Streetbeat News

Acquisitions Mergers

AULT

Ault Alliance has announced a plan to reorganize the company into two primary holding subsidiaries, Sentinum and Ault Capital Group. The company believes that this restructuring will allow both entities to potentially exceed a billion-dollar valuation within the next 60 months.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 11:38 am

TSLA

General Motors Co (NYSE:GM) plans to cut $1 billion in expenses at its self-driving unit Cruise in 2024 after reporting a $3.48 billion operating loss in 2023. GM CEO Mary Barra reaffirmed commitment to Cruise, considering both internal and external funding for its relaunch. Tesla CEO Elon Musk mocked investors, including T. Rowe Price, for choosing Cruise over Tesla, referencing T. Rowe Price's 2019 investment in Cruise after reducing its Tesla stake. Cruise faces safety concerns and investigations by the DOJ and SEC after an accident.

Portfolio Pulse from Anan Ashraf

January 31, 2024 | 11:19 am

TEVA

Teva Pharmaceutical Industries Ltd. has announced its plan to divest its active-pharmaceutical ingredient (API) business, known as TAPI. This move is part of Teva's growth strategy, aiming to focus on capital reallocation towards growth and innovation, and to enhance patient services. The divestiture is expected to benefit shareholders and allow the API business to independently pursue new growth opportunities in the $85 billion global API market. TAPI employs approximately 4,300 people worldwide.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 11:04 am

CKHUY

SCMWY

VOD

Vodafone Group Plc (VOD) stock is trading lower due to the UK antitrust regulator's investigation into its joint venture with CK Hutchison Holdings Ltd's Three UK. The CMA will assess the deal's impact on competition. Vodafone rejected Iliad SA's revised proposal to merge Italian operations, after previously dismissing an €11.25 billion offer. Vodafone reported a 4.3% revenue decline YoY and has completed 2,700 of 11,000 planned job cuts. VOD shares fell 3.50% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

January 31, 2024 | 10:48 am

PARA

Byron Allen has made a $14 billion offer to acquire Paramount Global, as reported by Bloomberg. The move could potentially lead to a significant shakeup in the media industry if the acquisition is successful.

Portfolio Pulse from Charles Gross

January 31, 2024 | 10:40 am

MESO

Mesoblast Limited reported advancements in Phase 3 trials and financial results, including $1.5M in royalty revenue from TEMCELL HS Inj.5 sales in Japan. The company completed a capital raise of A$60.3 million and reported a cash balance of A$113.4 million. Cost containment strategies led to a reduction in net operating cash spend, with further reductions planned for FY2024. Mesoblast received FDA's Rare Pediatric Disease Designation for Revascor and plans to discuss regulatory approval pathways.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 7:10 am

ARKK

HOOD

PINS

SOFI

TSLA

Ark Investment Management, led by Cathie Wood, bought 28,684 Tesla shares worth $5.5 million, continuing its support for the company despite a recent earnings miss. Ark also increased its holdings in Robinhood, Pinterest, and SoFi Technologies, while selling shares of Zoom Video Communications. Ark's Bitcoin ETF purchases were paused after a period of buying since its debut. Tesla remains a key focus for Ark, with a bullish price target of $2,000 by 2027, largely based on the potential of Tesla's robo-taxi service.

Portfolio Pulse from Shanthi Rexaline

January 31, 2024 | 6:47 am

WTRG

Essential Utilities has completed the sale of its Allegheny County microgrid and district energy projects to Cordia. Essential, along with its subsidiary Peoples, will now concentrate on its primary role as a regulated utility, while still supporting local energy innovations that ensure safety, reliability, and sustainability for the region.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 6:27 am

ACCYY

TNL

Travel + Leisure Co. has agreed to acquire the vacation ownership business of Accor for $48.4 million. The acquisition is expected to be immediately accretive to Travel + Leisure Co. and aligns with their strategy of expanding their vacation brand portfolio. This deal also sets the stage for the development of new timeshare products in the Asia Pacific, Middle East, Africa, and Turkey regions under the Accor Vacation Club brand.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 6:25 am

MSFT

TSLA

Figure AI Inc., a humanoid robot startup, is in advanced talks to secure up to $500 million in funding led by Microsoft Corporation and OpenAI. Microsoft may invest $95 million and OpenAI $5 million, potentially valuing Figure AI at $1.9 billion pre-funding. The company, which develops AI-powered robots for hazardous tasks, previously raised $70 million led by Parkway Venture Capital. The deal is not yet finalized and may change or not occur at all. Tesla's Optimus robot and China's humanoid robot production plans are also mentioned in the context of the industry.

Portfolio Pulse from Ananya Gairola

January 31, 2024 | 5:59 am