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Acquisitions Mergers

NVDA

SOUN

SoundHound AI, Inc. (SOUN) shares are trading higher following Nvidia Corporation's (NVDA) impressive fourth-quarter earnings report. Nvidia's earnings reveal included a $3.7 million investment in SoundHound, boosting the latter's stock. AI-related stocks, including SoundHound, have seen an uptick after Nvidia reported significant year-over-year revenue growth and earnings per share. SoundHound's stock is currently trading above its 200-day moving average, indicating bullish sentiment among investors.

Portfolio Pulse from Erica Kollmann

February 22, 2024 | 4:58 pm

LRHC

La Rosa Holdings Corp. (NASDAQ:LRHC) shares surged 140% after announcing the acquisition of a 100% interest in the La Rosa Realty Winter Garden franchise, which achieved $1.4 million in revenue and positive cash flow. The company is executing a de-franchising strategy, aiming for an annualized revenue run rate of $100 million by the end of 2024 and profitability by the beginning of 2025. This move is part of a broader plan that includes acquiring additional franchisees and two ancillary services companies.

Portfolio Pulse from Nabaparna Bhattacharya

February 22, 2024 | 4:44 pm

NICE

NVAX

NVDA

ROOT

NICE Ltd. reported better-than-expected Q4 financial results, leading to a 10.4% stock increase. Other companies like Root, Inc., Novavax, Inc., and NVIDIA Corporation also saw significant gains following positive financial results or settlements. The overall market sentiment was positive, with the Nasdaq Composite gaining more than 2%.

Portfolio Pulse from Avi Kapoor

February 22, 2024 | 4:33 pm

WRAC

Williams Rowland Acquisition Corp. (WRAC) announced it will liquidate and dissolve, redeeming all outstanding public shares effective March 8, 2024, due to its inability to complete an initial business combination by March 29, 2024. The company will cease operations except for winding up, redeem public shares with funds from its trust account, and dissolve following stockholder and board approval. WRAC's securities will stop trading on the NYSE American on February 29, 2024, and it plans to delist and terminate the registration of its securities.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 4:18 pm

RILY

B. Riley Financial's shares increased following a statement from the company's board affirming proper conduct in the management-led buyout of FRG, based on the audit committee's review.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 3:55 pm

RTNTF

Rio Tinto (OTCPK: RTNTF) has received board approval for the $20 billion Simandou iron ore project in Guinea, set to be the world's largest mining project. The project, aiming for a 2025 production start, is expected to add 5% to the global seaborne supply and create 45,000 jobs. It involves collaboration with the Guinean government, China's Chalco Iron Ore Holdings, and other partners. The project emphasizes environmentally friendly steelmaking and has already seen $11.6 billion invested by Rio Tinto.

Portfolio Pulse from Stjepan Kalinic

February 22, 2024 | 3:48 pm

NVAX

Novavax Inc (NASDAQ:NVAX) shares are trading higher after reaching a settlement with Gavi for its 2021 vaccine advance purchase agreement. The settlement closes pending arbitration and involves an initial payment of $75 million by Novavax, with deferred payments of $80 million annually through 2028 and an additional vaccine credit of up to $225 million. Novavax is expected to report a Q4 loss of 50 cents per share and revenue of $321.66 million. The company does not pay dividends but engages in other capital allocation programs.

Portfolio Pulse from Adam Eckert

February 22, 2024 | 3:28 pm

LEEEF

Micah Anderson, CEO of LEEF Brands, Inc., is leading the company's strategy in the cannabis extraction industry, highlighted by its growth and strategic partnerships. In 2022, LEEF merged with Icanic Brands Company in a $120 million deal, acquired a dispensary and delivery service, entered into an exclusive agreement with Buddies Brand, partnered with Farming First Holdings for biomass cultivation, and acquired Salisbury Canyon Ranch to expand biomass cultivation in California.

Portfolio Pulse from Jelena Martinovic

February 22, 2024 | 3:20 pm

INFY

UBER

Uber Technologies Inc (NYSE:UBER) is expanding its operations in India by introducing scooter and motorbike services to compete with local rival Ola. CEO Dara Khosrowshahi highlighted India as Uber's 'toughest market' and discussed the potential for growth and experimentation with new services, including buses, during a visit to Bangalore. Uber, having recently achieved its first annual profit, sees India as a key market following its withdrawal from China and Southeast Asia. The company also signed a memorandum of understanding with the Open Network for Digital Commerce (ONDC) to standardize online transactions. Uber's Q4 results showed a 15% revenue growth year-on-year, with trips growing 24% to 2.60 billion.

Portfolio Pulse from Anusuya Lahiri

February 22, 2024 | 3:04 pm

BZFD

BuzzFeed announced the sale of Complex to NTWRK for $108.6 million in cash and a strategic restructuring that includes cutting 16% of its workforce. This move is aimed at streamlining operations and focusing on core areas of growth.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 3:02 pm