Streetbeat News

Partnerships

BABA

PDD

Alibaba Group Holding Limited (NYSE:BABA) stock is up on Friday due to reports of a significant stimulus to boost liquidity and the company's increased focus on AI for e-commerce growth. Alibaba is integrating AI into its core business, restructuring its AI efforts, and has launched new AI tools like Taobao Wenwen and Aidge. The company's strategic shift to AI is in response to increasing competition, as evidenced by PDD Holdings Inc's (NASDAQ:PDD) rising market valuation. Alibaba's stock rose 3.33% to $74.93.

Portfolio Pulse from Anusuya Lahiri

December 15, 2023 | 5:44 pm

FOX

PUMSY

PUMA SE (OTC:PUMSY) is ending its sponsorship of Israel's national soccer team after 2024, citing business reasons and a 'fewer-bigger-better strategy', not due to boycotts or the Middle East conflict. The BDS movement claims credit for the end of the sponsorship, which began facing boycotts in 2018. Puma also plans to end its partnership with Serbia's team after 2024 and will evaluate other partnerships. The news comes as Israel competes for a spot in Euro 2024, with Fox Corporation (NASDAQ:FOX)(NASDAQ:FOXA) holding U.S. TV rights. Puma is a major player in soccer, sponsoring top players and clubs, and was the third-largest sponsor at the 2022 World Cup. Unilever PLC (NYSE:UL), through its brand Ben & Jerry's, faced similar BDS pressure, leading to a halt in sales in the West Bank.

Portfolio Pulse from Chris Katje

December 15, 2023 | 5:07 pm

CCCC

MRK

C4 Therapeutics, Inc. (NASDAQ:CCCC) stock has surged over 350% in the past five days following positive Phase 1 trial data for CFT7455 in multiple myeloma and an exclusive license and collaboration agreement with Merck & Co Inc (NYSE:MRK). C4 Therapeutics will receive a $10 million upfront payment from Merck. Stifel analyst Bradley Canino upgraded the stock from Hold to Buy and increased the price target from $2 to $12. The trading volume of C4 Therapeutics shares has significantly exceeded the 100-day average.

Portfolio Pulse from Erica Kollmann

December 15, 2023 | 5:00 pm

DPZ

SFM

TSLA

UBER

Uber Technologies Inc (NYSE:UBER) has seen its stock surge 127.52% YTD, outperforming the S&P 500's 18.13% rise. The stock hit a new 52-week high of $63.03 on Dec. 12, driven by its inclusion in the S&P 500, recent partnerships with Tesla, Domino's Pizza, and Sprouts Farmers Market, and strong Q3 earnings. However, the stock is considered 'overbought' and has a high forward P/E ratio, suggesting a potential pullback.

Portfolio Pulse from Surbhi Jain

December 15, 2023 | 4:55 pm

NIO

TSLA

Shares of Chinese EV company NIO Inc. (NYSE:NIO) are on the rise following the announcement that it plans to launch its Firefly brand in Europe by 2025. The brand will focus on smaller, family-oriented vehicles. Despite not disclosing pricing details, the expansion into Europe comes as Chinese EV makers seek new markets amid slowing domestic demand and competition from Western manufacturers. The European Union is scrutinizing Chinese EV imports for potential competition rule violations. NIO faces increasing losses due to a price war with Tesla, Inc. (NASDAQ:TSLA) and has cut its workforce by 10% and is considering division separations and partnerships to finance initiatives like battery swapping. NIO's stock price increased by 1.17% to $7.95.

Portfolio Pulse from Nabaparna Bhattacharya

December 15, 2023 | 4:52 pm

AMZN

CCCC

FRGT

INHD

STTK

TPIC

Benzinga's Stock Whisper Index highlights five stocks: TPI Composites, C4 Therapeutics, Shattuck Labs, Inno Holdings, and Freight Technologies. TPI Composites' stock rose after a refinancing deal with Oaktree, improving liquidity and reducing obligations. C4 Therapeutics' shares surged following positive Phase 1 trial data for multiple myeloma treatment. Shattuck Labs also experienced a stock increase after reporting Phase 1A/B trial data for myelodysplastic syndromes and acute myeloid leukemia treatments. Inno Holdings completed an IPO with shares priced at $4, and the stock was volatile in its first week. Freight Technologies' stock jumped 100% after announcing the renewal of its Fr8App platform's use by Amazon Mexico.

Portfolio Pulse from Chris Katje

December 15, 2023 | 4:44 pm

VRCA

Verrica Pharmaceuticals Inc's partner, Torii Pharmaceutical Co Ltd, reported positive Phase 3 trial results for TO-208 (VP-102/Ycanth) for Molluscum Contagiosum in Japan. The results showed statistically significant efficacy versus placebo and good tolerance. Verrica's stock (NASDAQ:VRCA) surged 72.47% to $6.49 following the news.

Portfolio Pulse from Vandana Singh

December 15, 2023 | 4:36 pm

GOOG

MSFT

OpenAI's Superalignment team, led by Microsoft's Ilya Sutskever, is focused on developing methods to control superintelligent AI systems. Amidst leadership changes with Sam Altman, the team presented their research at a conference and announced a $10 million grant program to advance their work. The program has attracted support from industry figures like former Google CEO Eric Schmidt. Microsoft shares saw a 1.22% increase to $370.45 recently.

Portfolio Pulse from Anusuya Lahiri

December 15, 2023 | 4:09 pm

VRCA

Verrica Pharmaceuticals' stock is up following positive top-line results from a Phase 3 trial of TO-208 by its partner Torii Pharmaceutical Co. The trial's success suggests potential for commercialization and revenue growth for Verrica.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 3:50 pm

ATOMUSD

ETHUSD

SOLUSD

TIAUSD

Cyber Fund has launched a $100 million venture capital division to accelerate projects combining blockchain technology and AI. The firm has previously invested in over 150 projects, including Ethereum, Dfinity, Cosmos, Solana, and Celestia. Cyber Fund has also developed products like P2P.org and Lido DAO, and through the =nil; Foundation, it has advanced cryptographic research. The new fund will focus on sectors such as advanced cryptography, DeFi, network states, cybernetic organizations, reputation systems, and AI-driven systems.

Portfolio Pulse from Murtuza Merchant

December 15, 2023 | 3:04 pm