Streetbeat News

Acquisitions Mergers

COF

DFS

Capital One Financial Corp (NYSE:COF) is set to acquire Discover Financial Services (NYSE:DFS) in a $35.3 billion all-stock deal, expected to close by the end of 2024 or early 2025. This merger, which offers Discover shareholders a 26% premium, aims to reshape the credit card services landscape in the U.S. by combining two industry giants. The deal is seen as a strategic move to enhance Capital One's credit card portfolio and deposit base, following its acquisition of Velocity Black last year.

Portfolio Pulse from Michael Cohen

February 20, 2024 | 12:38 am

COF

DFS

Capital One Financial Corporation (COF) is set to acquire Discover Financial Services (DFS) in an all-stock deal valued at $35.3 billion. Discover shareholders will receive 1.0192 COF shares for each DFS share, representing a 26.6% premium based on the closing price of $110.49 on February 16.

Portfolio Pulse from Charles Gross

February 19, 2024 | 11:45 pm

ALB

BHP

LIT

NIKL

The EV battery metal market is facing a downturn, with significant price drops in lithium and nickel leading to paused projects and mine shutdowns. Albemarle Corp. is reevaluating a major lithium processing plant project in South Carolina due to these price declines and a slowdown in EV sales. Glencore has suspended operations at a nickel mine in New Caledonia, and BHP Group may temporarily close its Australian nickel business. The downturn has also affected related ETFs, with the Global X Lithium & Battery Tech ETF and the Sprott Nickel Miners ETF experiencing significant declines. Despite current challenges, there's potential for recovery if EV demand surges again.

Portfolio Pulse from Piero Cingari

February 19, 2024 | 8:40 pm

TPG

Bloomberg reported that TPG is in discussions to acquire Alter Domus from Permira for €4.5 billion. The deal, if finalized, would mark a significant transaction in the financial services sector.

Portfolio Pulse from Charles Gross

February 19, 2024 | 7:32 pm

COF

DFS

Capital One Financial Corp (NYSE:COF) is considering acquiring Discover Financial Services (NYSE:DFS) to enhance its credit card offerings. Despite Discover's recent 62% drop in Q4 earnings and compliance issues, Capital One sees value in the acquisition. Discover's stock has declined 1.7% this year, valuing it at $27.6 billion, while Capital One's market cap is $52.2 billion. The outcome of these deliberations is uncertain, and both companies have not commented.

Portfolio Pulse from Surbhi Jain

February 19, 2024 | 5:38 pm

BHP

GLCNF

MTSUY

TECK

Peru has approved a $2 billion expansion of the Antamina copper and zinc mine, owned by Glencore PLC, BHP Group Ltd, Teck Resources, and Mitsubishi Corporation. The project aims to extend the mine's life from 2028 to 2036, increasing its area by 25% and deepening the open pit. This expansion is crucial for Peru to maintain its position as a leading copper producer and for the global supply amid the transition to a low-carbon economy.

Portfolio Pulse from Stjepan Kalinic

February 19, 2024 | 5:05 pm

GFS

INTC

TXN

GlobalFoundries Inc (NASDAQ:GFS) is set to receive $1.5 billion from the CHIPS Act for expanding its New York and Vermont facilities. This marks the first grant under the act aimed at boosting U.S. semiconductor production. Intel (NASDAQ:INTC), Texas Instruments (NASDAQ:TXN), and other companies have also applied for grants. The CHIPS Act, responding to semiconductor shortages and national security concerns, supports domestic chip production to reduce reliance on foreign manufacturing.

Portfolio Pulse from Neil Dennis

February 19, 2024 | 4:39 pm

NVO

Almirall has acquired exclusive worldwide rights to develop and market Novo Nordisk's NN-8828 monoclonal antibody for dermatological inflammatory diseases. Novo Nordisk will receive an upfront payment, additional development and commercial milestone payments, and tiered royalties based on future global sales.

Portfolio Pulse from Charles Gross

February 19, 2024 | 3:52 pm

AMDI

Amphitrite Digital Inc (NASDAQ:AMDI) is set to IPO on February 20, with shares priced between $3.50 and $4.50. The company specializes in in-destination tours in the US and the Caribbean, focusing on marine wildlife, nature, history, and culture. There's a 180-day insider lock-up period ending on August 18, 2024.

Portfolio Pulse from Benzinga Insights

February 19, 2024 | 3:00 pm

VZIO

WMT

Walmart Inc (WMT) and Home Depot Inc (HD) are set to report Q4 earnings on Feb. 20, with analysts not seeing an upside for either stock. Walmart's strategic investments in e-commerce and potential acquisition of VIZIO Holding Corp (VZIO) for $2 billion, along with a planned stock split, could impact its short-term stock performance. Home Depot faces challenges from a slump in housing starts, affecting its core market.

Portfolio Pulse from Surbhi Jain

February 19, 2024 | 1:47 pm