Streetbeat News

Acquisitions Mergers

ORSTED.CO

Ørsted and Eversource have submitted a new proposal for the Sunrise Wind project in response to New York's offshore wind solicitation. The updated project, delivering up to 924 megawatts of clean energy, is expected to complete in 2026 and is crucial for New York's renewable energy goals. Ørsted aims to become the sole owner of Sunrise Wind if the re-bid is successful, acquiring Eversource's 50% share. The project has secured major supplier and labor agreements, with final federal permits anticipated this summer. It has broad support and is making significant investments in New York's offshore wind workforce and supply chain.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 9:19 pm

EVTV

Envirotech Vehicles (EVTV) has been awarded an $8.57 million grant from the EPA's Clean School Bus Program to supply 25 fully electric school buses. This grant is part of a broader initiative to reduce greenhouse gas emissions and promote the use of electric vehicles in school transportation.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 9:18 pm

LAZ

TELL

Tellurian Inc., an LNG developer, has engaged financial advisory firm Lazard to explore a potential sale, according to Bloomberg. This move could indicate a strategic shift for Tellurian as it seeks to capitalize on the growing demand for liquefied natural gas.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 9:13 pm

TMUS

T-Mobile US, Inc. (NASDAQ:TMUS) reported strong fourth quarter and full-year 2023 results, with significant growth in service revenues, profitability, and cash flow. The company expects a positive outlook for FY24, with core adjusted EBITDA projected to grow by approximately 9% at the mid-point. Operating cash flow and adjusted free cash flow are also expected to increase by about 18% and 22% respectively. T-Mobile completed its merger integration and achieved the highest postpaid phone gross additions and the lowest annual churn rate in its history.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 9:02 pm

GBTC

At Benzinga's Crypto & Blockchain Outlook webinar, experts from Grayscale, Tether, and the Chamber of Digital Commerce discussed the impact of a spot Bitcoin ETF approval on the cryptocurrency market. Tether's co-founder Brock Pierce sees the approval as a positive step for American businesses and investors, while Grayscale's David LaValle remains bullish on the asset class despite expecting outflows from the Grayscale Bitcoin Trust (OTC:GBTC) following its conversion to an ETF. The panel also discussed BlackRock's pivot to embrace digital assets, the SEC's ongoing adversarial stance on cryptocurrency regulation, and the potential role of Bitcoin alongside the dollar.

Portfolio Pulse from Ivan Crnogatić

January 25, 2024 | 8:28 pm

BZFD

BuzzFeed Inc (NASDAQ:BZFD) and Vice Media are facing financial difficulties, leading to downsizing and asset sales. BuzzFeed's stock has dropped over 97% since its 2021 IPO, and it is now looking to sell its food-focused sites Tasty and First We Feast. Vice Media, overseen by Fortress Investment Group after bankruptcy, is trying to sell Refinery29 after a failed attempt to sell the entire company. Both companies are struggling with a volatile advertising market and reduced traffic, reflecting broader industry challenges for digital media.

Portfolio Pulse from Vandana Singh

January 25, 2024 | 8:06 pm

EQNR

Equinor (NYSE:EQNR) has agreed to a swap transaction with bp, gaining full ownership of the Empire Wind lease and projects, and taking over bp's 50% share of the South Brooklyn Marine Terminal lease. In exchange, bp will take full ownership of the Beacon Wind lease and projects. The deal is cash neutral, except for standard settlements. Equinor submitted a bid for Empire Wind 1 in New York's offshore wind solicitation and terminated the OREC agreement for Beacon Wind 1. The transaction will increase Equinor's near-term capital expenditure by approximately $1.2 billion in 2024 and $1.5 billion in 2025, and is expected to result in a reported loss of around $200 million, pending regulatory approval and a positive NY4 solicitation outcome.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 8:05 pm

AMZN

GOOG

GOOGL

MSFT

NVDA

Alphabet Inc's (NASDAQ:GOOG) (NASDAQ:GOOGL) stock rose on Thursday following the resolution of a significant patent lawsuit involving AI technology and a new partnership with AI software startup Hugging Face. The lawsuit by Singular Computing claimed $1.67 billion, but the terms of the resolution were not disclosed. The partnership with Hugging Face will allow the startup to host its platform on Google Cloud, enhancing access to AI tools for developers and strengthening Google's ties with the open-source AI community. Google's AI focus is part of a broader trend among tech giants like Amazon (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT), and Nvidia (NASDAQ:NVDA), who are heavily investing in AI technology.

Portfolio Pulse from Anusuya Lahiri

January 25, 2024 | 7:08 pm

DKNG

Jim Harbaugh has been appointed as the new head coach of the Los Angeles Chargers, following his success at the University of Michigan, including winning the 2023 NCAA Football Championship. Harbaugh's move to the Chargers has led to a change in the team's Super Bowl LIX betting odds on DraftKings Inc (NASDAQ:DKNG), improving from +3,000 to +2,500. The Chargers, who made the playoffs in 2022 but regressed in 2023, will look to Harbaugh's NFL coaching experience and success against the spread to improve their performance. The team will also need to address their running back situation, with both main running backs being free agents.

Portfolio Pulse from Chris Katje

January 25, 2024 | 7:04 pm

CMCSA

KKR

ORCL

PARA

WBD

David Ellison's Skydance Media has made a preliminary offer to acquire National Amusements Inc., aiming to control Paramount Global (PARA). Discussions are ongoing, with financial exchanges taking place. Ellison plans to finance the deal with help from investors, including Larry Ellison and firms like KKR & Co. Paramount faces challenges with a declining share price and a $15 billion net debt. Warner Bros. Discovery (WBD) is also interested in acquiring Paramount, which could influence Shari Redstone's decision. PARA shares rose 3.89% to $13.88.

Portfolio Pulse from Vandana Singh

January 25, 2024 | 6:56 pm