Streetbeat News

Acquisitions Mergers

AMZN

F

RIVN

T

TSLA

Rivian Automotive Inc (RIVN) is now able to sell its electric vehicles to customers other than Amazon (AMZN) after their exclusivity deal ended. Rivian announced a new deal with AT&T (T) for electric vans, trucks, and SUVs. Despite increased competition from Tesla (TSLA) and Ford (F), Rivian is seeing demand for its EVs and has raised its 2023 production target to 54,000 units. Ford has cut its F-150 Lightning production forecast, while Tesla has started a price war with its Cybertruck. Rivian reported better-than-expected Q3 revenue, contrasting with Tesla's results.

Portfolio Pulse from Upwallstreet

December 14, 2023 | 4:58 pm

DIS

Nelson Peltz, Trian Partners founder and CEO, plans to nominate himself and former Disney CFO Jay Rasulo to Disney's board at the 2024 annual meeting. Trian, owning close to 33 million shares worth $3 billion, is pushing for change citing Disney's underperformance compared to peers. Disney has resisted Peltz's attempts, emphasizing ongoing transformation and board refreshment. The proxy battle continues as Disney's stock has struggled since CEO Bob Iger's return, despite being up 8% YTD.

Portfolio Pulse from Adam Eckert

December 14, 2023 | 4:54 pm

DIS

Trian Fund Management, L.P. and affiliates intend to nominate two individuals to The Walt Disney Company's Board of Directors at the 2024 Annual Meeting of Shareholders. Disney's Board, focused on long-term performance and strategic growth, will review the nominations through its Governance and Nominating Committee and will file preliminary materials with the SEC, including the Board's recommended nominees. Shareholders are not required to take any action currently.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 4:52 pm

MMM

3M Co (NYSE:MMM) has sold its 50% stake in Combi Packaging Systems to SIAT Group, an H.I.G. Capital portfolio company. The financial details were not disclosed. Combi is a U.S.-based end-of-line packaging machinery producer. 3M retains the 3M-Matic brand and expects the sale to not materially impact its financial results. 3M reported Q3 FY23 adjusted net sales of $8.02 billion and adjusted EPS of $2.68, beating consensus estimates. The company had $5.2 billion in cash as of September 30, 2023. MMM shares are up 1.90% at $106.17.

Portfolio Pulse from Shivani Kumaresan

December 14, 2023 | 4:05 pm

CNVS

Cineverse (NASDAQ:CNVS) has acquired the North American rights to three holiday horror films: Secret Santa, Night of the Missing, and Santastein. These films will be exclusively available on their streaming service SCREAMBOX. The films offer a mix of horror, comedy, and holiday themes, with Secret Santa already receiving positive reviews. SCREAMBOX features a variety of horror content and is available on multiple platforms. The acquisitions were negotiated by Brandon Hill, Director of Acquisitions at Cineverse.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 4:01 pm

ILMN

Mason Carrico, an analyst at Stephens, initiated coverage of Illumina, Inc. (NASDAQ:ILMN) with an Overweight rating and a $170 price target. Despite facing headwinds from EU antitrust regulators over its acquisition of Grail, Illumina is expected to see accelerated growth due to its strong position in the Next Generation Sequencing (NGS) market, particularly in clinical oncology. Carrico believes that Illumina will benefit from the market's growth and anticipates improved revenue and cash flow by 2025. Illumina's shares rose by 6.03% to $134.31 following the coverage initiation.

Portfolio Pulse from Priya Nigam

December 14, 2023 | 3:55 pm

JFBR

Jeffs' Brands Ltd (NASDAQ:JFBR) has signed a non-binding letter of intent with Sky Growth Partners Ltd. to invest in a new Israeli company, NewCo, for developing DLP laser-based drone countermeasure technology. Jeffs' Brands will hold a 70% stake in NewCo with a $2 million investment and provide a $250,000 credit line at 8% interest. The technology aims to disrupt electro-optical defense by disabling drone cameras and is pending patent and regulatory approval. JFBR's stock rose 12.31% to $3.65 following the announcement.

Portfolio Pulse from Akanksha Bakshi

December 14, 2023 | 3:43 pm

DIS

Trian Fund Management, owning $3 billion of Disney stock, intends to nominate Nelson Peltz and James A. Rasulo to Disney's Board at the 2024 Annual Meeting. Trian criticizes Disney's performance, noting lower EPS than a decade ago and underperformance compared to peers and the market. They attribute this to a Board too connected to the CEO and disconnected from shareholder interests. Peltz and Rasulo are presented as experienced candidates capable of addressing Disney's governance and operational challenges.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 3:31 pm

AAPL

FXCOF

Apple Inc.'s market value is nearing that of the entire French stock market, with a market cap of $3.1 trillion compared to France's $3.2 trillion. Apple's shares rose 1.67% to $197.96, reflecting a 38% increase over the past year. The company faces challenges in China but is expanding in India, with plans to produce over 50 million iPhones annually there in a few years. Foxconn Technology Co., Ltd. has been approved to invest an additional $1 billion in its India plant. Citigroup analyst Atif Malik points to Apple's structural gross margin expansion and high-end market position as reasons for optimism.

Portfolio Pulse from Nabaparna Bhattacharya

December 14, 2023 | 3:26 pm

RIVN

T

Rivian Automotive Inc (RIVN) shares rose after announcing a deal with AT&T Inc (T) for AT&T to purchase Rivian EVs for its fleet. The pilot program aims to reduce transport emissions, with AT&T adding Rivian Commercial Vans and R1 vehicles to its fleet in early 2024. The deal supports AT&T's goal of carbon neutrality by 2035 and includes optimizing routes and fleet size reduction. Rivian's VP of strategy and fleet, Dagan Mishoulam, highlighted the importance of reducing emissions from commercial vans. Additionally, AT&T will be the exclusive provider of connectivity for Rivian vehicles in the U.S. and Canada, enabling over-the-air software updates and feature improvements.

Portfolio Pulse from Adam Eckert

December 14, 2023 | 2:55 pm