Streetbeat News

Acquisitions Mergers

AMZN

MSFT

SNOW

Snowflake Inc (NYSE:SNOW) is ramping up its R&D to develop generative AI tools for business applications. Despite a slowdown in revenue growth earlier this year, the company's financial performance has stabilized. Snowflake's R&D spending increased by 57% to $332.1 million in the quarter ending October 31, while revenue grew by 32% to $734.2 million. The company competes with Databricks and Amazon.com, and has launched Snowflake Cortex and Snowpark Container Services, as well as acquiring Neeva. Snowflake expects a 35% revenue increase next fiscal year, with 5-10% from AI tools, and its stock has risen over 45% year-to-date.

Portfolio Pulse from Anusuya Lahiri

December 14, 2023 | 2:30 pm

TPIC

TPI Composites, Inc. has improved its liquidity by approximately $190 million and reduced future obligations by up to $90 million through a refinancing transaction with Oaktree Capital Management. The agreement involves converting Oaktree's $436 million Series A Preferred Stock into a $393 million senior secured term loan and $43 million in common equity. The term loan's maturity is extended to March 31, 2027, and the company has the option to pay interest in kind until December 31, 2025. The transaction eliminates certain financial covenants and prepayment penalties, enhancing TPI's financial flexibility.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 2:24 pm

GREE

NBST

Infinite Reality, a leader in AI-virtual immersive experiences, announced a strategic partnership and equity swap with Greenidge Generation Holdings. The partnership includes infrastructure support, profit sharing, and preferred pricing for data center needs. Infinite Reality plans to go public in early 2024 through Newbury Street Acquisition Corporation (NBST). The equity swap involves iR obtaining Greenidge shares at $8.33 each, with a $2.5 billion valuation for iR, and mutual one-year warrants for stock purchases. GreenidgeAI will be iR's exclusive infrastructure provider in the US and Canada, and they may jointly develop a new data center.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 2:19 pm

INPX

Inpixon (NASDAQ:INPX) has set December 27th, 2023 as the record date for the distribution of Grafiti Holding Inc. shares to eligible securityholders, in preparation for a spin-off and subsequent business combination with Damon Motors, maker of the HyperSport electric motorcycle. The combined company will be listed on Nasdaq, subject to approval. The spin-off shares will be held in a liquidating trust until a registration statement is effective, with 80% subject to lock-up post-business combination. Inpixon will retain its IIOT business and pursue a combination with XTI Aircraft Company.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 2:18 pm

REG

Regency Centers has acquired The Longmeadow Shops in Longmeadow, MA, a fully leased neighborhood center with 100,000 square feet of space and a mix of national and local tenants. The financial terms of the acquisition were not disclosed. Regency Centers sees this acquisition as a strategic investment in the Northeast and plans to continue investing in portfolio growth.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 2:12 pm

SGD

Safe and Green Development Corporation (NASDAQ:SGD), also known as SG Devco, has announced progress on the Lago Vista property development. MNO Partners has deposited earnest money and begun preliminary work as per a contribution agreement. SG Devco's subsidiary acquired the property for $3.5 million in 2021 and will contribute it to a joint venture with MNO Partners, receiving a membership interest valued at $11.5 million. MNO Partners will lead the development and is expected to secure construction financing as a closing condition of the JV.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 2:11 pm

DTI

PBT

SJT

USEG

The article highlights four energy stocks considered oversold based on their Relative Strength Index (RSI) values, suggesting they may be undervalued. San Juan Basin Royalty Trust (SJT) settled with Hilcorp for $1.04 million but saw a 24% stock decline over the past month. U.S. Energy Corp. (USEG) reported a Q3 loss, with a 20% stock decrease. Drilling Tools International Corp. (DTI) experienced an EPS decline in Q3 and a 12% stock fall. Permian Basin Royalty Trust (PBT) shares dropped 22% over the past month. All four stocks have RSI values below 30, indicating potential for short-term performance improvement.

Portfolio Pulse from Avi Kapoor

December 14, 2023 | 2:11 pm

MMM

3M has sold its 50% equity stake in Combi Packaging Systems, LLC to SIAT Group, a portfolio company of H.I.G. Capital. Combi is a U.S.-based packaging machinery producer and distributor. 3M will continue to sell its 3M-Matic products and focus on innovating packaging solutions. The sale is not expected to have a material impact on 3M's financial results.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 2:06 pm

DELL

CoreWeave, a specialized cloud provider, has expanded its infrastructure by purchasing thousands of Dell PowerEdge servers to enhance its cloud platform for AI and machine learning workloads. The servers, equipped with NVIDIA H100 Tensor Core GPUs, will power CoreWeave's solutions for AI, ML, VFX rendering, and simulations. This collaboration with Dell Technologies aims to meet the growing demand for high-performance cloud solutions necessary for large-scale AI models. CoreWeave's modern cloud infrastructure, combined with Dell's powerful servers, will provide customers with rapid access to compute resources for compute-intensive tasks.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 2:04 pm

AXP

HUM

LLY

OILK

On CNBC's 'Halftime Report Final Trades,' Sarat Sethi recommended American Express (AXP) due to expected increased spending from millennials. American Express CEO noted strong demand for premium cards. Bryn Talkington suggested ProShares K-1 Free Crude Oil Strategy ETF (OILK) as her final trade. Stephen Weiss chose Humana (HUM) after Cigna (CI) ended acquisition talks over price disagreements. Joseph Terranova favored Eli Lilly (LLY) as it continues to rise following positive study results for Zepbound. Stock prices for HUM, AXP, LLY, and OILK all saw gains in the last session.

Portfolio Pulse from Avi Kapoor

December 14, 2023 | 1:48 pm