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Equity Actions

KDP

Keurig Dr Pepper Inc (KDP) has entered into a strategic partnership with independent coffee roaster, La Colombe. KDP will invest $300 million in La Colombe for a 33% ownership stake. The partnership includes a long-term sales and distribution agreement for La Colombe's ready-to-drink coffee and a licensing, manufacturing, and distribution agreement for La Colombe branded K-Cup coffee pods. The investment will make KDP the second largest investor in La Colombe.

Portfolio Pulse from Shivani Kumaresan

July 20, 2023 | 4:33 pm

ABBV

A significant bearish stance has been taken on AbbVie (NYSE:ABBV) by a large investor, as indicated by unusual options activity. The sentiment among these big-money traders is 30% bullish and 70% bearish. The whales have been targeting a price range from $115.0 to $165.0 for AbbVie over the last 3 months. HSBC and Morgan Stanley have downgraded their actions on AbbVie to Buy and Overweight respectively, with price targets of $167 and $182.

Portfolio Pulse from Benzinga Insights

July 20, 2023 | 4:32 pm

GTBIF

VRNOF

Teamsters Local 777 has reached tentative agreements with Zen Leaf dispensaries, a subsidiary of Verano (OTCQX:VRNOF), for wage increases ranging from 17% to 20% over the next three years, paid time off, employer-funded retirement contributions, and other benefits. The union has also been active with other cannabis companies, including Green Thumb Industries (OTCQX:GTBIF).

Portfolio Pulse from Vuk Zdinjak

July 20, 2023 | 4:15 pm

FTTUSD

GOOGL

PYPL

Venture firm Sequoia Capital has seen significant changes, including the departure of five investors and a split in its operations. Michael Moritz, a partner since 1986, is stepping away to focus on Sequoia Heritage, a wealth management business he co-founded. Moritz will continue to serve on the boards of various Sequoia companies, such as Stripe Inc., but will gradually step down. Sequoia suffered a $214 million loss, primarily from its global growth fund, despite profitable returns since its inception in 1972. The firm also announced a significant split with its operations in China and India in June.

Portfolio Pulse from Murtuza Merchant

July 20, 2023 | 4:14 pm

ELYM

Eliem Therapeutics Inc (NASDAQ:ELYM) shares are trading higher after the company completed a review of its business. The company has decided to halt further development of its Kv7 program and to conduct a comprehensive exploration of strategic alternatives. Eliem has engaged Leerink Partners to act as a strategic advisor. As of June 30, 2023, the company had approximately $102.6 million in cash, cash equivalents, and investments in marketable securities.

Portfolio Pulse from Vandana Singh

July 20, 2023 | 4:08 pm

KTTA

LSDI

Pasithea Therapeutics Corp (NASDAQ:KTTA) rejected an unsolicited acquisition proposal from Lucy Scientific Discovery Inc (NASDAQ:LSDI). The offer proposed a 142% premium to Pasithea's share price. Pasithea's Board also authorized a $4.0 million tender offer to repurchase up to 5.7 million shares of the company's outstanding common stock.

Portfolio Pulse from Vandana Singh

July 20, 2023 | 4:02 pm

GLD

Mining analyst Taylor McKenna from Key Investor discussed names to own in gold mining during a Benzinga virtual event. The SPDR Gold Shares (GLD) ETF may have been mentioned.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 3:35 pm

LMT

A significant bullish stance has been taken on Lockheed Martin (NYSE:LMT) by a large investor, as indicated by unusual options activity. The overall sentiment of these big-money traders is split between 54% bullish and 45% bearish. The whales have been targeting a price range from $300.0 to $480.0 for Lockheed Martin over the last 3 months. Analysts from Morgan Stanley, Citigroup, Wells Fargo, RBC Capital, and Susquehanna have provided their ratings and price targets for the company.

Portfolio Pulse from Benzinga Insights

July 20, 2023 | 3:30 pm

XP

Investor Business Daily's SwingTrader has reportedly purchased shares in XP.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 3:17 pm

RIVN

Rivian Automotive has seen a significant option alert for its September 15 $40 calls, with 1000 contracts traded near the ask price of $0.461, compared to an open interest of 22146. The company's earnings report is due on August 8, after market close. The reference price is $24.545.

Portfolio Pulse from Charles Gross

July 20, 2023 | 3:08 pm