Streetbeat News

Acquisitions Mergers

ITA

PPA

XAR

SpaceX, led by Elon Musk, is expanding its role as a major defense contractor with a $1.8 billion classified contract with the U.S. government, alongside other contracts for national security purposes. Its involvement with military and intelligence agencies, including the Pentagon and the National Reconnaissance Office, highlights its growing importance in U.S. national security. Despite being a private company, SpaceX's valuation and activities have implications for Aerospace and Defense ETFs like ITA, PPA, and XAR.

Portfolio Pulse from Natan Ponieman

February 20, 2024 | 8:38 pm

MSTR

Michael Saylor, executive chairman of MicroStrategy Inc (NASDAQ:MSTR), remains bullish on Bitcoin, emphasizing a long-term 'buy and hold' strategy. He views ETFs as a gateway for institutional capital into Bitcoin, predicting this will benefit the Bitcoin ecosystem and MicroStrategy's leveraged strategy. Saylor sees Bitcoin as the ultimate exit strategy and a superior store of value, predicting capital will shift from traditional assets to Bitcoin.

Portfolio Pulse from Murtuza Merchant

February 20, 2024 | 8:16 pm

DTSS

Datasea Inc (NASDAQ:DTSS) shares dropped 19% to $7.35 after announcing a joint venture, Datasea Yiyun Digital Technology Co., Ltd., with Shenzhen Yiyun Technology Co., Ltd. in China. The venture aims to enhance their 5G multimodal communications presence by integrating AI and leveraging their technological strengths. Datasea holds a 66% equity stake, and Yiyun Technology 34%. The collaboration is expected to offer competitive advantages in technology, customer acquisition, and pricing strategies within China's 5G sector.

Portfolio Pulse from Henry Khederian

February 20, 2024 | 7:43 pm

VZIO

VIZIO shares have seen an increase in trading volume and price following the announcement that Walmart will acquire the company. This move is significant as it represents a major retail partnership and could potentially expand VIZIO's market presence.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 7:41 pm

BFRI

FLR

MEDS

MNPR

RAPT

SMMT

U.S. stocks traded lower with the Nasdaq Composite down over 200 points. Consumer staples shares rose by 1.2%, while information technology shares fell by 1.8%. The Conference Board's Leading Economic Index fell 0.4% for January. Monopar Therapeutics, Biofrontera, and TRxADE HEALTH saw significant stock increases due to positive company news. Conversely, RAPT Therapeutics, Summit Therapeutics, and Fluor Corporation experienced notable declines following negative developments.

Portfolio Pulse from Avi Kapoor

February 20, 2024 | 7:33 pm

ACI

The Federal Trade Commission (FTC) and several states are planning to file a lawsuit against the proposed merger between Kroger and Albertsons next week, according to Bloomberg. This legal action could potentially block or delay the merger, impacting the future operations and strategic plans of both companies.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 7:14 pm

AIG

CRBG

BofA Securities analyst Joshua Shanker downgraded American International Group Inc (AIG) to Neutral from Buy, despite strong Q4 results, due to anticipated difficulties in 2024 including the impact of selling the Validus reinsurance business to RenaissanceRe and a divestiture plan by Corebridge Financial Inc (CRBG) affecting AIG's EPS. Shanker raised AIG's price target to $77 from $75 but expects a slower trend toward higher investment yields and lower EPS forecasts for the coming years.

Portfolio Pulse from Lekha Gupta

February 20, 2024 | 7:11 pm

Citigroup CFO Mark Mason announced at a BOFA Conference, as reported by Reuters, that the company is making good progress on the separation of Banamex. They expect to sell 20-25% in the first tranche of the Banamex IPO.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 6:49 pm

Citigroup CFO Mark Mason indicated at a BOFA conference, as reported by Reuters, that consumer spending growth is expected to slow. However, there's an improvement in demand for mergers, acquisitions, and debt capital markets. Client sentiment is described as 'cautiously optimistic'. Mason also noted that Citigroup is well-positioned to capture market share in investment banking as the market rebounds.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 6:48 pm

AMD

DFS

GOOGL

NVDA

WMT

Wall Street experienced a downturn, particularly in technology stocks, with the Nasdaq 100 dropping 1.5%. Nvidia and AMD saw significant declines ahead of Nvidia's earnings report. Alphabet was an exception among major tech stocks, posting a gain. The market's movement reflects a reassessment of stock valuations rather than interest rate concerns. ETFs like SPY, DIA, and QQQ also fell, with XLK underperforming. Walmart's stock rose following strong quarterly results and plans to acquire Vizio, while Discover Financial surged on news of its acquisition by Capital One.

Portfolio Pulse from Piero Cingari

February 20, 2024 | 6:46 pm