition is expected to reduce Marathon's cost per coin by about 20% and increase its operational capacity by 100 megawatts. Applied Digital plans to focus on strategic sites in North Dakota and strengthen its balance sheet. Following the news, MARA shares rose by 2.44% to $18.68, and APLD shares increased by 8.5% to $4.59.

Portfolio Pulse from Erica Kollmann

March 15, 2024 | 3:40 pm

ADBE

MSFT

NVDA

The article discusses the impact of a $5 trillion quadruple witching event on the stock market, highlighting Microsoft's breakout amidst NVIDIA's pullback, and Adobe's stock fall due to AI competition. It also covers Japan's wage negotiations potentially affecting the Bank of Japan's interest rate policy, early trade money flows in major tech stocks and ETFs, and Bitcoin whales liquidating $500M. The article advises investors on protection strategies amidst market volatility.

Portfolio Pulse from The Arora Report

March 15, 2024 | 3:22 pm