Streetbeat News

Acquisitions Mergers

AGR

Avangrid, Inc. (AGR) shares have risen following the termination of their planned merger agreement with PNM Resources. The cancellation of the merger, which was previously anticipated to create synergies and growth opportunities, may now lead investors to reassess Avangrid's standalone growth potential and strategic plans moving forward.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 3:17 pm

VIA

VIASP

Via Renewables, Inc. (NASDAQ:VIA) shares surged after announcing an acquisition agreement with Retailco, LLC for a majority of its Class A common shares at $11.00 per share, a significant premium over recent market values. The deal, proposed by Via's CEO and Chairman William Keith Maxwell III, who controls Retailco and owns 65.7% of Via's stock, will result in the delisting of VIA from NASDAQ, while VIASP is expected to remain listed. The transaction includes a 30-day 'go-shop' period and is anticipated to close in Q2 2024. VIA shares rose 13.3% to $10.65 following the news.

Portfolio Pulse from Akanksha Bakshi

January 02, 2024 | 3:15 pm

NVS

VYGR

Voyager Therapeutics Inc (VYGR) stock soared after announcing a strategic collaboration and capsid license agreement with Novartis Pharma AG, a subsidiary of Novartis AG (NVS), for gene therapies targeting Huntington's disease and spinal muscular atrophy. Voyager will license its TRACER capsids to Novartis and receive $100 million upfront, including a $20 million equity purchase, with potential for $1.2 billion in milestones and royalties. Novartis will handle development and commercialization, while Voyager focuses on preclinical advancement. VYGR shares jumped 36% to $11.48.

Portfolio Pulse from Vandana Singh

January 02, 2024 | 2:50 pm

NIO

Regal Hotels International Holdings Ltd. and Cosmopolitan International Holdings Ltd. have signed a memorandum of cooperation with Saudi Arabia to develop up to 50 hotels in the Middle East, with an investment of up to $5 billion. The partnership aims to build 30 hotels in Saudi Arabia as part of the kingdom's efforts to diversify its economy away from oil. The companies will also establish an asset management platform to fund hotel-related projects. The Middle East is increasing investments in China and Hong Kong, with significant funds flowing into Chinese corporates from Middle Eastern states.

Portfolio Pulse from The Bamboo Works

January 02, 2024 | 2:34 pm

SATS

T

TMUS

VZ

Dish Network Corp has completed its merger with EchoStar Corp, with Dish continuing as a subsidiary under EchoStar's complete ownership. The merger is a strategic shift for Dish to focus on wireless services, competing with Verizon, T-Mobile, and AT&T. Dish Network's common stock was exchanged for EchoStar's stock as part of the deal. The merger aims to enhance Dish's financial capabilities for developing its 5G network and mobile services. Dish has been facing a decline in TV subscribers and a significant debt, which the merger with EchoStar aims to alleviate. The FCC approved the deal with minimal scrutiny.

Portfolio Pulse from Anusuya Lahiri

January 02, 2024 | 2:30 pm

DASH

DoorDash, Inc (NASDAQ:DASH) is expanding its global presence and diversifying its services beyond restaurant meal deliveries. The company acquired Finland's Wolt, extending its reach to 27 countries. With substantial free cash flow, DoorDash is investing in new markets, including retail and grocery delivery, partnering with companies like BJ's Wholesale Club and Dick's Sporting Goods. Despite industry challenges, DoorDash's Q3 revenue grew by 27% to $2.2 billion, and it holds a 59% market share in the U.S. restaurant delivery market. The company's stock is performing well, with plans for a $750 million stock buyback, although shares traded lower by 1.24% at $97.66 in the premarket.

Portfolio Pulse from Anusuya Lahiri

January 02, 2024 | 2:26 pm

ASML

SPY

TSLA

Cryptocurrencies Bitcoin, Ethereum, and Dogecoin have seen a spike in value on the first day of 2024, with Bitcoin crossing $45K. US markets are bullish with the S&P 500 surging 24% in 2023 and tech stocks predicted to rise 25% in 2024. US office buildings face a $117B debt cliff due to interest rates. Tesla shares have a lackluster start in 2024, and the company is set to report Q4 deliveries. Danone sells its U.S. organic dairy business, and Reckitt's Mead Johnson recalls baby formula. ASML halts exports to China, and US politics and world politics see significant developments.

Portfolio Pulse from Akanksha Bakshi

January 02, 2024 | 2:12 pm

FLEX

NXT

Flex (NASDAQ:FLEX) has completed the spin-off of its remaining interest in Nextracker Inc. (Nextracker), distributing approximately 0.17 shares of Nextracker Class A common stock for every Flex share held as of December 29, 2023. Flex shareholders received 74,432,619 shares of Nextracker in total and will get cash for fractional shares. Post spin-off, Flex holds no Nextracker stock. Flex shares remain on Nasdaq as 'FLEX', and Nextracker trades as 'NXT'.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 2:04 pm

ADEX

GRIID Infrastructure, a bitcoin mining company, has completed its business combination with Adit EdTech Acquisition Corp., a special purpose acquisition company (SPAC). This merger allows GRIID to become a publicly traded company and provides it with access to additional capital to fund its operations and growth.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 2:04 pm

COIN

Coinbase Global Inc (NASDAQ:COIN) is undergoing leadership changes with Rick Schonberg replacing Aaron Schnarch as CEO of Coinbase Custody. The company is preparing to provide custody services for potential spot Bitcoin ETF applicants, with notable clients like BlackRock, Franklin Templeton, and Grayscale Investments. Coinbase Custody, regulated by the New York Department of Financial Services and audited by Deloitte & Touche, is well-prepared for potential ETF approval. The SEC has a deadline of January 10 to decide on a spot Bitcoin ETF application. Despite a recent drop, COIN shares have surged almost 400% in the last year, with a 1.83% increase in premarket trading on Tuesday.

Portfolio Pulse from Anusuya Lahiri

January 02, 2024 | 2:02 pm