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HSBC

Royal Bank of Canada (NYSE:RY) has received approval to acquire HSBC Holdings, Plc.'s (NYSE:HSBC) Canadian unit for C$13.5 billion ($10.2 billion). HSBC expects a pre-tax gain of $5.7 billion and plans a special dividend of $0.21 per share from the sale proceeds in H1 2024. The deal is expected to close in Q1 2024. RBC will create a Global Banking Hub in Vancouver with over 1,000 jobs and provide $7 billion in financing for affordable and sustainable housing in Canada. Additionally, RBC will create 100 new jobs in Winnipeg, Manitoba.

Portfolio Pulse from Nabaparna Bhattacharya

December 26, 2023 | 12:06 pm

ASML

INTC

Intel Corporation (NASDAQ:INTC) is set to receive a $3.2 billion grant from the Israeli government for a new $25 billion chip plant in Israel, with operations starting in 2027. Intel has committed to purchasing $16.6 billion in goods and services from Israeli suppliers over the next decade. The company is actively progressing with the construction of the site, which is part of its global supply chain resilience efforts. ASML Holding NV (NASDAQ:ASML) has started shipping components for a new chipmaking machine to Intel's Oregon factory.

Portfolio Pulse from Nabaparna Bhattacharya

December 26, 2023 | 12:02 pm

BMY

RYZB

Bristol Myers Squibb (BMY) is set to acquire RayzeBio (RYZB) for $62.50 per share, totaling approximately $4.1 billion in equity value. The cash transaction, net of estimated cash acquired, is valued at $3.6 billion. Both companies' Boards of Directors have unanimously approved the merger, which adds a premier radiopharmaceutical platform to Bristol Myers Squibb's portfolio.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 12:01 pm

DKNG

DraftKings (NASDAQ:DKNG) has been the subject of 18 analyst ratings in the past three months, with a consensus leaning towards bullish. The average 12-month price target is $44.78, up from $39.36, with a high estimate of $50.00 and a low of $36.00. Analysts from firms like Needham, Argus Research, Craig-Hallum, Guggenheim, Benchmark, Susquehanna, UBS, Truist Securities, and Morgan Stanley have provided updates, with most maintaining or raising their price targets. DraftKings operates in online sports and casino gambling, and has shown a revenue growth rate of 57.38% as of September 30, 2023, but struggles with profitability and efficiency, as indicated by its net margin and ROE/ROA figures.

Portfolio Pulse from Benzinga Insights

December 26, 2023 | 12:00 pm

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