Streetbeat News

Acquisitions Mergers

SAVE

Spirit Airlines' stock is trading lower following JetBlue's notification that conditions for their planned merger may not be met by the specified dates, suggesting the merger could be terminated after January 28.

Portfolio Pulse from Benzinga Newsdesk

January 26, 2024 | 3:27 pm

JBLU

SAVE

Spirit Airlines has stated that it sees no grounds for terminating its merger agreement with JetBlue and expects both parties to fulfill their obligations under the agreement.

Portfolio Pulse from Benzinga Newsdesk

January 26, 2024 | 3:19 pm

JBLU

SAVE

JetBlue has announced that it is continuing to evaluate its options under the existing Merger Agreement. The company has stated that it will continue to fulfill all obligations under the agreement until, if at all, the agreement is terminated according to its terms.

Portfolio Pulse from Benzinga Newsdesk

January 26, 2024 | 1:54 pm

JBLU

SAVE

JetBlue has notified Spirit Airlines that some conditions for completing their planned merger may not be met by the specified outside dates in their agreement, indicating that the merger could be terminated on or after January 28, 2024.

Portfolio Pulse from Benzinga Newsdesk

January 26, 2024 | 1:53 pm

LAZ

TELL

Tellurian Inc. shares have risen after reports that the company engaged Lazard to explore a potential sale. This move could indicate a strategic shift or an attempt to maximize shareholder value through a sale or merger.

Portfolio Pulse from Benzinga Newsdesk

January 26, 2024 | 1:45 pm

JPM

JPMorgan Chase & Co (NYSE:JPM) has announced a major reshuffling of its top management, positioning key executives for more operational experience and potential succession. Jennifer Piepszak and Troy Rohrbaugh are now Co-CEOs of the expanded Commercial & Investment Bank segment. Marianne Lake becomes the sole CEO of Consumer and Community Banking (CCB). Viswas Raghavan will lead global investment banking, while Marc Badrichani is leaving the company. JPMorgan also reported a 12% Y/Y increase in Q4 net revenue, beating consensus estimates. JPM shares saw a slight increase in premarket trading.

Portfolio Pulse from Lekha Gupta

January 26, 2024 | 1:35 pm

AAPL

COIN

CRM

DELL

IBM

INTC

MSTR

NFLX

ORCL

TSLA

Cryptocurrencies trade mixed with negative flows into spot ETFs for the first time since their launch. Salesforce cuts 700 jobs but plans to grow with 1,000 open roles. MicroStrategy and Coinbase lag as billions flow into Bitcoin ETFs. US markets see positive sentiment and potential upside after the Fed's rate cut. Tech giants like IBM, Oracle, and Dell outperform newer tech companies. Apple faces EU regulatory changes with minimal revenue impact. Intel's Q1 guidance disappoints. Tesla's valuation drops, affecting Elon Musk's net worth, while PepsiCo reports successful Tesla Semi trial. Salesforce, Ericsson, Microsoft, and Netflix are also highlighted in various contexts.

Portfolio Pulse from Akanksha Bakshi

January 26, 2024 | 1:28 pm

INTC

TELL

WDC

Tellurian Inc. (NASDAQ:TELL) shares surged over 16% in pre-market trading on reports of hiring Lazard for a potential sale. Other stocks showed significant movement in pre-market trading, with various gainers and losers listed, including notable declines in Intel Corporation (NASDAQ:INTC) after a weak Q1 forecast, and Western Digital Corporation (NASDAQ:WDC) despite better-than-expected earnings.

Portfolio Pulse from Avi Kapoor

January 26, 2024 | 12:58 pm

EQNR

Equinor ASA (EQNR) and BP PLC (BP) have restructured their offshore wind power project ownership. Equinor will take full ownership of the Empire Wind lease and projects, including BP's 50% share of the South Brooklyn Marine Terminal lease. BP will own Beacon Wind Holdings LLC and operate Beacon Wind projects. The deal is cash-neutral, except for standard settlements, and reflects both companies' strategic priorities. The transaction is expected to close in Q2 or Q3 2024, pending regulatory approval, and will result in a $200 million reported loss for Equinor. The deal will increase Equinor's capital expenditure to $1.2 billion in 2024 and $1.5 billion in 2025. Equinor's shares dropped by 0.69% to $28.65, while BP's shares rose by 0.74% to $35.41 in premarket trading.

Portfolio Pulse from Lekha Gupta

January 26, 2024 | 12:21 pm

AMZN

CRM

GOOG

SAP

Salesforce Inc (CRM) is laying off nearly 700 employees, about 1% of its workforce, as part of cost-cutting measures urged by investors like Elliott Management. Despite this, Salesforce has 1,000 open roles, indicating a strategic realignment rather than a downsizing. The company's stock has risen nearly 80% over the past year. Other tech companies, including Alphabet Inc (GOOG, GOOGL) and SAP SE (SAP), are also restructuring to focus on AI, with Alphabet planning more layoffs. Amazon (AMZN) has made cuts in some divisions while investing in cloud infrastructure for AI in Japan.

Portfolio Pulse from Anusuya Lahiri

January 26, 2024 | 11:34 am