Streetbeat News

Partnerships

QGEN

QIAGEN (NYSE:QGEN) and DNA Labs International (DLI) have successfully solved two cold cases using QIAGEN's ForenSeq Kintelligence System for forensic genetic genealogy and the GEDmatch database. The cases include the identification of remains found in 2005 in Oregon and solving a 51-year-old criminal case in Georgia. QIAGEN's technology, which can handle DNA degradation, was pivotal in these investigations. The company has a leading position in the human identification and forensics market and recently acquired Verogen to expand its NGS-based forensic products.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 9:24 pm

SONY

UMGNF

WMG

Sony Music, Universal Music Group, and Warner Music Group have formed the Music Industry Climate Collective (MICC) to address climate challenges in the music industry. The MICC will focus on developing guidance for measuring scope 3 greenhouse gas emissions and will collaborate with scientific experts to create sectoral guidance. The initiative will involve broader industry input and aims to reduce the music industry's carbon footprint. The American Association of Independent Music will advise on including smaller businesses.

Portfolio Pulse from Franca Quarneti

November 30, 2023 | 9:04 pm

AMZN

PINS

SNAP

Snap Inc (SNAP) and Pinterest Inc (PINS) stocks rose following upgrades by Jefferies analyst James Heaney, who changed their ratings from Hold to Buy. Heaney increased SNAP's price target from $12 to $16, citing optimism about the direct response platform's recovery, which constitutes 70-75% of revenue. He expects mid-teens revenue growth in North America for FY24. SNAP's partnership with Amazon (AMZN) for on-platform checkout is seen as a positive move. For PINS, the price target was raised from $32 to $41, with expectations of 20%+ revenue growth in FY24. Heaney's revenue and EBITDA estimates for both companies are above the Street's consensus. SNAP shares were up 6.16% to $13.78, and PINS shares increased by 1.89% to $33.91.

Portfolio Pulse from Anusuya Lahiri

November 30, 2023 | 8:39 pm

MSFT

Tim Stuart, Xbox's CFO at Microsoft Corporation, is optimistic about AI's role in game development, citing its ability to streamline tasks like localization and testing. He suggests AI can democratize game development, allowing anyone to create games. However, there are concerns about AI replacing human jobs and generating content. Microsoft's recent partnership with Inworld AI indicates a move towards AI integration in gaming, despite potential negative impacts.

Portfolio Pulse from Franca Quarneti

November 30, 2023 | 8:26 pm

AAPL

AMZN

CMCSA

FOX

FWONA

FWONK

WBD

Amazon.com, Inc (AMZN) has secured media rights for NASCAR, adding to its sports streaming portfolio which includes 'Thursday Night Football'. The deal, starting in 2025 and lasting through 2031, makes Prime Video the first 'fully direct-to-consumer partner' for NASCAR. Fox Corporation (FOX, FOXA) and Comcast Corporation (CMCSA) renewed their NASCAR media rights, while Warner Bros. Discovery (WBD) also became a new media partner. The financial terms were not disclosed. Amazon's success with NFL viewership, particularly attracting younger audiences, may have influenced NASCAR's decision. Amazon's aggressive sports rights strategy could extend to NBA games, while Apple Inc (AAPL) is also pursuing sports rights, including Formula One (FWONA, FWONK).

Portfolio Pulse from Chris Katje

November 30, 2023 | 8:24 pm

PSX

Phillips 66 (PSX) stock is trading higher following confirmation of ongoing discussions with Elliot Investment Management, which recently disclosed a $1 billion stake in PSX and intentions to seek board seats.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 8:10 pm

AMD

AMZN

MSFT

NVDA

TSM

Nvidia Corp (NVDA) stock is trading lower, alongside peers AMD and supplier TSM. Microsoft's Brad Smith downplayed the near-term development of AGI, while Nvidia's CEO Jensen Huang suggested U.S. chip supply chain independence could take up to two decades. Despite this, Nvidia remains committed to China and has strengthened its chip partnership with Amazon and engaged with Chinese experts for autonomous vehicle technology. Huang also believes AGI could be developed within five years. NVDA shares fell by 3.25%.

Portfolio Pulse from Anusuya Lahiri

November 30, 2023 | 6:17 pm

BTCUSD

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Fasset FZE, a digital asset brokerage, has obtained a Virtual Asset Service Provider (VASP) license from Dubai's Virtual Asset Regulatory Authority (VARA), allowing it to offer broker-dealer services for virtual assets like Bitcoin and Ethereum. The company, backed by Investcorp, plans to launch a beta version of its services next month and a full rollout in January 2024. Fasset aims to provide access to digital assets in emerging markets and is working with the UAE Prime Minister’s Office on crypto regulation. The license and Investcorp's investment reflect growing institutional interest in blockchain technology in the Middle East.

Portfolio Pulse from Murtuza Merchant

November 30, 2023 | 5:46 pm

REE

REE Automotive Ltd (NASDAQ:REE) reported Q3 FY23 revenue of $210,000 and a net loss of $(24.1) million, an improvement from last year's $(33.5) million loss. Adjusted EPS of $(1.99) beat estimates. Operating expenses decreased by 28.4%. The company plans to scale up U.S. production by end of 2024 and has entered into a securities purchase agreement with M&G Investment Ltd. Demo trucks are expected to ship by Christmas, with certification anticipated in the coming weeks. The dealer network expansion doubled the order book to $43 million. REE shares dropped 11.5% to $5.98.

Portfolio Pulse from Shivani Kumaresan

November 30, 2023 | 5:11 pm

SLNH

Soluna Holdings, Inc. has registered for ERCOT's Demand Response Program, which will allow the company to generate over $10/MWh in additional revenue for Project Dorothy and potentially reduce power costs below $20/MWh. This positions Soluna as one of the lowest cost operators in the industry. The company also reported strong Q3 results with a 176% increase in revenue and an operating profit milestone. Additionally, Soluna completed the Third Amendment of October Notes to facilitate early payoff of convertible notes, signed new hosting customers at Project Sophie, and established an Advisory Board with AI and data center experts to expand its pipeline of candidates with AI expertise.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 4:38 pm