Streetbeat News

Acquisitions Mergers

BRK/A

SIRI

Berkshire Hathaway has increased its stake in Sirius XM Holdings by purchasing an additional 30.559 million shares, bringing its total holdings to 40,243,058 shares.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 9:29 pm

MS

Morgan Stanley (NYSE:MS) is planning to cut hundreds of jobs in its wealth management division, as part of cost-cutting measures by new CEO Ted Pick due to a slowdown in growth. The layoffs will target a mix of roles, including managing directors and non-client-facing staff. This move comes after the firm's major acquisitions, including E*Trade, and as the wealth management division, which manages around $5 trillion in assets and contributes to nearly half of Morgan Stanley's revenue, experiences stagnant growth and a decrease in net new assets.

Portfolio Pulse from Michael Cohen

February 14, 2024 | 9:24 pm

BRK/A

CVX

Berkshire Hathaway has increased its investment in Chevron by approximately 15.8 million shares, signaling a strong vote of confidence in the energy sector by one of the world's most closely watched investment firms.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 9:17 pm

AMZN

BABA

GOOGL

JD

Michael Burry's Scion Asset Management made significant portfolio adjustments in Q4 2023, notably increasing stakes in Chinese retailers and investing in AI-driven U.S. tech giants Alphabet Inc. and Amazon.com Inc. New entries include HCA Healthcare, Oracle Corp, Citigroup, CVS Health Corp, Alphabet Inc., and Amazon.com Inc. Key increases were in JD.com Inc and Alibaba Group Holding Ltd, now top holdings. Burry sold all option PUTS on Booking Holdings and iShares Semiconductor ETF, and liquidated stocks in Hudson Pacific Properties, Stellantis NV, Euronav NV, and Crescent Energy Company. Reductions were made in Nexstar Media Group, Star Bulk Carriers Corp., and Booking Holdings Inc.

Portfolio Pulse from Piero Cingari

February 14, 2024 | 9:09 pm

TVGN

Tevogen Bio Holdings Inc. has completed a business combination with Semper Paratus Acquisition Corporation and will be listed on Nasdaq under the ticker 'TVGN'. This move is expected to increase Tevogen's access to capital, accelerating the development of its off-the-shelf T cell therapy products for virology, oncology, and neurology. The company's innovative platform aims to address unmet needs in large patient populations with a focus on affordability and advanced science.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 8:56 pm

BIIB

ESALY

NVS

Biogen Inc (NASDAQ:BIIB) reported Q4 2023 sales of $2.39 billion, missing estimates and showing a 6% Y/Y decline. Adjusted EPS also fell by 27%. The company's partner, Eisai Co Ltd (OTC:ESALY), faces delays with Leqembi's patient enrollment, impacting Biogen's stock growth. Baird analyst lowered Biogen's price target to $316 from $333 but maintained an Outperform rating. Competition in Spinal Muscular Atrophy treatments from Novartis AG (NYSE:NVS) and Roche's Genentech affects Biogen's Spinraza. Biogen may pursue $1B-$2B deals to fill revenue gaps, focusing on the CNS space.

Portfolio Pulse from Vandana Singh

February 14, 2024 | 8:11 pm

DIS

Nelson Peltz, CEO of Trian Partners and Disney's largest shareholder, criticizes Disney's management and recent announcements, claiming they lack substance. Despite Disney's efforts to improve shareholder value through dividends and a share repurchase program, Peltz remains unimpressed, highlighting the company's underperformance compared to the S&P 500 and questioning the long-term viability of their financial strategies. Peltz has nominated two directors for Disney's 2024 annual meeting as part of an ongoing proxy battle, advocating for a refreshed board and strategic changes to enhance shareholder value.

Portfolio Pulse from Adam Eckert

February 14, 2024 | 7:37 pm

MIMO

The Division of Naval Surface Warfare Center has announced its intention to procure hardware manufactured by Airspan Networks. This procurement indicates a strategic move towards enhancing the naval division's technological capabilities, potentially involving MIMO technology, which is known for improving wireless communication efficiency.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 7:32 pm

SHOO

Piper Sandler analyst Abbie Zvejnieks initiated coverage on Steven Madden, Ltd. (NASDAQ:SHOO) with a Neutral rating and a price target of $45, highlighting the brand's resilience and growth potential despite shifting trends. The acquisition of Almost Famous is expected to boost the apparel and accessories business, with low-teens earnings growth anticipated in 2024. However, increasing freight rates and delays due to the Red Sea crisis could pressure margins.

Portfolio Pulse from Nabaparna Bhattacharya

February 14, 2024 | 7:18 pm

HITI

NVACF

High Tide Inc. (HITI) has signed an agreement with the Manitoba Liquor and Lotteries Corporation to distribute cannabis products in Manitoba through its subsidiary Valiant Distribution Canada. This deal enhances High Tide's distribution capabilities in Canada, adding to its presence in Saskatchewan, the United States, and Europe. High Tide, recognized by ATB Capital Markets as one of the top cannabis retailers in North America, continues to expand its footprint. The company's strategic expansion and positive financial indicators, such as generating positive free cash flow and trading at low multiples, position it as a leader in the cannabis retail sector.

Portfolio Pulse from Jelena Martinovic

February 14, 2024 | 7:02 pm