Streetbeat News

Acquisitions Mergers

MSFT

Toys For Bob, known for creating Crash Bandicoot 4 and the Spyro remastered collection, announced its departure from Activision, a subsidiary of Microsoft Corp. (NASDAQ:MSFT), to pursue independent development. Despite the optimistic outlook and support from Activision and Microsoft, the studio has not revealed any specific plans for future projects. This move comes after recent layoffs and challenges, including the discontinuation of updates for Crash Team Rumble.

Portfolio Pulse from Franca Quarneti

March 01, 2024 | 9:28 pm

MPU

Mega Matrix Corp. (NYSE:MPU), owner of FlexTV, announced unaudited revenue of ~$6M for Jan-Feb 2024, marking a 356% increase from Nov-Dec 2023. FlexTV's success follows its acquisition by MPU and includes significant growth in its short drama business. The company highlighted the global reach of FlexTV, available in over 100 countries, and its optimistic outlook for Q1 fiscal 2024.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 9:22 pm

SPR

Boeing (NYSE:BA) has confirmed preliminary discussions about potentially reacquiring Spirit AeroSystems (NYSE:SPR), aiming to strengthen aviation safety, improve quality, and benefit customers, employees, and shareholders. However, there's no assurance an agreement will be reached.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 9:18 pm

RDDT

Reddit is aiming for a valuation of up to $6.5 billion in its upcoming IPO, with a share price target range of $31-$34, according to the Wall Street Journal.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 8:17 pm

AAPL

GLD

NYCB

SOXX

The S&P 500 and Nasdaq 100 hit record highs, driven by tech stock surges and semiconductor demand. Despite a contraction in the ISM Manufacturing PMI, expectations for Federal Reserve rate cuts remain. The iShares Semiconductor ETF (SOXX) saw significant gains, while Apple (AAPL) was removed from Goldman Sachs' conviction list. New York Community Bancorp (NYCB) shares plummeted due to internal control issues. The SPDR Gold Trust (GLD) is set for record highs. Major ETFs like SPY, DIA, and QQQ also saw gains, with the Technology Select Sector SPDR Fund (XLK) outperforming.

Portfolio Pulse from Piero Cingari

March 01, 2024 | 6:30 pm

NVDA

SOUN

SoundHound AI Inc (NASDAQ:SOUN) received positive outlooks from Wedbush and Cantor Fitzgerald analysts despite a slight top-line miss in Q4 results. Wedbush raised its price target from $5 to $9, highlighting a 100% Y/Y increase in FY23 subscription and bookings backlog to $661.0 million, driven by product royalties and automotive segment strength. The company's FY24 revenue guidance aligns with expectations, and its acquisition of SYNQ3 Restaurant Solutions positions it as the largest U.S. voice AI provider for restaurants. Cantor Fitzgerald raised its price target from $3.60 to $5.80, noting the redefined backlog metric and the potential for continued growth above 40%. However, SOUN shares dropped 13.8% to $6.4.

Portfolio Pulse from Shivani Kumaresan

March 01, 2024 | 6:26 pm

SVM

Silvercorp Metals Inc. has extended its off-market takeover bid for all ordinary shares of OreCorp Limited to March 22, 2024. The offer competes with Perseus Mining Limited's bid, which faces delays in obtaining necessary merger control approval from the Fair Competition Commission of Tanzania. Silvercorp's offer includes a condition waiver that Perseus has not matched, potentially making Silvercorp's bid more attractive to OreCorp shareholders.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 5:52 pm

UMGNF

WBD

Universal Music Group NV (UMGNF) announced a strategic overhaul aiming for $271M in savings by 2026, involving major layoffs and a focus on efficiencies in marketing, distribution, and other areas. The company reported a net profit of $1.37 billion on revenues of $12 billion for fiscal year 2023. The restructuring, starting immediately, will impact roles primarily on the West Coast within Interscope and Capitol groups, and on the East Coast affecting Def Jam and Island labels. Warner Bros. Discovery Inc's (WBD) Warner Music Group also announced layoffs as part of an industry trend.

Portfolio Pulse from Franca Quarneti

March 01, 2024 | 5:35 pm

AAPL

AMD

DELL

MSFT

NVDA

The article discusses a gamma squeeze in AMD and aggressive buying in DELL due to increased AI server orders. It mentions Elon Musk suing OpenAI, co-founded by him, for prioritizing profits over humanity, with Microsoft's investment in OpenAI highlighted. A major bank downgraded Apple, a rare move given AAPL's popularity. Early trade money flows are positive in NVDA, neutral in MSFT, AMZN, META, negative in AAPL, GOOG, TSLA, and mixed in SPY and QQQ. The momo crowd is buying stocks, gold, and oil in early trade.

Portfolio Pulse from The Arora Report

March 01, 2024 | 5:34 pm

CELH

COIN

MSTR

PANW

SIDU

Benzinga's Stock Whisper Index highlights five stocks: Coinbase Global, Palo Alto Networks, MicroStrategy Inc, Celsius Holdings, and Sidus Space Inc, focusing on their recent developments and potential investor interest. Coinbase saw increased traffic amid Bitcoin's surge, Palo Alto Networks rebounded after weak guidance, MicroStrategy's Bitcoin holdings drew attention, Celsius Holdings' earnings beat estimates, and Sidus Space Inc prepared for a satellite launch.

Portfolio Pulse from Chris Katje

March 01, 2024 | 5:31 pm