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CYTK

NVS

Novartis' expected acquisition of Cytokinetics, a developer of heart drugs, has lost momentum. The deal was anticipated to be finalized as soon as this week, according to the Wall Street Journal.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 5:22 pm

SUN

Sunoco LP (NYSE:SUN) has agreed to sell 204 convenience stores to 7-Eleven for approximately $1 billion, with adjustments for fuel and merchandise inventory. The deal includes an amendment to Sunoco's existing fuel supply agreement with 7-Eleven, promising additional fuel gross profit. Proceeds will be used to reduce leverage and fund growth, with the sale expected to close after regulatory approvals. Sunoco also plans to acquire Zenith Energy's terminals in Amsterdam and Bantry Bay, which is expected to close in Q1 2024 and be accretive to unitholders in the first year. The acquisition will be funded through Sunoco's credit facility. Sunoco reaffirmed its FY24 EBITDA guidance of $975 million to $1 billion. SUN shares rose 1.7% to $59.05.

Portfolio Pulse from Lekha Gupta

January 11, 2024 | 5:21 pm

DIA

IWM

QQQ

Major stock indexes declined following the release of December CPI data, which indicated that inflation was higher than anticipated.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 5:19 pm

USO

Oil prices surged by 2.5% to over $74 following the seizure of a US-controlled tanker, the St Nikolas, by Iran off the coast of Oman. The incident is part of escalating tensions in the Red Sea region, including Houthi militia strikes and heightened military engagement by US and UK naval forces. The UN Security Council condemned the attacks, with some nations abstaining. The European Union is considering a naval operation to secure navigation in the Red Sea. The United States Oil Fund ETF (USO) rose 3.1% in response to these events.

Portfolio Pulse from Piero Cingari

January 11, 2024 | 5:14 pm

SDHC

Smith Douglas Homes Corp (SDHC) shares opened at $23.50 on their NYSE debut, above the IPO price of $21 per share.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 5:14 pm

CMND

FFNW

LAES

OPI

TGAN

YGF

U.S. stocks traded lower, with the Dow Jones falling over 200 points. Energy shares rose by 0.5%, while utilities fell by 1.9%. U.S. consumer prices increased by 0.3% in December, with annual inflation at 3.4%. First Financial Northwest (FFNW) spiked 49% after Global Credit Union's acquisition plans. SEALSQ Corp (LAES) surged 29% on strong FY23 revenue. Transphorm (TGAN) gained 26% after Renesas Electronics' acquisition plans. Clearmind Medicine (CMND), YanGuFang International (YGF), and Office Properties Income Trust (OPI) saw significant share price drops.

Portfolio Pulse from Avi Kapoor

January 11, 2024 | 5:11 pm

FSLR

First Solar, Inc. (NASDAQ:FSLR) shares dropped on Thursday despite the inauguration of its new 3.3 GW solar manufacturing plant in Tamil Nadu, India. The facility represents a $700 million investment and is the first fully vertically integrated solar manufacturing plant in India. It is also the world's first net-zero water withdrawal solar manufacturing facility. The plant will create approximately 1,000 jobs and produce Series 7 PV solar modules, optimized for the Indian market, using a tellurium-based semiconductor to reduce reliance on Chinese silicon supply chains.

Portfolio Pulse from Nabaparna Bhattacharya

January 11, 2024 | 5:11 pm

TGAN

Transphorm's stock price has increased following the announcement that Renesas will acquire the company. This acquisition is likely to have a positive impact on Transphorm's stock in the short term as it may provide financial stability and potential growth opportunities.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 5:02 pm

HES

Over the past 5 years, Hess Corporation (NYSE:HES) has produced an average annual return of 21.99%, outperforming the market by 9.33% on an annualized basis. A $1000 investment in HES five years ago would be worth $2,755.36 today. Hess currently has a market capitalization of $42.67 billion.

Portfolio Pulse from Benzinga Insights

January 11, 2024 | 5:01 pm

IT

Gartner (NYSE:IT) has delivered an impressive average annual return of 27.69% over the past 5 years, outperforming the market by 15.03% on an annualized basis. A $100 investment in Gartner stock 5 years ago would be worth $343.94 today. Gartner currently has a market cap of $34.50 billion.

Portfolio Pulse from Benzinga Insights

January 11, 2024 | 5:00 pm