Streetbeat News

Acquisitions Mergers

AGR

PNM

Avangrid (AGR) has terminated its merger agreement with PNM Resources due to the failure to receive all final regulatory approvals by the deadline of December 31, 2023. The merger, initially aimed to bring benefits to PNM consumers and aid New Mexico's clean energy goals, was hindered by the New Mexico Public Regulation Commission's denial. With the termination, a commitment letter from Iberdrola for funding the merger also ended. Avangrid reaffirms its 2023 EPS and Adjusted EPS guidance, excluding the impact of Renewables transactions.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 6:18 am

AAPL

AXP

BAC

Warren Buffett's investment strategy focuses on large-cap, dividend-yielding stocks, with nearly 75% of his portfolio in just four stocks: Apple Inc. (AAPL), Coca-Cola Co. (KO), Bank of America Corp. (BAC), and American Express Co. (AXP). Apple makes up over half of his portfolio, with strong product demand and positive analyst ratings. Coca-Cola provides significant dividends and has a long history of dividend increases. Bank of America benefits from high interest rates with rising net income and dividends. American Express shows growth with increased spending by younger customers and record revenues.

Portfolio Pulse from Aditi Ganguly

January 01, 2024 | 5:00 pm

BIDU

JOYY Inc. received a notice from an affiliate of Baidu, Inc. attempting to terminate their 2020 Share Purchase Agreement for the sale of JOYY's YY Live. The sale was mostly completed in February 2021, but Baidu is now seeking to cancel the transaction. JOYY is considering legal options and reserves all rights.

Portfolio Pulse from Charles Gross

January 01, 2024 | 4:55 pm

COIN

Coinbase Global Inc (NASDAQ:COIN) has successfully expanded into the Canadian market, growing to around 200 employees and introducing Interac payments, which now account for over 80% of inflows. The company has worked closely with Canadian regulators to ensure a robust regulatory framework. Coinbase Canada's Country Director, Lucas Matheson, sees the approval of ETFs as institutional validation and believes it will increase demand and awareness. Coinbase is also investing in self-custody wallets and Layer Two solutions, aiming to update the financial system and address issues in industries like real estate through blockchain technology. Matheson is optimistic about the future, citing regulatory momentum and the potential for Canada to lead in the digital economy.

Portfolio Pulse from Stjepan Kalinic

December 31, 2023 | 6:57 pm

CYD

China Yuchai International Limited (NYSE:CYD), a major powertrain solution manufacturer, has agreed to sell its 100% equity stake in Yuchai Remanufacturing Services (Suzhou) Co., Ltd. to Beijing Liandong Jinyuan Management Technology Co., Ltd. for RMB 179.94 million. The payment will be made in cash and deposited into an escrow account in phases, including the book value of cash equivalents and fair value of equipment. The deal is pending approval from the Suzhou Industrial Park Administrative Committee.

Portfolio Pulse from Charles Gross

December 31, 2023 | 2:55 pm

KARS

RIVN

TSLA

In 2023, the EV industry faced production and demand challenges, with Tesla, Inc. (TSLA) doubling its stock value after aggressive price cuts. Rivian Automotive, Inc. (RIVN) also ended the year positively, maintaining production forecasts and managing costs. Global EV adoption slowed due to affordability and infrastructure issues. Tesla's North American Charging Standard gained significant adoption from other automakers. Legacy automakers scaled back EV plans due to strikes and demand slowdown. Analyst Gary Black views Tesla as the only investable EV company, with BYD and Rivian as potential winners. The KraneShares Electric Vehicles and Future Mobility Index ETF (KARS) fell 7.85% for the year.

Portfolio Pulse from Shanthi Rexaline

December 30, 2023 | 3:28 pm

AAPL

AMZN

RIVN

Gary Black, Managing Partner at Future Fund, suggests that Apple Inc (AAPL) should consider acquiring Rivian Automotive Inc (RIVN) to compete with Chinese smartphone companies entering the EV market. Black notes that Rivian, with a $17.5B enterprise value, may not be open to a sale, especially with Amazon.com Inc (AMZN) holding a 17% stake. Rivian's Q3 performance was strong, with vehicle deliveries close to Tesla's and better-than-expected financial results. Black is bullish on Rivian's future profitability.

Portfolio Pulse from Anan Ashraf

December 30, 2023 | 4:39 am

BLK

FIS

JPM

BlackRock (BLK), Fidelity (FIS), and WisdomTree (WT) have named Jane Street Capital and JPMorgan Securities (JPM) as authorized participants for their upcoming Bitcoin ETFs, pending SEC approval. Jane Street is also selected by Valkyrie for a similar role. The SEC had set a deadline of Dec. 29 for final amendments, with early January as the potential approval window for Bitcoin ETFs. Invesco is also in the race, offering to waive fees for its Bitcoin ETF.

Portfolio Pulse from Benzinga Neuro

December 30, 2023 | 2:43 am

AEM

Agnico Eagle Mines has acquired 19.6 million units of Canada Nickel Company, with each unit priced at $1.18. This strategic investment could indicate confidence in Canada Nickel Company's prospects and Agnico Eagle Mines' interest in nickel mining.

Portfolio Pulse from Bill Haddad

December 29, 2023 | 10:03 pm

CALM

TSN

Cal-Maine Foods has agreed to acquire broiler processing assets from Tyson Foods. The financial terms of the deal have not been disclosed. This acquisition could potentially expand Cal-Maine's product offerings and market presence.

Portfolio Pulse from Bill Haddad

December 29, 2023 | 9:20 pm