Streetbeat News

Equity Actions

FERG

Ferguson Plc has announced the continuation of its $3.0 billion share repurchase program, with a new tranche commencing December 18, 2023, and ending by March 14, 2024. The company has allocated a maximum of $165 million for this tranche and has entered into a non-discretionary arrangement with Barclays Capital Inc. to manage the repurchases independently.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 7:23 am

BABA

XPEV

Hong Kong stocks fell, with Xpeng Inc. (NYSE:XPEV) experiencing significant losses after Alibaba Group (NYSE:BABA) announced its intention to sell 25 million American depositary shares in Xpeng. The Hang Seng Index dropped 1%, influenced by concerns over China's economic recovery and mixed activity data for November. Alibaba's divestment is part of its strategy to reshape its investment approach and manage capital more effectively, reducing its stake in Xpeng from 10.2% to 7.5%. The broader market was also affected by the resignation of HKEX CEO Nicolas Aguzin and disappointing Chinese retail sales and property investment data.

Portfolio Pulse from Benzinga Neuro

December 18, 2023 | 4:55 am

BUG

CLOU

IHAK

IJR

NVDA

QYLD

SKYY

XYLD

Jon Maier, investment chief at Global X, forecasts AI-related stocks, cloud computing, and cybersecurity to dominate in 2024. He recommends Global X ETFs like CLOU and BUG, as well as alternatives SKYY and IHAK. Small caps are also highlighted with ETFs VB and IJR suggested. Covered-call products XYLD and QYLD are recommended for range-bound markets. Emerging markets, especially India, are seen as potential growth areas. The SEC is monitoring companies for transparency in AI capabilities.

Portfolio Pulse from Benzinga Neuro

December 18, 2023 | 3:14 am

TSLA

Senator Tommy Tuberville's bet against Tesla with put options backfired as the stock rallied past $250. Tuberville bought three lots of Tesla put options with a strike price of $190 expiring on Dec. 15, 2023. Tesla's stock fell after Q3 earnings but has since recovered, rendering the senator's options likely worthless. Elon Musk commented on the trade, calling those betting against Tesla 'Gluttons for punishment.'

Portfolio Pulse from Shanthi Rexaline

December 17, 2023 | 1:26 pm

EGGF

EG Acquisition Corp. (EGGF) plans to transfer its listing from the NYSE to NYSE American and list flyExclusive under the symbol 'FLYX' upon completion of their business combination. The transfer is contingent on meeting all closing conditions and NYSE American's authorization. EGGF and its warrants will trade under 'EGGF' and 'EGGFW' on the NYSE until the combination is finalized, after which they will trade on NYSE American as 'FLYX' and 'FLYXW'.

Portfolio Pulse from Benzinga Newsdesk

December 16, 2023 | 11:49 pm

VTRS

Viatris Inc. (NASDAQ:VTRS) has announced the appointment of Theodora 'Doretta' Mistras as CFO effective March 1, 2024, and Philippe Martin as Chief R&D Officer effective immediately. Mistras brings extensive experience from Citigroup and Goldman Sachs, while Martin has a strong background from Celgene and Schering-Plough. Current CFO Sanjeev Narula will assist in the transition until his departure. The appointments are part of Viatris' strategic plan as it enters Phase 2, aiming for expanded growth and enhanced shareholder value.

Portfolio Pulse from Benzinga Newsdesk

December 16, 2023 | 11:31 pm

BABA

VWAGY

XPEV

Alibaba Group Holding Limited (NYSE:BABA) has reduced its stake in XPeng Inc. (NYSE:XPEV) from 10.2% to 7.5%, selling about 25 million American depositary receipts for approximately $391 million. This decision is part of Alibaba's strategy to reshape its investment strategy and manage capital. Despite the reduction, XPeng assures that Alibaba remains its second-largest shareholder and their strategic relationship continues, with ongoing collaborations in autonomous driving and in-car payment systems. Meanwhile, Volkswagen AG (OTC:VWAGY) has invested $700 million in XPeng for a 4.99% stake, aiming to co-develop EVs in China. Following the news, XPEV shares dropped by 7.54%, while BABA shares rose by 2.76%.

Portfolio Pulse from Nabaparna Bhattacharya

December 16, 2023 | 8:41 pm

TSLA

Morgan Stanley analyst Adam Jonas expressed concerns about the future of the US auto industry, particularly for legacy automakers like General Motors Corp. (GM) and Ford Motor Co. (F) as they transition to electric vehicles (EVs). Jonas noted that the strong performance of the auto industry in recent years is unlikely to continue due to various macroeconomic factors. He suggested that GM and Ford need to reduce their capital expenditure and R&D spending, which have significantly increased since 2010, to adjust their strategies to the changing economic and competitive landscape. In contrast, Toyota Corp. (TM) has reduced its per unit spend. Jonas believes that modest changes in capex and R&D, along with a pivot in EV strategy, could yield strong rewards for shareholders.

Portfolio Pulse from Shanthi Rexaline

December 16, 2023 | 6:50 pm

KZIA

Kazia Therapeutics has filed an F-3 form on Friday for a shelf registration, allowing a selling stockholder to potentially sell up to 591,697 American Depositary Shares (ADS).

Portfolio Pulse from Charles Gross

December 16, 2023 | 1:02 pm

ZWS

Zurn Elkay Water Solutions Corporation (Zurn Elkay) has divested four subsidiaries holding asbestos liabilities to Zilco Holdings, Inc. The subsidiaries are Zurn Industries, LLC, OEI, LLC, OEP, LLC, and Krikles, Inc. This move will exclude asbestos liabilities from Zurn Elkay's year-end 2023 balance sheet, with no change to the business interactions of existing employees, customers, and vendors.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 9:36 pm