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Acquisitions Mergers

BTCUSD

'Rich Dad Poor Dad' author Robert Kiyosaki praised Bitcoin's rally to $64,000, its highest since November 2023, attributing it to the cryptocurrency's integrity against the 'fake US dollar'. Bitcoin's value surged 9.5% in a day, the most significant leap since late October, amid growing interest in Bitcoin ETFs. Kiyosaki, a long-time Bitcoin advocate, has adjusted his Bitcoin price target to $150,000 following the SEC's approval of Bitcoin ETFs and revealed purchasing five more Bitcoins early in 2024.

Portfolio Pulse from Mehab Qureshi

February 29, 2024 | 8:42 am

AAPL

AMZN

MSFT

NANC

NVDA

The Unusual Whales Democratic ETF (NANC) has outperformed the S&P 500 with a 30% surge since its launch in February 2023, thanks to significant investments in tech giants like Microsoft, Amazon, Apple, and Nvidia. This ETF tracks the stock trades of Democratic members of Congress and has gained attention amidst controversies over congressional stock trading. In contrast, the Republican-centric ETF (KRUZ) has seen a modest 15% gain.

Portfolio Pulse from Benzinga Neuro

February 29, 2024 | 7:25 am

EGY

VAALCO Energy, Inc. (NYSE:EGY) has announced its agreement to acquire Svenska Petroleum Exploration AB for $66.5 million, aiming to expand its portfolio with a 27.39% interest in the Baobab field, offshore Cote d'Ivoire. The acquisition, funded by cash and a pre-closing dividend, is expected to close in Q2 2024.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 7:25 am

AAPL

TSLA

Morgan Stanley analyst Adam Jonas suggests Apple Inc's halt on its electric car project may be due to lacking a significant dataset for autonomous driving, unlike Tesla's extensive data from its fleet. Apple reportedly had only 67 vehicles covering 450,000 miles for testing, in stark contrast to Tesla's 5 million vehicles and 50 billion miles annually. The closure of Apple's car project, after nearly a decade of development and significant R&D investment, is attributed to strategic shifts and concerns over profit margins, with some employees transitioning to the generative AI division.

Portfolio Pulse from Anan Ashraf

February 29, 2024 | 6:44 am

STR

Sitio Royalties provided its full year 2024 financial and operational guidance, including the impact of the DJ Basin Acquisition. The company expects a pro forma production range of 35,000 to 38,000 Boe/d, with a midpoint close to the Q4 2023 production. The guidance also forecasts a significant increase in headcount and investments in technology to enhance minerals acquisitions and management. Cash G&A is expected to be between $31.5 million and $33.5 million, with production taxes ranging from 7.5% to 9.5% of royalty revenue.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 6:40 am

CVX

OXY

STR

Sitio Royalties (STR) has agreed to acquire 13,062 net royalty acres (NRAs) in the DJ Basin for $150 million, aiming to enhance its footprint in the area with high-quality acreage. The acquisition includes assets with significant growth potential through 2025, involving leading operators like Chevron Corporation, Occidental Petroleum, and Civitas Resources. The DJ Basin assets have seen an 89% increase in net production from December 2022 to December 2023, with the transaction expected to close in early Q2 2024.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 6:36 am

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