Streetbeat News

Acquisitions Mergers

HYMTF

Hyundai Motor Company has sold its Chongqing factory in China for 1.62 billion yuan ($225 million), below the initially listed price of 3.68 billion yuan. The sale to Chongqing Liangjiang District Yufu Industrial Park Construction Investment Ltd. is part of Hyundai's strategy to reevaluate its operations in China's challenging auto market. Despite being the largest market, China accounted for only 5% of Hyundai and Kia's Q3 sales. The lower sale price was a strategic decision to speed up the process.

Portfolio Pulse from Shivani Kumaresan

January 17, 2024 | 11:17 am

ALPP

Alpine 4 Holdings has entered into an asset purchase agreement with Bright-MSM Newcom for the sale of certain assets and the assumption of specific liabilities by Bright.

Portfolio Pulse from Charles Gross

January 17, 2024 | 11:14 am

SBGI

Sinclair Broadcast Group, Inc. (SBGI) has reached a global settlement with Diamond Sports Group (DSG), withdrawing DSG's $1.5 billion litigation against Sinclair and other defendants. Sinclair will make a $495 million cash payment to DSG, resulting in a net cost of approximately $250-325 million after tax benefits and other considerations. The settlement includes the full release of all claims against Sinclair and its subsidiaries.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 11:09 am

BRK

BYDDF

BYDDY

TSLA

BYD Co Ltd, backed by Warren Buffett's Berkshire Hathaway, plans to invest over $14 billion in vehicle intelligence to enhance its EVs. The investment will fund the Xuanji Architecture, which includes a central brain, AI, and smart driving systems. BYD has surpassed Tesla in global EV sales and aims to increase the proportion of its vehicles with smart driving systems, currently at 57%. The company's move could challenge Tesla, which is also focusing on AI and autonomous driving technologies.

Portfolio Pulse from Ramakrishnan M

January 17, 2024 | 7:02 am

BRK

Berkshire Hathaway Inc. (NYSE:BRK) has acquired the remaining 20% stake in Pilot Travel Centers from the Haslam family, making it the sole owner. The stake was valued at $3.37 billion. The terms of the sale were not disclosed. This follows a dispute where Pilot Corp. accused Berkshire of financial manipulation, which was resolved before trial.

Portfolio Pulse from Benzinga Neuro

January 17, 2024 | 5:46 am

BTCUSD

XRPUSD

Ripple CEO Brad Garlinghouse criticized SEC Chair Gary Gensler's approach to crypto regulation at the World Economic Forum in Davos. Garlinghouse called Gensler a 'political liability' and expressed concerns about the U.S. falling behind in crypto regulation. He mentioned the possibility of an IPO for Ripple but stated it is not an immediate priority. Garlinghouse also commented on the approval of Bitcoin ETFs and the potential for other crypto-based ETFs.

Portfolio Pulse from Mehab Qureshi

January 17, 2024 | 3:54 am

INTC

JPM

Chinese Premier Li Qiang met with business leaders, including JPMorgan's Jamie Dimon, at the World Economic Forum in Davos to attract foreign investment. Li emphasized China's stability and potential for high returns, promising a fair business environment despite recent economic challenges and a significant drop in foreign investment in China's stock market.

Portfolio Pulse from Benzinga Neuro

January 17, 2024 | 3:04 am

AMD

BABA

DWAC

SAVE

TSLA

U.S. stock market declined on Tuesday with major indices in the red. Digital World Acquisition Corp (DWAC) surged 29.04% due to Trump's lead in the Iowa caucus. AMD rose 8.31% on KeyBanc's positive outlook. Spirit Airlines (SAVE) plummeted 47.09% after a blocked acquisition by JetBlue. Alibaba (BABA) fell 3.31% amid concerns about Chinese internet firms. Tesla (TSLA) had a modest gain of 0.47%, despite market concerns and Musk's comments on AI.

Portfolio Pulse from Benzinga Neuro

January 17, 2024 | 1:44 am

JBLU

SAVE

President Joe Biden praised a federal judge's decision to block the merger between Spirit Airlines Inc. (SAVE) and JetBlue Airways Corporation (JBLU), citing the ruling as a victory for consumers seeking lower prices and more options. The $3.8 billion deal was opposed by the Justice Department due to concerns over reduced competition and increased airfares. Following the decision, Spirit's shares plummeted by 47.09%, while JetBlue's shares rose by 4.9%.

Portfolio Pulse from Benzinga Neuro

January 17, 2024 | 12:52 am

UNRV

Unrivaled Brands, Inc. (OTCQB:UNRV) has completed a strategic reorganization, with Blum Holdings, Inc. becoming its parent company. UNRV implemented a 1-for-100 reverse stock split of its common stock on Jan. 12. Post-reorganization, UNRV shares have converted to Blüm's common stock, which will trade under the symbol 'BLMH' on the OTCQB. The company's Q3 financials showed a revenue drop of 11.4% YoY to $8.6 million, but a reduced net loss of $3.4 million compared to the previous year's $119.9 million. UNRV shares were down 7.41% at $0.0075 per share.

Portfolio Pulse from Jelena Martinovic

January 16, 2024 | 11:17 pm