Streetbeat News

Acquisitions Mergers

ENB

Enbridge Inc (NYSE:ENB) reported a slight increase in Q4 FY23 adjusted EPS to C$0.64 from C$0.63 a year ago, with adjusted EBITDA rising to C$4.11 billion from C$3.91 billion. The growth was driven by higher Mainline volumes, increased contributions from the Midcontinent and Gulf Coast segment, and higher Canadian utility rates, among other factors. The company also announced a 3.1% increase in its 2024 quarterly dividend, marking the 29th consecutive annual increase, and reiterated its 2024 financial guidance. Additionally, Enbridge sold its stakes in Alliance Pipeline and Aux Sable to Pembina Pipeline Corporation for C$3.1 billion. ENB shares dropped by 0.99% to $34.01.

Portfolio Pulse from Lekha Gupta

February 09, 2024 | 5:58 pm

CCJ

NATKY

Cameco (NYSE:CCJ) reported significant growth in 2023 with revenue, gross profit, and net earnings all showing substantial increases from the previous year. The company highlighted the global support for nuclear power and its role in achieving net-zero emissions by 2050. Cameco's performance was boosted by increased sales volumes and prices in uranium and fuel services. However, uncertainties include production issues by Kazatomprom (OTCPK: NATKY) and potential U.S. bans on Russian uranium. Cameco has also entered a strategic acquisition of Westinghouse in partnership with Brookfield (NYSE:BN), expecting significant EBITDA growth.

Portfolio Pulse from Stjepan Kalinic

February 09, 2024 | 5:29 pm

DOOR

EMKR

INBS

NET

PINS

PLCE

SYBX

Nasdaq rose over 100 points while the Dow and S&P 500 showed mixed results. Pinterest reported higher earnings but missed sales estimates, forecasting Q1 revenue below expectations. Intelligent Bio Solutions, Masonite International, and Cloudflare saw significant stock increases, while The Children's Place, Synlogic, and EMCORE Corporation experienced sharp declines. The information technology sector led gains, whereas consumer staples fell.

Portfolio Pulse from Avi Kapoor

February 09, 2024 | 5:08 pm

TRI

RBC Capital has maintained its Sector Perform rating for Thomson Reuters (NYSE:TRI) and increased its price target from $149.00 to $153.00. Despite this, Thomson Reuters' shares are currently trading at $155.93, indicating a potential 1.88% decline if the price target is met. Thomson Reuters, known for its significant segments in legal professionals, tax and accounting, and corporates, emerged from a $17.6 billion merger and sold Refinitiv to LSE Group in 2021.

Portfolio Pulse from Benzinga Insights

February 09, 2024 | 5:00 pm

INBS

Intelligent Bio Solutions Inc. (NASDAQ:INBS) shares surged after reporting a significant increase in revenue for Q2 and the first six months of the fiscal year, attributed to the acquisition of Intelligent Fingerprinting Ltd. and growth in the Asia Pacific region. Revenue from sales of goods jumped 114% year-over-year for the quarter and 337% for the six months ended Dec. 31, 2023. The company's CEO highlighted substantial growth in product sales and global expansion. A high short interest of 45.66% in INBS shares, coupled with heavy trading volume, may be fueling the stock's sharp rise.

Portfolio Pulse from Erica Kollmann

February 09, 2024 | 4:57 pm

BKKT

Bakkt Holdings, Inc. (BKKT) has amended its Q3 Form 10-Q to include updates on business descriptions and risk factors, notably a going concern risk. This amendment follows the acquisition of Apex Crypto LLC, now Bakkt Crypto Solutions, LLC. Despite this, Bakkt's management remains confident in the business's future, focusing on client delivery, business objectives, and moving towards profitability.

Portfolio Pulse from Benzinga Newsdesk

February 09, 2024 | 4:51 pm

AVGO

MRVL

NVDA

Nvidia Corp's expansion into custom AI chip design challenges Broadcom Inc and Marvell Technology in the custom silicon market. Nvidia's new business unit targets cloud computing and AI applications, leveraging its 80% market share in high-end AI chips. This strategic move, responding to tech giants like OpenAI, Microsoft, Alphabet, and Meta developing in-house chips, could impact Broadcom and Marvell's sales in the $30 billion data center silicon design market. Broadcom and Marvell stocks traded lower following the report.

Portfolio Pulse from Anusuya Lahiri

February 09, 2024 | 4:50 pm

AVGO

MRVL

NVDA

Nvidia Corp (NASDAQ:NVDA) is experiencing a rise in stock value following reports of its new division focused on creating custom chips for cloud computing and advanced AI processors. Holding 80% of the high-end AI chip market, Nvidia's market value increased by 40% to $1.73 trillion in 2023. Its chips, especially the H100 and A100 models, are in high demand by tech giants like OpenAI, Microsoft Corp, Alphabet Inc, and Meta Platforms Inc. Despite a supply crisis, Nvidia's strategy to design custom AI chips positions it against Broadcom Inc and Marvell Technology, Inc, which are trading lower. The custom chip market is expected to reach $10 billion in 2023 and double by 2025.

Portfolio Pulse from Anusuya Lahiri

February 09, 2024 | 4:41 pm

DOOR

PGT

Owens Corning Inc (NYSE:OC) has agreed to acquire Masonite International Corporation (NYSE:DOOR) for $133.00 per share in a deal valued at approximately $3.9 billion. This acquisition, expected to close mid-2024, is anticipated to boost Owens Corning's revenue to $12.6 billion and expand its North American residential market share. The deal is financed through cash and $3 billion in debt from Morgan Stanley Senior Funding Inc. Masonite had previously terminated a merger agreement with PGT Innovations Inc (NYSE:PGT), opting not to submit a revised offer against a superior proposal from MITER Brands. Owens Corning also plans to review strategic alternatives for its global glass reinforcements business.

Portfolio Pulse from Vandana Singh

February 09, 2024 | 4:34 pm

CLSK

CleanSpark, Inc. (NASDAQ:CLSK) shares surged after reporting Q1 earnings of 14 cents per share, a significant improvement over last year's losses and beating analyst expectations. Quarterly sales also exceeded forecasts, contributing to a more than 50% increase in the stock price over five days. The rise was also fueled by CleanSpark's acquisition of three bitcoin mining facilities and the recent strength in Bitcoin, which trades around $47,000.

Portfolio Pulse from Erica Kollmann

February 09, 2024 | 4:28 pm