Streetbeat News

Acquisitions Mergers

SAP

TSLA

SAP SE (NYSE:SAP) has stopped purchasing vehicles from Tesla Inc (NASDAQ:TSLA) for its fleet, citing price fluctuations and delivery issues. Meanwhile, Dartmouth College plans to incorporate Tesla Model Ys into its fleet, aiming to transition over half of its current fleet to these electric vehicles.

Portfolio Pulse from Anan Ashraf

February 06, 2024 | 9:20 am

BREA

Brera Holdings PLC (NASDAQ:BREA), an Italian football team that IPO'd on Nasdaq, has filed a Form F-3 shelf registration with the SEC to support its global expansion and acquisition strategy. This move aims to acquire and integrate football teams worldwide, enhancing shareholder value and promoting the sport's international development.

Portfolio Pulse from Benzinga Newsdesk

February 06, 2024 | 8:18 am

CMCSA

GOOG

GOOGL

T

VZ

Alphabet Inc. is seeking external investment for its GFiber internet business to accelerate growth. GFiber, competing with Comcast, Verizon, and AT&T, has expanded to 15 states and plans to reach over 25 additional cities. Alphabet aims to scale GFiber's technical leadership and reach by raising external capital, potentially leading to GFiber becoming independent. This move follows GFiber's significant expansions and the introduction of a 20Gbps internet service.

Portfolio Pulse from Benzinga Neuro

February 06, 2024 | 8:09 am

BP

BP anticipates a slight increase in both reported and underlying upstream production for 2024 compared to 2023, with higher oil production and lower gas & low carbon energy production. The company expects capital expenditure to be around $16 billion, mainly in the first half, and divestment proceeds of $2-3 billion, mainly in the second half. Growth is expected in the convenience sector, including contributions from TravelCenters of America, and in Castrol and bp pulse due to volume growth and higher energy sold. However, industry refining margins are expected to be lower, with refinery activity impacting financial performance similarly to 2023. The annual charge for other businesses & corporate is projected at $1.0 billion, and depreciation, depletion, and amortization slightly higher than 2023. The underlying ETR for 2024 is expected to be around 40%, sensitive to price volatility. Gulf of Mexico oil spill payments are anticipated to be $1.2 billion pre-tax.

Portfolio Pulse from Benzinga Newsdesk

February 06, 2024 | 7:54 am

UBS

UBS Group AG (NYSE:UBS) announced a $1 billion share buyback following a Q4 performance that exceeded expectations, despite a net loss of $279 million due to Credit Suisse integration costs. The loss was narrower than analysts' expectations, and UBS plans a dividend increase of 27% year-on-year. The bank has seen a quick return of client inflows to Credit Suisse's wealth management business since its takeover. UBS is focusing on growth and improving its image, with significant investments and a major branding campaign underway.

Portfolio Pulse from Benzinga Neuro

February 06, 2024 | 7:34 am

WDC

Kioxia Corporation and Western Digital Corporation (NASDAQ:WDC) have been approved to receive up to 150 billion yen in subsidies for their Yokkaichi and Kitakami plants. This subsidy, aimed at boosting semiconductor production in Japan, will support the production of advanced 3D flash memory. This is the second time their joint venture has received such support, following a 92.9 billion yen subsidy in 2022.

Portfolio Pulse from Benzinga Newsdesk

February 06, 2024 | 7:06 am

PLTR

During Palantir Technologies Inc.'s Q4 2023 earnings call, CTO Shyam Sankar emphasized the AI platform's role in driving growth, highlighting a case where it saved a construction firm $10M. Palantir reported a 20% revenue increase to $608 million, with commercial revenue up 32%, and drew parallels to Amazon's AWS phase.

Portfolio Pulse from Ananya Gairola

February 06, 2024 | 6:42 am

UBS

UBS plans to repurchase up to $1 billion of its shares in 2024, following the completion of its merger with Credit Suisse AG. This follows a $1.3 billion share buyback in 2023, before the acquisition announcement. UBS aims for future repurchases to exceed pre-acquisition levels.

Portfolio Pulse from Benzinga Newsdesk

February 06, 2024 | 6:21 am

HTZ

PSNY

Hertz Global Holdings Inc (NASDAQ:HTZ) has paused its procurement of Polestar vehicles amid a fleet restructuring, aiming to downsize its EV fleet. The decision follows an agreement with Polestar to waive Hertz's purchase requirements for 2024, with Hertz committing not to sell its existing Polestar EVs prematurely. The partnership, announced in 2022, initially involved Hertz purchasing up to 65,000 EVs from Polestar over five years. However, due to higher repair costs for EVs, Hertz is scaling back its EV fleet, affecting its timeline for achieving a 25% electric fleet by the end of 2024. Hertz has begun selling Tesla vehicles from its fleet, with plans to sell about 20,000 EVs this year. Following the news, Polestar's shares fell 7.3%, and Hertz's shares dropped 5.6%.

Portfolio Pulse from Anan Ashraf

February 06, 2024 | 5:17 am

GRAM

STHZF

California's cannabis market, six years post-legalization, faces challenges like oversupply and illicit trade, impacting financial expectations despite generating $5.7 billion in taxes. StateHouse Holdings (OTC:STHZF) and Gold Flora (OTC:GRAM) are highlighted as key players, with Zuanic & Associates providing analysis. StateHouse faces revenue drops and debt concerns, while Gold Flora thrives amid market consolidation with strong financials and strategic expansion. The market sees price pressures and a trend towards consolidation, with a few brands dominating. The upcoming Benzinga Cannabis Conference in Los Angeles aims to connect industry leaders and investors.

Portfolio Pulse from Nicolás Jose Rodriguez

February 06, 2024 | 4:26 am