Streetbeat News

Acquisitions Mergers

AZN

BLIN

GRCL

RYZB

U.S. stocks closed higher with the Dow Jones rising over 150 points and the S&P 500 nearing record levels. Investor sentiment improved as indicated by the CNN Money Fear and Greed index remaining in 'Extreme Greed' territory. RayzeBio shares soared after a buyout announcement by Bristol Myers Squibb, and Gracell Biotechnologies shares surged following an acquisition agreement with AstraZeneca. All sectors of the S&P 500 ended positively, led by energy, real estate, and industrials. Investors are looking forward to Bridgeline Digital's earnings results.

Portfolio Pulse from Avi Kapoor

December 27, 2023 | 8:28 am

SFBQF

TMUS

SoftBank Corp (OTC:SFBQF) is set to receive $7.6 billion worth of T-Mobile US Inc (NASDAQ:TMUS) shares, resulting from an agreement related to the Sprint and T-Mobile merger. This transaction doubles SoftBank's stake in T-Mobile US to 7.64%, significantly increasing its portfolio of listed assets and boosting its Tokyo-listed shares by 5%. Despite past investment setbacks, this deal improves SoftBank's internal rate of return on its Sprint investment to 25.5%.

Portfolio Pulse from Benzinga Neuro

December 27, 2023 | 7:37 am

BYDDY

TSLA

BYD Co., supported by Warren Buffett's Berkshire Hathaway, is set to surpass Tesla as the world's top EV seller this quarter. BYD's Q3 sales were close to Tesla's, and with its October and November sales, it's likely to exceed Tesla's projected Q4 sales. This shift highlights China's growing influence in the EV market and introduces a new competitive dynamic between Tesla and BYD. BYD is expanding globally, including a new base in Hungary, while Tesla is planning a major Model Y overhaul from its Shanghai plant.

Portfolio Pulse from Benzinga Neuro

December 27, 2023 | 6:01 am

AAPL

Tang Tan, an iPhone design executive from Apple Inc. (AAPL), is set to join Jony Ive's design studio LoveFrom and collaborate with OpenAI CEO Sam Altman on a new AI hardware project. The project will focus on creating AI devices for the home, with Altman expected to provide the software. This collaboration follows a trend of former Apple employees moving to LoveFrom, which has already attracted over 20 ex-Apple staff. Tan will lead hardware engineering for the AI initiative at LoveFrom. Previously, there were rumors of advanced talks to build the 'iPhone of AI' involving Altman, Ive, and SoftBank Group Corp.'s Son, which Altman later denied.

Portfolio Pulse from Ananya Gairola

December 27, 2023 | 2:27 am

TREE

Trees Corporation (CBOE: TREE), a Toronto-based cannabis company, has received creditor protection under the CCAA from the Ontario Superior Court of Justice. The protection includes its subsidiaries and appoints Ernst & Young Inc. as the monitor. The company is pursuing additional financing and strategic options, including a failed business combination agreement with 420 Investments Ltd. Cboe Canada is expected to review TREE for potential delisting. Meanwhile, Benzinga PotProfits highlights the potential growth in cannabis stocks, with Michael Berger identifying promising stocks.

Portfolio Pulse from Jelena Martinovic

December 26, 2023 | 11:00 pm

BTCUSD

ETHUSD

Ark Invest CEO Cathie Wood, in collaboration with 21Shares, is optimistic about the SEC approving a Spot Bitcoin ETF by January 10, 2024. In an interview, she praised 21Shares for its successful crypto ETPs and discussed the potential for institutional diversification into crypto. Wood believes Bitcoin will continue to gain as a hedge against inflation and deflation, and could be treated like physical gold within five years. She also mentioned Bitcoin's potential as legal tender in emerging economies, citing El Salvador's support.

Portfolio Pulse from Khyathi Dalal

December 26, 2023 | 10:53 pm

CHCI

Comstock Holding Companies, Inc. (CHCI) has acquired an 18,150 square foot land parcel in Rockville, MD for $1.5 million through a subsidiary. The site, known as Comstock 41, is next to the Rockville Metro Station and has entitlements for housing and retail space. This acquisition complements Comstock's existing transit-oriented developments in the area and is expected to contribute to revenue and earnings growth.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 10:15 pm

SVM

Silvercorp Metals Inc. (NYSE:SVM) has offered to acquire all shares of OreCorp Limited (ASX: ORR) that it does not already own for A$0.19 cash plus 0.0967 Silvercorp shares per OreCorp share. The implied value of A$0.5891 per OreCorp share represents a significant premium over recent VWAPs. The OreCorp Board unanimously recommends acceptance of the offer, which is subject to minimal conditions, including a 50.1% minimum acceptance. The transaction aims to create a globally diversified precious metals producer and is not subject to Silvercorp shareholder approval or financing conditions. Silvercorp and OreCorp have terminated their previous Scheme Implementation Deed and will provide further details in their respective Bidder's and Target's Statements.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 10:13 pm

RPHM

Reneo Pharmaceuticals Inc. received a non-binding acquisition proposal from Concentra Biosciences, an affiliate of Tang Capital Partners, to purchase all equity of Reneo for $1.80 per share plus a contingent value right. The offer is contingent on Reneo having at least $75 million in cash and equivalents at closing, after liabilities and costs. Concentra aims to maximize value for Reneo shareholders and manage clinical studies. They have set a response deadline for January 5, 2024.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 10:09 pm

MANU

Manchester United Plc disclosed in an SEC filing that if the transaction agreement is terminated under certain conditions, Trawlers Limited will be required to pay the company a termination fee of $164 million.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 10:06 pm