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Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 12:52 pm

NIO

QQQ

SPY

TSLA

XPEV

U.S. stock futures are down on the first trading day of 2024, with investors cautious ahead of economic reports and Fed speeches. Crude oil prices rise due to geopolitical tensions, and cryptocurrencies surge. The Nasdaq and S&P 500 ended 2023 on a high, with the Nasdaq up 43% for the year. Analysts predict a strong year for tech stocks, particularly with AI advancements. The SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ ETF (QQQ) are down in premarket trading. Tesla (TSLA) is in focus with its Q4 delivery report due, while Chinese EV makers Nio (NIO), XPeng (XPEV), and Li Auto (LI) see premarket declines despite strong delivery numbers.

Portfolio Pulse from Shanthi Rexaline

January 02, 2024 | 12:45 pm

PCCYF

XOM

Exxon Mobil Corp (XOM) has exited the West Qurna 1 oilfield in Iraq, transferring operations to PetroChina Co., Ltd. (PCCYF), which now becomes the lead contractor. The oilfield produces approximately 550,000 barrels per day and has over 20 billion barrels of estimated recoverable reserves. ExxonMobil's departure marks its exit from Iraq's energy sector, while PetroChina now holds the largest stake in the field. The deal was finalized in a meeting with senior Iraqi oil officials, ExxonMobil, PetroChina, and Basra Oil Co. ExxonMobil's shares are trading higher by 0.85% at $100.83 in premarket.

Portfolio Pulse from Lekha Gupta

January 02, 2024 | 12:20 pm

LLAP

Terran Orbital Corporation (NYSE:LLAP) has received a payment from Rivada Space Networks for completing a program milestone under their existing contract. Rivada is now current on all outstanding invoices, and Terran Orbital anticipates further milestone payments in 2024, with delivery obligations on schedule for 2025 and 2026.

Portfolio Pulse from Charles Gross

January 02, 2024 | 12:16 pm

SNDX

Syndax Pharmaceuticals announced recent updates and anticipated milestones for 2024, including the potential launch of two products in the U.S. The company also completed a $230M follow-on offering in December, which they believe extends their financial runway through 2026. They are currently working with the FDA on regulatory submissions.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 12:05 pm

PRMW

Primo Water Corporation has completed the sale of a substantial part of its international operations in an all-cash deal valued at $575 million. The sale does not include Primo Water's businesses in the United Kingdom, Portugal, and Israel, which are expected to be sold throughout 2024.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 11:36 am

MNKD

MannKind Corporation has entered into a deal to sell a 1% royalty on net sales of Tyvaso DPI, a treprostinil inhalation powder, for up to $200 million. This includes an upfront purchase price of $150 million and an additional potential milestone payment of up to $50 million.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 11:10 am

VFS

Vinfast Auto has announced that an unnamed buyer will purchase a convertible debenture with a principal amount of $50 million, as reported in a 6-K filing.

Portfolio Pulse from Charles Gross

January 02, 2024 | 11:06 am

IBRX

ImmunityBio, Inc. has secured a $320 million investment from Oberland Capital. This investment is part of a larger financing strategy that has brought the total funds raised by ImmunityBio in 2023 to $850 million. The capital infusion is expected to support the company's ongoing research and development efforts.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 11:03 am

DEC

Diversified Energy has completed the sale of its producing assets in Appalachia to a Special Purpose Vehicle (SPV), DP Lion Equity Holdco LLC, retaining a 20% interest and operatorship. The transaction generated $200 million in proceeds, which were used to repay a portion of the company's debt and for general corporate purposes. The sale led to a 12% reduction in net debt and the assets sold had a PV-10 value of approximately $230 million.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 7:28 am