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BAYRY

BAYZF

Bayer AG (OTC:BAYRY) (OTC:BAYZF) won a California lawsuit regarding its Roundup weedkiller, which a plaintiff claimed caused his non-Hodgkin lymphoma. This breaks a streak of five consecutive trial losses for Bayer. The jury found insufficient evidence linking Roundup to cancer. Despite this victory, Bayer still faces over 50,000 unresolved claims. Previously, Bayer had won nine consecutive trials and settled most pending cases in 2020 for up to $9.6 billion. However, a recent ruling in November ordered Bayer to pay $332 million in damages for a similar claim.

Portfolio Pulse from Vandana Singh

December 26, 2023 | 11:58 am

ALVR

B of A Securities analyst Jason Zemansky has downgraded AlloVir (NASDAQ:ALVR) from Buy to Underperform and significantly reduced the price target from $17 to $1, indicating a bearish outlook on the company's stock.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 11:56 am

ARM

DRI

SEIC

Wall Street analysts with high accuracy rates have made new stock picks, with Piper Sandler's Sumeet Mody maintaining a Neutral rating on SEI Investments Company (SEIC) with a price target increase, Deutsche Bank's Ross Seymore downgrading Arm Holdings plc (ARM) with a price target increase, Oppenheimer's Brian Bittner reiterating an Outperform rating on Darden Restaurants, Inc. (DRI) with a significant upside, Wells Fargo's Aaron Rakers maintaining an Overweight rating on Micron Technology, Inc. (MU) with a notable upside, and JP Morgan's Seth Seifman maintaining a Neutral rating on General Electric Company (GE) with a raised price target.

Portfolio Pulse from Avi Kapoor

December 26, 2023 | 11:49 am

ATXS

IHT

STCN

Insider purchases at InnSuites Hospitality Trust, Astria Therapeutics, and Steel Connect indicate confidence in these companies. InnSuites Hospitality Trust CEO James F Wirth bought 2,000 shares for $5.62 million, Astria Therapeutics Director Joseph Edelman acquired 740,000 shares for $4.59 million, and Steel Connect's 10% owner WF Asset Corp. purchased 9,437 shares for $90,628. InnSuites reported increased sales, Astria posted a narrower loss, and Steel Connect saw a decline in sales.

Portfolio Pulse from Avi Kapoor

December 26, 2023 | 11:49 am

AZN

GRCL

AstraZeneca Plc (NASDAQ:AZN) is set to acquire Gracell Biotechnologies Inc (NASDAQ:GRCL) to enhance its cell therapy portfolio. The deal is valued at $2.00/share plus a contingent value right of $0.30/share, totaling approximately $1.2 billion if all conditions are met. The acquisition includes GC012F, a CAR-T therapy for multiple myeloma and other diseases. Gracell's shares surged 63.3% in premarket trading after the announcement.

Portfolio Pulse from Vandana Singh

December 26, 2023 | 11:47 am

NNDM

SSYS

Stratasys Ltd (NASDAQ:SSYS) stock is surging after receiving a preliminary acquisition proposal from Nano Dimension Ltd (NASDAQ:NNDM) for $16.50 per share in cash. This offer represents a 40% premium over the volume-weighted average price of SSYS shares since September 28, 2023. SSYS's Board, which had previously rejected NNDM's offer for undervaluing the company, will consider this new proposal. Nano Dimension has over $800 million in net cash and is seeking financing to support the potential transaction. SSYS shares have risen 9.31% in premarket trading.

Portfolio Pulse from Lekha Gupta

December 26, 2023 | 11:35 am

AEP

American Electric Power (AEP) has agreed to sell its 50% stake in New Mexico Renewable Development (NMRD) to Exus North America for approximately $115 million. The deal includes a portfolio of 15 solar projects totaling 625 MW. AEP's expected net proceeds are about $104 million after taxes and fees. The sale, also involving PNM Resources' 50% stake for a total of $230 million, is set to close in February 2024 and is not anticipated to materially impact AEP's financial results.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 11:34 am

BABA

NTES

PDD

TCEHY

Alibaba Group Holding Limited (NYSE:BABA) stock is up amid news of China approving 105 games, suggesting regulatory easing for the tech sector. This follows recent restrictions that led to a market downturn. The approvals included games from Tencent Holdings Ltd (OTC:TCEHY) and NetEase Inc (NASDAQ:NTES). Alibaba is also refocusing its online market, appointing millennials to key positions, with the aim to rejuvenate its e-commerce sector and appeal to younger consumers. BABA shares rose 0.62% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

December 26, 2023 | 11:26 am

SSNLF

TSM

Samsung Electronics Co has postponed mass production at its new $17 billion chip plant in Taylor, Texas, from the second half of 2024 to 2025, impacting U.S. semiconductor production goals. Similarly, Taiwan Semiconductor Manufacturing Co (TSMC) has delayed production at its Arizona fab to 2025. These delays come amidst a shortage of experienced workers and challenges such as environmental permit issues and slow financial support from the U.S. government, which has only granted $35 million of the promised $100 billion for semiconductor plants.

Portfolio Pulse from Anusuya Lahiri

December 26, 2023 | 11:21 am

DKNG

Needham analyst Bernie McTernan has reiterated a Buy rating on DraftKings (NASDAQ:DKNG) and maintained a $50 price target for the company's stock.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 11:18 am