Streetbeat News

Acquisitions Mergers

RCI

Rogers Communications Inc. (RCI) has announced the pricing of a $2.5 billion public offering of senior notes, split equally between 5.00% notes due 2029 and 5.30% notes due 2034. The net proceeds, approximately $2.46 billion, are intended to repay part of its outstanding debt, including borrowings used for the acquisition of Shaw Communications Inc. The sale is expected to close on February 9, 2024.

Portfolio Pulse from Benzinga Newsdesk

February 08, 2024 | 7:42 am

NVDA

For the first time in over 20 years, Mexico has surpassed China as the top supplier of goods to the United States, with U.S. imports from Mexico exceeding $475 billion in 2023. This shift is attributed to the U.S.'s efforts to reduce dependency on Chinese goods amid escalating tensions and to source more from closer, allied nations. The U.S. has maintained tariffs on Chinese imports, and the Biden administration encourages 'friend-shoring' and 'reshoring' of manufacturing. Some Chinese manufacturers have moved to Mexico to benefit from the U.S.-Mexico-Canada Trade Agreement. Meanwhile, China is reducing its reliance on U.S. imports, especially in the tech sector, by increasing its chipmaking capabilities.

Portfolio Pulse from Benzinga Neuro

February 08, 2024 | 7:27 am

ARKK

MSFT

NVDA

TSLA

Cathie Wood's Ark Innovation ETF (ARKK) has underperformed compared to the 'Magnificent Seven' tech stocks, which have led the market rebound. ARKK's holdings include Tesla and Microsoft but exited Nvidia in January 2023, considering it overvalued. The Magnificent Seven, including Meta, Apple, Alphabet, Amazon, Nvidia, Microsoft, and Tesla, have shown significant returns, with Nvidia being the top performer due to its AI technology. In contrast, ARKK saw a negative return of 7.80%.

Portfolio Pulse from Shanthi Rexaline

February 08, 2024 | 6:14 am

BABA

Alibaba Group Holding Ltd (NYSE:BABA) has postponed the IPOs of Cainiao Smart Logistics and Freshippo due to challenging market conditions, as announced by Chairman Joe Tsai. Despite a 5% year-on-year revenue growth in Q3 FY2023, Alibaba missed analyst forecasts, leading to a decision to delay these IPOs while focusing on core e-commerce operations and strategic asset sales. Alibaba's shares dropped significantly in both the U.S. and Hong Kong markets following the announcement.

Portfolio Pulse from Benzinga Neuro

February 08, 2024 | 5:07 am

TSLA

Cathie Wood, CEO of Ark Invest, remains bullish on Tesla Inc (NASDAQ:TSLA) despite a recent 25% stock downturn, attributing the slump to a cyclical low. She anticipates a significant turnaround within the next two years, driven by Tesla's introduction of autonomous taxi networks. Wood's confidence is underscored by Ark Invest's recent purchases of Tesla shares, totaling over $14 million despite market fluctuations. She projects Tesla could reach a $2,000 share price within five years, implying a market capitalization exceeding $5 trillion, largely due to the growth of the electric vehicle market and the revolutionary impact of robotaxis.

Portfolio Pulse from Benzinga Neuro

February 08, 2024 | 3:50 am

HOOD

NVDA

PACB

PATH

RXRX

TWST

TXG

Cathie Wood's Ark Invest sold over $2.8 million worth of Nvidia (NVDA) shares amid AI hype and bought $1.3 million worth of Robinhood (HOOD) stock. The sale of Nvidia shares reflects a cautious stance towards its valuation despite its AI potential. Meanwhile, the purchase of Robinhood shares indicates confidence in its financial outlook and fintech industry potential. Ark also adjusted its portfolio by selling UiPath (PATH) shares and buying into Pacific Biosciences (PACB), Twist Bioscience (TWST), 10X Genomics (TXG), and Recursion Pharmaceuticals (RXRX).

Portfolio Pulse from Benzinga Neuro

February 08, 2024 | 3:20 am

ATI

FCX

USAU

Freeport-McMoRan Inc. (FCX) appoints Kathleen L. Quirk as new president and CEO effective June 11, 2024, with former CEO Richard C. Adkerson remaining as chairman. U.S. Gold Corp. (USAU) highlights the CK Gold Project's economic potential and its significance for the company's growth. Ridgeline Royalties announces new appointments to bolster its growth strategy and focus on battery metals. Allegheny Technologies Inc. (ATI) CFO Don Newman to speak at the Cowen Aerospace & Defense Conference.

Portfolio Pulse from Austin DeNoce

February 07, 2024 | 11:15 pm

BLUA

BlueRiver Acquisition Corp. (BLUA) has received a delisting notice from NYSE American and announced an extension of its merger agreement. This development could impact investor confidence and the company's future trading platform.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 11:02 pm

PYPL

Altimeter Capital, led by CEO Brad Gerstner, has acquired a small stake in PayPal Holdings, Inc. (NASDAQ:PYPL), following PayPal's Q4 financial earnings report. This move contrasts with Josh Brown of Ritholtz Wealth Management, who recently sold his PayPal position, expressing distrust in the company's management. PayPal's shares have been under pressure after a keynote by CEO Alex Chriss, which aimed to unveil new product innovations and AI enhancements but received a tepid response.

Portfolio Pulse from Erica Kollmann

February 07, 2024 | 11:01 pm

WMG

Warner Music Group (WMG) announced it has started the process of exiting its owned and operated (O&O) media properties and in-house ad sales function. Additionally, WMG is in an exclusive process for the potential sale of its news and entertainment websites Uproxx and HipHopDX. The company also decided to wind down the podcasting brand Interval Presents and social media publisher IMGN.

Portfolio Pulse from Benzinga Newsdesk

February 07, 2024 | 10:53 pm