Streetbeat News

Acquisitions Mergers

ADES

Advanced Emissions Solutions, Inc. (ADES) has signed a contract with Wieland Davco Corporation for the construction of a Granular Activated Carbon (GAC) facility at its Red River plant in Louisiana. The project, expected to be mechanically complete by Q4 2024, has seen a cost increase of about 20% due to inflation and timing issues, with total costs estimated between $45-50 million. ADES plans to fund the increase with existing capital, 2024 cashflow, and cost reductions. The company's Corbin facility in Kentucky is on track, with commissioning starting in March 2024. ADES anticipates securing sales contracts for the GAC market ahead of the project's completion.

Portfolio Pulse from Benzinga Newsdesk

January 24, 2024 | 9:24 pm

COIN

ETHUSD

Experts interviewed by Benzinga believe that the approval of a spot Ethereum ETF could lead to full-scale, global adoption of cryptocurrency. ARK Invest's Tom Staudt is confident in the progression of Ethereum ETFs, citing improved dialogue with regulators. Skeptics, however, point to potential regulatory hurdles and the SEC's classification of Ethereum as a security. Anndy Lian urges the SEC to make a positive decision on Ethereum ETFs, while Terrence Yang from Swan Bitcoin sees the approval as inevitable following Bitcoin ETF precedents. Chris Martin from Amberdata highlights challenges at the SEC but suggests approval could be imminent. Polymarket rates the probability of approval by May 31 at 54%.

Portfolio Pulse from Murtuza Merchant

January 24, 2024 | 9:17 pm

GNS

Genius Group's stock price has increased following the announcement of a merger agreement with FatBrain AI.

Portfolio Pulse from Benzinga Newsdesk

January 24, 2024 | 8:36 pm

BRK

SPY

The article discusses the performance of Berkshire Hathaway Inc's stock since the acquisition of International Dairy Queen in 1997. It highlights that a $1,000 investment in Berkshire Hathaway at the time of the Dairy Queen deal would be worth $12,754.18 today, a return of 1,175.4%. In comparison, the SPDR S&P 500 ETF Trust (SPY) has increased by 700.7% over the same period. The article emphasizes the success of Berkshire Hathaway's acquisition strategy and Warren Buffett's investment prowess.

Portfolio Pulse from Chris Katje

January 24, 2024 | 8:27 pm

FXI

MSFT

NFLX

QQQ

SMH

SPY

XLK

U.S. stock indices hit record highs, with the S&P 500 surpassing 4,900 points due to a tech rally and Microsoft reaching a $3 trillion market cap. The National Science Foundation announced a pilot AI research program with tech companies. The Nasdaq 100 and Dow Jones also saw gains, while the Russell 2000 remained flat. U.S. private sector activity showed strong growth, and China's RRR cut boosted Chinese-related stocks. Sector-wise, technology led gains, while utilities lagged. Netflix surged on strong subscriber growth, while other companies showed mixed reactions to earnings. DuPont tumbled after a disappointing forecast.

Portfolio Pulse from Piero Cingari

January 24, 2024 | 7:38 pm

GNS

Genius Group Limited (AMEX:GNS) shares rose after announcing a definitive merger agreement with FatBrain AI, an AI SaaS and solutions company. The merger is approved by both boards and will close subject to certain conditions. Post-merger, FatBrain AI's CEO and Executive Chair will join Genius Group's board. Genius Group's CEO anticipates the merger to accelerate growth and profitability, aligning with their vision for education in an AI-driven future. The company also projected a 67% increase in user numbers for 2024.

Portfolio Pulse from Erica Kollmann

January 24, 2024 | 6:37 pm

DIS

DKNG

PDYPY

PENN

Barstool Sports, founded by Dave Portnoy, may re-enter sports betting through a potential deal with DraftKings Inc (DKNG) after being sold back to Portnoy by PENN Entertainment (PENN). The deal with DraftKings would be a marketing partnership, promoting DraftKings odds and referring customers. The deal can't be finalized until after Super Bowl LVIII due to a lock-up agreement from the divestiture from PENN. PENN took an $850-million write-off on its Barstool acquisition and has since partnered with ESPN Bet, which is seeing initial success. DraftKings shares hit new 52-week highs, while PENN shares also saw an increase.

Portfolio Pulse from Chris Katje

January 24, 2024 | 6:28 pm

HUT

Hut 8 (NASDAQ:HUT) has refuted allegations by J Capital Research, which accused the company of overpaying for the merger with US Bitcoin Corp (USBTC) and claimed USBTC was near bankruptcy. J Capital, holding short positions in Hut 8, suggested the merger was a pump-and-dump scheme. Hut 8's shares dropped 23.3% following the report. Hut 8 defended its merger, financial health, and diversified revenue streams, stating it holds 9,195 Bitcoin worth approximately $390 million. The company criticized the report as inaccurate and self-serving for the short seller.

Portfolio Pulse from Neil Dennis

January 24, 2024 | 5:15 pm

ANVS

EVAX

GETR

SPRC

U.S. stocks traded higher, with the Nasdaq Composite up by 150 points. The Dow and S&P 500 also saw gains. Crude oil prices rose over 1% after a significant drop in U.S. crude oil inventories. DuPont's shares plunged by 12% following preliminary Q4 and full-year 2023 results and Q1 guidance. Getaround, Evaxion Biotech, and SciSparc saw their shares surge due to financing news and stake acquisition. BlackBerry and Annovis Bio shares fell due to a private offering announcement and a postponed study data release, respectively.

Portfolio Pulse from Avi Kapoor

January 24, 2024 | 5:04 pm

BTCUSD

GBTC

Grayscale's Bitcoin Trust (GBTC) has transferred over 100K BTC to exchanges since the launch of spot Bitcoin ETFs on Jan. 11. The majority of these transfers were to Coinbase Prime for sale. GBTC reduced its management fee to 1.50%, still higher than competitors, leading to over $1 billion in daily AUM outflows. Bitcoin's price fell below $40,000, influenced by these sales and other factors. FTX's sale of 22 million GBTC shares did not slow the outflow.

Portfolio Pulse from Benzinga Newsdesk

January 24, 2024 | 4:59 pm