Streetbeat News

Acquisitions Mergers

OMH

Ohmyhome Ltd. (NASDAQ:OMH) announced significant growth following its acquisition of Simply Sakal Pte. Ltd., now Ohmyhome Property Management. The acquisition has expanded Ohmyhome's services, adding a non-cyclical recurring revenue stream with 6,746 units under management and an ARR of over $2.7M. The integration into the Simple App allows entry into the private condominium market, potentially increasing revenue per transaction. New IoT solutions for vehicle management in condominiums have been introduced, enhancing property management efficiency.

Portfolio Pulse from Benzinga Newsdesk

February 08, 2024 | 1:50 pm

AMZN

BABA

GOOG

GOOGL

Alibaba Group Holding Limited (NYSE:BABA) stock is trading lower, down by 2.10% in premarket trading on Thursday, following its third-quarter results release. The company reported a 5% year-on-year revenue growth to $36.67 billion, slightly missing the consensus of $36.74 billion, and adjusted earnings per ADS of $2.67, below the consensus of $2.69. Additionally, Alibaba announced a $25 billion increase in its share repurchase program but also shelved IPOs for its logistics arm, Cainiao Smart Logistics, and Freshippo due to intense domestic competition and a recent recovery from a regulatory crackdown. The company underwent significant restructuring, splitting into six units and announcing layoffs of 20,000 positions, aligning with trends seen in other Big Tech firms like Amazon and Alphabet.

Portfolio Pulse from Anusuya Lahiri

February 08, 2024 | 1:47 pm

MPWR

Monolithic Power Systems, Inc. (NASDAQ:MPWR) exceeded fourth-quarter earnings and sales expectations, raised its quarterly dividend from $1 to $1.25, and announced the acquisition of Axign B.V. Shares rose 2% to $645.41. Keybanc and Needham increased their price targets for MPWR following the earnings report.

Portfolio Pulse from Avi Kapoor

February 08, 2024 | 1:46 pm

CNM

Core & Main Inc. (NYSE:CNM) announced Stephen O. LeClair as the new chairman of the board, effective immediately, while also serving as CEO. James G. Castellano and Kathleen M. Mazzarella take on new board roles. Affiliates of Clayton, Dubilier & Rice (CD&R) resigned from the board following the sale of their remaining stake in Core & Main in January 2024. The company emphasizes its focus on local service, profitable growth, strong cash flow, and delivering value to shareholders.

Portfolio Pulse from Benzinga Newsdesk

February 08, 2024 | 1:45 pm

ARRV

BRSH

Arrive Partners has signed an agreement with AllMart Marketplace to deploy smart mailboxes in Antigua, with autonomous delivery testing to follow in the second half of 2024. Additionally, Arrive and Brüush have entered into a merger agreement, planning a reverse triangular merger in an all-stock transaction. The merged entity, to be named Arrive Technology Inc., will focus on Arrive's smart Mailbox-as-a-Service platform, aiming for a Nasdaq listing under the ticker 'ARRV'. The merger is expected to close in Q2 2024, pending customary conditions.

Portfolio Pulse from Benzinga Newsdesk

February 08, 2024 | 1:45 pm

KOPN

Kopin Corporation (NASDAQ:KOPN) has been awarded a Small Business Innovation Research (SBIR) contract by the Naval Air Warfare Center to develop advanced microdisplays for lensless computational imaging. The project aims to create a high-resolution, high-framerate microdisplay to support AI and autonomous capabilities. This marks the first award from the Navy to Kopin for research in advancing vision technology.

Portfolio Pulse from Benzinga Newsdesk

February 08, 2024 | 1:37 pm

UAVS

AgEagle Aerial Systems Inc. (NYSE:UAVS) has secured a contract to supply eBee X and eBee TAC drones to UT-Battelle, LLC for use at the Oak Ridge National Laboratory, managed on behalf of the U.S. Department of Energy. The drones were selected for their operational excellence, NDAA compliance, FAA-approved Operations Over People, and Blue UAS accreditation. The financial terms of the deal were not disclosed. This contract highlights AgEagle's role as a trusted partner in providing U.S. Government-certified drones for critical research, security, and emergency response efforts.

Portfolio Pulse from Benzinga Newsdesk

February 08, 2024 | 1:21 pm

BWA

BorgWarner has extended its contract to supply 400V high voltage coolant heaters (HVCH) to a major global OEM for use in electric SUVs and passenger trucks. This contract is one of three secured with North American OEMs for BorgWarner's HVCH technology, which is crucial for managing battery pack temperature and cabin heating in EVs. The HVCH will be manufactured at BorgWarner's facility in Cadillac, Michigan, marking BorgWarner as the only supplier of American-made HVCH. The technology is designed for optimal charging efficiency, battery life, and driving range, and is more powerful than those used in smaller vehicles.

Portfolio Pulse from Benzinga Newsdesk

February 08, 2024 | 1:09 pm

UCAR

U Power Limited (NASDAQ:UCAR) shares surged in the premarket session on Thursday following the appointment of Jean Christophe von Pfetten as an independent director and member of various committees, effective February 1, 2024. This comes after Bo Lyu's resignation and a significant share price drop over the last year. U Power received a Nasdaq compliance warning in January but also signed a memorandum with Cornerstone Technologie to develop a strategic business relationship, aiming to increase visibility for their battery swapping stations. UCAR shares rose by 47.95% to $0.0975 in premarket trading.

Portfolio Pulse from Nabaparna Bhattacharya

February 08, 2024 | 12:55 pm

GM

General Motors (GM) has hired a leading expert in next-generation battery technology to spearhead its battery development efforts, aiming to enhance its position in the electric vehicle (EV) market. This strategic move underscores GM's commitment to innovation and its ambition to be a frontrunner in the EV industry.

Portfolio Pulse from Benzinga Newsdesk

February 08, 2024 | 12:33 pm