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Acquisitions Mergers

GELYF

GELYY

PSNY

VLVLY

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) may soon welcome Geely Sweden Holding, a subsidiary of Geely Holding Group, as a new shareholder. This potential shift in ownership is under evaluation by Volvo Cars, which could redistribute shares to its shareholders, making Geely Sweden Holding a primary recipient. Volvo Cars will continue its strategic partnership with Polestar in R&D, manufacturing, and other areas. Amid market challenges and competition, Polestar remains optimistic about its sales outlook for 2024. Bernstein analyst Daniel Roeska has suggested that Polestar might benefit from going private. Geely's EV arm, Zeekr, plans to double car deliveries in 2024, indicating a strategic alignment with Polestar's focus on electric performance cars.

Portfolio Pulse from Benzinga Neuro

February 01, 2024 | 7:30 am

IYT

UPS

Economist David Rosenberg cites UPS's Q4 earnings as evidence of a looming recession, challenging the credibility of recent robust GDP data. UPS reported a 7.8% revenue decline and a 31.8% drop in adjusted EPS. CEO Carol Tomé announced a workforce reduction of 12,000 to save costs and explore strategic alternatives for Coyote. The iShares Transportation Average ETF (IYT) fell 1.57% after the Fed's rate decision.

Portfolio Pulse from Shanthi Rexaline

February 01, 2024 | 7:18 am

DNA

HOOD

PATH

TER

TSLA

TWLO

Ark Invest, led by Cathie Wood, has purchased $3.3 million worth of Robinhood Markets Inc (HOOD) shares and continued its investment in Tesla Inc (TSLA) with a $1.24 million purchase. The firm also sold shares in Twilio Inc (TWLO) and UiPath Inc (PATH), while investing in Ginkgo Bioworks Holdings Inc (DNA) and Teradyne Inc (TER). Ark's strategy reflects confidence in Robinhood's financial strategy and Tesla's long-term value, despite recent setbacks.

Portfolio Pulse from Benzinga Neuro

February 01, 2024 | 3:55 am

NYCB

PARA

QCOM

TSLA

U.S. stock indices fell after the Fed maintained interest rates. Paramount Global received a $14.3 billion acquisition offer. Qualcomm reported a 5% revenue increase in Q1. Luckin Coffee plans expansion in Southeast Asia. New York Community Bancorp missed Q4 revenue estimates. Tesla faces uncertainty after a court ruling against CEO Musk's compensation plan.

Portfolio Pulse from Benzinga Neuro

February 01, 2024 | 2:35 am

ADV

Advantage Solutions has sold its foodservice businesses, including Waypoint, to Prospect Hill Growth Partners, L.P. The deal includes a combination of cash and a 7.5% stake in the merged entity with KeyImpact Sales & Systems Inc., totaling approximately $100 million in proceeds for Advantage.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 10:01 pm

VSAC

VSACU

Vision Sensing Acquisition (VSAC) has announced its intention to extend the deadline to complete its initial business combination to March 3, 2024. This extension provides the company with additional time to find a suitable merger or acquisition target.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 9:46 pm

AMPS

Altus Power has acquired an 84MW portfolio of solar projects from Vitol for approximately $118 million. This strategic acquisition expands Altus Power's footprint in the renewable energy sector and enhances its portfolio of solar assets.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 9:39 pm

QRVO

Qorvo Inc (NASDAQ:QRVO) shares rose in after-hours trading following the announcement of better-than-expected fiscal third-quarter results and the acquisition of Anokiwave. Qorvo reported Q3 revenue of $1.07 billion, surpassing estimates of $1 billion, and EPS of $2.10, beating estimates of $1.66. Year-over-year revenues increased by 44%, with a GAAP gross margin of 36.1% and non-GAAP gross margin of 43.8%. The company expects Q4 revenue between $900 million to $950 million, with a midpoint EPS forecast of $1.20, slightly above estimates of $1.17 per share. The terms of the Anokiwave acquisition were not disclosed.

Portfolio Pulse from Adam Eckert

January 31, 2024 | 9:35 pm

CARV

Carver Bancorp, Inc. has declined an offer from Dream Chasers to acquire a 35% stake in Carver's common equity. The decision to reject the proposal was made public, but the reasons behind the decision or the terms of the offer were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 9:27 pm

DOV

Dover Corporation has completed the acquisition of Bulloch Technologies, a provider of fuel management solutions. The financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 9:27 pm