Streetbeat News

Acquisitions Mergers

NIO

Nio Inc - ADR (NYSE:NIO) shares dropped 4.7% to $8.40 despite no company-specific news. The decline follows a recent announcement of a $2.2 billion investment from Abu Dhabi's CYVN, which will take a 20.1% stake in NIO. The investment aims to strengthen NIO's position in the electric vehicle market, supporting technology development, brand growth, and global expansion. NIO's 52-week trading range is between $7.00 and $16.18.

Portfolio Pulse from Henry Khederian

December 20, 2023 | 6:31 pm

X

Senate Banking Chair Sherrod Brown has urged President Biden to closely examine the sale of U.S. Steel to Nippon Steel, expressing concerns over the implications of the deal.

Portfolio Pulse from Charles Gross

December 20, 2023 | 6:06 pm

PRSR

PRSRU

PRSRW

Prospector Capital Corp. (PRSR, PRSRU, PRSRW) has announced a new record and distribution date of December 21, 2023, for the issuance of dividend shares in connection with its proposed business combination with LeddarTech Inc. and LeddarTech Holdings Inc. The dividend will be distributed to holders of Class A ordinary shares and units of Prospector that were not redeemed. The issuance is contingent upon the completion of the business combination, which is subject to customary closing conditions and was approved by shareholders on December 13, 2023.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 5:53 pm

TSLA

The article discusses the potential benefits for Tesla (NASDAQ:TSLA) to build a Gigafactory in Argentina, highlighting the country's rich natural resources, including significant lithium reserves and renewable energy potential. It also notes the favorable regulatory environment, Argentina's history of innovation, and recent economic reforms that could attract foreign investment. The author, Felix Tesei, with experience in renewable energy, suggests that establishing a Gigafactory in Argentina could lead to lower production costs for electric vehicles and contribute to the region's economic and social development.

Portfolio Pulse from Benzinga Contributor

December 20, 2023 | 4:53 pm

PARA

Paramount Global is reportedly in discussions to sell its BET network to a management-led group, according to Bloomberg. The potential sale is part of Paramount's strategy to streamline its operations and focus on its core assets. The news could indicate a shift in Paramount's business strategy and a potential divestiture of non-core assets.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 4:18 pm

MSCI

MSCI Inc. has agreed to acquire Fabric, a wealth technology platform, to enhance its portfolio solutions. The terms of the deal were not disclosed. Fabric, founded in 2019, offers risk and portfolio design technology to wealth management communities. The acquisition is expected to provide synergies with MSCI's toolkit and Fabric's portfolio construction capabilities, aiming to improve investment processes for wealth managers. MSCI's Head of Analytics, Jorge Mina, emphasized the deal's alignment with MSCI's strategy to expand market reach and solutions for investors. MSCI reported $928.6 million in cash and cash equivalents as of September 30, 2023, and anticipates the deal to close next quarter with a non-material financial impact. MSCI shares rose 1.28% to $549.48.

Portfolio Pulse from Akanksha Bakshi

December 20, 2023 | 3:51 pm

CGC

Canopy Growth Corporation (NASDAQ:CGC) shares rose after a 1-for-10 share consolidation to meet Nasdaq's minimum bid requirement. The company also divested its This Works skincare brand to Inspirit Capital for up to £9.3 million. The CEO, David Klein, stated the sale is part of Canopy Growth's focus on achieving North American cannabis market leadership and transforming into a simplified, asset-light, cannabis-focused business. The stock is up 3.91% at $5.40.

Portfolio Pulse from Erica Kollmann

December 20, 2023 | 3:42 pm

LIVE

Live Ventures Inc (NASDAQ: LIVE) reported a 23.8% increase in FY23 sales to $355.17 million, surpassing consensus estimates. Despite overall growth, the Retail Entertainment and Flooring Manufacturing segments saw revenue declines due to reduced demand. The Steel Manufacturing segment, however, grew by 46.7% primarily due to the acquisition of Kinetic. The company posted an EPS loss of $(0.03), missing the consensus of $2.85. Gross profit rose by 18.1%, but operating income dropped by 40.4% due to inflationary costs and higher expenses from recent acquisitions. Adjusted EBITDA increased by 8.3% to $9.6 million, attributed to acquisitions. The company ended the fiscal year with $37.1 million in cash availability. The FY24 revenue consensus is $421 million, and the stock has declined by 21% year-to-date. LIVE shares are up 1.50% at $25.70 in recent trading.

Portfolio Pulse from Anusuya Lahiri

December 20, 2023 | 3:32 pm

AAPL

NVDA

Jerome Powell's dovish speech suggests the Fed is done with interest rate hikes, indicating a pivot. The CPI is trending down, and retail sales are up, defying expectations for a weak Christmas season. Nvidia is moving production out of Taiwan to Vietnam, a strategic move to diversify its supply chain. Barron's calls for a higher neutral rate, aligning with DKI's views on future inflation and the impact of government spending.

Portfolio Pulse from Gary Brode

December 20, 2023 | 3:16 pm

BASFY

BFFAF

BASF SE (OTC:BFFAF) (OTC:BASFY) announced Dr. Markus Kamieth as the new Chairman of the Board of Executive Directors, effective April 25, 2024. He succeeds Dr. Martin Brudermüller. BASF is undergoing restructuring, including carving out divisions and reducing investments by €4 billion to address financial pressures and the German chemical industry's downturn. The industry is not expected to recover before 2025, with some companies permanently shutting down production.

Portfolio Pulse from Anusuya Lahiri

December 20, 2023 | 3:11 pm