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KNTE

XOMA

XOMA Corporation (NASDAQ:XOMA) has agreed to acquire Kinnate Biopharma Inc (NASDAQ:KNTE) for a base cash price of $2.3352 per share, an additional cash amount of up to $0.2527 per share, and a contingent value right. The acquisition, expected to close in April 2024, aims to enhance XOMA's royalty portfolio, leveraging Kinnate's focus on cancer-targeted therapies. Kinnate shareholders representing 46% of common stock have agreed to support the merger. This follows XOMA's recent acquisition of an economic interest in Dsuvia from Talphera Inc. and Kinnate's strategic focus adjustments and workforce reduction.

Portfolio Pulse from Vandana Singh

February 16, 2024 | 5:55 pm

NEE

NextEra Energy, Inc. (NYSE:NEE) announced a 10% increase in its quarterly dividend to $0.515 per share, in line with its 2022 plan for approximately 10% annual dividend growth through at least 2024. The dividend is payable on March 15, 2024, to shareholders of record as of February 27, 2024. Additionally, the company's board approved a dividend policy aiming for a similar growth rate through at least 2026, based on a 2024 dividend base of $2.06 per share. CEO John Ketchum highlighted the company's strong financial position and its ability to exceed adjusted earnings per share growth expectations while maintaining a robust balance sheet and credit ratings.

Portfolio Pulse from Benzinga Newsdesk

February 16, 2024 | 5:12 pm

TTI

XOM

Exxon Mobil Corp (NYSE:XOM) has announced its plans to launch a lithium operation in Arkansas, aiming to produce lithium for one million electric vehicles per year by 2030 using direct lithium extraction (DLE) technology. This initiative, part of Exxon's energy transition strategy, is in partnership with Tetra Technologies (NYSE:TTI), leveraging their patented technology. The project promises environmental benefits and aims to position Arkansas as a key player in the domestic lithium industry.

Portfolio Pulse from Stjepan Kalinic

February 16, 2024 | 4:45 pm

ARRY

BAC

DIS

JD

SPR

Institutional investors have shown increased interest in Bank of America, Walt Disney, JD.com, Array Technologies, and Spirit AeroSystems, as indicated by Q4 2023 13F filings. These companies have seen significant hikes in institutional ownership, with notable investors like Berkshire Hathaway and Vanguard Group leading the charge. This shift in investment preference leaves behind tech giants Tesla and Nvidia, highlighting a potential market trend towards banking, entertainment, e-commerce, renewable energy, and aerospace sectors.

Portfolio Pulse from Surbhi Jain

February 16, 2024 | 3:54 pm

DIS

Disney board member Carolyn Everson stated in a CNBC interview that Nelson Peltz has not presented a strategic plan or idea that would justify his inclusion in the boardroom.

Portfolio Pulse from Benzinga Newsdesk

February 16, 2024 | 2:27 pm

MSFT

Elon Musk criticizes OpenAI, co-founded with Sam Altman, for its shift from a non-profit, open-source model to a profit-oriented, closed-source structure, particularly in light of its collaboration with Microsoft Corp. (NASDAQ:MSFT). Musk's disapproval stems from OpenAI's partnership with Microsoft and its transition towards profit-making, despite Musk's own ventures into for-profit AI companies like xAI, Neuralink, and Optimus.

Portfolio Pulse from Rounak Jain

February 16, 2024 | 2:19 pm

CNEY

CN Energy Group, Inc. has announced the appointment of Steven Berman as its new Chief Executive Officer. This strategic move aims to leverage Berman's expertise to drive the company's growth and enhance its market position.

Portfolio Pulse from Benzinga Newsdesk

February 16, 2024 | 2:01 pm

MQ

SQ

V

WFC

Federal regulators are investigating allegations by whistleblowers that Cash App, operated by Block Inc., and its partners, including Visa Inc., Wells Fargo, Marqeta Inc., and Lincoln Savings Bank, have inadequate customer due diligence processes, potentially facilitating money laundering and terrorism financing. The complaints highlight transactions with sanctioned entities, offshore gambling sites, and the sale of illegal data. The Financial Crimes Enforcement Network (FinCEN) and other federal agencies are reviewing these allegations. Cash App's popularity and rapid growth, with 55 million active accounts and significant financial inflows, are contrasted with concerns over its due diligence and the risks to shareholders of Block Inc., Marqeta Inc., and Visa Inc.

Portfolio Pulse from Benzinga Newsdesk

February 16, 2024 | 1:48 pm

ALLO

Allogene Therapeutics announced it will restate financial statements for 2020, 2021, and 2022 due to non-cash accounting adjustments related to the formation of the Allogene Overland Biopharm joint venture. The restatements will not affect the company's cash position, investments, or operations. Allogene aims to file amended statements by March 14, 2024, and reaffirms its financial runway into 2026.

Portfolio Pulse from Benzinga Newsdesk

February 16, 2024 | 1:33 pm

MSFT

OpenAI CEO Sam Altman praised the launch of the Sora AI model and reiterated his focus on developing artificial general intelligence (AGI), inviting others to join the effort. Altman, backed by Microsoft Corp. (NASDAQ:MSFT), is seeking $7 trillion for AI development. Despite concerns over AI's potential risks, Altman emphasizes the importance of AGI and invites talented individuals to contribute.

Portfolio Pulse from Rounak Jain

February 16, 2024 | 12:26 pm