Streetbeat News

Partnerships

AAPL

QCOM

Piper Sandler analyst Harsh V. Kumar reaffirmed an Overweight rating on Qualcomm Inc (QCOM) with a $165 price target, highlighting its growth in IoT and automotive sectors. Qualcomm's IoT revenues are expected to rise, with potential quarterly revenues of $1.5 billion+ in the future. The automotive segment is projected to reach $3 billion in annual revenues by fiscal 2025. Qualcomm also secured 100% of the iPhone 15 modem share for 2023 and a 3-year deal with Apple, assuming a 20% share in the 2026 iPhone release. Despite current trading at a ~15x P/E multiple, Kumar suggests Qualcomm should trade at a premium (18x-20x P/E) due to its diversification and growth prospects.

Portfolio Pulse from Anusuya Lahiri

February 13, 2024 | 8:57 pm

SSTI

Chicago announced it will not renew its $49M contract with SoundThinking for the ShotSpotter gunshot detection system, citing concerns over inaccuracy, racial bias, and misuse by law enforcement. The system, criticized by an AP investigation and community groups, will be phased out by late September. Mayor Brandon Johnson, fulfilling a campaign promise, aims to focus on strategies that effectively reduce violent crime and build trust within the community. Violent crime in Chicago has seen a 30% drop in homicides at the start of 2024.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 8:30 pm

DIS

PENN

WYNN

PENN Entertainment acquired a New York mobile sports wagering license from Wynn Interactive for $25 million, aiming to launch ESPN Bet in New York in 2024. This move is part of a strategy to expand ESPN Bet, rebranded from Barstool Sportsbook, across the U.S. with a licensing agreement with Disney. The New York sports betting market, the largest in North America, saw record revenues, with FanDuel, DraftKings, Caesars Entertainment, and BetMGM leading in January.

Portfolio Pulse from Chris Katje

February 13, 2024 | 6:35 pm

BGLC

BIOL

IPGP

OMH

SBFM

IPG Photonics Corporation's shares fell by 11% after reporting mixed Q4 financial results and soft Q1 guidance. Other stocks showed significant movements, with notable gainers including Ohmyhome Limited, BioNexus Gene Lab Corp, and Digital Brands Group, Inc., among others. Losers included BIOLASE, Inc., Sunshine Biopharma, Inc., and Sientra, Inc., with significant drops after various announcements.

Portfolio Pulse from Avi Kapoor

February 13, 2024 | 6:13 pm

AMZN

BABA

PDD

WMT

Temu, owned by PDD Holdings Inc, is challenging Shein by attracting manufacturers cut off by Shein for not meeting certification standards. Temu's strategy targets not only Shein's market share by offering a platform for low-cost goods but also aims to compete with Amazon and Walmart by encouraging suppliers to manage logistics for faster delivery and lower prices. This move comes as Shein prepares for a U.S. IPO, contingent on Beijing's approval. PDD's stock saw a decrease of 1.87% to $129.11.

Portfolio Pulse from Anusuya Lahiri

February 13, 2024 | 6:11 pm

MAR

MGM

Marriott announced that the first of MGM's properties has joined its system in January 2024, with the remaining properties expected to join by the end of Q1 2024.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 5:43 pm

ETHUSD

Puffer Finance, an Ethereum staking platform, has seen its total value locked (TVL) soar to $850M, making it the second-largest liquid restaking protocol. Launched on February 1st, it quickly gained popularity due to its innovative liquid staking token and anti-slashing technology. Puffer Finance also implemented a five-stage points program to reward user interaction. It has raised significant funding, including from Binance Labs, positioning it as a major player in the Ethereum staking market.

Portfolio Pulse from Gokhshtein Media

February 13, 2024 | 5:27 pm

HITI

High Tide Inc. (HITI) has entered into a distribution agreement with the Manitoba Liquor and Lotteries Corporation to distribute cannabis products to retailers in Manitoba. This expands High Tide's distribution network, leveraging its existing infrastructure and experience in cannabis product distribution in Saskatchewan, the United States, and Europe.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 5:01 pm

MUFG

Mitsubishi UFJ Financial Group (MUFG) is set to invest $100 million in WealthNavi, Japan's leading robo-adviser, acquiring a stake of over 15% and making WealthNavi an equity-method affiliate. WealthNavi, which will remain listed on the Tokyo Stock Exchange and retain its leadership, offers automated investment advice and has assets under management exceeding 1 trillion yen. The partnership aims to enhance customer recommendations using AI and will be integrated into MUFG's services, including its rewards programs and potentially its Money Canvas platform. This move is part of MUFG's broader strategy to invest in startups and expand its online retail customer base.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 5:00 pm

SHEL

USO

Shell has pulled out of negotiations with Iraq regarding the construction of a petrochemicals plant in Basra, a key oil hub in the south of the country. This decision could impact future investment and development plans in the region.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 4:45 pm