Streetbeat News

Corporate Responsibility

DISH

SATS

DISH Network Corporation (NASDAQ:DISH) shares are experiencing an uptrend following a post-earnings drop in early November. The recovery is attributed to Hamid Akhavan, CEO and president of EchoStar Corp (NASDAQ:SATS), joining DISH as president and CEO, and the FCC's approval for the transfer of control of DISH and its subsidiaries to EchoStar. The merger will recombine the two entities. EchoStar is set to replace DISH in the S&P SmallCap 600 before trading opens on January 2, coinciding with the expected completion of the acquisition. DISH shares were up 7.64% at $5.70, and SATS shares were up 7.29% at $16.18 at the time of publication.

Portfolio Pulse from Ryan Gustafson

December 28, 2023 | 8:14 pm

NEO

NTRA

NVTA

NeoGenomics Inc (NEO) received a preliminary injunction from a North Carolina district court, prohibiting the sale of its RaDaR technology, following a lawsuit by Natera Inc (NTRA) alleging patent infringement. NeoGenomics plans to appeal the ruling. The injunction allows NeoGenomics to continue offering RaDaR for existing patients and certain projects. Earlier, Invitae Corporation (NVTA) faced a similar permanent injunction. Analysts from Needham and William Blair expressed concerns over the impact on NEO's growth narrative and stock sentiment. NEO's stock fell 18.60%, while NTRA's rose 2.58%.

Portfolio Pulse from Vandana Singh

December 28, 2023 | 5:57 pm

AAPL

HNHPF

Luxshare Precision Industry Co is acquiring a 62.5% stake in Pegatron Corp's Kunshan unit for about 2.1 billion yuan ($300 million), which may enhance Apple Inc's relationship with China-based suppliers and Beijing. This move could make Luxshare a stronger competitor against Foxconn, which currently assembles 70% of iPhones. Apple, with 20% of its sales from Greater China, is also diversifying production, expanding in India with Foxconn and Pegatron's help. AAPL shares were up 0.44% at $194.01 recently.

Portfolio Pulse from Anusuya Lahiri

December 28, 2023 | 5:53 pm

CLRO

ClearOne Inc (NASDAQ:CLRO) shares surged by approximately 15% following the company's announcement of an improved balance sheet due to debt repayments and tax refunds. The company paid off the remaining $1.0 million on its $3.0 million senior secured convertible notes and received a $6.9 million income tax refund. Additionally, ClearOne expects to receive $4.0 million from a non-exclusive patent cross-licensing agreement in Q1 2024. CEO Derek Graham highlighted the company's strong financial position with over $23 million in cash and no debt, which supports their growth objectives and new product rollouts in 2024.

Portfolio Pulse from Lekha Gupta

December 28, 2023 | 5:48 pm

FDX

FedEx pilots, represented by ALPA, have expressed concerns over the company's $1 billion share repurchase agreement, emphasizing the importance of investing in employee contracts for long-term growth and competitiveness. The pilots highlight that other airlines have chosen to invest in their workforce, which they believe is crucial for retaining and recruiting talent, as well as ensuring a stable and prosperous future for FedEx.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 5:05 pm

DIS

PENN

HG Vora Capital Management, holding an 18.5% economic interest in Penn Entertainment Inc (PENN), is in talks for board representation. The hedge fund, owning an 11% stake, may seek a proxy fight if negotiations fail. Penn's stock is seen as undervalued by HG Vora, criticizing its capital allocation and M&A strategy. Penn's recent divestiture of Barstool Sports and a deal involving ESPN, owned by Disney (DIS), led to a 15% stock decline this year. PENN shares rose 6.52% to $26.64 recently.

Portfolio Pulse from Vandana Singh

December 28, 2023 | 4:25 pm

CAKE-USD

PancakeSwap, a decentralized exchange, has proposed to reduce the supply of its native token, CAKE, from 750 million to 450 million. The reduction aims to transition from a high-inflation model to a deflationary framework. The community vote on this proposal was scheduled for Dec. 28, 2023. The reduction is part of PancakeSwap's strategy to provide certainty, achieve 'ultrasound CAKE,' and support future growth. The circulating supply of CAKE is currently 388 million, and if approved, the supply cut will be implemented by Jan. 4, 2024.

Portfolio Pulse from Murtuza Merchant

December 28, 2023 | 3:51 pm

TELL

Tellurian Inc. (TELL) announced that it will extinguish $37.9 million of its 10% senior secured notes due in 2025. In exchange, the company will issue 47.9 million shares to an institutional investor. This move is likely aimed at reducing debt and interest expenses while diluting equity.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 3:43 pm

BA

Boeing has announced that its 737 Max planes can safely fly and that deliveries of these aircraft will continue. This statement comes as a reassurance to customers and stakeholders amid concerns over the safety of the 737 Max fleet, which had faced grounding in the past due to two fatal crashes.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 3:40 pm

AAPL

ADDDF

MCD

SBUX

Adidas and Apple are considering shifting manufacturing away from China due to security concerns and strained US-China relations. Meanwhile, McDonald's and Starbucks are expanding their presence in China, with McDonald's planning to open 3,500 new stores and Starbucks investing $220 million in a facility. Despite overall foreign investment decline in China, American fast-food chains see the large market as an opportunity. The US government continues to encourage companies to reduce reliance on China for critical materials and high-tech products.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 3:35 pm