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Acquisitions Mergers

Electronic Arts Inc (NASDAQ:EA) has canceled the development of a Star Wars FPS game featuring a Mandalorian protagonist and laid off about 670 employees, 5% of its workforce, as part of a restructuring effort. The company is shifting focus towards its own IPs and key franchises, including the Star Wars: Jedi, Iron Man, Black Panther, and others. Despite these changes, EA reported positive financial results but expects to incur costs related to the layoffs.

Portfolio Pulse from Franca Quarneti

February 29, 2024 | 7:24 pm

AUMN

BFLY

ENVB

SCTL

Butterfly Network, Inc. (BFLY) shares fell by 22% after reporting a larger-than-expected GAAP loss for Q4, despite beating sales estimates. Other stocks experienced significant movements, with Enveric Biosciences, Inc. (ENVB) and Societal CDMO, Inc. (SCTL) among the top gainers, while J-Long Group Limited (JL) and Golden Minerals Company (AUMN) led the losers.

Portfolio Pulse from Avi Kapoor

February 29, 2024 | 7:00 pm

DWAC

Co-founders of Trump Media, Andy Litinsky and Wes Moss, have filed a lawsuit against the company and Donald Trump, alleging a scheme to dilute their shares. This legal action could impact the planned merger between Trump Media & Technology Group, owner of Truth Social, and Digital World Acquisition Corp (DWAC), potentially delaying or preventing the deal. The merger is significant for Trump, potentially valuing his stake at over $3 billion. The dispute centers around an attempt to increase authorized stock, which the co-founders argue dilutes their stake unjustly.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 6:01 pm

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