Streetbeat News

Acquisitions Mergers

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Google has eliminated fees for customers migrating from Google Cloud to competitors like Amazon or Microsoft, a move that could prompt similar actions from these companies. This change comes amid regulatory scrutiny over switching penalties. Google's VP, Amit Zavery, noted that while these fees are a small part of total costs, they are a regulatory and customer concern. Google also aims to shift regulatory focus to Microsoft's practices that limit customers' ability to use Google Cloud. Google recently announced layoffs in its hardware and digital assistant teams and is reallocating resources to focus on priority investments. Additionally, Google is testing limits on cookie usage in Chrome, impacting the online advertising industry. Last year, Google's stock outperformed the SPDR S&P 500 ETF, Amazon, and Microsoft.

Portfolio Pulse from Anusuya Lahiri

January 11, 2024 | 8:21 pm

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Nvidia Corp has secured a $1 billion deal with Indian data center operator Yotta to supply nearly 16,000 AI chips, including the H100 and GH200 models. This deal is crucial for Nvidia as it faces U.S. export restrictions affecting chip sales to China. Nvidia's expansion in India is supported by partnerships with major Indian conglomerates and the growing demand for AI infrastructure in the region. The deal is expected to boost Nvidia's presence in India, where the AI market is projected to reach $14 billion by 2030. Other tech giants like Microsoft, Alphabet's Google, and Amazon are also expanding their cloud and data center investments in India.

Portfolio Pulse from Anusuya Lahiri

January 11, 2024 | 8:18 pm

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Cytokinetics' stock price has dropped after reports that Novartis is no longer pursuing a potential acquisition deal with the company.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 8:17 pm

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U.S. stocks closed slightly lower with the Dow Jones down 0.05%. Energy shares rose by 0.1%, while utilities fell by 2.3%. First Financial Northwest, Inc. (FFNW) surged 48% after an acquisition announcement by Global Credit Union. SEALSQ Corp (LAES) and Transphorm, Inc. (TGAN) also saw significant gains after positive revenue news and an acquisition plan, respectively. Clearmind Medicine Inc. (CMND), Richardson Electronics, Ltd. (RELL), and Office Properties Income Trust (OPI) experienced sharp declines due to a pricing of a placement, weak quarterly results, and a dividend cut, respectively. Oil prices increased by 0.9%, and U.S. consumer prices rose by 0.3% in December, with the annual inflation rate at 3.4%.

Portfolio Pulse from Avi Kapoor

January 11, 2024 | 7:32 pm

ACI

A Kroger spokesperson commented on reports that Washington State plans to sue to block the proposed merger with Albertsons, stating that any attempt to enjoin the transaction at this stage would be premature. The deal has been under scrutiny due to concerns about reduced competition and potential negative impacts on consumers.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 7:31 pm

NUBI

Nubia Brand International Corp. has declared that it will not accept any requests for redemption reversals related to the closing of its business combination with Honeycomb Battery Company. This decision is in line with the details provided in the definitive proxy statement filed with the SEC on November 8, 2023.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 7:30 pm

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NVS

Novartis AG (NYSE:NVS) has decided not to pursue the acquisition of Cytokinetics Inc (NASDAQ:CYTK), a developer of a promising heart-drug. This decision has impacted Cytokinetics' stock, which fell 21.40%. Cytokinetics is considering other options, including a capital raise. Novartis is looking for growth opportunities but is focusing on acquisitions under $5 billion, as stated by CEO Vasant Narasimhan.

Portfolio Pulse from Vandana Singh

January 11, 2024 | 7:22 pm

Morgan Stanley (NYSE:MS) is expanding its investment in early-stage companies through the Morgan Stanley Next Level Fund, which has $50 million in capital commitments. Despite a global decline in startup investing, Morgan Stanley has invested $12.5 million across nine companies. Additionally, Morgan Stanley Investment Management Inc. raised $1.2 billion for North Haven Expansion Equity IX and North Haven Expansion Credit II, surpassing its target by 40%. Barclays and Goldman Sachs have given Morgan Stanley an Overweight and Buy rating, respectively, with price targets suggesting potential upsides.

Portfolio Pulse from Aditi Ganguly

January 11, 2024 | 7:18 pm

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TechTarget, Inc. (TTGT) shares rose by 14.4% after announcing a strategic combination with Informa Tech's digital businesses. Other stocks experienced significant movements in Thursday's mid-day session, with various companies reporting acquisitions, financial results, and other business updates. Notably, First Financial Northwest, Inc. (FFNW) surged 53% due to an acquisition announcement, and Transphorm, Inc. (TGAN) jumped 25.3% after a buyout offer. Crypto-related stocks like Canaan Inc. (CAN) and Stronghold Digital Mining, Inc. (SDIG) also rose after the SEC approved the listing and trading of spot Bitcoin ETFs. Conversely, several companies saw their shares fall, such as Clearmind Medicine Inc. (CMND), Office Properties Income Trust (OPI), and Plug Power Inc. (PLUG), which was downgraded by an analyst.

Portfolio Pulse from Avi Kapoor

January 11, 2024 | 6:32 pm

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Tesla Inc (TSLA) achieved its target of 1.8 million EV deliveries in 2023, while BYD Company Limited (BYDDY) surpassed Tesla's quarterly sales. Ford Motor (F) is adjusting prices for its 2024 F-150 Lightning models. Worksport Ltd (WKSP) is increasing production capacity for its solar-powered tonneau cover and battery system for Hyundai Motor Company (HYMTF). Hyundai surpassed Ford and General Motors in U.S. EV sales, ranking behind Tesla. VinFast is entering the electric pickup market with its VF Wild concept. Worksport plans a second soft cover factory and is ramping up production in Buffalo, New York.

Portfolio Pulse from Upwallstreet

January 11, 2024 | 6:30 pm