Streetbeat News

Acquisitions Mergers

COIN

NVDA

TXG

VCYT

Cathie Wood's Ark Invest sold over $17 million worth of Coinbase (COIN) shares as the exchange faced disruptions amid a Bitcoin rally. The sale occurred through the ARK Innovation ETF (ARKK), with Coinbase experiencing technical difficulties on the same day Bitcoin reached $64,000. Ark also reduced its NVIDIA (NVDA) holdings, while increasing investments in Unity Software (U) and purchasing shares of Veracyte (VCYT) and 10X Genomics (TXG), indicating a strategic portfolio adjustment.

Portfolio Pulse from Benzinga Neuro

February 29, 2024 | 4:02 am

CRM

Salesforce Inc's CEO Marc Benioff discussed the unique features of Einstein Copilot, emphasizing its ability to utilize customer data for predictive and generative purposes, setting it apart from other AI programs. Benioff also highlighted the importance of future acquisitions for growth. Despite a temporary 6% drop, Salesforce's stock recovered to a 1% increase after reporting strong Q4 earnings with an 11% year-over-year revenue increase to $9.29 billion, and a 22% increase in cash flow from operations.

Portfolio Pulse from Benzinga Neuro

February 29, 2024 | 3:56 am

DKNG

DraftKings Inc (NASDAQ:DKNG) received a positive analyst note from Morgan Stanley's Stephen Grambling, who raised the price target from $40 to $49 following strong Q4 financial results and an optimistic 2024 guidance. The note highlighted DraftKings' operational execution, the acquisition of Jackpocket, and a robust balance sheet as key drivers for future stock performance. Grambling emphasized the potential for capital allocation towards customer acquisition, new products, or stock buybacks, projecting $1.2 billion in cash and minimal debt by the end of fiscal 2024.

Portfolio Pulse from Chris Katje

February 28, 2024 | 11:50 pm

BABA

HOOD

SKGR

Webull Corporation is planning a U.S. listing through a merger with SK Growth Opportunities Corp. (NASDAQ:SKGR), valuing the combined entity at $7.3 billion. The move comes after Webull decided to divest its cryptocurrency trading operations due to regulatory challenges, aiming to comply with SEC requirements. This strategic pivot is seen as a key step in overcoming previous obstacles to going public. Webull, with 20 million users and $370 billion in equity notional volumes, also announced a partnership with the Brooklyn Nets and New York Liberty.

Portfolio Pulse from Piero Cingari

February 28, 2024 | 11:02 pm

AEM

Agnico Eagle Mines Limited (NYSE:AEM) has acquired 5.75 million common shares of Prism Resources Inc. from Trevali Mining Corporation for C$100,000, representing an 11.07% ownership. The shares were purchased at approximately C$0.0174 each, as part of an investment in Prism, which holds a 7.5% Net Profit Interest royalty on claims that are part of Agnico Eagle's Detour Lake mine property. Agnico Eagle may consider further transactions based on market conditions.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 10:19 pm

KEYS

Keysight Technologies has invested $10M in EMVision, an Australian medical device company, to support the development of portable brain imaging technology. This investment marks Keysight's first global investment in medical imaging innovation and provides EMVision with a fully funded path to market for its emu™ device. The technology aims to improve stroke care by enabling rapid diagnostics in settings where traditional imaging is unavailable. EMVision also plans to develop a first responder device for use in ambulances. Keysight will acquire an 8.73% shareholding in EMVision.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 10:12 pm

SCTL

Societal CDMO has entered into a definitive agreement to be acquired by CoreRx. The acquisition price is set at $1.10 per share in cash. This strategic move is expected to enhance the combined entity's capabilities in the pharmaceutical manufacturing and development services sector.

Portfolio Pulse from Charles Gross

February 28, 2024 | 10:08 pm

SCTL

Societal CDMO, Inc. (NASDAQ:SCTL) has announced a definitive agreement to be acquired by CoreRx, Inc. in a cash tender offer for all outstanding shares at $1.10 per share. The transaction, unanimously approved by Societal CDMO's board, is expected to close early in Q2 2024, subject to customary closing conditions. This merger aims to create an enhanced CDMO with broad capabilities in small molecule therapeutic development, from early-stage formulation to commercial manufacturing and packaging.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 10:08 pm

ITRG

Integra Resources Corp. (ITRG) has exercised an option to acquire seventeen unpatented claims in the Rich Gulch area, adjacent to the Florida Mountain Deposit at the DeLamar Project in Idaho. This strategic acquisition, expected to close by March 8, 2024, will provide operational flexibility for future mining and processing scenarios. The purchase will be made through the issuance of common shares, with a minimum of 840,000 shares at a price determined by the five-day VWAP preceding the closing date. The acquisition is a step towards advancing DeLamar towards a construction decision.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 10:06 pm

CLF

FMST

MUX

USAU

Foremost Lithium proposes a $10M project under Canada's Critical Mineral Infrastructure Fund for road construction to its properties. U.S. Gold Corp highlights the strategic advantages of its CK gold project in Wyoming. Cleveland-Cliffs is downgraded by Exane BNP Paribas with a new price target. McEwen Mining reports a significant increase in gold resources at its Stock Mine property.

Portfolio Pulse from Austin DeNoce

February 28, 2024 | 9:58 pm