Streetbeat News

Acquisitions Mergers

MCHP

Microchip Technology Incorporated (NASDAQ:MCHP) is set to receive $162 million in incentives from the U.S. Commerce Department to support the onshoring of its semiconductor supply chain. This investment aims to rebuild America's semiconductor supply chain, enhance security for the defense industrial base, reduce prices, and create over 700 jobs in Colorado and Oregon. The funding will be used to modernize and expand fabrication facilities in these states, nearly tripling the output of semiconductors and reducing reliance on foreign foundries.

Portfolio Pulse from Nabaparna Bhattacharya

January 04, 2024 | 4:09 pm

RXRX

Recursion Pharmaceuticals (RXRX) stock is up following the announcement of an agreement to in-license a new chemical entity from its fibrosis research collaboration with Bayer AG.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 3:42 pm

AAPL

AMD

AMZN

BABA

CALM

META

MSFT

TSLA

Cryptocurrencies Bitcoin, Ethereum, and Dogecoin experienced a crash with $600M in long positions liquidated. In US markets, Cal-Maine reported disappointing Q2 results, and the Fear & Greed Index moved to 'Greed' zone while the Nasdaq fell for the fourth consecutive day. AMD is anticipated to have a 25% upside potential due to 'GenAI'. Microsoft is adding a Copilot key to PCs and laptops. Alibaba faces challenges with a 75% share drop from its 2020 high. Meta's Mark Zuckerberg continues selling shares. Amazon may face competition from TikTok's US e-commerce expansion. Apple settles an iTunes gift card scam lawsuit. US chip stocks fall after a record-breaking 2023. In the EV sector, Tesla's stock dropped by 4%, and Ford adjusted F-150 Lightning prices. Crane Co. acquired Vian Enterprises for $103M, enhancing its aerospace segment. SpaceX faced labor issues, and copper prices are predicted to rise due to renewable energy transitions.

Portfolio Pulse from Akanksha Bakshi

January 04, 2024 | 3:17 pm

APA

CPE

APA (NASDAQ:APA) has announced the acquisition of Callon Petroleum (NYSE:CPE) for $4.50 billion in stock, expected to close in Q2 of 2024. APA is a Houston-based independent exploration and production company, while Callon Petroleum operates in oil and natural gas exploration and production in the Permian Basin. The acquisition allows APA to consolidate ownership and potentially lead to a merger.

Portfolio Pulse from Benzinga Insights

January 04, 2024 | 3:10 pm

CAN

CIFR

Cipher Mining Inc (CIFR) and Canaan Inc (CAN) have entered into an agreement for the purchase of 16,700 A1466 model Bitcoin mining machines. Cipher Mining previously bought 11,000 similar models from Canaan, which have been delivered and installed. The new machines are expected to be delivered in April and May 2024. The companies' shares are trending, potentially influenced by an increase in Bitcoin's price, which is up 2.61% over 24 hours and more than 150% over a year. Cipher Mining shares are up 3.82% at $4.08, and Canaan shares are up 2.45% at $2.09.

Portfolio Pulse from Adam Eckert

January 04, 2024 | 2:49 pm

ATXI

EJH

MBLY

MINM

OMGA

SLS

U.S. stocks were mixed in the morning with the Dow Jones gaining, while the NASDAQ and S&P 500 fell. Energy shares rose, consumer discretionary shares fell. U.S. initial jobless claims dropped to 202,000, beating estimates. Minim, Inc. (MINM) surged 186%, Omega Therapeutics (OMGA) jumped 108% after a collaboration with Novo Nordisk, and Avenue Therapeutics (ATXI) gained 48% after an FDA agreement. SELLAS Life Sciences (SLS) fell 33% after a public offering announcement, Mobileye Global (MBLY) dropped 26% after preliminary FY23 results and 2024 guidance, and E-Home Household Service Holdings (EJH) declined 28%. Oil and gold prices increased, while silver and copper decreased.

Portfolio Pulse from Avi Kapoor

January 04, 2024 | 2:48 pm

AMZN

LMT

Boeing Company (BA) and Lockheed Martin Corporation (LMT) are set to launch their Vulcan rocket, a competitor to Elon Musk's SpaceX, as early as next week. The rocket, developed by United Launch Alliance (ULA), a joint venture between BA and LMT, aims to serve entities such as the Pentagon, NASA, and Amazon.Com, Inc. (AMZN). Blue Origin LLC, led by Jeff Bezos, has made a multibillion-dollar acquisition bid for ULA. The Vulcan rocket, which has been in development for nearly a decade, is designed to be a cost-effective, American-made alternative to ULA's Atlas and Delta rockets. ULA has secured contracts for approximately 70 Vulcan missions. BA and LMT shares are trading higher following the news.

Portfolio Pulse from Nabaparna Bhattacharya

January 04, 2024 | 2:44 pm

BIDU

DOYU

HUYA

MOMO

Joyy Inc.'s (NASDAQ:YY) planned $3.6 billion sale of its China livestreaming business to Baidu (NASDAQ:BIDU) has fallen through after failing to receive regulatory approval from China's anti-trust regulator. The deal's collapse has led to a 17% drop in Joyy's stock over two trading days. Joyy had already stopped including the China business in its financials since early 2021, focusing on its Singapore-based Bigo livestreaming business. The company may now need to restate financials for the last three years and seek a new buyer for the China business, potentially at a lower price. Baidu exercised its option to terminate the deal due to unmet closing conditions. The news also affects other companies in the livestreaming sector, such as Kuaishou (1024.HK), Douyu (NASDAQ:DOYU), Huya (NYSE:HUYA), and Hello Inc. (NASDAQ:MOMO).

Portfolio Pulse from The Bamboo Works

January 04, 2024 | 2:43 pm

PEV

Phoenix Motor Inc. has settled obligations with vendors IAT Automobile Design LLC and Ultimate Automotive Engineering Inc. by entering into agreements to issue shares of common stock in lieu of cash payments. The agreements resolve disputes over performance and payments for electric vehicle design and maintenance services. Phoenix will issue shares valued at $1.24 each to IAT and UAE to settle outstanding payments of $952,606 and $738,406, respectively.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 2:30 pm

SINT

SINTX Technologies, Inc. (NASDAQ:SINT) has been granted six new U.S. patents related to the antipathogenic properties of silicon nitride. These patents cover a range of applications including antifungal composites, antibacterial biomedical implants, methods for inactivating viruses, and antipathogenic face masks. The company has also received three foreign patents in 2023 and has forty-three patent applications pending globally. SINTX's VP of R&D, Dr. Ryan Bock, emphasized the company's commitment to protecting its intellectual property and the potential for commercializing these technologies in various fields.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 2:23 pm