Streetbeat News

Acquisitions Mergers

AAPL

Chinese AR company Rokid has raised $70 million in a funding round led by the government of Hefei City. Rokid, competing with Apple's Vision Pro, plans to use the funds to enhance its AR technology for industrial use, with a focus on safety and training in sectors like energy. The company also intends to establish an industrial metaverse headquarters and R&D center in Hefei. This move aligns with China's push to strengthen domestic advanced manufacturing amid supply chain diversification away from China.

Portfolio Pulse from Benzinga Neuro

January 12, 2024 | 8:18 am

AMZN

QQQ

SPY

Jeff Bezos, founder of Amazon.com Inc. (NASDAQ:AMZN), celebrates his 60th birthday as the second-richest person in the world. Amazon, which started as an online bookstore, faced challenges during the dot-com bubble but survived and thrived, becoming a global e-commerce and technology giant. The article reflects on the potential returns of a $1000 investment in Amazon stock during the dot-com bubble compared to the present day, highlighting the company's resilience and growth. It also mentions Amazon's current ventures, including a significant investment in AI through Anthropic, and its dominance in cloud services with AWS.

Portfolio Pulse from Ananya Gairola

January 12, 2024 | 6:17 am

COIN

EXAS

HOOD

PATH

TSLA

U

Ark Invest, led by Cathie Wood, purchased $25.55 million worth of Tesla Inc (TSLA) shares, while selling shares of Coinbase Global Inc (COIN) and Robinhood Markets Inc (HOOD) following the approval of Bitcoin spot ETFs. Ark also increased its stake in Unity Software Inc (U), sold shares in Exact Sciences Corp (EXAS), and offloaded shares in UiPath Inc (PATH). These trades reflect Ark's confidence in Tesla and a strategic shift in their investment portfolio.

Portfolio Pulse from Benzinga Neuro

January 12, 2024 | 5:32 am

GRAM

Equity research firm Zuanic & Associates initiated coverage of Gold Flora (OTC:GRAM) with an Overweight rating, citing the company's strong position in the California cannabis market. The market, despite challenges, shows growth potential with Gold Flora well-placed to capitalize on it. The company, post-merger with The Parent Company, has a significant retail chain and brand presence, financial stability with $32 million in cash and negligible net debt, and plans for expansion and increased cultivation capacity. The valuation suggests a compelling opportunity, and while risks exist, the company's strategic positioning could mitigate them.

Portfolio Pulse from Nicolás Jose Rodriguez

January 12, 2024 | 2:55 am

PROP

Prairie Operating Co. (NASDAQ: PROP) has agreed to acquire the assets of Nickel Road Operating LLC for $94.5M, with $83M in cash and $11.5M in deferred payments. The deal, effective February 1, 2024, is expected to be accretive to Prairie's financial metrics and adds 5,500 net acres and 62 PUD drilling locations in the DJ Basin. The assets produce 3,370 net Boepd and add 22.2 MMboe in proven reserves. The acquisition aligns with Prairie's strategy for value creation and long-term, debt-free growth.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 11:15 pm

CHH

WH

Wyndham has received a Second Request from the FTC under the HSR Act regarding Choice's unsolicited hostile offer. Wyndham's Chairman, Stephen P. Holmes, stated that the FTC's decision was expected and reiterated that the offer undervalues Wyndham and poses significant risk to its shareholders.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 10:11 pm

DECA

Denali Capital Acquisition Corp. (DECA) has extended the deadline to complete a business combination by one month, moving it from January 11, 2024, to February 11, 2024. This extension follows a deposit of $50,000 into the company's trust account, as per the amended terms of the company's governing documents.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 9:32 pm

ALNT

Allient Inc. (formerly Allied Motion Technologies Inc.), under the ticker ALNT, has acquired SNC Manufacturing, a designer and manufacturer of electrical transformers. The acquisition expands Allient's capabilities in the power technology sector, particularly in defense, industrial automation, and renewable energy. Financial terms were not disclosed. SNC, with $40 million in trailing twelve-month revenue and 440 employees, will become a Technology Unit within Allient's Allied Power Technology Pillar. SNC's leadership, including President and COO Jim Koepke, will remain post-acquisition, reporting to Allient's Corporate VP Ashish Bendre.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 9:29 pm

SUM

Summit Materials, Inc. (NYSE:SUM) shareholders have approved the issuance of shares as part of the Transaction Agreement with Argos USA, a subsidiary of Cementos Argos S.A. The approval includes issuing 54,720,000 shares of Class A common stock and one share of preferred stock to Cementos Argos and its affiliates. The transaction, expected to close on January 12, 2024, will create the fourth-largest cement platform in the U.S. and is anticipated to generate annual synergies of at least $100 million, with significant free cash flow per share increase.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 9:28 pm

DIS

WBD

David Benioff and Dan Weiss, creators of 'Game of Thrones', discussed their canceled Star Wars film project with Lucasfilm, a subsidiary of The Walt Disney Company (DIS). Hired in 2018, their departure in 2019 was due to creative differences over their storyline about the origins of the Jedi. This revelation comes amid concerns about the state of Star Wars films, with several announced projects being removed or canceled. Disney has set release dates for three new Star Wars movies between 2026 and 2027, but it's uncertain if these will proceed as planned.

Portfolio Pulse from Franca Quarneti

January 11, 2024 | 9:28 pm