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ACI

KR

A Colorado court has scheduled a hearing for mid-August to discuss the proposed acquisition of Albertsons Companies Inc (NYSE:ACI) by Kroger Company (NYSE:KR). This hearing precedes a U.S. government antitrust challenge. The FTC is attempting to block the merger, with a trial set for the end of August in Oregon. Kroger's representative mentioned a potential enhanced divestiture package with C&S Wholesale Grocers Inc to address concerns. The merger faces legal and financing challenges, with an outside date of Oct. 9. KR shares slightly dropped in premarket trading.

Portfolio Pulse from Shivani Kumaresan

March 26, 2024 | 10:52 am

ARKG

ARKK

COIN

HOOD

NVDA

SQ

ZM

Cathie Wood's Ark Investment Management has been selling shares of crypto-linked stocks such as Coinbase (COIN), Robinhood (HOOD), and Block (SQ), despite their recent rally alongside cryptocurrency prices. Ark also trimmed its holdings in Nvidia (NVDA) and Zoom (ZM), with Wood citing stretched valuations for Nvidia and selling off nearly all its Nvidia shares. The sales occurred as Ark's flagship ETF, ARKK, and its ARKG ETF continue to adjust their portfolios.

Portfolio Pulse from Shanthi Rexaline

March 26, 2024 | 10:38 am

MKC

McCormick has reaffirmed its fiscal year 2024 sales growth outlook to range between a 2% decline and no change. Additionally, the company has provided an adjusted earnings per share (EPS) forecast of $2.80 to $2.85, aligning closely with the analyst estimate of $2.83.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 10:35 am

BABA

Alibaba Group has announced the withdrawal of its logistics subsidiary Cainiao's IPO application on the Hong Kong Stock Exchange. Concurrently, Alibaba proposes to acquire all outstanding shares of Cainiao from minority shareholders, including employees, for $0.62 per share, totaling up to $3.75 billion. Alibaba currently owns approximately 63.7% of Cainiao.

Portfolio Pulse from Charles Gross

March 26, 2024 | 10:33 am

PRAX

Praxis Precision Medicines, Inc. (NASDAQ:PRAX) announced successful Phase 2a study results for PRAX-628, showing a 100% response rate in treating epilepsy patients with Photo Paroxysmal Response (PPR). The study's positive outcome highlights PRAX-628's potential as an effective anti-seizure medication.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 10:32 am

MKC

McCormick & Co (NYSE:MKC) reported Q1 adjusted EPS of $0.63, surpassing the $0.58 estimate, and sales of $1.60B, exceeding the $1.56B estimate. This represents a 6.78% increase in earnings and a 2.33% increase in sales from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 10:31 am

AONC

American Oncology Network (AON) (NASDAQ:AONC) expands its presence in Texas by opening Woodlands Cancer Institute in Houston, marking its second practice in the state and first in Montgomery County. The institute specializes in medical oncology, radiation oncology, and hematology, led by a team of Board-certified oncologists.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 10:29 am

FLUT

Flutter Entertainment Plc (NYSE:FLUT) shares are up in premarket trading after reporting a 24.6% year-over-year revenue increase to $11.79 billion for FY23. Adjusted EBITDA rose 45.4% to $1.874 billion, with a margin expansion of 230 basis points to 15.9%. The company's strong performance was attributed to its leading position in the US, product innovation, and strong UKI performance. Flutter introduced FY24 guidance with expected revenue growth of 17.5% and adjusted EBITDA growth of 30.2%. FLUT stock has risen over 26% in the past year.

Portfolio Pulse from Nabaparna Bhattacharya

March 26, 2024 | 10:28 am

WDH

Waterdrop (NYSE:WDH) reported Q4 adjusted EPS of $0.03, surpassing the $0.01 estimate, but its sales of $92.87M fell short of the $94.55M estimate. This represents a 50% decrease in EPS and a 5.73% decrease in sales from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 10:04 am

ESLT

Elbit Systems Ltd. (NASDAQ:ESLT) reported a Q4 FY23 revenue of $1.625 billion, surpassing the consensus of $1.525 billion, with significant order backlog and segment growth, despite a decline in profit margins and operating cash flows. Adjusted EPS was $1.56, above the consensus of $1.38. The company announced a dividend of $0.50 per share and expects non-cash expenses of $52 million due to the closure of an underperforming subsidiary.

Portfolio Pulse from Lekha Gupta

March 26, 2024 | 9:47 am