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SNPS

Synopsys Inc (NASDAQ:SNPS) has agreed to sell its Software Integrity Group business to Clearlake Capital Group, L.P. and Francisco Partners for up to $2.1 billion. The transaction includes up to $475 million in cash, contingent on the buyers achieving a specified return rate. This sale will allow Synopsys to concentrate on its core business of silicon and systems engineering, particularly in the AI-driven era. The Software Integrity Group will become an independent entity focused on application security testing, led by its current management. The deal is expected to close in the second half of 2024.

Portfolio Pulse from Shivani Kumaresan

May 06, 2024 | 5:53 pm

HRL

Hormel Foods Corporation (NYSE:HRL) has voluntarily recalled two varieties of Planters nuts in five states due to potential contamination with listeria monocytogenes. The recall affects products shipped to specific retailers and there have been no reported illnesses. The recall is limited to certain packages of Honey Roasted Peanuts and Deluxe Lightly Salted Mixed Nuts. HRL shares were down 1.04% at $34.81 following the announcement.

Portfolio Pulse from Vandana Singh

May 06, 2024 | 5:46 pm

INTC

MU

The Biden administration's $280 billion CHIPS and Science Act aims to advance semiconductor technology by focusing on digital twins and establishing the CHIPS Manufacturing USA institute. This initiative will foster collaboration and resource-sharing among companies like Intel and Micron, which are among the beneficiaries of the act. The act supports the development of physical semiconductors and their virtual representations, enhancing innovation and training for the American workforce in this sector.

Portfolio Pulse from Franca Quarneti

May 06, 2024 | 5:46 pm

FEPI

MU

PSI

Micron Technology Inc (NASDAQ:MU) shares rose after Baird analyst Tristan Gerra upgraded the stock to Outperform and increased the price target to $150. Citi analyst Christopher Danely remains bullish on the U.S. semiconductor sector, with Micron as his top pick. The sector saw March sales of $50.8 billion, surpassing estimates, driven by strong sales in analog and microcontrollers. Micron's stock has gained 97% in the last 12 months, with exposure through REX FANG & Innovation Equity Premium Income ETF (NASDAQ:FEPI) and Invesco Semiconductors ETF (NYSE:PSI).

Portfolio Pulse from Anusuya Lahiri

May 06, 2024 | 5:39 pm

PEP

TSLA

WMT

A Tesla Semi with Walmart branding was spotted at a Walmart location, indicating a possible delivery of the electric truck to one of the world's largest retailers. Walmart has ordered hundreds of Tesla Semi units, though the exact number of deliveries remains unknown. Tesla has also delivered units to PepsiCo, highlighting the growing interest in Tesla's electric trucks. The sighting was well-received on social media, suggesting potential for increased production and feedback from major customers like Walmart. Tesla aims for high-volume production of the Semi, with deliveries expected to ramp up by late 2025 into 2026, supported by the expansion of Gigafactory Nevada.

Portfolio Pulse from Chris Katje

May 06, 2024 | 5:21 pm

GOSS

Gossamer Bio Inc (NASDAQ:GOSS) has partnered with Italy's Chiesi Farmaceutici to develop and commercialize seralutinib for pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). The collaboration aims to advance lung health solutions globally, with both companies sharing development costs and commercial profits in the U.S. Chiesi will lead commercialization outside the U.S. and pay Gossamer up to $486 million in development, regulatory, and sales milestones.

Portfolio Pulse from Vandana Singh

May 06, 2024 | 5:17 pm

BABA

GLD

SPY

China's central bank has significantly increased its gold purchases, driving global gold prices to record highs in April 2024, with prices reaching up to $2,431 per troy ounce. This surge has made gold, particularly in forms like 'gold beans' popular among Gen Z in China, facilitated by platforms like Alibaba's Taobao. The SPDR Gold Trust (GLD) has seen substantial gains, outperforming major equity indices such as the S&P 500, tracked by the SPDR S&P 500 ETF Trust (SPY).

Portfolio Pulse from Piero Cingari

May 06, 2024 | 5:14 pm

TCBP

TC BioPharm (NASDAQ:TCBP), a biotech firm, announced the exercise of warrants for £3.1 million in gross proceeds to fund an Acute Myeloid Leukemia trial and other expenses. The warrants allow the purchase of 1,750,000 ADSs at £1.5814 each. New warrants will also be issued, exercisable for 3,500,000 shares at £1.175 per ADS. H.C. Wainwright & Co. serves as the placement agent, with the offering expected to close by May 8, 2024.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 5:03 pm

MULN

Mullen Automotive, Inc (NASDAQ:MULN) shares surged after announcing a deal with National Auto Fleet Group to sell electric vehicles nationwide, including two all-electric commercial vehicles. The partnership aims to serve national fleet customers and offer Mullen's EVs to public fleets across the U.S. Additionally, Mullen adopted a stockholder rights plan to prevent significant ownership changes without board approval, effective until May 1, 2025.

Portfolio Pulse from Dylan Berman

May 06, 2024 | 5:03 pm

RKT

Rocket Cos. has appointed Shawn Malhotra, a former Thomson Reuters executive, as its new Chief Technology Officer (CTO) to lead its companywide artificial intelligence (AI) efforts. This strategic move aims to unify and accelerate Rocket's AI initiatives across its portfolio, including Rocket Mortgage, Rocket Homes, and Rocket Money. Malhotra's role will focus on data science, product engineering, technology operations, and information security, with a primary emphasis on AI to enhance the home-buying experience. The appointment follows the departure of Rocket Mortgage's CIO, Brian Woodring, and is part of Rocket's broader strategy to integrate technology into its core operations.

Portfolio Pulse from Benzinga Newsdesk

May 06, 2024 | 5:03 pm