Streetbeat News

Acquisitions Mergers

FTRE

Fortrea is divesting its Endpoint Clinical and Fortrea Patient Access businesses to Arsenal Capital Partners to focus on clinical development phases 1 through 4. The deal aims to accelerate technology and enhance operations, with closing targeted for Q2 2024. Terms were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 10:32 am

IBIT

MSTR

The BlackRock iShares Bitcoin ETF (IBIT) has surpassed MicroStrategy (MSTR) in Bitcoin holdings, amassing 195,985 BTC in less than two months since its launch. This growth reflects the increasing interest in crypto-based investment products, with IBIT becoming the largest new spot product except for Grayscale's Bitcoin Trust. The demand for these ETFs has contributed to Bitcoin's price surge over 60% this year, reaching a new all-time high of $70,136.

Portfolio Pulse from Benzinga Neuro

March 11, 2024 | 10:30 am

RDDT

Reddit has filed for an IPO of 22 million shares, aiming to be listed on the NYSE under the symbol RDDT.

Portfolio Pulse from Charles Gross

March 11, 2024 | 10:14 am

CHH

WH

Wyndham is advocating for its shareholders to back its eight director nominees, rejecting the nominees from Choice Hotels. Wyndham believes its strategy will deliver greater shareholder value than the offer from Choice Hotels, which it considers inadequate and uncertain.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 10:03 am

COIN

GDS

GRPH

KC

In Monday's pre-market session, several stocks showed significant movement. GDS Holdings Limited (GDS) saw a sharp increase after reports of investment talks by Hillhouse Capital, Boyu Capital, and CDH Investments. Other stocks like Graphite Bio, Inc. (GRPH), Kingsoft Cloud Holdings Limited (KC), Revance Therapeutics, Inc. (RVNC), NuScale Power Corporation (SMR), Hesai Group (HSAI), MicroStrategy Incorporated (MSTR), Marathon Digital Holdings, Inc. (MARA), and Coinbase Global, Inc. (COIN) also recorded gains, with some driven by upcoming financial results and others by the strength in Bitcoin.

Portfolio Pulse from Avi Kapoor

March 11, 2024 | 9:50 am

AAPL

GOOG

An email exchange from the U.S. v. Google (2024) case reveals Google CEO Sundar Pichai's concerns over losing talent to Apple, particularly in the search domain. Pichai requested monthly reports on talent losses to competitors, emphasizing Apple. The document also mentions Google's payment to Apple to remain the default search engine on iPhones, which was $10 billion in 2020 and expected to rise to $15 billion. Additionally, Microsoft's failed attempt to sell Bing to Apple and the ongoing challenges Google faces, including the Gemini scandal and low employee morale, are highlighted.

Portfolio Pulse from Rounak Jain

March 11, 2024 | 9:13 am

BTCUSD

Bitcoin's recent surge has sparked optimism for the revival of the broader cryptocurrency market, despite a report revealing 72% of crypto projects since 2020 have failed. The introduction of spot Bitcoin ETFs in the U.S. and Bitcoin's price reaching an all-time high have contributed to renewed interest in the crypto space. Analysts predict Bitcoin could hit $100,000 by year-end, with factors like ETF inflows, the upcoming halving, and looser interest rates playing a role. Cathie Wood of ARK Invest forecasts a Bitcoin price of $600,000 by 2030, while hedge fund manager Bill Ackman considers Bitcoin as an inflation hedge.

Portfolio Pulse from Benzinga Neuro

March 11, 2024 | 6:54 am

BA

DAL

UAL

Delta Air Lines Inc. CEO Ed Bastian anticipates a delay in the delivery of Boeing Co.'s 737 Max 10 aircraft until 2027, a further postponement from the initially expected 2025. This delay is amid Boeing's ongoing safety and criminal reviews. United Airlines Holdings has also adjusted its fleet plan due to the delays, considering alternatives to the Max 10. Boeing's 737 Max series faces intense scrutiny and safety concerns, impacting trust and operational plans for airlines like Delta.

Portfolio Pulse from Benzinga Neuro

March 11, 2024 | 6:28 am

IMAX

During the 96th Academy Awards, 'Oppenheimer' co-producer Emma Thomas thanked IMAX Corp CEO Richard Gelfond in her acceptance speech for Best Picture. This acknowledgment highlights IMAX's significant contributions to the film industry, especially following the success of 'Dune: Part Two'. The movie's global opening contributed over $32 million to IMAX, accounting for 18% of the global box office, which has positively impacted IMAX's stock. Analysts, including Wedbush's Alicia Reese, foresee further growth for IMAX, emphasizing its expanding role in the industry.

Portfolio Pulse from Benzinga Neuro

March 11, 2024 | 3:55 am

KLAC

NVDA

TSM

KLA Corp (NASDAQ:KLAC), a semiconductor equipment company, is highlighted by fund manager Stephanie Niven as benefiting from the AI boom due to its role as a supplier to Taiwan Semiconductor (NYSE:TSM), which manufactures AI chips for NVIDIA Corp (NASDAQ:NVDA). KLA's focus on reducing manufacturing errors and wastage aligns with sustainability goals, contributing to its stock surge of 25% in 2024 and 89% over the past year. Despite concerns of a potential near-term drop due to its significant price increase, analysts remain bullish on KLA's fundamentals.

Portfolio Pulse from Benzinga Neuro

March 11, 2024 | 3:51 am