Streetbeat News

Acquisitions Mergers

RNLX

Renalytix plc (NASDAQ:RNLX) announced the U.S. Government's approval to add its kidneyintelX.dkd test to a 10-year Governmentwide Acquisition Contract for early-stage kidney disease testing, effective March 1, 2024. The test is priced at $950 per result. This contract allows for testing services at any government healthcare facility, including the U.S. Veterans Administration and Department of Defense. Additionally, Medicare's consideration of a coverage policy for KidneyIntelX could lead to insurance reimbursement for millions of patients. RNLX shares surged 32.50% to $1.10.

Portfolio Pulse from Vandana Singh

February 29, 2024 | 5:51 pm

AAPL

GOOG

RIVN

TSLA

Apple Inc's abandoned electric vehicle (EV) project, known as Titan, considered using Siri as a steering mechanism and had explored a deal with Tesla Inc. The project, which began in 2014, faced multiple stalls and leadership changes. Apple's initial vision included a car without a steering wheel, controlled by Siri, resembling a European minivan. The development of Apple's EV followed failed acquisition talks with Tesla, where Elon Musk sought to be CEO of the combined entity, leading to the collapse of negotiations. Apple's interest in the EV market remains, with speculation about potential acquisitions like Rivian Automotive.

Portfolio Pulse from Chris Katje

February 29, 2024 | 5:43 pm

FOUR

Amadeus, a major player in the travel technology sector, has officially stated that it is not interested in pursuing a transaction with Shift4 Payments, according to Bloomberg. This announcement clarifies recent speculations about a potential acquisition or partnership between the two companies.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 5:36 pm

SCTL

Societal CDMO's stock price has increased following the announcement of its acquisition by CoreRx. The definitive agreement marks a significant move for both companies in the pharmaceutical manufacturing sector.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 5:27 pm

BBY

DAVA

ENVB

LPSN

SCTL

VERX

U.S. stocks traded mixed with the Nasdaq Composite up by 100 points. Best Buy reported better-than-expected Q4 earnings, beating estimates with an EPS of $2.72 and sales of $14.646 billion. The company also increased its quarterly dividend by 2% and provided FY25 guidance. Societal CDMO, Enveric Biosciences, and Vertex saw significant stock price increases, while LivePerson, Endava, and Kineta experienced notable declines. Oil and gold prices rose, and economic indicators showed mixed results globally.

Portfolio Pulse from Avi Kapoor

February 29, 2024 | 5:24 pm

HGV

Hilton Grand Vacations Inc. (NYSE:HGV) shares fell after reporting Q4 FY23 results with sales of $1.02 billion, in line with consensus but affected by net deferrals. Real estate sales and financing revenues decreased slightly, while adjusted EBITDA and EPS rose. The company also announced share repurchases and expects higher 2024 Adjusted EBITDA, including Bluegreen Vacations operations.

Portfolio Pulse from Lekha Gupta

February 29, 2024 | 5:15 pm

BABA

BOTZ

MSFT

NVDA

Microsoft, OpenAI, and Nvidia have invested $675M in Figure AI, a startup focused on integrating AI-powered humanoid robots into the workforce. This investment aims to expand AI training, robot manufacturing, and engineering teams, with Figure AI's valuation reaching $2.6 billion. The startup has partnerships with OpenAI for AI model development and Microsoft for AI infrastructure, aiming to deploy robots in real-world applications, including BMW's U.S. factories. Additionally, Alibaba led a $1 billion investment in Moonshot AI, and the Global X Robotics & Artificial Intelligence ETF (BOTZ) has seen a 13% increase year-to-date.

Portfolio Pulse from Anusuya Lahiri

February 29, 2024 | 5:06 pm

THC

Tenet Healthcare's stock price increased following the announcement of a deal to sell two of its hospitals. This move is part of the company's strategy to optimize its portfolio and focus on its most profitable units.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 4:57 pm

MSFT

Microsoft Corp has partnered with French AI startup Mistral AI, investing in a minor stake valued at $2.17 billion to diversify its AI portfolio. This move, aimed at enhancing Microsoft's Azure AI platform with Mistral's AI capabilities, comes after Microsoft's substantial investment in OpenAI. Despite the potential of this partnership, Microsoft's stock experienced a slight decrease, dropping by almost 4% and closing at $407.54, down by 0.57% after the announcement.

Portfolio Pulse from Zaheer Anwari

February 29, 2024 | 4:47 pm

FRO

Frontline Plc (NYSE:FRO) exceeded Q4 revenue estimates with $415 million, a 21.8% decline YoY but above the $270.06 million consensus. Despite lower net operating income and adjusted EPS, strategic sales of older vessels and refinancing efforts bolstered its financial position, generating approximately $646 million. The company anticipates lower spot TCEs for Q1 2024 due to ballast days. A dividend of $0.37 per share was declared, with shares trading down 1.01% at $22.516.

Portfolio Pulse from Akanksha Bakshi

February 29, 2024 | 4:42 pm