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BEAM

LLY

VERV

Beam Therapeutics Inc (NASDAQ:BEAM) shares are trading higher after Eli Lilly And Co (NYSE:LLY) agreed to acquire certain rights under Beam's agreement with Verve Therapeutics Inc (NASDAQ:VERV). Beam will receive a $200 million upfront payment, a $50 million equity investment, and is eligible for another $350 million in development-stage payments based on certain milestones.

Portfolio Pulse from Adam Eckert

October 31, 2023 | 12:53 pm

BABA

NVDA

PDD

Alibaba's stock is trading lower amid struggles in the e-commerce sector and updates to its AI model, Tongyi Qianwen. Nvidia is set to lose billions in revenue from China due to new US sanctions on AI technology. Alibaba's cloud computing arm has launched eight AI models for various industries. Alibaba is also pressuring merchants to offer low prices for its Singles Day event, indicating rivalry with Douyin and PDD Holdings. China's state-backed chip investment fund has invested in a memory chip company, Changxin Xinqiao.

Portfolio Pulse from Anusuya Lahiri

October 31, 2023 | 12:53 pm

BEAM

LLY

Eli Lilly has agreed to acquire certain rights under Beam Therapeutics' agreement with Verve Therapeutics. This has led to an increase in Beam Therapeutics' share prices.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 12:52 pm

PINS

Pinterest Inc (NYSE:PINS) reported strong Q3 earnings, with revenues of $763 million, beating estimates of $743.5 million, and EPS of 28 cents, surpassing estimates of 20 cents. The company's revenues were up 11% YoY, and global monthly active users increased 8% YoY to 482 million. Pinterest expects Q4 revenue growth of 11% to 13% YoY and a decline in operating expenses between 9% and 13%. Following the results, Keybanc, Rosenblatt, and BofA Securities analysts maintained or upgraded their ratings and raised their price targets for Pinterest.

Portfolio Pulse from Adam Eckert

October 31, 2023 | 12:50 pm

WDC

Western Digital has announced a proposed $1.3 billion convertible notes offering, leading to a decrease in its share price.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 12:47 pm

DLPN

Dolphin Entertainment has announced the pricing of its public offering of common stock. The company is offering 1.4 million shares at $1.65 per share, aiming to raise $2.3 million.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 12:47 pm

MPWR

Monolithic Power Systems reported Q3 financial results and issued Q4 guidance. The company also announced a $640 million stock repurchase program, leading to a rise in its share prices.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 12:47 pm

OLK

TMO

Thermo Fisher Scientific Inc. (TMO) has commenced a tender offer to acquire all outstanding common shares and American Depositary Shares (ADSs) of Olink Holding AB (OLK) for $26.00 per share and per ADS, in cash. The offer will expire on November 30, 2023, unless extended or terminated earlier. Olink's board of directors has recommended that shareholders accept the offer. Summa Equity AB, Olink's largest shareholder, and additional shareholders and management, holding approximately 66% of Olink's shares, have agreed to tender into the offer.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 12:46 pm

CHGG

Chegg reported Q3 financial results, issued Q4 guidance, and announced a 4% YoY decrease in Q3 Subscription Services revenues. This news led to a drop in the company's share price.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 12:46 pm

PETS

PINS

SPRC

SciSparc (SPRC) was granted a patent for its opioid reduction technology, causing its shares to surge by 152%. Pinterest (PINS) shares rose by 19% after reporting better-than-expected Q3 results and issuing guidance. PetMed Express (PETS) shares fell by 28% after its Q2 2024 sales missed estimates.

Portfolio Pulse from ryanfaloona@benzinga.com

October 31, 2023 | 12:46 pm