Streetbeat News

Acquisitions Mergers

TCN

Blackstone Inc (BX) is set to acquire Tricon Residential Inc. (TCN) for $11.25 per share, a 30% premium over Tricon's closing price on January 18, 2024. The deal, involving Blackstone Real Estate Partners X and Blackstone Real Estate Income Trust, Inc. (BREIT), values Tricon's equity at $3.5 billion. Tricon will suspend its dividend and dividend reinvestment plan due to the transaction, which includes standard clauses and termination fees. Tricon will continue to be headquartered in Toronto and will be delisted from the NYSE and TSX. BX shares saw a slight increase, while TCN shares jumped by 28%.

Portfolio Pulse from Akanksha Bakshi

January 19, 2024 | 5:58 pm

MSFT

NVDA

Sam Altman, prior to his ouster from OpenAI, was seeking to raise billions for a new AI chip venture, code-named Tigris, to compete with Nvidia Corp. He aimed to create semiconductors for AI tasks and had discussions with investors like SoftBank, Saudi Arabia's PIF, and Mubadala. Altman also planned an AI hardware device with Jony Ive. OpenAI is finalizing a tender offer at an $86 billion valuation. Altman's departure was due to a breakdown in communication with the board, not financial or safety issues. His new venture would focus on TPUs to lower costs for services like ChatGPT and Dall-E. US regulators may scrutinize foreign investments. Microsoft, OpenAI's biggest investor, is interested in backing Altman's chip venture.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 5:13 pm

AZTR

CISS

IRBT

KAMN

PCSA

TCN

U.S. stocks traded higher, with the Dow Jones gaining 150 points. Consumer sentiment surged to 78.8 in January, the highest since July 2021. Kaman Corporation (KAMN) soared 101% after an acquisition announcement by Arcline. Processa Pharmaceuticals (PCSA) surged 20% on expanding its program into breast cancer treatment. Tricon Residential (TCN) gained 28% after an acquisition agreement with Blackstone. C3is (CISS) plummeted 64% due to a public offering pricing. Azitra (AZTR) fell 29% after a public stock offering. iRobot (IRBT) dropped 28% amid reports the EU may block Amazon's acquisition.

Portfolio Pulse from Avi Kapoor

January 19, 2024 | 5:01 pm

Ford Motor Company (NYSE:F) is creating 900 new jobs and adding a third crew at Michigan Assembly Plant for increased production of Bronco, Bronco Raptor, and the new Ranger pickups. Despite this expansion, Ford is reducing F-150 Lightning production to balance production and profitability, affecting some employees. Approximately 1,400 employees will be impacted by the shift change at the Rouge Electric Vehicle Center, with reassignments and retirement incentives offered. Ford anticipates global EV sales growth in 2024 and is launching the 2024 Mustang Mach-E GT. Ford's stock price dropped slightly by 0.50% to $11.05.

Portfolio Pulse from Nabaparna Bhattacharya

January 19, 2024 | 4:47 pm

ALLY

SYF

Ally Financial's stock is trading higher following the announcement of Q4 revenue results that exceeded expectations. Additionally, Ally Financial has entered into a definitive agreement for Synchrony Financial to acquire its point of sale financing business.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 4:01 pm

TCN

Tricon Residential's stock is trading higher following the announcement of an arrangement agreement for its acquisition by Blackstone Real Estate Partners X and Blackstone Real Estate Income Trust, who will purchase all outstanding common shares.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 4:00 pm

META

NVDA

Meta Platforms, Inc. (META) is trending on social media after CEO Mark Zuckerberg announced plans to acquire approximately 350,000 H100 GPUs from Nvidia Corporation (NVDA) to advance AI goals. The investment is aimed at building general intelligence and open sourcing it. Meta is also set to release Q4 and full year 2023 financial results on Feb. 1, with expected earnings of $4.97 per share and revenue of $39.029 billion. Meta's stock is up 1.1% at $380.25.

Portfolio Pulse from Erica Kollmann

January 19, 2024 | 3:56 pm

AMZN

Amazon Web Services (AWS) plans to invest approximately $15.5 billion in Japan from 2023 to 2027 to expand data centers and operations. This investment aims to capitalize on the increasing volume of data processed due to the AI boom. AWS has previously invested 1.51 trillion yen in Japan over 12 years. The new investment in Japan will surpass the planned investment in India. John Felton has been appointed as the new CFO of AWS, succeeding Richard Puccio. Despite AWS's slower growth due to economic uncertainty, Amazon has had a significant year with initiatives in robotics, AI, and custom silicon chips, alongside workforce downsizing across various units. Amazon's stock rose 64% last year but is slightly down in the latest trading session.

Portfolio Pulse from Anusuya Lahiri

January 19, 2024 | 3:45 pm

KAMN

SAVE

WRLD

World Acceptance Corporation (WRLD) reported higher-than-expected quarterly earnings and sales, causing its shares to rise by 10.2%. Other stocks also moved higher, including Kaman Corporation (KAMN) after an acquisition announcement, Spirit Airlines (SAVE) following merger and guidance updates, and several others due to various positive developments such as earnings beats, analyst upgrades, and business transactions.

Portfolio Pulse from Avi Kapoor

January 19, 2024 | 3:20 pm

ACHR

MESA

UAL

Mesa Air Group, Inc. (MESA) stock is surging after announcing amended agreements with United Airlines Holdings, Inc. (UAL) that increase block-hour rates and adjust credit terms. The changes are expected to bring Mesa $63.5 million in additional revenue over the next year and improve liquidity. United also agreed to reduce Mesa's credit facility balance by $2.1 million and forgive a $10.5 million bridge loan in exchange for Mesa's investment in Heart Aerospace. Mesa has sold excess CRJ-900 aircraft and engines for $198 million, using the proceeds to pay down $174.3 million in debt. Mesa's CEO believes these moves will significantly increase contract revenue and margins.

Portfolio Pulse from Erica Kollmann

January 19, 2024 | 3:20 pm