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Equity Actions

BABAF

Alibaba Group Holding Limited (OTC:BABAF) has canceled the spinoff of its cloud business, leading to mixed reactions from analysts and a significant drop in market value. Morgan Stanley removed Alibaba from its top pick and lowered the price target from $125 to $110. Bernstein reduced their price target from $100 to $93, while Barclays maintained a $138 price target, supporting the decision amidst regulatory uncertainties. JPMorgan kept a $150 price target but expressed concerns over the cloud business's growth. The cancellation follows U.S. chip curbs affecting Chinese companies, contributing to a $20 billion loss in Alibaba's market value.

Portfolio Pulse from Benzinga Neuro

November 20, 2023 | 10:43 am

TSLA

Elon Musk refuted Peter Thiel's 'law' that a startup messed up at its foundation cannot be fixed, citing Tesla's growth from a 'messed up' beginning to a market cap of approximately $750 billion. Musk also revealed that Thiel passed on funding Tesla when it was valued at $70 million. Tesla's stock has risen over 18,000% since its IPO in 2010, closing at $234.30 on Friday, with Musk hinting at the potential for Tesla to reach a trillion-dollar valuation in the future.

Portfolio Pulse from Anan Ashraf

November 20, 2023 | 7:22 am

MSFT

Microsoft Corp. (NASDAQ:MSFT) is reportedly considering a board role at OpenAI as discussions about Sam Altman's return as CEO progress. Microsoft's CEO Satya Nadella is involved in the negotiations, and the company may invest in Altman's new venture if his return to OpenAI is not possible. The situation reflects a potential shift in Microsoft's influence over OpenAI.

Portfolio Pulse from Benzinga Neuro

November 20, 2023 | 3:26 am

MSFT

Microsoft is reportedly seeking a seat on the board of OpenAI following its recent investment in the AI research lab. This move comes as OpenAI restructures its board after a $1 billion investment from Microsoft, which aims to strengthen the partnership between the two entities and influence the direction of OpenAI's advancements in artificial intelligence.

Portfolio Pulse from Charles Gross

November 20, 2023 | 12:11 am

SNDL

SNDL Inc. and Nova Cannabis Inc. have mutually decided to terminate their implementation agreement for a strategic partnership, while reaffirming their commitment to their existing management and administrative services agreement. SNDL remains a financial partner to Nova, extending the maturity date of Nova's credit facility to March 31, 2024. The planned distribution of Nova shares to SNDL shareholders will not proceed.

Portfolio Pulse from Benzinga Newsdesk

November 19, 2023 | 8:29 pm

HWEL

Healthwell Acquisition Corp. I (NASDAQ:HWEL) has cancelled its special stockholder meeting scheduled for December 4, 2023, and withdrawn the proposals from its November 13, 2023 SEC filing. The company plans to liquidate, ceasing all operations except for winding up. Healthwell will redeem its Class A common stock at an estimated price of $10.50 per share from its IPO trust account, extinguishing stockholder rights. Warrants will expire worthless, and Healthwell's sponsor waived redemption rights for Class B common stock. The liquidation and dissolution are subject to Delaware law and other legal requirements. The liquidation process will be managed by Continental Stock Transfer & Trust Company, with the redemption expected within ten business days after commencement.

Portfolio Pulse from Benzinga Newsdesk

November 19, 2023 | 8:29 pm

FEBO

Fenbo Holdings Limited (NASDAQ:FEBO) is set to go public on Nov. 21, 2023, with an IPO price band of $4.00 to $6.00 per share. The company plans to offer 1,000,000 shares at $5.00 each, with an insider lock-up period of 180 days. IPOs allow private companies to raise capital by offering shares on an exchange after meeting SEC requirements and establishing an offering range with investment banks.

Portfolio Pulse from Benzinga Insights

November 19, 2023 | 6:50 pm

TSLA

Elon Musk criticized short-sellers after Sen. Tommy Tuberville disclosed bearish bets on Tesla, Inc. (TSLA) through put options. Tesla's stock has been underperforming, with a high short interest of 2.65% of outstanding shares. Musk's comments reflect his ongoing disdain for shorts, which he has previously described as harmful to businesses. Tesla's stock closed slightly up at $234.30.

Portfolio Pulse from Shanthi Rexaline

November 18, 2023 | 3:37 pm

RIVN

TSLA

Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management and a Tesla investor, announced he will switch from his Tesla Model Y to a Rivian vehicle due to Elon Musk's endorsement of an antisemitic claim. Gerber's ETF, Advisor Shares Gerber Kawasaki ETF, holds Tesla shares as part of its top five holdings. Musk's recent comments have been criticized as damaging to Tesla's brand and have led to a public dispute with the Anti-Defamation League.

Portfolio Pulse from Anan Ashraf

November 18, 2023 | 3:06 am

AAPL

BAC

BRK

Warren Buffett's Berkshire Hathaway Inc. (NYSE:BRK) holds a record $157 billion in cash, which may signal caution for future market conditions. Buffett, known for value investing, maintains a substantial cash reserve to meet obligations and invest in undervalued assets. Despite a challenging environment for finding deals, Berkshire has maintained significant stakes in Apple Inc. (NASDAQ:AAPL) and Bank of America Corp. (NYSE:BAC), while reducing its Chevron stake and exiting other positions.

Portfolio Pulse from Benzinga Neuro

November 18, 2023 | 1:50 am