Streetbeat News

Acquisitions Mergers

PRIM

Primoris Services Corporation (NYSE:PRIM) announced awards totaling approximately $1.1 billion for its Energy Segment, including over $700 million for utility-scale solar projects and more than $350 million for a natural gas repowering project with battery energy storage. These projects, spanning three states, are set to begin between the second quarter of 2024 and early 2025, marking significant growth in the company's project backlog.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 9:01 pm

NVO

Novo Nordisk's stock is trading higher following the announcement of its acquisition of Catalent. This strategic move is expected to enhance Novo Nordisk's capabilities and market position.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 8:38 pm

APTM

Mercury Capital announced significant leadership changes at Alpha Partners Technology Merger Corp (APTM), including the resignation of CEO Matt Krna and CFO Sean O'Brien on Dec 28, 2023. Subsequently, on Jan 3, 2024, Kanishka Roy was appointed as President and CEO. Additionally, several board members resigned on Dec 28, 2023, and new members were appointed on Jan 2, 2024.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 8:26 pm

BHP

IVPAF

RTNTF

ZIJMF

KoBold Metals, supported by billionaires including Bill Gates and Jeff Bezos, announced a historic copper discovery in Zambia, potentially the largest in the country's history. The Mingomba asset could rival the Kamoa-Kakula mine, operated by Ivanhoe Mines Ltd (OTC:IVPAF) and Zijin Mining Group (OTC:ZIJMF), which produced almost 400,000 tons of copper in 2023. KoBold plans to fast-track the development of this $2 billion mine for production in the early 2030s. The company spent $100 million on exploration in 2023, with plans to exceed this in 2024, aligning with the spending of giants like BHP Group (NYSE:BHP) and Rio Tinto Ltd. (OTC:RTNTF).

Portfolio Pulse from Stjepan Kalinic

February 05, 2024 | 8:22 pm

BITO

IBIT

XBTF

The SEC's approval of Bitcoin ETFs, including ProShares Bitcoin Strategy ETF (BITO) and VanEck Bitcoin Strategy ETF (XBTF), marks a significant milestone in integrating cryptocurrencies into the regulated financial ecosystem. Experts predict a bullish long-term outlook for these ETFs, anticipating broader acceptance and potential approval of Ethereum ETFs. The success of these ETFs could lead to increased allocations in investor portfolios and pave the way for further digital asset ETFs, transforming the investment landscape.

Portfolio Pulse from Murtuza Merchant

February 05, 2024 | 7:50 pm

SGML

Sigma Lithium has completed loading 22,000 tonnes of Quintuple Zero Green Lithium for Glencore, with a 50% prepayment at a 7.5% premium of the LME/Fastmarkets lithium hydroxide price. This shipment marks a milestone for Sigma's Greentech Plant, achieving its annualized nameplate capacity of 270,000 tonnes. Sigma's production process is notable for its minimal environmental impact, including zero net carbon emissions, no use of coal-based power, tailings dams, potable water, or hazardous chemicals.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 7:41 pm

CAT

DMK

EVBG

FDMT

NSTG

PEGY

Caterpillar Inc. reported better-than-expected fourth-quarter earnings, with a revenue increase of 3% year-over-year to $17.07 billion and adjusted earnings of $5.23 per share. U.S. stocks traded lower, with the Dow Jones falling around 200 points. Information technology shares rose by 0.6%, while materials shares fell by 2.4%. Everbridge, Inc. surged 19% after announcing its acquisition by Thoma Bravo for $1.5 billion. 4D Molecular Therapeutics, Inc. saw a 74% increase after positive clinical trial data. NanoString Technologies, Inc., DMK Pharmaceuticals Corporation, and Pineapple Energy Inc. experienced significant drops due to various financial challenges.

Portfolio Pulse from Avi Kapoor

February 05, 2024 | 7:35 pm

CLF

Former President Donald Trump has expressed intentions to block the acquisition of United States Steel Corp. (NYSE:X) by Nippon Steel Corp., despite the deal's potential benefits to shareholders. The $14.1 billion acquisition was chosen over a lower bid from Cleveland-Cliffs Inc. (NYSE:CLF) due to antitrust concerns. Trump's opposition adds uncertainty to the deal's regulatory approval, potentially impacting U.S. Steel's stock, which has significant upside if the deal closes but also downside risk if it doesn't.

Portfolio Pulse from Caleb Naysmith

February 05, 2024 | 7:33 pm

BABA

Chinese AI startup 01.AI, backed by Alibaba Group Holding Ltd. (NYSE:BABA), has raised $200 million from Alibaba Cloud and Sinovation Ventures, reaching a $1 billion valuation in eight months. Under Kai-Fu Lee's leadership, 01.AI is making strides in the AI field with its open-source model Yi, outperforming competitors on the Hugging Face leaderboard. The company aims to meet the demand for large-scale language models in China, where OpenAI and Google face restrictions.

Portfolio Pulse from Caleb Naysmith

February 05, 2024 | 7:27 pm

CTLT

IWM