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Acquisitions Mergers

ADI

BDC

INTC

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NVDA

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TTMI

At CES 2023, Truist analyst William Stein expressed optimism after meetings with Nvidia, Intel, ON Semiconductor, and Analog Devices, despite recent negative updates from Microchip Technology and Mobileye. Stein's top picks include Buy-rated Nvidia, NXP Semiconductors, Belden, and TTM Technologies. The event highlighted AI innovation, with Nvidia leading in AI chip technology and announcing new GeForce GPUs and AI tools. Intel showcased its 14th-gen mobile processors. The semiconductor market is expected to benefit from AI expansion and sustainability efforts. Piper Sandler analyst Harsh V. Kumar noted market gains last week and mentioned Nvidia's plans for a China-specific chip and India's Yotta's investment in Nvidia's H100s and H200s. Microchip Technology reported a revenue decline due to excess inventory in industrial and automotive sectors.

Portfolio Pulse from Anusuya Lahiri

January 16, 2024 | 8:33 pm

WALD

Waldencast plc (NASDAQ:WALD) reported FY22 net revenue of $92.4M for the period from July 28 to December 31, 2022. The company completed a business combination with Obagi Skincare and Milk Makeup in 2022, resulting in a combined group net revenue of $207.4M, a 9.4% increase from the previous year. However, Waldencast recognized a net loss of $(120.6)M during the 2022 Successor Period, including a goodwill impairment for Obagi Skincare of $68.7M. Milk Makeup showed strong performance with a 54% revenue increase and positive Adjusted EBITDA. As of December 31, 2022, Waldencast had $8.7M in cash and equivalents and completed a $70M private placement in September 2023 to improve its capital structure.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 8:03 pm

ALK

JBLU

SAVE

A federal judge has blocked JetBlue's proposed $3.8 billion acquisition of Spirit Airlines, citing concerns from the Justice Department that the merger would lead to higher fares and fewer options for travelers. As a result, Spirit's shares plummeted over 50%, while JetBlue's shares rose by 4.8%. The ruling casts doubt on other airline mergers, such as the one between Alaska Air and Hawaiian Holdings.

Portfolio Pulse from Erica Kollmann

January 16, 2024 | 7:21 pm

STLA

Stellantis NV (NYSE:STLA) has entered into a multi-billion euro agreement with SIXT, a mobility service provider, to supply up to 250,000 vehicles for SIXT's rental fleet over the next three years. The vehicles will be deployed across Europe and North America and will include a range of Stellantis' brands and vehicle classes, with various propulsion types, including battery electric vehicles (BEV). The partnership also explores cooperation in data services. The first major delivery is expected in Q1 2024. Meanwhile, STLA shares dropped by 3.18% to $21.59.

Portfolio Pulse from Shivani Kumaresan

January 16, 2024 | 7:15 pm

ALLK

APLD

DATS

HMST

LEG

PHUN

PNC

U.S. stocks fell with the Dow Jones down 0.93%, NASDAQ down 0.58%, and S&P 500 down 0.66%. PNC Financial Services reported Q4 earnings with revenue at $5.36 billion, surpassing the $5.29 billion consensus, and adjusted EPS of $3.16, above the $2.94 consensus. DatChat shares surged 53% due to a proposed spin-off, HomeStreet gained 44% after announcing a merger with FirstSun Capital Bancorp, and Phunware jumped 282%. Allakos shares plummeted 57% after failing phase 2 trial endpoints, Applied Digital fell 21% on poor financial results, and Leggett & Platt dropped 8% due to a restructuring plan. Gold and oil prices declined, while silver and copper had mixed results. European stocks closed mostly lower, and Asian markets also saw declines, except for China's Shanghai Composite which rose slightly.

Portfolio Pulse from Avi Kapoor

January 16, 2024 | 7:14 pm

HCMA

HCM Acquisition Corp. (HCMA) has filed a supplement to its proxy statement with the SEC, proposing to extend the deadline for a business combination from January 25, 2024, to February 25, 2024, with options to extend monthly up to April 25, 2024. The Sponsor agreed to increase the Monthly Contribution to the trust account managed by J.P. Morgan Wealth Management, which will now be held in a treasury securities cash management fund expected to earn 4.5% interest per annum. The company's Cayman Islands domicile means share redemptions are not subject to the Excise Tax from the Inflation Reduction Act of 2022. A shareholder meeting is scheduled to vote on the proposal.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 6:46 pm

JBLU

SAVE

JetBlue Airways has expressed disagreement with a court ruling that blocks its proposed merger with Spirit Airlines. The airline is currently evaluating its options for the next steps following the court's decision.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 6:45 pm

JBLU

Shares of JetBlue Airways are trading higher following a federal judge's decision to block the airline's acquisition of Spirit Airlines.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 6:16 pm

JBLU

SAVE

A federal judge has blocked JetBlue Airways' attempt to acquire Spirit Airlines, resulting in a decline in Spirit Airlines' share price.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 6:15 pm

JBLU

SAVE

A new court filing indicates that Judge William G. Young has blocked JetBlue Airways from acquiring Spirit Airlines. The document, listed as Doc #461, contains the judge's findings of fact and conclusions of law, as prepared by Elizabeth Sonnenberg. This legal decision halts the proposed merger between JetBlue and Spirit Airlines.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 6:04 pm