Streetbeat News

Acquisitions Mergers

INTC

NVDA

QCOM

Intel Corporation (NASDAQ:INTC) has announced its entry into the automotive semiconductor market with AI-equipped chips for cars, challenging competitors like Qualcomm Inc (NASDAQ:QCOM) and Nvidia Corp (NASDAQ:NVDA). Intel also acquired French startup Silicon Mobility to enhance its capabilities in electric vehicle technology. The company's automotive chief, Jack Weast, revealed that Chinese automaker Zeekr will be the first to use Intel's AI system-on-a-chip. This move is part of Intel's broader strategy to tap into the growing automotive semiconductor market, which is expected to reach $89.18 billion by 2028.

Portfolio Pulse from Benzinga Neuro

January 10, 2024 | 1:27 pm

GTY

Getty Realty Corp. (NYSE:GTY) reported a record year of investment activity in 2023, with approximately $326 million invested in convenience and automotive retail assets. The company also raised $295 million in new equity and debt capital. Getty announced its 2024 AFFO guidance at $2.29-$2.31 per diluted share, which does not account for future acquisitions, dispositions, or capital market activities. The company's portfolio expanded with acquisitions, development funding, and redevelopments, while also selling nine properties for $12 million.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 1:26 pm

COMS

COMSovereign Holding Corp. (NASDAQ:COMS) has regained its current filer status by filing its overdue quarterly reports for Q1, Q2, and Q3 of 2023. The company has reduced general and administrative expenses significantly through corporate streamlining, which has also improved its reporting processes. COMSovereign filed its 2022 annual report on December 7, 2023, after appraising goodwill and intangibles across its 16 operating units. The company has been restructuring, including selling off certain assets, to simplify its organization and reduce costs. The CEO, David Knight, emphasizes the company's focus on meeting Nasdaq and SEC requirements and supporting customer and partner needs, aiming for growth in 2024.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 1:23 pm

ICCT

iCoreConnect Inc (NASDAQ:ICCT) shares surged after announcing the acquisition of Verifi Dental, aiming to enhance its SaaS software solutions for healthcare. This move aligns with ICCT's growth strategy and is expected to strengthen its market presence and value proposition. The company has recently made other acquisitions, including Teamworx Dental and FeatherPay, to expand its offerings in dental software and fintech. As of September 2023, ICCT had cash reserves of $0.457 million. ICCT's stock price rose 17.69% to $1.53 in premarket trading.

Portfolio Pulse from Lekha Gupta

January 10, 2024 | 1:20 pm

BECN

Beacon Roofing Supply (BECN) anticipates low single-digit top line growth in 2024, driven by its Ambition 2025 initiatives, price carryover, and additional selling days, despite potential weather-related demand normalization and a slowdown in certain construction starts. Stable gross margins are expected, with Adjusted EBITDA also projected to grow by low single digits compared to 2023. The company plans to continue its Ambition 2025 strategy, including acquisitions, digital expansion, and productivity improvements, with capital expenditures similar to 2023 levels. Final guidance will be refined after assessing Q4 earnings and macroeconomic conditions.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 1:18 pm

KERN

Akerna Corp. (NASDAQ:KERN) has announced a special meeting for stockholders to vote on a proposed merger with Gryphon Digital Mining, Inc. The meeting is scheduled for January 29, 2024. The SEC has declared effective Akerna's Form S-4 registration statement related to the merger. The merger aims to create a carbon-neutral bitcoin miner, with the new entity to be listed on Nasdaq under the ticker 'GRYP'. The transaction is subject to stockholder approval and customary closing conditions, with a target close date of January 31, 2024.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 1:04 pm

AEHR

Aehr Test Systems (NASDAQ:AEHR) shares dropped by 15% in pre-market trading due to the company's revised full-year revenue guidance, citing expected delays in new orders. Other stocks also experienced significant movements in pre-market trading, with various companies such as Exicure, Inc. (NASDAQ:XCUR) and iCoreConnect Inc. (NASDAQ:ICCT) seeing gains due to specific catalysts like patent grants and strategic acquisitions, respectively.

Portfolio Pulse from Avi Kapoor

January 10, 2024 | 1:03 pm

CHH

Choice Hotels International, Inc. (CHH) has released an investor presentation and infographic to counter Wyndham Hotels & Resorts, Inc.'s (WH) antitrust claims regarding Choice's acquisition proposal. The presentation, filed with the SEC, aims to correct misinformation about the antitrust risks and competitive landscape presented by Wyndham. Choice remains confident in finalizing the acquisition within a year, believing it to be pro-competitive and beneficial for stakeholders.

Portfolio Pulse from Charles Gross

January 10, 2024 | 12:57 pm

ARBK

AYX

Three tech stocks, Argo Blockchain plc (ARBK), NextNav Inc. (NN), and Alteryx, Inc. (AYX), are showing signs of being overbought according to their Relative Strength Index (RSI) values. ARBK recently raised $9.9 million and its stock surged 58% over the past month, with an RSI of 70.53. NN appointed a new CEO and saw a 14% stock increase over five days, with an RSI of 71.11. AYX, set to be acquired by private equity firms, rose 6% over the past month, with an RSI of 73.58.

Portfolio Pulse from Avi Kapoor

January 10, 2024 | 12:54 pm

COIN

ISRG

JNPR

KBH

NVDA

QQQ

SPY

TSLA

US stocks are poised for a mixed open as traders await the SEC's decision on a spot Bitcoin ETF, which could influence crypto and related stocks. The market is also anticipating Thursday's inflation data. On Tuesday, stocks mostly closed lower, with the Dow, S&P 500, and Russell 2000 down, while the Nasdaq Composite ended slightly higher. Analyst Ryan Detrick remains bullish for 2024 but expects early 2023 weakness. In premarket trading, SPY and QQQ rose, while TSLA, NVDA, and ISRG saw gains, and COIN and JNPR experienced movements tied to specific news. KBH is set to report earnings after market close.

Portfolio Pulse from Shanthi Rexaline

January 10, 2024 | 12:36 pm