Streetbeat News

Acquisitions Mergers

PSNY

Bernstein analyst Daniel Roeska suggests that Polestar Automotive (PSNY) should go private, as it would be more beneficial within the Volvo Cars-Geely ecosystem. Bernstein initiated coverage with an 'underperform' rating and a target price of $1.15, a 44% downside. Polestar missed its delivery target for 2023 and expects break-even gross profit margins. The company reported a $735 million operating loss for the first nine months of 2023. Despite challenges, the CEO remains optimistic for 2024. Polestar's stock has fallen nearly 63% over the past year.

Portfolio Pulse from Anan Ashraf

January 24, 2024 | 11:10 am

GOEV

Canoo has secured a deal with the U.S. Postal Service to supply six electric vehicles, specifically the right-hand drive versions of the LDV 190, with delivery expected in Q1 2024. This deal is part of the USPS's $40 billion investment strategy to modernize its fleet.

Portfolio Pulse from Benzinga Newsdesk

January 24, 2024 | 11:07 am

TEL

TE Connectivity Ltd reported Q1 orders of $3.8B, a 4% increase YoY. Net sales were $3.83B, flat YoY and down 1% organically. GAAP EPS was $5.76, boosted by a tax benefit, while adjusted EPS rose 20% to $1.84. Operating margins reached 18.2%, with adjusted margins at 19.1%. Record cash flow from operations was $719M and free cash flow was $570M. The company deployed $1B in capital, including $600M to shareholders and $350M for acquiring Schaffner.

Portfolio Pulse from Benzinga Newsdesk

January 24, 2024 | 11:06 am

NOK

Nokia has signed a multi-year 5G patent cross-license agreement with OPPO, which includes royalty payments and catch-up payments from OPPO. This agreement settles all pending patent litigation between the two companies across all jurisdictions. The specific terms of the agreement are confidential.

Portfolio Pulse from Charles Gross

January 24, 2024 | 10:51 am

SLI

Standard Lithium Ltd. is progressing with its South West Arkansas Lithium Project by selecting a firm to conduct a Definitive Feasibility Study (DFS) and Front-End Engineering Design (FEED). This step is crucial for the project's development, as it will provide detailed engineering and cost estimates necessary for construction and operations. The advancement of the project is a positive move for Standard Lithium, indicating its commitment to moving forward with lithium production in Arkansas.

Portfolio Pulse from Benzinga Newsdesk

January 24, 2024 | 10:38 am

ORTX

Kyowa Kirin has successfully completed the acquisition of Orchard Therapeutics, making it a wholly-owned subsidiary as of January 24, 2024, through a Scheme of Arrangement under the UK Companies Act 2006.

Portfolio Pulse from Benzinga Newsdesk

January 24, 2024 | 10:34 am

JEF

TVAVF

Bill Ackman and Neri Oxman have acquired a 5% stake in the Tel Aviv Stock Exchange Ltd (TVAVF) for $17 million. This is Ackman's first major investment in Israel amid the conflict with Hamas. The Tel Aviv Stock Exchange confirmed the sale of an 18.5% stake to investors, with Ackman and Oxman being the only named buyers in the deal arranged by Jefferies Financial Group Inc. (JEF). Ackman has been addressing the rise in antisemitism and controversies involving Oxman's academic work. Despite these issues, Ackman's Pershing Square Capital Management reported a strong performance in 2023 with a 26.7% return.

Portfolio Pulse from Benzinga Neuro

January 24, 2024 | 8:00 am

F

The USPS showcased its new fleet of electric delivery vehicles from Ford Motor Co at the South Atlanta Sorting and Delivery Center. The USPS plans to procure 21,000 EVs, including 9,250 from Ford, to achieve a target of 66,000 EVs by 2028. The Ford EVs have three times the capacity of current vehicles and will start operations in Georgia. Siemens, Rexel/Chargepoint, and Blink will supply the first 14,000 EV chargers for USPS's new sorting and delivery centers.

Portfolio Pulse from Anan Ashraf

January 24, 2024 | 7:22 am

BABA

PDD

SFBQF

Jack Ma and Joe Tsai have become the largest shareholders of Alibaba Group Holding Ltd (NYSE:BABA), surpassing SoftBank Corp (OTC:SFBQF). Ma increased his stake to over 4.3% by purchasing $50 million worth of shares, while Tsai bought 1.957 million shares through Blue Pool Management. Their combined stake now exceeds that of SoftBank, which has reduced its stake to less than 0.5%. Alibaba's stock price, which had dropped by 11% in Q4 2023, saw a resurgence of over 7% following the co-founders' investments, signaling their confidence in the company's future.

Portfolio Pulse from Benzinga Neuro

January 24, 2024 | 4:58 am

AAPL

AMZN

GOOG

GOOGL

META

MSFT

Alphabet Inc. has ended its contract with Appen, the AI firm that has been instrumental in training Google's Chatbot Bard and contributing to Google Search results. This decision, effective March 19, follows a strategic review by Alphabet and will impact around two thousand subcontracted workers. Appen, which has been facing challenges such as client attrition and declining financials, relied on Alphabet for about one-third of its revenue. Alphabet's move aligns with its focus on developing proprietary AI technology, amidst defending a $7 billion lawsuit over AI patent infringement.

Portfolio Pulse from Ananya Gairola

January 24, 2024 | 3:45 am