Streetbeat News

Acquisitions Mergers

AAPL

HNHPF

Luxshare Precision Industry Co is acquiring a 62.5% stake in Pegatron Corp's Kunshan unit for about 2.1 billion yuan ($300 million), which may enhance Apple Inc's relationship with China-based suppliers and Beijing. This move could make Luxshare a stronger competitor against Foxconn, which currently assembles 70% of iPhones. Apple, with 20% of its sales from Greater China, is also diversifying production, expanding in India with Foxconn and Pegatron's help. AAPL shares were up 0.44% at $194.01 recently.

Portfolio Pulse from Anusuya Lahiri

December 28, 2023 | 5:53 pm

SQM

Shares of Sociedad Quimica Y Minera (SQM) are up following the announcement of a memorandum of understanding with Codelco for the operation and development of the Salar De Atacama from 2025 to 2060.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 5:43 pm

SQM

Shares of Sociedad Quimica Y Minera S.A. (SQM) are rising after the company signed a memorandum of understanding with Codelco to develop lithium in the Salar de Atacama from 2025 to 2060. Definitive agreements are expected in Q1 2024. The partnership will see Codelco receive profits for the commercialization of 201,000 metric tons of LCE from 2025 to 2030. SQM has contributed nearly US$2.4 billion to the Chilean treasury for the first nine months of 2023.

Portfolio Pulse from Nabaparna Bhattacharya

December 28, 2023 | 5:10 pm

MSTR

MicroStrategy Incorporated (NASDAQ:MSTR) has purchased an additional 14,620 Bitcoins at an average price of $42,110 each, totaling $615.7 million. This acquisition increases the company's Bitcoin holdings to a value of $5.9 billion. CEO Michael Saylor believes MSTR stock will remain attractive even with a potential SEC-approved spot Bitcoin ETF, citing the company's ability to leverage low-interest loans to buy Bitcoin. MSTR shares hit a new 52-week high of $684 and have risen over 370% year-to-date. Currently, the stock is trading mostly flat at $664.50.

Portfolio Pulse from Erica Kollmann

December 28, 2023 | 4:45 pm

LMFA

LM Funding America Inc (NASDAQ:LMFA) shares dropped approximately 12% following the announcement of an agreement to sell Symbiont's blockchain technology to Platonic Holdings Inc. for $2 million. The sale proceeds will be held in escrow until December 26, 2024. LMFA will acquire the assets of Symbiont.IO in its Chapter 11 bankruptcy case. The company plans to use the funds to expand its bitcoin mining operations and strengthen its balance sheet. LMFA reported a significant revenue increase in Q3, with over 1,720% growth year-over-year.

Portfolio Pulse from Lekha Gupta

December 28, 2023 | 4:40 pm

AMKBY

A. P. Moller Maersk A/S (OTC:AMKBY) signed an MoU with Yokohama and Mitsubishi Gas Chemical to develop green methanol bunkering infrastructure. Maersk's new methanol-powered vessels will be delivered from 2024. Additionally, Maersk will resume sending vessels through the Red Sea, under the protection of Operation Prosperity Guardian, instead of rerouting around southern Africa. This change is expected to improve global trade efficiency. AMKBY shares dropped 2.10% to $8.85.

Portfolio Pulse from Lekha Gupta

December 28, 2023 | 4:38 pm

ARKX

ITA

LMT

RTX

TDG

TXT

Investors interested in the rocket launch market can invest in existing stocks and ETFs as SpaceX's Starlink remains private. Boeing (BA) and Lockheed Martin (LMT) jointly own ULA, a potential takeover target by Blue Origin. Stocks like Textron (TXT) and ETFs like iShares U.S. Aerospace And Defense ETF (ITA) and ARK Space Exploration And Innovation ETF (ARKX) offer market exposure. RTX Corporation (RTX) and TransDigm (TDG) are also notable stocks in the sector.

Portfolio Pulse from Neil Dennis

December 28, 2023 | 4:37 pm

TSLA

Tesla Inc (NASDAQ:TSLA) is rumored to be planning an expansion into India, with potential announcements at the Vibrant Gujarat Global Summit in January 2024. The company may invest around $2 billion in initial operations, including a manufacturing facility in Sanand, India. This move could help Tesla access the rapidly growing Indian EV market and serve as an export hub. Tesla's stock performed well in 2023, with a 140% increase.

Portfolio Pulse from Chris Katje

December 28, 2023 | 4:33 pm

DIS

PENN

HG Vora Capital Management, holding an 18.5% economic interest in Penn Entertainment Inc (PENN), is in talks for board representation. The hedge fund, owning an 11% stake, may seek a proxy fight if negotiations fail. Penn's stock is seen as undervalued by HG Vora, criticizing its capital allocation and M&A strategy. Penn's recent divestiture of Barstool Sports and a deal involving ESPN, owned by Disney (DIS), led to a 15% stock decline this year. PENN shares rose 6.52% to $26.64 recently.

Portfolio Pulse from Vandana Singh

December 28, 2023 | 4:25 pm

AAPL

ADDDF

MCD

SBUX

Adidas and Apple are considering shifting manufacturing away from China due to security concerns and strained US-China relations. Meanwhile, McDonald's and Starbucks are expanding their presence in China, with McDonald's planning to open 3,500 new stores and Starbucks investing $220 million in a facility. Despite overall foreign investment decline in China, American fast-food chains see the large market as an opportunity. The US government continues to encourage companies to reduce reliance on China for critical materials and high-tech products.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 3:35 pm