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FGF

FGFPP

FG Financial Group and FG Group Holdings have announced a merger to form Fundamental Global Inc. The merger is expected to result in significant expense savings, improved scale, and capital efficiency. The combined entity will have over $110 million in total assets and $65 million in annual revenue. Post-merger, the company will trade on Nasdaq under the tickers 'FGF' for common stock and 'FGFPP' for Series A cumulative preferred stock.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 7:14 am

F

TSLA

Ford Motor Co (NYSE:F) CEO Jim Farley celebrated Ford's achievement of the new Ford Ranger becoming the best-selling vehicle in Australia for 2023, marking the first time in nearly 30 years a Ford vehicle has topped sales charts in the country. This success follows Ford's entry into the Australian electric vehicle market and plans to introduce at least five new electric vehicles by the end of 2024. Meanwhile, Tesla Inc. (NASDAQ:TSLA) continues to experience strong demand in Australia, with its Model 3 and Model Y nearly selling out in June.

Portfolio Pulse from Ramakrishnan M

January 04, 2024 | 6:25 am

AMZN

PDD

SE

TikTok, owned by ByteDance Ltd, is planning a significant expansion of its U.S. e-commerce operations with a revenue target of $17.5 billion, challenging Amazon (AMZN) and other e-commerce platforms like PDD Holdings Inc's Temu and Shein. TikTok Shop, which integrates shopping with short videos and live streams, is expected to increase merchandise volume by 2024. ByteDance's revenue grew by 30% in 2023, surpassing $110 billion. The expansion includes increasing seller fees to boost sales after a reported loss in the e-commerce vertical last year. TikTok's U.S. user base of 150 million could impact the e-commerce landscape.

Portfolio Pulse from Benzinga Neuro

January 04, 2024 | 4:55 am

CMPS

The American Medical Association has activated new CPT III codes for psychedelic-assisted therapies, which are temporary codes for emerging treatments. These codes will facilitate reimbursement and access to such therapies in the U.S. MAPS PBC and COMPASS Pathways (NASDAQ:CMPS) have been instrumental in developing these codes, which could lead to permanent CPT I codes if usage data supports it. MAPS PBC is awaiting FDA approval for MDMA therapy for PTSD, which could lead to DEA rescheduling of MDMA for medical use.

Portfolio Pulse from Lara Goldstein

January 03, 2024 | 10:50 pm

ASTL

Algoma Steel reported that its operations during Q3 ran as expected. However, the company faced soft demand and pricing issues due to a UAW strike in the previous quarter, which continued to impact results through October. The company expects total steel shipments for the fiscal 2024 third quarter to be approximately 515,000 tons, with Adjusted EBITDA ranging from a loss of $10 million to breakeven.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 10:33 pm

AMZN

TikTok is increasing seller fees for TikTok Shop from 2% to 8% and adding a $0.30 commission fee. The platform aims to boost its e-commerce vertical despite a projected loss of over $500 million last year. TikTok is also banning links to outside retailers to keep sales within its ecosystem, competing with Douyin in China. TikTok has built logistics in the U.S. and China to support direct product sales. Amazon does over $500 billion in U.S. e-commerce sales annually. TikTok faces challenges as Montana and other states enact bans, although a federal judge blocked Montana's ban.

Portfolio Pulse from Aaron Bry

January 03, 2024 | 10:27 pm

CVS

CVS Caremark has announced that starting April 1, 2024, Humira will be excluded from major national commercial template formularies, and instead, biosimilars to Humira will be covered. This move is part of CVS Caremark's ongoing efforts to promote the adoption of biosimilars.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 10:03 pm

BDL

Flanigan's Enterprises reported a decrease in FY23 EPS to $2.15 from $3.40 year-over-year, while revenue increased to $174.396M from $158.132M in the same period.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 9:24 pm

PROF

Profound Medical Corp. announced preliminary unaudited revenues for Q4 and FY23, with Q4 revenue expected between $1.9M-$2M and FY23 revenue between $7.1M-$7.2M, slightly below estimates. The company highlighted the growth of its TULSA-PRO® system, now in 10 of the top 20 US cancer hospitals, and discussed future priorities including increasing the installed base and supporting system utilization. Profound also mentioned the closing of recent financing and the anticipation of revenue growth with the introduction of permanent CPT® Category 1 codes for TULSA in 2025.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 9:20 pm

CALM

Cal-Maine Foods has announced that the outbreak of Highly Pathogenic Avian Influenza will persist in affecting the egg supply until the layer hen flock is completely restored. This situation suggests a continued strain on egg production, which may impact the availability and pricing of eggs in the market.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 9:19 pm