Streetbeat News

Acquisitions Mergers

NOK

Nokia has entered into a multi-year patent cross-license agreement with vivo, under which vivo will make royalty and catch-up payments to Nokia. This agreement resolves all pending patent litigation between the two companies across all jurisdictions. The financial terms of the agreement were not disclosed.

Portfolio Pulse from Charles Gross

February 05, 2024 | 9:44 am

HAYN

Haynes International, Inc. (HAYN) has agreed to be acquired by North American Stainless, a subsidiary of Acerinox, for $61.00 per share in an all-cash deal valued at approximately $970 million. This acquisition price represents a 22% premium over Haynes' six-month volume-weighted average share price as of February 2, 2024. Acerinox plans to invest an additional $200 million in its U.S. operations, including $170 million into Haynes' operations.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 8:04 am

LVMHF

LVMH Moet Hennessy Louis Vuitton SE (OTC:LVMHF) has launched a new watch division aiming to capture a larger share of the global luxury watch market, projected to reach $37 billion by 2032. The company's jewelry and watch division recorded $11.8 billion in sales in 2023, with a 7% organic growth. Frederic Arnault has been appointed as the CEO of LVMH Watches, overseeing brands like TAG Heuer, Hublot, and Zenith. This move follows a significant restructuring within LVMH and aims to revitalize the company's focus on luxury watches amidst challenges in the luxury retail industry.

Portfolio Pulse from Benzinga Neuro

February 05, 2024 | 6:36 am

ICLN

TSLA

Short-seller Jim Chanos criticized Tesla CEO Elon Musk's proposal for a carbon tax as a measure against climate change, labeling Musk as 'Subsidy King' and 'new darling of the Right'. Musk advocates for a carbon tax to combat climate change, citing a $5.3 trillion annual carbon subsidy per the IMF. Chanos, known for his bets against Tesla and Enron, recently closed his hedge fund. The debate highlights differing views on addressing climate change and the role of electric vehicles and renewable energy.

Portfolio Pulse from Shanthi Rexaline

February 05, 2024 | 6:24 am

VALN

Valneva has sold a Priority Review Voucher (PRV) awarded by the U.S. FDA for $103M, following the approval of IXCHIQ®, the first licensed vaccine for chikungunya virus. The proceeds will fund R&D, including Lyme disease vaccine development, further IXCHIQ® trials, and clinical pipeline expansion.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 6:06 am

NPSCY

X

Donald Trump's threat to block Nippon Steel's (OTC:NPSCY) acquisition of United States Steel (NYSE:X) for $15 billion could have broader implications for Japan, potentially affecting future acquisitions in strategic sectors. The deal, facing opposition from U.S. lawmakers and unions, symbolizes the limits of 'friendshoring' between allies. Experts warn that the deal's failure could damage investment ties, raise costs for businesses and consumers, and prompt Japanese companies to reevaluate their U.S. expansion plans.

Portfolio Pulse from Benzinga Neuro

February 05, 2024 | 5:51 am

HOLI

The Dazheng Group-led Buyer Consortium reaffirms its commitment to acquire Hollysys Automation Technologies Ltd. (HOLI) at $29.50 per share, offering a superior value proposition compared to the Ascendent Capital offer. The Consortium's offer is backed by robust financing commitments and requires fewer regulatory approvals. Despite challenges in negotiations with Hollysys's Special Committee, the Consortium urges shareholders to vote AGAINST the Ascendent transaction at the EGM on February 8, 2024. Leading Proxy Advisors ISS and Glass Lewis recommend voting against the Ascendent deal, citing concerns over the sales process and the potential for greater value with the Consortium's offer.

Portfolio Pulse from Benzinga Newsdesk

February 04, 2024 | 6:36 pm

BLK

JPM

Financial experts including Bill Gross, BlackRock, and Jamie Dimon provided insights on the U.S. economy, discussing a looming debt crisis, bullish views on U.S. stocks, and potential unemployment rate increases. Gross compared the U.S.'s $34 trillion debt to climate change impacts, predicting inflation due to annual deficits. BlackRock upgraded U.S. stocks to 'overweight', anticipating an economic soft landing and interest rate cuts. Mizuho's Dominic Konstam projected unemployment could double by year-end. Peter Schiff criticized the Federal Reserve's inflation policy, and Dimon warned of a global market 'rebellion' due to U.S. debt levels.

Portfolio Pulse from Benzinga Neuro

February 04, 2024 | 11:08 am

AAPL

ESGU

GE

META

TSLA

Barron's weekend stock picks highlight optimism for GE's future post-breakup, Meta's inaugural dividend signaling a shift in Big Tech's approach, a record outflow from ESG funds with iShares ESG Aware USA ETF facing challenges, Apple's resilience despite weak guidance, and Tesla's stock decline attributed to various factors including competition from Ford. The articles suggest a mixed outlook for these companies, with specific challenges and opportunities outlined for each.

Portfolio Pulse from Justin Chan

February 03, 2024 | 10:09 pm

ARKK

ARKW

TSLA

Cathie Wood's Ark Invest purchased $36M worth of Tesla shares throughout the week, with a significant buy on Friday. Despite Tesla's recent struggles, including trading below $200 and uncertainties around growth and Elon Musk's compensation, Wood remains bullish, projecting a $2,000 target by 2027. Ark's ETFs, ARKK and ARKW, also saw activity, with ARKK closing up 1.37% on Friday.

Portfolio Pulse from Shanthi Rexaline

February 03, 2024 | 7:58 pm