Streetbeat News

Acquisitions Mergers

XRPUSD

Ripple Labs is repurchasing $285 million of its shares, valuing the company at $11.3 billion. This follows a legal victory against the SEC, where a U.S. District Judge ruled that XRP sales on exchanges are not unregistered securities offerings. Ripple plans regular buybacks but does not anticipate a U.S. public listing soon due to regulatory uncertainties. The company has over $1 billion in cash and $25 billion in XRP assets. Ripple acquired Metaco last year and continues to grow despite the SEC lawsuit, with 95% of its customers being non-U.S. financial institutions.

Portfolio Pulse from Murtuza Merchant

January 10, 2024 | 6:40 pm

MULN

Mullen Automotive, Inc. (NASDAQ:MULN) has submitted a pre-application for a Department of Energy loan to support its expansion into domestic battery manufacturing. The company plans to produce 150,000 battery packs by 2032 and is committed to transitioning EV and component manufacturing to the U.S. The loan will also support capital investment in Mullen's new facility in California. MULN shares dropped 3.07% to $13.88.

Portfolio Pulse from Nabaparna Bhattacharya

January 10, 2024 | 6:32 pm

BE

Bloom Energy Corp (NYSE:BE) has entered into a sales agreement with SK Ecoplant for its electrolyzer technology, which is expected to generate significant revenues over the next 20 years. Baird analyst Ben Kallo upgraded Bloom Energy's rating to Outperform and raised the price target from $16 to $22, citing catalysts such as cost reductions, manufacturing improvements, and electrolyzer sales for 2024. Shares of Bloom Energy rose by 1.13% to $13.47 following the announcement.

Portfolio Pulse from Priya Nigam

January 10, 2024 | 6:20 pm

PD

PagerDuty, Inc. is reportedly exploring options in response to takeover interest, causing its shares to spike. Traders are actively discussing the company's potential moves, which could include a sale or other strategic alternatives.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 6:15 pm

FINV

LX

Yixin Group Ltd. is selling its 49% stake in a joint venture with Qingdao Caitong Group to focus on its core auto financing business in China, particularly benefiting from the EV boom. Despite a challenging Chinese car market, Yixin's auto financing grew 30% year-on-year in Q3 2023. The company's diversification efforts remain within the auto industry, such as a SaaS platform for auto financing-related technology. Yixin's shares saw a brief rally after the announcement, indicating investor confidence. Other Chinese online lenders like FinVolution and LexinFintech also have low P/S ratios, reflecting a depressed valuation in the sector.

Portfolio Pulse from The Bamboo Works

January 10, 2024 | 6:13 pm

ARKB

The Cboe BZX Exchange has approved the listing of the ARK 21Shares Bitcoin ETF (ARKB), pending the SEC's decision on a spot Bitcoin ETF. Bloomberg ETF analyst Eric Balchunas called this a 'very late step' in the process, suggesting the ETF could list as soon as the day after approval. If the SEC approves on Jan. 10, ARKB could trade from Jan. 11, marking a significant step for cryptocurrency in mainstream markets.

Portfolio Pulse from Murtuza Merchant

January 10, 2024 | 5:52 pm

GTY

Getty Realty Corp. (NYSE:GTY) reported on its 4Q23 and FY23 business activities, including $326 million invested in properties, a $75 million investment pipeline, and $295 million raised in new equity and debt. The company made several acquisitions, sold nine properties, and provided initial FY24 earnings guidance with AFFO expected to be $2.29 to $2.31 per diluted share. GTY shares saw a 1.01% increase to $29.57.

Portfolio Pulse from Akanksha Bakshi

January 10, 2024 | 5:44 pm

DISH

SATS

T

VZ

EchoStar Corp (SATS) completed strategic transactions post-merger with Dish Network, enhancing its business flexibility. The merger integrates Dish's satellite tech and 5G network with EchoStar's satellite communications. Despite Dish's debt and declining TV subscribers, the merger aims to shift focus to wireless services, competing with Verizon (VZ) and AT&T (T). EchoStar's subsidiary DISH Wireless received a $50M grant from NTIA for the ORCID project to test Open RAN network solutions. This news propelled SATS shares up by 36.40% to $17.27.

Portfolio Pulse from Anusuya Lahiri

January 10, 2024 | 5:43 pm

BABA

NVDA

SPY

TCEHY

Nvidia Corp (NVDA) is facing challenges in the Chinese AI market due to U.S. export controls leading to the repurposing of standard PC gaming graphics cards. Chinese companies are dismantling thousands of Nvidia's gaming cards monthly to circumvent the shortage of high-end processors. This has spiked demand for gaming chips, but modifications could infringe on Nvidia's intellectual property rights. Nvidia has released three new chips for China with reduced performance to comply with regulations. Reports suggest that Alibaba (BABA) and Tencent (TCEHY) may reduce orders for Nvidia's chips, and Chinese cloud companies could cut orders by 50%-60% within five years. Despite these challenges, Nvidia's stock has seen significant growth, outperforming the SPDR S&P 500 ETF (SPY).

Portfolio Pulse from Anusuya Lahiri

January 10, 2024 | 5:34 pm

GHM

Brandes Investment Partners has disclosed an 11% stake in Graham Corporation through a 13G filing with the SEC.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 4:44 pm