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INTC

Intel has appointed Justin Hotard as Executive Vice President and General Manager of its Data Center and AI Group, starting February 1. Hotard will join the executive leadership team and report to CEO Pat Gelsinger, overseeing products such as Intel Xeon processors, GPUs, and accelerators.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 9:09 pm

FUBO

NXST

Nexstar Media Group, Inc. (NXST) and FuboTV Inc. (FUBO) have announced a new multi-year distribution agreement. The deal includes 89 Nexstar-owned local TV stations across the U.S. and Nexstar's national cable news network, NewsNation. The stations are affiliated with various networks such as The CW Network, MyNetworkTV, ABC, and some independents. The financial terms of the agreement were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 9:06 pm

TRMB

Trimble (TRMB) has completed the sale of its remote water monitoring hardware and software, including the Telog brand and Trimble Unity Remote Monitoring software, to Badger Meter, Inc. The divestiture aligns with Trimble's strategy to focus on core growth areas and its strategic product roadmap. The financial terms of the deal were not disclosed. Trimble will retain its water-related businesses in marine construction, infrastructure monitoring, and surveying. Badger Meter's CEO views the acquisition as a perfect fit for their strategic growth and enhancing their data and analytics offerings.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 9:02 pm

GLPG

BridGene Biosciences Inc. has entered into a strategic collaboration and licensing agreement with Galapagos NV (NASDAQ:GLPG) to develop cancer treatments using BridGene's IMTAC chemoproteomics platform. Galapagos will pay BridGene up to $27 million in upfront and preclinical research milestone payments, and potentially over $700 million in clinical and commercial milestones, plus royalties on net sales. This follows Galapagos' recent transfer of its Jyseleca business to Alfasigma, which is expected to save €150-200 million and allow for investment in technology platforms and licensing opportunities.

Portfolio Pulse from Vandana Singh

January 03, 2024 | 9:02 pm

GLPG

BridGene Biosciences has entered into a strategic collaboration with Galapagos NV to discover small molecule drugs aimed at oncology targets. The partnership leverages BridGene's proprietary chemoproteomics platform to identify drug candidates that can modulate difficult-to-drug targets, potentially advancing cancer treatment options.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 9:00 pm

JNPR

Juniper Networks, Inc. (NYSE:JNPR) stock has risen approximately 20% since hitting a 52-week low in October, outperforming the market even during broader U.S. market sell-offs. The company has made significant strides by deploying its solutions with Digital Edge, the City of Las Vegas, and Arirang TV. On Wednesday, JNPR shares increased over 3% despite a market pullback.

Portfolio Pulse from Ryan Gustafson

January 03, 2024 | 8:30 pm

CLF

IE

TMC

ZEUS

Ivanhoe Electric (IE) announced that its Executive Chairman and CEO will participate in the Future Minerals Forum, showcasing its Typhoon system and supporting its JV with Ma'aden. Cleveland-Cliffs (CLF) is raising prices for its steel products, with hot-rolled steel starting at $1,150 per ton. Olympic Steel (ZEUS) promoted Zachary J. Siegal to President of Manufactured Metal Products. TMC The Metals Company (TMC) supports the 2024 National Defense Authorization Act, which could benefit its seafloor polymetallic nodules exploration for battery metals.

Portfolio Pulse from Austin DeNoce

January 03, 2024 | 8:23 pm

LI

NIO

TSLA

XPEV

Goldman Sachs initiated coverage on Li Auto Inc (NASDAQ:LI) with a Buy rating and a price target of $52.90, suggesting a 52.9% upside. Analyst Tina Hou highlighted Li Auto's strong position in China's NEV market, innovative technology, and robust growth prospects with new model launches and an expanding sales network. Risks include market demand fluctuations and competition. Goldman is neutral on NIO Inc due to decreasing market share and a mature product lineup. Li Auto's growth is underscored by a 182% year-on-year increase in deliveries, with over 50,000 cars in December 2023.

Portfolio Pulse from Surbhi Jain

January 03, 2024 | 8:21 pm

FWBI

First Wave BioPharma, Inc. (NASDAQ:FWBI) shares surged after the company announced a non-binding agreement to sell its niclosamide program for inflammatory bowel diseases, with a low seven-figure upfront payment, future milestones, and royalties. The deal is expected to close in the first half of 2024. Additionally, FWBI will acquire ImmunogenX in an all-stock transaction, focusing on advancing a GI pipeline with late-stage clinical assets, also expected to close in the first half of 2024. The company recently underwent a 1-for-20 reverse stock split.

Portfolio Pulse from Erica Kollmann

January 03, 2024 | 8:21 pm

SILK

Silk Road Medical (NASDAQ:SILK) has been evaluated by 5 analysts over the last three months, with a shift towards a more bullish stance in the last 30 days. The average 12-month price target has been reduced by 67.3% to $13.00, with a high estimate of $20.00 and a low of $8.00. Analysts from Lake Street, Piper Sandler, Citigroup, B. Riley Securities, and Stifel have adjusted their ratings and price targets, reflecting changes in market conditions and company performance. Silk Road Medical specializes in reducing stroke risk with its TCAR procedure and has shown a revenue growth rate of 18.89% as of September 30, 2023.

Portfolio Pulse from Benzinga Insights

January 03, 2024 | 8:00 pm