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INBX

SNY

Inhibrx, Inc. has agreed to sell its INBRX-101 assets to Sanofi for up to $2.2 billion. Shareholders of Inhibrx will receive $30 per share in cash, a $5 contingent value right (CVR), and 0.25 shares of a new entity, New Inhibrx, which will hold all non-101 assets and liabilities. Sanofi will also pay off Inhibrx's debt and invest $200 million in New Inhibrx. The deal includes the acquisition of INBRX-101, an AAT augmentation therapy, by Sanofi's subsidiary Aventis Inc.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 6:09 am

NVDA

Analysts at Melius Research suggest that Nvidia (NASDAQ:NVDA) could experience an Apple-like transformation by focusing more on software and services. They note that Nvidia's software business, including the AI supercomputer DGX Cloud, is expected to generate significant revenue and provide long-term margin support. This shift could lead to a higher valuation for Nvidia's stock due to the premium typically assigned to software earnings. The company's strategic positioning in AI and partnerships with cloud service providers like Microsoft and Oracle are contributing to its growth and market leadership.

Portfolio Pulse from Benzinga Neuro

January 23, 2024 | 6:06 am

GE

General Electric Company (NYSE:GE) is anticipated to report lower Q4 earnings at 90 cents per share, down from $1.24 per share year-over-year, with projected revenue of $17.42 billion compared to $21.79 billion. GE is also involved in investigations related to a Boeing 747 engine malfunction. The stock closed up 1.1% at $131.23. Analysts from JP Morgan, RBC Capital, Citigroup, Barclays, and Morgan Stanley have provided ratings and adjusted price targets for GE.

Portfolio Pulse from Avi Kapoor

January 23, 2024 | 5:56 am

BRO

Brown & Brown, Inc. (NYSE:BRO) exceeded analyst expectations for Q4 earnings per share (EPS) and sales. The company reported an EPS of $0.58, surpassing the estimate of $0.53 by 9.43%, and a 16% increase from the previous year's $0.50. Sales reached $1.03 billion, beating the estimate of $985.48 million by 4.11% and marking a 13.82% increase from the prior year's $901.40 million.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 5:54 am

NFLX

Scott Stuber, head of Netflix's movie studio, is leaving the company to start his own media business after the March Academy Awards. His departure marks the end of a significant era for Netflix, which is set to announce Q4 earnings later on Tuesday. Netflix has seen substantial growth, with a 50% increase in operating profits over the past year and a recovery post-Hollywood writers' strike. Stuber's exit could affect Netflix's future film strategy and growth.

Portfolio Pulse from Benzinga Neuro

January 23, 2024 | 5:46 am

BTCUSD

Su Zhu, co-founder of the defunct hedge fund Three Arrows Capital (3AC), shared his positive prison experience, stating he had the 'best sleep' of his life there. Zhu served a four-month sentence in Singapore for defying a court order. He appreciated the simplicity and routine of prison life, including reading and exercise. Meanwhile, in the U.S., Sam Bankman-Fried, founder of the collapsed FTX exchange, is adapting to the economy of New York’s Metropolitan Detention Center using mackerel as currency. Bitcoin is currently trading at $39,989, down 3.85%.

Portfolio Pulse from Mehab Qureshi

January 23, 2024 | 5:24 am

AAPL

MBGAF

RIVN

STLA

Rivian Automotive Inc (NASDAQ:RIVN) has hired Jonas Reinke, a former executive from Apple Inc (NASDAQ:AAPL) and Porsche, as Vice President for Product Management to oversee the launch of its R2 platform. Reinke brings extensive experience in automotive product management. Rivian's R2 platform is set to begin production in 2026, with unveilings in early 2024, aiming to fill a market gap in the $45,000 to $50,000 midsize SUV range. The company has also recently hired Arnhelm Mittelbach from Mercedes-Benz Group AG (OTC:MBGAF) and Carlo Materazzo from Stellantis (NYSE:STLA) for key positions.

Portfolio Pulse from Anan Ashraf

January 23, 2024 | 5:21 am

BA

UAL

United Airlines CEO Scott Kirby has expressed dissatisfaction with Boeing's handling of quality issues and the ongoing grounding of aircraft. Kirby has discussed the matter with U.S. Transportation Secretary Pete Buttigieg and has been seeking support for a management change at Boeing. The FAA has increased scrutiny on Boeing, and United Airlines has had to cancel flights, affecting thousands of passengers. Despite these issues, United Airlines reported better-than-expected Q4 financial results.

Portfolio Pulse from Benzinga Neuro

January 23, 2024 | 4:52 am

ARVL

Electric vehicle manufacturer Arrival SA (NASDAQ:ARVL) is reportedly close to bankruptcy and in talks with EY for potential administration. The company's shares have dropped nearly 96% over the past year. Arrival ended the first half of 2023 with $43 million in cash and a loss of $155.7 million. The company's market cap is now around $21 million, down from a valuation of $5.4 billion at its public debut in March 2021 through a SPAC merger. Shares closed at $0.92, down nearly 20% on Monday.

Portfolio Pulse from Anan Ashraf

January 23, 2024 | 4:48 am

ARKB

ARKW

BITO

META

MSFT

Ark Invest, led by Cathie Wood, sold 648,091 units of ProShares Bitcoin Strategy ETF (BITO) worth $12.6 million and bought 523,541 units of ARK 21Shares Bitcoin ETF (ARKB) valued at $21.04 million through ARK Next Generation Internet ETF (ARKW). The firm also bought shares of Meta Platforms Inc (META) and sold shares of Microsoft Corp (MSFT). These trades occurred amid a volatile crypto market, with Bitcoin (BTC) briefly dropping below $40,000.

Portfolio Pulse from Benzinga Neuro

January 23, 2024 | 4:19 am