Streetbeat News

Acquisitions Mergers

ACI

The Federal Trade Commission (FTC) is not expected to make a decision on the proposed merger between Kroger (KR) and Albertsons (ACI) until February. The delay in the regulatory review process means that stakeholders will have to wait to see if the FTC will challenge the merger of these two supermarket giants.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 5:55 pm

BTCUSD

ETHE

ETHUSD

JPM

The SEC has approved applications for spot Bitcoin ETFs, potentially boosting Bitcoin's price. Meanwhile, Congressman Mike Collins has been purchasing Ethereum, with recent trades disclosed in January. Collins' investment activity comes amid scrutiny of Congress members' trading due to potential conflicts of interest. Collins' stance on cryptocurrency was highlighted in a tweet responding to JPMorgan CEO Jamie Dimon's criticism. The approval of Bitcoin ETFs and interest in Ethereum ETFs, such as from the Grayscale Ethereum Trust, could signal increased institutional interest in cryptocurrencies.

Portfolio Pulse from Chris Katje

January 11, 2024 | 5:55 pm

BTCUSD

Better Markets CEO Dennis M. Kelleher criticizes the SEC's approval of Bitcoin ETFs, predicting it will 'unleash crypto predators' and increase systemic risks. He describes Bitcoin as a 'worthless, volatile, and fraud-filled financial product' and expresses concerns over inadequate regulation by the CFTC. Despite such criticism, Bitcoin's price surged past $48K, and crypto-related stocks are rallying.

Portfolio Pulse from Khyathi Dalal

January 11, 2024 | 5:36 pm

BTCUSD

South Korea's Financial Services Commission maintains a stance against recognizing cryptocurrencies as financial assets and prohibits financial institutions from investing in them. Despite the U.S. SEC approving Bitcoin ETFs, South Korea will not amend its laws to allow virtual asset ETFs, believing its financial stability during crypto downturns is due to such restrictions. SEC Chairman Gary Gensler stated that the SEC's approval is limited to cash exchange-traded products holding Bitcoin.

Portfolio Pulse from Murtuza Merchant

January 11, 2024 | 5:26 pm

ACI

Washington State is preparing to file a lawsuit to prevent the merger between Kroger Co. and Albertsons Companies Inc. The state's action adds to the regulatory challenges the deal may face, as it could potentially reduce competition in the grocery sector.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 5:23 pm

CYTK

NVS

Novartis' expected acquisition of Cytokinetics, a developer of heart drugs, has lost momentum. The deal was anticipated to be finalized as soon as this week, according to the Wall Street Journal.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 5:22 pm

SUN

Sunoco LP (NYSE:SUN) has agreed to sell 204 convenience stores to 7-Eleven for approximately $1 billion, with adjustments for fuel and merchandise inventory. The deal includes an amendment to Sunoco's existing fuel supply agreement with 7-Eleven, promising additional fuel gross profit. Proceeds will be used to reduce leverage and fund growth, with the sale expected to close after regulatory approvals. Sunoco also plans to acquire Zenith Energy's terminals in Amsterdam and Bantry Bay, which is expected to close in Q1 2024 and be accretive to unitholders in the first year. The acquisition will be funded through Sunoco's credit facility. Sunoco reaffirmed its FY24 EBITDA guidance of $975 million to $1 billion. SUN shares rose 1.7% to $59.05.

Portfolio Pulse from Lekha Gupta

January 11, 2024 | 5:21 pm

CMND

FFNW

LAES

OPI

TGAN

YGF

U.S. stocks traded lower, with the Dow Jones falling over 200 points. Energy shares rose by 0.5%, while utilities fell by 1.9%. U.S. consumer prices increased by 0.3% in December, with annual inflation at 3.4%. First Financial Northwest (FFNW) spiked 49% after Global Credit Union's acquisition plans. SEALSQ Corp (LAES) surged 29% on strong FY23 revenue. Transphorm (TGAN) gained 26% after Renesas Electronics' acquisition plans. Clearmind Medicine (CMND), YanGuFang International (YGF), and Office Properties Income Trust (OPI) saw significant share price drops.

Portfolio Pulse from Avi Kapoor

January 11, 2024 | 5:11 pm

FSLR

First Solar, Inc. (NASDAQ:FSLR) shares dropped on Thursday despite the inauguration of its new 3.3 GW solar manufacturing plant in Tamil Nadu, India. The facility represents a $700 million investment and is the first fully vertically integrated solar manufacturing plant in India. It is also the world's first net-zero water withdrawal solar manufacturing facility. The plant will create approximately 1,000 jobs and produce Series 7 PV solar modules, optimized for the Indian market, using a tellurium-based semiconductor to reduce reliance on Chinese silicon supply chains.

Portfolio Pulse from Nabaparna Bhattacharya

January 11, 2024 | 5:11 pm

TGAN

Transphorm's stock price has increased following the announcement that Renesas will acquire the company. This acquisition is likely to have a positive impact on Transphorm's stock in the short term as it may provide financial stability and potential growth opportunities.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 5:02 pm